THE DAVID PICKFORD CHARITABLE FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
CHARITY NUMBER 243437
THE DAVID PICKFORD CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 1- 2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 - 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 - 12 |
THE DAVID PICKFORD CHARITABLE FOUNDATION
TRUSTEES AND ADVISERS
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Trustees Mrs E J Pettersen
Mrs P Blackwell
Charity number 243437
Independent Examiner S. Jennings FCA
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford, Kent
TN23 1FB
Principal bankers National Westminster Bank Plc
1 Princes Street
London
EC2R 8BP
Investment Advisers Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD
Registered Office Benover House
Rectory Lane
Saltwood
Hythe
Kent
CT21 4QA
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THE DAVID PICKFORD CHARITABLE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their report and financial statements of the charity for the year ended 5 April 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
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 Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 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 thereof to pay or apply the annual income of any part of the capital of the trust 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 Commission’s general guidance 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 £28,128 (2024: £29,699).
Expenditure amounted to £124,641 (2024: £135,952) of which £99,790 (2024: £112,500) was distributed to charitable organisations within the objects of the Trust Deed. The key areas for focus for donations were support for vulnerable people in the UK; support for evangelistic work, with particular focus on work with 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 for the relief of those in Ukraine.
Whilst the charity’s quoted investment portfolio form the majority of Unrestricted and Endowment Funds at 5 April 2025, it has net current liabilities for day to day operations of £(4,681) (2024: net assets of £6,412). Included in ‘Cash investments’ is 'Cash at Brewin Dolphin’ of £6,113 (2024: £13,155). Although primarily for application within the quoted Investment portfolio, the Trustees have absolute discretion to apply these resources for day to day needs as required.
The result for the year, before the loss on investments was a deficit of £96,513 (2024: deficit £106,254). The result after losses on investment was a deficit of £136,701 (2024: surplus £40,150).
The charity had funds at 5 April 2025 totalling £1,517,709 (2024: £1,654,410).
The market value of the investments at the end of the year was £1,516,269 (2024: £1,634,835) compared with the cost of £1,412,702 (2024: £1,456,334). The market value of the investments at 5 April 2025 was above the original cost. In addition to the charity's portfolio of investments the charity held cash to be invested amounting to £6,121 (2024: £13,163).
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 Trustees attempt to avoid financial risk as far as possible by investing in shares on a low risk basis. As the charity's sole source of income is through its investment portfolio, this represents the major risk. Whilst the current state of the stock market has meant some shares have fallen in value, it is anticipated in due course these values will recover.
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THE DAVID PICKFORD CHARITABLE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Reserves
The Trustees aim to spend at least the income received in the year before taking account of investment gains and losses. The Trustees would anticipate holding unrestricted reserves equivalent to one year's average annual expenditure which currently amounts to £102,430 (2024: £115,000), though this varies due to the number of requests received. Unrestricted funds at 5 April 2025 amount to £(4,681) (2024: £6,412). The Trustees will review the policy on an annual basis.
Designated funds at 5 April 2025 amounted to £673,101 (2024: £798,709) and details can be found in note 10 Endowment funds at 5 April 2025 amounted to £849,289 (2024: £849,289) and details can be found in note 11.
Plans for the future
The Trustees intend to review the requests that are made to the charity with the expectation that donations will be in line with themes for 2025/26.
Structure
The charity, which is registered with the Charity Commission under number 243437, is established under a Trust Deed dated 2 April 1965.
Governance and management
The Trustees of The David Pickford Charitable Foundation are responsible for the general control and management of the administration 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 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements 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 resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 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
15 October 2025
…...…............................
Mrs E J Pettersen
Date:
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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 2025 which are set out on pages 4 to 12.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 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 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the 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 view’ which is not a matter considered as part of an independent examination.
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.
…………………………………………….
S. Jennings FCA For and on behalf of Azets Audit Services 5th Floor Ashford Commercial Quarter 1 Dover Place Ashford, Kent TN23 1FB
Date: 15 October 2025
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THE DAVID PICKFORD CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Notes Income from: Investment income 2 Total income Expenditure on: Donations payable 4 Independent examiner's fee Investment manager's fee Total expenditure Net income/(expenditure) before gains on investments Gains/(losses) on investments 6 Net movement in funds Reconciliation of funds: Funds brought forward at 5 April 2024 Funds carried forward at 5 April 2025 |
2024 Unrestricted Endowment Total Total £ £ £ £ 28,128 - 28,128 29,699 28,128 - 28,128 29,699 99,790 - 99,790 112,500 3,870 - 3,870 3,390 20,981 - 20,981 20,062 124,641 - 124,641 135,952 (96,513) - (96,513) (106,254) (40,188) - (40,188) 146,404 (136,701) - (136,701) 40,150 805,121 849,289 1,654,410 1,614,260 668,420 849,289 1,517,709 1,654,410 2025 |
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All income and expenditure derive from continuing activities.
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THE DAVID PICKFORD CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Comparative information only Notes Income from: Investment income 2 Assets gifted from The Pickford Trust Total income Expenditure on: Donations payable 4 Independent examiner's fee Investment manager's fee Total expenditure Net income/(expenditure) before gains on investments Gains/(losses) on investments 6 Net movement in funds Reconciliation of funds: Funds brought forward at 5 April 2023 Funds carried forward at 5 April 2024 |
Unrestricted Endowment Total £ £ £ 29,699 - 29,699 - - 29,699 - 29,699 112,500 - 112,500 3,390 - 3,390 20,062 - 20,062 135,952 - 135,952 (106,254) - (106,254) 146,404 - 146,404 40,150 - 40,150 764,971 849,289 1,614,260 805,121 849,289 1,654,410 2024 |
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All income and expenditure derive from continuing activities.
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THE DAVID PICKFORD CHARITABLE FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes 6 8 Debtors 7 Creditors: Amounts falling due within one year Creditors 9 Funds 10 11 12 Endowment fund Cash investments Current Assets Cash at bank Net current assets Net assets Unrestricted funds General funds Designated fund Fixed assets Listed investments |
£ £ £ 1,516,269 6,121 1,522,390 1,046 1,351 6,769 13,549 7,815 14,900 (12,496) (8,488) (4,681) 1,517,709 (4,681) 673,101 849,289 1,517,709 2025 |
£ 1,634,835 13,163 1,647,998 6,412 1,654,410 6,412 798,709 849,289 1,654,410 2024 |
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15 October 2025 The financial statements were approved and authorised for issue by the Board on …........................
Signed on behalf of the board of Trustees
…..........................
Mrs E J Pettersen
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THE DAVID PICKFORD CHARITABLE FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting Policies 1.1 Accounting convention
The David Pickford Charitable Foundation is a registered charity with the Charity Commission in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out in Clause 2 of the Deed which states 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 the trust 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.
The charity 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 accordance 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 Accepted Accounting
The financial statements are prepared on a going concern 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 otherwise stated.
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 included 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 it is probable that the income will be received.
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Investment income is included when receivable.
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THE DAVID PICKFORD CHARITABLE FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting Policies
1.4 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The charity has or may make charitable donations or grants in the form of specific donations to local, national or international charitable causes. Grants payable are charged in the year when the offer is conveyed to the 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.
1.5 Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
1.6 Debtors and creditors receivable / 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 impairment are recognised in expenditure.
1.7 Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
1.8 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that 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 portfolio via dividends & interest net of management fees. The Foundation has no formal commitments as regards its donations.
1.9 Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty.
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THE DAVID PICKFORD CHARITABLE FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
| 2 Investment income Dividend income |
2025 £ 28,128 28,128 |
2024 £ 29,699 29,699 |
|---|---|---|
3 Permanent endowment invested on a total return basis
The charity has been granted the investment power of total return. This power permits the Trustees to invest permanently endowed funds to maximise 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 Trustees to apply an appropriate portion of the unapplied total return to income each year.
| Endowment for investment Unapplied Total Return £ £ At 6 April 2024 849,289 - Unapplied total return - 798,709 849,289 798,709 Movements Dividend return - 28,128 Investment management costs - (20,981) Gains/Losses - (40,188) - (33,041) Unapplied total return allocated to income - (92,567) Net movement in the year - (125,608) At 5 April 2025 849,289 673,101 4 2025 £ 99,790 Grants to institutions: 28 (2024: 29) Charity No 2025 £ Bible Society 232759 2,000 Big Church Day Out 1127987 - Brighter Future International Trust 1110823 28,790 CARE 1,066,963.00 5,000 Caring for Prison Leavers HTB 1053055 500 Christ Church Balham - Christian Aid 1105851 - Christians Against Poverty 1097217 - Church Army 1021367 3,000 Daylight Christian Prisons Trust 1158516 500 Emmaus 265464 500 Family Trust 1162296 750 Flame Trust Ltd 1134374 500 Groundwork South 293705 - Imago Dei 1165176 2,000 Innovista 1108679 2,000 Carried forward 45,540 Charitable donations |
Total endowment £ 849,289 798,709 1,647,998 28,128 (20,981) (40,188) (33,041) (92,567) (125,608) 1,522,390 2024 £ 112,500 2024 £ 2,000 500 29,250 5,000 - 500 500 1,000 - - - - 500 500 50,000 2,000 91,750 |
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THE DAVID PICKFORD CHARITABLE FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 4 Charity No Brought forward Intl mission for the Jews 271323 Jews for Jesus 801327 Kenward Trust 1146481 Leprosy Mission 1050327 Love Light Romania 1117981 Nehemiah Project 1058536 Off the Fence 1108777 Philo Trust 285762 Porchlight 267116 Premier Christian Radio 287610 Prison Fellowship 279446 Salvation Army 1127204 Shelterbox 1096479 Sportsreach 1065723 St Peter & St Paul, Saltwood 1130728 The Langley House Trust 1146304 UCB 299128 Urban Saints 1144923 YWAM YWAM The Send Reconciliation of grants payable Commitments at 6 April 2024 Commitments made in the year Grants paid during the year Commitments at 5 April 2025 Commitments at 5 April 2025 are payable as follows Within one year (note 9) Charitable donations - continued |
2025 £ 45,540 - 500 - 2,000 1,500 1,000 1,000 3,000 1,000 3,000 3,000 1,000 - 1,500 750 1,500 3,000 - 30,000 500 99,790 - 99,790 (97,040) 2,750 2,750 2,750 |
2024 £ 91,750 1,000 - 1,000 2,000 1,000 1,000 1,000 3,000 1,000 1,000 2,000 - 1,000 500 750 1,000 1,000 500 2,000 - 112,500 - 112,500 (112,500) - - - |
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5 Trustees remuneration and staff costs
| 5 Trustees remuneration and staff costs |
5 Trustees remuneration and staff costs |
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| 6 Fixed Asset Investments 2025 2024 £ £ Quoted Investments Market Value at 6 April 2024 1,634,835 1,575,936 Additions 169,652 346,949 Disposals (248,030) (434,454) Net investment gains/(losses) (40,188) 146,404 During the year the Trustees received no remuneration or reimbursed expenses (2024: £Nil). No staff were employed by the Foundation. |
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| Market Value at 5 April 2025 | 1,516,269 1,634,835 |
| Historical cost at 5 April 2025 of quoted investments | 1,412,702 1,456,334 |
The fair value of the listed investments is determined by reference to the mid-market value of shares at the Balance Sheet date.
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THE DAVID PICKFORD CHARITABLE FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 6 Fixed Asset Investments - continued UK equities Overseas Bonds Overseas Equities Global Investments Property Absolute Return Other Commodities UK Bonds Investments listed on recognised stock exchange |
2025 2024 £ £ 233,848 238,259 36,593 34,486 745,236 853,732 83,816 91,940 38,989 38,429 12,243 13,915 67,166 74,490 13,626 10,745 284,752 278,839 |
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|---|---|---|
| 1,516,269 1,634,835 |
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| All investments were held in the UK. There were no material investments held at either 7 Debtors Accrued income |
year end. | 2025 2024 £ £ 1,046 1,351 |
| 1,046 1,351 |
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| 8 Cash investments Diamond reserve Cash at Brewin Dolphin |
2025 2024 £ £ 8 8 6,113 13,155 |
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| 6,121 13,163 |
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| 9 Creditors: amounts falling due within one year Accruals Other payable Grants payable |
2025 2024 £ £ 9,096 8,488 650 - 2,750 - |
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| 12,496 8,488 |
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| 10 Designated fund 2025 Investment reserve |
As at 6 April 2024 New designation £ £ 798,709 - |
Designation released As at 5 April 2025 £ £ (125,608) 673,101 |
| 2024 As at 6 April 2023 New designation Designation released As at 5 April 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. |
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THE DAVID PICKFORD CHARITABLE FOUNDATION
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 11 Endowment Fund 2025 The Trust Fund Investments 2024 The Trust Fund Investments |
As at 5 April 2024 Income Expenditure £ £ £ 612,001 - - 237,288 - - 849,289 - - As at 5 April 2023 Income Expenditure £ £ £ 612,001 - - 237,288 - - 849,289 - - |
As at 5 April 2025 £ 612,001 237,288 849,289 As at 5 April 2024 £ 612,001 237,288 849,289 |
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The Trust Fund
The Trust Fund represents the investments of the charity identified in the governing document as The Trust Fund.
Investments
As part of the assets gifted following the dissolution of The Pickford Trust, the permanent endowment in that charity transferred to The David Pickford Charitable Foundation.
12 Analysis of net assets between funds
| 2025 Fixed assets Current assets Current liabilities 2024 Fixed assets Current assets Current liabilities |
Unrestricted Designated Endowment £ £ £ - 673,101 849,289 7,815 - - (12,496) - - (4,681) 673,101 849,289 Unrestricted Designated Endowment £ £ £ - 798,709 849,289 14,900 - - (8,488) - - 6,412 798,709 849,289 |
Total £ 1,522,390 7,815 (12,496) 1,517,709 Total £ 1,647,998 14,900 (8,488) 1,654,410 |
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13 Related party transactions
Mrs E J Pettersen is a trustee of Brighter Future International Trust. During the year, the charity made a donation to Brighter Future International Trust of £28,790 (2024: £29,250).
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