THE PACK FOUNDATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 RegIStor Cl1 Mmbar: 1118301
THE PACK FOUNDATION CONTENTS Page Legal and administrative Infoat10n Trustees, Report 24 Independent examlnefs report statsment of financial activitie5 Batance sheet Nole5 to the financlal stalemenls 8-12
THE PACK FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Gerald N Pad( Carol A Pack Elisabeth Hirfemann Matlhew Pack Simon P8ck Jeremy Pack Hannah Aylett Key Management Personnel Twstees as abDve, and Simon Whilehouse Principal address 37 St Margarevs Street Canterbury Kenl CT12TU Independent examlner Samantha Rouse FCCA DChA Kr@ston R&8vas LLP Chartered Accountants 37 St MargareV5 Street Canterbury Kent CT12TU Bankers and Invtfflent Managers Coutts & Co 440 Strdnd London WC2R OQS Page 1
THE PACK FOUNDATION TRUSTEES. REPORT YEAR ENDED 31 MARCH 2025 The Twslees present their nual report and financial staÈmentsforlhe year ended 31 hnarth 2025. The Trustees have adopted the provk5ions of the Statement of RecJ)mmended Practs (SORP) "Accounting and Reportlng ty Charities" (FRS 102) in preparin9 Ihe annual Teport and finanual statements of the charity. The financial statements have pApar&d in accordance with the acoJuntin9 poIic4es set out In the notes to thE accounts and cornp with the charis govemirvJ documen( the Chaiibes Acl 2011 and Accounttng and Reporting by Charities: Statemenl of Recommended Pracbc* applicable to charilies preparing their accounts in accordance wlth the Financial Reporting Slandard 4JplrA)le In the UK Republic of Ireland {FRS1 2) (effective January 2019). Objectives and activities Under the Oeclaration of Trustthe stated objeclive of Ihe Charty Is to: -hold the Trust Fund and tts incom8 upon trust for such purposes which èxdusivew charttsblè under the laws of England and Wales as Iha Trusiees may decide from time to tkne". PubliG benefit statement The Tw5tees confiTh that they have referred lo the gU[dan contain8d in the Charity Commission¥ general guldance on public b8nefitwhen reviewing Ihe Trusfs aims arld objectiv&% and in planning futurè acbvitses. Achlevements and pertornianc& In th& The maln activities of the charity fall into three •0 Obtaining or raising charitab18 donations Maximising long temi Investment Telums from funds of Ihe chaiity to enable funding for future grants or donations lo Identifying. evaluating and detemilnlng ts le¥els of grants or donations appropria8. rf any. to 10131. national and Inlemational charilable causes. The strategies adppted formeeting the Charity5 Stated oliectrm are to: a) Seek charitable donations to fund Ihe charity- b) Mthmlse long lern income from esting fund5 through frequent VIeW alongside acbve and gUlar communlcatson with the appointed investment manasEr. c) Actively seek charitable causes. Historic charilable donations in eXsS of £1m have been secured prevtously whlch provide funds for th8 charfty from which lo make future grants or donations and generate a loThJ te investment COrne stream. Surplus funds have been invested in a puble. acbvely managed invesbnent fund SpecifallY tailored lo Ihe uirements of the tharity ¥ethr. Whi15t inve5trnent perfoan has PVed volatile at bmes, the Tiustees wnlinue to be of the view that Such an investment 5tsalegy 15 appprIate to fulfil the requirts of Ihe charity regarding a optimum long term income stream. Tolal Income during the year vras £65,832 (2024." £41.615). Eypeft(fIre totalled £112.890 (224. £112.533). This sulted in net expendI1w before gains on Invesknents of £47.058 {2024:net expendiiure £70.918). Charitable contributions During the period charilable gran15 and donations of £101.427 (2024: £101.9791 were made. The Trustees continuè to aCVelY investigate charitable cau5e5 wlh Ihe aim of making furiher grants in the comlng year. Page 2
THE PACK FOUNDATION TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 MARCH 2025 Reserves pollcy The Trustee5 tnainlain reseNes al a level they d88m suffic(gnt to meet the maximum anticipated funds réquired for gffting in the following fv-1hree monlhs. Therefo. as immediatety Subsequent to fhe period ends Trustee meetings were anticipaled whlch were expected to result in significant distribuliD115, addibonal lunds were held al lh8 period end. Therefore. at 31 March 202& unre5tsicted re5erve5 amounted to £62,140 (2024: £68.18n. which were higher than would be othepuise usually be maintained durin9 most af the pertod5. Deslgnated fund5 at 31 March 2025 amounted to £1,829.990 (2024: £1.850.512) and these comprise th8 charivs fed asset investments. Investment policy All of the charity's investrnents are managed by Coults & Co. who have Comple authority to Invest the charivs funds In institutions whlch sults the charivs requlrement for Optimurn long temi retums on funds Invested alongslde ?55essing the risk strategy loinlly the trustees. The Trustees are presenly sattsfied Ihe charity Is CeIVIng a liable and economic seN1. Inv8Stmgnt pBrforniance Th8 inl8ntion is lo distribute funds over an extended peAod meaning the adopted investsnent strategy can be more aggressive. In the longer term this Is antlcipated to generate increased retum5, however in the short run Ihis can often result in greater volablity. Thls has been Ihe case at the end of March 2025. where a high exposure to equity matke15 ha5 Impacted portfolio perfomance. especially in the final quarter of the year. Th8 cumulative inveslment retums on funds held in the Coutts & Co Inv&stment portfolio durfng Iha current year was 4.6% (2024.. 16.9%) whlch compared 11 with benchmarks of overall porifolio retums with a similar risk mandate. Th8 umulative rebjms of the first three quarters was 10%. so the Impacl ot market volatility In the final quarter is material to Jmulative rebjrns. However. as noted above. the Trustee a of the view that such short temi volallty is a price worth paying for longer terni Inased retums and maintain sufficient non-invested fijnds lo minimise the impacl of such volatillty- Grant maklng pollcy The Trnslees consider a broad range of local. national and intemational charitable causes and con5iderwhich the charity Is besl placed to as51Stwith funding. Pay pollcy for key management personnel Thg trustees consider themselves and Simon Whitehouse, who is an external consultant, as the key management personnel of the charity In charge of directing and controlling, runnlng and operating the tharity on a day to day basls. All tru5tee5 give of their time felY and no trustee received MUneratiOn in the year. Risk assessment The trustees have conside the rfsks relevanl lo the charity and are of Ihe oplnlon that currently they are low and procedu5 are in place to identify and control these and new rfsks as they arfse. Charfty's plans forthe future The Trustees consider the plans of the charity to be- - Maxlmls8 the long t8mi retums of the Investments of Ihe charity and seek further incoming donation5 - Identify and evaluate local, nalional and intemational charitsble causes - utilise charity funds to further those USeS identified structure The charity. which Is Tegislered with the Charity Commisslon under number 1118301, is established under a Declaration of Trust dated 9 February 2007. New trustees are appointed by the existing trust8e& Th& Trust D@@d provlcles for a minimum of 3 trustees. Page 3
THE PACK FOUNDATION TRUSTEES. REPORT (GONTINUEDI YEAR ENDED 31 MARCH 2025 ststetnent of TrusteEs' rpsponslbilities The Trustees are respon8ll)le for preparing the Trustees. Teport and the financlal statements In acrdanC8 with applicable law and Unlted Klngdom Accountlng Standards (Unlted Klngdom Generally Acceptad Accounting Practlce). The law applicable to charittes In England and Walès r8quires th@ trustees to prepare financial statements for each financial year which give a true and falr vlew of the charitsls flnandal activitiès during thè yèar and of its financial posltion t the end of the year. In preparing those financial slalements giving a Irua and fair view, Ihe tteeS should lollow besl practice and: select suitable accounbng policies and then apply Ihem con8iStenUy,' obseNe the methods and principles ofthe Charities SORP: make ludgèmènts and 8sttmat8s thal arè reasonabla and prudent. tste whether applicable accounting standards and statements of recommended practice have been lollowed, subject to any departures disclosed and explained in the financial statements., and prepare the financial statements on Ihe going concern basls unless it ts Inapproprfate to presume thatth& chgritywill continue in existence. The trustee8 are responsible for keeplng proper accounting records whlch dtsclose wilh reasonable accuracy al ary lim8 the financlal posltion of th8 charity and which enable them to ensure that the financial statèmènts comply with the Chariti8s Act 2011. the Charity (Accounts and Reporis) Regulations 2008 and the provlslons of the INst deed. The trusteas aré responsible for safeguarding the assets of the charfty and hen to taklng reasonabte steps for the prevention and delectron of fraLKI and other Irregulariues. By ordgrofth Carol Pack Trustee Date.. Bl- lo- ZOZ Page 4
THE PACK FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PACK FOUNDATION YEAR ENDED 31 MARCH 2025 I repori to the trustees on my exarnlnaticsn of th8 ac(xJunts of th8 chaiityforthè yéar ènded 31 Marth 2025. Responslbllltles and basls of report s the charity's Irustaas you are rèsponsible for the preparation of the accounts in accordance v•ith the requlrements ol the Charities Act 2011 ('the 2011 Acr). I report in respeGI of my examination ofthe chaiivs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applic8bl8 Directions given by th8 Charity Commission under section 14515)(bl of the Act. Independent exarninets statemBnt I have completed my examination. I confIn that no material matters have come lo my attention in connection with the examination givirvj me cause to believe that in any material respect 1. accounting records were not kepl in respect of the charity os requited by section 130 of the 2011 Acl", or 2. the accounls do not accord with Ihos8 records: or 3. the accounts do not comply with the applicable requiremenls conMIng the farm and conlent of accounts sel out In the Charfbes (Accounts and ReporLs) Regulalions 2008 other than any requirement Ihal the accounts give a 'true and fair view whith is not a matter consldered as part of an Independent aX8mlnallon. I have no concerns and have come across no other matrers In connectton with th8 examination to whlch attèntron should be drawn in this report in order to enable a proper understandlng of the accounts to bè reached. This report is made solely to the Charity's Ttustees, as a body. In accordanc8 with Part4 of th8 Charittès (Accounts and Reports) Regulatlons 2008. My work has been undertaken so that I might slatè io the Charitys Trustees those matters I am required to stale to them In an Independent examlnefs report and for no olher purpose. To the fullest extent pemiitted by law. I do not 2p1 or assume responslbllityto anyone olher Ihan the Charity and the Charitys Trustees as a body. for my wotk or this repoTL Samantha Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants Canterbury Date: 1 November 2025 Page 5
THE PACK FOUNDATION STATEMENT OF FINANCIAL AGllVITIES YEAR ENDED 31 MARCH 2025 Unrestricted fvnds 2024 Income from: Investrnent income Donations reiVed Olher income GiftAld 46.676 19,156 41.343 250 22 Totsi Income 65,832 41.615 Expendlture on: C05t of raisirwJ funds Investment marragementfees Charitable expenditure Other expenditure 8.945 101,4zr 2.518 8,418 101.979 2,136. Total expenditure 112,890 112,533 Net income before gains on investments {47.058) 170,918) Realtsed and unrealised galns on Imfesknents Exchange rdte movements on cash h81d as inveslment 20,851 204,576 113 Net movement In funds (26.569) 133,771 Reconciliation of funds- Fund balartS at 1 April 2024 1.918,699 1.784.928 Fund balances at 31 March 2025 1,892,130 1,918.699 All IncMe and expenditur8 derive from continuing actsvifjes. The statement of financial aclivities inc]udes a]1 gains and bsses recognksed In the y. Th8 notes on pages 8 to 12 lo wtof these )Inanoal statements. Page 6
THE PACK FOUNDATION BALANCE SHEET AS A T 31 MARCH 2025 2025 2024 Notes Flxed assets Invesfments 1.829.990 1.850,512 Current assets Deblors Cash at bank 64.962 70.727 70.727 Credilors.. amount5 falling due within one year 12.8221 (2,540) Net currentassets 62.140 e8.187 Total assets less current liabililies 1.892.130 1.918,699 Funds Unrestricted funds Deslgnated funds 62.140 1.829.990 1.892.130 68,187 1.850.512 1.918.699 10 Approved and authorised for issu? by the Trnstees on Carol TTu5 Page 7
THE PACK FOUNDATION NOTES TO THE FINANCIAL STATEMEPITS YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 General Informatton and basls of preparatton The Pack Foundation 15 a registered charity with Ihe Chaiity Commission in the United Kingdom. The address of the regislered office ts given in the thaiity infotmation on page 1 of these financial stalemenls. The nature of th& charitys operations and prinLipal aclbvilie¥ to.hold the Trust Fund and its income upon trust for suth purposes which are exctusively charitable urKkr the lay of England aTrJ Wales as the Trustees may decide from tlme to time". The oharity TvJtitute5 a public benefit entity as defined by FRS 102. Tr financial statements have bè@n prepared in accordan with the Ststement of Recommended Practi. Acunting and Reporbng by Charitiès preparing their accounts in accordanc£ wilh the Financial Repoiting stsnda appli(2ble in the UK and Republic of Ireland (FRS 102 - Effective 1 January 2019). thè Finartial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). th8 Charities Ac12011. The financial siatements ¥e prepared on a wing corKem basis under the hi5fr)rical c05t convention. modified to include rtain items at fair valu& The financial sia1effts are pTrred in sterting Ythith is Ihe functronal currency of the chaiity and rounded to the Deast£ The SIgn¢ant accountirvj policies applied in the preparalion of these ffinancial statements a1 set out below. These PDlicies have been consisknuy applied to all unless 01heIse stated. 1.2 Funds accounting Unreslricted general funds are fun(ts vthich be used in a[0rdan wth the charitabl8 objects at Ihe discretlon of Ihe Trustees. Designated funds rewesent funds rwested in assets which are held to eam returns to enable the charfty to achieve its charitable aims. 1.3 Income CognItion l incoming resources are irKluded in th8 Statement of Financial Actiwlies (SOFA) when Ihe charity Is tegally ents"ed to the income afterany perfoThnance cx)nditions ha¥e been me( the amount be measured reliably and It is probable that the income y11 be receNed. - Incoma from invesiments and deposits is taken to renue In the perfod In the Income is received. - Donations and gfft ald are accounted for on a Tr1vable basis. - Income tax coveratIe in relation to don*iDns Teceived under GiftAid 15 reocognised at1he lime of donation. 1.4 Fynancial instwments accounting policy The charity has financial assets and finan¢ial fiabililie5 1hat qualify a5 ba5iG financial instruments. Basic finanGial instruments are initially recc¢Jnised at transaction value and 5ubsequenlly mvdSured at their settlement value. Investments in non-COnv weference shares and in non-puttable ordinary and preferences shares are measured: - At fair value with changes recognised in the slaternent of ffinancial activities and are publicly trade or Iheirfair value can otherwise be m@asLwed rèllably. Page 8
THE PACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED YEAR ENDED 31 MARCH 2025 Exppnditurg rBcognition All expenditure is accounted foron an accruals basis and has been classified under headings that aggwaté all costs related lo the category. Expendllure 18 recognlsed where there Is a legal or constructlve obligatlon t make payments to Ihird parties. it is pmbable thal settlement will be required and the amount of the obligation can b8 measured reliably. It is categorised under the followlng headlngs: - Charitable expenditure comprises those costs incurted by the charity in Ihe delivery of ils activities and servtces for its beneficiaries. It indudes both costs ellocaled directly to such acbvilies and Ihose costs of an indirect nalure necessary to support Ihem. Expenditure on raising funds Includes all expendlture InCUrd by a charity to ralse funds for its charitable purposes. Other axpendilure includes all expenditure that is neilher related to raising funds forthe charity nor part of its charitable activittes. Investments Inv8Stments (including cash orother highly liquid andlor short tern investments within the portfollo) are Included at market value at the year end. Gains and losses on the revaluation and dlspDsal of inveslments are reflected In th& Statèmént of Financial Activitiès. Grants The charity has or may make charil8ble donations or grants in Ihe fomi of specific donations to local, nalion81 or intemational charitsble causes. Grants payable are charged in the year when the offer is conveyed to the recipient except in those case5 where the offer IS conditional. such gran15 being cOgnISed as expenditure when the condition5 attaching are fulfilled. Grants offered subjeci to condrtions which have not been met at the year end are noted as a coThmilmenL but not accrued as expenditurg. Debtor5 and creditors receivable I payable Wbthin one year Debtors and creditQTS wilh no stated interest rate and re1vable or payable within one year are recorded at nsaction pri. Any losses artsing from impairment 8re recognised in expenditure. Tax Th8 charity is an exempt charitywithin the meaning of schedule 3 01 the Chatilies Act2011 and is considered to pa&8 the tests set out in Par2graph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitsble company for UK wrporation tsx purposes. 1.10 Going concern The financial statements have been prepared on a going conrn basls as the Trustees believes that no malerial unrtaInlieS exist The Trustees has considered the level of funds held and the expecled level of income and expenditure for 12 month5 from autharising these financial statements. The budgeted Income and expenditure is sufficient with the level of reseTve5 for the charity to be able lo continue as a going rteem. 1.11 Judgements and kny sources of èstTmatlon uncertalnty Accounting estimates and judgements are continualty evaluatsd and are based on historical expeTt8nce and other factors. including expectstions of future events that are believed to be reasonable under the circumstance5. There are no area5 Qfjudgements or esb'mation uncertainty. 1.12 Cash at bank and In hand Balances held in current account ordeposlt accourrts Immediately availabl8 to the Trustees are shown as cash. Cash or other highly liquld andlor short lerm investments hdd within thè Investment portfolio managed by Investsnent Managers are not deemed as cash. ?5 only held for the purpose of optimislng outcom&8 from the investrnent portfolio- see also note 1.8 Pag8 9
THE PACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - COKllNUED YEAR ENDED 31 MARCH 2025 Dlrecl charitable expenditure 2025 2024 General grants: DémÉ]za Porchlight Kent Community FoUnd8n World Land Trust Prosiate Cancer Young Lives Foundallon Evie Dove Foundatton The Sports Trust The Good Giief Pmiect Fareshare Ashford Canterbury Foodbank British Royal Legion UNHCR Chamber Orchestrd 11.253 11.000 10.350 10.000 6.000 6.000 5.700 5.000 5.000 5,000 5.000 5.000 7,500 5.000 2,000 20,OOD 10,000 10,000 5.000 5.000 1.CQO 20,000 5.500 Other sundry grants b8low£S.000 16,124 101,427 10.979 101.979 otherexpenditure 2024 Accountsnts remuneration Professional fees 1,614 904 2,518 1.518 618 2,136 Included within 'ArUntants temuneratlon. are Inthpendent E¥aminers fee5 of£1.614 (2024 £1.518). Trust5. remunerdtlon Th8 Trustees recelved no remuneration orTelmbursement during fhe ye¥ (2024", None). The Trusiee5 consider that thernselves and SNnon WhitehDuse cornpre the Key Management Personnel of Ihe charity in charge of dire(Xng and controlling. running and operating the charity on a day to day basis. All Trustees give of their time freely and rn Trustéè r1%d reMurail0n in the year. Simon INhitehou5e is an exlemal consultant As noted above no Trusl£es TellEd any unera110n during the year P024: £nlll and amounts due to Key Management Personnel in the JEar amounted to £904 (2024: £6181. 2025 2024 Quoted Inveslments comprise: Bank and cash deposils Coutts Bank Charity Porwollo (note 52) 41.425 1.788.565 1.829.990 79,379 1.771.133 1,850.512 &2 Quoted investments 2025 2024 At 1 April 2¢324 Aditsons Dlsposals Net realised and unrealised invesbnent (kwes) Igan5 At 31 March 2025 1,771.133 1.729,954 1.299.903 1.204.816 (1.303.322) (1,368,213) 20.851 204.576 1.788. 1,771,133 Page 10
THE PACK FOUNDATION NOTES TO THE FINANCIAL STATEf41ENTS - CONTINUED YEAR ENDED 31 MARCH 2025 Flxed assots Invostrnerts 2025 2024 &3 Cast at 31 March 1.n5.393 1,S99.889 Holdings in inve5trnents at 31 March. whith arn malerial In vslu? are: Coutts North Arnerka ESG Insights Equity Fund SharE5 & GBP CoutL8Actively Managed US Equlty Fund G8P£ Coutts US ESG InstrJhts Equity Fund C GBP Coutts US and Canada Enhanced Index Govi Bond nd C GBP Dlst Coutts US ESG Inslghts Equity Fund (he4Jged) JP Morgan ICVC Class S Global Focus Furld Amundl Funds SICAV Shares -J14- l Europo ex UK Equity Dlslribulion Couts Europe Enhanc*d Index Government Bond Fund C G8P Dlst Capital Intematlonal Fund SICAV Shares i Group New Perspecti Fi HSBC Index Trather Invastsnent Fund S Japan Index Fund GBP Coutts Global Credit ESG Insights BorK1 Fund Sharns -c- GBP Coutts aebvely maftaged global Investrnenl grade cdI1 fund C GBP Palar Capital SX2 GBP Emerglng Markel SlaTr Fund Artemls UK SelECt Fund GBP Robeco Capital growth- Emerging Stars K3ED Coutts Eur¢we ex UK Equlty Index Fund GBP£ Coutts UK ESG Inslghts Equlty Fund Coutls Eurcpe Actl¥ely Managed UK Equlty Index Fund UBAM SICAV Glob81 High Yield Solubon Shares Capital Intemational Fund Nthv Petspectivè Fund HSBC EfFs PIC Shares USD I HSBC MSCI WORLD ucrrs ETF Invesco Physlcal Markets PIC Strucwred Instrum8nt Gold 313.679 220,828 169,501 149.172 10B,102 107.251 98.918 82,848 73.053 72.054 84.047 59,018 46,070 43.011 40.080 33.005 243,376 259.977 30.385 66,517 45,254 17,813 51.501 19.116 108,401 351.441 123.462 88,714 74,785 48.302 45,130 Deblorn 2025 2024 GIftAld Cash at bank 2025 2024 Bank and money market deposits 64.962 Credliors: amounts faIn9 due ¥•illun or¢ year 2025 2024 A¢crual$ and delerrnd Incorne 2,822 Flnanclal Instruments 2025 2024 Flnanci81 assets rn8a¥urgd at falrval 1.788.565 1.771.133 Finandal assets measured at falrvalu8 comprfse Inveskn. Page11
THE PACK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED YEAR ENDED 31 MARCH 2025 10 Unrestricted funds Unrestricled funds- currentyear Trdnsfor Unrnallsed betwee Asat31 gains lunds March 2025 As at 1 Aprll 2024 Income Eyndllure Unréslrlcted - GÉneral fund 68,187 20.184 {103.945) 7T.714 62,140 Designated fund - Fd asset invesknent 1.850.512 1.918.699 45.648 8.9451 112.890 20.489 20.489 .714 1,829.990 1.892.130 Unrestrfcted funds- prior year Transfer Unreallsed betrNeen Asat31 losses funds March 2024 As at 1 ApTiI 2023 Income Expenditure Unrestrlctad - General fvnd YJ.725 836 (104.115) 147,741 68.187 Designated lund - Fixed asset inveslment 1.761.203 1.784.928 40.TT9 41.615 8.418) 112.533 204.669 (147.741 204.689 1.850,512 1918,699 Tran5fgr beiween funds The transferbefyyeen the designatejj generay funds represents the Irarthr of1he movements on the fixed asset fund5 for the year. PuTpose of designated fund The fr%ed asset investm8nts fund is held lo earn relums to en*Jle the thaiity to achieve ils cheritable aims. Related party transaclions During the year C Pack. a twstee. donated £15,275 in cash (2024: no donationswere re1ved from trustees), shown as donations received in the Slalement of Fnancial Actsvibes. No donatTon5 were re1Ved subsequent to the period end. 11 Page 12