Charity Registration No. 327329
THE PARTNERSHIP TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
THE PARTNERSHIP TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr P Lancaster |
|---|---|
| Mr R Panek | |
| Mrs J Dixon | |
| Mr S Bodey | |
| Mr J Raby | |
| Charity number | 327329 |
| Principal address | 13 The Oakes |
| Oakes Park | |
| Sheffield | |
| S8 8BA | |
| Independent examiner | Grant Wade BA ACA |
| Wells Richardson | |
| Cannon House | |
| Rutland Road | |
| Sheffield | |
| South Yorkshire | |
| S3 8DP | |
| Bankers | Lloyds TSB Bank plc |
| 65-68 Briggate | |
| Leeds | |
| LS21 6LH |
THE PARTNERSHIP TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
THE PARTNERSHIP TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees present their report and financial statements for the year ended 30 September 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's object is the furtherance of the Christian religion throughout the world and the support and assistance of those engaged in such activities. There has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission on public benefit when deciding what activities the charity should undertake and in planning future activities. The trustees are also aware of the Charity Commission's guidance on public benefit in the Advancement of Religion for the Public Benefit and have regard to it in carrying out the activities described in the report during the year ended 30 September 2020.
The main area of activity is to provide a means for churches, individuals and other organisations to support mainly independent mission partners relying on voluntary support. The trust also facilitates giving under the Gift Aid scheme. The trust maintains contact with each of its mission partners by keeping them advised of the source of gifts received and the designation of any specific project funding.
Most of the income of the charity is designated for particular projects and is recorded by the charity as restricted funds. Payments are made to the partners concerned on a monthly basis, or when called for. This service has proved to be a valuable aid, particularly to overseas mission partners, in keeping their finances in order.
Each mission partner is allocated a main contact person for the Trust (normally a trustee) and who has a general overview of the partner's project developments. In addition, the trustees receive newsletters, updates and reports from mission partners and the trustees request an annual report from each mission partner on their main activities and events for the past year. This annual summary report is used by the trustees to monitor the application of charitable funding, through the trust, for the specific projects.
Achievements and performance
During the year, two existing partners closed their funds with the trust and no new partners joined the trust. At the year end, there were 23 partners supported through the trust (2019: 25). The trustees continue to monitor activity levels to ensure that the administrative function is not impaired. No financial performance targets are set other than ensuring that the trust maintains adequate unrestricted funds and, in this respect, the trustees are satisfied with the position. Donations received from partners on a regular basis are considered adequate to meet the administrative costs of the charity on an ongoing basis and a review of these donations is carried out annually.
The trust aims to support the work of missions overseas by facilitating the transfer of funds to partners and it has continued to so that, thus achieving its objective.
The trustees intend to continue supporting their partners and others who may wish to partner with us in furthering overseas mission work during the coming year.
Unlike many charities, The Partnership Trust has suffered little impact from the Covid-19 pandemic. Grants to partners depend on donations received and there has been no discernible effect on donations. Trustees have been unable to meet i n person and have agreed to meet virtually.
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THE PARTNERSHIP TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
Financial review
The trustees are aware of the need to maintain sufficient unrestricted reserves to continue the activities of the trust and maintain its solvency. During the year, support from beneficiaries through voluntary contributions was obtained to cover the trust's administrative costs. It is the trustees' policy to ensure that at least six months of salary costs are covered by unrestricted reserves. The charity made a surplus for the year of £3,749 (2019: deficit £3,753). Restricted reserves at 30 September 2020 were £68,797 (2019: £65,100). Unrestricted reserves at 30 September 2020 were £2,791 (2019: £2,739), of which £2,791 were freely available.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month s' expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trust receives bank interest on funds held on deposit. However, the trustees invest on a short term basis as the restricted funds may be called down by the beneficiaries at short notice.
The trustees ha ve assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. They include the following:
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The risk of failing to fund the administrative function of the charity. The level of donations from partners to cover this function is reviewed annually and is currently considered adequate to cover the costs of administration.
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The risk of safeguarding problems arising with one of our partners. A rigorous review of policy and practice is carried out.
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The risk of loss of personal data. A comprehensive policy is in place and is implemented.
Structure, governance and management
The charity is governed by a Declaration of Trust dated 3 October 1986 as amended by a trustees' resolution dated 26 November 2007. It is a registered charity, number 327329.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr P Lancaster
Mr R Panek
Mrs J Dixon Mr S Bodey Mr R Booth (Deceased 2 December 2020) Rev A Chesworth (Resigned 14 October 2019) Mr J Raby
A s a trust, we are open to appointing trustees from all backgrounds who subscribe to the ethos and values of the charity. W hen a vacancy arises in the number of trustees, the trustees, who have a wide number of connections, seek a suitably qualified person with an interest in the objectives of the trust to fill that vacancy. A trustee has been appointed to provide induction and training for all newly appointed trustees. The trust deed specifies a maximum number of seven trustees.
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THE PARTNERSHIP TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees' r eport was approved by the Board of Trustees.
Mr S Bodey
Trustee Dated: 13 May 2021
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THE PARTNERSHIP TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARTNERSHIP TRUST
I report to the trustees on my examination of the financial statements of The Partnership Trust (the charity) for the year ended 30 September 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no 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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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Grant Wade BA ACA Chartered Accountant Cannon House Rutland Road Sheffield South Yorkshire S3 8DP
Dated: 13 May 2021
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THE PARTNERSHIP TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income from: Donations and legacies 2 5,122 308,989 Investments 3 14 - Total income 5,136 308,989 Expenditure on: Charitable activities 4 5,084 305,292 Net income/(expenditure) for the year/ Net movement in funds 52 3,697 Fund balances at 1 October 2019 2,739 65,100 Fund balances at 30 September 2020 2,791 68,797 |
TotalUnrestricted Restricted funds funds 2020 2019 2019 £ £ £ 314,111 4,822 280,576 14 14 - 314,125 4,836 280,576 310,376 5,473 283,692 3,749 (637) (3,116) 67,839 3,376 68,216 71,588 2,739 65,100 |
Total 2019 £ 285,398 14 285,412 289,165 (3,753) 71,592 67,839 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE PARTNERSHIP TRUST
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| Notes Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Restricted funds 11 Unrestricted funds |
2020 £ 20,870 51,784 72,654 (1,166) |
£ 100 71,488 71,588 68,797 2,791 71,588 |
2019 £ 18,849 50,101 68,950 (1,211) |
£ 100 67,739 67,839 65,100 2,739 67,839 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 13 May 2021
Mr S Bodey Trustee
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
The Partnership Trust is an unincorporated charity registered with the Charities Commission.
1.1 Accounting convention
The financial statements have been prepared in accordance 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation to pay out resources.
Resources expended are recognised in the year in which they are incurred, are inclusive of irrecoverable VAT, and are analysed as appropriate in the Statement of Financial Activities according to the nature of the expense. No costs are apportioned.
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
Costs of charitable activities include ministry support payments made in accordance with the restrictions placed on their use and costs incurred in connection with administration of these payments.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
30% straight line over 3 years
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks .
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction c osts.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price .
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Taxation
The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or expense to which it relates.
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2 Donations and legacies
| Unrestricted Restricted funds funds 2020 2020 £ £ Donations and gifts - 308,989 Administrative donations 5,122 - 5,122 308,989 |
TotalUnrestricted Restricted funds funds 2020 2019 2019 £ £ £ 308,989 - 280,576 5,122 4,822 - 314,111 4,822 280,576 |
Total 2019 £ 280,576 4,822 285,398 |
|---|---|---|
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Interest receivable | 14 | 14 |
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
4 Charitable activities
| Staff costs Insurance Ministry support Computer and office costs Bank interest and charges Legal and professional fees Administrative donations Share of governance costs (see note 5) Analysis by fund Unrestricted funds Restricted funds 5 Governance costs Independent Examiner fees |
2020 £ 3,202 595 300,856 154 108 35 4,436 309,386 990 310,376 5,084 305,292 310,376 2020 £ 990 |
2019 £ 3,711 590 278,890 212 122 35 4,615 288,175 990 289,165 5,473 283,692 289,165 2019 £ 990 |
|---|---|---|
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
7 Employees
The charity employs one part-time administrator.
| 2020 | 2019 | ||
|---|---|---|---|
| Number | Number | ||
| 1 | 1 | ||
| Employment costs | 2020 | 2019 | |
| £ | £ | ||
| Wages and salaries | 3,202 | 3,711 | |
| 8 | Tangible fixed assets | ||
| Computers | |||
| £ | |||
| Cost | |||
| At 1 October 2019 | 1,146 | ||
| At 30 September 2020 | 1,146 | ||
| Depreciation and impairment | |||
| At 1 October 2019 | 1,046 | ||
| At 30 September 2020 | 1,046 | ||
| Carrying amount | |||
| At 30 September 2020 | 100 | ||
| At 30 September 2019 | 100 | ||
| 9 | Debtors | ||
| 2020 | 2019 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 20,870 | 18,849 | |
| 10 | Creditors: amounts falling due within one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Other creditors | 176 | 221 | |
| Accruals and deferred income | 990 | 990 | |
| 1,166 | 1,211 |
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
11 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |||
| 1 October 2018 | resources | expended 1 |
October 2019 | resources | expended | 30 September | |||
| 2020 | |||||||||
| £ | £ | £ | £ | £ | £ | £ | |||
| Private | |||||||||
| individuals | 18,290 | 171,367 | (171,519) | 18,138 | 181,081 | (177,854) | 21,365 |
||
| FLAG | 1,393 | 5,815 | (7,246) | (38) | 6,694 | (6,515) | 141 |
||
| Forever | |||||||||
| Caring | |||||||||
| Homes | 200 | 3,000 | (2,313) | 887 | 150 | (1,037) | - |
||
| GACAH | |||||||||
| (Mattuga) | 3,272 | 52,469 | (52,447) | 3,294 | 56,866 | (54,266) | 5,894 |
||
| India Project | 336 | 3,676 | (3,954) | 58 | 2,961 | (2,054) | 965 |
||
| Little Voices | |||||||||
| Christian | |||||||||
| Elementary | |||||||||
| Academy | 211 | 13,300 | (12,320) | 1,191 | 11,634 | (12,215) | 610 |
||
| Mantes La | |||||||||
| Jolie | 2,964 | 4,946 | (7,415) | 495 | 10,013 | (9,819) | 689 |
||
| Mauritius | 29 | 2,813 | (2,842) | - | 925 | (630) | 295 |
||
| Networks | 38,487 | 12,844 | (13,765) | 37,566 | 28,125 | (28,660) | 37,031 |
||
| New Life | |||||||||
| Missions | 71 | 1,810 | (1,780) | 101 | 1,405 | (1,465) | 41 |
||
| POCM | 305 | 6,061 | (5,931) | 435 | 5,814 | (5,774) | 475 |
||
| Peru | 39 | 687 | (726) | - | 1,856 | (1,921) | (65) |
||
| SEEMA | - | 10 | - | 10 | 899 | (909) | - |
||
| Zimbabwe | 2,619 | 1,778 | (1,434) | 2,963 | 566 | (2,173) | 1,356 |
||
| 68,216 | 280,576 | (283,692) | 65,100 | 308,989 | (305,292) | 68,797 |
Restricted funds represent funds raised to support independent mission partners relying on voluntary support. In the event that a project does not go ahead, funds may be transferred to other projects with the agreement of the donors.
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THE PARTNERSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 12 Analysis of net assets between funds Unrestricted funds Restricted funds 2020 2020 £ £ Fund balances at 30 September 2020 are represented by: Tangible assets 100 - Current assets/ (liabilities) 2,691 68,797 2,791 68,797 |
TotalUnrestricted funds Restricted funds 2020 2019 2019 £ £ £ 100 100 - 71,488 2,632 65,100 71,588 2,732 65,100 |
Total 2019 £ 100 67,739 67,839 |
|---|---|---|
13 Related party transactions
No remuneration was paid to any of the trustees.
None of the trustees was reimbursed for any expenses.
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
Trustees donated a total of £5,650 (2019: £1,550) to the charity during the year.
The charity has incurred £297 (2019: £190) of expenditure in respect of Trustees' Indemnity Insurance.
Roland Panek and John Raby are also trustees of the Jainagar Trust. During the year under review, the charity received donations of £57,757 (2019: £58,372) from the Jainagar Trust and other donors of which £57,925 (2019: £60,731) was transferred to the relevant recipients on a monthly basis during the year. These receipts and payments are not reflected in the Statement of Financial Activities of the Partnership Trust. Debtors include an amount of £11,512 (2019: £11,344) due to the relevant recipients.
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