(Charity Number: 1003143)
THE PAUL FOUNDATION
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE PAUL FOUNDATION
INDEX
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Auditors' report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Cash flow statement | 10 |
| Notes to cash flow statement | 11 |
| Notes to the financial statements | 12 - 19 |
THE PAUL FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report along with the financial statements of the charity for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed, Charities Act 2011 and the Charities SORP (FRS102) - Statement of Recommended Practice: Accounting and Reporting by Charities (2019).
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | R T St.Johnston -appointed 9 August 2025 |
|---|---|
| C Bishop - apppointed 9 August 2025 | |
| P R D Paul - deceased 16 August 2025 | |
| N Michaelis - resigned 9 August 2025 | |
| S D P Michaelis - resigned 9 August 2025 | |
| E L Carson - resigned 9 August 2025 | |
| Governing document | Trust Deed dated 4th April 1991 |
| Deed of Amendment 28 July 2021 | |
| Deed of Amendment 9 August 2025 | |
| Registered charity number | 1003143 |
| Principal address | Keystone Law |
| 48-49 Chancey Lane | |
| London | |
| WC2A 1JF | |
| Auditors | Nunn Hayward LLP |
| 2-4 Packhorse Road | |
| Gerrards Cross | |
| Buckinghamshire | |
| SL9 7QE | |
| Bankers | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Investment advisers | Rothschild & Co Bank International Limited |
| Waverton Investment Management Limited | |
| Integrated Financial Arrangments Limited t/as Transact | |
| McLaren Capital Limited |
1
THE PAUL FOUNDATION
TRUSTEES' REPORT (continued)
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trust is constituted under a trust deed dated 4th April 1991 and is a registered charity, number 1003143. The trust was established by an initial gift from the founder P R D Paul in 1991. On 28 July 2021 and on 9 August 2025 Deeds of Amendment updated the original 1991 trust deed.
Over the years, the founder, Patrick Paul made substantial gifts to the charity, which have steadily increased in value. Patrick Paul passed away on 16 August 2025 at the age of 78. Under his Will and associated Letter of Wishes, he donates the majority of his stubstantial estate to the Paul Foundation to leave a lasting legacy. Patrick was passionate about the Foundations objectives. He dedicated substantial effort to advancing the research carried out by the University of Oxford and the Emerging Minds project (https://www.ox.ac.uk/news/2025-08-06-27-million-gift-funds-new-oxford-centre-emerging-minds-researchfocused-young-people). The new trustees will build on the incredible work carried out by Patrick during his lifetime. Patrick's generous legacy will create new opportunities for the Foundation going forward.
Under the terms of the charity's governing document, the trust deed dated 4th April 1991, the following matters are relevant as regards the trustees:
There should be a minimum of two trustees and no more than five.
Under clause 13 of the deed of amendment dated 28 July 2021 any trustee who is absent from all meetings of the trustees during a period of eighteen months without the consent of the other trustees shall cease to be a trustee.
The power of appointing new and additional trustees is vested in the trustees for the time being. New trustees undergo an orientation session to brief them on their legal obligations under charity law, the Charities Commission guidance on public benefit, and to inform them of the content of the charitable trust deed. Prior to appointment they meet the other trustees and will have been made aware of the decision-making processes and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
In the administration of the trusts of the charity, the trustees have the power to leave the trust fund in the state of investment in which it may be from time to time or to sell, call in or convert and to transpose or convert any investment or property forming part of the trust fund into any other investment or property.
No money or property, subject to the trust, shall in any circumstances be paid or lent or transferred to or applied for the benefit of any settlor or any spouse of any settlor.
The charity trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission on public benefit.
RISK MANAGEMENT
The charity's trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The main risk affecting the charity is the loss of value of the investments. The trustees review the investment management strategy regularly.
PLANS FOR FUTURE PERIODS
The charitiy will continue to make grants to a range of organisations in accordance with its grant making policy.
2
THE PAUL FOUNDATION
TRUSTEES' REPORT (continued)
OBJECTIVES AND ACTIVITIES
The Foundation's mission is to promote the advancement of sustainable and long term beneficial improvements in healthcare, relief of poverty in third world countries and nature conservation. Without prejudice to the generality of the objects, there are three specific objectives: to advance child mental health, to advance sustainable long-term benefit in third world countries, to advance conservation and mitigate climate change.
INVESTMENT POLICY
The investment policy is to invest in lower risk listed investments producing both capital growth and income. Investments in companies producing arms are avoided.
GRANT MAKING POLICY
The trustees make grants to UK registered charitable organisations providing care to young children with learning difficulties and other disorders, to hospices and home healthcare for older people and social welfare in Gloucestershire; for sustainable development in third world countries; as well as funding research into improving health, all of which is for the public benefit. Recommendations for grants are presented to meetings of the trustees for review, discussion and approval.
ACHIEVEMENTS AND PERFORMANCE
During the year, as stated in the Statement of Financial Activities, total funds of the charity increased by £711,118 In 2024, total funds increased by £2,342,081. Total income was £883,522 (2024: £1,270,784) which included donations from P R D Paul of £288,725 (2024: £643,456), with a net increase in the value of investments during the year, after taking account of purchases, disposals and revaluations, of £981,413 (Increase in 2024: £5,269,780) and total resources expended were £912,978 (2024: £1,148,021).
During the year, the charity made grants totalling £747,950 (2024: £978,431) as detailed in note 4, out of a gross income of £883,522 (2024: £1,270,784).
FINANCIAL REVIEW
The charity's assets are available and adequate to fulfil the obligations of the charity and the trustees report that the administration costs have been kept to a minimum, though regulatory compliance maintains upward pressure on the administrative costs.
RESERVE POLICY
Capital fund
The capital fund of £33,078,249 (2024: £32,574,943) represents settled property and specific gift aid donations received together with any related tax credits, profit or loss on disposal of investments and net foreign exchange profit or losses.
Revaluation reserve fund
The revaluation reserve fund of £5,404,069 (2024: £5,262,620) represents unrealised gains on revaluation of investments to the market value in accordance with the Charities SORP (FRS102) - Statement of Recommended Practice: Accounting and Reporting by Charities (2019).
3
THE PAUL FOUNDATION TRUSTEES' REPORT (continued)
RESERVE POLICY (continued)
Income fund - unrestricted
The income fund is an unrestricted fund totalling £523,761 (2024: £553,217) and includes an income reserve fund of £62,044 (2024: £62,044). Given the nature of the activities that the charity supports, and the potential dependence of sick people and their families on that support, it is important that the charity should retain adequate reserves to be able to continue providing assistance in spite of the potential fluctuations in its income.
The level of the income reserve fund should ideally be no less than 30% of the preceding year's grants which were to organisations potentially dependent on regular support from the charity to cover their operating expenses. The trustees may draw down on available resources in the capital fund to address deficits in the income fund where deemed appropriate.
The capital and revaluation reserve together comprise a single expendable endowment whose purpose is unrestricted. The general income fund and reserve income fund are also considered unrestricted.
The reserve policy must be reviewed by the trustees at the time of any substantial commitment to support activities on an ongoing basis, in light of the degree of future dependence on that support and, in any event, at least once each year.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees are responsible for preparing the trustees report and financial statements in accordance with applicable laws and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 resourses of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
Observe the methods and principles in the Charities SORP (2019)(FRS102);
-
Select suitable accounting policies and then apply them consistently;
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Make judgements and accounting estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards 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 its activities.
The trustees are responsible for keeping proper accounting records that 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 Charities (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 and detection of fraud and other irregularities.
Approved by the board of trustees on 29 January 2026 and signed on its behalf by:
C Bishop Trustee
4
THE PAUL FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL FOUNDATION
OPINION
We have audited the financial statements of The Paul Foundation for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, cash flow statement and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of the charity's incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSION RELATING TO GOING CONCERN
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you, if in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
5
THE PAUL FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL FOUNDATION (continued)
RESPONSIBILITIES OF THE TRUSTEES
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
THE EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD
The objectives of our audit in respect of fraud are to; identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rest with the trustees.
OUR APPROACH WAS AS FOLLOWS:
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We obtained an understanding of the legal and regulatory framework that are applicable to the charity and determined that the most significant are the trust deed dated 4th April 1991 and those that relate to the reporting framework; 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 (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), Charities Act 2011, United Kingdom Generally Accepted Practice as it applies from 1 January 2019 and the EU General Data Protection Regulations (GDPR).
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We understood how the charity was complying with the trust deed and those frameworks by making enquiries of the trustees.
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Based on our understanding of the charity, we designed our audit procedures to identify non-compliance with the trust deed and laws and regulations including making enquires of the trustees; testing journal entries, with a focus on manual, large or unusual transactions.
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We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur, by making enquiries of the trustees
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- We considered the controls established to address the risks identified, to prevent, deter or detect fraud, and how trustees monitor those controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
6
THE PAUL FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL FOUNDATION (continued)
USE OF OUR REPORT
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Nunn Hayward LLP 2-4 Packhorse Road Chartered Accountants and Statutory Auditors Gerrards Cross Buckinghamshire Dated: 30 January 2026 SL9 7QE
Nunn Hayward LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
7
THE PAUL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
----- Start of picture text -----
Unrestricted Endowment Total Total
Fund Fund 2025 2024
Notes £ £ £ £
INCOME AND ENDOWMENTS
Donations 3 291,225 - 291,225 682,345
Investment income 3 592,297 - 592,297 588,439
TOTAL INCOME 883,522 - 883,522 1,270,784
EXPENDITURE
Costs of raising funds:
-
Investment management costs 148,210 148,210 133,918
Bank charges 18 - 18 -
- - -
US Federal taxes paid 18,272
Charitable activities 4 764,750 - 764,750 995,831
TOTAL EXPENDITURE 912,978 - 912,978 1,148,021
-
NET INCOME/(EXPENDITURE) BEFORE (29,456) (29,456) 122,763
GAINS AND LOSSES ON INVESTMENTS
-
Net gains/(losses) on investments 795,873 795,873 2,549,212
-
Gains/(Loss) on foreign exchange (55,299) (55,299) (329,894)
NET INCOME/(EXPENDITURE) (29,456) 740,574 711,118 2,342,081
TRANSFERS BETWEEN FUNDS - - - -
NET MOVEMENT IN FUNDS (29,456) 740,574 711,118 2,342,081
Reconciliation of funds:
Fund balances brought forward 12,13 553,217 37,837,563 38,390,780 36,048,699
Fund balances carried forward 12,13 523,761 38,578,137 39,101,898 38,390,780
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities.
The notes on pages 12 - 19 form part of these financial statements.
8
THE PAUL FOUNDATION
BALANCE SHEET AS AT 31 MARCH 2025
----- Start of picture text -----
2025 2024
Notes £ £ £ £
FIXED ASSETS
Investments 7 34,429,647 33,448,234
CURRENT ASSETS
Debtors due within one year 8 39,827 88,470
Debtors due in more than one year 8 38,730 -
Short term investments
Cash at bank and in hand 9 4,610,494 5,037,081
4,689,051 5,125,551
CREDITORS -
Amounts falling due within one year
Creditors and accruals 10 16,800 183,005
NET CURRENT ASSETS 4,672,251 4,942,546
NET ASSETS 13 39,101,898 38,390,780
Endowment funds
- Capital funds 12 33,174,068 32,574,943
- Revaluation reserve funds 12 5,404,069 5,262,620
Unrestricted funds:
- Income funds 12 523,761 553,217
TOTAL CHARITY FUNDS 12 39,101,898 38,390,780
----- End of picture text -----
- Approved by the board of trustees on 29 January 2026 and signed on its behalf by
C Bishop Trustee
Registered charity number: 1003143
The notes on pages 12 - 19 form part of these financial statements.
9
THE PAUL FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
----- Start of picture text -----
2025 2024
Notes £ £
CASHFLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating activities 1 (1,064,032) 2,338,957
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 591,197 475,256
Net movements from sale and purchase of investments 46,248 (2,449,400)
Net cash (used)/provided by investing activities 637,445 (1,974,144)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (426,587) 364,813
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR 5,037,081 4,672,268
CASH AND CASH EQUIVALENTS AT THE END
OF THE YEAR 2 4,610,494 5,037,081
----- End of picture text -----
10
THE PAUL FOUNDATION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
----- Start of picture text -----
2025 2024
£ £
1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO
NET CASH FLOWS FROM OPERATING ACTIVITIES
Net movement in income/(expenditure) for the year 711,118 2,342,081
(as per the statement of financial activities)
Adjustments for:
Investment income (592,297) (588,439)
Loss/(Gain) on investments (795,873) (2,549,212)
Donation of shares (287,087) (487,879)
Unrealised loss/(gain) on foreign currency 55,299 329,894
(Increase)/Decrease in debtors 11,013 3,133,507
(Decrease)/Increase in creditors (166,205) 159,005
Net cash provided by operating activities (1,064,032) 2,338,957
2 ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024
£ £
Cash at bank 38,100 3,058,348
Cash at stockbrokers 4,572,394 1,978,733
Total cash 4,610,494 5,037,081
Cash equivalents - -
4,610,494 5,037,081
----- End of picture text -----
3 Non-cash movements
During the year The Foundation received a donation of shares to the value of £287,087 which did not require any cash expenditure.
During the year The Foundation recognised £74,628 of dividends and interest which were satisfied by notional distributions of £62,899 and excess income distributions of £11,730.
11
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 STATUTORY INFORMATION
The Paul Foundation is a registered charity (number 1003143) constituted under deed of trust, domiciled in the UK and is a public benefit entity. The principal office is Keystone Law, 48-49 Chancey Lane, London, WC2A 1JF.
The entity is a public benefit entity.
The accounts are presented in £ Sterling and rounded to the nearest £1.
2 STATEMENT OF ACCOUNTING POLICIES
The accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2.1 Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (the SORP) issued by the Charity Commission for Engalnd and Wales (second edition - October 2019); with reference to FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" ("FRS 102"); in accordance with the Charities Act 2011 as amended by the Charities Act 2022 and United Kingdom Generally Accepted Accounting Practice.
The Paul 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 note(s).
These financial statements are prepared in accordance with applicable charity law.
2.2 Income
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resource will be received and the monetary value can be measured with sufficient reliability.
Donations and any related gift aid are recognised when receivable.
Donations in kind of listed shares are valued using the market value on the date of receipt.
Debtors are recognised at the settlement amount due less any provisions for bad debts.
2.3 Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
Investment management costs represents the charges made by the stockbrokers.
Charitable activities are grants made to third parties in the furtherance of the charitable objectives of the trust.
Governance costs comprises expenditure incurred for constitutional and statutory requirements and are included within expenditure on charitable activities.
12
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
2.4 Fixed and current asset investments
Marketable investment assets are included in the financial statements at their values, either at closing market prices (listed investments) or from valuations provided by the investment manager (unlisted hedge funds and private equity).
2.5
Funds
The charity's funds comprise the capital and revaluation reserve fund as an expendable endowment held for the charity's general purpose without restriction and an income fund as described under the reserves policy in the trustees' report.
2.6 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into Pound Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.
2.7 Taxation
The company is a registered charity and, therefore, is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities if applied for charitable purposes.
2.8 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised costs using the effective interest method. Financial assets held at amortised comprise cash at bank and other debtors. Financial liabilities held at amortised cost comprise other creditors.
Investments, including bonds held as part of an investment portfolio, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
2.9 Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, current balances with banks and stockbrokers.
2.10 Judgements and estimation
Preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as follows:
13
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
2.11 Going concern
The trustees have considered the effect of the the general state of the stock market on the charity's activities and they believe that it is unlikely to cause significant disruption to the charity's ability to pay grants as it has sufficient liquid assets available. The trustees believe the charity has sufficient assets to enable it to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
The measures put in place to deal with the pandemic has affected how the investment portfolio has performed, particularly in the period January to March 2020. Part of the charity's investment strategy is to retain sufficient liquid assets available to cover cash requirements for one year. With this in mind, the trustees reviewed the investment policy and have agreed that no further changes should be made.
There are no material uncertainties attaching to the use of the going concern principal to prepare these financial statements.
14
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
| 3 INCOME Donations Donations from trustees Gift aid Investment income Dividends Tax refunds Interest received 4 CHARITABLE ACTIVITIES Grants University of Oxford Medecins Sans Frontiere East London Foundation Trust Tree Aid Microloan Autism Early Support Support costs Total charitable activities |
2025 £ 288,725 2,500 291,225 2025 £ 365,408 11,043 215,846 592,297 2025 £ 598,925 50,000 37,815 36,860 19,350 5,000 747,950 16,800 764,750 |
2024 £ 643,456 38,889 682,345 2024 £ 230,042 18,394 340,003 588,439 2024 £ 978,431 - - - - - 978,431 17,400 995,831 |
|---|---|---|
The comparative has been adjusted to show that all the grants made in FY2024 were in relation to the Oxford University. The £16,680 previously shown as paid to Tree Aid was paid on 13 May 2024 and is included within the value in the current year column.
All of the above are institutional grants given in furtherance of the charity's objects.
At the year end, the Foundation was committed to pay grants totalling £77,897 (2024: £653,682) in the next financial year. These will be paid out of the unrestricted funds.
| Auditors' remuneration | 2025 £ 16,800 16,800 |
2024 £ 17,400 17,400 |
|---|---|---|
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THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
6 ANALYSIS OF TOTAL STAFFING COSTS
There were no employees. The trustees manage all of the affairs of the charity.
No remuneration or expenses were paid to or provided for in respect of the trustees for the year ended 31 March 2025 nor for the year ended 31 March 2024.
7 INVESTMENTS
| As at 1 April 2024 Additions at cost Transfers Revaluations Disposals at cost As at 31 March 2025 Fair value At 31 March 2025 At 31 March 2024 |
UK& Eire Overseas Overseas listed Unlisted listed £ £ £ 7,746,067 1,187,216 24,514,951 498,672 10,549 2,217,936 - - - 71,368 (401,328) 178,232 (45,709) (1,548,307) 8,316,107 750,728 25,362,812 |
Total £ 33,448,234 2,727,157 - (151,728) (1,594,016) 34,429,647 £ 34,429,647 33,448,234 |
|---|---|---|
Valuation of private equity investments - these are stated at their estimated fair value based on valuations carried out by the fund managers.
7.1 MATERIAL INVESTMENTS (over 5%)
| Qty | % | 2025 | % | 2024 | |
|---|---|---|---|---|---|
| UK | |||||
| R Wealth Management SICAV-SIF | 286,157 | 25.33 | 8,722,661 | 25.35 | 8,480,670 |
| New Court Fund GBP UKRep Acc E | |||||
| Cap | |||||
| R Wealth Management SICAV-SIF | |||||
| New Court Equity Growth Fund E | |||||
| Cap | 131,058 | 11.73 | 4,037,422 | 11.67 | 3,903,192 |
| Short term deposit | |||||
| Money marekt funds | - | - | - | - | - |
All investments held by the charity have been acquired in accordance with the powers available to the trustees. Material investments are considered to be any individual investment which represents 5% or more ot the total portfolio valuation
16
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
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8 DEBTORS 2025 2024
£ £
Loan debtor - due within one year 38,729 39,581
Loan debtor - due in more than one year 38,730 -
Other debtors 1,098 -
Income tax recoverable - 48,889
78,557 88,470
9 CASH AT BANK AND IN HAND 2025 2024
£ £
Cash held in the investment portfolios 4,572,394 1,978,733
Cash at bank 38,100 3,058,348
Cash at bank and in hand 4,610,494 5,037,081
10 CREDITORS - AMOUNTS FALLING 2025 2024
DUE WITHIN ONE YEAR £ £
Other creditors - 149,405
Accruals 16,800 33,600
16,800 183,005
11 FINANCIAL INSTRUMENTS 2025 2024
£ £
Financial assets at fair value through the income and
expenditure account. 34,429,647 33,448,234
34,468,377 33,448,234
Financial liabilities measured at amortised cost 16,800 183,005
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17
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
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12 MOVEMENT IN FUNDS ENDOWMENT FUNDS UNRESTRICTED FUNDS
Capital Revaluation Income Income Total
fund reserve fund fund reserve fund funds
£ £ £ £ £
As at 1 April 2024 32,574,943 5,262,620 491,173 62,044 38,390,780
Surplus/(deficit) for year - (29,456) (29,456)
Gain on disposal of investments 366,823 366,823
Revaluation of investments 429,050 429,050
Provision against loan debtor -
Foreign exchange and other
differences (55,299) (55,299)
Revaluation adjustment 287,601 (287,601) -
-
As at 31 March 2025 33,174,068 5,404,069 461,717 62,044 39,101,898
13 ACCUMULATED FUNDS CONSISTS OF:
2025 2024
Endowment Unrestricted Total Endowment Unrestricted Total
£ £ £ £ £ £
Investments 34,429,647 - 34,429,647 33,448,234 - 33,448,234-
Debtors - 78,557 78,557 - 88,470 88,470-
Cash 4,148,490 462,004 4,610,494 4,389,329 647,752 5,037,081
Short term
investments - - 0 - - -
-
Creditors - (16,800) (16,800) - (183,005) (183,005)
38,578,137 523,761 39,101,898 37,837,563 553,217 38,390,780
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14 RELATED PARTY
Donations received from trustee Patrick Paul, before gift aid, in the year amounted to £288,725 (2024: £643,456).
The founding trustee and major donor to the Paul Foundation, Patrick Paul, died in August 2025. Prior to his death, the charity appointed Camilla Bishop and Rory St Johnston as trustees of the charity. During the financial year to 31 March 2025 Rory St Johnston was the lead adviser for the charity in connection with its investements made through McLaren Capital Limited . Mr St Johnston is a director and shareholder of McLaren Capital Limited. Since being appointed as a trustee, a new lead adviser to the charity has been appointed by the company. As the the appointmnet was not until after the financial year end, there are no related party transactions to disclose for this year in connection with this relationship.
15 SUBSEQUENT EVENTS
On 4 May 2025 the trustees authorised a grant to The University of Oxford's Emerging Minds project. The total value of the grant was £26,890,114 which is to be paid out over the five years from the grant being agreed. In the first year £13,539,986 of the total grant will be paid-out.
18
THE PAUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued)
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16 COMPARATIVE STATEMENT OF Unrestricted Endowment Total
FINANCIAL ACTIVITIES Fund Fund 2025
£ £ £
INCOME AND ENDOWMENTS
Donations 682,345 682,345
Investment income 588,439 - 588,439
TOTAL INCOME 1,270,784 - 1,270,784
EXPENDITURE
Costs of raising funds:
-
Investment management costs 133,918 133,918
-
US Federal tax paid 18,272 18,272
Charitable activities 995,831 - 995,831
TOTAL EXPENDITURE 1,148,021 - 1,148,021
-
NET INCOME/(EXPENDITURE) 122,763 122,763
-
Net (losses)/gains on investments 2,549,212 2,549,212
- - -
Loan debtor provision
-
Gains on foreign exchange (329,894) (329,894)
TOTAL INCOME/(EXPENDITURE) 122,763 2,219,318 2,342,081
TRANSFERS BETWEEN FUNDS - - -
NET MOVEMENT IN FUNDS 122,763 2,219,318 2,342,081
Fund balances brought forward 430,454 35,618,245 36,048,699
Fund balances carried forward 553,217 37,837,563 38,390,780
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