## **THE PAIN TRUST**
## **ANNUAL REPORT AND ACCOUNTS**
**1 SEPTEMBER 2023 TO 31 AUGUST 2024**
**Charity Commission Reference Number: 276670**
Page 1
## **THE PAIN TRUST**
## **SIGNIFICANT INFORMATION**
The Association was established under a trust deed dated 31 August 1978 in order to provide facilities for assistance in travel or adventure to further physical development, character training, leadership training and the fostering of a team spirit for boys who have reached the age of ten but have not exceeded the age of twenty one.
## **Officers:**
**Chairman:** Howard Mallett Geotechnical Engineer **Secretary:** Esther Workman Project Manager **Treasurer:** Andrew Hart Finance Director **Trustees:** Howard Mallett Geotechnical Engineer Esther Workman Project Manager Andrew Hart Finance Director Iain Todd Works Surveyor Peter Wilson Retired Stuart Wilson Head of Development James Kelly Teacher Susan Fowler Retired Roxanne Merry Teacher
**Registered Address:** 10 Springfield Road, Exmouth, Devon.
## **Trustees' responsibility for the accounts**
Accounting and reporting responsibilities
The Charities Act 2011 requires the Governors as the Trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year.
In preparing the financial statements the Governors should follow best practice and
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
The Governors are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Charity at any time, and to enable them as Trustees to ensure that the financial statements comply with the Charity Law. The Governors are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 2
## **THE PAIN TRUST**
## **TRUSTEES' REPORT**
||**TRUSTEES' REPORT**|
|---|---|
|CharityRegistered Number|276670|
|GoverningDocument|Trust Deed dated 31 August 1978|
|Objects of the Charity|Subject to payment of expenses upon trust to apply the income of The Pain
Trust in the provision of facilities for assistance in travel or adventure to further
physical development, character training, leadership training and the fostering
of a team spirit for young people who have reached the age of ten but have
not exceeded the age of twenty two, resident within eight miles of the Town
Hall at Exmouth or in East Devon in the County of Devon, but excluding the
area to the west of the estuary of the River Exe so that they may grow to full
maturity as individuals and members of society and that their conditions of life
may be improved Provided (1) That such income shall only be used for the
provision of such facilities as do not come within the responsibility of the
Government or Local Authorities and (2) That such income shall be used only
for Charitablepurposes.|
|Specific Investment Powers|The Charity's investment powers are now conferred by the Trustee's Act
2000.|
|Trustees Selection Method|Trustees are appointed by a resolution of the Trustees, passed at a meeting of
Trustees of which not less than twenty one days’ notice has been given.
The Trustees held 7 meetings duringtheyear.|
|Charity's activities and
achievements during the
year|Progress and Achievements
The total amount given out in grants amounted to £65,355.
The market value of its COIF investments increased by £174,825 during the
year to £2,451,320 (2023 - £2,276,495), of which £2,278,303 is held as capital
and is not available for distribution.
The Trust holds funds (including cash at bank) of £177,852 for distribution.
Financial Activities and Affairs
Grants for 137 males and 93 females were made during the year.
The total amount given in grants since the Trust was set up is £1,069,219.
Although the Trust is distributing its annual investment receipts, it wishes to
distribute the historic unspent funds of £177,852. To this end, it is aiming to
boost awareness in order that these funds maybe fullyemployed.|
|Public Benefit|The Trustees have had due regard to the guidance published by the Charity
Commission on Public Benefit.|
Approved by the trustees on and signed on their behalf by: (Signature) .................................................. (Name) Andrew Hart
Page 3
## **INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS**
## **TO THE TRUSTEES OF**
## **THE PAIN TRUST**
I report on the accounts of the Trust for the year ended 31 August 2024 which are set out on pages 5 and 6.
|Respective
responsibilities of
trustees and examiner|The charity’s trustees are responsible for the preparation of the accounts. The
charity s trustees consider that an audit is not required for this year under
section 144 of the Charities Act 2011 (The Charities Act) and that an independent
examination is needed.
It is my responsibility to:
•
examine the accounts under section 145 of the Charities Act,
•
to follow the procedures laid down in the general Directions given by the
Charity Commission (under section 145(5)(b) of the Charities Act), and
•
to state whetherparticular matters have come to myattention.|
|---|---|
|Basis of independent
examiner’s statement|My examination was carried out in accordance with general Directions given by
the Charity Commission. An examination includes a review of the accounting
records kept by the charity 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 connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the
requirements:
•
to keep accounting records in accordance with section 130 of the
Charities Act;
•
to prepare accounts which accord with the accounting records and
comply with the accounting requirements of the Charities Act have not
been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a
proper understandingof the accounts to be reached.|
|Signed|...............................................................................................|
|Name|R HARDING|
|Relevant professional
qualifications or body|Member of the Chartered Institute of Management Accountants|
|Address|62 Glentor Road
Hartley
Plymouth
PL3 5TP|
Page 4
## **THE PAIN TRUST**
## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED**
## **31 August 2024**
|Notes
RECEIPTS
Donations, Legacies and Similar Receipts
Investment Income
4
Total Receipts
PAYMENTS
Charitable payments:
Grants Paid
Governance Costs
5
Total Expenditure
Net Incoming Resources for the Year
OTHER PAYMENTS (NOT COUNTING AS
"EXPENDITURE")
Transfer to COIF Investments
Fixed Assets
Net Movement in Funds
Cash and Bank Balances Brought Forward
**CASH AND BANK BALANCES CARRIED**
**FORWARD**|General
Fund
£
-
70,716
70,716
65,355
1,502
66,857
3,859
-
-
3,859
137,227
141,086|Restrict
ed Fund
£
-
-
-
-
-
-
-
-
-
-
-
-|Total
Funds
£
-
70,716
70,716
65,355
1,502
66,857
3,859
-
-
3,859
137,227
141,086|2023
£
-
67,521|
|---|---|---|---|---|
|||||67,521|
|||||51,450
1,287|
|||||52,737|
|||||14,785
-
-|
|||||14,785
122,442|
|||||137,227|
Page 5
## **THE PAIN TRUST**
## **STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 31 August 2024**
|Notes
CASH FUNDS
Bank Account
COIF Deposit Account
Total Cash and Bank Balances
INVESTMENTS
COIF Investment Fund
6/7
COIF Fixed Interest Fund
6/7
Total Investments
ASSETS RETAINED FOR THE CHARITY'S
OWN USE
Computer
LIABILITIES|Capital
£
-
-
2,108,400
306,152
2,414,553|Income
£
30,957
110,128
141,085
-
36,767
36,767|Total Funds
£
30,957
110,128
141,085
2,108,400
342,920
2,451,320
Cost
1,160
-|2023
£
27,815
109,412|
|---|---|---|---|---|
|||||137,227|
|||||1,951,390
325,105|
|||||2,276,495|
|||||Cost
1,160|
|||||-|
Page 6
## **THE PAIN TRUST**
## NOTES TO THE ACCOUNTS
## YEAR ENDED 31 AUGUST 2024
## 1. ACCOUNTING POLICIES
In preparing the accounts the following policies have been complied with:
- a) The accounts have been prepared on the Historic cost convention. The accounts are in accordance with applicable accounting standards, the Charities SORP 2005 (Accounting and Reporting by Charities) and comply with the Charities (Accounts and Reports) Regulations 2011 issued under the Charities Act 2011.
- b) Investment income is recorded when received.
- c) Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.
- d) Other expenditure is included in the accounts when it is paid.
## 2. TAXATION
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
## 3. RELATED PARTY TRANSACTIONS
None of the Trustees were paid remuneration or expenses by the charity during the year (2023 - NIL).
|4.
5.|INVESTMENT INCOME
has arisen as follows:
Listed Investments
Cash
GOVERNANCE COSTS
Insurance
Legal fees
Independent Examiner's Fee
Office Costs|2024
£
65,094
5,622
70,716
-
-
-
1,502
1,502|2023
£
63,923
3,598|
|---|---|---|---|
||||67,521|
||||134
-
-
1,152|
||||1,287|
Page 7
## **THE PAIN TRUST**
## NOTES TO THE ACCOUNTS
## YEAR ENDED 31 AUGUST 2024
|6.
|INVESTMENT ACCOUNTS (Capital)
Brought forward
Transfers In/(out)
Donations
Movement in Value
Carried forward|Investment
Fund
£
1,951,390
0
0
157,010
2,108,400|Fixed
Interest
Fund
£
290,248
0
0
15,905
306,152|Total
£
2,241,638
0
0
172,915
2,414,553|2023
£
2,278,303
0
0
-36,665|
|---|---|---|---|---|---|
||||||2,241,638|
> [Amounts held in Capital funds are not available for distribution. ]
## 7. INVESTMENT ACCOUNTS (Income)
|INVESTMENT ACCOUNTS (Income)|||||
|---|---|---|---|---|
|Brought forward
Transfers In/(out)
Movement in Value
Carried forward|Investment
Fund
£
0
0
0
0|Fixed
Interest
Fund
£
34,857
0
1,910
36,767|Total
£
34,857
0
1,910
36,767|2023
£
34,606
0
251|
|||||34,857|
Amounts held in Income funds are available for distribution.
Page 8