## **The Pathfinder Fellowship**
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
**Company Registration No. 00384919 Charity Registration No. 222612**
## **The Pathfinder Fellowship**
## **Year Ended 31 December 2022**
|**CONTENTS**||
|---|---|
||Page|
|Trustees' Annual Report|1 - 3|
|Independent Examiners' Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the accounts|7 - 11|
The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2022 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 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 2 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) (the Charity SORP).
Trustees/Directors: Trisha Marie Rassatt (Chair) Paul Morgan Br Philip David Nichols* Ilona Pimbert Revd Philippa Anne Turner** Revd Neil Owen Traynor retired 31 May 2022 Revd Emma Dinwiddy Smith*** Dr Dwayne Ryan Menezes retired 21 April 2022 Philip Bedford Smith appointed 27 February 2023
* 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.
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**
2022 witnessed change in the leadership of The Pathfinder Fellowship. Jill Traynor, the Warden and Company Secretary of The Pathfinder Fellowship since 2017, resigned due to ill health. Succeeding her in the role was a former resident, Dr Dwayne Menezes, who the Governing Body hired initially as interim Warden and Company Secretary from 1 June 2022 and then as permanent Warden and Company Secretary from 1 January 2023.
Since June 2022, the new Warden has addressed outstanding concerns relating to the maintenance of the premises and renovated various rooms to make them fit for habitation again and capable of contributing to the household income. There are now 12 rooms available for residents, and an additional room available for guests. The house has been at full capacity throughout, averaging 12 residents at any given time.
Page 1
The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2022 incorporating the Directors' Report
Company Registration No. 00384919 Charity Registration No. 222612
Our residents, all between the ages of 21 and 39, come from countries such as France, Poland, Sweden, Kenya, South Africa, Australia, Sri Lanka and the UK. House meals, regular services, worship, lectures and Bible study continue to be a priority. We are grateful to have clergy from across Kensington and Chelsea, as well as Westminster, to preside in person at our Eucharists.
The Warden and Pathfinder Fellowship Governing Body have carefully monitored cash flow in the past year especially with inflation, increased costs and the maintenance needs of an older property. Between 2021 and 2022, the income grew year-on-year by around 50% but the expenses also grew by around 50%. We are working to maintain sufficient reserves yet also modernise the The Pathfinder Fellowship and Bickersteth House property as appropriate. In 2023, The Warden and the Governing Body aim to resume their work on updating the charity mission and focusing on the longer term plan.
## **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 regular 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 access to 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.
## **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.
Page 2
The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2022 incorporating the Directors' Report
Company Registration No. 00384919 Charity Registration No. 222612
## **Financial review and investment performance**
The charity's income for the year was £94,195 (2021: £62,602). Income arises from residents and guest fees (£91,834), investments (£826) and donations (£1,535). Expenditure for the year was £92,988 (2021: £61,756), an increase in spending of £31,232, this has been due to spending on maintaining the property and the increased activity levels following the effects of the pandemic in 2020 and 2021.
There was a surplus before movements on investments for the year of £1,207 (2021: £846). The investment assets suffered a loss on revaluation at the period end of £3,427, (2021: gain of £3,676). No investments have been sold this year.
## **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 free reserves of £33,620 ,plus non-liquid assets of £3,906 (total reserves £37,526).
## **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:
- 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 2022 was approved by the trustees on 6 June 2023 and signed on their behalf by:
…………………………………………………………………………..……… Trisha Marie Rassatt (Chair)
Trustee/Director, The Pathfinder Fellowship, (Company Registration No. 00384919)
Page 3
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 2022, which are set out on pages 5 to 11.
## **Responsibilites and basis of report**
As the trustees of the charitable 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 2006 Act 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 6 June 2023
## **Darren Broadbent FCA**
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 4
**The Pathfinder Fellowship Statement of Financial Activities and Income and Expenditure account for the year ended 31 December 2022**
Company Registration No. 384919 Charity Registration No. 222612
**----- Start of picture text -----**
Total Total
Unrestricted Unrestricted
Funds Funds
2022 2021
Note £ £
Income and endowments
Donations and legacies 1,535 270
Charitable activities:
Members contributions for residence and hospitality 91,834 61,586
Investment income 826 746
Total income 94,195 62,602
Expenditure
Expenditure on charitable activities:
Operating of Bickersteth House 4 87,904 60,756
Governance costs 6 5,084 1,000
Total expenditure 92,988 61,756
Net income/(expenditure) before gains/(losses) on investments 1,207 846
Net gains/(losses) on investment assets 7 (3,427) 3,676
Net income/(expenditure) and net movement in funds for the year (2,220) 4,522
Reconciliation of Funds
Total funds brought forward 39,746 35,224
Total funds carried forward 37,526 39,746
**----- End of picture text -----**
There were no recognised gains or losses for the year ended 31 December 2022 or for the prior year other than those included in the Statement of Financial Activities above.
All income and expenditure derives from continuing activities.
Page 5
**The Pathfinder Fellowship Balance Sheet as at 31 December 2022**
Company Registration No. 384919 Charity Registration No. 222612
**----- Start of picture text -----**
Total Total
Unrestricted Unrestricted
Funds Funds
2022 2021
Note £ £
Fixed Assets
Tangible Assets 8 3,906 2,906
Investments 9 25,813 29,241
Total fixed assets 29,719 32,147
Current Assets
Cash at bank and in hand 10 14,660 10,319
Total current assets 14,660 10,319
Liabilities:
Creditors amounts falling due within one year 11 (6,853) (2,720)
Net current assets 7,807 7,599
Total net assets 37,526 39,746
Funds of the charity:
Unrestricted Funds brought forward 39,746 35,224
Net movement in funds (2,220) 4,522
Total funds 13 37,526 39,746
**----- End of picture text -----**
The notes on pages 7 to 11 form part of these accounts.
For the financial year ended 31 December 2022 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 6 June 2023 and signed on their behalf by:
…………………………………………………………………………..……… Trisha Marie Rassatt (Chair) Trustee/Director The Pathfinder Fellowship Company Registration No. 384919
Page 6
**The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2022**
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 the Charity 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.
Page 7
**The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2022**
Company Registration No. 384919 Charity Registration No. 222612
## **2.6 Pension costs**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **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.
Page 8
**The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2022**
Company Registration No. 384919 Charity Registration No. 222612
## **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.
## **2.15 Going concern**
In the opinion of the trustees there are no material uncertainties about the charitable company's ability to continue as a going concern.
## **3 Trustee's remuneration and expenses**
Trustees received no emoluments or expenses in the year.
Reverend Neil Owen Traynor, who retired as a trustee on 31 May 2022, resided at Bickersteth House. Dr. Dwayne Ryan Menezes, who resigned as a trustee on 21 April 2022, was appointed as Warden on 1 June 2022 and 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
Stationery
Computer costs
Telephone and internet
Professional fees
Depreciation
Sundry expenses
**5**
**Fees to the independent examiner**
Independent examiner's fees
**6**
**Governance costs**
Accountancy fees
Solicitors fees
**7**
**Net gains/(losses) on investment assets**
Unrealised gain/(loss) on revaluation at the period end|**2022**
**£**
18,922
20,266
12,417
12,995
18,436
326
670
1,104
290
2,067
411
87,904
**2022**
**£**
1,000
**2022**
**£**
1,000
4,084
5,084
**2022**
**£**
(3,427)
(3,427)|2021
£
21,882
13,581
12,171
6,479
1,927
--
--
1,443
1,780
1,453
40
60,756
2021
£
1,000
2021
£
1,000
--
1,000
2021
£|
|---|---|---|
|||3,676|
|||3,676|
Page 9
**The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2022**
Company Registration No. 384919 Charity Registration No. 222612
## **8 Tangible fixed assets for use by the charity**
|**8**
**Tangible fixed assets for use by the charity**||||
|---|---|---|---|
|COST
as at 1 January 2022
Additions|Leasehold
Improvements
**£**
6,124
--|Fixtures and
Equipment
1,141
3,067|Total
**£**
7,265
3,067|
|as at 31 December 2022
DEPRECIATION
as at 1 January 2022
Depreciation - current year|6,124
3,675
1,225|4,208
684
842|10,332
4,359
2,067|
|as at 31 December 2022
**Net book value 31 December 2022**|4,900
**1,224**|1,526
**2,682**|6,426
**3,906**|
|Net book value 31 December 2021|2,449|457|2,906|
|**9**
**Fixed Asset Investments**
Market Value as at 1 January 2022
Additions at cost
Net gain/(loss) on revaluation|**CCLA**
**Investments**
**£**
29,240
--
(3,427)||**Total**
**£**
29,240
--
(3,427)|
|Market Value as at 31 December 2022|25,813||25,813|
|Historical cost (2021: £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 Cash at bank and in hand**
|Current account
Deposit account
**11**
**Creditors: amounts falling due within one year**
Taxation and social security
Staff pensions
Accruals|**2022**
**£**
9,912
4,748
14,660
**2022**
**£**
755
--
6,098
6,853|2021
£
6,398
3,921
10,319
2021
£
802
91
1,827
2,720|
|---|---|---|
## **12 Securities and charges**
No charges exist over the property and assets of the charity.
Page 10
**The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2022**
Company Registration No. 384919 Charity Registration No. 222612
## **13 Analysis of charitable funds**
|UNRESTRICTED FUNDS
General fund|At 31
December
2021
Income
£
£
39,746
94,195|Expenditure
£
92,988|Other
Gains
£
(3,427)|At 31
December
2022
£
37,526|
|---|---|---|---|---|
|Total funds|39,746
94,195|92,988|(3,427)|37,526|
|Analysis of charitable funds - previous year
UNRESTRICTED FUNDS
General fund|At 31
December
2020
Income
£
£
35,224
62,602|Expenditure
£
61,756|Other
Gains
£
3,676|At 31
December
2021
£
39,746|
|Total funds|35,224
62,602|61,756|3,676|39,746|
|**14**
**Staff costs**
The staff costs were:
Salaries
Social security costs
Employers pension contributions||**2022**
**£**
18,804
--
118||2021
£
21,426
--
456|
|||18,922||21,882|
The monthly average number of employees in the year was 1 (2021: 1).
## **15 Support costs**
The only costs that constitute support costs are those incurred in the governance of the charity and were £5,084 (2021: £1,000). The charity has one activity, so no allocation of support costs is necessary.
## **16 Transactions with trustees and related parties**
Reverend Neil Owen Traynor (see note 3) was a resident at Bickersteth House during the period. Dr. Dwayne Ryan Menezes (see note 3) is a resident at Bickersteth House.
There were no other transactions with trustees or related parties during the periods reported.
Page 11