The Terry Patchett Charitable Foundation A Charitable Incorporated Organisation Registered Charity Number: 1207866 Report of the Trustees and Financial Statements Year Ended 31 March 2025 Higgs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 ILX
The Terry Patchett Charitable Foundation Index to the Financial Statements Year Ended 31 March 2025 Page Contents Reference and Administrative Information Trustees. Annual Report Statement of Financial Attivities Balance Sheet 10-12 Notes to the Accounts
The Terry Patchett Charitable Foundation Reference and Administrative Information Year ended 31 March 2025 Governing Document The Charity is governed by the CIO Foundation Constitution dated 16 April 2024. The Charltv's registered charity number Is 1207866. Trustees Nicholas Mark Leach (Chair) Adam Charles Smyth Stephen Paul Byng Bankers Barclays Bank I Churchill Place Canary Wharf London E14 5HP Solicltors Higgs LLP 3 Waterfront Business Park Brierley Hill West Midlands DY5 ILX
The Terry Patchett Charitable Foundation Trustees, Annual Report Year ended 31 March 2025 The Trustees present their annual report and financial statements of the Charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice applicable to the charities preparing their accounts wlth the Financial Reportlng Standard applicable on I January 2019. Structure, Governance and Management The Charity was registered with the Charity Commission on 16 April 2024 under registered charity number 1207866, and is constituted under the CIO Foundation Constltutlon dated 16 April 2024 ('the Governing Document.). The Charity does not actlvely fundraise and seeks to continue charitable work through the careful stewardship of its existing resources. The Governing Document provides for a mlnlmum of three Trustees and a maxlmum of twelve Trustees. Trustees must hold at least one meeting each year, either in person or by suitable electronic means. The quorum at any meeting is at least one third of the total number of Trustees at the time, or two, whichever Is the greater. At the Trustees, meetings, the Trustees agree the broad strategy and areas of activities for the Charity, Including conslderatlon of grant making, investment, reserves and risk management policies and performance. The Trustees would take account of the recommendations of the ICSA best practice guide 'Recruitment, Appointment and Induction of Charity Trustees, should the need to recruit new Trustees arise. The Trust would look to recruit in light of an appropriate skills audit of the current Board and taking into account the experience, expertise and dlverslty of the current Board, as well as their knowledge of the Charity's area of benefit and beneficial class. New Trustees may be sought by open advert15ement or through a dialogue with major grant recipients and local community groups respecting the ethos of the Charlty to continue the charitable work intended by the settlor5, the Trustees actively seek those with a knowledge of the local area when considering any. prospertive candidate. The ultimate declslon on selection is a matter for the Trustees. On appointment new Trustees sign a Trustee Declaratlon and Undertaking commlttlng them to the giving of their time and expertise. It also confirms their ability to act in the role of Trustees. The induction process has been changed to follow the ICSA go(KJ practice guide wlth a formal induction prog ramme for any newly appointed trustee to include initial training in the grant making process, the duties and responsibilities of the Trustees and the role of any sub committees. The welcorne pack includes, amongst other information and guidance, a brief history of the Trust, copy of recent Trustee (and sub committee) minutes. a copy of the last three years of annLJal reports and accounts, a copy of the Governing Document and a copy of the Charity Commission's guidance 'The Essential Trustee: What You Need to Know, and 'Charities and PLJblic Benefit,. The Trustees intend in the upcoming year to develop a code of conduct for Trustees including formal statements of roles and responsibilities and to undertake work on the Charity Governance Code.
The Terry Patchett Charitable Foundation Trustees' Annual Report Year ended 31 March 2025
All Trustees give of their time freely and no Trustee remuneration was paid in the year. Trustees are entitled to claim reasonable out of pocket expenses and where they do those are noted in the accounts.
Trustees are required to disclose annually (and as they arise) any potential interests which might conflict and register them in accordance with the Charity's written conflicts of interest policy.
Risk Management
The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The major financial risk is the variability of investment returns on the portfolio and its impact on income levels and capital growth. The Trustees will actively sought to manage this risk by appointing a Discretionary Managers of the investment portfolio. Their role will be to monitor the performance of the portfolio, to take appropriate action to mitigate any loss to the portfolio, and to ensure that the objectives as detailed in the Investment Policy Statement are following and reviewed annually.
The major operational risk is the extent to which grants awarded to individuals and charitable or not for profit organisations advances the objects of the Charity and demonstrate sufficient public benefit. The Charity has managed its risk by retaining Trustees of sufficient expertise and experience, and through the quality of the institutions and the people who they support. In addition, the Trustees will undertake appropriate and proportionate due diligence on applications and ensure all grant giving retains a focus on the public benefit.
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The Terry Patchett Charitable Foundation Trustees' Annual Report Year ended 31 March 2025
Objects and Activities for the Public Benefit
3.1 The objects of the CIO are for the public benefit:
3.1.1 the advancement of the education of children within the Area of Benefit, in particular, but not limited to, children at Bablake School by:
(a) providing and assisting in the provision of facilities for education;
(b) awarding scholarships, maintenance allowances or grants;
3.1.2 the advancement of amateur sport, in particular cricket, for children, within the Area of Benefit, in particular, but not limited to, children at Bablake School by:
(a) providing and assisting in the provision of facilities for the advancement of amateur sport, in particular cricket;
(b J awarding scholarships, maintenance allowances or grants;
3.1.3 and the "Area of Benefit" shall mean the City of Coventry.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's objects and purposes and in planning future activities and setting the grant making policy for the year.
The Trustees will set a Grant Making Policy and review this on an annual basis. This is available on request.
The Trustees have a wide discretion to make grants to charities and for charitable purposes.
The Charity carries out its activity by providing grants which directly further its charitable purposes (objects) within the area of benefit.
By focusing on these areas, the Charity will achieve its strategic priority of maintaining a stable grant making programme, with balancing support to individuals and to charities and voluntary organisations (for exclusively charitable purposes).
Grant Making Policy
The Charity will establish a grant making policy to achieve its objects for the public benefit, to improve the lives of individuals within the area of benefit. The Trustees will review the grant making policy annually to ensure it reflects the Charity's objects and thereby advances public benefit.
The Trustees have power to spend or retain both capital and income. Thus both income and capital is expendable without distinction in furtherance of the objects.
The Charity's beneficiaries are individuals and organisations who advance the education and amatuer sport for the benefit of children in the City of Coventry.
The general policy of the Trustees is not to give retrospective grants and the Trustees will only consider one application from any applicant.
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The Terry Patchett Charitable Foundation Trustees' Annual Report Year ended 31 March 2025
Grant Making Procedure
Applications can only be considered if they are on the Charity's standard application form. The application form must be completed and returned (together with a copy of any supporting information relevant to the application) at least four weeks before the meeting at which the application is to be considered.
It is the policy of the Trustees to consider grants on an equal opportunities basis, regardless of gender, religion and ethnic background.
Public Benefit
The Trustees confirm that they have referred to the information contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's objects and activities, their grant making policy and plans for future period.
The objects and activities of the Charity are largely determined by the provisions of the Governing Document, and from there the Trustees exercise a discretion in considering how best to meet the public benefit test and ensure that as many individuals and charitable and not for profit organisations with particular needs will gain advantage.
Monitoring and Achievement
The Trustees have an aspiration to seek a reasonable return over the long term. It is intended that the portfolio will show a welcomed recovery and that the long term objectives to meet income needs and grow the capital are obtainable.
Financial Review
The Charity's work is entirely reliant on income and investment returns from its capital. As at 31 March 2025, the value of the capital fund stood at £0. During the year the income of the Charity was £0.
Investment Policy and Performance
The investment powers of the Trustees are wide and allow the Trustees to invest funds in any matter (after taking such advice as they consider necessary) and having regard to the suitability of investments and need for diversification.
The principal investment holdings of the Charity comprise funds and portfolios of quoted securities. As at 31 March 2025, it is intended the value will represent 100% of the Charity's investments. The management of the portfolio will be undertaken on a discretionary management basis and a written investment policy will reviewed on at least an annual basis by the investment managers and ultimately approved by the Trustees.
The discretionary manager will be instructed to maximise the income on the portfolio whilst preserving the capital, within the constraints of a medium risk investment portfolio.
Reserves Policy
The whole of the Charity's capital is expendable and this distinction between capital and income is not relevant. The Trustees appreciate that the general principles of charity law require Trustees to spend their income within a reasonable period of receipt.
The Trustees will set and agree a policy which broadly identifies the framework within which the Charity will operate its reserves. The intention is that the Charity will retain an appropriate and reasonable level of reserves whilst concurrently ensuring that it uses the income in a manner that is within the objects at the best interests of the Charity and its beneficiaries.
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The Terry Patchett Charitable Foundation Trustees' Annual Report Year ended 31 March 2025
Since the Charity receives all of its income from the investment portfolio, the Trustees are mindful that the source of income can be volatile and subject to sudden changes in the market. They are concerned that in any year there is a risk that they cannot meet their ongoing administration and professional expense commitments as and when they arise, due to any fluctuations in the market which may prevent or significantly reduce income.
The Trustees will consider, in conjunction with the professional advisers, the level of reserves required to be retained from surplus unrestricted funds.
Plan for Future Periods
The Trustees believe their grants will translate into significant public benefit. In cementing the arrangements already in place, and beginning with its activities as set out in this report, so that the many and varied charitable and not for profit organisations, and individuals may continue to benefit in real terms from its financial support, the Charity aims to provide a long term commitment and thereby encourage and support individuals and charitable and not for profit organisations.
The intention is to establish a programme of grant giving which will translate into significant public benefit. The Trustees will focus on those individuals and organisations who would benefit in real terms (impact) from its financial support, thus providing and ensuring a longer term commitment to support.
Trustees' Responsibilities in Relation to the Financial Statements
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards. The law applicable to charities in England and Wales required the Trustees to give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including income and expenditure of the Charity for that period.
In preparing these financial statements, the Trustees are required to:
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•select suitable accounting policies and then apply them consistently;
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•observe the methods and principles of the Charities SORP;
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•make judgements and estimates that are reasonable and prudent:
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•state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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•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 adequate accounting records that are sufficient to show and explain the Charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the Governing Document.
They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud any other irregularities. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Register of Charities.
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The Terry Patchett Charitable Foundation Trustees' Annual Report Year ended 31 March 2025
Approved by the Trustees and signed on their behalf by:
Mr NM Leach Chair
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The Terry Patchett Charitable Foundation ststement of Financial Activity Year ended 31 March 2025 Notes Unrestricted Funds Totsl Funds 2025 2024 Income resource$: Income resources from generated funds Total incomlng resources Resources expended: Investment management costs Charitable activitles Cost of grant maklng Govemance costs 2 910.00 2 910.00 Total resources expended 2,910.00 2.910.00 Net {outgoing)/lncomlng resources before other recognlsed galns and losses {2.910.00) {2,910.00) Reallsed galnsl(losses} on Investment assets Capital added 1.00 1.00 Unreallsed gaSnsl(losses) on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 2 909.00 2 909.00
The Terry Patchett Charitable Foundation Balance Sheet Year ended 31 March 2025 Notes Unrestricted Funds Total Funds 2025 2024 Fixed Assets Investments Total Flxed Assets Current Assets Cash with bank and investment managers Debtors 1.00 1.00 Total current a$$ets 1.00 1.00 Liabilities Creditors falling due within one year 2 910.00 2 910.00 Net current assets 2 909.00 2 909.00 Total assets less current Ilablllties (2,909.00) (2,909.00) Creditors falling due after more than one year Net assets 2 909.00 2 909.00 The funds of the Charlty Unrestricted income funds 2 909.00 2 909.00 Totsl Charity funds 2 909.00 2 909.00 The notes on pages 10 to 12 form a part of these accounts. Approved by the Trustees and signed on their behalf by- Mr N M Leach Chair
The Terry Patchett Charitable Foundation Notes to the Accounts Year ended 31 March 2025 l. Accounting policies (a) Basis of preparation The financial statements have been prepared under the hlstoric cost convention, wlth the exception that investments are included at market value. The financial statements have been prepared in accordance wlth the Statement of Recommended Practlce.. Accountlng and Reporting by Charltles (FRSEE) Issued in Jènuary 2015 and applicable UK Accounting Standards and the Charities Act 2011. {bl Funds structure The Charity has one fund, an unrestrlcted Income fund. This is a fund which the Trustees are free to use for any purpose in furtheran of the charitable objects. Unrestricted funds include designated funds where the Trustees, ?t their diKretion, have created a fund for a specific Durpose. (c) Incomlng resources All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. [d} Expenditure on raising funds Llabillties are recognised as resources expended as soon as there is a legal or construrtlve obligatSon committlng the Charlty to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to charitable organlsations In the furtherance of the charitable objects of the trust. Slngle or multl-year grants are accounted for when elther the reciplent has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant wlthout condltion, or the reapient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Charlty. Provisions for grants are made when the intentSon to make a grant has been communlcated to the recipient but there is unrtaInty about either the timing of the grant or the amount of the grant payable. (e) Expenditure on generating funds The costs of generdtlng funds consists of investment management fees, legal fees, accountancy fees and other governance and regulatory fees. (Q Charitable artivities The cost of charitable activities includes grants made. (g) Governance costs Governance costs comprlse all costs Involvlng the public accountability of the Charity and Its compllance with regulation and good practice. These costs include costs related to the preparation of the accounts, the Independent examination fee and legal fees. {h) Fixed asset investment Investments are stated at market value as at the balance sheet date. The statement of financlal activities includes the net gain and losses arising on revaluation and disposals throughout the year. (l) Reallsed gains and losses All gains and losse5 are taken to the Statement of Financial Activities as they arise. Realised gains and losses on Investments are calculated as the dbfference between sales proceeds and opening market vèlue {purchase date if later). Unrealised gains and losses are calculated as the dlfference between and market value at the year end and opening market value {or purchase date if later). Realised and unrealised galns are not separated in the Statement of Financial Actlvltbes. io
The Terry Patchett Charitable Foundation Notes to the Accounts Year ended 31 March 2025
(j) Contingent liabilities and provisions
In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the
Trustees' control. Provisions are recognised for those grants where there is uncertainty as to the timing or amount, and any uncertainty regarding the amount is more than one of determining a basis for reasonable estimation of the liability arising from that constructive obligation.
2. Related party transactions and Trustees' remuneration
There were no related party transactions or Trustees' remuneration paid for the financial year ending 31 March 2025.
3. Investment income
Dividends - UK equitities Dividends - Non-UK equities Interest - UK fixed interest securities Interest on cash deposits Interest - Non-UK fixed interest securities
4. Investment Manager's costs
| 2025 | 2024 |
|---|---|
| £ | £ |
| 2025 | 2024 |
| £ | £ |
Investment Manager's costs
5. Analysis of charitable expenditure
The Charity undertakes its charitable activities through grant making and awarded grants to a number of organisations in furtherance of its charitable activities.
| Grant funded activities: Total 6. Governance costs Independent examination fee Bank charges Legal fees: Administration Accounts preparation VAT 7. Fixed asset investments Movement in fixed asset investments Market value as at 31 March 2024 Additions to investments at cost Disposals at carrying value Net gain/(loss) on revaluation Net movement on cash Market value as at 31 March 2025 |
2025 £ 2025 £ 2,425 485 2,910 |
2024 £ |
|---|---|---|
| 2024 £ |
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The Terry Patchett Charitable Foundation Notes to the Accounts Year ended 31 March 2025 Investments at market value comprlsed: 2025 2024 Equities Fixed interest securities Cash held withln portfollo Total 8. Analysls of current Ilabllltltes and long term credltors Creditors under l year Loan from Nlcholas Leach Legal fees VAT thereon Independent examlner's fee 2,910 9. Analy515 of funds to establish the charitable trust 2025 2024 Initial legacy to establish the charitable trust 12