THE DAVID PICKFORD CHARITABLE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CHARITY NUMBER 243437
THE DAVID PICKFORD CHARITABLE FOUNDATION CONTENTS Page Truslees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 7-12
THE DAVID PICKFORD CHARITABLE FOUNDATION TRUSTEES AND ADVISERS Trustees Mrs E J Pettersen Mrs P Blackwell Charity number 243437 Independent Examiner S. Jennings FCA A2ets Audit servIs 5th Floor Ashford Commercial Quarter 1 Dover Pla Ashford, Kent TN23 1 FB Principal bankers National Westminster Bank PIC 1 Prin$ Street London EC2R 8BP Investment Advisers Brewin Dolphin 12 Smithfield Street London EC1A 9BD Registered Office Benover House Rectory Lane Sallwood Hythe Kent CT214QA
THE DAVID PICKFORD CHARITABLE FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees presenl their report and financial slatements of the charity for Ihe year ended 5 April 2024. The Truslees have adopted the provisions of the Statement of Recommended Practi (SORP) 'Accounting and Reporting by Charities. (FRS 102) in DreDarina the annual reDOrt and finanaal statements of the charitv. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities= Statement of Recommended Praclice applicable to charilies preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland published in October 2019. Objects The objectives of the foundation are set out in Clause 2 of the Deed which states that the Trustees shall hold the trust fund and the income Ihereof to pay or apply the annual income of any part of the capilal of the Irust fund to, or for, such charitable institution, or institutions, or other charitable objects. or objects as the Trustees shall from time to time at their discretion select. a) Investments There are no restrictions, the declaration of trust provides the Trustee with the widest powers of investing, disposing of and dealing with the trust fund which are lawfully capable of being conferred on Trustees. b) Expenditure The whole of sums expended. whether income or capital, shall be applied for purposes coming within the legal definition of charitable purpose. Public benefit statement The Trustees confirm that they have referred to the guidance contained in the Charity Comrnission's general guidan on public benefit when reviewing the trust's aims and objectives and in planning future activities. Review of the year Income for the year totalled £26,995 {2023= £31.383). Expenditure amounted to £135,952 (2023= £159,785) of which £112,500 (2023.. £131,350) was distributed to charitable organisalions wilhin Ihe objecls of the Trusl Deed. The key areas for focus for donalions were support for vulnerable people in the UK,. support for evangelistic work. with particular focus on work wth children and young people., support for international projects., support for the development of Christian leadership,. support for those who have been badly affected by the impact of COVID and support fot the relief of those in Ukraine. The result for the year, before the gains on investments was a deficit of £106.254 (2023.. deficit £128,402). The result after losses on investment was a surplus of £40.150 (2023.. deficit £263.231). The charity had funds at 5 April 2024 totalling £1.654.410 (2023.. £1.614,260). The market value of the investments at the end of the year was £1,634,835 (2023.. £1,575,936) compared with Ihe cost of £1,456,334 12023= £1,604,980). The market value of the investments at 5 April 2024 was above the original cost. In addition to the charity's portfolio of investments the charity held cash to be invested amounting to £13,163 (2023= £28,172). Policy to risk The Trustees are aware of the risk factors of the Foundation and every precaution is taken to ensure all legal obligations are adhered to. The Truslees attempt to avoid financial risk as far as possible by invesling in shares on a low risk basis. As the charity's sole Sour of income is through its investment portfolio. this represents the major risk. Whilst the current stale of the stock market has meant some shares have fallen in value. it is anticipated in due couse these values will recover.
THE DAVID PICKFORD CHARITABLE FOUNDATION REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Reserves The Truslees aim lo spend at least the income re1ve[l in the year before taking account of investment gains and losses. The Trustees would anb"cipate holding unrestn.cted reserves equivalent to one yearfs average annual expenditure which currently amounts to £115,00012023.' £115,000), though this varies due to the number of requests received. Unrestricted funds al 5 April 2024 amount to £6,41212023 £10.1521. The Trustees wll review the policy on an annual basis. Designated funds at 5 April 2024 amounted to £798,709 (2023. £754,819) and details can be found in note 10 Endowment funds at 5 April 2024 amounted to £849,28912023. £849,289} and details can be found in note 11. Plans for the future The Trustees intend lo review the requests thal are made to the chanty wth the expectation that donations wll be in line wilh Ihemes for 2023124. Structure The charity, which is registered with the Charty Commission under number 243437, is established under a Trust Deed dated 2 April 1965. Govemance and management The Trustees of The David Pickford Charitsble Foundalion are responsible for the general control and management of the administrab.on of the charity. The Trustees who have served during the year were as follows.. Mrs E J Pettersen Mrs P Blackwell Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial ststements in accordan wth applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). The law applicable to charities in England & Wales requires the Trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of reSoUrS of the charity for that period. In preparing these financial statement5, the Trustees are required select suilable accounting policies and Ihen apply them consistenuy.. - observe Ihe methods and principles in the Charities SORP 2015 IFRS 102}- make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going conrn basis unless it is inappropriate to presume the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose wth reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statemenls comply wilh the Charities Acl 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By order of the Trustees 4 October 2024 Mrs E J Pettersen Dale:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DAVID PICKFORD CHARITABLE FOUNDATION I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are sel out on pages 4 to 12. Responsibilities and basi5 of report As the CharItS trustees you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Acl 2011 ('the Act')- I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){b) of the Act. Independent examiner's statement I have compleled my examinalion. I confirm that no material matters have come to my attenlion in conneclion wlh the examination giving me cause to believe that in any material respect. accounting records vlere not kept in respect of the charity as required by sedion 130 of the Act., or the accounts do not accord with those records: or Ihe accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair viev/ which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in Ihis reporl in order to enable a proper understsnding of the accounls lo be reached. S. Jennings FCA For and on behalf ofAzets Audit servIs 5th Floor Ashford Commercial Quarter 1 Dover Place Ashford, Kent TN23 1 FB Date.. 7 October 2024
THE DAVID PICKFORD CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Total 2023 Total Notes Unrestricted Endowment Income from: Investment income Assets gifted from The Pickford Trust Total income 29,699 29,699 31,092 291 31,383 29.699 29,699 Expenditure on: Donations payable Independent examiner's fee Investment managerfs fee Total expenditure 112,5¢J) 3.3 20,062 135,952 112,500 3,390 20,062 135,952 131,350 3,402 25,033 159,785 Net incomel{expenditure) before gains on investments {1¢%.254) (106,254) 1128,4021 Gainsl{losses) on investments 146,404 146,404 (134,8291 Net movement in funds 40.150 40,150 1263,2311 Reconciliation of funds.. Funds brought forward at 5 April 2023 Funds carried foThvard at 5 April 2024 764,971 805,121 849,289 849,289 1,614,260 1,654,410 1,877,491 1,614,260 All income and expenditure derive from continuing activities.
THE DAVID PICKFORD CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Comparative infomiation only 2023 Total Notes Unrestricted Endowment Income from: Investment income Assets gifted from The Pickford Trust Totsl income 31,092 291 31,383 31,092 291 31,383 Expenditure on: Donations payable Independenl examiner's fee Investment managerfs fee Total expenditure 131.350 3,402 25,033 159.785 131,350 3,402 25,033 159,785 Net expenditure before losses on investments (128,402) (128,402) Gains on investments (134,829) (134,8291 Net movement in funds (263,231) (263,2311 Reconciliation of funds.. Funds brought forward at 5 April 2022 Funds carried forward at 5 April 2023 1,028,202 764.971 849,289 849,289 1.877,491 1,614,260 All income and expenditure derive frorn continuing activities.
THE DAVID PICKFORD CHARITABLE FOUNDATION BALANCE SHEET AS A T 5 APRIL 2024 Notes 2024 2023 Fixed assets Listed investments Cash investments 1,634,835 13,163 1,647,998 1,575,936 28,172 1,604,108 Current Assets Debtors Cash al bank 1.351 13.549 14,900 2,103 11,049 13,152 Creditors: Amounts falling due within one year Accruals Net current assets {8,4881 13,0001 6,412 10,152 Net assets 1.654.410 1.614,260 Funds Unrestricted funds General funds Designated fund Endowment fund 6,412 798,709 849,289 10,152 754,819 849,289 10 11 12 1.654.410 1.614,260 The financial statements were approved and authorised for issue by the Board on Signed on behalf of the board of Tnjstees 4 October 2024 Mrs E J Pettersen
THE DAVID PICKFORD CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting Policies 1.1 Accounting convention The David Pickford Charilable Foundation is a registered charity with the Charity Commission in England and Wales. The address of Ihe registered Offi is given in the charity information on page 1 of Ihese financial statements. The nature of the charity's operations and principal activities are set out in Clause 2 of the Deed which stales that the Trustees shall hold the trust fund and the income thereof to pay or apply the annual income of any part of the capital of Ihe tnjst fund to, or for, such charitable institution, or institutions, or other charilable objects. or objects as the trustees shall from time to time at their discretion select. The charily constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally A¢pted Accounling The financial statements are prepared on a going concem basis under the historical cost convention. modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheThvise staled. 1.2 Funds accounting Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds where the Trustees. at their discretion, have created a fund for a specific purpose. Endowment fund represents investments mentioned in the Scheme as 'The Trust Fund,. Any appreciation arising from this sum can be shown as part of unrestricted funds. 1.3 Income All income is induded in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and il is probable Ihat the income will be received. Investment income is included vthen receivable.
THE DAVID PICKFORD CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting Policies Expenditure All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties. it is probable Ihat the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the followng headings.. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It indudes both costs allocated directly to such activities and those costs of an indirect nature ne$sary to support them. The charity has or may make charitable donations or grants in the fom of specific donations to local, national or intemalional charitable causes. Grants payable are charged in the year when the offer is conveyed to Ihe recipient except in those cases where the offer is conditional, such grants being recognised as expenditure 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, but not accrued as expenditure. Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction cosls. Subsequenlly, they are measu at fair value with changes recognised in 'net gains l (losses) on investments, in the SOFA if the shares are publidy traded or their fair value can otherwse be measured reliably. Other investments are measured at cost less impaiThent. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimienl are recognised in expenditure. Tax The charity is an exempt charity wthin the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Going concern The financial stalements have been prepared on a going concem basis as the Truslees believe thal no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The Foundation donates cash available in its bank account throughout the year. The cash available is generated from the investment porttolio via dividends & interest net of management fees. The Foundation has no formal commitments as regards its donations. Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evalualed and are based on historical experience and other factors, induding expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty-
THE DAVID PICKFORD CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investment income 2024 2023 Dividend income 29,699 29,699 31,092 31,092 Permanent endowment invested on a total retum basis The charily has been granted the investment power of total retum. This power permits Ihe Truslees to invest permanently endowed funds to maMise total return and therefore to apply an appropriate portion of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the Truslees to apply an appropriate portion of the unapplied total retum lo income each year. Endowment Unapplied for investment Total Return Total endowment At 6 April 2023 Unapplied lotal retum 849,289 849,289 754,819 1,604,108 754,819 754,819 849,289 Movements Dividend relurn Investment management costs GainslLosses 29,699 (20,062) 146,404 156,040 112,150 43,890 29.699 (20.062) 146,404 156,040 112,150 43,890 Unapplied lotal retum allocaled to income Net movement in the year At 5 April 2024 849,289 798,709 1,647,998 Charitable donations 2024 2023 131350 Grants to institutions: 29 {2023: 26) 2024 2023 Brighter Future Intemational Trust Family Trust Folkestone Rainbow Centre Bible Society YWAM Sports Chaplaincy UK Kenward Trust Love Light Romania Prison Fellowship Slreet Pastors (Ascension Trust) Sl Peter & St Paul, Sa00 Shellerbox The Langley House Trust Nehemiah Project Innovista Intl mission for the Jews UCB Carried forward 29,250 45.000 500 50,000 2,500 2.000 500 2,000 2,000 2,000 1,000 1,000 2,000 2,000 1,500 750 1,000 1.000 750 1,000 1,000 1,000 2,000 1,000 1,000 45,000 2,000 1.000 111,750
THE DAVID PICKFORD CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charitable donations - continued 2024 2023 Brought forward CARE Christians Against Poverty Christians in Enterlainment Sportsreach Leprosy Mission Philo Trust Porchlighl Off the Fence Air Ambulance Tastelife Toilet Twinning Christ Church Balham Christian Aid Mercy Ships Big Church Day Out Flame Trust Ltd Groundwork South Imago Dei Premier Christian Radio Urban Saints 45,000 5,000 1,000 111,750 5,000 1,000 1,000 500 2,000 5,000 2,000 500 2,000 3,000 1,000 1,000 500 1,000 600 500 500 1,000 500 500 500 50,000 1,000 500 112,500 131,350 Reconciliation of grants payable Commitments at 6 April 2023 Commitments made in Ihe year Grants paid during the year Commitments at 5 April 2024 5,000 131,350 136,350 112,500 112,500 Commitments at 5 April 2024 are payable as follows Within one year (note g) Trustees remuneration and staff costs During the year the Trustees received no remuneration or reimbursed expenses (2023.. £Nil}. No staff were employed by the Foundation. Fixed Asset Investments 2024 2023 Quoted Investments Market Value at 6 April 2023 Additions Disposals Net investment gainsl{losses) Market Value at 5 April 2024 1,575,936 346,949 (434,454} 146,404 1,634,835 1,796,452 373,503 (459,190) (134,829) 1,575,936 Historical cost at 5 April 2024 of quoted investments 1,456,334 1,604,980 The fair value of the listed investments is detemiined by reference to the mid-markel value of shares at the Balance Sheel date. 10-
THE DAVID PICKFORD CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Fixed Asset Investments - continued 2024 2023 Investments listed on recognised stock exchange UK equities Overseas Bonds Overseas equities Global Investments Property Absolute Return Other Commodities UK Bonds 238,259 34,486 853,732 91,940 38,429 13,915 74,490 10,745 278,839 1634,835 336,056 64,937 699,191 84,286 53,853 68,142 54,380 9,455 205,636 1575,936 All investments were held in the UK. There were no material investments held at either year end. Debtors 2024 2023 Accrued income 1,351 1,351 2,103 2,103 Cash investments 2024 2023 Diamond reserve Cash al Brewin Dolphin 13,155 13,163 28,164 28,172 Creditors: amounts falling due within one year 2024 2023 Accruals 8,488 8,488 3,000 10 Designated fund As at 6 April New Designation 2023 designation released As at 5 April 2024 2024 Investment reserve 754.819 43,890 798,709 The investment fund has been designated by the Trustees to generate an income stream for the charity. 2023 As at 6 April New Designation 2022 designation released As at 5 April 2023 Investment reserve 1.019.663 (264,844) 754,819
THE DAVID PICKFORD CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Endowment Fund As at 5 April 2023 As at 5 April 2024 Income Expenditure 2024 The Trust Fund Buildings and investments 612.001 237,288 849.289 612,001 237,288 849,289 2023 As at 5 April 2022 As at 5 April 2023 Income Expenditure The Trust Fund Buildings and investments 612,001 237.288 849.289 612,001 237,288 849,289 The Trust Fund The Trust Fund represents the investments of the charity identified in the governing document as The Trust Fund. Buildings and investments As part of the assets gifted following the dissolution of The Pickford Trust. the permanent endowment in thal charity transferred to The David Pickford Charitable Foundation. In 1971 and 1972 the original endowment was invested by the truslees in purchasing and building properties at Elm Tree Farm. Further buildings were erected in 1982. Additional capital was invested by the trustees in purchasing listed investments. 12 Analysis of net assets between funds Unrestricted Designated Endowment Total 2024 Fixed assets Currenl assets Current liabilities 798,709 849,289 1,647,998 14,900 14,91XJ 8,488 798 709 849 289 1654 410 2023 Unrestricted Designated Endowment Totsl Fixed assets Current assets Currenl liabilities 754.819 849,289 1,604,108 13,152 13,152 1614 260 13 Related party transactions Mrs E J Pettersen is a trustee of Folkestone Rainbow Centre. In the prior year, the charity made a donation to Folkestone Rainbow Centre of £50,000. Mrs E J Pettersen is a trustee of Brighter Future Intemational Trust. During the year. the charity made a donation to Brighter Future International Trust of £29.250 (2023.. £45.000). 12-