REGISTERED CHARITY NUMBER: 1068929
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2023
for
Fraser Peckham Trust
Altus Business Consulting Chartered Accountants 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
Fraser Peckham Trust
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
Fraser Peckham Trust
Report of the Trustees
for the Year Ended 31 August 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are the advancement of the Christian faith and the relief of poverty mainly but not exclusively by training Christian workers abroad or in the UK.
Significant activities
Grants were made to Africa Rural Trainers (ART) Trust in Kenya that the Fraser Peckham Trust (FPT) has been supporting for several years. A significant portion of the grants was provided from private donations to The FPT and designated for support of Africa Rural Trainers.
Grantmaking
The trustees normally meet once or twice yearly to set the budget and consider what grants will be made and to review progress and effectiveness of the activities of organisations that have previously been provided a grant. Nominations for grants are elicited by formal and informal means. The formal means may involve communication with religious bodies that share the same ethos and faith as the trustees. The trustees travel in the UK and abroad where necessary. Africa Rural Trainers remains the main organisation the the FPT provides grants to as the organisations goals are well aligned with the FPT and the impact of ART is significant.
Volunteers
The trustees are all voluntary and take no income from the trust
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Africa Rural Trainers (ART) Trust has been a major beneficiary of grants from the Fraser Peckham Trust and we received application for funding again this year to enable new cohorts to receive training. Over 400 students were continuing training during the year.
Fundraising activities
Several donations were made to the FPT during the year to support the work of ART in Kenya.
Investment performance
Investment income increased slightly during the year and there was a further increase in the underlying value of the investments from the previous year.
FUTURE PLANS
The Trust expects to continue funding the work of ART but is looking to find other partners to provide grants alongside the FPT given the increasing amounts of funding that ART requests each year. It is anticipated that a small number of individuals will want to continue to support ART through gifting funds to the Trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The Trust deed gives the trustees the power to apply the funds in such a manner as they think fit for the advancement of the Christian faith and the relief of poverty.
Page 1
Fraser Peckham Trust
Report of the Trustees
for the Year Ended 31 August 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The Trust has identified a potential Trustee whom we how will be appointed in the next FY.
Induction and training of new trustees
The chair of trustees is responsible for the induction of any new trustee. This involves awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1068929
Principal address
Wassell Wood House Habberley Road Bewdley Worcestershire DY12 1LD
Trustees
J Peckham J Peckham
Independent Examiner
Richard Ashmore Altus Business Consulting Chartered Accountants 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
Bankers
CAF Bank Ltd, 25 Kings Hill Road, Kings Hill, West Malling, Kent ME19 4JQ
COMMENCEMENT OF ACTIVITIES
The Trust was established on 5th March 1998
Approved by order of the board of trustees on 26 June 2024 and signed on its behalf by:
J Peckham - Trustee
Page 2
Independent Examiner's Report to the Trustees of Fraser Peckham Trust
Independent examiner's report to the trustees of Fraser Peckham Trust
I report to the charity trustees on my examination of the accounts of Fraser Peckham Trust (the Trust) for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. 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 records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Richard Ashmore
Altus Business Consulting Chartered Accountants 88-89 High Street Wordsley Stourbridge West Midlands DY8 5SB
26 June 2024
Page 3
Fraser Peckham Trust
Statement of Financial Activities
for the Year Ended 31 August 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Gift Aid 16,459 Investment income 2 16,765 Total 33,224 EXPENDITURE ON Charitable activities Africa Rural Trainers Trust 49,345 Administration 4,209 Total 53,554 Net gains on investments 24,585 NET INCOME/(EXPENDITURE) 4,255 RECONCILIATION OF FUNDS Total funds brought forward 589,176 TOTAL FUNDS CARRIED FORWARD 593,431 |
Restricted funds £ 41,005 - - 41,005 41,005 - 41,005 - - - - |
31.8.23 Total funds £ 41,005 16,459 16,765 74,229 90,350 4,209 94,559 24,585 (5,022) 589,176 593,431 |
31.8.22 Total funds £ 41,100 13,849 54,9649 70,000 1,726 71,726 11,755 (5,022) 594,198 589,176 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
Fraser Peckham Trust
Balance Sheet
| 31 August 2023 Notes FIXED ASSETS Investments 5 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 493,495 100,296 (360) 99,936 593,431 593,431 |
Restricted funds £ - - - - - - |
31.8.23 Total funds £ 493,495 10,296 (360) 99,936 593,431 593,431 593,431 - 593,431 |
31.8.22 Total funds £ 468,911 120,625 (360) 120,265 559,176 589,176 589,176 - 589,176 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 June 2024 and were signed on its behalf by:
J Peckham - Trustee
The notes form part of these financial statements
Page 5
Fraser Peckham Trust
Notes to the Financial Statements for the Year Ended 31 August 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.8.23 | 31.8.22 | |
| £ | £ | |
| Fixed asset investment income | 16,678 | 13,844 |
| Deposit account interest | 87 | 5 |
| 16,765 | 13,849 |
continued...
Page 6
Fraser Peckham Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
Trustees have received expenses to reimburse them for expenditure incurred in the course of their duties as trustees and that they have incurred on behalf of the charity.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies - Investment income 13,849 Total 13,849 EXPENDITURE ON Charitable activities Administration 9,626 Net gains on investments 11,755 NET INCOME 15,978 RECONCILIATION OF FUNDS Total funds brought forward 573,198 TOTAL FUNDS CARRIED FORWARD 589,176 |
Restricted funds £ 41,100 - 41,100 62,100 - (21,000) 21,000 - |
Total funds £ 41,100 13,849 54,949 71,726 11,755 (5,022) 594,198 589,176 |
|---|---|---|
continued...
Page 7
Fraser Peckham Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
5. FIXED ASSET INVESTMENTS
The investment portfolio is revalued at each year end. At the 31st August 2023 the value of the investments was £493,495 (2022 £468,911).
The investment portfolio is managed by a UK based investment management company. The portfolio is a mixture of UK and US investments.
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 7. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Africa Rural Trainers TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 33,224 Restricted funds Africa Rural Trainers 41,005 TOTAL FUNDS 74,229 |
At 1.9.22 £ 589,176 - 589,176 Resources expended £ (53,554) (41,005) (94,559) |
31.8.23 31.8.22 £ £ 360 360 Net movement At in funds 31.8.23 £ £ 4,255 593,431 - - 4,255 593,431 Gains and Movement losses in funds £ £ 24,585 4,255 - - 24,585 4,255 |
|---|---|---|
continued...
Page 8
Fraser Peckham Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Africa Rural Trainers TOTAL FUNDS Comparative net movement in funds, included in the Unrestricted funds General fund Restricted funds Africa Rural Trainers TOTAL FUNDS |
At 1.9.21 £ 573,198 21,000 594,198 above are as follows: Incoming Resources resources expended £ £ 13,849 (9,626) 41,100 (62,100) 54,949 (71,726) |
Net movement At in funds 31.8.22 £ £ 15,978 589,176 (21,000) 21,000 (5,022) 589,176 Gains and Movement losses in funds £ £ 11,755 15,978 - (21,000) 11,755 (5,022) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.21 £ 573,198 573,198 |
Net movement in funds £ 20,233 20,233 |
At 31.8.23 £ 593,431 593,431 |
|---|---|---|---|
continued...
Page 9
Fraser Peckham Trust
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 47,073 | (63,180) | 36,340 | 20,233 |
| Restricted funds | ||||
| Africa Rural Trainers | 82,105 | (103,106) | - | (21,000) |
| TOTAL FUNDS | 129,178 | (166,286) | 36,340 | (767) |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
Page 10
Fraser Peckham Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 August 2023 | ||
| 31.8.23 | 31.8.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 41,005 | 41,100 |
| Gift Aid | 16,459 | |
| Investment income | ||
| Fixed asset investment income | 16,678 | 13,844 |
| Deposit account interest | 87 | 5 |
| 16,765 | 13,49 | |
| Total incoming resources | 74,229 | 54,949 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 90,350 | 70,000 |
| Support costs | ||
| Management | ||
| Office Costs | 3,739 | 1,223 |
| Accountancy Fees | 360 | 360 |
| 1,583 | ||
| Finance | ||
| Bank charges | 110 | 143 |
| Total resources expended | 94,559 | 71,726 |
| Net (expenditure)/income before gains and | ||
| losses | (20,330) | (16,777) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 24,585 | 11,755 |
| Net (expenditure)/income | 4,255 | (5,022) |
This page does not form part of the statutory financial statements
Page 11