The PTC Trust Dated 29 August 1989 (Charity Commission No 802322) Accounts for the year ended 30 September 2024 Mercer Hole Trustees
The PTC Trust Dated 29 August 1989 Trustees. Annual Report for the year ended 30 September 2024 Reference and administrative delails Name of Charity: The PTC Trust Charity No. 802322 Trustees: Timothy John Marks Rupert Philip Marks William Robert Marks Christopher James Marks Farrer & Co Trust Corporation Limited The present directors of Farrer & Co Trust Corporation are.. K N Dunnell SPShah BLACove D E Davidson W J A Gordon A M L Hollingshead C A Kirby R S McDermott OIGPiper S J Pring AAGTumer S S Von Schmidt Auf Altenstadt L R C Horwood S H J MacDonald J C Ridgeway N J Pomfret C V Fraser l R M Kerber (Apwinted on 19 November 2024) Principal Office Address: Farrer & Co LLP 66 Lincoln's Inn Fields London, WC2A 3LH Solicitors: Farrer & Co LLP as above Bankers and Investment Managgrs: Evelyn Partners 45 Gresham Street London, EC2V 7BG Accountants: Mercer & Hole Trustees Ltd 72 London Road St Albans, Hertfordshire AL1 1NS Independent Examiner: Steve Robinson FCA Mercer & Hole LLP 72 London Road St Albans. Hertfordshire AL1 1NS Page 1
The PTC Trust Dated 29 August 1989 Trustees. Annual Report for the year ended 30 September 2024 structure, governance and management Settlor= Timothy John Marks Governing Document: The principal goveming document is a trust deed dated 29 August 1989. The trust is a private charitable trust controlled by its trustees. Appointmenl of Twstees: The setuor. Timothy Marks has the power to appoint trustees during his lifetime. Existing trustees have been drawn from family members. plus a professional Trust Corporation. The lay trustees lY on outside advisors as necessary. Managemgnt and control The settlor and trustee. Timothy Marks, has control and overall responsibility of the day to day management of the charity. Investment Powers: The truslees have wide investment powers, including power to delegate to professional investment managers and to invest in the name of nominees. Rlsks: The trustees do not consider that they are exposed to any material risks other than fluctuations in the value of their investment portfolio. They have appointed professional invesknent managers and review the investment performance on a regular basis. Objectives and activities Objectives of the Charity: The trust was created for the benefit of the followng= 1) Any body or organisation whose objects are exclusively charitable by the law of England and Wales. 21 Any other exclusively charitable purpose. The trustees had power to accumulate income until 29 August 2010. Activities.. The trust supports a range of social and community concems. It achieves its objectives for the public benefit by making grants to other charitable bodies at the discretion of Ihe trustees, having regard to the public benefit guidance published by the Charity Commission. A¢hievem¢nts and perfomance No grants were made during the year ended 30 September 202412023: £48.4611. The repayment and interest due on the funds lent lo Cotswold Water Park Society Lld remained outstanding and the charty received minimal income. The charily did not, therefore. make any donations in the year ended 30 September 2024. Review of activities: Financial review- Tolal income was £51,027.10 {2023= £16,127) with expenditure amounting lo £9,347.23 12023: £58.536). Net assets at the end of the year were £958,220.00 12023= £915.0581 Plans for future periods= The truslees short-term and long-term objectives are to continue lo make grants in accordance with their grant making policy. The trustees aim to utilise the unrestricted and endowment fijnds to achieve this objective. The trustees plans are to release funds from the endowment fund and the Charity intends to ¢2ry out its purposes by making grants. Grant making policy.. The grant making policy and approval of individual grants is made by the trustee body as a whole. The Irustees, objective is to facilitale charttable causes and objects chosen by them, to create OPPK)rtunites and lo make a difference lo those causes and objects. Page 2
The PTC Trust Dated 29 August 1989
Trustees' Annual Report
for the year ended 30 September 2024
Reserves: The trustees' policy is to make grants as they consider appropriate. They had power to accumulate income until 2010. They have no requirement to retain reserves for any specific purpose, and may draw on expendable endowment to fund activities. Investment Policy: The trustees' investment portfolio is managed on a discretionary basis by Evelyn Partners.
Signed: ....................................................... Chris Marks on behalf of the trustees Date: .......................................................
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Independent Examiner's Report to the Trustees of PTC Charitable Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2024 which are set out on pages 1 to 10. Responsibilities and basis of report As the charivs trustees you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 (Ihe Acl'}. I report in respect of my examinalion 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 confimi 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 2. the accounts do nol accord with those records., or 3. the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Chartties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ttrue and fair view which is not a matter considered as part of an independent examination. I have no GOnrnS and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Steve Robinson FCA Merr & Hole LLP 72 London Road St Albans Herts AL1 1NS Date= Page 4
The PTC Trust Dated 29 August 1989 Statement of Financial Activities for the year ended 30 September 2024 2024 2023 Endowment Unrestricted Funds Funds Total Total Note Income and endowments: Investment income Investment managers gross interest Annual loan inlerest Interest on late loan repayment 3.829.95 13.45 44.474.70 2,709.00 51,027.10 3,829.95 13.45 44,474.70 2,709.00 51,027.10 104 15.047 976 16,127 Expenditure on: Costs of raising funds Charitable activities 725.23 725.23 8.622.00 9,347.23 475 58.061 58,536 8.622.00 8,622.00 725.23 Net incomel{expenditure) before net gainsl{lossesl on investments (725.23) 42.405.10 41,679.87 (42,409) Net gainslllosses) on investments 1.481.56 1.481.56 2.904 Net incomel{expenditure) 756.33 42.405.10 43,161.43 (39,505) Net movement in funds 756.33 42.405.10 43,161.43 { 39,505) Reconciliation of funds Total funds brought forward 894,747.97 20,310.60 915,058.57 954,563 Total funds carried forward 895,504.30 62.715.70 958.220.00 915,058 Page 5
The PTC Trust Dated 29 August 1989 Balance sheet 30 S•pt•mb•r 2024 2024 2023 Note Fixed assets Listed investments at rnarket value Loan to Cotswold Water Park Sty Lld- balance not y8t r8paydb18 Loan to Cotswold Water Park sIety Lld- repayable amount including interest Totsl loan and capitalised interest to Cotswold Water Part( Soaety Ltd 103,225.23 99,068 5 747,183.63 118,532.42 865,716.05 968.941.28 818,532 917.600 Current assets Investment managers. bank accounts 1.158.72 1.158.72 3.716 3,716 Liabilities Creditor5- amount5 falling due within one year Legal charges Aceountsnts, eharges 720.00 11,160.00 11,880.00 3.258 3,0(X) 6,258 Net ¢urrent assets 10.721.28 2.542 Net assets 958.220.00 915.058 Allocatlon of the chartys net assets The net assets are held for the various funds as follows.. Exp•ndabla •ndowm•nt 895,504.30 894,747 Unr85trict8d income funds Total ¢harityfunds 62,715.70 958.220.00 20,311 915.058 Approved by the trustees on ................................. and &gne(l on their behalf by Trustee Page 6
The PTC Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Accounting policies a) AGcountsng convention The trust constitutes a public benefit entty as defined by FRS 102. The financial statements have been prepared in accordan wth Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts ir) ac(x)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland, the Charities Act 2011, and UK Generally Accepted Accounting PraGtiGe. The financial ststements have been prepared to give a 'true and fair. view and have therefore necessarily departed from the extant Charities {Accounts and Reports) Regulations 2008 only to the extent reqUId to provide a 'true and fairf view. This departure has involved following the Statement of Recommended Practi.. Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Statement of Recommended Practice: Accounting and Reporting by Charities effeclive from 1 April 2005, which has since been withdravm. The accounts are prepared in steding, lch is the functional currency. Monetary amounts in these financial statements are stated to the penny. The accounts have been prepared under the historical cost convention. b) Going concem The trustees consider that there are no material uncertainties about the Trusl's ability to continue as a going concern. There are no material uncertainties affecting the current yearfs accounts. c) Income Dividend income and interest from investment managers are received gross and shown gross. Recoverable foreign tax deducted froffl dividends is recognised when it is received. d) Investments All investments held are listed on a recognised stock exchange and are included in the accounts at their market value. e) Grants payable Grants are included in the accounts when paid. Governance costs These are the costs associated vth the govemance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. The costs wll normally include intemal and external audit, legal advice for truslees and costs associated with constilutional and statulory requirements e.g. the cost of trustee meetings and preparing statutory accounts. Included wthin this category are any costs associated wth the strategic as opposed to day to day management of the chariws activities. g) Foreign exchange Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken lo the Statement of Financial Activities. h) Endowment fund- income Any gifts made to the Charity as additions to the end0ent fund will be Ireated as expendable endowment unless otherwise directed by the donor. Page 7
The PTC Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Accounting policies (continued) i) Expenditure and irTrcoverable VA T Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement wll be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes costs of exhibitions and other educalional activilies undertaken to further the purposes of the charity., Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activty for vthich the expenditure was incurred. J) Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered. k) Cash and cash equivalents Cash and cash equivalents includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisib'on or opening of the deposit or similar account. Credilors and provisions Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty 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 discounts due. Fixed asset investments 2024 2023 Market value at 30 September 2023 Additions Disposals Net realised investment gainsl{losses) Transferred to The Mulberry Trust Accumulated interest Net unrealised investment gainsl(losses) Market value at 30 September 2024 99,068.49 149,153 (4,528) (731 148,4611 (1,154.77) 11.45 3,829.95 1,470.11 103,225.23 2,977 99,068 Investments outside the UK 103,225.23 99,068 Historical cost at 30 September 2024 98,810.64 96,091 Investment income Investment income of £3,829.9512023'. £104) was reiVed during the year, of which £nil {2023: £11MI was received from investments listed in the UK and £3.829.95 (2023.. £nil) from investments outside the UK. Page 8
The PTC Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 Charilable activities Grants and donations (note 6) Governance costs (below) 2024 2023 48,461 9,600 58,061 8,622.00 8,622.00 2024 2023 Legal charges Prior year adjustment - legal fee payable by Cotswold Water Park Society Ltd Accountants, charges Independent examinerfs charges 720.00 9,600 { 3.258.00) 8,760.00 2,400.00 8,622.00 9,600 The legal fees for 2023 were overstated by £3.258 because a fee note of £3,258 was payable by Cotswold Water Park Society Ltd. An adjustment has been made in the 2024 accounts. Loans to the Cotswold Water Park Society Ltd 2024 818,532.35 2023 852,509 (50,000) 15,047 976 818,532 Loan balance brought forward RepayTnent Annual loan interest RepayTnenl interest 44.474.70 2,709.00 865,716.05 Loan split.. Amount due for repayTnent Balance of loan not yel repayable 2024 118,532.42 747,183.63 865,716.05 2023 55,156 763,376 818,532 On 16 August 2010, the Trustees made a loan of £575,000, wth a further addition of £67,551 on 15 December 2014. to the Cotswold Water Park Society lo assist it in its activities. The loan was secured on the Cleveland Lakes and was for a period of 20 years, although the lender had the option to demand repayrrEnt in case of default or, after 8 years, by giving 9 months notice. The loan was interest free, but the repayment amount was indexed by 5°/0 pa or in accordance with the Famland Index published by Knight Frank. whichever was the lower. In accordance with these temis the value of the loan was £852.509 at 1 April 2022. Following an agreement signed on 18 April 2023, the borrower agreed to repay £50,000 from the amount outstanding as at 1 April 2022. The revised loan effective from 31 March 2023 was £802,509. The terms of the 2010 and 2014 loans have been fully replaced and superseded. The agreement provides for a repayment and interest to be made on 1 August each year. The repayment amount {RAI is calculated as follows: RA- (L+l) l {n+1) where: L= the outstanding Loan on the Interest Payment Date I the accrued inlerest which shall be capitalised and be added onto the outslanding Loan on such Interest Payment Date n - the number of whole years remaining until the RepayTnent Date. Repayment Date means the 15th anniversary of the date of this Agreement. Interest is charged at a rate of 1 /0 above the Bank of England base rate up to a maximum of 7 % and is payable on 1 August each year beginning on 1 August 2023. The loan is for a period of fifteen years until 18 April 2038. In accordance with the loan agreement annual interest totalling £44,474.70 has been charged in these accounts and since the repayment amount was not repaid by 1 August 2023. interest on the overdue amount totalling £2.709 has also been charged. Page 9
The PTC Trust Dated 29 August 1989 Notes to the accounts for the year ended 30 September 2024 A previous loan of £100.000 to the Cotswold Water Park Society, made in 2003 to finance the building of a visitor centre, was waived in July 2011. Donations 2024 2023 The following donations were made during the year.. The Mulbery Trust 48,461 48,461 Employees The charity had no employees during the year. Trustees remuneration and expenses During the year the trustees. remuneration and reimbursed expenses were £nil12023'. £nill. Transactions with related parties During the year the Irust inCued legal Servi fees of £720 (2023- £9,600) from Farrer & Co LLP. As explained at note 4, the 2023 Farrer & Co LLP fees are overstated by £3.258. Farrer & Co LLP is related to Farrer and Co Trust Corporation Ltd. There were no other related party transactions in the year12023: £48,461). 10. Analysis of net assets between funds 2024 Endowment Funds Unrestricted Funds Total Funds Fixed assets Net current assets 968.941.28 73.436.98 895,504.30 968,941.28 10,721.28 958,220.00 62,715.70 62.715.70 2023 Endowment Funds Unrestricted Funds Total Funds Fixed assets Net currenl assets 917,600 22,853 894,747 917,600 2,542 915,058 20.311 20.311 Page 10