2023-04-05-accounts

CHARITY REGISTRATION NUMBER: 1003024

Polden Puckham Charitable Foundation Financial Statements

5 April 2023

BSN ASSOCIATES LIMITED

Chartered accountants & statutory auditor 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Financial Statements

Year ended 5 April 2023

	Pages
Trustees' annual report	1 to 7
Independent auditor's report to the members	8 to 11
Statement of financial activities	12
Statement of financial position	13
Notes to the financial statements	14 to 26

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report

Year ended 5 April 2023

The trustees present their report and the financial statements of the charity for the year ended 5 April 2023.

Reference and administrative details

Registered charity name	Polden Puckham Charitable Foundation
Charity registration number	1003024
Principal office	BM PPCF
	London
	WC1N 3XX
The trustees
	D Ball
	F M Duggan
	S Fisher
	C Forde
	J Gillett
	S Pittam
	A Seay
Trust secretary	Christine Oliver
Auditor	BSN Associates Limited
	Chartered accountants & statutory auditor
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG
Bankers	Triodos Bank NV
	Deanery Road
	Bristol
	BS1 5AS
Investment manager	Rathbone Greenbank Investments
	10 Queen Square
	Bristol
	BS1 4NT

1

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report (continued)

Year ended 5 April 2023

Structure, governance and management

Constitution and objects

Polden Puckham Charitable Foundation (PPCF) is constituted under a trust deed dated 8 May 1991. The objects of the Foundation are to make grants for charitable purposes at the discretion of the trustees. A policy has been implemented that reflects the interests of the Settlors but has also evolved to meet new concerns.

Organisation

Meetings of the Trustees take place twice a year to discuss grant making, in spring and autumn. Two interim meetings also take place where other foundation business is discussed and progressed. The Trust Secretary C Oliver administers the Foundation on a day to day basis and is answerable to the Chair, D Ball.

Trustees

Dorothy Ball continued her term in the role of chair of trustees.

Objectives and activities

Grant-making policy

The Foundation invites applications for funding from organisations working in the fields of peace and security and environmental sustainability, and the intersection between those two areas. In relation to the former, we support work that addresses the underlying causes of violent conflict and the development of ways to prevent and resolve conflict. In relation to the latter, we support work that addresses the pressures and conditions leading towards global environmental breakdown. Projects are generally funded from one to three years and information is requested on how projects are to be monitored and evaluated, with subsequent funding depending on satisfactory reporting in the previous year.

Our underlying approach

The Foundation aims to support projects that change values and attitudes within our main areas of focus that promote equity and social justice, and that develop radical alternatives to current economic and social structures. We give particular consideration to small pioneering organisations with a bold vision that reflects a strong values-base.

Exclusions

The Foundation does not generally give grants to organisations based outside the UK unless they are undertaking work that is of international focus and charitable in nature under UK law. Other exclusions include grants to individuals; travel and study bursaries (including overseas placements and expeditions); academic research; capital projects (e.g. building projects or purchase of nature reserves); community or local projects (except innovative projects for widespread application); international agencies, overseas appeals, conservation work, or very large organisations with turnover over more than £3 million, and appeals of a general nature.

2

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report (continued)

Year ended 5 April 2023

Activities

During the year 55 grants were made, 17 less than the previous year. 11 of the grants related to peace and security or were cross cutting in nature, with 44 relating to environmental sustainability. The trustees met four times during the year for decision making meetings, twice for grant making and twice for decision making interim meetings. The secretary and trustees met all of the organisations currently funded and written records of these meetings were produced. The Foundation is a member of the following organisations; the Association of Charitable Foundations, the EDGE Funders Alliance, the Environmental Funders Network, the Resourcing Racial Justice collaboration and the All Party Parliamentary Group on Climate Change. We believe that membership of such organisations keeps us abreast of current thinking and new developments in the charitable trust sector and the areas of particular interest to the Foundation. The Governance and Procedures Handbook was updated and continues to be used as the authoritative internal document relating to our practice and procedures

Future strategy

Humanity teeters on the brink of a climate and biodiversity crisis, in an increasingly insecure world. Because of this emergency, we believe that the time is now to support the change that is so urgently needed. The trustees implemented the decision to devote all the resources of the foundation to our mission by ‘spending down’ our endowment over a time-limited period. Over the course of the year the trustees have applied an alternative methodology and strategy to our grant-making for this new phase which began in Autumn 2021 and continue through to 2028. We have made fewer, larger grants to empower the people and projects that we consider can make a crucial difference and help to achieve our shared vision: a just society based on a commitment to nonviolence and environmental sustainability. We will continue to support work in our existing funding areas of Peace and Sustainable Security and Environmental Sustainability, with a particular focus on the intersection between the two, by:

• supporting alternative, creative thinking and radical solutions to address the problems we face, at scale and pace

• supporting the movements holding power to account and that advocate and press for the necessary changes

• bringing about policy and transformational system change to achieve a just society based on a commitment to nonviolence and environmental sustainability

Public benefit statement

The trustees consider they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Public benefit

The Foundation works in the following ways to further its charitable purposes for the public benefit:

• We provide grants that support the work, growth and development of organisations engaged in peace-building in the UK and internationally.

-We provide grants that support the work, growth and development of organisations engaged in promoting environmental sustainability in the UK and internationally.

• Within these fields we seek to support new initiatives and small to medium sized organisations in particular, believing as we do that our limited funds are most likely to deliver maximum public benefit through these groups.

• Within our main areas of focus indicated above we seek particularly to support work that promotes gender equality, racial justice and corporate social responsibility - both causes that we believe are in the public interest.

• We support work on policy and attitude change in particular, because we believe that in doing so we will ultimately be more effective, and provide greater public benefit.

3

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report (continued)

Year ended 5 April 2023

Public benefit contd

• Whilst we no longer manage an endowment, we have historically sought to invest our resources responsibly in ways that either promoted our values and mission or at the very least did not contradict or undermine them. We invested in accordance with our mission and Quaker values in terms of Environmental, Social and Governance (ESG) criteria, so avoided investments in industries and companies that we consider to work against the public benefit, such as alcohol, arms, oil, gas and other fossil fuels, mining, pornography, supermarkets, tobacco, nuclear energy generation, large banks, government bonds and gambling.

-We use ethical banks, thus seeking to avoid inadvertently financing companies that profit from public harm.

-We seek to run our internal systems efficiently and sustainably, in order to maximise our impact for public benefit and minimise harm.

-We believe that all grants made in the year have an educational function in pointing the way forward to create a fairer and more sustainable society.

Achievements, performance and financial review

Investment policy

During the year the Trustees took the decision to liquidate the Foundation's investments in order to ensure that sufficient resources are in place to meet the needs of our grant-making activities in the immediate and medium term, in accordance with our strategic spend down plan. The investment firm Rathbone Greenbank who managed the Foundation's investment portfolio undertook sales of the majority of our assets. The funds generated by these sales have been deposited into short term bonds so that they can be accessed as required. A very small proportion of our portfolio holdings remain and will be sold when the opportunity allows.

Risk management

The Trustees seek to spread investment risk where possible. Trustees are aware of the danger of the large investment holding in the private company C & J Clark Limited. As it is a private company the marketability of the shares is strictly limited. We continue to take any opportunities to diversify from time to time and will continue to do so. We believe that the stringent auditing process for the Foundation's accounts reduces the risks considerably of any financial mismanagement.

Reserves policy

Since the Foundation is not an operational one it does not need to have great continuous liquidity of reserves. The trustees consider that an appreciable amount of cash in the bank is appropriate given current market uncertainties in relation to the release of capital.

Funder Commitment on Climate Change

In November 2019, the Foundation became a signatory to the Funder Commitment on Climate Change (https://fundercommitmentclimatechange.org/). As a funder supporting work in the fields of peace and security and environmental sustainability, we have a long and abiding interest in addressing the climate crisis. We have committed to reporting our progress annually on the five goals below:

1. Educate and learn

We will make opportunities for our trustees, staff and stakeholders to learn more about the key causes and solutions of climate change.

Over the course of the year, trustees and the Trust Secretary have been provided with and taken up opportunities to learn more about the key causes and solutions of climate change, primarily though our membership of the Environmental Funders Network and other funder bodies, but also through

4

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report (continued)

Year ended 5 April 2023

opportunities provided by our grantees, some of whom are working at the cutting edge of climate change mitigation.

2. Commit resources

We will commit resources to accelerate work that addresses the causes and impacts of climate change. (If our governing document or other factors make it difficult to directly fund such work, we will find other ways to contribute, or consider how such barriers might be overcome).

As a funder of work in the field of environmental sustainability, we consider that all of our environmental and cross-cutting grants work in some way to address the causes and impacts of climate change. We also consider that as the negative impacts of the climate and biodiversity crises increase, this will result in increased instability and negative impacts for global peace and security. In light of these growing and interconnected crises and in recognition that this is a crucial decade for climate action, the trustees initiated the process of committing the entire resources of the trust to addressing these problems between now and 2028.

3. Integrate

Within all our existing programmes, priorities and processes, we will seek opportunities to contribute to a fair and lasting transition to a post carbon society, and to support adaptation to climate change impacts.

We seek to put the climate crisis and a just transition to a post carbon society at the heart of all of our decision-making.

4. Steward our investments for a post carbon future

Having made the decision to liquidate our portfolio and hold our assets in bonds and notice accounts to provide security in terms of the funds available for making grants there is now little opportunity to steward our investments for a post carbon future. Trustees have tried to select financial institutions that have relatively high ESG standards for the Foundation’s notice accounts and fixed period bonds. These include Charity Bank, Nationwide Building Society and Skipton Building Society. The Foundation uses Triodos Bank for its current account.

5. Decarbonise our operations

We will take ambitious action to minimise the carbon footprint of our own operations.

As a small Foundation without a physical office and with a sole staff member working from their home, our Scope 1 and Scope 2 emissions are negligible. We do not currently calculate our Scope 3 emissions, however, our internal policies in relation to both upstream and downstream activities, aim to minimise greenhouse gas emissions and to reduce the carbon footprint of our work.

5

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report (continued)

Year ended 5 April 2023

Financial activity for the year

Key statistics:

tatistics:
			2023	2022
			£	£
Income
Legacy			–	15,000
Investment income and bank interest			212,739	265,647
Expenditure			3,089,336	1,875,370
Key items:
Investment management and advice			4,770	58,796
Support and governance costs			79,499	62,524
Grants			3,005,067	1,754,050
breakdown:
			2023	2022
			£	£
Total number of recipient organisations			55	72
Average amount per organisation			54,638	24,362
			No. of
	No. of grants	2023	grants	2022
		£		£
Peace and security	11	467,500	33	775,991
Environmental
sustainability	44	2,537,567	39	978,059

Grant breakdown:

There was an overall loss on the valuation of investments in the year of £475,683 compared to a gain in the prior year of £1,366,389. The loss resulted from a marked decline in listed investments within the Rathbones portfolio.

There were no restricted funds at the year end. Unrestricted funds, including investments at market value, amounted to £11,791,462 (2022: £15,143,742) and designated funds amounted to £15,000 (2022: £15,000).

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material

6

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Trustees' Annual Report (continued)

Year ended 5 April 2023

departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on 24 November 2023 and signed on behalf of the board of trustees by:

D Ball J Gillett Trustee Trustee

7

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Independent Auditor's Report to the Members of Polden Puckham Charitable Foundation

Year ended 5 April 2023

Opinion

We have audited the financial statements of Polden Puckham Charitable Foundation (the 'charity') for the year ended 5 April 2023 which comprise the statement of financial activities, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

8

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Independent Auditor's Report to the Members of Polden Puckham Charitable Foundation (continued)

Year ended 5 April 2023

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the trustees' report is inconsistent in any material respect with the financial statements; or

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

9

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Independent Auditor's Report to the Members of Polden Puckham Charitable Foundation (continued)

Year ended 5 April 2023

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under the Charities Act 2011, s. 144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities that result from fraud might be inherently more difficult than irregularities that result from error, which gives rise to a risk of material misstatement. We are of the opinion that the planned audit approach, the documentation and interrogation of the entity's controls means that the audit procedures carried out were capable of detecting irregularities, including fraud. We have also reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations and have reviewed correspondence with regulatory bodies as part of our audit procedures.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

· Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

10

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Independent Auditor's Report to the Members of Polden Puckham Charitable Foundation (continued)

Year ended 5 April 2023

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BSN Associates Limited Chartered accountants & statutory auditor 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG

24 November 2023

11

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Statement of Financial Activities

Year ended 5 April 2023

		2023	2023	2022
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	–	–	15,000
Investment income	5	212,739	212,739	265,647
		--------------------------------	--------------------------------	--------------------------------
Total income		212,739	212,739	280,647
		================================	================================	================================
Expenditure
Expenditure on raising funds:
Investment management costs	6	4,770	4,770	58,796
Expenditure on charitable activities	7,8	3,084,566	3,084,566	1,816,574
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total expenditure		3,089,336	3,089,336	1,875,370
		=========================================	=========================================	=========================================
Net losses/gains on investments	11	475,683	475,683	(1,366,389)
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Net expenditure and net movement in funds		(3,352,280)	(3,352,280)	(228,334)
		=========================================	=========================================	=========================================
Reconciliation of funds
Total funds brought forward		15,158,742	15,158,742	15,387,076
		----------------------------------------------	----------------------------------------------	----------------------------------------------
Total funds carried forward		11,806,462	11,806,462	15,158,742
		==============================================	==============================================	==============================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 26 form part of these financial statements.

12

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Statement of Financial Position

5 April 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible fixed assets	16	1,025	2,050
Investments	17	1,385,930	8,306,295
		-----------------------------------------	-----------------------------------------
		1,386,955	8,308,345
Current assets
Debtors	18	1,458	2,802
Investments	19	8,385,476	5,592,483
Cash at bank and in hand		2,037,023	1,296,900
		----------------------------------------------	-----------------------------------------
		10,423,957	6,892,185
Creditors: amounts falling due within one year	20	4,450	41,788
		----------------------------------------------	-----------------------------------------
Net current assets		10,419,507	6,850,397
		----------------------------------------------	----------------------------------------------
Total assets less current liabilities		11,806,462	15,158,742
		----------------------------------------------	----------------------------------------------
Net assets		11,806,462	15,158,742
		==============================================	==============================================
Funds of the charity
Unrestricted funds		11,806,462	15,158,742
		----------------------------------------------	----------------------------------------------
Total charity funds	22	11,806,462	15,158,742
		==============================================	==============================================

These financial statements were approved by the board of trustees and authorised for issue on 24 November 2023, and are signed on behalf of the board by:

D Ball Trustee

J Gillett Trustee

The notes on pages 14 to 26 form part of these financial statements.

13

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements

Year ended 5 April 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is BM PPCF, London, WC1N 3XX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The entity constitutes a public benefit entity as defined in FRS102.

Going concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant estimates or judgements have been made by management when preparing the financial statements. The policies followed are shown below.

Income tax

The charity is exempt from taxation.

Fund accounting

All funds received to date are unrestricted funds and are available for use at the discretion of the trustees to further any of the charity's purposes and objectives.

14

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

3. Accounting policies (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.

Investment income is recognised when receivable and is shown gross to include income tax recovered and recoverable. Investment income comprises the returns on investments for the year and interest on cash balances.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of managing the charities investments.

• expenditure on charitable activities includes grants payable to third parties in furtherance of the charity's objectives, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment - 25% straight line

15

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

3. Accounting policies (continued)

Investments

Investments in listed equities and other instruments are carried at fair value. Investments in equities and fixed interest securities traded in quoted public markets are valued at fair value which is equivalent to their market price. Holdings in common investment funds, unit trusts and open ended investment companies are at bid price.

Investments held in unlisted equities are measured at fair value based on the value provided by independent advisers to the companies concerned. The valuations used are those closest to the date of the year end. Where the fair value cannot be established then such investments are recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Current asset investments comprise funds which are funds held by investment managers that are waiting reinvestment or are to be used to meet investment management costs or other costs of the charity.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and their purchase value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

16

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

3. Accounting policies (continued)

Financial instruments (continued)

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Legacies
Legacies Income	–	–	15,000	15,000
	==============	==============	============================	============================

5. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Income from UK listed investments	55,639	55,639	167,961	167,961
Income from Overseas listed
investments	24,661	24,661	69,646	69,646
Interest on bank deposits	130,789	130,789	28,040	28,040
Other investment income	1,650	1,650	–	–
	--------------------------------	--------------------------------	--------------------------------	--------------------------------
	212,739	212,739	265,647	265,647
	================================	================================	================================	================================

17

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

6. Investment management costs

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Investment management fees	4,770	4,770	58,796	58,796
	=======================	=======================	============================	============================

7. Expenditure on charitable activities by fund type

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Grant making	3,005,067	3,005,067	1,754,050	1,754,050
Support costs	79,499	79,499	62,524	62,524
	-----------------------------------------	-----------------------------------------	-----------------------------------------	-----------------------------------------
	3,084,566	3,084,566	1,816,574	1,816,574
	=========================================	=========================================	=========================================	=========================================

8. Expenditure on charitable activities by activity type

	Grant funding	Support	Total funds	Total fund
	of activities	costs	2023	2022
	£	£	£	£
Grant making	3,005,067	72,131	3,078,398	1,810,257
Governance costs	–	7,368	7,368	6,317
	-----------------------------------------	----------------------------	-----------------------------------------	-----------------------------------------
	3,005,067	79,499	3,084,566	1,816,574
	=========================================	============================	=========================================	=========================================

9. Analysis of support costs

Support costs can be analysed as follows:

	2023	2022
	£	£
Staff costs	41,893	38,284
General office	1,441	1,556
Governance costs	7,368	6,317
Secretary's travel expenses	652	1,006
Subscriptions	8,147	13,567
Conferences, meetings and travel	18,973	769
Depreciation	1,025	1,025
	----------------------------	----------------------------
	79,499	62,524
	============================	============================

Note: “Conferences, meetings and travel” includes £12,740 relating to convening grantees.

Governance costs can be analysed as follows:

	2023	2022
	£	£
Audit fees	3,216	2,980
Auditors other services	2,100	1,945
Legal and professional fees	1,678	1,255
Bank charges	374	137
	-----------------------	-----------------------
	7,368	6,317
	=======================	=======================

18

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

10. Analysis of grants

	2023	2022
	£	£
Grants to institutions
Grants for environmental sustainability	2,537,567	978,059
Grants for peace and security / cross-cutting	467,500	775,991
	-----------------------------------------	-----------------------------------------
	3,005,067	1,754,050
	-----------------------------------------	-----------------------------------------
Total grants	3,005,067	1,754,050
	=========================================	=========================================

19

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

10. Analysis of grants (continued)

Grants can be analysed as follows:

	2023
	£
21 Century CIC	20,000
BASIC	20,000
Biofuel Watch	15,000
Blue Rebellion	4,580
CEE Bill	92,000
Centre for Alternative Technology	10,000
Climate 2025	70,461
Climate Coalition	5,000
Climate Outreach	5,000
Common Wealth	125,000
Compass	93,000
CORE Coalition	20,000
Corporate Europe Observatory	100,055
Corporate Watch	10,000
DeSmog UK	10,000
Environmental Rights Centre for Scotland	15,000
ETC Group	149,771
Finance for the Future	70,000
Fingerprint Content	225,000
Food Ethics Council	10,000
Fuel Poverty Action	2,000
Future Economy Scotland	150,000
Global Legal Action Network (GLAN)	125,000
Global Justice Now	83,000
Green Future Associates	16,000
Green New Deal UK	150,000
Hope for the Future	10,000
Impact Together	125,000
Navigate	10,000
New Economy Organisers Network	150,000
Nourish Scotland	15,000
People & Planet	16,000
Policy Research in Macroeconomics (PRIME)	20,000
Size of Wales	10,000
Social Change Nest	150,000
Stamp Out Poverty	170,000
Stop Ecocide International	122,500
Swarm Dynamics	10,000
The 10:10 Foundation	5,000
Women's Environmental Network	28,800
World Basic Income	66,900
	-----------------------------------------
Total Environmental Sustainability	2,537,567
	=========================================

20

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

10. Analysis of grants (continued)

	2023
	£
APPG on Extraordinary Rendition	10,000
Corruption Watch	15,000
Demilitarise Education	10,000
Drone Wars UK	10,000
International Lawyers Project	20,000
Medact	11,000
Pesticide Action Network (PAN) UK	20,000
Peace Direct	150,000
Positive Money	100,000
Saferworld	111,500
Trust for Research and Education on the Arms Trade (TREAT)	10,000
	--------------------------------
Total Peace and Security / Cross-cutting	467,500
	================================

11. Net (losses)/gains on investments

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Gains/(losses) on listed investments	(612,472)	(612,472)	519,601	519,601
Gains/(losses) on other investment
assets	136,789	136,789	846,788	846,788
	--------------------------------	--------------------------------	-----------------------------------------	-----------------------------------------
	(475,683)	(475,683)	1,366,389	1,366,389
	================================	================================	=========================================	=========================================

12. Net expenditure

Net expenditure is stated after charging/(crediting):

Net expenditure is stated after charging/(crediting):
	2023	2022
	£	£
Depreciation of tangible fixed assets	1,025	1,025
	=======================	=======================
Auditors remuneration
	2023	2022
	£	£
Fees payable to the charity's auditor and its associates for other services:
Audit-related assurance services	3,216	2,980
Other non-audit services	2,100	1,945
	-----------------------	-----------------------
	5,316	4,925
	=======================	=======================

13. Auditors remuneration

21

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:	The total staff costs and employee benefits for the reporting period are analysed as follows:	The total staff costs and employee benefits for the reporting period are analysed as follows:
	2023	2022
	£	£
Wages and salaries	36,749	34,793
Employer contributions to pension plans	5,144	3,491
	----------------------------	----------------------------
	41,893	38,284
	============================	============================
The average head count of employees during the year was 1 (2022: 1). The average number of
full-time equivalent employees during the year is analysed as follows:
	2023	2022
	No.	No.
Number of full-time staff	1	1
	==============	==============

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

15. Trustee remuneration and expenses

The Trustees give their time and expertise freely without any form of remuneration or other form of benefit (2022: £nil). Trustees receive reimbursement of travelling and other expenses incurred by them in attending Trustee conferences and meetings. The number of Trustees reimbursed was 7 (2022: 1) and the total amount reimbursed was £1,860 (2022: £89).

16. Tangible fixed assets

	Equipment
	£
Cost
At 6 April 2022 and 5 April 2023	6,347
	=======================
Depreciation
At 6 April 2022	4,297
Charge for the year	1,025
	-----------------------
At 5 April 2023	5,322
	=======================
Carrying amount
At 5 April 2023	1,025
	=======================
At 5 April 2022	2,050
	=======================

22

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

17. Investments

	Listed	Other
	investments	investments	Total
	£	£	£
Cost or valuation
At 6 April 2022	7,159,874	1,146,421	8,306,295
Additions	–	–	–
Disposals	(5,691,201)	–	(5,691,201)
Fair value movements	(1,365,952)	136,788	(1,229,164)
	-----------------------------------------	-----------------------------------------	-----------------------------------------
At 5 April 2023	102,721	1,283,209	1,385,930
	=========================================	=========================================	=========================================
Carrying amount
At 5 April 2023	102,721	1,283,209	1,385,930
	=========================================	=========================================	=========================================
At 5 April 2022	7,159,874	1,146,421	8,306,295
	=========================================	=========================================	=========================================

All investments shown above are held at valuation.

23

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

17. Investments (continued)

Financial assets held at fair value

Investments can be analysed by category as follows:

	2023	2022
	£	£
UK fixed interest	30,000	949,790
Overseas fixed interest	40,000	501,014
UK listed equities and unit trusts	32,721	3,598,116
Overseas listed equities and unit trusts	–	2,110,954
UK unlisted equities	1,283,209	1,146,421
	-----------------------------------------	----------------------------------------------
	1,385,930	8,306,295
	=========================================	==============================================

Listed Investments

Listed Investments are valued at fair value at the year end by the investment managers Rathbone Greenbank Investments.

Unlisted Investments

The shares in C & J Clark Limited have been valued at £1.97 per share based on an external valuation prepared in August 2023.

Investments by organisation are listed below:

			Market
		Cost	Value
		£	£
	Ecotricity	30,160	30,000
	Ethical Property Co	40,467	29,000
	Our Power Social Purpose	30,000	–
	Parry People Movers Ltd	22,516	3,721
	Wind Prospects	40,180	40,000
		--------------------------------	--------------------------------
	Total Listed Investments	163,323	102,721
		================================	================================
			Market
		Cost	Value
		£	£
	C & J Clark Limited £1 Ordinary Shares	455,000	1,283,209
		--------------------------------	--------------------------------
	Total Unlisted Investments	455,000	1,283,209
		================================	=========================================
			Market
		Cost	Value
		£	£
	Total Investments	618,323	1,385,930
		================================	=========================================
18.	Debtors
		2023	2022
		£	£
	Prepayments and accrued income	1,458	2,802
		=======================	=======================

24

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

19. Investments

	2023	2022
	£	£
Other investments	8,382,973	4,604,594
Short-term deposits	2,503	987,889
	-----------------------------------------	-----------------------------------------
	8,385,476	5,592,483
	=========================================	=========================================
Creditors: amounts falling due within one year
	2023	2022
	£	£
Accruals and deferred income	4,450	41,788
	============================	============================

20. Creditors: amounts falling due within one year

21. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £5,144 (2022: £3,491).

25

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53

Polden Puckham Charitable Foundation

Notes to the Financial Statements (continued)

Year ended 5 April 2023

22. Analysis of charitable funds

Unrestricted funds

		At					Gains and	Gains and	At
	6	Apr 2022	Income	Expenditure	Transfers		losses		5 Apr 2023
		£	£	£		£	£		£
General funds	15,143,742		212,739	(3,089,336)		–	(475,683)		11,791,462
Designated Fund
Legacy		15,000	–	–		–		–	15,000
	----------------------------------------------		--------------------------------	-----------------------------------------		--------------	--------------------------------		----------------------------------------------
	15,158,742		212,739	(3,089,336)		–	(475,683)		11,806,462
	==============================================		================================	=========================================		==============	================================		==============================================
		At					Gains and		At
	6	Apr 2021	Income	Expenditure	Transfers		losses		5 Apr 2022
		£	£	£		£	£		£
General funds	15,387,076		280,647	(1,875,370)	(15,000)		1,366,389		15,143,742
Designated Fund
Legacy		–	–	–	15,000			–	15,000
	----------------------------------------------		--------------------------------	-----------------------------------------	----------------------------		-----------------------------------------		----------------------------------------------
	15,387,076		280,647	(1,875,370)		–	1,366,389		15,158,742
	==============================================		================================	=========================================	============================		=========================================		==============================================
Analysis of net assets between			funds
				Designated		Unrestricted Total Funds
				Funds			Funds		2023
					£		£		£
Tangible fixed assets					-		1,025		1,025
Investments					-	1,385,930		1,385,930
Current assets				15,000		10,408,957		10,423,957
Creditors less than	1	year			-		(4,450)		(4,450)
				_-----------------------------------------------		----------------------------------------------		----------------------------------------------
Net assets				15,000		11,791,462		11,806,462
				=============================================		==============================================		==============================================
				Designated		Unrestricted		Total Funds
					Funds		Funds		2022
					£		£		£
Tangible fixed assets					-		2,050		2,050
Investments					-	8,306,295			8,306,295
Current assets				15,000		6,877,185			6,892,185
Creditors less than	1	year			-		(41,788)		(41,788)
				----------------------------------------------		----------------------------------------------			----------------------------------------------
Net assets				15,000		15,143,742		15,158,742
				==============================================		==============================================			==============================================

23. Analysis of net assets between funds

24. Future commitments - grants

Grants awarded to organisations that are awarded for more than a one year period, only receive successive instalments if they can demonstrate the successful application of the project to date, and subsequent payment is still subject to the approval of the trustees. Therefore as these commitments are uncertain they are not provided for.

25. Related parties

There were no related party transactions requiring disclosure in the current or previous year.

26

Doc ID: d2cf1502c798ffce50565f7a73bf8395c41f2d53