Company registration number.. 12873289 Charity re9iStration numter. 1191787 The CPF Trust (A company limttej by guardntee) Annual Report and Financial Statements for the Year Ended 5 April 2025 WESTCOTTS ChallTEf+Éo ACeOUFIYANYS & IIU$IWESS ADVISERS
The CPF Trust Contsnts Refence and Administrative Detsils TruStS, Report 2to4 Independent Examinerfs Report Statement of Financia Activibes Balance Sheet Notes to the Financial Statements 8t018
The CPF Trust Reference and Administrative Details Chalr Dr I Pinder Trustees Dr I Pinder Ms N Guthrie Ms C Guthrie (apwinted 1 D8rnber 20241 M8 J Farrer Charlty Reglstratlon Number 1191787 Company Regl8tratlon Number 12673269 RegIStor Offlce 6 Priory Avenue Bedford Park London W4 1fX Independent Examiner Westcotts ISWI LLP Timberty South Street Axminster Devon EX13 SAD Page 1
The CPF Trust Trustees. Report The trustees. 0 are directors for the purposes of Company law. present the annual report together Nmth the financial statements of the charitable company for the year ended 5 April 2025. Objectlves and actlvllles Objects and aims The main puy of the Charity is to apply the income fer the benefit of su¢h charitable bxlies or such other charitable wrposes as Ihe Trustees shall decide. The Charity's income consists predominantly of investment Income, lch is distributed lo charitable ganisations at the discretion of the Trustees. after meeting administration and govemance costs. The Trustees do not make grants to individuals. Public benefft The trustees confim) that they have complied wth the requirements of section 17 of the Charilies Act 2011 to have due regard to the public benefit guidance published by the Charity Commission tor England and Wales. Achlevements and perforniance The charity made grants to organisations totall1 £132,OCQ12024.' £100,OCIJ) during the year in line with ils charitable objectives. In November 2024. the Trustees launched a website for the Charity. lch may k found al .thecpftrust.org.uk. Financial review During the year the incoming resources tolall8J £130,230 12024.. £130,634) of which £2,861 represents an addition to the expendable capital of the charity12024'. £5,179). Poli¢yon ro$0Th0S The total fund is an exFendable endowrnent. The Trustees have considered the requirement for free reserves, being those funds which maIn un-invested and uncommitted. They have agreed that the Charity's reserves should be al least £40,000. The reserves at the end of the year exceed this amount but are to Ix used to m&t the Charity's objective& Investnwnt pollcy and objectlves There are no restrictions on the Charfty's power to Snvesl. The Trustees have apwinted Chartes Stanley investment managers to act on an advisory management ba51S. The over811 policy is to adopt a mediurn Tisk investment strategy based on produc4ng a balance of income arKi capital growih over the medium term. At the year end the Charity's listed investment portfolio was valued at £1,381.259. Page 2
The CPF Trust Trustees. Report Structure, govemance and managwnont The CPF Trust is a charitable company limit8J by guarantee, incorporated On 15 June 2020 when it converted from the preViouY registered ¢harity12624681 lch was established and govemed by Trust Deed dated 3 March 1971.The charity is now governed under its Articles of Association. In the event of the charity being Und up, rnemkers (the Tru5teesl are required to ¢onlribute £1. The pow of appointing new Trustees is vest&J in the existing Trustees. The Trustees c(x)sult regularly on the ma.j of grants. Risk management The Trustees have assessed the major risks the Charity fa$ and a satisfied thal systems are in place to mitigate its exposure to Ihem. Page 3
The CPF Trust Trustees. Report statgrnent of trustees. responsibilltles The trustees (vkno are also the directors of The CPF Trust for Ihe purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Apted Accounting Pffjcticel. including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance wth the provisions in the Companies Act 2006 relating to small companies. Cornpany law requires the trustees to prepare financial statements for each financial year. Under company law the Irusl*s must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incomirrfJ resources and application of resour$, including its income and expenditu, of the charitable company for that period. In preparing these financial statements, the trustees are required lo.. select suiiable acc<)unting policies and apply them consistently,. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. 51?te thether applicable accounting standards, comprisng FRS 102 have been followed, subject to any material deportures disclosed and explained in the financial statements,. arKI prepare the financid statements on the going eoncem basis unless it 1$ inappropriate to presume that the charitable company wll continue in business. The trustees are responsible for keeping proper accounting records that can disclose wth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wilh the Companies Act 20c. They are also responsible for safeguarding the assets of the charitable company and hence for taking reaable steps for the prevention and detection of fraud and other irregularities. Small companles provlslon 8tatsmont This report has en prepared in accordance with the Small companies regime under the Companies Act 2006. The annual ret was approved by the trustees of the tharity on behalf by.. SJ Iii Iz, and signed on its LUKJ Dr I Pinder Chair and trust Page 4
Tho CPF Trust Independent Examinerfs Report to the trustses of The CPF Trust (Yhe Company,) I rerKJrt to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 2025. Rgsponslblllties and basls of report As the charity's trustees of the Company (and also rts directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20C6 {Ihe 2006 Acy). Havir@ 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 reFQrt in respect of my examinatic of your charity's accounts as Carried Olrt under section 145 of the Charities Act 2011 I'the 2011 Act'}- In ¢aTrying out my examination I have follo1 the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs 8tatsment I have completed my examination. I confirm that no matters have Gome to my attents'on in conneclion with the examination givir@ me cause to telieve.. 1. accounting records were not kept in respect of The CPF Trust as required by secion 386 of the 20Cfj Act., or 2. the accounts do not accord with those rordS. or 3. the accounts do not comply wth the a¢¢ounting requirements of section 3 of the 20C6 Act other than any requirement that the a¢¢ounts gwe a 'true and fair view lch is not a matter considered as part of an indendent examination,. or 4. Ihe accounts have not teen prepared in accordance wth the methtsY$ and principles of the Statement of Recommended PtICe for accounting and reporting by charilies12ppIic3ble to charities preparing their account5 in accordance with the Financial ReFJorting Standard applicable in the UK and Republic of Ireland IFRS 102)1- I have no concems and have come across no other matters in connection the examinatron to ich attention should be dra in this report in order to enable a proFEr understanding of the accounts to be reached. Robyn Gifford-England ACA Westcotts ISW) LLP Timberfy South Street Axminsler Devon EX13 5A0 Date.. .1.61111.15 Page 5
The CPF Trust Statement of Financial Activities forthe Year Ended S April 2025 (Including Income and Expenditure Account and Statsment of Total Recognised Gains and Losses) Unrestricted funds Totsl 2025 Total 2024 Note Income and Endowments from: Donations and legacies Investment income 2,661 127,569 2,661 127,569 5,179 125,455 Total inrne 130.230 130,230 130,634 Expendlture on: Raising funds Charitsble activities 110,531) {135,217) 110,531} 135.217 110,066} 104,060 Total expenditure Gainslllosses} on investment assets {145,748) 4,150 (145,748) 4.150 (114,126} 84,732 Net lexpenditure}lincome Net movement in funds 11,3681 111,368} 101,240 111,3681 (11,368) 101,240 Reconciliation of lunds Total funds brought fotward 2,134,7C6 2,134,7C 2,123,338 2.033.466 Total funds carried forward 17 2.123,338 2,134,706 All of Ihe ¢haritys activib'es derive from continuing operations during the above t0 periods. The funds breakdomm for 2024 15 shown in rte 17. The rteS on pages 8 to 18 fomi an integral part of these financial statements. Page 6
The CPF Trust {Reglstration number: 12673269) Balance Sheet as at S April 202S 2025 2024 Flxed asset8 Tan9ible assets Investments 12 13 612,CNJO 1,384.794 1.996,794 612,000 1.382.259 3,994.259 Current assets Debt<xs Cash at bank and in hand 14 15 808 187,964 168.770 152,675 154,721 Credltor8: Amounts falling due wilhin one year Net curr•nt ass 16 128,177} 128,323 126,544 140.447 Net assots 2,123,338 2,134.7C6 Funds of the charlty: Unrestrictsd Income funds Unrestricted funds 2,123,338 2.134.706 Total funds 17 2,123,338 2,134,706 For the finan¢ial year ending 5 April 2025 the charity was entideJ to exemption friyn audil under section 477 of the C¢mpanies Act 20C6 relating to small companies. Directors. SPOnsIbl11t1eS'. The members have not required the charity to obtain an audit of Its accounts for the year in question in x¢ordance with section 476.. and The directors acknoMAedge their responsibilities for complying wth the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance wth the special provisions Telating to companies subject to the small companies regime wthin Part 15 of the Companies Act 201JS. The financial statements on pages 6 to 18 Y4ere approved by the trustees, and authorised for issue on .k/.!:.l.ls-. . and signed on their behalf by: L ¥J Dr I Pinder Chair arKI trustee The notes on pages 8 10 18 fcffli an integral part of these financia staiements. Page 7
The CPF Trust Notes to the Financial Ststements for the Year Ended 5 April 2025 1 Charity status The charity is limit8J by guarantee. incorporated in England & Wales and consequently does not have share capital. Each of the trustees is liable to contribute an amount exceeding £1 towards the assets of the charity in the evenl of liquidation. The address of its registered office is.. 6 PrioryAvenue Bedford Park London W4 1TX 2 Accounting policies Summary of signlflcant accountlng pollcle8 and key accounllng eslimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been Gonsistenly applied to all the years presented. unless otherwise stated. Statement of compllance The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Slatement of Recommended Practitt (applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)) {issued in October 2019) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. Basis of preparation The CPF Trust meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historlcal cost or transaction value unless olhawse stated in the relevant counting policy notes. The financial statements a prepared in sterling, which is the functional currerry of the entity. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concem nor any significant areas of uncertainty that af1t the carrying value of assets held by the charity. Judgements and key Sources of estimation uncortainty 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 exFfjCtations of future events that are believed lo be reasonable under the circumstances. Page 8
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2025 Income and endowments All income is included in the statement of financial activities when entitlement has passed to the charity, it is probably that the economic benefits associated with the transaction will flow to the charity and the amount can be measured reliably. The follovAng specific policies are aFplied to particular categories of income". Donations andloga¢io$ income from donations or grants is recognised then there is eviden of entitlement to the gift, receipt is probable and its amount can be measured reliably. Investment Income Dividends are recognised once the dividend ha5 been declared and notification has been reiVed of the dividend due. Expendlture Expenditure is recognised on an accruals basis as a l1a.11ty is incurred. ExFenditure includes any VAT thich cannot be fully recovered, and is classifi under headings of the statement of financial activities lo which it relates as denbed below. Raislng funds These are costs incurred in attractiro voluntsry income, thg management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs iUffed by the charity in the delivery of it8 activities and services for its beneficiaries. 11 includes toth costs that can te allocated directly lo Such activities and those costs of an indirect nature necessary to 8UPPOrt them. Taxation The charity is considered to pass the tests set 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. Accordingly, Ihe Charity is potentially exempl from taxatim in spect of income or capital gains received thin 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 exclusivety to charitable purposes. Tangiblo fixed assets Individual fix8J assets costing £100.00 or more are initially recorded at cost, less any subwuent accumulatgj depreciation and subsequent accumulated impaimient losses. Any tangible assets carried at revalu1 amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulat8J impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment Ihat has previously bn recognised as expendilure wthin the statement of financia activities. A decwse in the carrying amount of an asset as a result of revaluatlcfft, 15 recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activikn'es. Page 9
The CPF Trust Notes to the Financial Ststements for the Yaar Ended S April 2025 Impaimient of fixed assets A review for indicators of impaimient is Caled out at each porting date, the recoverable amount teing estimated Whe such indicators exist. Where the carrying valLte eXedS the recoverab amount the asset is impair8J 1rdir01y. Prior impairments are also reVIed for possible reversal at each reporting date. For the purposes of impairment lesling, when it is not possible to estimate the recoverable arnount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unit lo which the asset belongs. The cash-generaling unit is the smallest identifiable group of assets Ihal in¢ludes the asset and generates cash inflows that are largely independent of the cash tbows from other assets or groups Of assets. Fixed as$ot investmonts Unlisted equity investments are initially recorded at cost. and subsequently measured at fair val. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value, with changes in fair value being reco]nised in income or expenditure. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertille to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Financial instruments Classification Financial assets and financial liabilities are recognised the tharity becomes a party to the ¢ontraciual provisions of the instrument Reeognltkn and measurénKnt Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitLrtes a financing transaction, there it is recognised at the present value of the fLrture payments discounl&J at a market rate of interest for a similar debt instrument Current assets and current liabilities are subsequently measur&Y at the cash or other consideration expected to be paid or received and not discounted. tkbt instruments are subwuently measured at amortised cost. Page 10
The CPF Trust Notes to the Financial Statements for the Year Ended S April 2025 3 Income from donations and logacies Unrestrfcted funds General Unre3trlcted funds General Total 2025 Total 2024 Donatlons Oonations 2,861 2,661 2,661 2,661 5,179 5.179 5,179 5,179 4 Investment Income Unrestricted funds General Unrestri¢tod funds General Totsl 2025 Total 2024 Bank interest CeIVable Income from listed investments Income from investment properties 3,406 36,163 3,194 33,480 3.194 33,480 36.163 88 000 88.000 127,569 88.781 88,781 127,569 125.455 125,455 S Exp¢ndilure on rdlslng funds al Investment management costs Unrgstricted funds General Unrestrictod funds General Totsl 2025 Totsl 2024 Portfolio managemerrt C051s 10,531 10,531 10,531 10, 10,C66 10,066 10,066 10,531 6 Expendlture on charltsblo activitie8 Unrestricted funds Genaral Unrestricted funds General Total 2025 Tolal 2024 Note Grant making activits-es Support costs 132,C4JO 3,217 135,217 132,000 3,217 100,000 100,000 4.080 135,217 104,CEO Page11
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2025 7 Anaty¥l8 of support CO8ts Supportcosts, including 9ovoman¢ Unre3trlcted funds General Unrg8trlctod funds General Totsl 2025 Total 2024 Computer and Ebsite costs Accountancy fees Other finance costs Administration fees 99 2,208 60 850 99 2,208 2.100 60 1,0 2.1C 850 3,217 3,217 4,C60 Page 12
The CPF Trust Notss to the Financlal Statements for the Year Ended 5 April 2026 8 Grant4naking Analy818 of grants Grants to institutions 2025 2024 Analysis Age UK Alternatives to Violen Alzheimers Research Anne Rob50n Trust Ashmolean Museum AYR United Fc(Jlball Academy Balliol College Care for Carers Carers Trust Cathedral Music Trust Changing Faces Charlwood PCC Charlwood Society Children's Literacy Society Childrens Scrapstore Classic for All Coach Core Foundation Compassion in WoAd Farniing Coram Crthey Open House Creighton Centre CREW 21XJO Crohns and Colits's Dementia support Dressability Emmaus- Cambridge Endangered Species Protection Agency EP Youth Eton College Foodcycle Friends of Friendless Churcl)es Highland Hospice Historic Buildings & Places Home from Hospital care Humane Slaughter Associats'on Ipswich playbus 4,000 1,500 3,000 1,500 1,500 1,000 2,000 1,000 2,000 1,000 1,000 5,000 1,000 4,000 2,000 1,500 3,000 1,000 1,000 4,000 Isooi 1,000 2,000 1,000 1,500 1,000 1,000 1,000 1,000 1.000 1,000 1,500 1,500 1,500 1.000 1,5C4J 1,0 1,5(Ki 35,000 2.000 1.500 1,500 1,500 1,500 3,000 27,5C(J 1,OCO 1,000 2,OC4J Page 13
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2025 Grants to institutlon8 2025 2024 Kew Killadity Church Leam N Grow Light up leaming Litera¢y Pirates Médecins Sans Frontier Moniaek Mhor Moorfields Eye Charity MS Society Ormiston Parkinsons Disease Society PDSA Quest for Learning Rare Disease Nurse Netr*)rk Re-engage Rural Coffee Caravan RHS Safe families for children Salvation Army Samaritans Sense SOFA PrO1t SPANA Support Dcgs Support through Court (Persor1 Support Unit) Surfers against Sewdge Swndon Therapy Centre Team up for social mobility Trussell Trust Twilight Kindness Viva Chamber Orchestra Volunteering Matters Wellspring Counselling WoTrJland Trusi 2.000 1.500 1.000 1.500 1,500 1,000 1,000 3,000 1,000 1,000 1,000 1,000 2,000 2,000 4,000 2,000 1,500 1.500 2,500 3,000 1,500 (1.000) 1,000 2,000 1,000 1,500 1,500 1.000 1,000 1,000 2,000 1,000 1,000 2.000 1,500 2,000 1,000 4,000 1,500 3,000 2,000 3,000 1,500 1,500 1,Crf)O 2,000 1,000 I,(X)O 1,CKJO 1,000 2,000 132,000 100,000 Page 14
The CPF Trust Notes to tho Financial Statements for the Year Ended S April 2025 9 Trustees remuneration and eynses No trustees, nor any persons connected wth them, have received any remuneration from the charity during the year12024.. Nil) No trustees have 1V1 any reimbursed expenses or any other benefits frcffi the charity during the year12024.' Nil). 10 Stsff costs The charity employed no staff durirrfJ the year12024 - None). 11 Independent examlnerfs romuneration 2025 2024 Fees payable lo the independent examiner for. Independent examinatic of the financial statements All other assuran services 520 1,688 494 1,606 2.100 2,208 12 Tangible fixed assets Land and bulldlngs Total Cost At 6 April 2024 At 5 Wil 2025 612,CKXJ 612,000 612,C( 612.000 Depreclatlon At 5 April 2025 Ngt book value At 5 April 2025 612,CKJo 612.000 At 5 April 2024 612.000 612,000 Page 15
The CPF Trust Notes to the Financial Ststements for the Year Ended 5 April 2025 13 Fixed asset investments Other Investments Listed Cash or cash Investsnents equivalents Total Cost or Valuatlon At 6 April 2024 Revaluation Additions Disposals Other movements 1,378.4C6 4.150 105,274 (106,571) 3,853 1.382,259 4,150 105,274 (106,5711 1318 13181 At 5 April 2025 1,381,259 3.535 1.384.794 Net bookvalue At 5 April 2025 1,381,259 3,535 1,384,794 Al S April 2024 1,378,406 3,853 1,382,259 Flnanclal assots held atfalr value All investments shown alJ)ve are held at valuation. The valuation is provided by Charfes Stanley, the investment managers. 14 Debtors 2025 2024 Accrued income 806 15 Cash and cash equivalents 2025 2024 Cash al bank 16 Crgditorn: amountsfalling dugwithin oneyoar 2025 2024 Other creditors Accruals and deferred income 22,000 6,177 22,000 6,323 28,177 28,323 Page 16
The CPF Trust Notes to the Financial Statements for the Year Ended 5 April 2025 17 Funds Balance at 6 April 2024 Other Incomlng Resour recognlsed resources expendethjainslllosses) Balance at S Aprfl 2025 Unr05tricted funds G•n•ral General Funds 2 134,706 130.230 1145,748) 4,150 2,123,338 Balance at 6 April 2023 othor Incorning Resources recognlsed resources expendetsJain811108ses} Balance at 5 April 2024 Unre8tricted funds General General Funds 2,033,466 130,634 114,1261 84,732 2.134.706 18 Analysis of net assets beeen funds Unrestrlcted funds General Totsl funds at 5 April 2025 Tangible fixed assets Fixed asset investments Current assets Current liabilities 612,OC 1,384,794 154,721 28,177 612,OC4J 1,384,794 154,721 28.177 Total net assets 2,123.338 2,123,338 Unrestrlcled funds General Totsl funds at 5 Aprll 2024 Tangible fixed assets FIX asset investments Current assets Current liabilities 612.000 1,382,259 168,770 28.323 612,CwJO 1,382,259 168,770 (28,323 2,134,706 Total net a$sel$ 2,134,706 Page 17
Th• CPF Trust Note8 to the Financial Statsments for the Year Ended 5 April 2025 19 Relatad party transactions During the year the charity made the flon9 related party transactions: Monlack Mohr ITrusteel th'rector in commcn) A grant ds made to Moniack Mohr for £2,COJ12024'. £1,OCQ). At the balance sheet date the amount due tolfrom Mcfiiack Mcthr was £Nil (2024- £Nil). Cathedral Music Trust (Trusteel Director in commcn) A grant made to Cathedral Music Trust for £2,00012024'. £1,01)J). At the balance sPt date the amount due tolfrcffi Cathedral Music Tntst bvas £Nil12024 - £Nil). Page 18