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Registered number: 07502040
Charity number: 1140597
THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
CONTENTS
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Reference and Administrative Details of the Charity, its Trustees and Advisers
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Statement of Financial Activities
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Notes to the Financial Statements
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2025
Trustees
Company registered number
07502040
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Charity registered number
1140597
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Registered office
21 Meard Street
London
W1F 0EY
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Chief executive officer
Charles A Parsons
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Accountants
Sopher + Co LLP
Chartered Accountants
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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Bankers
Arbuthnot Latham & Co Limited
Arbuthnot House
7 Wilson House
London
EC2M 2SN
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Solicitors
Bates, Wells & Braithwaite London LLP
2-6 Cannon Street
London
EC4M 6YH
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the The Charlie Parsons Foundation for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Structure, management and governance
a. Constitution
The Charlie Parsons Foundation is registered as a charitable company limited by guarantee and was incorporated on 21 January 2011. Its constitution is contained in its Memorandum and Articles of Association. People who are appointed to be trustees of the charity are, in law, directors of the company and charity trustees.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. One-third of the trustees are required to retire by rotation but are eligible for re-election. There are a minimum of three trustees in office at any given point - and no maximum number. Trustees are elected through an open recruitment process. Trustee candidates shall normally be invited to an interview with the chair of the trust and the Chief Executive, and, if found suitable, be presented to the next annual general meeting for appointment.
Trustees periodically undertake a skills audit to review the skills the trustees have against the skills needed for proper governance of the charity. The results of the skills audit help to inform the recruitment of new trustees. The duties of the trustees include giving direction to the organisation and managing people, finances, resources, legal obligations, accountability and independence. The day-to-day management and running of the charity is the responsibility of the senior management team, headed by Charles A Parsons, Chief Executive.
Trustees are appointed by the board. Trustees are provided with the constitution documents, financial information on the charity and relevant guidance from the Charity Commission. Training is provided as required.
The trustees consider the Board of Trustees to comprise the key management personnel of the trust. All trustees give their time freely.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The objects, as set out in the Memorandum and Articles of Association, are for the public benefit to pursue any purposes that are charitable under English law.
The objective of the charity is to identify projects within the UK where it can provide financial support and then start a programme of grant making.
The charity confirms the trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activity undertaken by the charity.
Financial review and risk management
a. Financial review
The charity's income for the year was £3,383 (2024: £4,092) and the total expenditure was £- (2024: £560). The fund balance carried forward at 31 March 2025 was £781,716 (2024: £778,333), consisting solely of unrestricted general funds.
b. Reserves policy
The trustees have adopted a policy regarding reserves which should ensure that:
a)Excluding those funds represented by fixed assets, general reserves are available for the charitable purposes set out above; and
b)There are adequate funds to ensure that the charity is able to meet all current and known future liabilities.
The level of reserves is considered and reviewed at regular intervals by the Trustees. The reserves are set at a minimum of 3 months non-restricted funding.
Operational funds are deemed to be unrestricted funds, and so will be available to be used to bring a project to a reasonable end within a given period of organisational wind up. At 31 March 2025, free reserves were £781,716 (2024: £778,333)
c. Material investments policy
The Articles of Association authorise the trustees to make and hold investments as they see fit, in furtherance of the objects of the charity.
d. Financial risk management objectives and policies
A risk register is being established that will set out the major risks of the charity associated with the activities it will be undertaking and the trustees will ensure that there are adequate controls and procedures to manage those risks.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
Financial review and risk management (continued)
e. Investment policy and performance
On 10 February 2014 the charity entered into an agreement to provide funding to Fletcher Centre Properties Limited, a subsidiary of a Community Interest Company, for the development of a cinema and restaurant complex for the local community of Rye. £350,000 was advanced to Fletcher Centre Properties Limited as a 20 year loan. Interest is charged at 7% per annum. The rate of interest has been reduced to 2% with efffect from 1st of July 2021 to reduce the financial burden on Fletcher Centre Properties Limited caused by the Covid-19 pandemic. The loan balance outstanding at the year end was £179,375 (2024: £196,875).
The charity holds 700 Ordinary shares of £1 each in Fletcher Centre Properties Limited.
Achievements and performance
a. Main achievements of the charity
The charity continues to build its general unrestricted funds due to the interest charged on the loan to Fletcher Centre Properties Limited.
Future plans
The Charity will continue to monitor and assist their current project and will look for other appropriate projects they can legally support within the remit of their Constitution.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 19 December 2025 and signed on their behalf by:
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
Charles A Parsons
(Chair of Trustees)
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2025
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Total funds brought forward
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Total funds carried forward
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The notes on pages 8 to 13 form part of these financial statements.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER: 07502040
BALANCE SHEET
AS AT 31 MARCH 2025
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 19 December 2025 and signed on their behalf by:
Charles A Parsons
(Chair of Trustees)
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The notes on pages 8 to 13 form part of these financial statements.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Charlie Parsons Foundation is a company limited by guarantee, registered in England and Wales. The registered office is 21 Meard Street, London, W1F 0EY. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
The Charlie Parsons Foundation is a registered charity (registration number: 1140597) which is governed by its Memorandum and Articles of Association.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Charlie Parsons Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Incoming resources represent the total income receivable during the year comprising investment income. All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Governance costs are those costs incurred in connection with enabling the charity to comply with external regulation, constitution and statutory requirements and in providing support to the trustees in the discharge of their statutory duties.
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is exempt from taxation in respect of its charitable activities.
The trustees have taken advantage of the provisions of Charities SORP 2019 (FRS 102) for smaller charities and have chosen not to prepare a cash flow statement.
Fixed asset investments are initially recognised at their transaction cost and subsequently measured at fair value at the reporting date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are presented in the Statement of Financial Activities.
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Basic financial instruments
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The charity only enters into transactions that result in basic financial instruments such as other debtors, other creditors and cash at bank and in hand.
Other debtors are recognised initially at transaction price less attributable transaction costs. Other creditors are recognised at transactions price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The average number of staff employed by the charity is Nil (2024: £Nil).
The key management personnel of the charity are considered to be the trustees. Aggregate remuneration and benefits for the key management personnel is £Nil (2024: £Nil).
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
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During the year ended 31 March 2025, no Trustees expenses have been incurred (2024 - £NIL).
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Investments consist of a loan of £179,375 (2024: £196,875) advanced to Fletcher Centre Properties Limited plus 700 ordinary shares of £1 each.
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Statement of funds - current year
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Balance at 1 April 2024
£
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Balance at 31 March 2025
£
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General Funds - all funds
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Statement of funds - prior year
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Balance at
1 April 2023
£
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Balance at
31 March 2024
£
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General Funds - all funds
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Analysis of net assets between funds
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Analysis of net assets between funds - current year
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THE CHARLIE PARSONS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10.Analysis of net assets between funds (continued)
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Analysis of net assets between funds - prior year
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