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← The Coverdale Foundation

2025-06-30-accounts

THE COVERDALE FOUNDATION

30 June 2025

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 2025 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

1

THE COVERDALE FOUNDATION

Legal & Administrative Information For the year ended 30 June 2025

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
support, and friendship to homeless and vulnerable people anywhere in the world.
Trustees The Trustees who served during the year 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

2

THE COVERDALE FOUNDATION

Annual Report of the Trustees For the year ended 30 June 2025

The Trustees submit their report and annual accounts of The Coverdale Foundation (“the Charity”) for the year ended 30 June 2025. 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 affairs 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

The Trustees have developed a robust risk management strategy with an ongoing programme of risk re-appraisals as necessary followed by appropriate steps to manage the risk. 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 effective 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:

3. Achievements and Performance

We have made grants totalling £476,793. We have supported projects which fall within most of the full range of declared Objects.

We have supported a number of organisations promoting the Christian faith including a substantial grant to Middle East Reform Fellowship (MERF) which preaches the Christian gospel and undertakes pastoral training across much of Africa and Asia. We have also supported Banner of Truth, several UK churches, Equipping Pastors Worldwide, Grace Publications, and two churches in France.

Within the context of supporting education overseas, we have a long-term school project which we have continued to support in the developing world. We give ongoing support to mission work in Sri Lanka which runs preschools for younger children where the children are also given much-needed meals. We have provided a small grant to a school in the UK.

We provided a substantial funding for emergency disaster relief after the cyclone in Sri Lanka. We also made a grant to Mercy Air, a small flying organisation in southern Africa in order to transport medical and nursing staff to remote areas to carry out cataract surgery.

3

Annual Report of the Trustees For the year ended 30 June 2025

THE COVERDALE FOUNDATION

We have a long-term support relationship with Caring for Life who support needy and disadvantaged people in Leeds.

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.

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 7 and 8 respectively. The charity’s reserves increased by £468,646 during the year (2024: increased by £652,193). The balance sheet shows total net assets of £3,092,723 (2024: £2,624,077).

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 anticipate that income from the sole donor to the Charity will cease in the reasonably foreseeable future when the donor, who is also the Charity CEO, retires from his employment. In light of this, the Trustees have adopted a policy of progressively growing reserve levels in advance of this change, with the aim of ensuring that ‑ sufficient investment income can be generated to support ongoing grant making activities once donor income has ceased. ‑ Rather than setting a fixed short term benchmark, the Trustees keep the appropriate level of reserves under regular review, having regard to planned activities, future commitments, identified risks, and the need to maintain long‑term financial sustainability. At 30 June 2025 the Charity had net free reserves of £1,786,511 (2024: £1,221,142) 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		 2025 2024
£
2,624,077
(635,879
(767,056
)
)
£
3,092,723
(539,156)
(767,056)
1,221,142
1,786,511
2,000
1,219,142
2,000
1,784,511
1,221,142
1,786,511

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 need 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 outlined their change in reserves policy for future reserves in 4.2 Reserves Policy. This will change the financial balance of the charity over the foreseeable future.

4

THE COVERDALE FOUNDATION

Annual Report of the Trustees For the year ended 30 June 2025

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.

In preparing those financial statements, the Trustees are required to:

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 2026 and signed on its behalf by:

==> picture [125 x 72] intentionally omitted <==

Philip Thornley Chair

5

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 year ended 30 June 2025, 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:

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

==> picture [95 x 93] intentionally omitted <==

John Helm ACA

17 Heathville Road London N19 3AL 28 April 2026

6

THE COVERDALE FOUNDATION

Statement of Financial Activities For the year ended 30 June 2025

Note
Income from:
2
Donations and legacies
Investments
Total Income
Expenditure on:
Raising funds
3
Charitable activities
4
Total Expenditure
Net gains/(losses) on
investments
Net income

Net movement in funds
Total funds brought forward

Total funds carried forward
 Unrestricted
Funds
2025
£

855,000
28,356		 Restricted
Funds
2025
£
-
-
0
-
-
0
-
0
0
-
0		 Unrestricted
Funds
2024
£
908,000
14,032




Restricted
Funds
2024
£
-
-
0
-
-
0
-
0
0
-
0		 Total
2024
£
908,000
14,032
Total
2025
£
855,000
28,356
883,356 922,032 922,032
883,356
922
476,793
477,715
63,005
468,646
468,646
2,624,077
3,092,723		 409
307,861		 409
307,861
922
476,793
308,270 308,270
477,715
38,431 38,431
63,005
652,193 652,193
468,646
652,193
1,971,884		 652,193
1,971,884
468,646
2,624,077
2,624,077 2,624,077
3,092,723

7

THE COVERDALE FOUNDATION

Balance Sheet As at 30 June 2025

Note
Fixed Assets
Tangible Assets
5
Investments
6
Current Assets
Debtors – Amounts Falling Due Within One
Year
7
Debtors – Amounts Falling After One Year
7
Cash At Bank And In Hand
Creditors - Amounts Falling Due Within
One Year
8
Net Current Assets
Net Assets
Represented by:
Restricted Funds
Unrestricted Income Funds
Total Funds		 Unrestricted
Funds
2025
£
767,056
1,262,493
2,029,549
2,000
539,156
523,858
1,065,014
1,840
1,063,174
3,092,723
-
3,092,723
3,092,723		 Restricted
Funds
2025
£
-
-
0
-
-
0
-
0
0
-
-
0		 Total
2024
£
767,056
832,054
Total
2025
£
767,056
1,262,493
1,599,110
-
635,879
389,988
2,029,549
2,000
539,156
523,858
1,025,867
900
1,065,014
1,840
1,024,967
1,063,174
2,624,077
3,092,723
-
2,624,077
-
3,092,723
2,624,077
3,092,723

The annual accounts were approved by the Trustees on 28 April 2026 and signed on its behalf by:

==> picture [125 x 72] intentionally omitted <==

Philip Thornley Chair

8

THE COVERDALE FOUNDATION

Statement of Cashflows For the year to 30 June 2025


Note
Net cash flows from operating activities
9
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Cash inflows from loans repaid
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 Unrestricted
Funds
2025
£
376,225
28,356
(367,434)
(339,078)
-
96,723
96,723
133,870
389,988
523,858		 Restricted
Funds
2025
£
-
-
-
0
-
-
0
0
-
0		 Total
2024
£
731,521




)
)
)

)
)
Total
2025
£
376,225
14,032
(793,623
28,356
(367,434)
(779,591
(339,078)
(150,000
-
-
96,723
(150,000
96,723
(198,070
588,058
133,870
389,988
389,988
523,858

9

THE COVERDALE FOUNDATION

Notes to the Financial Statements For the year ended 30 June 2025

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.

10

THE COVERDALE FOUNDATION

Notes to the Financial Statements For the year ended 30 June 2025

1. Accounting Policies (continued)

Fund accounting

The funds held by the charity are either:

2. Income

Donations and legacies
Donations
Gift Aid - Income tax reclaimed
Investment income
Dividends
Deposit account Interest		 Total
2024
£
908,000
-
Total
2025
£
855,000
-
908,000
12,603
1,429
855,000
26,086
2,270
14,032
28,356
922,032
883,356

3. Expenditure on Raising Funds

Rowan Dartingon Multi Asset Fund
Investment management cost		 2025 2024
£
409
£
922

4. Expenditure on Charitable Activities

Grants - organisations
Grants - individuals
Property maintenance
Office expenses
Professional Fees
Independent examination		 2025 2024
£
290,957
7,047
8,622
235
-
1,000
£
448,028
21,274
5,149
262
1,080
1,000
307,861
476,793

11

THE COVERDALE FOUNDATION

Notes to the Financial Statements For the year ended 30 June 2025

5. Tangible Fixed Assets

Cost/valuation
At 1 July 2024
Additions
Disposals
At 30 June 2025
Depreciation
At 1 July 2024
Charge for Year
Disposals
At 30 June 2025
Net Book Value
At 30 June 2025
At 30 June 2024		 Freehold
Property
£
767,056
-
-
767,056
-
-
-
0
767,056
767,056

The freehold property, St Helier Christian Centre, 68 Middleton Road, Morden, SM4 6RS, is used for charitable purposes.

6. Fixed Assets Investments

Market Value
At 1 July
Purchases
Sales/disposals
Net profit/(loss) on revaluation
At 30 June
Market value represented by investments in:
Rowan Dartingon Multi Asset Account
Original Cost
Rowan Dartingon Multi Asset Fund		 2025 2024
£
-
793,623
-
38,431
£
832,054
367,434
-
63,005
832,054
1,262,493
832,054
1,262,493
793,623
1,161,057

12

THE COVERDALE FOUNDATION

Notes to the Financial Statements For the year ended 30 June 2025

7. Debtors

Loans - organisations
Loans - individuals
Prepayment		 2025
£
430,000
109,156
2,000
541,156

The arrangements for loans advanced to organisations and individuals are informal. The loans are unsecured, interestfree and have no fixed repayment terms. The trustees nevertheless expect the amounts advanced to be recovered in full over time. The split in the balance sheet between debtors due within one year and debtors due after more than one year represents the trustees’ best estimate of the expected timing of repayment.

8. Creditors - Amounts Falling Due Within One Year

8. Creditors - Amounts Falling Due Within One Year
Accruals 2025
£
1,840

9. Reconciliation of net income to net cash flow from operating activities

Net income for the reporting year (as per the
statement of financial activities)
Adjustments for:
Interest from investments
Unrealised investment gain
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Unrestricted
Funds
2025
£
468,646
(28,356)
(63,005)
(2,000)
940
376,225		 Restricted
Funds
2025
£
-
-
-
-
-
0		 Total
2024
£
652,193
(14,032)
(38,431)
131,723
68







Total
2025
£
468,646
(28,356)
(63,005)
(2,000)
940
731,521
376,225

10. Related Party Transactions and Balances

Gillian & Philip Thornley, both trustees, are directors of Cotswolds Medicals Limited (“CML”). During the year CML donated £855,000 (2024: £908,000) to the charity.

Trustees made aggregate unrestricted donations of £nil (2024: £nil) during the year.

There are no other related party transactions or balances.

13