REGISTERED CHARITY NUMBER: 1119926
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
The Presence Charitable Trust
Lee Accounting Services 2018 Limited
Trading as Lee & Co
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER
The Presence Charitable Trust
Contents of the Financial Statements
for the Year Ended 31 December 2021
|
Page |
Report of the Trustees |
1 to 4 |
Independent Examiner's Report |
5 |
Statement of Financial Activities |
6 |
Balance Sheet |
7 |
Notes to the Financial Statements |
8 to 13 |
Detailed Statement of Financial Activities |
14 |
The Presence Charitable Trust
for the Year Ended 31 December 2021
Report of the Trustees
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31December2021.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)(effective1 January
2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheobjectivesaretoadvancetheChristianreligionthroughtheholdingofprayermeetings,the provision
oftrainingonChristianthemes,holdingeventsandproducingand/ordistributingliteratureon Christianity
to enlighten others about the Christian religion.
ThecharityalsoexiststoprovidebenefittotheUnitedKingdomwithoutdistinctionofsex, sexual
orientation,raceorofpolitical,religiousorotheropinionsbyassociatingtogetherthesaidresidents and
thelocalauthorities,voluntaryandotherorganisations,inacommonefforttoadvanceeducationand to
providefacilitiesin the interestsof socialwelfareforrecreationleisuretimeoccupationwiththe objective
of improving the conditions of life for the residents.
Thetrusteesconsiderthatthecharityexistsforthepurposeofthelocalpublicbenefitwithinthe United
Kingdom as defined in Section 3 of the Charities Act 2006.
Page 1
The Presence Charitable Trust
for the Year Ended 31 December 2021
Report of the Trustees
ACHIEVEMENT AND PERFORMANCE
Theprimaryfocusduring2021wasthecontinueddevelopmentoftheWellwickHousefacilityand the
expansion of the work at Wellwick House as a Christian Retreat Centre.
The primary focus for 2021 was therefore two-fold:
1. Continued development of Wellwick House
2. Expansion of the Charity's work from Wellwick House
Taking each of these 2021 goals items in turn.
1. Continued Development of Wellwick House
Theworkonthemainhouseisnowessentiallycomplete,makingitfullyoperationaltobeusedfor the
Charity's purposes.
WorkcontinuesonlandscapingthegroundsandondevelopingtheSummerHouseandStables buildings
that sit within the site's 15-acre land.
2. Expansion of the Charity's work from Wellwick House
Workcontinuedduring 2021to developand extendthe user group of WellwickHousethroughthe 'Friends
ofWellwick'scheme.During2021thenumberofindividualsbenefittinginthiswaythroughthe Charity's
work expanded from 14 to 37.
The Charity continued to developed materials and intellectual property which support this network.
During 2021 the key indicators used to assess performance mirrored the two areas of focus:
Development of the Site:
House: Time (97%), Money (95%)
Grounds: Time (45%), Monday (63%)
'Friends of Wellwick':
Memberships: 37 (2020 - 14)
Page 2
The Presence Charitable Trust
for the Year Ended 31 December 2021
Report of the Trustees
FINANCIAL REVIEW
The Statement of Financial Activities for the year is set out on page 7 of the accounts.
PCT'spolicyis to hold unrestrictedcash reservesequivalentto three-month'soperatingcostsin addition to
the Trust's long term income generating stock reserves.
At the end of 2021 PCT was holding unrestricted reserves of £4.21 million (2020: £3.98 million).
The financialpositionof the Charitywasaffectedin 2021primarilyby expenditureon WellwickHouse and
capital gains on the Charity's investment gains on its FTSE stocks and shares portfolio.
PCT'sinvestmentpolicyprecludesitfrominvestingwherethesocial,environmentalor ethical
considerations would be in breach of the Charity's Christian ethos.
The Charity's primary funding source in 2021 was investment income.
Theresultsshowasurplusfortheyearof£232,681(2020:£167,784deficit)madeupofan operating
surplusof£35,088(primarilyduetoincreasedinvestmentincomelessexpenditureonWellwick)and an
increase in the value of the stocks and shares portfolio of £197,593.
FUTURE PLANS
TheTrusteesexpecttheobjectiveoftheCharitytoremainunchangedwhichistoadvancethe Christian
religionthroughtheholdingofprayermeetings,theprovisionoftrainingonChristianthemes, holding
eventsandproducingand/ordistributingliteratureonChristianitytoenlightenothersaboutthe Christian
religion
Theprimaryfocusin 2022willbe tocontinueoperatingWellwickHouseas a retreatcentreand a national
hub for the dissemination of the Trust's teaching material and literature.
STRUCTURE, GOVERNANCE AND MANAGEMENT
ThePresenceCharitableTrustisaregisteredcharitysetupasanunincorporatedassociationon6 July
2006. Detail's of the charity number and relevant addresses can be found on the charity information page.
Themanagementofthecharityistheresponsibilityofthetrustees.Newtrusteesareappointedon the
recommendationofexistingtrusteesandwhoaredeemedtohaveappropriateexperienceand local
knowledge for the role.
The Charityis currentlyoperatedby the Trusteeswhomeeton a quarterlybasisand ad hocas required to
review decisions. No decisions or operations are currently delegated to staff.
Thereare no formalproceduresfor inductingnew trustees,however,any new trusteeappointedwould be
practicallyawareoftheworkundertakenbythecharityandsupportisalwaysprovidedbythe founding
trustees.
Details of related party transactions, where applicable, can be found in the notes to the accounts.
Thetrusteeshaveassessedthemajorriskstowhichthecharityisexposed,andaresatisfiedthat systems
are in place to mitigate exposure to these risks.
Page 3
Th Presen
hari
Tr
Re
f rthey
ees
arEn
REFERENCE AND ADMINISTRATIVE DAlL$
Reglstered Charlty number
1119926
Prfnclpal addre5$
SO Cassiobury Drlve
Watford
Hertford5hire
WDI? 3AE
Trustees
S Cardell
Mrs K M Cardell
Ms E Pembroke
Independent Examlner
Lee Accountln8 SeNices 2018 Llmlted
Trading as Lee & Co
26 HiBh Street
Rlckmansworth
HertfordshSre
W03 IER
Bankers
Santander UK plc
Customer Sernice Centre
Bootle
Merseyslde
L30 4GB
Approved by order of the board of trustees on ......,...................
and signed on Its behalf by..
S Cardell Trustee
Page 4
Inde
endent Examiner's Re
Tr
Independent examlner's report to the trustees of The Presence Charitable Trust
I report to the charity trustèes on my examination of the accounts of The Presence Charitable Trust (the
Trust) for the year ended 31 December 2021.
Respon5ibilitie5 and basis of report
As the charity trustees of the Trust you are resPOn5ible foi the preparatlon of the accounts in a¢cordan¢e
with the requirements of the Charlties Act 20111'the Act'l.
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 applicablé Oirections given by the Charity Commission
under Section 14515llbl of the Act.
Independent examlner's ststement
I have completed my examination. I confirm that no material matters have come to my attentlon in
connection with the examination glving me cause to believe that in any material respect..
accounting records were not kept in respect of the Trust as requlred by sectlon 130 of the Act,. or
the account5 do not accord with those records,. or
the accounts do not comply with the appllcable requirements concerning the form and content of
accounts set out In the Charitles (Account5 and Reports) Regulatlons 2008 other than any
requirement that the accounts give a true and falr vlew whlch Is not a matter considered as part of
an indèpendent examlnatlon.
I have no concerns and have come across no other matters In connectlon wlth the examinatbon to whlch
attention should be drawn in thi5 report in order to enable a proper understandinB of the accounts to be
reached.
John D Lee FCA
ICAEW
Lee Accountlng Services 2018 Limited
Trading as Lee & Co
26 Hlgh Street
Rickmansworth
Hertfordshire
WD3 IER
18 August 2022
Page 5
The Presence Charitable Trust
Statement of Financial Activities
for the Year Ended 31 December 2021
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Other income
3
Total
EXPENDITURE ON
Other
4
Net gains/(losses) on investments
4
NET INCOME/(EXPENDITURE)
4
RECONCILIATION OF FUNDS
Total funds brought forward
4
TOTAL FUNDS CARRIED FORWARD
4 |
31.12.21
Unrestricted
fund
£
48,485
-
48,485
13,997
197,593
232,081
3,981,543
4,213,624 |
31.12.20
Total
funds
£
32,125
173
32,298
14,986
(185,096)
(167,784)
4,149,327
3,981,543 |
|
|
|
The notes form part of these financial statements
Page 6
e Pres
harTtabl Tr
alan
em
31.12.21
Unrestrlrted
fvrbd
31.12.20
Total
funds
Notes
FIXED ASSETS
Tangible assets
Investments
2,858,727
1014,815
2,808,744
817,222
3,873,542
3,625,966
CURRENT ASSErs
Debtors
Cash at bank
io
1,084
375,163
341,178
341,178
376,247
CREDITOAS
Amounts falling due wlthln one year
li
11.0961
120,6701
NET CURRENT ASSETS
355,577
TOTAI ASSETS LESS CURRENT UABIUTIES
4313.624
3.981,543
NET ASSEf5
4,213.624
3,981,543
FUNDS
Vnrestrlcted funds
4,213,624
3,981,543
TOTAL FUNDS
4.113,624
3,981,543
The
inan
vr
al 5tstements were approved by the Board of Trustees and authorised for issue on
. and were slgned on its behalf by..
S Cardell- Trustee
The notes fomi part of these financial statements
Pa8e 7
The Presence Charitable Trust
Notes to the Financial Statements
for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedeparted from
the Charities(Accountsand Reports)Regulations2008onlyto the extentrequiredto providea 'true
andfairview'.ThisdeparturehasinvolvedfollowingAccountingandReportingby Charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
andRepublicofIreland(FRS102)issuedon16July2014ratherthantheAccountingand Reporting
by Charities:Statementof RecommendedPracticeeffectivefrom1 April2005whichhas since been
withdrawn
Income
Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations
Donationsarerecognisedonareceivablebasis(wheretherearenoperformance related
conditions),whereit is probablethatthe incomewillbe receivedand the amountcan be measured
reliably.
Investment income
Rentalincomereceivedfrominvestmentsheldandthesub-leasingofpropertiesrented are
recognised on an accruals basis, with any amounts entitlement to and not received being accrued.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Freehold property |
- 2% on cost |
Plant and machinery |
- 20% on cost |
Fixtures and fittings |
- 20% on cost |
continued...
Page 8
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Taxation
As a registeredcharitytheTrustbenefitsfromratesreliefand is generallyexemptfromIncome Tax
andCapitalGainsTax,butnotfromVAT.IrrecoverableVATis includedin thecostofthoseitems to
which it relates.
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trusteesin the furtheranceof the generalobjectivesof the charityand which have not be designated
for other purposes.
Financial instruments Investments
Investments are accounted for at fair value.
Debtors
Shorttermdebtorsaremeasuredattransactionprice,lessanyimpairment.Loansreceivable are
measuredinitiallyat fair value, net of transactioncosts and are measuredsubsequentlyat amortised
cost using the effective interest method, less any impairment.
Creditors
Shorttermtradecreditorsare measuredat the transactionprice.Otherfinancialliabilities, including
bankloans,aremeasuredinitiallyatfairvalue,netoftransactioncosts,andare measured
subsequently at amortised cost using the effective interest method.
2. INVESTMENT INCOME
2. |
INVESTMENT INCOME |
|
|
|
|
31.12.21 |
31.12.20 |
|
|
£ |
£ |
|
Other fixed asset invest - FII |
48,485 |
32,125 |
3. |
OTHER INCOME |
|
|
|
|
31.12.21 |
31.12.20 |
|
|
£ |
£ |
|
Other income |
- |
173 |
continued...
Page 9
The Presence Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
4. OTHER
OTHER |
|
|
|
31.12.21 |
31.12.20 |
|
£ |
£ |
Rates |
1,631 |
2,800 |
Insurance |
1,084 |
1,832 |
Light and heat |
2,789 |
5,598 |
Repairs and maintenance |
4,113 |
800 |
Telephone charges |
858 |
1,049 |
Computer costs |
20 |
- |
Bank charges |
60 |
86 |
Sundry expenses |
289 |
373 |
Water rates |
103 |
698 |
Support costs |
3,050 |
1,750 |
|
13,997 |
14,986 |
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2021 nor
for the year ended 31 December 2020.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2021norforthe year
ended 31 December 2020.
6. STAFF COSTS
During the year the average number of employees was nil (2020: nil).
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Investment income
Other income
Total
EXPENDITURE ON
Other
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE) |
Unrestricted
fund
£
32,125
173
32,298
14,986
(185,096)
(167,784) |
|
|
continued...
Page 10
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
As restated
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXED ASSETS
COST
At 1 January 2021
Additions
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020 |
Freehold
property
£
2,606,535
26,548
2,633,083
2,633,083
2,606,535 |
Plant and
machinery
£
32,880
867
33,747
33,747
32,880 |
Fixtures
and
fittings
£
169,329
22,568
191,897
191,897
169,329 |
|
Unrestricted
fund
£
4,014,379
134,948
4,149,327
3,981,543
Totals
£
2,808,744
49,983
2,858,727
2,858,727
2,808,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. TANGIBLE FIXED ASSETS
No depreciation is being charged on assets yet to be brought into use.
continued...
Page 11
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
9. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2021
Revaluations
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
There were no investment assets outside the UK.
Cost or valuation at 31 December 2021 is represented by: |
Listed
investments
£
817,172
197,593
1,014,765
1,014,765
817,172 |
Unlisted
investments
£
50
-
50
50
50 |
Totals
£
817,222
197,593 |
|
|
|
1,014,815 |
|
|
|
1,014,815 |
|
|
|
817,222 |
|
|
|
|
|
|
Listed |
Unlisted |
|
|
|
investments |
investments |
Totals |
|
|
£ |
£ |
£ |
|
Valuation in 2020 |
817,172 |
50 |
817,222 |
|
Cost |
197,593 |
- |
197,593 |
|
|
1,014,765 |
50 |
1,014,815 |
10. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
31.12.21 |
31.12.20 |
|
|
|
£ |
£ |
|
Prepayments and accrued income |
|
- |
1,084 |
continued...
Page 12
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2021
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
31.12.21 |
31.12.20 |
|
£ |
£ |
Other creditors |
1,096 |
20,670 |
12. RELATED PARTY DISCLOSURES
Charterhouse Property Group (1) LLP
Charterhouse Property Group (1) LLP is an LLP of which the Trust is a Designated Member.
At the year end, the LLP was owed £50 by the Trust (2020: £50).
Stephen Cardell
StephenCardellis a trusteeand throughoutthe yearhas incurredexpenseson behalfof the charity.
At the year end Mr Cardell owed the charity £1,554 (2020: the charity owed Mr Cardell £18,870).
13. ULTIMATE CONTROLLING PARTY
Thecharityhasbeencontrolledthroughouttheyearbythetrusteesasidentifiedonthe charity
information page.
14. GOING CONCERN
Nomaterialuncertaintiesexistinrelationtothegoingconcernconcept.Thetrustee'sbelieve that
there are suitable funds to continue activities for the next 12 months.
Page 13
The Presence Charitable Trust
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31 December 2021 |
|
|
|
31.12.21 |
31.12.20 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Investment income |
|
|
Other fixed asset invest - FII |
48,485 |
32,125 |
Other income |
|
|
Other income |
- |
173 |
Total incoming resources |
48,485 |
32,298 |
EXPENDITURE |
|
|
Other |
|
|
Rates |
1,631 |
2,800 |
Insurance |
1,084 |
1,832 |
Light and heat |
2,789 |
5,598 |
Repairs and maintenance |
4,113 |
800 |
Telephone charges |
858 |
1,049 |
Computer costs |
20 |
- |
Bank charges |
60 |
86 |
Sundry expenses |
289 |
373 |
Water rates |
103 |
698 |
|
10,947 |
13,236 |
Support costs |
|
|
Governance costs |
|
|
Accountancy |
3,050 |
1,750 |
Total resources expended |
13,997 |
14,986 |
Net income before gains and losses |
34,488 |
17,312 |
Realised recognised gains and losses |
|
|
Realised gains/(losses) on fixed asset |
|
|
investments |
- |
44,585 |
Net income |
34,488 |
61,897 |
This page does not form part of the statutory financial statements
Page 14