## **The Pathfinder Fellowship**
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
**Company Registration No. 00384919 Charity Registration No. 222612**
## **The Pathfinder Fellowship**
## **Year Ended 31 December 2024**
|**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 2024 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 2024. 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* resigned 20 March 2024 Ilona Pimbert Revd Philippa Anne Turner** Revd Emma Dinwiddy Smith*** Philip Bedford 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.
Except where indicated the above named individuals served as trustees throughout both this year and the previous year.
Warden/Company Secretary: Dr Dwayne Ryan Menezes Registered/Charity Office: Bickersteth House 25 Sheffield Terrace London W8 7NQ
Advisers: Bankers National Westminster Bank Plc 250 Bishopsgate, London, EC2M 4AA Solicitors Wrigleys LLP 3 Wellington Place, Leeds, LS1 4AP Accountants Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Investments CCLA One Angel Lane, London, EC4R 3AB
## **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**
In 2024, the Pathfinder Fellowship continued to grow its community and financial stability. It also reached progress in identifying future options for the charity as the lease of its main asset, Bickersteth House, is coming to an end in 2030. Dr Dwayne Menezes continued to serve as the Warden and Company Secretary. He actively ensured the House operated at capacity each month, focused on religious education per the mission of the Charity, commissioned necessary repairs and renovations, and supported the Governing Body in identifying options for the future.
Bickersteth House had a diverse community in 2024 and provided a home to residents from countries including: England, Scotland, Ireland, Wales, the United States of America, Canada, Colombia, France, Germany, Sweden, Poland, Bulgaria, Kenya, South Africa, India, Sri Lanka, South Korea and Australia. House meals, regular services, group discussions and lectures continued to be a priority. The Fellowship continues to have a strong relationship with local parish churches and the Community of the Resurrection, building on a tradition of more than a century.
Page 1
The Pathfinder Fellowship Trustees' Annual Report for the year ended 31 December 2024 incorporating the Directors' Report
Company Registration No. 00384919 Charity Registration No. 222612
The Warden and Pathfinder Fellowship Governing Body carefully monitored cash flow, especially with inflation, increased costs and the maintenance needs of an older property. The Warden found a good balance in maintaining around 10-12 residents in the House at a given time which provided enough income to provide a small surplus at the end of the year for the Fellowship.
In 2024, the Warden and the Governing Body made progress in their deliberations over the longer term plan for the Fellowship. They hired surveyors to value the House and started discussions with the Freehold owner to understand the implications of a few different scenarios such as: leasehold enfranchisement, lease extension, lease assignment, lease expiry and early surrender. In early 2025, the Warden and the Governing Body negotiated to surrender the lease early and back to the Freeholder in January 2026. This was approved by the Membership at an Extraordinary General Meeting in February 2025. 2025 will have a focus to prepare for the turnover and to partner with the Members of the Fellowship to identify the next chapter for the Charity.
## **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 2024 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 £136,748 (2023: £146,303) , a decrease of 6.5%. Income arises from residents and guest fees (£127,423), investments (£1,660) and donations (£850). There was also an insurance claim in the year of £6,815. Expenditure for the year was £135,082 (2023: £101,982), an increase in spending of £33,100 (32%). The increase being mainly due to repairs and redecoration, partly held over from prior years. There was a surplus before movements on investments for the year of £1,666 (2023: £44,321). There was a modest gain on investment assets of £646, (2023: gain of £2,450). No investments have been sold in the 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 £85,611 ,plus non-liquid assets of £998 (total reserves £86,609).
## **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 2024 was approved by the trustees on 11 September 2025 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 2024, 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 ………………………………….. 2025
## **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 2024**
Company Registration No. 384919 Charity Registration No. 222612
**----- Start of picture text -----**
Total Total
Unrestricted Unrestricted
Funds Funds
2024 2023
Note £ £
Income and endowments
Donations and legacies 850 7,289
Charitable activities:
Members contributions for residence and hospitality 127,423 137,572
Insurance claim 6,815 --
Investment income 1,660 1,442
Total income 136,748 146,303
Expenditure
Expenditure on charitable activities:
Operating of Bickersteth House 4 134,032 100,982
Governance costs 5 1,050 1,000
Total expenditure 135,082 101,982
Net income/(expenditure) before gains/(losses) on investments 1,666 44,321
Net gains/(losses) on investment assets 7 646 2,450
Net income/(expenditure) and net movement in funds for the year 2,312 46,771
Reconciliation of Funds
Total funds brought forward 84,297 37,526
Total funds carried forward 86,609 84,297
**----- End of picture text -----**
There were no recognised gains or losses for the year ended 31 December 2024 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 2024**
Company Registration No. 384919 Charity Registration No. 222612
**----- Start of picture text -----**
Total Total
Unrestricted Unrestricted
Funds Funds
2024 2023
Note £ £
Fixed Assets
Tangible Assets 8 998 1,840
Investments 9 28,910 28,264
Total fixed assets 29,908 30,104
Current Assets
Cash at bank and in hand 10 60,251 56,424
Total current assets 60,251 56,424
Liabilities:
Creditors amounts falling due within one year 11 (3,550) (2,231)
Net current assets 56,701 54,193
Total net assets 86,609 84,297
Funds of the charity:
Unrestricted Funds brought forward 84,297 37,526
Net movement in funds 2,312 46,771
Total funds 13 86,609 84,297
**----- End of picture text -----**
The notes on pages 7 to 11 form part of these accounts.
For the financial year ended 31 December 2024 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 11 September 2025 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 2024**
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 2024**
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 2024**
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.
## **4 Expenditure on charitable activities:**
|Operating costs of Bickersteth House:
Staff costs
Food and housekeeping
Cleaning
Ground rent, rates and insurance
Light and heat
Repairs and redecorations
Office, telephone and internet
Professional fees
Depreciation
Sundry expenses
**5**
**Governance costs**
Independent examiner's fees
**6**
**Fees to the independent examiner**
Independent examiner's fees
**7**
**Net gains/(losses) on investment assets**
Unrealised gain/(loss) on revaluation at the period end|**2024**
**£**
27,334
29,375
7,752
14,017
8,381
40,760
5,240
331
842
--
134,032
**2024**
**£**
1,050
1,050
**2024**
**£**
1,050
**2024**
**£**
646
646|2023
£
26,167
24,535
7,338
13,393
16,406
6,996
3,507
267
2,066
307
100,982
2023
£
1,000
1,000
2023
£
1,000
2023
£|
|---|---|---|
|||2,450|
|||2,450|
Page 9
**The Pathfinder Fellowship Notes to the Financial Statements for the year ended 31 December 2024**
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 2024
Additions|Leasehold
Improvements
**£**
6,124
--|Fixtures and
Equipment
4,208
--|Total
**£**
10,332
--|
|as at 31 December 2024
DEPRECIATION
as at 1 January 2024
Depreciation - current year|6,124
6,124
--|4,208
2,368
842|10,332
8,492
842|
|as at 31 December 2024
**Net book value 31 December 2024**|6,124
**--**|3,210
**998**|9,334
**998**|
|Net book value 31 December 2023|--|1,840|1,840|
|**9**
**Fixed Asset Investments**
Market Value as at 1 January 2024
Additions at cost
Net gain/(loss) on revaluation|**CCLA**
**Investments**
**£**
28,264
--
646||**Total**
**£**
28,264
--
646|
|Market Value as at 31 December 2024|28,910||28,910|
|Historical cost (2023: £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**
|Bank Current account
Deposit account held with CCLA
**11**
**Creditors: amounts falling due within one year**
Taxation and social security
Rents received in advance
Accruals|**2024**
**£**
23,475
36,776
60,251
**2024**
**£**
1,349
1,150
1,051
3,550|2023
£
50,668
5,756
56,424
2023
£
1,117
--
1,114
2,231|
|---|---|---|
## **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 2024**
Company Registration No. 384919 Charity Registration No. 222612
## **13 Analysis of charitable funds**
|UNRESTRICTED FUNDS
General fund
Total funds
UNRESTRICTED FUNDS - PRIOR YEAR
General fund
Total funds
**14**
**Staff costs**
The staff costs were:
Salaries|At 31
At 31
December
Other
December
2023
Income
Expenditure
Losses
2024
£
£
£
£
£
84,297
136,748
135,082
646
86,609
84,297
136,748
135,082
646
86,609
At 31
At 31
December
Other
December
2022
Income
Expenditure
Gains
2023
£
£
£
£
£
37,526
146,303
101,982
2,450
84,297
37,526
146,303
101,982
2,450
84,297
**2024**
2023
**£**
£
27,334
26,167
27,334
26,167|
|---|---|
The monthly average number of employees in the year was 1 (2023: 1).
## **15 Support costs**
The only costs that constitute support costs are those incurred in the governance of the charity and were £1,050 (2023: £1,000). The charity has one activity, so no allocating of support costs is necessary.
## **16 Events after the reporting date**
At an extraordinary general meeting of the Fellowship held on 18 February 2025 the following special resolution was passed by the membership:
"The Pathfinder Fellowship (as leaseholder) will effectuate a disposal of the demised premises – 25 Sheffield Terrace, Kensington, London, W8 7NQ – through an early surrender of the remainder of its lease back to the Pitt Kensington Estate (as freeholder), in exchange of the agreed premium to be paid by the freeholder to the leaseholder, and a return of the demised premises for use not before December 2025.”
## **17 Transactions with trustees and related parties**
Dr. Dwayne Ryan Menezes (the Warden) is a resident at Bickersteth House.
There were no other transactions with trustees or related parties during the periods reported.
Page 11