Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation)
Annual Report and Financial Statements for the Year Ended 31 March 2025
Registered Charity Number 1072435
Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
CONTENTS
| Trust Informaton | 2 |
|---|---|
| Trustees' Report | 3 |
| Statement of Trustees’ Responsibility | 5 |
| Statement of Financial Actvites | 6 |
| Balance Sheet | 7 |
| Notes | 8 |
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
TRUST INFORMATION
Charity Number 1072435 Trustees Mr L Benson Mrs K Charters (Resigned 01/08/2024) Miss L Cape Miss K Ashbridge Ms L Maxwell Miss E Smith Registered Office Cumberland House Cooper Way Parkhouse Carlisle CA3 0JF
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
TRUSTEES' REPORT
The Trustees present their report and financial statements for the year ended 31 March 2025. The information on page 2 forms part of the Trustees’ Report.
The Trustees confirm that the annual report and financial statements of the charity 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) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Structure, Governance and Management
The Cumberland Building Society Charitable Foundation (‘the Foundation’) was incorporated on 12 November 1998 as a company limited by guarantee. It is governed by a Memorandum and Articles of Association. On 7 October 2019, the Foundation converted to a community interest organisation, and its existing Trustees either resigned by virtue of their ineligibility to hold office under the Foundation’s new constitution, or subsequently resigned after appointing replacement Trustees. As at 31 March 2025 there are five Trustees, whom are employees of the Cumberland Building Society (‘the Society’).
The Trustees who have served during the year are set out on page 2.
Objectives and Activities for the Public Benefit
The objectives of the foundation are to hold the capital and income on trust, to apply the income and/or capital for charitable purposes and to make donations to charitable causes for the benefit of persons living within the Society’s operating region of Cumbria, Dumfriesshire, Lancashire (Preston and Lancaster area) and Northumberland (Haltwhistle area). The current policy of the Trustees is to make a relatively large number of small donations across the whole of the geographical areas above, with a view to reaching local community groups, where often small donations of funds can have significant impacts. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s objectives and in planning future activities and setting the grant making policy for the year ahead.
Achievements and Future Plans
The Foundation aims to distribute all funds, depending on the number and suitability of requests received.
In line with its objectives, the Foundation made 172 donations for public benefit in the year (2024: 163), with an average value of £137 (2024: £149). The Foundation reviewed 196 requests for funding in the year (2024: 171). Donations were made throughout the Foundation’s geographical area and were monitored to make sure that all areas were appropriately covered.
Two examples of the donations made for public benefit are:
- A donation was made to CancerCare North Lancashire and South Cumbria to support its annual Santa Dash. This is a fundraising event which helps generate funds for the charity which is used to help support visitors to the centre as well as providing therapies and counselling for people in the area who have been affected by cancer and bereavement.
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
- A donation was made to Kendal Community First Responders which helped purchase a defibrillator for use in the local community. Community First Responders are volunteers who give time freely to help care for people and save lives in their community.
Financial Review
During the year, the Foundation received income of £23,602 (2024: £24,333) and made donations to charitable causes totalling £23,602 (2024: £24,333). No administrative expenditure was incurred in the year (2024: £nil).
Reserves Policy
The Foundation is able to distribute all remaining funds after paying any administrative expenses incurred which have not been paid for by the Cumberland Building Society. The Trustees consider all reserves to be free reserves.
Grant Making Policy
The Foundation has an established grant making policy to achieve its objects as stated above for the public benefit. To make donations to charitable institutions and causes within the local area as specified above in such a manner that the Trustees in their absolute discretion see fit.
Risk Management
The Trustees have identified and considered the major risks to which the Foundation is exposed and reviewed the procedures in place to manage the risks.
Trustee Appointment and Removal
The power for the appointment or removal of Trustees lies with the Board of Trustees and is set out in rules 10 and 12 of the Foundation’s Constitution.
Signed on behalf of the Trustees
…………................................ 2025
Mr L Benson Chair of Trustees
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025
Charity Number 1072435
STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' ANNUAL REPORT AND THE FINANCIAL STATEMENTS
Under the Memorandum and Articles of Association and charity law, the Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.
The financial statements are required by law to give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including income and expenditure, of the charity for that period.
In preparing these financial statements, generally accepted accounting practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” entails that the Trustees:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
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state whether the financial statements comply with the Memorandum and Articles of Association, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are required to act in accordance with the Memorandum and Articles of Association of the Foundation, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the Foundation at that time, and to enable the Trustees to ensure that, statements of accounts are prepared by them under the relevant law. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Foundation and to prevent and detect fraud and other irregularities.
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
For the year to 31 March
| Note | 2025 £ |
2024 £ |
|
|---|---|---|---|
| Unrestricted Funds | Unrestricted Funds | ||
| Income and Expenditure | |||
| Incoming Resources | |||
| Donatons Received | 3 | 23,602 | 24,333 |
| ---------- | ---------- | ||
| Total Incoming Resources | 23,602 | 24,333 | |
| ---------- | ---------- | ||
| Charitable Expenditure | |||
| Charitable Actvites: | |||
| Grants and Donatons Administratve Expenses |
4 5 |
(23,602) - |
(24,333) - |
| ---------- | ---------- | ||
| Total Charitable Expenditure | (23,602) | (24,333) | |
| ---------- | ---------- | ||
| Net (Expenditure)/Income for the Year | - | - |
|
| Total Funds at Beginning of Period | - | - | |
| ---------- | ---------- | ||
| Total Funds at End of Period | - | - | |
| ====== | ====== |
There were no other recognised gains or losses other than those listed above and the net income for the year.
The results are wholly derived from the continuing operations of the charity.
The statement of financial activities incorporates an income and expenditure account. All funds are unrestricted.
The notes on pages 8 - 10 form an integral part of these financial statements.
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| BALANCE SHEET AS AT 31 MARCH | ||
| Current assets | ||
| Cash at bank and in hand | - | - |
| --------- | --------- | |
| Net assets | - | - |
| ====== | ====== | |
| --------- | --------- | |
| Accumulated unrestricted funds | - | - |
| ====== | ====== |
These financial statements were approved by the Trustees on …………........…. 2025 and were signed on their behalf by:
Mr L Benson Chair of Trustees
The notes on pages 8 - 10 form an integral part of these financial statements.
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
NOTES (FORMING PART OF THE FINANCIAL STATEMENTS)
1. Accounting Policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.
1.1 Basis of Preparation
The financial statements are 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) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Cumberland Building Society Charitable Foundation meets the definition of a public entity under FRS 102. Assets and liabilities are recognised at historical cost or transaction value.
In accordance with the FRS 102 SORP the charity is not required to include a statement of cash flows.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling.
1.2 Donations
Donations are accounted for as they are received. Any related tax credits are accounted for on an accruals basis.
1.3 Charitable Expenditure
Charitable grants and donations are included in the Statement of Financial Activities when Trustees convey their intention to pay a donation to a recipient.
1.4 Unrestricted Funds
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. These funds can be used in accordance with the charitable objects at the discretion of the Trustees.
1.5 Taxation
The charitable foundation is exempt from taxation on its charitable activities falling within Chapter 3 of Part 11 of the Corporation tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. All of the charity’s income is applied for charitable purposes.
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
2. Critical Accounting Adjustments and Key Sources of Estimation Uncertainty
In the application of the charity’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there to be any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
| 3. | Incoming Resources | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Donatons received from Cumberland Building | --------- | --------- | |
| Society | £23,602 | 24,333 | |
| ====== | ====== | ||
| 4. | Charitable Expenditure | 2025 | 2024 |
| £ | £ | ||
| Charitable donatons (2025: 172, 2024: 163) Administratve expenses |
£23,602 - |
24,333 - |
|
| --------- | --------- | ||
| £23,602 | 24,333 | ||
| ====== | ====== |
No donations exceeded £1,000 in 2025 (2024: 0).
Donations were made across all the geographical areas as referred to in the Objectives and Activities section of the Trustees’ Report. The smallest donation was £20 and the largest £630. Donations made included those to small community groups encompassing children’s activities and grants for the disabled as well as a variety of other activities.
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Cumberland Building Society Charitable Foundation (A Charitable Incorporated Organisation) Trustees' Report and Financial Statements for the Year Ended 31 March 2025 Charity Number 1072435
5. Administrative Expenses
Administrative expenses of £nil were incurred in 2025 (2024: £nil).
None of the Trustees received any remuneration or reimbursement of expenses in the year (2024: £nil).
The charity does not employ any staff. Other administrative services such as accounts preparation and provision of meeting rooms for the Trustees are met by the Cumberland Building Society, but these gifts in kind are small and not assigned any monetary value or recognised in these financial statements.
6. Related Party Transactions
Donations from Cumberland Building Society are disclosed in note 3 above. The Cumberland Building Society is considered a related party because the trustees of the charity are employed by the Society. As referred to in note 5, the Society also provides administrative services to the company for which no fee is charged.
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