## **The Pathfinder Fellowship** TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 **Company Registration No. 00384919 Charity Registration No. 222612** ## **The Pathfinder Fellowship** ## **Year Ended 31 December 2020** |**CONTENTS**|| |---|---| ||Page| |Trustees' Annual Report|1 - 4| |Independent Examiners' Report|5| |Statement of Financial Activities|6| |Balance Sheet|7| |Notes to the accounts|8 - 12| The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2020 incorporating the Directors' Report Company Registration No. 00384919 Charity Registration No. 222612 The trustees present their report and accounts of the charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charitable company's Articles, the Charities Act 2011, the Companies Act 2006, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Trustees/Directors: John David Hebblethwaite OBE retired 7 October 2020 Paul Morgan Br Philip David Nichols* Sonia Claire Paine Diep Pham retired 30 April 2020 Ilona Pimbert Trisha Marie Rassatt (Chair) Revd Philippa Anne Turner** Revd Neil Owen Traynor Revd Emma Dinwiddy Smith*** * ex-officio member on behalf of The Community of the Resurrection. **ex-officio member as Chaplain of the Association of The Pathfinder Fellowship. *** ex-officio member as Vicar of St. Mary Abbots Church, Kensington. **ex-officio member as Chaplain of the Association of The Pathfinder Fellowship. Except where indicated the above named individuals served as trustees throughout both this year and the previous year. Warden/Company Secretary: Mrs Jill Traynor Registered/Charity Office: Bickersteth House 25 Sheffield Terrace London W8 7NQ Advisers: Bankers Barclays Bank Plc 35 Notting Hill Gate, London, W11 3JR Solicitors Rooks Rider Solicitors LLP 23 Austin Friars, London, EC2N 2QP Accountants Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Investments CCLA Senator House, 85 Queen Victoria St, EC4V 4ET ## **Charitable purposes** To promote the practice and study of the Christian faith primarily directed to young people in accordance with the teaching and practice of the Church of England with emphasis on its catholic tradition. ## **Activities** Early in 2020 we had a full house and a vibrant community with every expectation of this continuing until the summer. Covid-19 made it’s first impact in March 2020, resulting in a community of 12 dwindling to 5 very suddenly. We have made the best of it. Eating together was at the height of the restrictions the only way to eat. Our chapel has been used not only for the Pathfinder Fellowship’s worship but also to hold and broadcast services for the United Benefice of Holland Park over Lent, Holy Week and Easter 2020. Our few residents played a key part as readers, actors and singers of plainsong. We were fortunate to have Alex, who is studying violin at the Royal Academy of Music, play some wonderful Bach. Page 1 The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2020 incorporating the Directors' Report Company Registration No. 00384919 Charity Registration No. 222612 Our occupancy has improved and we have been around 7-9 from October onwards. This year our residents have come from France, Poland and Germany as well as the UK On November 25th we held the first ever Virtual House Birthday, with Evensong, a Quiz and Compline. It has been impossible to invite our local clergy to preside at the Eucharists, and although we have a resident priest in Neil, it hasn’t been possible to hold a Eucharist every week, so this has been interspersed with other forms of worship. Once Government guidelines permit, we look forward to welcoming clergy friends old and new. Under the leadership of Trisha Rassatt, our Governing Body have been working on ways of addressing our governance and reviewing the work and mission of the Fellowship. This included a survey of current and past residents and associates. This is still work in progress, relying as it does on the efforts of Trustees who are volunteers and having to manage their own workloads in these uncertain times. ## **Impact of the Covid-19 pandemic** The impact of Covid-19 has continued into 2021, this means there are still restrictions on gatherings and overnight stays (recently lifted). To date three new residents have applied to join in the autumn, and we expect several current residents to continue. Through necessity we have discovered the medium of Zoom and virtual meetings which has allowed the Governing Body to meet throughout the pandemic. Some aspects of virtual meeting have been beneficial and may continue. The income has been affected and this is not a surprise. We have had a full inspection of the building by a qualified architect. The good news is that it is essentially sound. However, there are areas of the house currently unusable as accommodation and plans for renovation have not been able to go ahead as hoped. The life of the lease on the property is now less than 10 years, which presents questions about the longer term viability. There may be a possibility of acquiring very long extension through some leasehold reform legislation, but this will not be clear for at least 18 months. The running of the house is very dependent on occupancy numbers and finding ideally suited community members is not always easy. ## **Statement on public benefit** The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The objects and related activities set out in this report demonstrate this in more detail. ## **Constitution, structure, governance and management** The Pathfinder Fellowship being a charitable company limited by guarantee and not having a share capital is governed by its Memorandum and Articles of Association. Each member of the charitable company undertakes to contribute towards the assets of the Association contracted before ceasing to be a member, and of the costs, charges, and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £1. Membership is confined to communicant members of the Church of England or a church in communion with the Church of England. Ex-officio trustees are appointed in accordance with their position with the relevant organisations. Page 2 The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2020 incorporating the Directors' Report Company Registration No. 00384919 Charity Registration No. 222612 The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are referred to as the trustees, except as required by company law to be referred to as directors. The trustees have control of the charitable company and its property and funds. The charity is administered by its board of trustees, who are named on page 1 and meet on a quarterly basis. The day to day operation of Bickersteth House is delegated to the Warden. ## **Policies and procedures adopted for the induction and training of trustees** The Trust recognizes that it has a responsibility to provide guidance and assist new trustees in fulfilling their duties and responsibilities, this is done in accordance with Charity Commission guidance. New trustees are given appropriate Charity Commission publications. ## **Risk management** The trustees have appraised the key risks of the charity and continue to work on strategy and planning for the future. The principal risk faced by the charity is the diminishing level of financial resources. ## **Plans for the future** The trustees are carrying out a review of the future direction of the charity in consultation with the membership, current and past residents and other interested parties. We are carrying out a review of our governance and operational structures to better fulfil our charitable purposes to offer Christian Education and community in a way appropriate to the 21st Century. ## **Investment powers and policy** The Articles authorise the trustees to make and hold investments using the general funds of the charity. The capital held in the reserve fund is invested in the CBF Church of England Investment Fund. These investments are managed by CCLA Investment Management Limited, with a view to income generation and capital accumulation. ## **Financial review and investment performance** The charity's income for the year was £56,411 (2019: £84,307). Income arises from residents fees, guest fees investments and donations. The income from these sources continues to fall short of the expenses of the charity. There was a deficit before movements on investments for the year of £7,402 (2019: £14,173). Despite the impact of the Covid-19 pandemic no investments have had to be sold to meet the shortfall this year. The unrealised gain on the revaluation of investment assets at the period end was £1,651, (2019: gains of £1,196). ## **Reserves policy** It is the policy of the charity to maintain unrestricted funds such that the normal activities of the organisation can be maintained at a satisfactory level in order to achieve the objectives set out above. The charity has unrestricted General Reserves of £30,865 plus non-liquid assets of £4,359 (total reserves £35,224). ## **Directors' responsibilities in relation to the financial statements** The trustees (who are also directors of The Pathfinder Fellowship for the purposes of company law) are responsible for preparing a trustees' annual report (incorporating the Directors' Report) and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the United Kingdom (United Kingdom Generally Accepted Accounting Practice). Page 3 The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2020 incorporating the Directors' Report Company Registration No. 00384919 Charity Registration No. 222612 Company law requires that the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit (profit or loss) of the charitable company for that period. In preparing the financial statements, the directors are required to: - l select suitable accounting policies and then apply them consistently; - l observe the methods and principles in the applicable Charities SORP; - l make judgements and accounting estimates that are reasonable and prudent; - l state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - l prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the charity and that enable them to ensure that the financial statements comply with the Companies Act, the Charities Act, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Articles of Association. The directors are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Approval** These accounts are prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. This report for the financial year ended 31 December 2020 was approved by the trustees on 1 July 2021 and signed on their behalf by: …………………………………………… Trisha Marie Rassatt (Chair) Trustee/Director The Pathfinder Fellowship Company Registration No. 00384919 Page 4 The Pathfinder Fellowship Independent Examiner's Report to the Trustees of The Pathfinder Fellowship Company Registration No. 384919 Charity Registration No. 222612 I report to the trustees on my examination of the accounts for The Pathfinder Fellowship for the year ended 31 December 2020, which are set out on pages 6 to 12. ## **Responsibilites and basis of report** As the charity's trustees of the Company (and also its 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 2006 ('the 2006 Act'). 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 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1) accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or - 2) the accounts do not accord with those records; or - 3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true 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 Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **Use of our report** This report is made solely to the charity's trustees, as a body. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, for the statements I have made, or for the opinions I have stated. …………………………………………………….…………………...… dated …………………………….………… 2021 ## **Ebrahim Suleman** Member of the Institute of Chartered Accountants in England and Wales for and on behalf of **Forrest Burlinson Chartered Accountants** 20 Owl Lane, Shawcross, Dewsbury, WF12 7RQ Page 5 **The Pathfinder Fellowship Statement of Financial Activities and Income and Expenditure account for the year ended 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 **----- Start of picture text -----**
Total Total
Unrestricted Unrestricted
Funds Funds
2020 2019
Note £ £
Income and endowments
Donations and legacies 4,496 1,450
Charitable activities:
Members contributions for residence and hospitality 51,178 72,263
Insurance claim -- 9,596
Investment income 737 998
Total income 56,411 84,307
Expenditure
Expenditure on charitable activities:
Operating of Bickersteth House 4 62,813 96,740
Governance costs 6 1,000 1,740
Total expenditure 63,813 98,480
Net income/(expenditure) before gains/(losses) on investments (7,402) (14,173)
Net gains/(losses) on investment assets 7 1,651 4,208
Net income/(expenditure) and net movment in funds for the year (5,751) (9,965)
Reconciliation of Funds
Total funds brought forward 40,975 50,940
Total funds carried forward 35,224 40,975
**----- End of picture text -----**
There were no recognised gains or losses for the year ended 31 December 2019 or for the year ended 31 December 2020 other than those included in the Statement of Financial Activities above. All income and expenditure derives from continuing activities. Page 6 **The Pathfinder Fellowship Balance Sheet as at 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 **----- Start of picture text -----**
2020 2019
Note £ £
Fixed Assets
Tangible Assets 8 4,359 5,812
Investments 9 25,564 23,913
Total fixed assets 29,923 29,725
Current Assets
Debtors 727 34
Cash at bank and in hand 11 7,249 14,548
Total current assets 7,976 14,582
Liabilities:
Creditors amounts falling due within one year 12 (2,675) (3,332)
Net current assets 5,301 11,250
Total net assets 35,224 40,975
Funds of the charity:
Unrestricted Funds brought forward 40,975 50,940
Net movement in funds (5,751) (9,965)
Total funds 14 35,224 40,975
**----- End of picture text -----**
The notes on pages 8 to 12 form part of these accounts. For the financial year ended 31 December 2020 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsiblities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the trustees on 1 July 2021 and signed on their behalf by: …………………………………………… Trisha Marie Rassatt (Chair) Trustee/Director The Pathfinder Fellowship Company Registration No. 384919 Page 7 **The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 - **1 Legal status** The charitable company is a public benefit entity as defined by FRS 102. The charitable company is a company limited by guarantee, registered in England and having no share capital. The company registration number is 00384919. The members of the charitable company are the trustees listed in the Trustees Annual Report. In the event that the charitable company is being wound up, the liability in respect of the guarantee is limited to £1 per member. The charitable company's registered office is 25 Sheffield Terrace, London W8 7NQ. ## **2 Accounting policies** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: - **2.1 Basis of preparation of accounts** The accounts are prepared under the historical cost convention, modified to include certain financial instruments at fair value and include the results of the charity's operations which are described in the Trustees' Annual Report and all of which are continuing. The accounts have been prepared in accordance with the Statement of Recommended Practice: ' _Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)_ ' , and with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 as applicable to companies subject to the small companies regime and relevant accounting regulations. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. ## **2.2 Recognition of income** Income is included in the Statement of Financial Activities when: l the charitable company becomes entitled to the resources; l it is more likely than not that the charitable company will receive the resources; and l the monetary value can be measured with sufficient reliability. Income derived from residents and guests is stated after discounts and is not subject to VAT. Income and expenses are not offset, unless permitted by FRS 102 SORP or FRS 102. ## **2.3 Income from interest and dividends** This is included in the Statement of Financial Activities when receipt is probable and the amount receivable can be measured reliably. ## **2.4 Investment gains and losses** This includes any realised gains or losses on the sale of investments and any gain or loss resulting from the revaluation of investments to market value at the balance sheet date. ## **2.5 Expenditure and liability recognition** Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the trustees to pay out resources and the amount of the obligation can be measured with reasonable certainty. Expenses are stated including VAT which cannot be recovered. ## **2.6 Pension costs** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Page 8 **The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 ## **2.7 Governance and support costs** Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, these together with other support costs are included under the costs of the charity's one charitable activity, being the only activity against which costs are allocated. ## **2.8 Tangible fixed assets for use by the charity and depreciation** Tangible fixed assets for use by the charity are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives on the following bases: Leasehold improvements on a straight line basis on cost over 5 years Fixtures and equipment on a straight line basis on cost over 5 years ## **2.9 Investments** Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at market value at the period end. ## **2.10 Creditors** Creditors and provisions are recognised where the charity has a present obligation as a result of a past transaction or event that will probably result in the transfer of funds and the amount due to settle the obligation can be measured or estimated reliably, these are recognised after any discount due. ## **2.11 Financial instruments** Financial instruments are recognised in the charitiable company's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price. ## **2.12 Funds structure** Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. The charity currently has no restricted funds or endowments. ## **2.13 Taxation** No tax has been provided in these accounts because the trustees believe that the income and gains are within the exemptions granted by Chapters 2 and 3 of the Corporation Taxes Act 2010. ## **2.14 Employee benefits** The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the employee's services are received. Page 9 **The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 ## **2.15 Going concern** There are no material uncertainties about the charitable company's ability to continue as a going concern. Owing to the expenditure on the essential repairs described above, the trustees authorised the use of reserves. The remaining reserves were within the limits of our reserves policy. From September 2019 the house was in full occupancy with the expectation of remaining so throughout 2020. The effects of the Covid-19 pandemic meant that several residents left in March 2020, resulting in a much depleted income. The Trustees are actively looking for ways in which the work of the Fellowship can continue in the future. ## **3 Trustee's remuneration and expenses and related party transactions** Trustees received no emoluments or expense reimbursements in the year. Reverend Neil Owen Traynor is married to the Warden, Mrs Jill Traynor and therefore resides at Bickersteth House. The Warden is a remunerated position. |**4**
**Expenditure on charitable activities:**
Operating costs of Bickersteth House:
Staff costs
Housekeeping
Ground rent, rates and insurance
Light and heat
Repairs and redecorations
Telephone and internet
Professional fees
Depreciation
Sundry expenses
**5**
**Fees to the independent examiner**
Independent examiner's fees
**6**
**Governance costs**
Accountancy fees
**7**
**Net gains/(losses) on investment assets**
Realised gain/(loss) on disposal of investments
Unrealised gain/(loss) on revaluation at the period end|**2020**
**£**
21,442
11,636
10,879
6,017
7,232
1,740
1,451
1,453
963
62,813
**2020**
**£**
1,000
**2020**
**£**
1,000
1,000
**2020**
**£**
--
1,651
1,651|2019
£
21,805
15,191
11,401
5,484
36,677
1,208
2,828
1,453
693
96,740
2019
£
1,740
2019
£
1,740
1,740
2019
£
3,012| |---|---|---| |||1,196| |||4,208| Page 10 **The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 ## **8 Tangible fixed assets for use by the charity** |COST
as at 1 January 2020
Additions|Leasehold
Improvements
**£**
6,124
--|Fixtures and
Equipment
1,141
--|Total
**£**
7,265
--| |---|---|---|---| |as at 31 December 2020
DEPRECIATION
as at 1 January 2020
Depreciation - current year|6,124
1,225
1,225|1,141
228
228|7,265
1,453
1,453| |as at 31 December 2020
**Net book value 31 December 2020**|2,450
**3,674**|456
**685**|2,906
**4,359**| |Net book value 31 December 2019|4,899|913|5,812| |**9**
**Fixed Asset Investments**
Market Value as at 1 January 2020
Additions at cost
Net gain/(loss) on revaluation|**CCLA**
**Investments**
**£**
23,913
--
1,651||**Total**
**£**
23,913
--
1,651| |Market Value as at 31 December 2020|25,564||25,564| |Historical cost (2019: £17,012)|17,012||17,012| |All investments are shares in the Central Board of Finance Fixed Interest Securities Fund, these are held
and managed in the UK.
**10**
**Debtors**
**2020**
**£**
Prepayments
727
Other debtors
--|||2019
£
--
34| ||727||34| |**11**
**Cash at bank and in hand**
Current account
Deposit account
Cash in hand|**2020**
**£**
2,073
5,176
--||2019
£
9,589
4,438
521| ||7,249||14,548| |**12**
**Creditors: amounts falling due within one year**
Other creditors
Taxation and Social Security
Accruals|**2020**
**£**
--
826
1,849||2019
£
87
845
2,400| ||2,675||3,332| Page 11 **The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2020** Company Registration No. 384919 Charity Registration No. 222612 ## **13 Securities and charges** No charges exist over the property and assets of the charity. ## **14 Analysis of charitable funds** |UNRESTRICTED FUNDS
General fund|At 31
December
2019
Income
£
£
40,975
56,411|Expenditure
£
63,813|Other
Gains
£
1,651|At 31
December
2020
£
35,224| |---|---|---|---|---| |Total funds|40,975
56,411|63,813|1,651|35,224| |Analysis of charitable funds - previous year
UNRESTRICTED FUNDS
General fund|At 31
December
2018
Income
£
£
50,940
84,307|Expenditure
£
98,480|Other
Gains
£
4,208|At 31
December
2019
£
40,975| |Total funds|50,940
84,307|98,480|4,208|40,975| |**Staff costs**
The staff costs were:
Salaries
Social security costs
Employers pension contributions||**2020**
**£**
20,998
--
444||2019
£
21,405
--
400| |||21,442||21,805| ## **15 Staff costs** The monthly average number of employees in the year was 1 (2019: 1). ## **16 Support costs** As the charity has the one activity the only costs that constitute support costs are those incurred in the governance of the charity and were £1,000 (2019: £1,740). ## **17 Transactions with Trustees** Reverend Neil Owen Traynor (see note 3) and Diep Pham were residents at Bickersteth House during the period. There were no other transactions with trustees or related parties during the periods reported. Page 12