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2023-03-31-accounts

Pursue

Report and Accounts Year ended 31 March 2023

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

Pursue

LEGAL & ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2023

ADDRESS FOR CORRESPONDENCE Kent Cottage Mill Lane Stratford Sub Castle Salisbury SP1 3LJ GOVERNING DOCUMENT CIO Foundation Constitution dated 14 May 2020 CHARITY REGISTRATION NUMBER 1189518 TRUSTEES RESPONSIBLE FOR Antony Isaac MANAGING THE CHARITY Richard Bell Rt Rev Timothy Wambunya Anne Wardroper Peter Coggan-Lennox Paul Southgate (appointed 16 March 2023)

INDEPENDENT EXAMINER

Lourens du Plessis ACA CA(SA) Stewardship 1 Lamb's Passage LONDON EC1Y 8AB

INDEX

Page 1 Legal & Administrative Details Pages 2-3 Trustees' Report Page 4 Independent Examiner's Report Page 5 Receipts and Payments Account Page 6 Statement of Assets & Liabilities Pages 7-8 Notes to the Accounts

Page 1

Pursue

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees have pleasure in submitting the first Report and Accounts for the year ended 31 March 2023.

Objects of the charity

The charity is governed by a constitution and is constituted as a charitable incorporated organisation. The charity's principal objects, as set out in its governing document, are:

The objects of the CIO, which are carried out within a Christian ethos, are the advancement of education, and the relief of those in need by reason of disadvantage, such as youth, age, ill-health, disability, financial hardship or other disadvantage as the trustees determine from time to time, anywhere in the world, in particular through the provision of grants, services, guidance and support for community and education development projects.

Summary of the charity's main activities and achievements

We are so proud of our continued support of Pursue Kenya who have continued to grow and expand their work and impact over the last year.

Some key achievements from the last year include:

In addition, we are supporting Pursue Kenya to become more financially independent and to consider diversifying their sources of income and expand projects. This has seen them engage in a number of trials and we are pleased with there sucesses, including securing funding for 2 new classrooms at their model school, New Day School.

In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.

Financial review

During the year Pursue received income of £54,773 (2022: £33,845), and spent £47,639 (2022: £31,346). At the year end the cash held by the charity is £18,332 (2022: £11,198), of which £5,469 (2022: £7,022) is unrestricted and can be used for any charitable purpose.

Page 2

Reserves policy

Pursue is committed to ensuring that it is financially secure and to develop a full range of mitigating systems to support this aim. The trustees have decided to set the reserves level at 10-25% of their annual expenditure. At current budgeting forecast, that is between £3,000 and £7,500 which will provide us with 1.25 to 3 months general operating funds should this be needed. Due to the current situation of Pursue as a new charity, it is felt that we would like to quickly develop our foundations and build a secure reserve that will support the charity to establish itself for a long future of development.

Governance

Responsibility for setting policy and for making operating decisions rest with the trustees who meet regularly to monitor the activities of the charity. New trustees are recruited and appointed by the existing trustees, by a majority vote.

Risk statement

The charity is exposed to various risks, be they operational, financial or reputational. The trustees review the charity's activities regularly to identify significant risks and, where possible, they take appropriate measures to mitigate those risks.

Responsibilities of trustees

Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year.

We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011.

We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.

Approval

This report was approved by the trustees and signed on their behalf by:

Peter Coggan-Lennox

………………………………………………………..

Peter Coggan-Lennox Treasurer

Date: 16 May 2024

Page 3

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

Pursue

I report to the trustees on my examination of the accounts of Pursue ('the charity') for the year ended 31 March 2023 on pages 5 to 8 following.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s accounts 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 2011 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 accordance with section 130 of the 2011 Act; or

  1. the accounts do not accord with the accounting records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Lourens du Plessis

Lourens du Plessis ACA CA(SA)

Stewardship 1 Lamb's Passage LONDON EC1Y 8AB

Date: 20 May 2024

Page 4

Pursue

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Income receipts
Donations
Legacies
Grants
Sales of goods
Bank interest
Total receipts
Payments
2
3
Total payments
Transfers between funds
4
Net movement in funds
Total funds brought forward
Total funds carried forward
A
Net of receipts / (payments) before
Grants
paid
in
relation
to
charitable
activities undertaken by others
Payments
in
relation
to
charitable
activities undertaken directly		 General
Restricted
Funds
Funds
£
£
18,004
4,548
10,000
-
3,680
17,000
1,370
-
171
-
33,225
21,548
1,754
8
33,024
12,853
34,778
12,861
34,778
12,861
1,553
-
8,687
-
-
1,553
-
8,687
7,022
4,176
5,469
12,863
Unrestricted Funds		 2023
£
22,552
10,000
20,680
1,370
171
54,773
1,762
45,877
47,639
47,639
7,134
-
7,134
11,198
18,332		 2022
£
General
Funds
£
18,004
10,000
3,680
1,370
171
33,225
1,754
33,024
34,778
34,778
1,553
-
-
1,553
-
7,022
5,469
30,971
-
2,000
869
5
33,845
2,874
28,472
31,346
31,346
2,498
-
2,498
8,700
11,198

The notes on pages 7 - 8 form part of these accounts.

Page 5

Pursue

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31 MARCH 2023

Notes
A Cash funds
Cash at bank with immediate access
B Other monetary assets
Gift aid due to charity
Other debtors
C Liabilities
Falling due within one year
Trade creditors
Fee for Independent Examination
Total		 General
funds
£
5,469
5,469
3,459
-
3,459
351
780
1,131
1,131
Unrestricted Funds		 Restricted
funds
£
12,863
12,863
2,307
-
2,307
-
-
-
-		 2023
£
18,332
18,332
5,766
-
5,766
351
780
1,131
1,131		 2022
£
11,198
11,198
5,013
-
5,013
-
630
630
630

D Guarantees and secured debts

The charity has not given any guarantees and has not provided its assets as security for any liabilities.

The accounts were approved by the trustees and signed on their behalf by:

Peter Coggan-Lennox

Peter Coggan-Lennox Treasurer

Date: 16 May 2024

The notes on pages 7 - 8 form part of these accounts.

Page 6

Pursue

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs.

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

2
Payments in relation to charitable activities undertaken directly
Insurance
Fundraising
Accounts preparation and independent examination
Office costs
Costs of sales
3
Grants paid in relation to charitable activities undertaken by others
Grants for:
Education and community projects		 Unrestricted Funds
General
Restricted
funds
Funds
£
£
-
-
70
-
-
-
1,224
8
460
-

1,754
8
33,024
12,853
33,024
12,853		 Total
2023
£
-
70
-
1,232
460

1,762

45,877
45,877
 Total
2022
£
-
517
600
1,757
-
2,874
28,472
28,472

Page 7

Pursue

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

Movement of funds

vement of funds
Balance at
31 Mar 2022
Receipts
Payments
£
£
£
General funds
7,022
33,225
34,778
-
Restricted funds
Community
800
-
800
-
Education Training Officer Wages and Expenses
1,299
-
-
Food Parcels
59
-
59
-
Education
2,000
4,206
6,660
-
Income generation
19
-
-
Textbooks
-
343
343
-
Lennox Hanney Charitable Trust
-
2,000
2,000
-
Waterloo Foundation
-
10,000
-
William Leech charity
-
2,000
-
Souter Trust
-
3,000
3,000
-
4,177
21,549
12,862
-
Total funds
11,199
54,773
47,640
-
Education Training Officer Wages and Expenses: Funding for staffing and expenses for Education officers.
Food Parcels: Provision of food to community people in need
Education: funds held specifically for general education projects.
Income generation: funding available to support starting new social and community enterprises.
Lennox Hanney Charitable Trust :funding towards the teacher development scheme to fund general project costs
Waterloo Foundation: funding to be used to help expand the teacher development project into 4 new schools
William Leech charity: funding towards our teacher development to help expand current projects
Community Fund: Funds given to establish new community projects.		 Balance at
31 Mar 2023
£
5,469
-
1,299
-
454
-
19
-
-
10,000
2,000
-
12,863
18,332

Souter Trust: funding towards setting up a second model school to replicate what was achieved through the first model school partnership.

Page 8