REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
FOR
PHILADELPHIA TRUST CIO
(CHARITABLE INCORPORATED ORGANISATION) CIO REGISTERED CHARITY NUMBER 1187276
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
ANNUAL REPORT OF THE TRUSTEES ON THE ACCOUNTS FOR THE YEAR TO 5 APRIL 2022
The trustees present their report and financial statements of the charity for the year ended 5 April 2022.
STRUCTURE GOVERNANCE AND MANAGEMENT
The full name of the charity is Philadelphia Trust CIO.
The charitable incorporated organisation was registered on 9 January 2020.
TRUSTEES
The trustees of the charity in office during the year were as follows:
Brian George Davies June Meek Reverend Richard Newton
New trustees are appointed by the existing trustees and are given appropriate training.
LEGAL AND ADMINISTRATIVE INFORMATION
The charity is a CIO registered charity number 1187276.
ADDRESS
The address of the principal office is:
Copper Beeches 50 Cockshot Road Malvern Worcestershire WR14 2TT
| INDEPENDENT EXAMINER | C. Hamilton ACCA |
|---|---|
| Ward Williams Chartered Accountants | |
| Bay Lodge | |
| 36 Harefield Road | |
| Uxbridge | |
| Middlesex UB8 1PH |
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
To pay or apply the trust assets for the benefit of such charitable associations, societies or constitutions as the trustees shall determine.
In addition to the above general objectives and power, the trustees have specific power to use the trust fund to advance the Christian religion by the conduct of evangelistic and other religious work including the holding of camps, house parties and similar activities.
The trustees confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to take due regard to the guidance on the public benefit published by the Charity Commission when reviewing the trustees aims and objectives and setting the grant making policy for the year.
Page 1
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
ANNUAL REPORT OF THE TRUSTEES ON THE ACCOUNTS FOR THE YEAR TO 5 APRIL 2022 (Continued)
ORGANISATION
The charity’s trustees meet regularly to discuss and evaluate applications for financial assistance. Decisions are made by majority vote.
INVESTMENT POLICY
The majority of the charity’s investments relate to an IronBright Investment Portfolio held with Brunel Capital Partners with a market value of £1,506,156 at 5 April 2022.
These investments provide regular income. Any surplus cash is held in readily accessible bank accounts.
RESERVES POLICY
It is the trustees’ policy to keep reserves at a minimum level. Cash reserves at 5 April 2022 amounted to £25,285. Other reserves consist of an investment portfolio with a market value of £1,506,156. These shares provide regular income to finance the charity’s activities.
GRANT MAKING POLICY
Grants for the public benefit are paid in accordance with the objects of the charity with particular emphasis on the advancement of the Christian religion.
RISK ASSESSMENT
The trustees regularly review the risks to which the charity might be exposed and recommend action to mitigate these.
REVIEW OF THE FINANCIAL STATEMENTS
During the year, transfers of £59,652 were received from The Philadelphia Trust, a connected charity. From the IronBright investment portfolio, income of £34,519 was received. Investment fees of £19,224 were incurred and there was an unrealised gain of investments of £86,450. The closing balance of the investment portfolio as at 5 April 2022 was £1,506,156.
Grants paid out were £48,300. The net assets of the charity at 5 April 2022 were £1,531,321.
Page 2
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
ANNUAL REPORT OF THE TRUSTEES ON THE ACCOUNTS FOR THE YEAR TO 5 APRIL 2022 (Continued)
TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether the accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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 irregular activities.
Signed on behalf of the board of trustees
....................................
Mr Brian George Davies (Trustee)
Date:
Page 3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
________________________________________________________________
I report to the charity’s trustees on my examination of the accounts of the charity for the year ended 5 April 2022, which are set out on pages 5 to 9.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’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 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Colin Hamilton ACCA Ward Williams
Date:
Bay Lodge 36 Harefield Road Uxbridge, Middlesex UB8 1PH
Page 4
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| INCOMING RESOURCES Donations and legacies Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Grants Payable in Furtherance of the Charity’s Objects Hospices of Hope Every Home Crusade Malvern Boys’ Brigade Joseph Storehouse Trust Burundian Family Aid Ebenezer Aid Fund Evangelical Alliance Associatia Barnabas 4Front Theatre Dignity (Worldwide) Eurovision HANDS International Gospel Outreach Innervation Trust Malvern Evangelical Church Bank charges Independent Examiner’s Fees Investment fees TOTAL RESOURCES EXPENDED NET (EXPENDITURE)/INCOME Unrealised gains on investments Transfers from The Philadelphia Trust NET MOVEMENT IN FUNDS Fund balances brought forward at 6 April 2021 Fund balances carried forward at 5 April 2022 - 34,549 ————- 3,000 300 1,000 1,000 2,000 - 2,000 5,000 7,000 2,500 8,000 5,500 5,000 6,000 ————48,300 549 240 19,224 ————Unrestricted Funds 2022 34,549 (68,313) ————(33,764) 86,450 59,652 ————112,338 1,418,983 ————1,531,321 ———— |
- 15,955 ————2,000 3,000 300 1,000 1,000 2,000 2,000 2,000 2,000 - - - - - - ————15,300 15 120 19,681 ————Unrestricted Funds 2021 15,955 (35,116) ————(19,161) 88,144 1,350,000 ————1,418,983 - ————1,418,983 ———— |
|---|---|
Page 5
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
BALANCE SHEET AS AT 5 APRIL 2022
| FIXED ASSETS Investments (Note 3) CURRENT ASSETS Cash at bank Creditors:Amounts falling due within one year Accruals NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY Unrestricted Income funds 25,285 (120) ————Unrestricted Funds 2022 1,506,156 25,165 ————1,531,321 ———— 1,531,321 ———— |
14,692 (120) ————Unrestricted Funds 2021 1,404,411 14,572 ————1,418,983 ———— 1,418,983 ———— |
|---|---|
Approved by the Board of Trustees on
And signed on its behalf by:
....................................
Trustee: Brian George Davies
Page 6
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES
ACCOUNTING CONVENTION
The accounts have been prepared in accordance with the charity’s governing document, Charities Act 2011 and “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 (FRS102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS102.
The charity has taken advantage of the provisions in the SORP for Charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts 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 FRS102 rather that the version of the Statement of Recommended Practice which is referred to in the Regulations but which has been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on a going concern basis under the historical cost convention. The principal accounting policies adopted are set out below.
INVESTMENT INCOME AND DONATIONS
Investment and income donations are credited to the statement of financial activities as received. Tax on gift aid donations is recognised when receivable.
DONATIONS PAYABLE
Grants and donations payable are taken into account when authorised by the trustees.
LIABILITIES
Liabilities are included in the accounts as soon as recognised.
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 the statement of financial activities for the year. Transaction costs are expensed as incurred.
CHARITABLE ACTIVITIES
Charitable activities consist of grants payable.
Page 7
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022 (Continued)
1. ACCOUNTING POLICIES (Continued)
GOVERNANCE COSTS
Governance costs relate to the independent examination of the charity’s financial statements.
LEGACIES
Legacies are recognised when it becomes reasonably certain that they will be receivable and if the value can be measured with sufficient reliability.
2. TAXATION
The trust is a registered charity and is not liable for corporation tax.
3. FIXED ASSETS
| Market value of investments at 6 April 2021 Income from investments Equalisation Less: Investment fees Increase in value of investments Market value of investments at 5 April 2022 |
28,782 5,737 |
1,404,411 34,519 |
|---|---|---|
| 1,438,930 (19,224) |
||
| 1,419,706 86,450 |
||
| 1,506,156 |
4. TRANSACTION WITH TRUSTEES
No remuneration or expenses have been paid to the trustees.
Page 8
PHILADELPHIA TRUST CIO CIO REGISTERED CHARITY NUMBER 1187276
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022 (Continued)
5. FUND BALANCES
The unrestricted fund balance at 5 April 2022 amounted to £1,531,321.
-
GOVERNANCE COSTS
-
Independent examiners fees re external scrutiny amounted to £240 (2021: £120).
7. EMPLOYMENT COSTS
The charity has no paid employees.
8. RELATED PARTY TRANSACTIONS
The charity received transfers of funds of £59,652 (2021: £1,350,000) from a related charity, The Philadelphia Trust, as part of the wind down of that charity. Both entities share the same Board of Trustees.
Page 9