Charity registration number 1119926 (England and Wales)
THE PRESENCE CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PRESENCE CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr S Cardell |
|---|---|
| Mrs K M Cardell | |
| Ms E Pembroke | |
| Charity number (England and Wales) | 1119926 |
| Independent examiner | Xeinadin London Limited |
| 8th Floor | |
| Becket House | |
| 36 Old Jewry | |
| London | |
| EC2R 8DD | |
| Bankers | Santander UK Plc |
| BBAM | |
| Bridle Road | |
| Bootle | |
| Mersyside | |
| L30 4GB |
THE PRESENCE CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
THE PRESENCE CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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).
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The objectives are to advance the Christian religion through the holding of prayer meetings, the provision of training on Christian themes, holding events and producing and/or distributing literature on Christianity to enlighten others about the Christian religion.
The charity also exists to provide benefit to the United Kingdom without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations, in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents.
The trustees consider that the charity exists for the purpose of the local public benefit within the United Kingdom as defined in Section 3 of the Charities Act 2006.
Achievements and performance
Significant activities and achievements against objectives
The house and grounds of Wellwick House continued to be maintained to a standard acceptable to the Trustees enabling it be used in line with its purpose as a Christian retreat centre.
A number of private and group retreats were held during the year. Work continued during 2024 to develop and extend the user group of Wellwick House through the 'Friends of Wellwick' scheme which grew to 111 people (2023: 85). The Trustees envisage an initial target group of around 200 Friends of Wellwick and will review the group once it achieves that level. The Trustees then expect that a ‘one in, one out’ process will be applied.
The Charity continued to developed materials and intellectual property which support this network.
Financial review
The Statement of Financial Activities for the year is set out on page 4 of the accounts.
PCT's policy is to hold unrestricted cash reserves equivalent to three-month's operating costs in addition to the Trust's long term income generating stock reserves.
At the end of 2024 PCT was holding unrestricted reserves of £4.34 million (2023: £4.26 million).
The financial position of the Charity was affected in 2024 primarily by expenditure on Wellwick House and capital gains on the Charity's investment gains on its FTSE stocks and shares portfolio.
PCT's investment policy precludes it from investing where the social, environmental or ethical considerations would be in breach of the Charity's Christian ethos.
The Charity's primary funding source in 2024 was investment income.
The results show a deficit for the year of £76,134 (2023: £17,987 surplus) made up of an operating deficit of £43,806 (primarily due to depreciation and continued expenditure on Wellwick) and a decrease in the value of the stocks and shares portfolio of £32,328 (2023: £15,935).
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THE PRESENCE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Plans for future periods
The Trustees expect the objective of the Charity to remain unchanged which is to advance the Christian religion through the holding of prayer meetings, the provision of training on Christian themes, holding events and producing and/or distributing literature on Christianity to enlighten others about the Christian religion.
The primary focus in 2024 will be to continue operating Wellwick House as a retreat centre and a national hub for the dissemination of the Trust's teaching material and literature.
Structure, governance and management
The Presence Charitable Trust is a registered charity set up as an unincorporated association on 6 July 2006. Detail's of the charity number and relevant addresses can be found on the charity information page.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr S Cardell
Mrs K M Cardell Ms E Pembroke
Recruitment and appointment of trustees
The management of the charity is the responsibility of the trustees. New trustees are appointed on the recommendation of existing trustees and who are deemed to have appropriate experience and local knowledge for the role.
The Charity is currently operated by the Trustees who meet on a quarterly basis and ad hoc as required to review decisions. No decisions or operations are currently delegated to staff.
There are no formal procedures for inducting new trustees, however, any new trustee appointed would be practically aware of the work undertaken by the charity and support is always provided by the founding trustees.
Details of related party transactions, where applicable, can be found in the notes to the accounts.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.
The Trustees' report was approved by the Board of Trustees.
.............................. Mr S Cardell
Trustee
Date: .............................................
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THE PRESENCE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE PRESENCE CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Presence Charitable Trust (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Xeinadin London Limited
8th Floor Becket House 36 Old Jewry London EC2R 8DD Date: ............................
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THE PRESENCE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Charitable activities | 2 | 15,700 | 12,650 |
| Investments | 3 | 103,080 | 60,659 |
| Total income | 118,780 | 73,309 | |
| Expenditure on: | |||
| Charitable activities | 4 | 146,977 | 39,387 |
| Total expenditure | 146,977 | 39,387 | |
| Net gains/(losses) on investments | 9 | (32,328) | (15,935) |
| Net income/(expenditure) and movement in funds | (60,525) | 17,987 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | 4,261,034 | 4,243,047 | |
| Fund balances at 31 December 2024 | 4,200,509 | 4,261,034 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE PRESENCE CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 15 |
2024 £ £ 2,967,804 1,166,552 4,134,356 - 69,350 69,350 (3,197) 66,153 4,200,509 4,200,509 4,200,509 |
2023 £ £ 3,010,082 998,880 4,008,962 6,300 248,112 254,412 (2,340) 252,072 4,261,034 4,261,034 4,261,034 |
2023 £ £ 3,010,082 998,880 4,008,962 6,300 248,112 254,412 (2,340) 252,072 4,261,034 4,261,034 4,261,034 |
|---|---|---|---|
| 4,008,962 252,072 |
|||
| 4,261,034 | |||
| 4,261,034 | |||
| 4,261,034 |
The financial statements were approved by the trustees on .........................
| .............................. | .............................. |
|---|---|
| Mr S Cardell | Mrs K M Cardell |
| Trustee | Trustee |
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% straight line Plant and equipment 20% straight line Fixtures and fittings 20% straight line
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Income from charitable activities
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Donations | ||||
| Income from retreats | 15,700 | 12,650 | ||
| 3 | Income from investments | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Other income | 103,080 | 60,159 | ||
| Interest receivable | - | 500 | ||
| 103,080 | 60,659 |
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Expenditure on charitable activities
| Retreats | Retreats | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 102,932 | - | |
| Rates | 4,884 | 3,418 | |
| Insurance | 1,123 | 774 | |
| Light and heat | 11,016 | 4,282 | |
| Repairs and maintenance | 11,699 | 25,362 | |
| Telephone charges | 462 | 320 | |
| Travelling expenses | - | 156 | |
| Bank charges | 145 | 116 | |
| Sundry expenses | 2,318 | 1,046 | |
| Retreat costs | 7,555 | - | |
| Cleaning | 1,305 | - | |
| IT software and consumables | 196 | - | |
| 143,635 | 35,474 | ||
| Grant funding of activities (see note 5) | - | 1,573 | |
| Share of support and governance costs (see note 6) | |||
| Support | 3,342 | 2,340 | |
| 146,977 | 39,387 | ||
| Analysis by fund | |||
| Unrestricted funds | 146,977 | 39,387 | |
| 5 | Grants payable | ||
| Retreats | |||
| 2023 | |||
| £ | |||
| Grants to institutions: | |||
| Other | 1,573 | ||
| 6 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Governance costs | 3,342 | 2,340 | |
| Analysed between: | |||
| Retreats | 3,342 | 2,340 |
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
6 Support costs allocated to activities
| Support costs allocated to activities Governance costs comprise: Independent examination fees |
(Continued) 2024 2023 £ £ 3,342 2,340 3,342 2,340 |
(Continued) 2024 2023 £ £ 3,342 2,340 3,342 2,340 |
|---|---|---|
| 2,340 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (32,328) | (15,935) |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 11 Tangible fixed assets Freehold land and buildings £ Cost At 1 January 2024 2,722,904 Additions 30,464 At 31 December 2024 2,753,368 Depreciation and impairment Depreciation charged in the year 39,458 At 31 December 2024 39,458 Carrying amount At 31 December 2024 2,713,910 At 31 December 2023 2,722,904 12 Fixed asset investments Cost or valuation At 1 January 2024 Additions Valuation changes At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 13 Debtors Amounts falling due within one year: Other debtors |
Plant and equipment Fixtures and fittings Total £ £ £ 33,747 253,431 3,010,082 25,992 4,198 60,654 59,739 257,629 3,070,736 51,526 11,948 102,932 51,526 11,948 102,932 8,213 245,681 2,967,804 33,747 253,431 3,010,082 Listed investments £ 998,880 200,000 (32,328) 1,166,552 1,166,552 998,880 2024 2023 £ £ - 6,300 |
|---|---|
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THE PRESENCE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
14 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals and deferred income |
2024 £ 287 2,910 3,197 |
2023 £ - 2,340 |
| 2,340 |
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds |
1 January 2024 Incoming resources Resources expended Gains and losses At 31 December 2024 £ £ £ £ £ 4,261,034 118,780 (146,977) (32,328) 4,200,509 1 January 2023 Incoming resources Resources expended Gains and losses At 31 December 2023 £ £ £ £ £ 4,243,047 73,309 (39,387) (15,935) 4,261,034 |
|---|---|
16 Related party transactions
Transactions with related parties
Stephen Cardell is a trustee and throughout the year has incurred expenses on behalf of the charity. At the year end the charity owed Mr Cardell £287. At the prior year end Mr Cardell owed the charity £6,300 and this was paid back throughout the year.
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