Company regislratlOD number. 92673269 Charlty registration number.. 1191787 The CPF Trust IA company limited by guarantee) Annual Report and Financial Ststements for the Year Ended 5 April 2024 WESTCOTTS CHAHTERED ACCOUNfANT 1 8U$INESS AOVISERS
The CPF Trust Contents Reference and Administrative Details Trustees, Report 2to4 Independent Examiner's Report statement of Financial Activities Balance Sheet 7t08 Notes to the Financial Statements 9t019
The CPF Trust Reference and Administrativo Details Chair Dr I Pinder Trustees iss J Farrer Ms N Guthrie Sir Matthew Farrer GCVO (Deceased 21 May 20231 Charlty Registratlon Number 1191787 Company Reglstration Number 12673269 Regl8tered Offlce 6 Priory Avenue Bedford Park London W4 1TX Indgpgndent Examlner Westcotts (SWI LLP Timberly South Street Axminsler Devon EX13 SAD Page 1
The CPF Trust Trustees. Report The tNslees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 5 April 2024. Oblectlves and activltles Objects and alms The main purF)ose of the Charity is to apply the income for the benefit of such charitable bodies or such other charitable purposes as the Trustees shall decide. The Charitls income wnsists pdominantIY of investrnenl income, which is distributed to charitable organisalions al the discretion of the Trustees, after meeting administration and governance costs. The Trustees do not make grants to individuals. Public benefit The trustees Confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. AchSevements and performance The Charity made grants to organisations totalling £100,000 during the year in line with ils charitable objectives. Financial review Ouring the year, incoming resources totalled £130,634 12023.. £129,264 of which £9,721 ffpresents an addition lo the expendable capital of the Charity). Policy on rgsgryes The total fund is an expendable endowment. The Trustees have considered the requirement for free reserves, being those funds which remain un-invested and uncommitted. They have agreed that the Charity's reserves should be al least £40,000. The reseTves at the end of the year exceed this amount but are lo be used to meet the Charity's objectives. Investmentpollcy and objectives There are no reslriclions on the Charity's power lo invest. The Trustees have appointed Charles Stanley investment managers to act on an advisory management basis. The overall policy is to adopt a medium risk investment strategy based on producing a balance ol incorne and eapital growth over the medium term. At the year end the Charity's listed investment portfolio was valued al £1,378.406.00. Plans for future periods Alms and key objectives for futuro periods The charity plans to continue to meet its charitable objectives by paying grants lo worthy organisalions which the trustees see fit. Page 2
The CPF Trust Trustees. Report Structure> govemance and managemenl The CPF Trust is a charitable cornpany limited by guarantee. incorporated on 15 June 2020 when it converted from the previously registered Gharily 12624681 which was established and governed by a Trust Deed dated 3 March 1971.The charity is now governed under ils Articles of Association. In the event of the charity being wound up, Members (the Trustees) are required lo contribute £1. The power of appointing new Trustees Is vested in the existing Trustees. The Trustees consult regularty on the making of grants. Risk managèment The Trustee5 have assessed the major risks the Charity faS and are satisfied that systems are in place to mitigate its exposure to them. Page 3
The CPF Trust Trustees, Report Statement of trustees. responsibilitle8 The Iruslees Iwho are also the directots of The CPF Trust for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pIed Accounting Practice), including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies Company law requires the Iruslees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources. including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent", state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disc105ed and explained in the financial statements., and prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the charitable tompany will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 11 lil l i behalf by.. and signed on its Dr I Pinde Chairman Miss J Farrer Trustee Page 4
The CPF Trust Independent Examiner's Report to the trustees of The CPF Trust ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 2024. Responsibilities and basls of report As the charity's Iruslees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20C6 I'lhe 2006 Acl'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confim that no matters have come lo my attention in connection wf(h the examination giving me ¢ause to believe". accounting records were not kept in respect of The CPF Trust as required by section 386 of the 2006 Act., or 2. the accounts do not accord wlh those records, or 3. the accounts do not comply with the acGOUnting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair view. which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recornmended Practice for accounting and reporting by charities lapplicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}1. I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report In order lo ellable a proper understanding of the accounts lo be reached. Ro Gifford-England ACA Weslcotts (SW LLP Timberly South Street Axminster Devon EX13 SAD Ii.Il.LLf Page 5
The CPF Trust statement of Financial Activities for the Year Ended 5 April 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Investment income 5,179 125,455 5,179 125,455 9.721 119,399 Total income 130,634 130,634 129,120 Expenditure on: Raising funds Charitable activitie5 110,0661 1104,060 110,0661 {104.060 110.1481 (89, 197 Total expenditure Gainsl{lossesl on investment assets 1114.1261 84,732 1114,1261 84,732 {99,3451 156,4281 Net incomellexpenditurel 101.240 101,240 126,653 Net movement in funds 101,240 101,240 {126,6531 Reconciliation of funds Total funds brought forward Total funds carried forward 2,033,466 2,033,466 2,160,119 17 2,134,706 2,134.706 2.033,466 All of the Gharity's activib.es derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 17. The notes on pages 9 to 19 form an integral part of these linancial slatemenls. Page 6
The CPF Trust (Registration number: 12673269) Balance Sheet as at 5 April 2024 2024 2023 Note Fixod assets Tangible asset5 Investments 12 13 612,000 1,382.259 612.000 1,296,028 1,908.028 1,994.259 Current assets Debtors Cash al bank and in hand 14 15 806 167,964 610 154,387 154,997 168,770 Credltors: Amounts fallSng due wlthln one year Net current assets 16 28,3231 29,5591 125,438 140,447 Net assets 2.134,7( 2.033,466 Funds of the charlty: Unrestricted Income funds Unreslricled funds 2,134.706 2,033,466 Total funds 17 2,134,706 2,033,466 For the financial year ending 5 April 2024 the chanty was entitled lo exemption from audit under seclion 477 of the Companies Act 2006 relating lo sm811 companies. Directors, responsibilities.. The members have not required the charity lo obtain an audit of rt5 accounts for the year in quesb'on in accordance with section 476,. and The directors acknowledge their responsibilities for complying wth the requirements of the Act with respect lo accounting records and the preparation of accounts. These financial statements have been prepared in accDrdance with the special provisions relating to companies subject to the sm811 companies regime within Part 15 of the Companies Act 2006. The notes on pages 9 10 19 form an integral part of these financial statements. Page 7
The CPF Trust {Registration number: 12673269) Balance Sheet as at 5 April 2024 The fina cial statements on pages 6 10 19 were approved by the trustees, and authorised for issue on lil. and signed on their behalf by: Dr I Pinder Chaimian Miss J Farrer Trustee The notes on pages 9 to 19 form an integral part of these financlal statements. Page 8
The CPF Trust Notss to the Flnancial Statements for the Year Ended 5 April 2024 1 Charlty status The charity is lirnited by guarantee, incorporated in England & Wales and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. 6 Priory Avenue edford Park London W4 1TX 2 Accounting policles Summary ol slgnificant accountlng policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stsled. Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)) li5sued in October 20191 (Charities SORP IFRS 10211, the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation The CPF Trust meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going conrn nor any signifiGanl areas of uncertainty that affect the carrying value of assets held by the charity. Judgements and key sources of estimation uncertainty The preparation of the financial slalemenls requires management to make judgements, estimates and assumptions that affect the amount5 reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation5 of future events that are believed to be reasonable under the circumstances. Page g
The CPF Trust Notes to the Financial Statements for the Year Ended S April 2024 Income and endowments All income is included in the statement of financial activities when enlitlemenl has passed to the charity, it is probably that the economic benefits associated with the Iransa¢tion will flow to the charity and the amount can be measured reliably. The following specific policie5 are applied to particular categories of ineome.. Donations and legacies income from donations or grants is recognised when there is evidence of enlitlemenl lo the gift, receipt is probable and ils amount can be measured reliably. Gift aid Incoming resourees from lax reclaims are included in the Slalemenl of Financial Acbvities at the same time as the gift to which they relate. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure 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 finanaal activities to which il relates as described below.. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those inCUrd in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directiy to such activities and those costs of an indirect nature necessary to support them. Taxation The charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation tax purposes. AordinglY. the charity is potentially exempt from laxalion in respect of income or capital gains ceived within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £100.00 or more are initially recorded 8t cost, less any subsequent accvmulaled depreciation and subsequent accumulated impairment losses. Any tangible assets carried al revalued amounts are recorded al the lair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losse5. Page 10
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2024 An increase in the carrying amount of an a55et a5 a re5uII of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as 8 result of revaluation, 15 recognised in other recognised gains and 105ses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the slalemenl of financial activities. Impainnent of fixed assets A review for indiealors Df Impairment is carried out at each repO.g date, with the recoverable amount being estimated where such indicators exist. Where the Garrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporbng dale. For the purposes of impairment testing, when it 15 not possible lo estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generatsng unit lo which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that include5 the asset and generates cash inflows that are largely independent of the cash flows from other assets or groups of assets. Fixed asset Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured al cost less impairment. Listed investments are measured al fair value. with changes in fair value being recggni%d in income or expenditure. Cash and cash equivalents C?sh and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignifiGanl risk of change in value. Fund structure Unreslricled income funds are general funds that are available for use al the trustees discretion in fijrtherance of the objectives of the charity. Flnanclal instruments Classrficatlon Financial assets and financial liabilitie5 are recognised when the charity becomes a paty to the conlraclual provisions of the instrument. Page 11
The CPF Trust Notes to the Financial Statements for the Year Ended S April 2024 Recognltion and mèasuremènt Basic financial instruments are inib'ally recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Current assets and current liabilities a subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cosl. 3 Income from donatlons and legacies Unrestricted funds General Unrestricted funds General Total 2024 Total 2023 Donations Donations Donab'on of investment 5,179 5.179 9,721 9,721 9,721 9,721 5,179 5,179 4 Investment income Unreslrlcted funds General Unrestrlcted funds General Total 2024 Total 2023 Bank interest receivable Income from listed investments Income from investment properties 3.194 33.480 3,194 33,480 511 30,888 511 30,888 88,781 88,000 119,399 88,000 119.399 125,455 125,455 5 Expondlturo on raising funds al Investment management costs Unrestrlcted funds General Unrestricted funds General Total 2024 Total 2023 Portfolio management costs 10,066 10,066 10,066 10,066 10.148 10.148 10,148 10,148 Page 12
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2024 6 Expenditure on charitable activities Unrestricled funds General Unrestricted funds General Total 2024 Total 2023 Note Grant making aclivits'es Support costs 100,000 4,060 100,000 4,060 104,060 85,500 3.697 85,500 3.697 104,060 89,197 89,197 7 Analysls of support costs Support costs Unrestricted funds General Unrestrlctod funds Genoral Total 2024 Total 2023 Accountancy fees Other finance costs Administration fees 2,100 60 1.900 2,100 60 1,900 2,025 72 1,600 2,025 72 1,600 4,060 4,060 3,897 3,697 Page 13
The CPF Trust Notes to the Financial Statsments for the Year Ended 5 April 2024 8 Grant4naking Analysls ol grants Grants to Instltutlon8 2024 2023 Anatysls Age UK Altematives to Violence Alzheimers Research Alzheimers Society Ancient Monuments Society Anne Robson Trust Ashmolean Museum Balliol College Carefreespaces Carers Trust Cathedral Music Tst Changing Faces Charlwood PCC Charlwood Society Children's Literacy Society Cits'zens Advice Bureaux - Cambridge Citizens Advice Bureaux - Inverness Citizens Advice Bureaux - Winchester Classic for All Coa¢h Core Foundation Compassion in Worfd Faming Coram Crawley Open House Creighton Centre Crohns and Colitis Dementia support Dressability Emmaus- Cambridge Emmaus- Hampshire EP Youth Eton College Friends of Friendless Churches Friends of National Libraries Highland Hospice Home from Hospital care Humane Slaughter Association 2,000 1,000 2,000 2,000 1,000 2.000 1,000 500 1,000 1,000 1,000 5,000 1,000 2,000 1,000 3,000 3.000 1.000 1,000 4,000 15001 1.000 1,000 2,250 500 1,000 500 500 500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1.000 1,000 1,000 1.000 500 1.000 1,000 500 27,500 500 500 1,000 1.000 27,500 1,000 1,000 1,000 2,000 2.000 Page 14
The CPF Trust Notes to the Financial Statements for the Year Ended S Aprll 2024 Grants to Instltutlons 2024 2023 Ipswich playbus Kew Kiltarfity Church L'Arche Leap contronling Conflict Literacy Pirates Médecins Sans Frontier Moniack Mhor Moorfield5 Eye Charity MS Society Ormiston Parkinsons Disease Society PDSA Rare Disease Nurse NetMork Read for Good Re-engage RHS Safe families for children salvats.on Army Samaritan5 Sense SOFA Project SPANA Sl Catherine's Hospice Support Dogs Support through Court (Personal Support Unit) Surfers against Sewage Trussell Trust Wellspring Ctsunselling Woodland Trust 1,000 1,500 1,000 1,000 500 1,000 1,000 1.000 3.000 1,000 1,000 3,000 1,000 1.000 1,000 1,000 2,000 2,000 11,000} 1,000 2,000 2,000 1,000 500 1,000 500 1,000 1,000 1,000 1,000 1,000 2,000 1,000 1.000 2,000 2.000 2,000 1,000 1,250 2,000 1,500 2,000 1,000 2,000 1,000 2,000 1,500 1,000 85,500 100.000 Page 15
The CPF Trust Notes to the Financial Ststements for the Year Ended 5 April 2024 9 Trustees rernuneration and expenses No trustees. nor any persons connected wlh them, have received any remuneration from the charity during the year12023.. Nill. No trustees have received any reimbursed expenses or any other benefits from the charity during the year12023. Nill. 10 Staff co8t8 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows., 2024 2023 The average head count of ernployee5 during the year No employee received emoluments of more than £60,000 during the year12023.. Nill. 11 Independent examinerfs remuneration 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements All other assurance services 494 1,606 2,100 480 1,400 1.880 12 Tangible fixed assets Land and buildings Tolal Cost At 6 April 2023 612,000 612,000 At 5 April 2024 612,000 612.000 Depreciation At 5 April 2024 Ngt book value At 5 April 2024 612,000 612,000 At 5 April 2023 612.000 612,000 Page 16
The CPF Trust Notes to the Financial Ststements for the Year Ended 5 April 2024 13 Flxed asset inve8tments Other investments Llsted Investments Cash or cash equivalents Total C08t or Valuation At 6 April 2023 Revaluation Addition5 Disposals Other movements 1,292,631 84,732 38,565 137,5221 3,396 1,296,027 84,732 38,565 137,5221 457 457 At 5 April 2024 1,378,406 3.853 1,382,259 Net book value At 5 April 2024 At S April 2023 1,378,406 3.853 1,382,259 1.292,631 3.396 1,296,027 Flnanclal assets held at falr value All investments shown above are held at valuation. The valuation is provided by Charfes Stanley, the investment managers. 14 Debtors 2024 2023 Accrued income 806 610 15 Cash and cash equivalents 2024 2023 Cash at bank 167,964 154,387 16 Creditors: amounts falllng due within ono year 2024 2023 other creditors Accruals and deferyed income 22,000 6,323 22,144 7,415 28,323 29,559 Page 17
The CPF Trusl Notes to the Financial Statement5 for the Year Ended 5 April 2024 17 Funds Balanee at 6 April 2023 Other Incoming Resources recognised resources expended3ainslllo$sÈsl Balance at S Aprll 2024 Unrestricted funds General General Funds 2,033,468 130,634 1114,1261 84,732 2,134,706 Balance al 6 April 2022 other Incoming Resources recognised resources expendedJainslllossesl Balance at 5 April 2023 Unrestrlcted funds General General Funds 2,160,119 129,120 199,3451 1156.428) 2.033,466 18 Analysis of net assets betsveen funds Unrestricted funds General Total funds at S Aprll 2024 Tangible fixed assets Fixed asset investments Current assets Current liabilities 612.000 1,382.259 168,770 28.323 612,000 1,382,259 168,770 128,323} 2.134,706 Total nel assets 2,134,706 Unrestricted funds General Total funds at 5 April 2023 Tangible fixed assets Fixed asset Investments Current assets Current liabilities 612,000 1,296,028 154,997 129,5591 612,000 1,296,028 154,997 129,5591 2,033,466 Total nel assets 2,033,466 Page 18
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2024 19 Related party transactions During the year the charrty made the followng related paty transath'ons.. Monlack Mohr (Trusteel Director in commonl A grant was made to Moniack Mohr for £1,000 12023-. £1,000). At the balance sheet date the 8rnount due tomrom Moniack Mohr was £Nil12023 - £Nill. Cathedral Music Trust (Trusteel Director in Commonl A grant was made to Cathedral Music Trust for £1,000 12023.. £Nil}. At the balance sheet date the amount due tolfrom Cathedral Music Trust was £Nil12023 - £Nil}. During the year, a trustee gifted shares to the charity worth £a.12023.. £9,721) Page 19