``` REGISTERED CHARITY NUMBER: 1119926 ``` ## `Report of the Trustees and` ``` Unaudited Financial Statements for the Year Ended 31 December 2023 ``` ``` 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 2023 ``` ||`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 2023 ``` ## `Report of the Trustees` ``` The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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`** ``` TheobjectivesaretoadvancetheChristianreligionthroughtheholdingofprayermeetings,the provision of trainingon Christianthemes,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`** ``` The developmentof WellwickHouse is now finished,with the completionof the Summer House, Stables, an ornamentalLakeandthelayingofanewdrivewayallaccomplishedin2023.Therewillcontinueto be minorenhancementandimprovementsmadetothefacilitybutthesearenowviewedas on-going maintenance. The development plan has now be signed off by the Trustees and deemed complete. ``` ``` A number of privateand group retreatswere held duringthe year. Work continuedduring2023 to develop andextendtheusergroupofWellwickHousethroughthe'FriendsofWellwick'schemewhichgrewto 85 people (2022: 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 2023 ``` ## `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 2023 PCT was holding unrestricted reserves of £4.26 million (2022: £4.27 million). ``` ``` The financialpositionof the Charitywasaffectedin 2023primarilyby 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 2023 was investment income. ``` ``` Theresultsshowasurplusfortheyearof£17,487(2022:£54,852)madeupofanoperatingsurplus of £33,422(primarilydue to increasedinvestmentincome less expenditureon Wellwick)and a decreasein the value of the stocks and shares portfolio of NIL (2022: £25,429). ``` ## **`FUTURE PLANS`** ``` TheTrusteesexpecttheobjectiveoftheCharitytoremainunchangedwhichistoadvancethe Christian religionthroughtheholdingofprayermeetings,theprovisionoftrainingonChristianthemes, holding eventsandproducingand/ordistributingliteratureonChristianitytoenlightenothersaboutthe Christian religion ``` ``` The primaryfocusin 2023willbe to continueoperatingWellwickHouseas a retreatcentreanda national hub for the dissemination of the Trust's teaching material and literature. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ``` The PresenceCharitableTrust is a registeredcharityset up as an unincorporatedassociationon 6 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. ``` ``` There are 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 ``` tkn y￿ Ended 31 REFERENCE AND AOMIMISTrATIVE DEfALS Reglstered Ch• number 1119 UQ Cassi•bwy Diive Watford He￿ordSh*e WD17 3AE S Cirdell K M Cwdell E P•mlxoke Independent Exathw Lee Actauntlny SeThl¢o$2018 Umltad Tradlng * Lee & Co 26 Hiyh Street Rickmmw￿1h H¢rtford*r• WD31ER Bankars Santander UKplc Cistomer S•vice Boole L30 4GB I￿0¥•d by otthe b•wd al troste¢s on........ . . . and Wed ou Its behall br. S Cxddl. Tr¥slee ine Charitable T oth ees of The Presen Indeyndent exomlnevs Teportto the tnthees ofThe Presence Charitsble Th I rewrt to the charity trustees on my examination of the accounts of The Presence Charitable Trust (the Trustl for the year ended 31 De￿rnber 2023. Responsibilities and ba515 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 Charwties Act 20111'the ACVI. 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 Charty Commisslon under Section 145{5llbl Df the Act. Independent exaMine￿S statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giwng me cause to believethat in any material re5pert: accountirig records were not kept in respert of the Trust as required bysection 130 of the Att; or the accounts do not attord with those record5; or the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities Ikcounts and Reports) Regulation5 2008 other than any requirement that the accounts we a true and fair view which is not a matter considered as part of an indepen(fent exarnination. I havo no conorn5 and have come across no other matters in connettion with the examination to whlch attertion should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. John D Lee FCA Lee Accounting seNi￿S 2018 Limited Trading as Lee & Co 26 High Str￿t Rickmansworth Hertfordshire WD3 IER Page 4 ``` The Presence Charitable Trust ``` ## `Statement of Financial Activities` ## `for the Year Ended 31 December 2023` |`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Investment income`
`2`
`Other income`
`3`
**`Total`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`4`
`Other Donations`
`Other`
`5`
**`Total`**
`Net gains/(losses) on investments`
**`NET INCOME`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**|**`31.12.23`**
**`Unrestricted`**
**`fund`**
**`£`**
**`60,659`**
**`12,650`**
**`73,309`**
**`1,573`**
**`37,814`**
**`39,387`**
**`(15,935)`**
**`17,987`**
**`4,243,047`**
**`4,261,034`**|`31.12.22`
`Total`
`funds`
`£`
`52,956`
`280`| |---|---|---| |||`53,236`| |||`250`
`23,563`| |||`23,813`| |||`25,429`| |||`54,852`
`4,213,624`| |||`4,268,476`| ``` The notes form part of these financial statements ``` ``` Page 5 ``` Ilance Sh l De¢8rn 31.12.28 31.1122 nd Tanylble assets IA¥eStmeiits 3ml082 2,YJ2,53B 998m 1,040,244 41Mm2 8,942, CUlk4ENT ASSETS Cash at Imnk 25V12 327MI CREDtroRS Amountstsllini die witbin owye 11 i) MEf ASSETS 251072 325m4 TOTALM LESS CUPJIENT UABimES 4261m4 4W76 ASSETS 4161,034 4268A76 FUNDS Unresfrfthd tsmds 42fft,034 4•A76 TOTAL FUNDS m4 4IW76 The IInancl￿ stsknents Trne •proved by the Bo*d fjl TnNtees and avlhothd lor i98u• on and were signed on its behall by. S Cardell- Tn The notsslorn wl ol these lknllal slatsmo ``` The Presence Charitable Trust ``` ``` Notes to the Financial Statements for the Year Ended 31 December 2023 ``` ## **`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 and fair view'. This departurehas involvedfollowingAccountingand Reportingby Charities preparing their accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republic ofIreland(FRS102)issuedon16July2014ratherthantheAccountingandReportingby Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn ``` ## **`Income`** ``` AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Donations`** ``` Donationsare recognisedon a receivablebasis (where there are no performancerelated conditions), where it is probable that the income will be received and the amount can 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 Fixtures and fittings- 20% on cost ``` ``` continued... ``` ``` Page 7 ``` ``` The Presence Charitable Trust ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ``` ## **`1. ACCOUNTING POLICIES - continued`** ## **`Taxation`** ``` As a registeredcharitythe Trustbenefitsfromratesreliefandis generallyexemptfromIncome Tax andCapitalGainsTax,butnotfromVAT.IrrecoverableVATisincludedin 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`** ``` Shortterm tradecreditorsare measuredat the transactionprice.Other financialliabilities, including bankloans,aremeasuredinitiallyatfairvalue,netoftransactioncosts,andare measured subsequently at amortised cost using the effective interest method. ``` ## **`2. INVESTMENT INCOME`** |**`2.`**|**`INVESTMENT INCOME`**||| |---|---|---|---| |||**`31.12.23`**|`31.12.22`| |||**`£`**|`£`| ||`Other fixed asset invest - FII`|**`60,159`**|`52,956`| ||`Interest received`|**`500`**|`-`| |||**`60,659`**|`52,956`| |**`3.`**|**`OTHER INCOME`**||| |||**`31.12.23`**|`31.12.22`| |||**`£`**|`£`| ||`Other income`|**`12,650`**|`280`| ``` continued... ``` ``` Page 8 ``` ``` The Presence Charitable Trust ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ``` ## **`4. CHARITABLE ACTIVITIES COSTS`** |**`CHARITABLE ACTIVITIES COSTS`**||| |---|---|---| |||`Grant`| |||`funding of`| |||`activities`| |||`£`| |`Other Donations`||**`1,573`**| |**`OTHER`**||| ||**`31.12.23`**|`31.12.22`| ||**`£`**|`£`| |`Rates`|**`3,418`**|`3,815`| |`Insurance`|**`774`**|`644`| |`Light and heat`|**`4,282`**|`2,938`| |`Repairs and maintenance`|**`25,362`**|`12,674`| |`Telephone charges`|**`320`**|`363`| |`Travelling expenses`|**`156`**|`-`| |`Computer costs`|**`-`**|`204`| |`Bank charges`|**`116`**|`67`| |`Sundry expenses`|**`1,046`**|`338`| |`Support costs`|**`2,340`**|`2,520`| ||**`37,814`**|`23,563`| ## **`5. OTHER`** ## **`6. TRUSTEES' REMUNERATION AND BENEFITS`** ``` There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. ``` ## **`Trustees' expenses`** ``` There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. ``` ``` continued... ``` ``` Page 9 ``` ``` The Presence Charitable Trust ``` ## `Notes to the Financial Statements - continued` ## `for the Year Ended 31 December 2023` ## **`7. STAFF COSTS`** ``` During the year the average number of employees was nil (2022: nil). ``` ## **`8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`** |**`INCOME AND ENDOWMENTS FROM`**
`Investment income`
`Other income`
**`Total`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`Other Donations`
`Other`
**`Total`**
`Net gains on investments`
**`NET INCOME`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**|`Unrestricted`
`fund`
`£`
`52,956`
`280`
`53,236`
`250`
`23,563`
`23,813`
`25,429`
`54,852`
`4,213,624`
`4,268,476`| |---|---| ``` continued... ``` ``` Page 10 ``` ``` The Presence Charitable Trust ``` ## `Notes to the Financial Statements - continued` ## `for the Year Ended 31 December 2023` ## **`9. TANGIBLE FIXED ASSETS`** |**`COST`**
`At 1 January 2023`
`Additions`
`At 31 December 2023`
**`NET BOOK VALUE`**
`At 31 December 2023`
`At 31 December 2022`|`Freehold`
`property`
`£`
**`2,642,601`**
**`80,303`**
**`2,722,904`**
**`2,722,904`**
`2,642,601`|`Plant and`
`machinery`
`£`
**`33,747`**
**`-`**
**`33,747`**
**`33,747`**
`33,747`|`Fixtures`
`and`
`fittings`
`£`
**`226,190`**
**`27,241`**
**`253,431`**
**`253,431`**
`226,190`|`Totals`
`£`
**`2,902,538`**
**`107,544`**| |---|---|---|---|---| |||||**`3,010,082`**| |||||**`3,010,082`**| |||||`2,902,538`| ``` No depreciation is being charged on assets yet to be brought into use. ``` ## **`10. FIXED ASSET INVESTMENTS`** |**`MARKET VALUE`**
`At 1 January 2023`
`Disposals`
`Revaluations`
`At 31 December 2023`
**`NET BOOK VALUE`**
`At 31 December 2023`
`At 31 December 2022`|`Listed`
`investments`
`£`
**`1,040,194`**
**`-`**
**`(41,314)`**
**`998,880`**
**`998,880`**
`1,040,194`|`Unlisted`
`investments`
`£`
**`50`**
**`(50)`**
**`-`**
**`-`**
**`-`**
`50`|`Totals`
`£`
**`1,040,244`**
**`(50)`**
**`(41,314)`**| |---|---|---|---| ||||**`998,880`**| ||||**`998,880`**| ||||`1,040,244`| ``` There were no investment assets outside the UK. ``` ``` Cost or valuation at 31 December 2023 is represented by: ``` |`Valuation in 2022`
`Cost`|**`Listed`**
**`investments`**
**`£`**
**`1,040,194`**
**`(41,314)`**
**`998,880`**| |---|---| ``` continued... ``` ``` Page 11 ``` ``` The Presence Charitable Trust ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ``` ## **`11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** ||**`31.12.23`**|`31.12.22`| |---|---|---| ||**`£`**|`£`| |`Other creditors`|**`2,340`**|`1,736`| ## **`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 NIL by the Trust (2022: £50). ``` ## **`Stephen Cardell`** ``` StephenCardellis a trusteeand throughoutthe year has incurredexpenseson behalfof the charity. At the year end Mr Cardell owed the charity £6,300 (2022: £784). ``` ## **`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 2023`||| ||`31.12.23`|`31.12.22`| ||`£`|`£`| |**`INCOME AND ENDOWMENTS`**||| |**`Investment income`**||| |`Other fixed asset invest - FII`|**`60,159`**|`52,956`| |`Interest received`|**`500`**|`-`| ||**`60,659`**|`52,956`| |**`Other income`**||| |`Other income`|**`12,650`**|`280`| |**`Total incoming resources`**|**`73,309`**|`53,236`| |**`EXPENDITURE`**||| |**`Charitable activities`**||| |`Grants to institutions`|**`1,573`**|`250`| |**`Other`**||| |`Rates`|**`3,418`**|`3,815`| |`Insurance`|**`774`**|`644`| |`Light and heat`|**`4,282`**|`2,938`| |`Repairs and maintenance`|**`25,362`**|`12,674`| |`Telephone charges`|**`320`**|`363`| |`Travelling expenses`|**`156`**|`-`| |`Computer costs`|**`-`**|`204`| |`Bank charges`|**`116`**|`67`| |`Sundry expenses`|**`1,046`**|`338`| ||**`35,474`**|`21,043`| |**`Support costs`**||| |**`Governance costs`**||| |`Accountancy`|**`2,340`**|`2,520`| |`Total resources expended`|**`39,387`**|`23,813`| |**`Net income`**|**`33,922`**|`29,423`| ``` This page does not form part of the statutory financial statements ``` ``` Page 13 ```