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. 

3 



**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. 

4 



**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. 

5 



**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: 

- •select suitable accounting policies and then apply them consistently; 

- •observe the methods and principles of the Charities SORP; 

- •make judgements and estimates that are reasonable and prudent: 

- •state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- •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. 

6 



**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** 

7 



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 un￿rtaInty 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:**<br>**Total**<br>**6. Governance costs**<br>Independent examination fee<br>Bank charges<br>Legal fees: Administration<br>Accounts preparation<br>VAT<br>**7. Fixed asset investments**<br>**_Movement in fixed asset investments_**<br>Market value as at 31 March 2024<br>Additions to investments at cost<br>Disposals at carrying value<br>Net gain/(loss) on revaluation<br>Net movement on cash<br>Market value as at 31 March 2025|**2025**<br>£<br>**2025**<br>**£**<br>2,425<br>485<br>2,910|**2024**<br>**£**|
|---|---|---|
|||**2024**<br>**£**|
||||
||||



11 



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