Charity Number: 327784
THE PREVO TRUST
STATEMENT OF ACCOUNTS YEAR ENDED5 APRIL 2025
THE PREVO TRUST
ACCOUNTS YEAR. ENDED 5 APRIL 2025
CONTENTS Page
| Trustees' Annual Report | 1-2 |
|---|---|
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| NotestotheAccounts | 6-8 |
THE PREVO TRUST
TRUSTEES ANNUAL REPORT YEAR ENDED 5TH APRIL 2025
The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2025.
Objects and Policies
The Funds are to be applied for or towards such charitable purposes at such time or times and in such manner as the Trustees shall in their absolute discretion think fit. The objectives are fulfilled by the Trustees through consideration of appeals and making grants or donations in response thereto. Funds held pending disbursement may be invested in securities of whatsoever nature the Trustees think fit.
Activities and achievements during the year
The Trust continued to consider requests for funding and to respond thereto. Income amounted to £164,420 (which includes a donation of £120,084 from the settlor).This compared to £141,848 (Donation from Settlor £125,029) in the previous year.
During the year the Trust received a refund of £28,500 from the Prisons Video Trust.
The refund covered the balance of a donation made in 2018, for a project that Prisons Video Trust was unable to complete due to Covid.
Donations of £53,940 were made during the year compared to £51,924 in the previous year. Support costs including governance costs totalled £4,115 (2024: £4,050)
Administration Information
The Prevo Trust is constituted by a Trust Deed dated 2nd March 1988 and is a registered Charity number 327784 under clause 9(1).The statutory power of appointing new or additional Trustees rests with Lucy Astor.
There is a minimum number of two Trustees.
Trustees
Lucy Aphra Nancy Astor Benedict Huntly Pulsford Leonard Francis Pulsford Ramona Anna Aphra Pulsford
Address
Sayers Butterworth LLP 3rd Floor, 12 Gough Square London, EC4A 3DW
All enquiries should be addressed to Sayers Butterworth LLP Ref SMS
Bankers
Rathbone Investment Management 30 Gresham Street London EC2V 7QN
Investment Advisor
Rathbone Investment Management 30 Gresham Street London EC2V 7QN
Barclays Barclays Bank Leicester Leicestershire LE87 2BB
Independent Examiner
Sayers Butterworth LLP 3rd Floor, 12 Gough Square London, EC4A 3DW
Page 1
THE PREVO TRUST
TRUSTEES ANNUAL REPORT
YEAR ENDED 5TH APRIL 2025
Risk Factors
The Trustees have taken advantage of exemption available for charities with incoming resources of less than £1,000,000 not to carry out a risk assessment.
Investment Policy
There are no restrictions in the Trust Deed. The Trustees operate a low risk policy with a balance of income and capital growth. The investments are currently held in a mixture of stock market investments and cash deposits. There were unrealised/ realised losses of £40,490 on the investments held. This compared with unrealised/realised gains of £57,406 in the previous year.
Reserves Policy
It is the Trustees policy to restrict outgoing resources to the available income. Clause 2 of the Trust Deed gives the power to apply the Trust fund and the income thereof for such Charitable purposes as the Trustees shall in their absolute discretion determine. Accordingly it is possible to maintain reserves at a minimal level.
Public Benefit The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general guidance issued by the Charities Commission on public benefit.
Related Party Transactions
There were no related party transactions during the period.
Responsibilities of the Trustees
The Trustees are responsible for preparing the Trustees' report and 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed 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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 of fraud and other irregularities.
Lmwy brows L Astor Signed on behalf of the Trustees:
Date: | S - | Zz; Zz 5
Page 2
THE PREVO TRUST INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 5 APRIL 2025
Independent Examiner’s Report to the Trustees of The Prevo Trust
| report to the charity Trustees on my examination of the accounts of The Prevo Trust for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that | might state to the Charity’s trustees those matters | am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for my work, for this report, or for the opinions | have formed.
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 Act’).
| report in respect of my examination of the Charity's financial statements carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission
under section 145(5)(b) of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently | express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement
Independent examiner's statement
| have completed my examination. | 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
- the financial statements do not accord with those records; or
-
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
| 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 endable a proper understanding of the financial statements to be reached.
Andrew Burch, FCA Sayers Butterworth LLP 3" Floor
12 Gough Square London
EC4A 3DW Date: W-VU Coca
Page 3
THE PREVO TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Note Income from: Investment Income 3 Donation returned from Prisons Video Trust Transfer from Settlor Expenditure on: Raising funds Charitable activities 4 Total expenditure Net (losses) / gains on investments 10 Net income / (expenditure) Transfers between funds Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Expendable Endowment Funds £ - - 120,084 120,084 5,316 2,050 7,366 (40,490) 72,228 (200,000) (127,772) 940,288 812,516 |
Unrestricted Funds £ 15,836 28,500 - 44,336 - 56,005 56,005 - (11,669) 200,000 188,331 40,821 229,152 |
2025 Total Funds £ 15,836 28,500 120,084 164,420 5,316 58,055 63,371 (40,490) 60,559 - 60,559 981,109 1,041,668 |
2024 Total Funds £ 16,819 - 125,029 |
|---|---|---|---|---|
| 141,848 | ||||
| 5,065 55,974 |
||||
| 61,039 | ||||
| 57,406 | ||||
| 138,215 - |
||||
| 138,215 842,894 |
||||
| 981,109 |
All activities relate to continuing operations.
The notes on pages 6 to 8 form part of these financial statements .
Page 4
THE PREVO TRUST
BALANCE SHEET AS AT
5 APRIL 2025
| Year ended | Year ended | ||||
|---|---|---|---|---|---|
| 5 April 2025 | 5 April 2024 | ||||
| Note | £ | £ | £ | £ | |
| Fixed Asset Investments at Market Value | |||||
| Quoted investments | |||||
| UK quoted securities | 10 | 806,598 | 928,949 | ||
| Current Assets | |||||
| Debtors | |||||
| Encore Award | - | 8,544 | |||
| Cash at Bank | |||||
| Barclays | 226,854 | 32,918 | |||
| Rathbone Investment Management | |||||
| Capital Account | 12,876 | 15,034 | |||
| Income Account | 789 | 1,040 | |||
| 240,519 | 48,992 | ||||
| 1,047,117 | 986,485 | ||||
| Current liabilities | |||||
| Sayers Butterworth LLP | 2,880 | 2,760 | |||
| Sayers Butterworth LLP Independent Examiners | 1,340 | 1,200 | |||
| Rathbone Investment Management | 1,229 | 1,416 | |||
| 5,449 | 5,376 | ||||
| NetAssets | 1,041,668 | 981,109 | |||
| REPRESENTING: | |||||
| Expendable Endowment Funds | 13 | 812,516 | 940,288 | ||
| Unrestricted Income Funds | 13 | 229,152 | 40,821 | ||
| 1,041,668 | 981,109 |
The accounts were approved by the Trustees on La 3 if 2 45 ... and signed on their behalf by:
L Astor
Page 5
1 Accounting Policies
THE PREVO TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 5 APRIL 2025
(a) Basis of preparation of financial statements The financial statements have been prepared in accordance with the Statement of Recommended Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Second Edition) and the Financial Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Prevo Trust is a public benefit entity as defined by FRS 102. There are no material uncertanties regarding the Charity's ability to continue and so the going concern basis has been adopted.
(b) Income Investment income is accounted for in the period in which the charity is entitled to receipt. Investment income received by the Charity qualifying for the repayment of income tax has been grossed up for tax recoverable and this gross amount is recognised on the SOFA.
Income from donations is included in incoming resources when these are receivable, except as follows: when donors specify that donations given to the Charity must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions which have to be fulfilled before the Trust becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met.
(c) Taxation No provision for taxation is included in the accounts. as the Charity is entitled to the exemption for tax afforded by Part 10 of the Income Tax Act 2007 and Section 256 of the Chargeable Gains Act 1992.
(d) Expenditure
Expenditure is included on an accruals basis and includes irrecoverable value added tax. Donations payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Donations offered subject to conditions which have not been met at the year end are: noted as a commitment, but not accrued as expenditure.
(e) Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity.
(f) Investments are valued at open market value.
(g) Fund accounting - Details of the nature and purpose of each fund is set out in note 13.
(h) Cash at bank and in hand Cash at bank and 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.
Page 6
1 Accounting policies (continued)
THE PREVO TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2025
(i) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resuting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
(j) Financial instruments
The Charity only has financial instruments of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value.
2 Trustees Remuneration and Expenses
No Trustees received remuneration or expenses.
3
4
5
| Investment income Dividends Bank interest Costs of Charitable Activities Donations Support costs Support costs (including Governance costs) Accountancy and taxation charges including Independent Examiners review Bank Charges |
2025 2025 2025 2024 Expendable Unrestricted Endowment Income Total Total - 13,907 13,907 15,974 - 1,929 1,929 845 |
|---|---|
| - 15,836 15,836 16,819 |
|
| 2025 2025 2025 2024 Expendable Unrestricted Endowment Income Total Total - 53,940 53,940 51,924 2,050 2,065 4,115 4,050 |
|
| 2,050 56,005 58,055 55,974 |
|
| 2025 2025 2025 2024 Expendable Unrestricted Endowment Income Total Total £ £ £ £ 1,380 1,380 2,760 2,750 670 670 1,340 1,300 - 15 15 - |
|
| 2,050 2,065 4,115 4,050 |
Included within support costs are payments to the Independent Examiners of £1,340 for the independent examination (2024: £1,300)
6
| Donations payable Encore Award Prizes Prizes 4 Shortlisted Authors Judges Fees Venue Hire and catering Award Administration Give Us this Day |
2025 2024 £ £ 15,000 10,000 4,000 2,000 5,651 5,100 15,744 29,573 5,000 5,251 |
|---|---|
| 45,395 51,924 8,545 - |
|
| 53,940 51,924 |
The objectives of the Trust are fulfilled by the Trustees through consideration of appeals and making grants in response thereto. All grants made are for the general support of the recipient.
Page 7
THE PREVO TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2025
7 Employees There were no employees during the year.
8 Related Party Transactions
There were no related party transactions during the period. In the previous year a donation was received from one of the Trustees.
9 Controlling Party
No one party has overall control of the Trust.
10 Fixed Asset Investments
| Quoted investments Opening market value at 6 April 2024 Additions made during the year Accumulated Dividends Transfer from Settlor Disposals during the year Net realised gain / (loss) on disposals Net unrealised (loss) / gain on revaluation to market value at year end Closing market value at 5 April 2025 Historical cost |
£ £ £ £ 928,949 754,941 319,678 478,785 1,399 - 120,084 125,029 (523,022) (487,212) 8,244 (5,342) (48,734) 62,748 (40,490) 57,406 806,598 928,949 771,966 502,230 2025 2024 |
£ £ £ £ 928,949 754,941 319,678 478,785 1,399 - 120,084 125,029 (523,022) (487,212) 8,244 (5,342) (48,734) 62,748 (40,490) 57,406 806,598 928,949 771,966 502,230 2025 2024 |
|---|---|---|
| 928,949 | ||
| 502,230 |
11 Funds Unrestricted funds comprise those funds which the Trust is free to use in accordance with the charitable objects.
Expendable endowment fund represents those assets, principally investments, that are held by the charity on a more permanent basis.
Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
Income arising on the endowment fund is included as Unrestricted income. Clause 3 of the Trust Deed gives the power to apply the Trust Fund for such charitable purposes as the Trustees shall in their absolute discretion determine.
| 12Analysis of cash and cash equivalents Cash at bank 13Analysis of net assets between funds Fund balances at 5 April 2025 are represented by: Fixed assets Current assets Debtors Creditors: amounts falling due within one year |
2025 2024 £ £ 240,519 48,992 240,519 48,992 Expendable Unrestricted Endowment Income 2025 2024 Fund Fund Total Total £ £ £ £ 806,598 - 806,598 928,949 9,257 231,262 240,519 48,992 - - - 8,544 (3,339) (2,110) (5,449) (5,376) |
|---|---|
| 812,516 229,152 1,041,668 981,109 |
14 Statement of funds
| Statement of funds | |
|---|---|
| Unrestricted Funds Expendable endowment funds Total of funds |
Brought Incoming Gains / Carried Forward Resources Expenditure Losses Transfers Forward £ £ £ £ £ £ 40,821 44,336 (56,005) - 200,000 229,152 |
| 940,288 120,084 (7,366) (40,490) (200,000) 812,516 |
|
| 981,109 164,420 (63,371) (40,490) - 1,041,668 |
Page 8