REGISTERED CHARITY NUMBER 328370
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
CPD TRUST FUND
CPD TRUST FUND
INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| General Information | 1 |
| Trustees Annual Report | 2-4 |
| Independent Examiners Report | 5 |
| Income and Expenditure Account | 6 |
| Statement of Assets and Liabilities | 7 |
| Notes to the Accounts | 8 |
CPD TRUST FUND
GENERAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022
CHARITY NUMBER 328370
PRINCIPAL ADDRESS
A Redfern Constantia House Cavendish Road Matlock Derbyshire DE4 3GY
INDEPENDENT EXAMINERS
tcp (gb) group limited 10 the triangle ng2 business park nottingham ng2 1ae
BANKERS
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Kingdom Bank Ruddington Fields Business Park Mere Way Ruddington Nottingham NG11 6JS
Page 1
CPD TRUST FUND
TRUSTEES ANNUAL REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Introduction
The CPD Trust Fund is a registered charitable trust.
Trustees
The Trustees during the year and at the year-end were:
David P Negus Andrew J Redfern Jane A Taft
All Trustees were appointed under the terms of the Trust Deed.
Aims and Organisation
The Trust Fund was commenced in December 1988.
The objectives of the Trust are
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the advancement of the Christian Faith
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the relief of poverty, hunger and disease
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the advancement of education
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the provision of facilities for the sick, disabled and disadvantaged.
Review of Financial Activities and Affairs
The Trust’s income during the year continued to comprise the ground rent receivable in respect of the former Warde Aldam Hospital site near Rotherham. In addition it received interest on both the balance of cash at the bank, and on the loan that was made to the Carpenters Arms Trust (previously ‘Homes for the Homeless’).
Having received an indication that the Carpenters Arms Trust wished to re-finance its loan to support further expansion of their charitable work, the Trustees of the C P D Trust held on-line meetings to consider their response to these proposals. The outcome was a full repayment of the outstanding balance, which occurred in March 2022. It was previously indicated in the Notes to the Accounts that the loan to the Carpenters Arms Trust was interest-free, but this was an error. The loan, which was originally accompanied by a £150,000 grant, carried interest of 2.0% per annum. The accrued amount of £3,928 was included in the redemption payment.
The Trustees did not meet in person during the 2022 financial year. However, they maintained contact with each other to: -
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a) Review reports on the use of grants previously made.
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b) Monitor the utilisation of the Trust’s previous grant to the Carpenters Arms Trust and the implications of their proposed refinancing on the Trust’s outstanding loan.
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c) Consider the progress of certain other projects to which the Trust may be asked to make substantial contributions at a future stage of their development
The Trustees plan to meet in person during 2023, to consider applications for funding and confirm the appointment of one or more new Trustees to facilitate succession planning. They will also note the outcome of a pending rent review for Warde Aldam, which is likely to increase the future level of regular income.
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CPD TRUST FUND
TRUSTEES ANNUAL REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Grants Paid in the Year
The Trust did not make any new grants during the year. The Trustees retain their preference for making substantial, one-off donations that will have a transformational impact. In recent years this has not been possible due to the low level of funds that remained following the assistance given to the Carpenters Arms Trust. However, as previously reported, a healthy cash position was re-established during 2022. Since then the continuing income of £7,375 per quarter from Warde Aldam combined with the repayment of the Carpenters Arms loan, means that the Trust now has the resources to consider new applications.
The Trust exists principally to assist other Christian Charities to fund major projects, normally involving significant capital expenditure and usually for the provision of buildings or fixed equipment. Where possible the Trust seeks to provide seed capital enabling the recipient charity to obtain match funding or grant assistance elsewhere to complete the total project funding.
In exceptional cases, the Trust may consider making a grant (and/ or loan) amounting to the whole or most of the cost of the project. Smaller grants to enhance existing charitable work, or add a dimension to it, may also be considered. The Trust does not normally make grants to assist with day-to-day running costs.
In normal circumstances, the regular income available to the Trust consists mainly of the ground rent on Warde Aldam. A rent review is in progress under the terms of the lease. This is likely to increase the Trust’s income somewhat in future years, with an accompanying impact on the Trustees’ capacity for grant making. They have remained in contact during 2022 and will meet during 2023 for an update on Christian projects that are eligible for the Trust’s assistance and may benefit from it in due course.
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CPD TRUST FUND
TRUSTEES ANNUAL REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Adopted Policy on Reserves
The Trust exists principally to assist other Christian Charities to fund major projects, normally involving significant capital expenditure and usually for the provision of buildings or fixed equipment.
In exceptional cases, the Trust may consider making a grant (and/ or loan) amounting to the whole or most of the cost of the project. This happened in the case of a property at Kegworth which enabled its purchase by The Carpenters Arms Trust (previously ‘Homes for the Homeless’). A temporary consequence was to reduce the reserves of the Trust to a very low level.
However, the subsequent income has increased the reserves and the Trust had net assets of £172,337 at the end of 2022. This means the Trustees are again in a position to make further grants and may do so in the coming year.
Signed on behalf of the Trustees
A Redfern Treasurer
24 October 2023
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CPD TRUST FUND
INDEPENDENT EXAMINERS REPORT TRUSTEES OF THE CPD TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2022
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 6 to 8.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records
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 accounts to be reached.
tcp (gb) group limited 10 the triangle ng2 business park nottingham ng2 1ae
24 October 2023
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CPD TRUST FUND
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| RECEIPTS Rents receivable Other income Bank interest received PAYMENTS GRANTS PAID MANAGEMENT AND ADMINISTRATION Bank fees Accountancy fees SURPLUS OF INCOME OVER EXPENDITURE |
2022 £ £ 29,500 3,928 150 33,758 - 82 398 480 £33,098 |
2021 £ £ 29,500 - - 29,560 - 97 396 493 £ 29,007 |
2021 £ £ 29,500 - - 29,560 - 97 396 493 £ 29,007 |
|---|---|---|---|
| £ - 82 398 |
£ - 97 396 |
||
| 29,560 493 |
|||
| £ 29,007 |
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CPD TRUST FUND
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2022
| CURRENT ASSETS Kingdom Bank CAF Gold Account CAF Cash Account Income debtor Loan to Carpenters Arms (Homes for the Homeless) (Note 2) CURRENT LIABILITIES Accruals NET CURRENT ASSETS NET ASSETS REPRESENTED BY ACCUMULATED FUND Opening balance Surplus/(Deficit) for the year |
2022 £ £ 10 165,083 369 7,375 - 172,837 500 172,337 £ 172,337 139,239 33,098 £ 172,337 |
2021 £ £ 10 52,838 367 - 86,900 140,115 876 139,239 £ 139,239 110,232 29,007 £ 139,239 |
2021 £ £ 10 52,838 367 - 86,900 140,115 876 139,239 £ 139,239 110,232 29,007 £ 139,239 |
|---|---|---|---|
| £ 10 165,083 369 7,375 - 172,837 500 |
£ 10 52,838 367 - 86,900 140,115 876 |
||
| £ 139,239 | |||
| 110,232 29,007 |
|||
| £ 139,239 |
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CPD TRUST FUND
NOTES TO THE ACCOUNTS 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of Preparation
The accounts have been prepared on a receipts and payments basis.
2. CARPENTERS ARMS
During 2020 the Trust made a grant and also a loan to The Carpenters Arms Trust (previously ‘Homes for the Homeless’). This is a trust that runs Christian residential addiction recovery centres. The purpose of the grant and the loan was to enable the charity to purchase a property to be used to continue their work. The loan carried interest at the rate of 2.0% per annum. It was fully repaid during 2022
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