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2021-12-31-accounts

The Pathfinder Fellowship

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Company Registration No. 00384919 Charity Registration No. 222612

The Pathfinder Fellowship

Year Ended 31 December 2021

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 2021 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 2021. 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: Trisha Marie Rassatt (Chair) Paul Morgan Br Philip David Nichols Sonia Claire Paine retired 20 October 2021 Ilona Pimbert Revd Philippa Anne Turner Revd Neil Owen Traynor retired 31 May 2022 Revd Emma Dinwiddy Smith** Dr Dwayne Ryan Menezes appointed 1 July 2021 and retired 21 April 2022

**ex-officio member as Chaplain of the Association of The Pathfinder Fellowship.

*** ex-officio member as Vicar of St. Mary Abbots Church, Kensington.

Except where indicated the above named individuals served as trustees throughout both this year and the previous year.

Warden/Company Secretary: Mrs Jill Traynor retired 30 April 2022
Dr Dwayne Ryan Menezes appointed 1 June 2022
Registered/Charity Office: Bickersteth House
25 Sheffield Terrace
London
W8 7NQ
Advisers: Bankers Barclays Bank Plc 35 Notting Hill Gate, London, W11 3JR
Solicitors Wrigleys LLP 19 Cookridge Street, Leeds, LS2 3AG
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, Achievements and Next Steps for the Pathfinder Fellowship

Throughout 2021, we have maintained almost a full house averaging 9-10 residents at any given time. This year our residents come from countries such as France, Sweden, Kenya and the UK. We’ve done our best to maintain a strong house community despite a lingering impact of Covid-19 and some unforeseen circumstances. House meals, regular services, worship and a feeling of community continued to be a priority.

Page 1

The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2021 incorporating the Directors' Report

Company Registration No. 00384919 Charity Registration No. 222612

Lock downs in the UK continued to impact the community especially as it limited guests from coming to the house. Many residents continued to work from home either fully or partially in 2021. Once lockdowns were lifted, we were able to remove some of the cautious measures in place. For example we started re-inviting clergy to preside in-person at the Eucharists and allowed guests back at the house for dinners and overnight stays.

Unfortunately, in September 2021, Jill Traynor, the Warden of Bickersteth House and Company Secretary to the Pathfinder Fellowship was diagnosed with cancer and advised to take immediate sick leave. Jill and her family continued to live at Bickersteth House but her day-to-day responsibilities were delegated to trustees of the Governing Body as she is the sole employee for the charity.

The Governing Body took over managing the finances, regularly meeting with the residents and overseeing day-today matters such as managing maintenance, cleaning and ordering food and supplies for the house. These additional responsibilities meant that the Governing Body needed to pause its work on revising the charity governance model, updating the charity mission and creating the longer term plan.

In early 2022, Jill continued to take sick leave and announced her resignation from the role as Warden and Company Secretary. The Governing Body has since been able to hire an interim Warden, Dwayne Menezes, who starts on 1 June 2022 for an extendable 6-month contract. In the second half of 2022, the trustees will be able to fully transition the Warden duties back to Dwayne and renew the focus on the longer term strategy of the Pathfinder Fellowship.

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.

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.

Page 2

The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2021 incorporating the Directors' Report

Company Registration No. 00384919 Charity Registration No. 222612

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.

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 £62,602 (2020: £56,411). Income arises from residents fees, guest fees, investments and donations.

There was a surplus before movements on investments for the year of £846 (2020: deficit £7,402). No investments have been sold this year.

The unrealised gains on the revaluation of investment assets at the period end was £3,676, (2020: £1,651).

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 £36,840 plus non-liquid assets of £2,906 (total reserves £39,746).

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).

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:

Page 3

The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2021 incorporating the Directors' Report

Company Registration No. 00384919 Charity Registration No. 222612

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 2021 was approved by the trustees on 28 June 2022 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 2021, 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:

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 …………………………….………… 2022

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 2021

Company Registration No. 384919 Charity Registration No. 222612

----- Start of picture text -----
Total Total
Unrestricted Unrestricted
Funds Funds
2021 2020
Note £ £
Income and endowments
Donations and legacies 270 4,496
Charitable activities:
Members contributions for residence and hospitality 61,586 51,178
Investment income 746 737
Total income 62,602 56,411
Expenditure
Expenditure on charitable activities:
Operating of Bickersteth House 4 60,756 62,813
Governance costs 6 1,000 1,000
Total expenditure 61,756 63,813
Net income/(expenditure) before gains/(losses) on investments 846 (7,402)
Net gains/(losses) on investment assets 7 3,676 1,651
Net income/(expenditure) and net movment in funds for the year 4,522 (5,751)
Reconciliation of Funds
Total funds brought forward 35,224 40,975
Total funds carried forward 39,746 35,224
----- End of picture text -----

There were no recognised gains or losses for the year ended 31 December 2020 or for the year ended 31 December 2021 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 2021

Company Registration No. 384919 Charity Registration No. 222612

----- Start of picture text -----
2021 2020
Note £ £
Fixed Assets
Tangible Assets 8 2,906 4,359
Investments 9 29,241 25,564
Total fixed assets 32,147 29,923
Current Assets
Debtors -- 727
Cash at bank and in hand 11 10,319 7,249
Total current assets 10,319 7,976
Liabilities:
Creditors amounts falling due within one year 12 (2,720) (2,675)
Net current assets 7,599 5,301
Total net assets 39,746 35,224
Funds of the charity:
Unrestricted Funds brought forward 35,224 40,975
Net movement in funds 4,522 (5,751)
Total funds 14 39,746 35,224
----- End of picture text -----

The notes on pages 8 to 12 form part of these accounts.

For the financial year ended 31 December 2021 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 28 June 2022 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 2021

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:

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 2021

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 2021

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.

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
Net movements on funds
Net movements on funds for the year is stated after charging:
Independent examiner's fees
6
Governance costs
Accountancy fees
7
Net gains/(losses) on investment assets
Unrealised gain/(loss) on revaluation at the period end
8
Tangible fixed assets for use by the charity
COST
as at 1 January 2021
Additions
as at 31 December 2021
DEPRECIATION
as at 1 January 2021
Depreciation - current year
as at 31 December 2021
Net book value 31 December 2021
Net book value 31 December 2020		 2021
2020
£
£
21,882
21,442
13,581
11,636
12,171
10,879
6,479
6,017
1,927
7,232
1,443
1,740
1,780
1,451
1,453
1,453
40
963
60,756
62,813
2021
2020
£
£
1,000
1,000
2021
2020
£
£
1,000
1,000
1,000
1,000
2021
2020
£
£
3,676
1,651
3,676
1,651
Leasehold
Fixtures and
Total
Improvements
Equipment
£
£
6,124
1,141
7,265
--
--
--
6,124
1,141
7,265
2,450
456
2,906
1,225
228
1,453
3,675
684
4,359
2,449
457
2,906
3,674
685
4,359		 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

Page 10

The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2021

Company Registration No. 384919 Charity Registration No. 222612

9 Fixed Asset Investments

9
Fixed Asset Investments
Market Value as at 1 January 2021
Additions at cost
Net gain/(loss) on revaluation		 CCLA
Investments
£
25,565
--
3,676		 Total
£
25,565
--
3,676
Market Value as at 31 December 2021 29,241 29,241
Historical cost (2020: £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
2021
£
Prepayments
--		 2020
£
727
-- 727
11
Cash at bank and in hand
Current account
Deposit account		 2021
£
6,398
3,921		 2020
£
2,073
5,176
10,319 7,249
12
Creditors: amounts falling due within one year
Taxation and social security
Staff pensions
Accruals		 2021
£
802
91
1,827		 2020
£
826
--
1,849
2,720 2,675

13 Securities and charges

No charges exist over the property and assets of the charity.

14 Analysis of charitable funds

UNRESTRICTED FUNDS
General fund
Total funds		 At 31
At 31
December
Other
December
2020
Income
Expenditure
Gains
2021
£
£
£
£
£
35,224
62,602
61,756
3,676
39,746
35,224
62,602
61,756
3,676
39,746

Page 11

The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2021

Company Registration No. 384919 Charity Registration No. 222612

Analysis of charitable funds - previous year

UNRESTRICTED FUNDS
General fund
Total funds
15
Staff costs
The staff costs were:
Salaries
Social security costs
Employers pension contributions		 At 31
At 31
December
Other
December
2019
Income
Expenditure
Gains
2020
£
£
£
£
£
40,975
56,411
63,813
1,651
35,224
40,975
56,411
63,813
1,651
35,224
2021
2020
£
£
21,426
20,998
--
--
456
444
21,882
21,442

The monthly average number of employees in the year was 1 (2020: 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 (2020: £1,000).

17 Transactions with Trustees

Reverend Neil Owen Traynor (see note 3) was a resident at Bickersteth House during the period. There were no other transactions with trustees or related parties during the periods being reported upon.

Page 12