**CHARITY REGISTRATION NUMBER: 1171715**
## **Pen Trust**
## **Unaudited Financial Statements**
**5 April 2024**
## **BURGESS HODGSON LLP**
Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
## **Pen Trust**
## **Financial Statements**
## **Year ended 5 April 2024**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8**|
**Page 1**
## **Pen Trust**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 5 April 2024**
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2024.
## **Reference and administrative details**
**Registered charity name** Pen Trust **Charity registration number** 1171715 **Principal office** 7th floor 10 Exchange Square London EC2A 2BR 7th floor 10 Exchange Square
## **The trustees**
I Main A Hancock C Goddard
**Independent examiner** Andrew Collyer Burgess Hodgson LLP Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
## **Appointment of trustees:**
Trustees were appointed by special resolution during the formation of the Trust and the signing of Commission in 2016/17 and have been in place during this fifth full year of operation.
## **Objectives of the charity and its constitution:**
1. The advancement of education and the relief of those in need by reason of youth. 2. The occasional giving of grants to other charities, as agreed by the Trustees.
The Trustees have managed the charity throughout its operation with the utmost regard to following
## **Charity performance this year**
## **Summary**
The PEN Trust is primarily a grant-giving charity, using its funding to grant funds in turn to other UK charities. Where the Trust has established multiTrustees and Trust volunteers will provide limited non-financial support to these organizations.
**Page 2**
## **Pen Trust**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 5 April 2024**
The PEN Trust was set up by employees of PEN Partnership Ltd [known from mid-2024 as Central London, to receive funding from this business and in turn use this funding to provide grants to UK registered charities in the areas of the charitable objectives as set out above.
In normal operating conditions PEN Partnership Ltd / Wavestone donates approximately 1% of its revenue to the PEN Trust to enable the Trust to carry out its objectives.
successful in doing so, donating over £120,000 to charities in the UK.
The trust continued however to receive funding from Wavestone, and in turn providing grants to partner and other UK charities, this funding being lower than in previous years. This was due to -23 period.
## _RESERVES AT YEAR END_
In this year we closed the accounts with over £9,761 in the bank, as the Trusts was able to grant >90% of its revenue for this year.
## **Partnerships**
The Trust continued its grant-giving partnerships with three main UK charities ( _Lords Taverners, Downside Fisher, Renaissance Foundation_ ) representing the majority of charitable activities and the majority of funding provided.
The Trust also provided donations to a wide range of other charities at the discretion of the Trustees.
Further details on structure and performance can be found below.
## **Structure and governance**
## _Trustees_
Please refer to figure 1 below. The PEN Trust is managed by the Trustees, who meet quarterly at Trustee meetings, at which all business of the Trust is discussed, including management, funding and grant-giving. Feedback and recommendations from the Management Group are also considered at these meetings.
## _Management Group_
Under the Trustees sits a management group, made up of the Trustees and some employees of PEN Partnership who volunteer to help the Trust. This is the day-to-day operational group of the Trust and handles the relationships with the charities to which the Trust gives funding. This group also maintains the relationship with the management team at PEN Partnership Ltd, in order to manage the funding provide by the Trust.
This governance structure is depicted in the diagram below.
**Page 3**
## **Pen Trust**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 5 April 2024**
**----- Start of picture text -----**
Figure 1 PEN Trust
governance
**----- End of picture text -----**
## **Performance financial**
## _**Opening balance**_
The Trust commenced this reporting period with an opening balance of £30,109.
## _Funding_
The PEN Trust received £99,800 in donations from Wavestone in this reporting period.
## _Expenditure_
Total expenditure on PEN Trust activities was £120,025 which is made up of charitable grant giving in totality. The Trust also faced £122 of bank charges (net of loyalty payments), and accrued £2,340 in audit and accountancy costs.
Please refer to externally audited financial statements for further details.
## _Reserves_
At the end of the period the PEN Trust held a cash surplus (unrestricted funds) of £9,761. This surplus will be used in the next period according to the Trusts reserves policy, namely: Reserves are maintained into the following year, and used in addition to the Trusts annual funding to achieve its objectives.
## **Performance - non-financial**
The Trust has achieved its objectives this year, donating much needed grants to Youth Charities around London and the South East, and providing one-off donations to many other charities as selected by volunteers running the Trust.
The main objectives of our partner charities are listed below and can be found in their own literature.
**Page 4**
## **Pen Trust**
**Trustees' Annual Report** _**(continued)**_
**Year ended 5 April 2024**
|Charitable donations (CC number)|Societal benefit provided|
|---|---|
|Downside Fisher (252196)|Provision of youth services and youth club facilities to
children and young people in South London|
|Lords Taverners (306054)|Provision of sports and especially cricket-based leisure
and education to disadvantage and disabled young people|
||Provision of external education and experience|
|Renaissance Foundation|programmes for disadvantaged children and child carers|
|(1128772)|in East London|
Trustees and PEN Trust volunteers have also worked with our main partner charities to provide non-financial support where possible. This has included:
- Technical / IT support
- Project and event management
- Marketing and online promotion
The PEN Trust continues to build these relationships and is looking forward to continuing them into the next period.
The trustees' annual report was approved on .....2/5/25......................... and signed on behalf of the board of trustees by:
C Goddard Trustee
**Page 5**
## **Pen Trust**
## **Independent Examiner's Report to the Trustees of Pen Trust**
## **Year ended 5 April 2024**
I report to the trustees on my examination of the financial statements of Pen Trust ('the charity') for the year ended 5 April 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 (‘the Act’). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **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 financial statements do not accord with those records; or
3. the financial statements 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.
Andrew Collyer Burgess Hodgson LLP Independent Examiner
Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN
02/05/2025
**Page 6**
## **Pen Trust**
## **Statement of Financial Activities**
## **Year ended 5 April 2024**
|||**2024**|**2024**|2023|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|99,800|99,800|126,803|
|||---------------------------|---------------------------|--------------------------------|
|**Total income**||99,800|99,800|126,803|
|||===========================|===========================|================================|
|**Expenditure**|||||
|Expenditure on charitable activities|**5,6**|120,147|122,487|183,017|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||120,147|122,487|183,017|
|||================================|================================|================================|
|||--------------------------------|--------------------------------|--------------------------------|
|**Net expenditure and net movement in funds**||(20,347)|(22,687)|(56,214)|
|||================================|================================|================================|
|**Reconciliation of funds**|||||
|Total funds brought forward||30,109|30,109|86,323|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||9,762|9,762|30,109|
|||================================|================================|================================|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 8 to 10 form part of these financial statements.**
**Page 7**
## **Pen Trust**
## **Statement of Financial Position**
||**5 April 2024**|**5 April 2024**||||
|---|---|---|---|---|---|
||||**2024**||2023|
|||**Note**|**£**|**£**|£|
|**Current assets**||||||
|Cash at bank and in hand|||9,762||30,109|
|**Creditors: amounts falling due within one year**|**Creditors: amounts falling due within one year**|**10**|2,340|||
||||-----------------------||---------------------------|
|**Net current assets**||||7,422|30,109|
|||||-----------------------|---------------------------|
|**Total assets less current liabilities**||||7,422|30,109|
|||||-----------------------|---------------------------|
|**Net assets**||||7,422|30,109|
|||||=======================|===========================|
|**Funds of the charity**||||||
|Unrestricted funds||||9,762|30,109|
|||||-----------------------|---------------------------|
|**Total charity funds**||**11**||9,762|30,109|
|||||=======================|===========================|
These financial statements were approved by the board of trustees and authorised for issue on ...2/5/25....................., and are signed on behalf of the board by:
C Goddard Trustee
**The notes on pages 8 to 10 form part of these financial statements.**
**Page 8**
## **Pen Trust**
## **Notes to the Financial Statements**
## **Year ended 5 April 2024**
## **1. General information**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Westfield Cottage, 150 Bloomfield Road, Bath, BA2 2AT.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
## **Incoming resources**
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
**Page 9**
## **Pen Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 5 April 2024**
## **3. Accounting policies** _**(continued)**_
## **Resources expended** _**(continued)**_
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
## **Financial instruments**
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
## **4. Donations and legacies**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|**Donations**|||||
|Donations received|99,800|99,800|126,803|126,803|
||===========================|===========================|================================|================================|
## **5. Expenditure on charitable activities by fund type**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|All charitable activities|120,025|120,025|178,693|178,693|
|Support costs|122|2,462|4,324|4,324|
||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
||120,147
================================|122,487
================================|183,017
================================|183,017
================================|
## **6. Expenditure on charitable activities by activity type**
||Activities||||
|---|---|---|---|---|
||undertaken|Support|**Total funds**|Total fund|
||directly|costs|**2024**|2023|
||£|£|**£**|£|
|All charitable activities|120,025||120,025|178,693|
|Governance costs||2,462|2,462|4,324|
||--------------------------------|-----------------------|--------------------------------|--------------------------------|
||120,025|2,462|122,487|183,017|
||================================|=======================|================================|================================|
## **7. Independent examination fees**
During the reporting period there were £2,340 fees payable to the independent examiner for the independent examination of the financial statements (2023: £4,200).
**Page 10**
## **Pen Trust**
## **Notes to the Detailed Statement of Financial Activities**
## **Year ended 5 April 2024**
## **8. Staff costs**
The total staff costs and employee benefits for the reporting period are £Nil (2023: £Nil).
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
## **9. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred.
## **10. Creditors: amounts falling due within one year**
||||**2024**|2023|
|---|---|---|---|---|
||||**£**|£|
|Accruals and deferred income|||2,340||
||||=======================|==============|
|**Analysis of charitable funds**|||||
|**Unrestricted funds**|||||
||At|||**At**|
||6 April 2023|Income|Expenditure|**5 April 2024**|
||£|£|£|£|
|General funds|30,109|99,800|(120,147)|9,762|
||===========================|===========================|================================|=======================|
||At|||At|
||6 April 2022|Income|Expenditure|5 April 2023|
||£|£|£|£|
|General funds|86,323|126,803|(183,017)|30,109|
||===========================|================================|================================|===========================|
## **11. Analysis of charitable funds**
## **12. Analysis of net assets between funds**
|||Unrestricted|**Total Funds**|
|---|---|---|---|
|||Funds|**2024**|
|||£|**£**|
|Current|assets|||
|||==============|==============|
|||Unrestricted|Total Funds|
|||Funds|2023|
|||£|£|
|Current|assets|30,109|30,109|
|||===========================|===========================|