REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
THE PURSLOW TRUST |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
THE PURSLOW TRUST |
(A COMPANY LIMITED BY GUARANTEE) |
THE PURSLOW TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Statement of Financial Position | 6 |
Notes to the Financial Statements | 7 | to | 11 |
THE PURSLOW TRUST (REGISTERED NUMBER: 10231687) |
REPORT OF THE TRUSTEES |
for the Year Ended 30 June 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. Which are also prepared to meet the requirements for a directors report and accounts for Companies Act purposes. The trustees have adopted the provisions of 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 |
Objectives and aims |
The John Purslow Trust was incorporated on 14 June 2016, and became a registered charity on 21 July 2016. |
By Special Resolution on 11th November 2019, the Company name was changed to "The Purslow Trust". |
The charity's objectives are:- |
1) General charitable objects for public benefit as may from time to time be determined by the trustees. |
2) The trustees must use the income and may use the capital of the charity in promoting the objectives. |
Priorities for support |
The number of projects which can be supported is, of necessity, limited by the amount of funds available for distribution in any year. The trustees have decided that the priorities for funding over the coming years will be to :- |
i. help the poor and disadvantaged; |
ii. advance education; and |
iii. advance health. |
The trustees will periodically review the priorities for support set out in this policy and may change them at any time. |
Significant activities |
The Trustees resolved in this year and the previous year to focus on Warrington based charities. |
Support for Warrington Youth Zone has continued this year with further donations anticipated in the future. |
In 2020, a Founder Patron pledge of £25,000 pa for 4 years (£100,000 total commitment) was made to Warrington Youth Zone. The fourth of the four donations was made in the year. |
A donation of £12,500 was committed to The Bread and Butter Thing in 2022, this has been paid after the year end. £31,000 was donated to the Cheshire Community Foundation (CCF). |
Future Plans |
The charity plans to remain consistent with the current Grant Making policy. As a particular focus, the charity is currently in discussions with Warrington Youth Zone and The Bread and Butter Thing together and various Warrington and Cheshire youth and poverty charities to identify appropriate areas to support in the next year. |
FINANCIAL REVIEW |
Financial position |
The trustees and directors report a net deficit of £28,343 (2022: deficit £106,431) arising from unrestricted funds, and has a healthy net assets figure of £947,087 (2022: £975,430). |
Income |
Total income for 2023 was £Nil (2022: £Nil). |
Expenditure |
Charitable donations have been made during the year to the Cheshire Community Foundation (CCF) and Mary's Meals. |
THE PURSLOW TRUST (REGISTERED NUMBER: 10231687) |
REPORT OF THE TRUSTEES |
for the Year Ended 30 June 2023 |
FINANCIAL REVIEW |
Reserves policy |
The John Purslow Trust has determined that it requires reserves equivalent to the amount needed to cover one year of operating costs; this can be met from within the current assets of the organisation. Any reserves already committed to be paid have been transferred to designated funds. The value of designated funds within unrestricted funds amounts to £12,500 (2022 - £37,500). |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
It is registered as a charity with the Charity Commission. |
Members |
The directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report, are set out on page 3. |
Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. |
Method and appointment of new trustees |
The management of the charity is the responsibility of the trustees who are elected under the terms of the constitution. The charity must have between three and twelve trustees at any time. |
Induction and training of new trustees |
Trustees are inducted and trained so that they are aware of their duties and responsibilities in accordance with Charity Commision guidelines. |
Organisational structure |
The trustees must hold at least three meetings per year to manage the affairs, with the day to day operation and management being undertaken and overseen by all the trustees. |
Decision making principles |
In awarding grants, the trustees will apply the following principles:- |
1) Applications from individuals, not-for-profit organisations, and registered charities, exempt charities and excepted charities from any geographical area within the UK and overseas are eligible for consideration. |
2) The trustees will consider applications from previous recipients of grants and previous unsuccessful applicants on their merits. The trustees will have regard to the outcome of previous applications, but repeat applications will not receive preferential or adverse consideration. |
3) The trustees may decide to award unsolicited grants to individuals, not-for- profit organisations, and registered charities, exempt charities and excepted charities. |
4) The Charity will not normally support applications from large national charities i.e. those with an annual income in excess of £10 million or with assets of £100 million or more or charities dedicated to issues which the trustees already deem to be well funded within the UK. |
5) The Charity will willingly work together with other grant-giving organisations to fund initiatives beyond the financial scope of a single organisation. |
Key management |
The day to day management and administration of the charity is undertaken by Trustee Chris Purslow. |
THE PURSLOW TRUST (REGISTERED NUMBER: 10231687) |
REPORT OF THE TRUSTEES |
for the Year Ended 30 June 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management/mitigation |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
The charity is grant making and will only commit to donating funds that are supported by available cash. To ensure grants are directed in line with Objects and to worthy causes then thorough research will be conducted by Trustees. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Fairhurst |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE PURSLOW TRUST |
Independent examiner's report to the trustees of The Purslow Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
John B S Fairhurst BA(Hons) FCA |
Fairhurst |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
11 March 2024 |
THE PURSLOW TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
for the Year Ended 30 June 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Raising funds |
Charitable activities |
St John's Ambulance | - | 1,000 |
Mary's Meals | 6,837 | - |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 975,430 |
THE PURSLOW TRUST (REGISTERED NUMBER: 10231687) |
STATEMENT OF FINANCIAL POSITION |
30 June 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 6 |
Unrestricted funds | 975,430 |
TOTAL FUNDS | 975,430 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE PURSLOW TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of the unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi year grant. |
Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant is outside of the control of the Trust. |
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of the grant payable. |
Allocation and apportionment of costs |
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll, and governance costs which support the charity activites. These costs have been allocated by reference to the head count by employee within the specific activity. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the note to the financial statements. |
Financial instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
THE PURSLOW TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
1. | ACCOUNTING POLICIES - continued |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss. |
Legal status of the charity |
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short term highly liquid deposits. |
2. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Bank interest |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
funds |
£ |
EXPENDITURE ON |
Raising funds |
Charitable activities |
St John's Ambulance | 1,000 |
Other |
Total |
THE PURSLOW TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted |
funds |
£ |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 975,430 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Accrued expenses |
Accrued expenses due within one year, includes £Nil (2022: £25,000) of funds committed to Warrington Youth Zone and £12,500 (2022: £12,500) due to The Bread and Butter Thing, both included within designated funds. |
6. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1/7/22 | in funds | funds | 30/6/23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 937,930 | (28,343 | ) | 25,000 | 934,587 |
Designated funds | 37,500 | - | (25,000 | ) | 12,500 |
(28,343 | ) |
TOTAL FUNDS | (28,343 | ) | 947,087 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 11,373 | (39,716 | ) | (28,343 | ) |
TOTAL FUNDS | ( |
) | (28,343 | ) |
THE PURSLOW TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
6. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1/7/21 | in funds | funds | 30/6/22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,031,861 | (106,431 | ) | 12,500 | 937,930 |
Designated funds | 50,000 | - | (12,500 | ) | 37,500 |
1,081,861 | (106,431 | ) | - | 975,430 |
TOTAL FUNDS | 1,081,861 | (106,431 | ) | - | 975,430 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (106,431 | ) | (106,431 | ) |
TOTAL FUNDS | - | (106,431 | ) | (106,431 | ) |
General Funds |
Cheshire Community Foundation (CCF) |
A donation of £31,000 was made to be distributed over a period of months to a variety of Cheshire charities under the guidance of CCF. |
Mary's Meals |
A donation of £6,837 has been made to provide the children at Chimwalala with a vital meal each day in their place of education. |
Designated Funds |
The Bread and Butter Thing (TBBT) |
A donation of £12,500 was committed to in 2022 and has been paid following the year end, to provide affordable food, advice and support to people on low incomes in community locations. |
Warrington Youth Zone (WYZ) |
£25,000 has been donated in the year to provide young people aged 7-19 and upto 25 with additional needs, a safe and inspiring place to go. |
THE PURSLOW TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
7. | RELATED PARTY DISCLOSURES |
During the year the charity made a contribution of £25,000 (2022 - £25,000) to Warrington Youth Zone Limited. A company in which Mr C J Purslow, a Trustee, is a Director. |
Included in Other Creditors is £95,000 (2022: £Nil) due to Mr C J Purslow, a Director. |