Charity number: 0241971 THE PERSE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024
The Perse Trust Notes to the Financial Statements For the ear ended 30 June 2024 The PerseTrust Conlentg Page Reference and Administrative Details of the Charity, its Tru$leo$ and Advlsers Trustees. Report Indepèndent Examiner's Report statement of Finan¢ial Activities Balan¢e Sheet Notes to the Financial Ststements 9-14
The Perse Trust Legal and Admlnlstrative Details Trustees Mr R G Gardiner Professor P J Rogerson Trust Address Gonville & Caius College Trinity Street Cambridge CB2 1TA Legal Status The Charity was created by the will of Stephen Perse dated 27 September 1615 which was amended by Court schemes of 1841 and 1873, an apportionment agreed with the Charity Commission in 1880 and a scheme dated 1901. The Charity was registered with the Charty Commission Registration on 19 July 1965 No= 0241971. Indèpendent Examiner K Bretherick FCA Peters. Elworthy & Moore Chartered Accountant$ Salisbury House Station Road Cambridge CB12LA Investment Managers CCLA Inveslment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET
The PerJe Trust Trustees, Report For the year ended 30 June 2024 The Trustees submit their annu81 report and the finaricral statements of The Perse Trust Ilhe Trust) for the year ended 30 June 2024. The Trustees confirm that the annual report and financial stalemenls of the charity comply with the current statutory requirernent5, the requirements of the charity's goveming document, the Chaiities Act 2011 and the provisions of the Slalemenl of Recommended Practi ISORPI, applicable lo charities preparing their accounts in accordance with the Financ1 Reporting Standard applicable in the UK and Republi¢ of Irelancl IFRS 1021 leffectNe 1 January 20151 as mended by Update Bulletin I leffeclive 1 January 2016}. Structure, governance and management CONSTITUTION The Charity was crealed by the will of Stephen Perse dated 27 September 1615 which was amenijed by Court schemes of 1841 and 1873, an apportionment agreed with the Charity Commisslon in 1880 and a scheme dated 1901. The Charity was registered with the Charity Commission Registration on 19 July 1965. A statutory declaration of 51h July 2021 summarised the powers and provisions of the documents. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Trustees are the Master and Senior Bursar for the time being of Gonville & Caius colle, Cambridge. . ORGANISATIONAL STRUCTURE AND DECISION MAKING The Tmslees who served during the year were as follows.. Professor P J Rogerson Mr R Gardiner The Trustees meet regularly and correspond to deal with management issues associated with the charity. The Registrar of the Charity was Mr R Gardiner. d. KEY MANAGEMENT PERSONNEL The Trustees Consider the board of Trustees as comprising the key management personnel of the charty in charge ol directing and controlling the charity and running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee femuneralion was paid in the year. Objectives and Acttvities POLICIES AND 0ECTIVEs The Trust was lo carry out the purposes of the will of Stephen Perse and prin¢ipally provides accommodation and facilities for the elderly. b. PUBLIC BENEFIT AND GRANT MAKING POLICY The Trustees confirm that they have paid due regard to the Charity Commission's published guidance on the public benefit requirements under the Charities Act 2011. The Perse Tru5115 a regtstered charty whose charitable purposes defined within the Charities Act 2011 15 the
The Perse Trust Trustees, Report For the year ended 30 June 2024 provision of accommodation for the eklerty through the upkeep of historical buildings. Achievements and Perfomiance a. POLICIES AND OBJECTIVES The TTUSI treats dividend income received In the year as investment income. Total investment income in the year amounted lo £22, 140, together with SerVe charge income of £15,103. which was insufficient to cover the expenditure in the year due to further bathroom refurbishments. Nel assets increased by £44,452 in the yeai lo 30 June 2024, attributable to a gain in the value of inveslfflenls at 30th June 2024 of £63,364 and lo an excess of expenditure over investment income of £18,912. b. INVESTMENT POLICY AND PERFORMANCE The Trust holds a portfolio of investrEnts intended to sustain the income necessary lo operate and maintain the almshouses and the other, limited charitable purposes of the Trust. On the 51h July 2021 the Tfustees resolved to update the investment permissions of Ihe Charity under s.280 Charities A¢t 2011 stjch that any ndS that the Charity holds may be deposited or invested in ar¢y manner that the Trustees see fit prgvided that, if the Tru51ees consider il neeessary, advice is first obtained trom a financial expert lan individual, company or firm who Is authorised to give investment advice under the Financial Services and Markets Act 20001 and regard is had lo the suitability of investments and the need for diversification. The Trustees may also delegate the management of investments to a fi'nancial expert. together with other provisions lo regulate the proper investment rnanagement of the Charity, funds. In July 2021, the Trustees appointed CCLA as investment managers and transferred the Trust's investments to the COIF Charities Ethrcal Investment Fund. The Trustees viewed the performance of the investments during the year as being satisfactory. Flnanclal Revlew a. RESERVES POLICY The reserves policy established by the Trustees is to maintain the capital fvnds al 8 level which they judge to be necessary lo produce an annual income sufficient lo enable the Trust to meet ils objectives and the cost of so doing. Given that the investment income was insufficient to cover expenses for the year to 30 June 2024, there is a need to increase the Charity's income, increase the value of the endowment or reduce the level of expenditure to ensure income from reserves are adequate to cover expenditure. To that end it is the poli¢y lo charge a modest seNice charge lo new residents.
The Perse Trust Trustees, Report For the year ended 30 June 2024 Plans for the future FUTURE DEVELOPMENTS e Trustees intend lo continue to have full re9ard to further the objects of the charity whh are now principally the advancement and provision of accornmodation for the elderly of limited means. STATEMENT OF TRUSTEES, RESPONS181LITIES The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and Untted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applieable to charities in England and Wales requires the Trustees to prepare finan¢ial ststements for each financial year which give a true and fair view of the stale of affairs of the ¢harity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustees a required to.. select suitable accounting policies and ihen apply thern consistently. observe Ihe methods and principles in the Charitie5 SORP", make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concern basis unless rf is inappropriate to presume that the charity will Continue in operation The Trustees are responsible for keeping proper accounts.ng records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure th8t the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and deteGb'on of fraud and other irregularities. This report was approved by the Trustees and signed on rt5 behalf, by.. Professor P J Rogerson Trustee
The Perse Trusl Independent Examiner's Report For The Year Ended 30 June 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PERSE TRUST I report to the Trustees on my examination of the accounts of the charity for the yeai ended 30 June 2024 which are sel out on pages 7 10 14. This report is made solely lo the charty's Trustees, as a body, in accordanc8 with Part 4 of the Charities IAccounls and Reports) Regulations 2008. My work has been undertaken so that I might state lo the charity's Trustees those matters l am requir lo slate lo them in an Independent Examinerfs Report and for no other purpose. To the fullest exlenl permitted by law. I do not 8ccept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity, you ore responsible for the preparation of the accounts in accordance with the requirements of Ihe Chaflties Act 20111'the 2011 ACVI. I report in respect of my examination of the charity's accounts Carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn lo the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Ch8ritses'. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applirable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts lo provide a Irue and fair view in accordance with the Generally Accepted Accounting Practice effective for leporting periods beginning on or after 1 January 2015. I have completed my examination. I can confimi that no matters have come lo my attention in cennection with the examinatson giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or 2. the accounts do not accoTd with those records,. or 3. the accounts do not comply wilh the applicable requirement$ conceming the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter considered a5 part of an independent examination.
The Perse Trust Independent Examiner's Report For The Year Ended 30 June 2024 I have no concerns and have come across no other matters in oonneclion with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Kelly Bretherlck FCA For and on behalf of PETERS, ELWORTHY & MOORE Chartered Accountants Cambridge Date..
The Perse Trust ststement of Financial Activities For the year ended 30 June 2024 Total Funds ToLIl Funds Endowment restricted Funds Funds 2024 2024 Notes 2024 2023 Income and endowmènts Investment Income other income 22,140 15,103 22,140 15,103 21,215 11,945 Total income 37,243 37,243 33,160 Expenditure Expenditure on ch8riÈ8ble activities.- Upkeep of Almshouses Other expendilufe 22,767 29,709 3,679 52,476 3.679 31,065 3,107 Totsl Expenditure 22,767 33,388 S6,155 34,172 Net expenditurfj before revaluations 122,7671 3,855 118,9121 11.0121 Gains on fixed asselsl investment assets 63,364 63.364 15,315 Nel Movement in Funds for the Year 40,597 3,855 44,452 14,303 Total fvnds at l July 2023 712.173 149,786) 662,387 648.084 Tgtal Funds at 30 June 2024 752,770 145,931) 706,839 662,387 The notes on pages 9 10 14 form part of these financial statements.
The Perse Trust Balance Sheét As at 30 June 2024 Notes 2024 2023 Investments: COIF Charities Ethical Investment Fund 740,579 677.215 740,579 677.215 Current assets Oebtors Cash balances 5,240 20,082 25,322 5,073 31,998 37,071 Current Ilabilitl85 Creditors 59.0621 151,8991 Net current Ilabilities 133,7401 114,8281 Net Assets 70e,839 662,387 Charity funds Expendable Endowment Funds Unreslricled Funds 752,770 712,173 (45,9311 {49,786) 7{,839 662,387 These financial statements were approved by the l)oard of Trustees on and were signed on its behalf by: Mr R G Gardinèy Trustee Date.. 13103115 The notes on pages 9 to 14 form part of these financial statemenls.
The Perse Trust Notss to the Financial Statements For the year ended 30 June 2024 1. Accounting Pollcles 1.1 Basis of preparnllon of financial ststements The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities IA¢counts and Reports} Regulations 2008 only lo the extent required to provide a 'true and fairf view. This departure has involved following the Charilres SORP IFRS 102} published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The finan¢ial statements have been prepared untjer the historical cost convention with ilerns recognised al cost or transaction value unless olhewise staled in the relevant notes to these accounts. The financial statements have been prepared in accordance with the SlalerrEnt of Recommended Pra¢ts"¢e." Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard appIable in the UK and Republic of Ireland IFRS 1021 Isecond edition of the Charities SORP IFRS 1021 October 2019. effective 1 January 20191 and Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charities Act 2011. The Perse Trust meets the definition of a public benefit entlty under FRS 102. Thefft were no significant estimates or judgements made by management in pfftparing these financial statements other than the valuation of investments which have been directly obtained from third parties. 1.2 Fund accounting Unrestricted funds are funds available for use al the discretion of the Trustees in furtherance of the general objectNes of Ihe charity and which have not been designated for other purposes. 1.3 Incoming recognltlon All income is included in the Statement of Financial Activities when the charity is legally entitled lo the income and the amount can be quantified with reasonable accuracy. In 2021-22, the Trust amended ils previous policy of allowing expenditure to be funded from ils long term investment portfolio on a Total Return basis and instead treated dividends received in the year as investment income. Each yeaf It will determine the amount which may prudently be spent in the current ye8r. consistent with the objective of maintaining the real purchasing power of the portfolio over the long tetm and using exleTnal advi. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relats'on to investment income is recognised at the time the investment income is receivable.
The Perse Trust Notes to the Financial Statements For the ear ended 30 June 2023 1.4 Expenditure recognitlon All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation of activities. Vvhere costs c?nnot be directly attributed to particular aclwits'es, they have been allocated on a basis consistent with Ihe use of the resources. Grants payable are Charged in the year when the offer is made except in those e8ses where the offer is conditional, such grants being recognised as expenditur8 when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, bul not accrued as expenditure. 1.5 Fixed Assets The Perse Trust owns the Perse Trust Alms Houses. These are held al a carrying value of £nil {2023.' £Nill, equivalent to the cost lo the Trust. 1.6 Investments Investments are stated at market value at the balance sheet dale. The Sialement of Financial Activities includes the nel gains and losses on revaluations and disposals throughout the year. 1.7 Debtor8 Debtors are reco9nised at the transaction value less any impairment value. 1.8 Cash Cash is represented by cash in hand and deposits with financial inslitutiens repayable without penalty on nOte of not more than 24 hours. 1.9 Creditors Liabilities are recognised when there is an obli9alion at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo Settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. 2. Going Concern The charity's financial statements have been prepared on a going concern basis. The Trustees continue to regularly review the income and expenditu for a period of not less than 12 months to ensure that Iheie are sufficient fvnds avgilable to continue lo operate the Trust on a going conrn basis.
The Perse Trust Notes to the Financial Statements For the ear ended 30 June 2024 3. Invèstment Income 2024 2023 Income from investments 22,140 21,215 GainsllLossesl on investments Tolal Investment income & gaInsOtal Retu 63,364 15,315 85,504 36,530 4. Other income 2024 2023 Service charges 15,103 11,945 Total Other income 15.103 11,945 S. Other exp•ndlture 2024 2023 Independent examination fee Igovemancft) Other 2,520 344 2,100 192 Total Other expenditure 3,679 3,107 6. Flxed asset investments 2024 2023 Market Value Al 1 July Additions Disposals Revaluations 677,215 661,900 63,364 15,315 At 30 June 2024 740,579 677,215
The Perse Trust Notes to the Financial Ststements For the ear endèd 30 June 2024 7. Debtors 2024 2023 Investment dividends receivable 5,240 5,073 Total Debtors 5,240 5,073 8. Creditors 2024 2023 Inlercompany payable 59,062 51,899 Total Creditors 59.062 51,899 9. Analysis of Net Assets As at 30 June 2024 Endowrnent Unrestri¢t¢d Funds Fund$ Totsl Inveslments Current Assets Current Liabilities Net assets 740,579 16,046 3,855 752,770 740,579 25,322 59,062 706,839 9,276 55,207 45,931 As at 30th June 2023 Endowment Unrestrictod Funds Funds Total Investments Current Assets Current Liabilities Net assets 677,215 34,958 677,215 37,071 51,899 662,387 2,113 51,899 49,786 712.173 12
- Related Party Transaelions During the year ended 3D June 2024 there were no related paTty transactions that require disclosure within the financial statemenls12023.' None}-
- Tru$tees' Remuneration None of the Trustees who are considered as the key management personnel received remuneration or expenses during the current or previous period.
- Employees No employe85 W8r8 employed by the ¢harity In 2023-2412022-23= nill. 13