THE COVERDALE FOUNDATION
30 June 2024
Report and Annual Accounts
Charity Commission Registered Number: 1154598
Tandem Accounting Limited Chartered Accountants 17 Heathville Road London N19 3AL
THE COVERDALE FOUNDATION
Annual Report and Financial Statements 2024 Contents
| Page | |
|---|---|
| Legal & Administrative Information | 2 |
| Annual Report of the Trustees | 3 |
| Independent Examiner's report to the Trustees | 6 |
| Statement of financial activities | 7 |
| Balance Sheet | 8 |
| Statement of cashflows | 9 |
| Notes to the financial statements | 10 |
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THE COVERDALE FOUNDATION
Legal & Administrative Information For the period ended 30 June 2024
| Charity Name | The Coverdale Foundation |
|---|---|
| Charity Registration No | 1154598. Registered with the Charity Commission on 15 November 2013. |
| Registered Office | Coverdale House, Little Sodbury End, Chipping Sodbury, Bristol BS37 6QE. |
| Governing Document | Trust Deed 11 October 2013. |
| Objectives | (1) The advancement of education To promote the education of children and young |
| people in less developed parts of the world by providing or assisting in the provision of | |
| school or vocational training facilities, or by the provision of maintenance allowances or | |
| grants to such individuals, where such provision would lead to a material and substantial | |
| improvement in the beneficiaries' educational prospects. | |
| (2) The advancement of religious faith To advance understanding of the Christian faith for | |
| the benefit of the public anywhere in the world, mainly, but not exclusively, by means of | |
| written publications broadcasts and public meetings of an evangelistic and teaching | |
| nature, and by assisting in the provision of personnel and church buildings for Christian | |
| churches to carry out their objectives both in the UK and abroad. For the purpose of this | |
| object the Christian faith is deemed to hold to the Statement of Beliefs as hereon stated | |
| in their entirety. | |
| (3) Relief of poverty To provide for the prevention or relief of poverty anywhere in the world | |
| by providing or assisting in the provision of education, training, healthcare projects and | |
| all the necessary support designed to enable individuals to generate a sustainable | |
| income and be self-sufficient. | |
| (4) Caring for homeless and vulnerable people To provide accommodation, ongoing | |
| Trustees | support, and friendship to homeless and vulnerable people anywhere in the world. The Trustees who served during the period or who were serving at the date of this report |
| were: | |
| Philip Thornley | |
| Gillian Thornley | |
| Rebecca Gamston | |
| Key Management | Those in charge of planning, directing, controlling, running and operating the Charity, |
| Personnel | including those members of staff who are the senior management personnel to whom |
| the trustees have delegated significant authority or responsibility in the day-to-day | |
| running of the charity are the Trustees. |
Bankers Royal Bank of Scotland Independent Examiner John Helm ACA Tandem Accounting 17 Heathville Road London N19 3AL
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THE COVERDALE FOUNDATION
Annual Report of the Trustees For the period ended 30 June 2024
The Trustees submit their report and annual accounts of The Coverdale Foundation (“the Charity”) for the period ended 30 June 2024. The financial statements have been prepared in the format prescribed by the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP2019 (FRS102)). The legal and administrative information set out earlier in this document forms part of this report.
1. Structure, Governance & Management
1.1 The Trustees
The Charity trustees manage the a!airs of the Charity. The Trustees, in accordance with the Charity Constitution, are responsible for the oversight of the day-to-day management of the Charity’s business in accordance with the Charity’s objects.
None of the Trustees receive renumeration,
The Trustees meet when considered necessary during a year to discuss major decisions of the charity. The Trustees consider these arrangements are suitable for the work of the charity.
1.2 Risk Management
As a new charity, the Trustees are currently working on the full risk management strategy. The Charity acknowledges that it has a responsibility, both as individual members and as a body of members, for the proper management of the Charity in accordance with applicable laws and accepted good practice and for ensuring that the risks faced by the Charity in achieving its primary aim are addressed as best as possible. The trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational risks faced by the Charity, it is putting e!ective systems and procedures in place to mitigate those risks.
2. Activities & Strategies
The Trustees have given due regard to the Charity Commission’s guidance on public benefit. The Trustees believe that the Charity provides benefit to the public by grants for:
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the relief the of poverty in the UK and overseas,
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the support of homeless and vulnerable people in the UK and overseas,
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emergency disaster relief overseas,
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supporting education overseas,
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organisations promoting the Christian faith as set out in the Charities Statement of beliefs,
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assisting in the provision of personnel and church buildings for Christian churches to carry out their objectives both in the UK and abroad.
3. Achievements and Performance
We have made grants of significant benefit to groups of the public to whom our objects direct in the UK and abroad and are supporting needy and vulnerable people and we provided grants to support education in the developing world.
The charity has supported Christian workers and Christian organisations promoting the Christian faith as set out in the charity’s Statement of beliefs.
The charity owns a building in London during the year, which is being used for personal accommodation for a church worker and his family as well as providing a building for use by a church community for meetings.
The longer-term loans made for substantial capital projects are being repaid by regular instalments. These repayments are in line with outline targets agreed when the loans were initially made.
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THE COVERDALE FOUNDATION
Annual Report of the Trustees For the period ended 30 June 2024
4. Financial Review
4.1 Financial Activity and Financial Position
The Charity’s main source of fund is donations.
The Statement of Financial Activities and Balance Sheet can be found on pages 8 and 9 respectively. The charity’s reserves increased by £652,193 during the period (2023: increased by £802,892). The balance sheet shows total net assets of £2,624,077 (2023: £1,971,884).
4.2 Reserves Policy
The Trustees have examined the requirements for free reserves, in other words those unrestricted funds not invested in tangible fixed assets. The Trustees consider that, given the nature of the Charity’s work, free reserves should be equivalent to approximately 3 months’ routine general fund expenditure, plus committed future expenditure on other projects, where funds permit. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources and will allow the Charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented. At 30 June 2024 the Charity had net free reserves of £1,221,142 (2023: £437,226) as follows:
| Total reserves: Less: loans with uncertain repayment dates Less: fixed assets Free reserves Free reserves requirement: Administrative costs Project commitments Free reserves requirement |
2024 £ 2023 £ 2,624,077 1,971,884 (635,879) (767,602) (767,056) (767,056) 1,221,142 437,226 2,000 2,000 1,219,142 500,000 1,221,142 502,000 |
|---|---|
The Trustee’s objectives include maintaining funding for long term projects, such as the provision of long-term loans to assist the purchase and/or the development of buildings when the ned arises so that the Christian gospel can be proclaimed. This objective requires the availability of free and sufficient funds to be able to meet the needs of any projects the Trustees wish to support. This is reflected within project commitments above.
5. Plans for Future Periods
The Trustees have no plans to change the general way the charity meets its objectives.
6. Responsibilities of Trustees for the Annual Accounts
The Trustees are responsible for preparing the report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of income and expenditure of the Charity for that period.
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THE COVERDALE FOUNDATION
Annual Report of the Trustees For the period ended 30 June 2024
In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the activities of the Charity will continue.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included in the Charity’s website.
7. Approval
The report of the Trustees was approved by the Trustees on 28 April 2025 and signed on its behalf by:
RAL Philip Thornley Chair
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THE COVERDALE FOUNDATION
Report of the Independent Examiner to the Trustees of The Coverdale Foundation
I report on the annual accounts of The Coverdale Foundation for the period ended 30 June 2024, set out on pages 7 to 13.
This report is made solely to the Charity Trustees in accordance with section 145 of the Charities Act 2011 (the Act). My independent examination has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by the law, I do not accept responsibility to anyone other than the Trust and the Trustees for my independent examination, for this report, or the opinions I have formed.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Charity Trustees consider that an audit is not required for this (under section 144(2) of the Act) and that an independent examination is needed.
It is my responsibility to:
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Examine the accounts (under section 145 of the Act);
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To follow the procedures laid down in the General Direction given by the Charity Commission (under section 145(5)(b) of the Act); and
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To state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S STATEMENT
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the Charity Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.
INDEPENDENT EXAMINER’S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
7 John Helm ACA 17 Heathville Road London N19 3AL 28 April 2025
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THE COVERDALE FOUNDATION
Statement of Financial Activities For the period ended 30 June 2024
| Note Unrestricted Funds 2024 £ Restricted Funds 2024 £ Income from: 2 Donations and legacies 908,000 - Investments 14,032 - Total Income 922,032 0 Expenditure on: Raising funds - - Charitable activities 3 308,270 - Total Expenditure 308,270 0 Net gains/(losses) on investments 38,431 - Net income 652,193 0 Net movement in funds 652,193 0 Total funds brought forward 1,971,884 - Total funds carried forward 2,624,077 0 |
Total 2024 £ Unrestricted Funds 2023 £ 908,000 950,000 14,032 - 922,032 950,000 - - 308,270 147,108 308,270 147,108 38,431 - 652,193 802,892 652,193 802,892 1,971,884 1,168,992 2,624,077 1,971,884 |
Restricted Funds 2023 £ Total 2023 £ - 950,000 - - 0 950,000 - - - 147,108 0 147,108 - - 0 802,892 0 802,892 - 1,168,992 0 1,971,884 |
|---|---|---|
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THE COVERDALE FOUNDATION
Balance Sheet As at 30 June 2024
| Unrestricted | Restricted | ||||
|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||
| Note | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Tangible Assets | 4 | 767,056 | - | 767,056 | 767,056 |
| Investments | 5 | 832,054 | - | 832,054 | - |
| Current Assets | 1,599,110 | 0 | 1,599,110 | 767,056 | |
| Debtors | 6 | 635,879 | - | 635,879 | 767,602 |
| Cash At Bank And In Hand | 389,988 | - | 389,988 | 588,058 | |
| Creditors - Amounts Falling Due Within | 1,025,867 | 0 | 1,025,867 | 1,355,660 | |
| One Year | 7 | 900 | - | 900 | 150,832 |
| Net Current Assets | 1,024,967 | 0 | 1,024,967 | 1,204,828 | |
| Net Assets | 2,624,077 | 0 | 2,624,077 | 1,971,884 | |
| Represented by: | |||||
| Restricted Funds | - | - | - | - | |
| Unrestricted Income Funds | 2,624,077 | 2,624,077 | 1,971,884 | ||
| Total Funds | 2,624,077 | 0 | 2,624,077 | 1,971,884 |
The annual accounts were approved by the Trustees on 28 April 2025 and signed on its behalf by:
Philip Thornley Chair
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THE COVERDALE FOUNDATION
Statement of Cashflows For the period to 30 June 2024
| Note Unrestricted Funds 2024 £ Restricted Funds 2024 £ Net cash flows from operating activities 8 769,952 - Cash flows from investing activities: Dividends, interest and rents from investments 14,032 - Purchase of property, plant and equipment - - Purchase of investments (832,054) - Net cash used in investing activities (818,022) 0 Cash flows from financing activities Repayments of borrowing (150,000) - Cash inflows from new borrowing - - Net cash used in financing activities (150,000) 0 Change in cash and cash equivalents in the reporting period (198,070) 0 Cash and cash equivalents brought forward 588,058 - Cash and cash equivalents carried forward 389,988 0 |
Total 2024 £ Total 2023 £ 769,952 839,136 14,032 - (767,056 (832,054) - (818,022) (767,056 (150,000) - - 150,000 (150,000) 150,000 (198,070) 222,080 588,058 365,968 389,988 588,048 |
- ) ) |
|---|---|---|
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THE COVERDALE FOUNDATION
Notes to the Financial Statements For the period ended 30 June 2024
1. Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of accounting
The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)). The financial statements are drawn up on the historical cost basis of accounting.
The Charity meets the definition of a public benefit entity under FRS 102.
Income recognition
Voluntary income and donations (including legacies) are accounted for once the Charity has entitlement to the income, it is probable the income will be received, and the amount of income receivable can be reliably measured. The income from trading activities is shown gross, with the associated costs included in fundraising costs.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Expenditure recognition
Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. Longer term liabilities are discounted to present value. The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate.
Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations.
Charitable expenditure includes those costs in fulfilling the Charity’s principal objects, as outlined in the Report of the Trustees. These include grants made, governance costs and support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees together with an apportionment of overhead and support costs.
Tangible Fixed Assets
No depreciation is charged in respect of freehold property, as the residual value of the property after its estimated useful life is anticipated to be at least the carrying value of the property shown in the financial statements.
Fixed Asset Investments
Monies invested in a common investment fund, which mainly invests in United Kingdom equities, are considered freely tradable and are included at the market valuation at the balance sheet date. Realised and unrealised gains and losses on investments are reflected through the Statement of Financial Activities.
Debtors
Grants receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
Fund accounting
The funds held by the charity are either:
- Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
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THE COVERDALE FOUNDATION
Notes to the Financial Statements For the period ended 30 June 2024
- Restricted funds - these are funds that can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.
2. Income
| Donations and legacies Donations Gift Aid - Income tax reclaimed Investment income Dividends Deposit account Interest |
Total 2024 £ 908,000 - 908,000 12,603 1,429 14,032 922,032 |
Total 2023 £ 950,000 - 950,000 - - 0 950,000 |
|---|---|---|
3. Expenditure on Charitable Activities
| Grants - organisations Grants - individuals Property maintenance Office expenses Professional Fees Independent examination |
2024 £ 290,957 7,047 8,622 235 409 1,000 308,270 |
2023 £ 107,612 8,000 30,613 283 - 600 147,108 |
|---|---|---|
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THE COVERDALE FOUNDATION
Notes to the Financial Statements For the period ended 30 June 2024
4. Tangible Fixed Assets
| Cost/valuation At 1 July 2023 Additions Disposals At 30 June 2024 Depreciation At 1 July 2023 Charge for Period Disposals At 30 June 2024 Net Book Value At 30 June 2024 At 30 June 2023 |
Freehold Property £ 767,056 - - 767,056 - - - 0 767,056 767,056 |
|---|---|
5. Fixed Assets Investments
| Market Value At 1 July Purchases Sales/disposals Net (loss) profit on revaluation At 30 June Market value represented by investments in: Rowan Dartington Multi Asset Fund Original Cost Rowan Dartington Multi Asset Fund |
2024 £ - 793,623 - 38,431 832,054 832,054 793,623 |
2023 £ - - - - 0 - 0 |
|---|---|---|
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THE COVERDALE FOUNDATION
Notes to the Financial Statements For the period ended 30 June 2024
6. Debtors
| 6. Debtors | ||
|---|---|---|
| Loans - organisations Loans - individuals |
2024 £ 520,000 115,879 635,879 |
2023 £ 645,000 122,602 767,602 |
The loans are repayable after more than 1 year, and loans to organisations and individuals are interest free.
7. Creditors - Amounts Falling Due Within One Year
| Loans - Cotswold Medicals Limited Accruals Other creditors |
2024 £ - 900 - 900 |
2023 £ 150,000 800 32 150,832 |
|---|---|---|
8. Reconciliation of net (expenditure)/income to net cash flow from operating activities
| Unrestricted Funds 2024 £ Restricted Funds 2024 £ Net income for the reporting period (as per the statement of financial activities) 652,193 - Adjustments for: Interest from investments (14,032) - (Increase)/decrease in debtors 131,723 - Increase/(decrease) in creditors 68 - Net cash provided by operating activities 769,952 0 |
Total 2024 £ Total 2023 £ 652,193 802,892 (14,032) - 131,723 35,412 68 832 769,952 839,136 |
|---|---|
9. Related Party Transactions and Balances
Gill & Phil Thornley, both trustees, are directors of Cotswolds Medicals Limited (“CML”). During the period CML donated £908,000 (2023: £950,000) to the charity and loaned £nil (2023: £150,000), which was also the balance at 30 June 2024.
Trustees made aggregate unrestricted donations of £nil (2023: £nil) during the period.
There are no other related party transactions or balances.
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