ChaYl£y reglstrdtlon nurnbÈr 293571 THE PETER JOST CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE PETER JOST CHARITABLE FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr R E Worby Prof J Awilllams Prof H A Splkes Prof H P Evan5 Charlty number 293571 Prlnclpal addr8SS East Wing Golf Oak House Goffs Lane Goffs Oak Wallham Gros8 EN7 5GE Independent examln8r Kingsman-Ac¢ounl£nls Llmited 9 KennedyAvenue Enfield Middla88X EN34PA Bankers C Ho8ie & Co. 37 Fleet Street London EC4P 40Q Investm8nt managers InvÈslec Wealth & Investrnent 30 Gresham Str881 London EC2V 7QN
THE PETER JOST CHARITABLE FOUNDATION CONTENTS Page Chaliman's slalern8nt Tru5t&e5' report Independent examlnerts report statement of financlal activitie5 Balance Sheet Notes to the finanrial statements 7-12
THE PETER JOST CHARITABLE FOUNDATION CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 5 APRIL 2024 11 feels that after such a long lime, the world if finally beginnlng to get back lo normal, although Ihls Is somewhat of a 'new noitnal,. Pleaslngly the FoundallDn has b68n able to extend ils support to entitles and Inltl2tSves in their primary areas of nte$1, l.e. the furtherance of the science of Tribology, and aidlng Indlvlduals wilh hearing difficulties, a5 well as a mlx of other ancillary good causes. Durlng the yaar PelerJosl Travel Fund provlded finanrial support lo 43 UK based academle5 and researchers In allendlng trfbology and r81ated confeiences. Moreover. we continue to 5UPPOrt a research proj8Ct overseen by Alzheimeffs UK and Iknown as the Margaret Josl Fellow5hipl as well as a ie5eHrGh programme for the b8nefil of individusls suffering wSlh Neurofibrom2108is type 2 INF21. The aggregate donatluns mad& by th8 Found8tion dullng the year have In¢ased by more than 25% and seemingty Ihe need for the Foundation's work remains a5 compelling and great as ever. Most nolabty the'Jost Sludenlship" has been eslab5ished providing full fundlng and vital experience for a selected PhD students over 8 3-ye8rterm creating an opportunily for successful eandidales to work In highly creallve and InnovatlV8 surrounding5. Dr Cristinel Mares from the Goll8ge of Engineering in Biunel Unnierslty was the inaugural reclpient after rareful consideration by an indEpendEnl ludglng p8nel. Th& Found8tion are commltted towards a programm8 af similar annual award and plamentS. Sln¢e the year end the Foundallon has decamped from its formor HQ In Enfield and now operate5 thmugh a rtUal office. l offer thanks to my felbw trustees and stsff fortheir dedication and experiise withoul whl¢h none of the for8going would have been posslble. Robln Worby Chalrm Dated..
THE PETER JOST CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trust885 present Ihelr annual r&port and financial statements for th& year ended 5 Aprll 2024. The financSal 51alements have been prePad In actordance with the acGountlng poll¢ies sel out in note fj to th8 rinanGial stalemonls and Corp with the Foundation's Tiust Deed, the Charllles A¢1 2011 and °Accounting and Reporting by Charities.. Statement of RecotnmEnded Practice appllcable to ¢harllies preparing their accounts in accordan¢e with the Financial Reportlng Standard applicable In the UK 8nd R8public of Ireland IFRS 1021. las atnended for 8ccounling periods commenelng from l January 20161 Ob]ectlves and a¢tivltle$ The Foundation was set up to make donations to various charities and other scienllflc research instilules, part5Gularly those involved In Trlbology. During the year it has contlnued to provlde funding lo such organisalions. The Trustee5 have paid due regard to guidance on publlc benefit Issued by the Charlty Comrni55ion In declding what activllies the Foundation should undertake. The Foundation's links with the communlty hav8 contlnued throughoul th8 y8ar. This included provldlng funding for various educational and research proj8cls as well as other organlsalions within the Ghathty sector. Details Hre shown In note 4 to these financlal ststements. Achlevements and performance During the year under revlew, charities and InstMutlon$ enloylng chaiilable 51alus dealing with education. the furtherance of science and disablement have been support8d. Flnanclal revlew other donations paid during Ihe year lolal some £138,82612023.' £107,933) and a listing of the benefi¢iari8s of the awards are listed in note 4 to the financial slaletnents. The n8t incomlnglloutgolng} resourc&s for the year amounted to £44,780 12023.. 1£439,12011 and at the end ol the year the Foundation had cash asse15 of £143,357 12023.. £62,041). The financial po8ition continues I, monitored by tha Trust88s. The TIu51ees ¢onsidored that the funds avallable would be adequate lo lulfi futu obllgations of the Foundation. ReseNes policy Unrestiicted funds amount to É4,212,033 12023.. £4,167.2531. Thls level of reserves will allow The Peter Josl Chalable Foundatlon to continue operating and provlde it wth the capa¢Sty to pursue ils charitable objects. Our policy is IherÈfore io maintain these iesEwes LJY matching the volume of grants mgde wlh income rece1vable. Investmentpollcy Investment powers are govem8d by the trust deed. There are no restrlGtion$ on the Trust888' absolute powers of investment. Rlsk mon8gement The Trustees continue to keep the Foundatlon's acllvllles under r8w8w, particularly wlth regard lo any rnajor rfsks that may aiise from Ilme to tlme 2nd to monitor the effecliven6ss of the system of internal controls and other V18ble mean5 by whlch those risks already Identlfied by the Trustee5 can best be miligaled.
THE PETER JOST CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structure. goverllance and management The Foundation is governed by the Trust DeEd dated 2 January 1988 (which speciffe5 the obleclwes of the Foundation and ils beneficiaries) a5 expanded by the Deed of Enlargement dated 3 Febwary 2017. Wilh effect from 29 May 2020 the Foundatlon has beÈn incorporated as a body corporate by Iho Charity Commission of England and Wales under power gSven in section 251 of the Ch&riliesAcl 2011. The Trustees who served during the yearand up lo the date of slgnatur8 of the financlal statements wer8.. Mr R E Wortjy Prol J A Williams Prof H A Spikes Prof H P Evans The appolnlment of n8wTtuslees is govetned by the Foundallan's Tiust Deed and the power to appolnt new Trustees rests with Trustees that pievail frtsm tlm8 to tim8. The Foundatlon's day to day buslness is Co-ordinated by Mr R E Worby. He has und&rtaken tralnlng and allends relevant courses and seminars a$ appropriate to hi5 role In Ihls respect. The Twste8s m88t on a regular basls to dl$¢uss th6 Foundation's affaits. The Tru es, report was approved by th8 Board of Trustees. Trustee Dated..
DY4ft Financial Statements at 26 Septembgr 2024 THE PETER JOST CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PETER JOST CHARITABLE FOUNDATION I report to the T¥ustees on my examin#tlon of the financial slalements of The Peter Jost charable Foundation (the Foundation) for the yeai ended 5 April 2024. Rgsponslbllltlo8 and ba¥l$ of rèport As the Trustees of the Foundation you Are responsible for the preparation of the financial statements In accordance with the requirements of the Charities Act 2011 (the 2011 Acti. I report in respect of my examinatlon of the Foundation s ffinanci818tatements carrled out Under $Èellon 145 of the 2011 Act. In carrylng out my examination, I have followed all the applicable Directions given by the Charity Commlssion under section 14515llbl of the 2011 Act. Indop8ndÈnt èx&mlner's ststemont Your attention is drawn to the fa¢1 that the charity has prepared financi81 st8lernents in aecordance with Accounting and Reportin9 by Chari118s preparing their a¢counl$ iii accoidancè with the Flnancial R8portlng standard applie2ble in the UK and Republic of Ireland IFRS 1021 in prefÈr8nce lo the Accounting and Reporting by Charities., Statement gf Recommènded Practice issued on 1 Aprfl 2005 which is referred to In the extant ¥egulation$ but ha$ now beèn withdrawn. l understand Ihat this has boèn done In order for financial $181ements to provlde a true and falr vlew In accordan¢e with G8nerally Accepted AOuntIng Pr8ctlce elfective for reporting periods beginning on or after 1 January 2015. I have eompleted my examination. l confirm that no matters have come lo my sttenUon In connection wSth the examination giving m& ¢au$e to balieve that in any malgrial respect.. acwunting records werè not kept In rtsspe¢l of the Foundation as required by section 130 of the 2011 Act., or the financial slalements do not accord with thosè records,. or the financial Statements do not comply wth lh8 applicable requlrements concerning the form and ¢ont8ril of accounts set out in the Chartlies IAceounts and Reports) Re9ulallon$ 2008 other than any requlrement that the a¢counts givè a Iwe and lair view whith is not a matter considered 88 part of an Independent &X8mlnation. I hav¢ no Gonrn$ and have come aero89 no other matters in connection with the examination to which attention should be drawn in thig Mport in order lo ellable g propèr understandlng of the flnana81 statements tr> be reached. Mrjsa Inaden FMAAT Indèpendent Examiner 9 Kennedy Avenue Enfi8ld Middlesex EN3 4PA Dated..
THE PETER JOST CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5APRIL 2024 Unrestrl¢ted Unreslrictad funds funds 2024 2023 Notes Income from.. Investment income 28,845 14,673 endlture on.. Chari18ble activities 212,789 189,764 Net galnslllossesl on investtnent5 230.924 1264,0291 Nat rnovement In funds 44.780 1439.1201 Fund balan$ at 6 Aprll 2023 4,167,253 4,808.373 Fund balances at 5 Aprtl 2024 4,212,033 4,167,253 The statement of Ilnandal acllvllles Indudes all g£ins and losses iecogni5ed in the year. All incom& and expendituie deilve from contlnulng a¢lltIes.
THE PETER JOST CHARITABLE FOUNDATION BALANCE SHEET ASAT5 APRIL 2024 2024 2023 Notes Flxed as5et5 Investments 10 4,084.174 4.122,420 Current a$sÈts Debtors Cash al bank and in hand Cash with stockbrokers 11 3.848 83,686 59,671 1,644 30,941 31,100 147,205 63,888 Credltors.. amounts falling due wlthln one year 119,3461 118,8521 Nel ¢urr8nt assets 127,859 44,833 Total asset5 less ¢urrent Ilabllities 4.212,033 4,167,253 Income funds Unreslricted funds 4.212,033 4,167.253 4,212,033 4.167,253 Th& financial stalemenlÉ w8re approved by the Trustees on Trustee
THE PETER JOST CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcle8 Foundatlon Informatlon The Pelei Josl Charitable Foundation 15 an incoiporaled charity wh086 principal addres$ 18 East Wing, Goffs Oak House, Goff5 Lane, Goffs Oak, Waltham Cros5. EN7 5GE. 1.1 Accountlng convention The financial statements have been prepared in accoidance with the Foundation's Trust Deed. the Chaiities Act 2011 and A¢counling and Reportlng by Charlties.. Statement of Recomrnended Practice applicable to charllie$ prep8rln9 Ihelr a¢¢ounls Sn accordance wlth the Financial Reportiny Stan(fard applicable in the UK and Republic of Ireland IFRS 1021 la$ amended for a¢¢ountlng perlods ¢ommenclng from 1 January 20161. The Foundation Is a Public Ben8fil Entity as defined by FRS 102. The flnan¢lal statements have departed from the Charitles (Accounts and Reports) Regulations 2008 only to the Èylent required to provlde a true and fair vlew. Thls departure ha5 involved followng the Statement of R8comm&ndÈd Pracllte for ¢harllles applying FRS 102 ialher than the version of the Statement ol R8commended Pradlce whlch Is referred lo In the Regulatlons but whlch has since been withdrawn. The fInaNal staternenls are pr8paied in stetling. which is th8 functional currency ol the Foundation. Monetary amounts In these financial statements are rounded lo the nearest £. The financial slalemenls have b8en prepared under th8 historical cost conventlon. modified to In¢lude fixed asset Investments at fair value, The principal accounting poliues adopted are s8t out below. 1.2 Golng concern At the Ilme of approvlng the financlal statements, the Trustees have a reasonable expectstion that Ihe Foundallon has adequatÈ resources lo contlnuÈ In opÈrallonal ex15ten for the foreseeable fvtuie. Thus the Trustees continue to adopt the going conc8rn bas18 of accounting In preparing thè flnan¢lal statements. 1.3 Charftable fund8 Unrestricled funds are avallable for use al the dlscretlon of the Trustees In furtheran of thelr charitable objects'ves unl8SS th8 funds have been designated for other purposes. 1.4 Income Income is recagnlsed when the Foundation is legally entllled toll after any Perfoman condltlons have been mel, the amounts can be measured reliabty, and il is probable that In¢ome will LJe recelved. 1.6 Expendlture Réstturces expended are included In the StateTnent of Financial ActiviliBS on an accrua15 basis, inclusive of any VAT whlch cannot be r&cover&d. Th8y are r8cognlsed when the is a legal or consliudlve obllgatlon to pay for expenditure. Grants and donations payable are charged to the Statement of Financial Activities In th8 perlod In whi¢h they have been approved and cotntnilted. Govemance c05t5 represent those ¢osl$ 35$0Glated wlth meeting the constitutional and Statutory raquiremants af the Foundation. 1.6 Flxed assot Investment8 Fixed as88t inv881menls are Initial m8asured at transaction pri¢8 excluding tran$a¢llon Costs, and are subs8quenlly m8asur8d al fair value al each reporting dale. Changes in farr value are recognlsed In net incomelleKpenditurel for the year. Transaclion costs ale 8xpens8d as incurred.
THE PETER JOST CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 A¢countlng policle$ Icontlnupdl 1.7 Cash and cash equlvalents Cash snd cash equiv8lents include cash in hand, deposS1s held al call with banks, other 8hort-teim liquid investments with original tnaturilles ol three months or less, and bank overdratts. Bank overdiaft5 are shown within borrowlngs in cuiient Ilabllltles. 1.8 Flnan¢lal Instruments The Foundation has elected to apply tha provision5 01 Secllon 11 'Basic Finan¢lal Inslrument5' Hnd Sectlon 12 'Olher Financial Insliurnenls Issu6s' of FRS 102 to all of ils financial Instwments. Flnanclal instruments are r8cognised In the Foundation'8 balance sheel when the FDundatlon becomes party to th8 contractual provislons of the Instrumént. Baslc financlal assets Basic financial assets, whlch include debtors and cash and bank balances. are initially rneasuffd al transaction prlce induding tiansacllon ¢osl$ and are subsequently carried at amortised cost using the effÈeliv8 interest method unlgss the airangement conslilute5 a flnancing tran5aclion. wh8re the tran5aolion is measured at the present value of the future receipts dls¢ounted at a market rate of interest. Finandal gssels classlfied as r8cBivable wllhln on8 year are not amortlsed. basic IAnancial Ilabilities Basic financial liabi1ltSes, Including credltors and bank loans s Inlllally r8cognised al tran$acllon price unless the aiiangemenl conslrtul&s a financing transaclion, where the debt instrument Ss m8asured at the present value of the fulure payments di5¢0unled at 8 m8iket rate of Sntsrest. FinanGial liab111tles classified as payable within one year are not amortlsed. Debt Instruments a subsequently cairted at amortl88d COEt, uslng the eff&ctwe Interest rate method. Trad8 creditors are obligations to pay lor goods or Services that have been acqulred In the ordinary course of operations from supplieis. Arnounts paygbl8 are classified a8 current liabi151Ses 11 payment is due wlthln one year or less. 11 not, they are presenl8d as non-currenl liabiliti8s. Trade ¢dItorS are recogni5ed Inltlally at Ifansacllon pric8 and subsequently rnaasuied al amortlsed cost Using the eff8clive inteie51 method. D@recognition of fln&nciallialJilities Flnan¢ial liabilit185 are de¢OgnIS@d when the Foundation's contractual obligallons explre or are discharged or cancelled. 1.9 Employee beneflts The cost of any unused holiday entitlement Is recognised In the p8riod in whlGh the employ88'5 setvlces are received. 1.10 RetlrÈm8nt beneflts Paytnenls lo d8fined conlribuilon r8tirement beneflt s¢hem8S are charged as an 8xpense as they fall dv&. Invastment Income 2024 2023 Income from managed funds Raalised profillllossl on sale of Investments 104,855 178.0101 88,149 171,4761 26,645 14,673
THE PETER JOST CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charltable artlvltles 2024 2023 Grant funding of aclivit18s Isee note 41 Support COSts (see note 51 Governance c051s15ee note 51 136,826 66,449 9,514 107.933 88.650 13,181 212,789 1B9.764
THE PETER JOST CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable 2024 2023 Grants to Inslilulions16 grants).. The Peter J051 Trav&1 Fund International Tribology Councll Unlversity of Cenlial L8ncaster Ae1[neff5 Reseach UK St Mungo's Brunel Univ81Eily of London Science and Te¢hnology Foundation Trust Nollingham Unlverslly IPhllip Shipwatys Trlbology Research Projecti Tribo UK annual conference NF2 Bio Solullons UK H8aring Dogs for Deaf Peop18 Ty Hafan Childiens, Hospi¢e Arthur Rank Hospice Charity Other oiganisatlons and charities. all below £1.OQK) each 58,049 1,777 1,000 34,204 1,829 23,000 1,200 40,000 9,000 9,000 4,500 2,000 25,000 2,000 1,OOQ 1,000 3,200 2,000 25,000 136,828 107,933 Support and governance ¢osts 8uppDrt Governance costs costs 2024Support costs Governance costs 2023 Staff costs Rent and rates In5uranGe Computer cost5 Office supplies Tèlephone Bank charges Foreign exchange Slo¢kbrokers fees Legal and prolesslonal fees Accountants, fees Independent Examlnerfs fees Administration ¢osts. 20,413 3,777 1,037 112 20.413 3,777 1,037 112 21,073 3,774 1,364 101 38 1,306 3,70B 21,073 3,774 1,364 101 38 1,306 3,708 1,645 1,768 1,032 36,665 1,645 1.768 1,032 36,685 37,286 37,286 5,138 5,188 8,332 8,332 765 3,611 765 3,611 1,314 3,535 1,314 3,535 66,449 9,514 75,963 68,650 13,181 81,831 Allocated to.. Charitab18 8CtDiilies 66,449 9,514 75,963 68,650 13,181 81,831
THE PETER JOST CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustees None of the Trustees lor any persons connected wth them) re¢elved any remunerallon or beneflts from the Foundatlon durlng the yeai. except as disclosed in not8 14. Employees Number of employ88S The average monthly numberof employees durlng the year was.. 2024 Number 2023 Number Administration staff Employment co$t$ 2024 2023 Wages and salar18S Pension costs 20.000 413 20,660 413 20,413 21,073 Th8re were no employees whose annual iernuneration w2s £80,000 or mor6. Net galnsll105se81 on Investments 2024 2023 Revaluation of Investments 230,924 1264.0291 Toxallon Th8 charity is exempl from lax on Income and galns falllng wlthln sectlon 505 of the Taxes Ad 1988 or section 252 of the Tax81ionol Chargeable Galn8 Act 1992 to the Èxtent that these aTr applled to ils charitable objects.
THE PETER JOST CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 10 Flxed a858t Investments Llsted Investments C08t orvaluatlon At 6 April 2023 Additions Valuation ¢hange8 Dlsposals 4,122,420 1,170,408 227,513 11,438,187) AI 5April 2a24 4.084.f74 Carrylng amount At 05April 2024 4.084.174 At 05 April 2023 4,122,420 The hlstorlc Cost ol the Investments at 5 Aprll 2024 was £8,962,05412023.' £4,302,638). 11 Debtors 2024 2023 Amounts falllng due wlthln one year. Other debtors 3,848 1,644 12 Credltors.. amounts lalllng due wlthln one year 2024 2023 Other creditors 19,346 8,852 13 Analys1$ of net assets between fund$ Unre$trf¢ted Unrestrlcted fund$ funds 2024 2023 Fund balances at 5Aprll 2024 8r8 represented ty.. Investments Cuirent assetsloiabllilesl 4.084,174 4.122.420 127,859 44.833 4,212.033 4,167.253 14 R8lat8d party transactlon8 Mr R E Worby, a Trustee of the Foundallon, was 8 Dlre¢tDr of Moore Northern Home CDuntles Llmlled. Durlng the year the Charily bÈcame Ilable lo pay sums lo Moore Northern Home Counties Limited relating to r8nt of £3,660 12023.. £3,660). adminlslration of £3.276 12023.. £3,120) and accountancy servic@s of £5,138 12023.. £5,452).
THE PETER JOST CHARITABLE FOUNDATION INCOME AND EXPENDITURE ACCOUNT (FOR MANAGEMENT PURPOSES ONLY) FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 INCOM Investment Income Income from managed funds 104,655 86,149 Other recogrhlsed gain5 and losses Reali88d and unrealised gainsll1055e51 on investment a8sets 152,914 1335,5051 257,569 1249,3561 EXPENDITURE Grants payable In furtherance of the Foundatlon'$ objects Grants and donallon5 pald during Ihg year 138,826 107.933 Support and gov8Tnance costs Staff costs Rent and rates In5uiance CompLJl6r Costs Office suppli88 Telephone Bank charges Foreign exchange Slockbrok8rs feas Arcounlant$' fees Independent Examlner's fees Adminislralion costs 20,413 3.777 1.037 112 21,073 3,774 1,384 101 38 1.308 3.708 1,645 1,768 1,032 36,665 5,138 765 3,611 37.286 8.332 1,314 3,535 75,963 81.831 212.789 189,764 Total incorne for the year Total expenditure forthe year 257,569 1212,7891 1249,3581 1189,7641 Net inc01ell¢xpendI¢UrÈj for the year 44,780 1439,1201