REGISTERED CHARITY NUMBER: 1197750 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMELYTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE PENDLE FOUNDATION Ain5WOrths Limited Chartered Accout)tant$ & Statutory Auditors Charter Houqe Stan8fteld Street Nelson Lane&￿h]re BB9 9XY THE PENDLE FOUTriDATIOL CONTE)TS OF THE FINANCIAL S"I"ATE.TrIENTS FOR THE YEAR EliDED 31ST IMARCH 2024 Page Report of the Trnstees 1104 Report of the Independent Auditors 5t08 Ststement of Financial Aciivilies Balance Sheet 10 Cash flow statement 11 to 12 Notes io the Financial Statements 13 to 17 THE PENDLE FOUNDATION REPORT OF THTr;"I'RtiSTF.ES FOR THE YEAR ENDED 31ST.TrIARCH 2024 FINANCIAL STATEMENTS AND TRUSTEES, REPORT The twstees present their annual report and audited financial statements of the charity for the year ended 31" March 2024. The financial statements comply with the Charitie5 Act 2011 Accounting and Reporting by Charities.. Siaiemeni of Recotnmended Practice applicable lo charitie8 preparing their a¢¢ounts in aecordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102}- {Charities SORP IFRS 102)). REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Dumber 1197750 Registered office The Sat]ctuary of Healing D¢whurst Road Langho Bla¢kburn Lancashire BB6 8AF Trustees and key management A Clarkson S Clarkson J Hartley Role Chairperson Auditors Ainsworths Limited Chartered Accountants and Statutory Auditors Charter House Stansfield Street Nelson Lancashire BB9 9XY Bankers Handelsbanken PIC Blackburn Lancashire BBI 5QB Page I THE PENDLE FOUNDATION REPORT OF THE TRLSTEES ICOLJTINLTED) FOR THE YEAR ENDED 31ST IWIARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Orgartis#tiollal Status The Pendle Foundation was registered as a charity on l February 2022 under the provisions of the Charities Act (Charity number.. 1197750) and is governed by a Irust deed dated 18 ' January 2022. Organisational structure The Board cu￿entlY ¢onsisis of the trusteeb and is responsible for key policy decisions and the effeciive governance of the organi8alion overall. The trustees lake care of the day to day running and legal requiremenis of the charity and the Board meets on a regular basis. Recruitment and appointment of new trustee5 Trustees are appointed to reflect the skills required lo support the Board and ils range of activities. The trustees themselves appoint new trusteeb 10 the Board and provide appointees with a full orientation on Ihe services provided, the deci.%ion- making processes of the charity and the roles and responsibilities of a ttustee. including their legal obligation8 under applicable laws. Risk management The I]us￿¢S hai'e examined the major strategic. business and operational risks which the charity faces and confirni that systems have been established to ensure that regular reportb. are produced and that necessary steps can be taken to address any issues arising. OBJECTIVES AND ACTIVITIES The principal activities of the charity are to advance such charitable purposes a5 tile I￿SteeS see fit from time to lime by providin¥ gyratils, land and premises to organisaiions. charities and cOn￿U￿￿tieS exclusively for the public benefit. Publlc benefit In setting out the charity's obJ￿tIveS and planning of activitie5 the trustees have given Careful consideration to the Charity Comtnission's general guidance and se¢iion 17151 of the Charities Act 2011. The trustees are confident t]iat ihe charity offeis services of real and practical use to the local population and therefore complies with the responsibility placed tsn all Charities under the Charities Act 201 I to demonstrate a public benefit. Risk asse5smeDt The trustees review the major risks faced by the charity during their regular meetings and confirni there are Systell￿ in place to mitigate them. Internal risks are minimised by the segregation of duties and procedures for authorisaiion of all transactions. ACHIEVEMENTS AND PERFORMANCE The charity had no iransactions in the prior financial year. However, this year the charity received a substantial donation frotn a trustee in the fomi of a propety. Tlie charity chose to sell this property which rebulted in a significant cash injection in the year. This has been used to award grant5 in the current year and to provide funding for the forebeeable future. Ther¢ is still a balance of over £2 million in the bank at the year end. Related parties The charity awarded grdntS' in the year to The Sancwary of Healing TTUSt. a charity which Antolly Clarkson is also a tryste. Details of the Telaied party trallsactions can be seen in noie I l. Grant making policy The ¢harity invites applications for filnding of projects from individuals, charities and community organisaiions in paniLular for public benefit. The applications are made directly to the tTU5tee5, who meet regularly to assess ihe applicationb. The INslees then approve or reject the grants. Projects ￿aY be funded over varying periods of time, but the majority are made as one-off payments. Page 2 THE PEIYDLE FOUNDATION REPORT OF THE TRUSTEES {CONTINL'EDI FOR'fHE YEAR ENDED 31ST ￿[ARcH 2024 FL},￿NCIAL REN'IEII, The attached statement of fmancial activities shows how funds were raised and applied during the year. This statemeni separates funds which the charity controls itself (U[￿eStrICted fund5) frotn those that have to be spent in a rnat￿er determined by ihe donor (restricted funds). In this financial year, all fund% are unrestricted. Durin¥ the year ended 3 IY March 2023 the charity was dtsrniant. However, the charity has be¢n operating in the current F￿anCial year. There was a significant donation of a building made to the charity from Antony Clarkson for a value of £2,200,000 in May 2023. The building was subsequently sold by the charity. This has resulted in the high bank balance at the end of the rinancial year of £2,112,861. Due to the significantly high bank balance, bank inleresi received in the year wa5 £47,406. Other than general overheads incurred, the charity awarded grants of £122,070. The net movement in fut]ds in the year was £2.110,701 which has arisen from the donation and sale of the property giving rise to a healthy bank balance which is in excess of grants awarded. Reserves policy It 15 the policy of the charity to maintain unrestricied funds. which ale free reserve5 of the chaiity. at levels which equate to an excess of its projected needs for the forthcoming year. thereby providing sufficient fund5 to cover management, administration and support costs and enable the ongoing development of projects. The trustees believe the net asset P051tion is sufficient to satisfy such requirements although these levels of free reserves are reviewed on a regular basis. Future plan5 The charity will continue to support individuals. charities andcomrnunity organisations in the furtherance of its objectives of supporting the general public. STATEMENT OF TRUSTEEES. RESPONSIBILITIES The trustees are responsible for preparing the fmancial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trystees to prepare f]nan¢ial statements for each f￿anCIal year. Underthat law the trustee5 have elected to prepare the financial statements in accordance with the United Kingdoin Generally Accepted Accounting Practice (United Kingdom Accounting Standatds and applicable lawl. The flnancial statements are required by law to give a true and fair view of the state of affa2rs of the charitable company and of the 8urplus or deficit of the charitable company for that period. In preparing those financial statejnents, th¢ trnstees are required to.. 8ele¢t suitable accounting policies and then apply them consistelltly,. observe the methods and principles in the Charities SORP and FRS 102. make judgements and estimates that are reasonable and prudent,. slate whether applicable UK accounting standards have been followed, subject to any material deparnires di￿loSed and explained the financial statements., and prepare the financial statements on the going concem basis unless li is Inappropria￿ to presume that ihe charithble company will continue in business. The 12UStees are responsible for keeping proper accounting re¢ords which disclose with reasonable accuracy ai any time the financial position of the charitable company and 10 enable them to ensure thai the fir￿ncial statements comply with the Companies Act 2006. They are also responsible for safeguarding the asbets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 THE PENDLE FOUD4DATION REPORT OF THE TRUSTEES (CONTIINUED) FOR THE YEAR ENDED 31ST TrIARCE12024 S.MALL CofvIPA￿y PROVISIONS Thiq reporr has been prepared in accordance with the special provisions for small companies under Part 15 of the Cotnpanie8 Act 2006. STATEfwlENT AS TO DISCLOSURE OF INFoRL￿1ATIOry TO AUDITORS So far as we are aware, there is no relevant aL￿1t inforniation of which the charity's auditor5 are unaware, and each trustee has taken all steps thai he or she ought to have taken as a trustee5 in orderto make himself or herself aware of any relevant audit infomiation and 10 establish that the chaTity's auditors are aware of that infomiation. AUDITORS The auditor5, Ain5WOrths Limited, are not proposed for re-appointrnent as the charity is at)ticipating it will be subject to audit exemption in the future. CHAIUTY REQUIREMENTS This report has been prepared in ac¢ordan¢e with requirements set down by the SOIiP 2019. ON BEHALF OF THE BOARD.. Cler son- Tru8tee Dated- 13th December 2024 Page 4 REPORT OTr THE INDEPENDEh'T AUDITORS TO THE TRUSTEES OF 'rHE pE￿DLE FOUNDATION OPINION We have audited the financial statements of The Pendle Foundation for the year ended 31st Mai¢h 2024 which comprise the Statement of Financial Activitie5, the Balance Sheet, Cash F.low Statement and the notes to the Financial Statements including 8 5umrnary of significant accounting policies. The financial reporting framework thai has been applied in their preparation 15 applicable law and United Kingdom Accoullting Standards including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountillg Practice). In our opinion, the f]nancial statements= give a tNe and fair view of the slate of the charity's affairs as at 31° March 2024 and of the charity's incoming resources and application of resources, for the yeai then ended., have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. B&sis for opinion We conducted our audit in a¢cordan¢e with Inteniational Standards on Auditing (UK) (ISA5 (UKII and applicable law. Our reqponsibililies under ihose standards are further described in the Auditor's responsibilitie8 for the audit of the financial siatemeDt8 section of our report. We are independent of the Charity in accordance with the ethical requiremen18 that are relevant to our audit of ihe financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responqibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfomied, we have not identified any material uncertainties relating io events or conditions that, individually or collectively, may cast significant doubt on the charity'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section of this report. Other informatlon The trustees are responsible for the other inforniation. The other inforniatiOD comprises the infOrn￿tIon included in the annual report, including the trustee's report but does not include the financial statements and our auditor'5 report thereon. Our opinion on the finallcial statements does not cover the oiher infom)ation and, except to the extent othenvise explicitly stated in our report, we do not ¢xpress any fomi of assurance conclusion thereon. In connection witli our audit of the financial slatements. our responsibility is to read the other infomiation and, in doing so, co[L￿ider whether the other inforn)ation is materially inconsisieni with ihe fjnancial statement8 or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsi.%tencie8 or apparent material misstatemet]t8. we are required to deterniine whether there is a material mtsstatement in the financial statements or a material misstatement of the other infomiation. If, based on Ihe work we have perfonned, we conclude Ihat there 18 a material misstatetnent of this other infomiation, we are required io report that fact. We have nothing to repo In Is regar Page 5 REPORT OF THE INDEPENDEI¥T AUDITORS TO THE TRUSTEES OF THE PENDLE FOUNDATION (CONTINUED) Matters on which Trve are required to report by exception We have nothing to report in respect of the following matierb in relation to wkn.ch the Churities (ALcuunts Rep(JrlJ) Regul