REGISTERED CHARITY NUMBER: 1119926
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
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 2022
|
Page |
Report of the Trustees |
1 to 3 |
Independent Examiner's Report |
4 |
Statement of Financial Activities |
5 |
Balance Sheet |
6 |
Notes to the Financial Statements |
7 to 12 |
Detailed Statement of Financial Activities |
13 |
The Presence Charitable Trust
for the Year Ended 31 December 2022
Report of the Trustees
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31December2022.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.
ACHIEVEMENT AND PERFORMANCE
WhilstthereissomeresidualworktodoonthedevelopmentofWellwickHouse,primarilywithin the
15-acregroundsoftheproperty,theprimaryfocusduring2022wasusingthepropertyasa Christian
Retreat Centre.
A number of privateand group retreatswere held during the year.Work continuedduring 2022 to develop
andxtendtheusergroupofWellwickHousethroughthe'FriendsofWellwick'scheme.During2022 the
number of individuals benefitting in this way through the Charity's work expanded from 37 to 51.
The Charity continued to developed materials and intellectual property which support this network.
Page 1
The Presence Charitable Trust
for the Year Ended 31 December 2022
Report of the Trustees
FINANCIAL REVIEW
The Statement of Financial Activities for the year is set out on page 6 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 2022 PCT was holding unrestricted reserves of £4.27 million (2021: £4.21 million).
The financialpositionof the Charitywasaffectedin 2022primarilyby 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 2022 was investment income.
Theresultsshowasurplusfortheyearof£54,852(2021:£232,081)madeupofanoperatingsurplus of
£29,423(primarilyduetoincreasedinvestmentincomelessexpenditureonWellwick)andanincrease in
the value of the stocks and shares portfolio of £25,429 (2021: £197,593).
FUTURE PLANS
TheTrusteesexpecttheobjectiveoftheCharitytoremainunchangedwhichistoadvancethe Christian
religionthroughtheholdingofprayermeetings,theprovisionoftrainingonChristianthemes, holding
eventsandproducingand/ordistributingliteratureonChristianitytoenlightenothersaboutthe Christian
religion
Theprimaryfocusin 2023willbe 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 2
The Presen
harilable T
the Trustees
hgy
REFERENCE AND ADMINISTrATIVE DETAIS
Registered Charity number
1119926
Prindpal address
50 Cassiobury Drivo
Wathird
Ilertfortshire
WD17 3AE
S Cardell
Mrs K M Cardell
Ms E Pembroke
Independent Examiner
Lee Accounling Service$ 2018 Umlted
Trathng as Lee & Co
26 High Street
Rickmansworth
Hertfordshire
WD3 IER
Bankets
tsnder UK pl¢
Custsmer Service Centre
Bootle
Metseyside
L30 4Ga
Approved by order of the bo& of trustoes w.........-...........-...........-........ and sgned on ils behall br.
S Cardell. Trustee
Paye 3
Re
Tru
Pre
nc
Independent examinevs rewjrtto the trustees ofThe Presence Charitsble Trust
I report to the charity trustees on my examination of the accounts of The Presence Charitsble Trust (the
Trust) forthe year ended 310ecember 2022.
Responsibilitie5 and basis of report
the chartty trustees of the Trust you are responsible for the preparation of the accounts in accordan
with the requirements of the Charitie5 Art 2011 l*he Att'l.
I report in respert of my examination Df the Trust's accounts carried out under Section 145 of the Act and
In carrying out my examination I have followed all applicable Directions Ven by the Charity Commission
under Sertion 1451511bl of the Act.
IndePendt examiner's statÈment
I have completed my examination. I confirm that no material matters have come to my attenton in
connection with the examination giving me cause to believe that in any material respect:
aCunting 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 record5" or
the accounts do not comply w¢ch the applicable requirements concerning the form and content of
accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any
requirement that the accounts give a true and Pdlr view which not a matter considered as part of
an independent examination.
I have no concerns and have come acro no other matters in ¢onnection 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.
John D Lee FCA
Lee Accounting Services 2018 Limited
Trading as Lee & Co
26 High Street
Rickmansworth
HertFordshire
WD3 IER
Date:.
Page 4
The Presence Charitable Trust
Statement of Financial Activities
for the Year Ended 31 December 2022
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Other income
3
Total
EXPENDITURE ON
Charitable activities
4
Other Donations
Other
5
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
31.12.22
Unrestricted
fund
£
52,956
280
53,236
250
23,563
23,813
25,429
54,852
4,213,624
4,268,476 |
31.12.21
Total
funds
£
48,485
- |
|
|
48,485 |
|
|
-
13,997 |
|
|
13,997 |
|
|
197,593 |
|
|
232,081
3,981,543 |
|
|
4,213,624 |
The notes form part of these financial statements
Page 5
¢e Clwtlablo Trust
31.12.22
Unieslricted
fund
31.12.21
Total
funds
Note
FIXED ASSETS
Tangible Assets
Invostments
2,901538 2.W727
1,IMO,244
1,014815
1912,7V2
3,873,542
cURATETs
Cash at bank
327WO
341,178
CREDITOKS
Amoun1$ faHlng due withtn oneyvdr
11
11.786)
NET CURRENT AWETS
325,W 340,082
TOTAL AWETS LESS CURRENT UABIUTIES
4268A76 4218,624
ASSETS
4268A76 4211624
FUNDS
UnreslrKled lunds
4,268,476
4,213,624
TOTAL FUNIL%
4268,476
4,213,624
The Ilnancial statements were approved by th? Board of Trustees and aVthOr0d for Issuo rjn
.. an& were signed on its behall by.
S Cardell- Trn5tee
Thè notss form part ol thoso fffjci statements
The Presence Charitable Trust
Notes to the Financial Statements
for the Year Ended 31 December 2022
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.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Freehold property |
- 2% on cost |
Plant and machinery |
- 20% on cost |
continued...
Page 7
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Fixtures and fittings- 20% on cost
Taxation
As a registeredcharitytheTrustbenefitsfromratesreliefand is generallyexemptfromIncome Tax
andCapitalGainsTax,butnotfromVAT.IrrecoverableVATis includedin thecostofthoseitems to
which it relates.
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trusteesinthefurtheranceofthegeneralobjectivesofthecharityandwhichhavenot 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 |
|
|
|
|
31.12.22 |
31.12.21 |
|
|
£ |
£ |
|
Other fixed asset invest - FII |
52,956 |
48,485 |
3. |
OTHER INCOME |
|
|
|
|
31.12.22 |
31.12.21 |
|
|
£ |
£ |
|
Other income |
280 |
- |
continued...
Page 8
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
4. CHARITABLE ACTIVITIES COSTS
4. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Grant |
|
|
|
funding of |
|
|
|
activities |
|
|
|
£ |
|
Other Donations |
|
250 |
5. |
OTHER |
|
|
|
|
31.12.22 |
31.12.21 |
|
|
£ |
£ |
|
Rates |
3,815 |
1,631 |
|
Insurance |
644 |
1,084 |
|
Light and heat |
2,938 |
2,789 |
|
Repairs and maintenance |
12,674 |
4,113 |
|
Telephone charges |
363 |
858 |
|
Computer costs |
204 |
20 |
|
Bank charges |
67 |
60 |
|
Sundry expenses |
338 |
289 |
|
Water rates |
- |
103 |
|
Support costs |
2,520 |
3,050 |
|
|
23,563 |
13,997 |
6. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022 nor
for the year ended 31 December 2021.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2022norforthe year
ended 31 December 2021.
continued...
Page 9
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
7. STAFF COSTS
During the year the average number of employees was nil (2021: nil).
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Other
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
9.
TANGIBLE FIXED ASSETS
COST
At 1 January 2022
Additions
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021 |
Freehold
property
£
2,633,083
9,518
2,642,601
2,642,601
2,633,083 |
Plant and
machinery
£
33,747
-
33,747
33,747
33,747 |
Fixtures
and
fittings
£
191,897
34,293
226,190
226,190
191,897 |
|
Unrestricted
fund
£
48,485
13,997
197,593
232,081
3,981,543
4,213,624
Totals
£
2,858,727
43,811
2,902,538
2,902,538
2,858,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No depreciation is being charged on assets yet to be brought into use.
continued...
Page 10
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
10. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2022
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021 |
Listed
investments
£
1,014,765
25,429
1,040,194
1,040,194
1,014,765 |
Unlisted
investments
£
50
-
50
50
50 |
Totals
£
1,014,815
25,429 |
|
|
|
1,040,244 |
|
|
|
1,040,244 |
|
|
|
1,014,815 |
There were no investment assets outside the UK.
Cost or valuation at 31 December 2022 is represented by:
Valuation in 2021
Cost
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors |
Listed
investments
£
1,014,765
25,429
1,040,194 |
Unlisted
investments
£
50
-
50
31.12.22
£
1,736 |
Totals
£
1,014,815
25,429 |
|
|
|
1,040,244 |
|
|
|
31.12.21
£
1,096 |
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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 (2021: £50).
Stephen Cardell
StephenCardellis a trusteeand throughoutthe yearhas incurredexpenseson behalfof the charity.
At the year end Mr Cardell owed the charity £734 (2021: £1,554).
continued...
Page 11
The Presence Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
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 12
The Presence Charitable Trust
Detailed Statement of Financial Activities
for the Year Ended 31 December 2022
Detailed Statement of Financial Activities
for the Year Ended 31 December 2022 |
|
|
|
31.12.22 |
31.12.21 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Investment income |
|
|
Other fixed asset invest - FII |
52,956 |
48,485 |
Other income |
|
|
Other income |
280 |
- |
Total incoming resources |
53,236 |
48,485 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Grants to institutions |
250 |
- |
Other |
|
|
Rates |
3,815 |
1,631 |
Insurance |
644 |
1,084 |
Light and heat |
2,938 |
2,789 |
Repairs and maintenance |
12,674 |
4,113 |
Telephone charges |
363 |
858 |
Computer costs |
204 |
20 |
Bank charges |
67 |
60 |
Sundry expenses |
338 |
289 |
Water rates |
- |
103 |
|
21,043 |
10,947 |
Support costs |
|
|
Governance costs |
|
|
Accountancy |
2,520 |
3,050 |
Total resources expended |
23,813 |
13,997 |
Net income |
29,423 |
34,488 |
This page does not form part of the statutory financial statements
Page 13