Charity Number '. 252256 THE ARTHUR TOWNROW PENSIONS FUND REPORT AND ACCOUNTS FOR ThE YEAR ENDED 31 MARCH 2025
THE ARTHUR TOWNROW PENSIONS FUND REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 CHARif( COMMISSION REFERENCE NUMBER: 252256 CONTENTS Page 1- 3 Truslees. Report Independent Examiner's Report Statement of Financial Actlvilles 8alance Sheet 7 - 9 Notes to the Accounts 10 - 12 Schedule of Investmenls
THE ARTHUR TOWNROW PENSIONS FUND TRUSTEES, REPORT The trustees submit Iheir report and the accounts for the year ended 31 March 2025. ADMINISTRATIVE DETAILS Tru$lees Trustees. who also comprise the Committee of Manag8ment, are appointed in acc¢xdance with the regulations contained in the Declaration of Trust and are currently as follows.. Successor of Margaret Warn8r dee'd E J Froggatt (formerly E J Agulnikl Ichairpersonl The Mayor of the Borough of Chesterfield Cllr J Flood The Vicar of the P8rish of Chesterfield None curr8ntly nominat8d The Superintendent Minister of the Chesterfield Melhodlsl Circuit Revd M Carrick Nominated reprès8nlatives of.. Chesterfi8ld Borough Council Bolsover Dlstrict Council None currently nominated Cllr J Wilson North East Derbyshire District CouncAI South Yoikshlre Communlty Foundation Limited Sheffield City Council National Council for Voluntary Organlsafjons Co-opted trustees None currently nomlnated None currently nominated None currently nominated l Newby-MiltonC0tt A N Hay Ivice-chairpersonl T Clough K Gladders P Mousley (resigned April 2025) Bankers The Covoperalive Bank plc 15 Elder Way, Cheslerfield Shorts Chartered Accountan15 2 Ashgale Road. Chesterfield Banner Jones 24 Glumangats, Chesterfield JMFinn&Co Salisbury House. London Wall, London POBox48 Chesterfield. S40 1XT Aecount#nts Solicitor Investment advisers R•gl$teY•d address Charity number Socrotary 252256 S Dunwell GOVERNING INSTRUMENT The Charity is regulated by a Declaration of Trust dated 31 December 1966, modrfied by a Scheme of 20 February 1975. and approv8d by the Board of Charity Ccmmissioners for England and Wales. Page 1
Ciiy¥luv IU. 21L)DaUELI-¥LL l-¥MOTrOI IL-MbknCuCu IM¥ THE ARTHUR TOWNROW PENSIONS FUND TRUSTEES, REPORT - continued OBJECTIVES The objectives of the Arthur Townrow Pensions Fund are lo provide financial benefll. by the granting of annuities, to certain women of limiled means. The declaration of trust of 31 December 1966 distinguishes between annuitants who reside within the Prlncipal Area of Benefit Ibeing the District Council Areas of Chesterfield. Bolsover and North East Derbyshirel and those who reside elsewhere in England. In order to be eligible for an annuity withln the Principal Area of Benefit all persons: shall have already attained the age of forty years and ellher have never been married or are widows without children, or IITesp8clive of age, are widows with children. However, a person who 15 resident outside the Principal Area of Benefit may only be granted an annuity if she has attained the age of forty years and has never been married. Furthermore, no person shall be granted an annuity unless she is-. a membei of the Church of England and an adherent lo the doctrine of that Church, or a member of a Protestant Church which acknowledges the Holy Trinity as taught in Ihe Church of England. POLICIES ADOPTED TO FURTHER THE OBJECTIVES In order to try and achieve these objectlves the trustees have had leaflets printed and circulated Including publications in Church of England and Protestant magazineslnewsletlers which explain the principles of the fund. They are also in continual contact with other charitsble and caring organisalion5 throughout England for prospective annuitants. In this day and age the annuities paid are predominandy to elderly women and the trustees remain vigilant in their efforts to secur6 further awards lo those of limited means who fulfil the conditions of this charity. There have been no material changes in these policies since the last report. REVIEW OF THE ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR In planning the trust's activities the trustees keep in mind at all times the Charity Commission's guidance on public benefit as well as the specific objectives of the Fund. There were 140 annuitants al 31 March 2025 (2024.. 1541 and payThents this year tolalled £106,20012024'. £111.4801. Annuity payTnenls remained al £60 per month throughout the year making a total of £720 per annum to existing annuitants, as in the previous year. The investment strategy is d8signed to maximise income with a broad spread of investments lo minimise risk and the portfolio is managed by J M Flnn & Co., one of the countS leading inveslmenl manager companies. FINANCIAL REVIEW Investment Income lotalled £130.699 this year, compared to £133.566 in the previous year. This represents 8 4.53% relum on the current cost of the investments compar8d lo 4.430A last year. Expenditure other than annuity payments tolalled £48,584 for the year compared to £47,367 in 2024. Overall nel incomellloss) before gains or losses on investments was a loss of £21.341 leaving the Unreslricled Income Fund with a balance of £212,900 to be carried forward 81 the year end. The market value of the Fund's Ir)vestment portfolio has fallen by 5.12V. from an opening value of £4,350,652 to a closing value at the year end of £4,128,006 Page 2
uvw>IyII ClI¥¢lVV¥ IV. ¥&OoavCLÉ< IO?-0 IM¥ THE ARTHUR TOWNROW PENSIONS FUND TRUSTEES. REPORT - continued RISK REVIEW The Committee of Management has conducted a review of the major risks to which the charlty is exposed and systems have been established lo mitigate these risks. The Iruslees Gonsider that the major risk the charity faces is that ils investment income will be insufficient to m8et ils objectives. This risk is controlled by a regular review. aided by professional investment managers, of the charity's investments portfolio. The risk profile of the investment portfolio is medium risk wth no minimum percentage of low risk investments. RESERVES The trustees deem it prudent to maintain reserves equ81 to approximately three years, projected expenditure. Thg trustees consider that at 31 Mar¢h 2025 the charity's resources arg adgquate to enable it to fulfil ils obligations in the for8seeable future. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicBble law and United Kingdom Accounting Slandards Iunited Kingdom Generally Accepted Accounting Practs'cel. The law applicab18 to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity ané of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting poliaes and then apply them ¢onsistenlly', observe the methods and principles in the Charities SORP., make ju¢Jgements and eslimales that are reasonable and prudent.. slate whether applicable Accounting Standards have been followed. subject tr) any material departures disclose(J and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial slalements comply with the Charilies Act 2011. the applicable Charitie5 IAccounls and Reports) Regulations, and the provisions of Ihe trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other INDEPENDENT EXAMINER H K Freefflan has expressed his willingness to continue in office and a regolulion lo reappoint him as independent examiner will be pul to the trustees al Ihe annual general meeting. Approved by the Trustees on 6th October 2025 and signed on their behalf by.. Chairperson Page 3
LI11 l uivviuy¥ iu. THE ARTHUR TOWNROW PENSIONS FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 I report lo the charity trustees on my examination of the accounts of the charity for the year endèd 31 March 2025. This report is made solely to the charitys Ituslees, as a body. in accordance wlh Part 4 of the Charities (Accounts and Reports) Regulations 2008. My examlnatlon has been undertaken so that I mlghl slate to the charitvg trustees those matters which l am required to state to them In an Independent examiner's report and for no othèr purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity and the charilws trustees, as a body, for my work or for this report. Respon$lbllltle$ and basls of report As the charitls trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Acl'l. The trustees consider that an audit is nol required for this year under section 144 of the Acl and that an indopendenl examination is need8d. I report in Te5pecl of my examination of the Gharitls accounts carried out under section 145 of the A¢t and In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sgclion 14515llbl of the 2011 Act. Indep•nd•nt oxaminerfs statement I have completed my examination. I confirm that no material maller5 have come to my attention in connection with the examination giving me cavse to believe that in any material respect.. accountin9 records were not kept in respect of the charity as required by section 130 of the Act- or 2. the accounts do not accord wth those records- or 3. the account5 do not comply with the applicable requirements concerning the form and content of accounts set oul 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- 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. 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 lo enable a proper underslanding of the accounts to be reached. Fvwk H K Freeman FCA CTA Chartered Acctntant 2 Ashg8le Road Chesterfield Derbyshire S40 4AA 6th October 2025 Page 4
LIUWblyII CIIVelUV¥ IU. Imil THE ARTHUR TOWNROW PENSIONS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrgstrict8d Income fund Permanent ondowment fund Total funds 2025 To(al fiinds 2024 Notes Income Investment income: Incomè from UK listed investments Other Income IBaskeWield Income) Bank interesl 130.699 130,699 133.566 2,744 2,744 2,942 Total Income 133,443 133,443 136,508 Expendlture Raising funds.. Investmenl management charg85 Charitable aclivilies_' Annuities Adminislralion costs 20.832 20,832 20,120 106.200 27,752 106,200 27,752 111.480 27,247 Total Expendlturè 154.784 154,784 158,847 Net incomellexpendlturel bgforg galn$ and losses on invostments 121.341) 121.341) (22,339) Other ReGognised Gainsl(Losse5) Gainsl{Lossesl on investments.. Realised Unrealised 73,618 196.4421 73.618 {96,4421 91,577 71,627 Net Movement in Funds (21,341) 122,824) 144.165) 140,865 Roconclllatlon of Funds Funds brought forward at 1 April 2024 234,241 4,303,906 4,538.147 4.397.282 Funds carried forward at 31 March 2025 212,900 4.281,082 4,493.982 4,538,147 Page 5
UULU>IylI Cll¥¢liW iu. THE ARTHUR TOWNROW PENSIONS FUND BALANCE SHEET AT 31 MARCH 2025 Not95 2025 2024 Flxed A¥801• InveStnts 4,128.006 4,350.652 Current A65•ts D8btors Cash at bank 227,362 147,134 44.769 151.186 374.4 194955 Cr•ditors'. Amounts falllng due wthln on8 year 8.S20 8.460 N•¢ Current Assèts 365,976 187,495 14•t A¥xts 4,493,982 4,538,147 Fund$ uestricted income fiJnd Perm8nenl erKlovAnent fijnd 212.900 4,281.082 234,241 4,303,906 4,493.982 4,538, 147 roved by the TnJ$tee$ on 6th O¢tober 2025 and slgned thdr behalfby.. E J Frogg•tt Ch8irp8rson ANH•y c8.chairper80n P8oo 6
THE ARTHUR TOWNROW PENSIONS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of Accounting The financial statements are prepared under the hlstorical cost convention. as modified by the revaluation of investments. The financial statements have been prepared in accordance wlh 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 IFRS 1021 (effective 1 January 2015) - Icharilies SORP IFRS 102}I, the Financial Reporting Stsndaid applicable in the UK and Republic of Ireland IFRS 102) and the Charitles Act 2011. Cash Flow Statement Advantage has been taken of the exemptlon granted to Small entities from the requlrement to present a cash flow ststement. Investments Investments are stsled at the market value at the year end. The surplus or defic4ency on revaluation is tskgn to the Statement of Financial Activities. Incoming Resources Voluntary income is brought into account when received. Investment income is Included in the financial statements on an accruals basis. Rosources Expendod Annuities paid and administration cost5 are charged on an accruals basis. Fund Accountlng Unrestricted funds comprise the accumulated surplus or deficit on the income and expenditure account. They are available for use at the disGrelion of the ITUStee5 in furtherance of the general objecliv8s of the charity. The permanent endowment fund represents funds Ithere the capital Is held until the objectives of the charity are satlsfied. 2 ADMINISTRATION COSTS 2025 2024 Secretarial Services Independent examiner's remuneration: Fees for independent examination Other services Costs of Iruslees, meetings and other expenses Printing, stationery, postage and computer equipment Computer expenses 17,500 17,000 9.240 9.240 232 780 154 853 27.752 27.247 Included above is reimbursement of expense for 1 trustees totalling £85 12024.. £130 for 1 trustee) which usually comprlses attending trustees, meetings and travel and accommodation for meetlngs th the Fund'5 investment advisers. Other than as mentioned above, no trustee or connected person received any remuneration or benefit from the funds of the charity in 8ither this or the preceding year. Th8re are no other related party transactions Ihat require disclosure. Page 7
THE ARTHUR TOWNROW PENSIONS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (contlnued) 2025 2024 FIXED ASSET INVESTMENTS UK listed investments.. Market Value 1 April 2024 Aéditions Disposals Net investm8nt gainslllossesl 4,350.652 194.036 1393,8581 122.8241 4, 160,501 253, 716 (226, 770) 163,204 Market Value 31 March 2025 4, 128.006 4,350.652 Historical Cost 31 March 2025 2,884,658 3,010,864 DEBTORS Accnjed investment income Income lax recoverable Funds in hands of the stockbroker 2.028 2,638 225,334 42, 131 227.362 44, 769 CASH AT BANK Deposit accounts CuThent accounts 49,030 98,104 48.243 102,943 147.134 151.186 CREDITORS.. Amounts falllng due wlthln one year Annuities for March 2025 Accruals 120 8.400 60 8,400 8.520 8.460 Page 8
uuw>yii Eli¥¥•J IU. ¥LOtsaVEu-¥££ IM> THE ARTHUR TOWNROW PENSIONS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS Net ¢urrent assets Tolal 2025 Investments Unrestricted Income Fund Pemianenl Endowment Fund 72,258 4,055,748 140,642 225.334 212,900 4,281,082 4,128,006 365.976 4,493,982 Not current assets Totsl 2024 Investments Unrestricted Income Fund Permanent End¢)wThent Fund 88.877 4,261,775 145,364 42,131 234,241 4.303,906 4,350.652 187,495 4,538,147 TAXATION As the Fund is a registered charity it IS gxgmpl from taxatlon on its incom8 and capltal gains. The charity has borne value added tax on its expenditure where approprlate. Page 9
UV¥UbWlI CIivrTrJyr IL4. ¥£ODOLIEu-#L£ IM00 i4-mClIEv IM THE RTHUR TmRoYlPtNSONSFUj SCHEDULE 0FvESTmENTSA[IDlmVESTENT11¢o11E FOR THE YEAR END 31 MIRCH 2025 N4th JiJ24 &IL¥S¥4$ IW.7C 101.93 51l114 135.iZ5 5.45 13. 13,062 1¢4Go IA588 594.026 4.121M6 dUr ap IA¢tyi¢ rn¢ J1124 31125 JIA25 E4dtyJhwo6 ¢vnsEU$Ith0 214107 ?20.W 73.510 M770 IS.llDtsI)thIryMQISS0 3.310 7.tsl ,580 J.7Sts0r&ShWo 51.072 141, Ji,uS 112.6S4 lrnpvy EOIO 122,ts5 1.7So 1&127 Wa¢ J5Aw0thtyh•l£0. 71.175 930 I470 1.4 ¥3Ji Pl.12lll iaJ i.SS>.M4 ,Ji
ThE ARThLIR TQW+4RQW PENSIQNS FUPJD SCHEDULE OF INVESTMENTS AND WVESTMENT INCOME FOR THE YEAR ENDED 31 MARCH 2025 (¢onNttu PJ4rk•t duilw ye41 i¢rffj• 31.324 ¥112¥ EquMyShor•• l¢onlnued) UgNf¢rwitd 1.7¥7I1 32,372 23.356 1.5S1$44 8254 4460fj.98 46.50$ NalwwlGrhJ 119700hlThShwrysDfED.124312B9 14J. 2¢2F7 I.154 8J23 7.3> 97,752 63.748 PolE1ClthlFthidsGthAlrnCts 2D.QOO&Iw 1•7.450 1.53F 42S4 1.D otdlnrySmE£o.lO 75.155 16,4581 69.79 5.070 TC¥ptslPwWrJ &. OtdIDAryShaoltl.(o 1DS.96fj 113.1 102,561 2.$40 6.rth T'¢)rdinory5hwEgoIEO.07 1$7.5tyJ 12,0 169.500 6B.370 OA75 &262 SegroP 15,W)trdG8PQ.ID 131.$ 131.ISQI 114.133 i.000&TEA .745 1Te.C45 2.944 Smith& Wph I.a OtdlrparyshadVSIo2o 99.1 9,310 108.5 SJ.449 2,959 Jffj27 2Sr164Qi¢lnary5bamolEQ.1D 43.TlO 4A82 TP 4•.oOOOrySI•5dtO.l6 110.3 1612 128A20 7,252 4,223 Sl¢xkDfUSSO.10 7.777 S2?3 4,517 467 VNI 7SDCkn'A'Sharn&olU5ts10.001 185.m J7A64 303.455 52A45 .fj7S 121 4257 5,782 i.crtQ Th41ry5haoSI1£?4u.41 161,485 10,7 215.110 141302 QttsnaryanrkulE001 4dd 24Y24 Wd$¥j Ers¢UpL O¢dNWIDII 2024 Prynn Grp ds* ot£O.6105- ld2024 &Sql,474 $7.15$ ¥,Th) 1,1¢Q.¥ 110,719
TheARTHUR TI)WNRowpeN$IOK FUND SCHEWLE OF INVESTIENTS MID WVESTMENTINCOMÉ FORniEYEA ENDED 31 2D2SlcOnlknued) duthg gilni J1.J.24 at 31.&16 Jijis G¢N•rnmHhtS•EurllleB £12&00tsD 25%BDS rrllJurySkntk2026 È7S,OllO I25%1ruin EI2S,IN 1483.97 t125,QtyJ4.26%Tr¢tsw IZ6.475 114.462 4.925 E150000LI4 T(Hiryko.12SXJlffjIJ&u10 135,426 1Y4,985 135.438 D,]1 39y,455 416aSO 13.$40 A¢quW durf duih79 g•lns 202S 2024 InvHlm•Trt ¢timp1 42.265OTOn?ry•wo1£00001 iio 1V.T42 7.¥2 Juphi lIT&tV¥#n% S4[9*29#,9SSI7Z IW.446 lS&fAS 201J47 1107 tr,499 273.S55 Z5B.461 3Q5.gBg lQ480 15.566 Puyp 12