CORNWALL MARK FOUNDATION Registered Charity Number 1064272 ACCOUNTS For the year ended 31 December 2024 CORNWALL MARK FOUNDATION REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 coNrENTS Page Statement of Financial Activities ststernent of Assets and Liabllities Notes to th¢ Accounts 34 Independent ExamineT'S Report CORNWALL MARK FOUISDATION STATEMENT OF FINANCIAL ACTIVTTIES (tNCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Fund 2024 Income Lodge Donations Mark Lodges RAM Lodges Golf Day Other Events Sunday Lunch Donation from CMBA Dividends and Interest Chetwood 2,675.00 1,345.81 811.00 661.50 445.00 265,000.00 3,062.39 Total Receipts 274.000.70 Expellditure Donations 151e of Scilly Playpark isight Comwall Port Isaac Village Hall Friends of Pencalenick School Ataxia UK SKYD Callington Food Bank National Coast Watch Exercising 4 Mobility Sensory Trust Creative Spaces SMA UK Torpoint Food Bank CAB Cambome Cornwall Arthritis TnE5t Portreath SurfLife Saving West Cornwall Search and Rescue Music 4 Good Penryn Food Bank Inveslment Managemenl Feas 500.00 500.00 500.00 500.00 500.00 1,000.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 500.00 266.30 Total Expenditure 9 766.30 Net Gains on Investments 7,084.12 Net Ineome 271,318.52 Reconciliation of Funds Total Funds brought forward 13,836.35 Total Fullds carried forTrvard 285 154.87 CORNWALL MARK FOi]NDATION STATrMENT OF ASSETS AND LL4BILiriEs YEAR EI4DED 31 DEC£]IIBER 2024 Uxrestricted Fulld 2024 A8$ets Market Value Investh¢nt Portfolio Illsignnis 193219,84 75283.00 268 502.84 Bank Balances Lloyds Bank Investtnent Portfolio 10,274.66 6,377.38 16 652.04 285 154.88 The fjllaucial statements were approved and autborised for issue by the Board on 8 Apiil 2025 Siglled on behalf of the board of tsustee5 GFWIsaac K J Hicks CORNWALL I￿RK FOUNDATION NOTES TO THE ACCOUNrs FOR THE YEAR EIYDED 31 DECEMBER 2024 Summary of signifEcant accounting policies (a) General information and basis of preparation Cornwall Mark Foundation is a charitsble unincorporated ttust in England. The address of the Tegistered office is Cider Barn, Bulswortby. Launceston, Cornwall, PL5 9LH. The nature of the chartty's operations and PTincipal activities are in Cornwall. The charity constitutes a public benefit entity as def￿ed by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by ChaTities: Statement of Recommended Practice applicable to cl]arities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ITeland (FRS 102) (second edition- October 2019). The account5 are prepared on a going concern basis under the historical cost convention, modifi¢d to include certain items at fair value. The accounts are presented in sterling which is the fimctional currency of the charity and rounded to the nearest £1. The significant accounting policies applied in the p￿paratIOn of these accounts are set out below. (b) Funds Unrestrict¢d funds ar¢ available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. (c) Income recognition All incorning resources are included in the Statement of Financial Activities (SOFA) when tbe charity is legally entitled to the income after any perfoTmaDce conditions have been meL the amount can b¢ m¢asur¢d reliably and it is probable that the income will be received. Investment income is earned through holding assets for investment Purposes such as shares. It includes dividends and interest. Wbere it is not practicable to identify investment management costs in¢uryed Bithin a s¢hem¢ with reasonabl¢ accuracy the inveslment income is reported net of these costs. It is included when the aniount can be me&sur¢d reliably. Interest income is recognised using tbe effective interest rnethod and dividend income is recognis¢d as the charity's right to receive payment is established. (d) Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs r¢lated to the category. Exp¢nditUTe is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes costs of events, regalia and goods. Expenditure on charitable activities includes grant5 and governance costs. ITrecoverable VAT is charged as an expense against the activity for which expendikn¢ arose. Grants payable to third parties are within th¢ charitable objectives. Where unconditional grants are offered, this is accnLed as soon as the recipient is notified of th¢ grant &s this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to perforniance then the grant is only accrued when any unfijlfilled Conditions 8r¢ outside of the control of the charity. CORNIVALL MARK FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR EfADED 31 DECEMBER 2024 (e) Investments Investments are re¢ognis¢d initially at fair value which ts norn)ally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains l (losses) on investments, in th¢ SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments ar¢ measured at cost less impairnienL Cutrent asset investments are short tern highly liquid investment5 and are held at fair value. These include cash on deposit and cash equivalents with a matUTity of le55 than one year. (O Debtors and creditors receivable I payable Ivitbin one year Debtors and creditors wtth no stated interest rate and receivable or payable witbin one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditse. Ig) Tax The charity is an exempt charity within the meaning of schedule 3 of the ChaTities Act 2011 and is considered to pass the tests set out in P&agraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a chaTitable company for UK COTporation tax PUTpose5. (h) Going concern The fjnanciai statements hav¢ been prepared on a going concern basis as the th￿te¢S believe that no material un¢¢rtainties exist. The tsustees hav¢ ¢onsid¢r¢d th¢ l¢v¢l of fimds held and the ¢xp¢ct¢d level of income and expenditure for 12 months from authorising these fmancial stst¢m¢nts. The budget¢d income and expenditure is sufficient with the l¢vel of r¢s¢rv¢s for the ch￿lty to be able to continue as a going concern. Related Party Transactions The charity received £265,000 from the Cornwall Mark Benevolent Association (Registered Charity No. 206388) which has the majority of the same trustees. There was no balance owing at the year end. There were no other material related party transactions in the year. Trustee remuneration None of the tn￿teeS were Temunerated or paid expenses. CORNWALL MARK FOUNDATION INDEPENDENT EXAMINER'S REPORT TO TKE TRUSTEES OF CORNWALL MARK FOUNDATION I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages I to 4. Responsibilities and basis of report As the charity'5 trustees you are responsible for tbe preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carying out my examination I hav¢ followed all the applicable Directions given by the ChaTity Commission under section 145(5)(b) of the Act. Independent examAner's statement Since the charÉty'S gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirni that I arn qualified to undertake the examination because I am a memb¢r of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my exarnination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:_ accounting recor(ts were not kept in respect of the Charity as required by section 130 of the Act: or 2. the accounts do not a¢¢ord with those records. I have no concerns and have ¢om¢ across no other matters in comiection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the acci)unts to be reached. Guy lan Northcott ICAEW FCA, Bs¢(Econ) Hons, DChA Northcott Trumfield Chartered Accountants Devonshire Villa 52 Stuart Road Stoke Plymoutb PL3 4EE Date: 8 April 2025 CORNWALL MARK FOUNDATION Registered Charlty Number 1064272 TRUSTEES, REPORT For the year ended 31 December 2024 CORNWALL MARK FOiIM)ATION ANNUAL REPORT FOR THE YEARENDED 31 DECEMBER 2024 The trustees present their r¢port and acoounts for the year ended 31 December 2024. lrfal 2nd Administratxve Details The charity is r¢gister¢d with the Charity Con)mission." Registered Charity Number 1064272. Th¢ PTincipal office is.. do Cider Barn, Bulswortby, Launcestffl￿ Cornwa]L PL15 9LH. Structhre The charity is uy)incorporated and its governing document is the Constitittion adopted on 10 May 1997 and amended on 29 August 1997. Governydllce and Trustees The trtLstees during the year ¢uded 31 December 2024 and to the date of this report were.. GWFIs3AC M B Prit¢hard JEFMills S J Trevains J M Squibb (appointed 25 March 2024) Objeclives and Activities To relieve poverty and sickness and those in necessitous cir¢utnstan¢es aud for su¢b clthtitable pury)ses as the In]stees sball in that absolute discretion determine. The tsustees have Complied with their duty to have due regard to the CFwity Comillission guidance on public benefit, The ¢harAty is a related paty to the Cornwall Mad( Benevol¢nt Association (Registered ChaTity No. 206388). Financial Review Total income foT the year was £274,001 w]]ich includes an exceptional donation from Cornwall Mark Benevolent ocialion of £265,000. Total expendithre was £9,766. The cl]arity has invested fi￿dS with Chetwood Wealth Manag¢nLent and Insigtiis. Unrestiicted fiinds aTe £285,155 at the year elld aud the level of reserves is satisfactory. The level of income has made the charity prepare A¢¢rual Account for one year and we expect to return to Receipts and Payments Awowits in 2025. 4lb GFWIsaac 8 April 2025