ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024
THE PUBLIC PURPOSES CHARITY
CHARITY REGISTRATION No: 266718
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
THE PUBLIC PURPOSES CHARITY
CONTENTS
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Page
Legal and Administrative Information 3
Trustees' Report 4 to 6
Independent Examiner's Report on the Accounts 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 to 14
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THE PUBLIC PURPOSES CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
CHARITY NUMBER 266718 START OF FINANCIAL YEAR 1st January 2024 END OF FINANCIAL YEAR 31st December 2024 TRUSTEES AT 31ST DECEMBER 2024 Dr Roger Griffin (Chair of Trustees) Ms Caryl Oliver (Clerk Correspondent) Mr. Felipe Vizoso (Treasurer) Mrs Sally Barnes Mr Michael Dixon Mrs Julia Grinsted Mr Anthony Gunby Mr Micheal Penman The Hon Geoffrey Somerset
The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.
GOVERNING DOCUMENT Scheme of 21st August 1997 as amended 9 September 1999 and 26 January 2006. As amended on 16 Apr 2020.
OBJECTS THE GENERAL BENEFIT OF THE INHABITANTS OF THE PARISH OF STANDFORD IN THE VALE IN SUCH WAYS AS THE TRUSTEE THINKS FIT. REGISTERED ADDRESS 22 Bow Road Stanford in the Vale FARINGDON SN7 8JB
BANKERS Lloyds Bank PLC Blackheath London 15 Blackheath Village London SE3 9LH
INDEPENDENT EXAMINER
Lomax Pavey Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
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THE PUBLIC PURPOSES CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees present their report and financial statements for the year ended 31 December 2024.
The finance statements have been prepared on a receipts and payment basis. The accounts comply with the Stanford in the Vale Public Purposes Charity Scheme and the Charities Act 2022.
Mission Statement
Striving to improve and strengthen the community spirit within Stanford-in-the-Vale by providing a source of finance for projects that will benefit the parish.
The Public Purposes Charity, in the Parish of Stanford in the Vale, in the County of Oxford, is regulated by a Scheme of the Charity Commission dated 21st August 1997 as amended in 9th September 1999 and 26th January 2006. As amended on 16 Apr 2020.
PPC Trust Scheme Statement
The Trustees shall apply the income of the Charity for the general benefit of the inhabitants of the Parish of Stanford in the Vale.
PPC is pleased to take a pro-active role and to make a tangible contribution to the fabric of Stanford in the Vale on behalf of the residents and friends of the Village.
Trustee engagement
There were 2 ordinary and one extraordinary meeting during the year, each of them was a face-to-face meeting.
One trustee left the charity during the year.
Trustees are not paid for their service but reasonable out of pocket expenses are covered when representing PPC.
Grant Activity
The PPC has continued to encourage grant applications from organisations within the village. The number of grant applications on which funds were paid out during the year was double that of the previous year and the total payments that were made increased by more than 3 times.
During the period grants have been paid to the following organisations:
| PCC Newsletter | Throughout the year | Delivered free to all addresses in the village | £3,106 | |
|---|---|---|---|---|
| Stanford Social Club | Apr-24 | Outdoor Equipment | £6,168 | |
| Local History Society | Mar-24 | Sound system for meetings | £200 | |
| Primary School | May-24 | "Quiet Room" | £7,000 | |
| St Deny’s Festival | Aug-24 | Festival Support Grant | £1,958 | |
| Millenium Green | Aug-24 | Park Benches | £2,430 | |
| St Deny's Church | Aug-24 | Organ Repairs | £1,065 | |
| Parish Council | Oct-24 | Contribution to children's play equipment | £15,000 | |
| Primary School | Oct-24 | Replacement Class computers | £11,128 | |
| Pre-school | Nov-24 | Notebook PC for Admin | £280 | |
| TOTAL: | £48,335 |
The Allotments
The PPC continues to provide pubic liability insurance to cover its allotment users and servicing of the allotment areas. Trustees have noticed the ongoing interest in the use of the allotments. There continues to be a waiting list for villagers interested in taking on an allotment.
Financial Review
During the year the market value of the charity’s investments increased by £5,160 and income from investment dividends was £34,212, compared to £36,370 in the previous year. The increase in grant applications led to a reduction in the surplus of income over expenditure that had developed in previous years. This trend will continue in the coming year.
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THE PUBLIC PURPOSES CHARITY
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
Financial Review (continued)
Throughout the year the Trustees adopted a pro-active approach to deliver more support to the parish. The underlying investments which generate the dividend income used by the PPC are managed on the charity’s behalf by CCLA Investment Management Ltd. Throughout the year, the performance of the investments was subdued. Advertising and allotment revenue remained consistent with 2023.
Reserves
While the charity is dependent on dividend income; its policy on reserves requires that it should maintain sufficient funds in reserve to ensure its continued activity for a minimum of 12 months should dividend income reduce. The PPC’s financial reserve is held in an interest-bearing deposit account administered by the CCLA.
Looking Ahead
The PPC website, www.ppcstanford.org, continues to hold information about the PPC and the projects it supports as well as grant application guidelines and forms; allotment application forms and rules. Contact details for trustees are shown.
There are a number of significant infrastructure projects likely to come forward in the next 12 to 18 months and the PPC anticipates being able to contribute where it can.
Administration and Governance
Trustees at 31 December 2024
There should not be less than 7 or more than 12 trustees. There are currently 9 and, with some success, the charity is actively seeking additional trustees.
| Dr Roger Griffin | Chairman | Investment Adviser |
|---|---|---|
| Ms Caryl Oliver | Clerk Correspondent | CCLA Investment Management Ltd. |
| Mr. Felipe Vizoso | Treasurer | |
| Mrs Sally Barnes | ||
| Mr Michael Dixon | ||
| Mrs Julia Grinsted | Solicitors | |
| Mr Antony Gunby | Field, Seymour Parkes | |
| Mr Micheal Penman | The Old Coroner's Court | |
| The Hon Geoffrey Somerset | No.1 London Street | |
| PO Box 174 | ||
| Reading | ||
| Hon. Clerk/Correspondent | Berkshire | |
| Ms Caryl Oliver, 22 Bow Road, Stanford in the Vale, SN7 8JB | RG1 4QW |
RISK ASSESSMENT
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions.
RESERVES POLICY
The trustees have considered the level of reserves they wish to retain, appropriate to the charity’s needs. This is based on the charity’s size and the level of financial commitments held. The trustees aim to ensure that the charity will be able to fulfil its charitable objectives even if there is a temporary shortfall of income or sudden unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
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THE PUBLIC PURPOSES CHARITY
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the trustees/members of The Public Purposes Charity on my examination of the accounts for the year ended 31st December 2024 set out on pages 8 to 14.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 145 of the 2011 Act),
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act), and
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to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S STATEMENT
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In the course of my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept (in accordance with section 130 of the Act); and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
................................................................................................ Lomax Pavey Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
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17 July 2025
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THE PUBLIC PURPOSES CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
| Notes INCOME Investment Income 3a Income from Charitable Activities 3b TOTAL INCOME EXPENDITURE Charitable activities 4 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) Realised gains/Sale of COIF investments Unrealised gains/losses 7 NET INCOME/(EXPENDITURE) Funds brought forward Transfers between funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted Endowment TOTAL TOTAL Funds Funds Funds 2024 2023 £ £ £ £ £ 34,212 - - 34,212 36,370 1,302 - - 1,302 1,246 |
|---|---|
| 35,514 - - 35,514 37,616 |
|
| 52,074 - 52,074 16,786 |
|
| 52,074 - 52,074 16,786 |
|
| (16,560) - - (16,560) 20,830 - - - - - 13,198 - 12,749 25,947 75,224 |
|
| (3,362) - 12,749 9,387 96,054 559,136 - 564,340 1,123,476 1,027,422 - - - - - |
|
| 555,775 - 577,089 1,132,864 1,123,476 |
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 10 to 14 form part of these financial statements.
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THE PUBUC PURPOSES CHARITY ASAT315T DECER 2024 FuS Furds FLYKI Tatsl To Tangiba$S¢ 1.Ih)1 1.030.836 1.031.837 453,747 454748 577.089 677.089 1,(YJ4.e89 1.005A¢ Debtors8 Pwa5YT Cashatbank and in wment Depu%rtC4shkn 10 18569 83.177 101.746 I869 103.964 11•a35 101.746 CrdibfafflountslaNwvdupwithknar 720 750 101m6 101.026 117585 TQTALA55W51E5S¢L1l1Iti0 55775 577.089 1.1¥2.104 1.1U.47 12 1 132 864 1 123 476 senraI&nds Rtsttsted lut S55,77S 5S5.775 559,136 577m9 577,089 IVTALFUIIDS $ss y?$ 577 089 1 132 104 7 123476 2011. ha¥ docted ke(at9ts prty1$tF¢t apptytostnallchatth5 pryred• Fe£aptsard Paen1ct d strtern8ntrfknetsaryJLkibAitie5whrhare3trJtp9e5Bd 9. 16July 2025 4>pT(Ad bythTreeS¢¥1tt*.._ AF Vizoso S¥n&turw.
THE PUBLIC PURPOSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
INCOME
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
the charity becomes entitled to the resources;
the trustees believe it is probable they will receive the resources; and
the monetary value can be measured with sufficient reliability
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
EXPENDITURE AND LIABILITIES
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Endowment funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
ASSETS
Tangible fixed assets policy
These are capitalised if they can be used for more than one year, and cost at least £1000.
The depreciation rates and methods used are disclosed in note 2.
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THE PUBLIC PURPOSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES (continued)
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
Current Asset Investments
The charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity of loss than one year held for investment purposes rather than to meet short-term cash commitments as they fall due.
2. TANGIBLE FIXED ASSETS
| Cost 01-Jan-24 Adjustments Cost at 31-Dec-24 Depreciation 01-Jan-24 Charge Depreciation at 31-Dec-24 Net Book Value 31-Dec-24 Net Book Value 31-Dec-23 The charity owns no buildings. Land is not depreciated. |
£ 1,001 - 1,001 - - - 1,001 1,001 Land & Building |
Total 2024 £ 1,001 - |
|---|---|---|
| 1,001 | ||
| - - |
||
| - | ||
| 1,001 | ||
| 1,001 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
| 31-Dec-24 None 31-Dec-23 3. INCOME Note a) Investment Income Investment portfolio dividends b) Income from Charitable Activities Allotments income Newsletter advertisements income |
None Unrestricted Restricted Endowment Total Total Funds Funds Funds 2024 2023 £ £ £ £ £ 34,212 - - 34,212 36370 |
|---|---|
| 34,212 - - 34,212 36,370 |
|
| 826 - - 826 742 476 - - 476 504 |
|
| 1,302 - - 1,302 1,246 |
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THE PUBLIC PURPOSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
4. EXPENDITURE
| Note a) Charitable Activities Allotment Expense Grants to Institutions Insurance Meeting Expenses Postage and Stationary Bank Charges Website Costs Independent Examiner's Fee |
Unrestricted Restricted Endowment Total Total Funds Funds Funds 2024 2023 £ £ £ £ £ 1,605 - - 1,605 15 48,335 - - 48,335 14,635 710 - - 710 664 164 - - 164 187 440 - - 440 388 - - - - - 100 - - 100 147 720 - - 720 750 |
|---|---|
| 52,074 - - 52,074 16,786 |
5. RESTRICTED FUNDS
The Charity held no Restricted Funds during this or the previous financial period.
6. ENDOWMENT FUNDS
CURRENT FINANCIAL YEAR
| Permanent Endowment Fund PREVIOUS FINANCIAL YEAR Permanent Endowment Fund |
Balance Unrealised 01-Jan-24 Income Expenditure Gain/Loss Transfer 31-Dec-24 £ £ £ £ £ £ 564,340 - - 12,749 - 577,089 |
|---|---|
| 564,340-- 12,749- 577,089 | |
| Balance Unrealised 01-Jan-23 Income Expenditure Gain/Loss Transfer 31-Dec-23 £ £ £ £ £ £ 516,847 - - 47,493 - 564,340 |
|
| 516,847 - - 47,493 - 564,340 |
CCLA account No 890340001T is titled “Permanent Endowment Account” and holds the PPC’s endowment funds which cannot be spent without the authority of the Charity Commission.
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THE PUBLIC PURPOSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
7. INVESTMENTS
| Unrestricted | Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 31-Dec-24 | 31-Dec-23 | |||
| £ | £ | £ | £ | ||||
| Market value as at | 01-Jan-24 | 440,549 | - | 564,340 | 1,004,889 | 929,666 | |
| Additions | - | - | - | - | - | ||
| Investment Assets - Revaluation Gain/(Loss) | 13,198 | - | 12,749 | 25,947 | 75,224 | ||
| Market value as at | 31-Dec-24 | 453,747 | - | 577,089 | 1,030,836 | 1,004,889 | |
| There were no investment assets outside the UK. | |||||||
| Investments (neither listed nor unlisted) were as follows:- | 31-Dec-24 | 31-Dec-23 | |||||
| £ | £ | ||||||
| Investments | |||||||
| 1,030,836 | 1,004,889 |
8. CURRENT ASSETS INVESTMENTS
| COIF Charities Deposit Fund | Unrestricted Restricted Endowment Total Total Funds Funds Funds 31-Dec-24 31-Dec-24 £ £ £ £ 83,177 - - 83,177 103,964 |
|---|---|
| 83,177 - - 83,177 103,964 |
9. CASH AT BANK AND IN HAND
| Current Account | Unrestricted Restricted Endowment Total Total Fund Fund Funds 31-Dec-24 31-Dec-23 £ £ £ £ 18,569 - - 18,569 14,371 |
|---|---|
| 18,569 - - 18,569 14,371 |
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THE PUBLIC PURPOSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
10. DEBTORS AND PREPAYMENTS
The Charity held no Debtors during this or the previous financial period.
11. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fee | Unrestricted Restricted Endowment Total Total Fund Fund Funds 31-Dec-24 31-Dec-23 £ £ £ £ 720 - - 720 750 |
|---|---|
| 720 - - 720 750 |
12. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
There were no Creditors or Accruals falling due in more than one year at the end of this financial year (2023: £Nil).
13. STAFF COSTS AND NUMBERS
No staff were employed during this or the previous financial period.
14. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to Trustees or any persons connected with them during this financial period, other than reimbursement for items bought on behalf of the Charity. No material transaction took place between the organisation and a trustee or any person connected with them.
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