The Pauline Meetings FINANCIAL STATEMENTS for the yw endcd 31 January 2022 Ch8rity Registration No. 1065444
The Pauline Meetings Rep)rt ofthe Trustees For the year ended 31 January 2022 Th¢ PaulirtemectingswasfornIY &sthblish byaDeclaration 0fTnme¢jn4Mar¢h 1g97•drt£irtseredwith the Charity Q)mmission on 3 November 1997 with thc tE8iSttl nurnbu 1065444. Objeets Th¢ ptimary objt£tof the Tnjst IJ advanc4 thc awiAian faith among youog p¢ p¢rally and. &8 long twible. the pupils and forn)er puptls of St Paul's selKl, B8rn¢s in p1rtuw. History Th¢ Paulin¢ M¢din8s WorIgInallY s¢1 up in 19tX). with th¢wneobiedivesasthose rk)w fom)ally established in the Declorntiot) of Tn Over the last one hundml aThJ nineen ye8ts rnany tu51ndS of Ix)y4 mainly but not exclussvely connected with Sl Paul's SchcM)l.havedisCoveYt4orhav¢0Wn ]th£chIl1•f4IththrOUghthtW) of th¢ M¢¢¢in8s and 4 $Ubthti numbcr have gonc on b) cntr¥ thc Christian minis. MtttlD8 tbe Objettlves Asthe impact ofcovid, #ndrestri¢tioMirnr)xdby GovernmenLea5ed lnthefir3thaif0f2l thecharitywasable to recommence its norn)al Activities. No house pBty w&% held at E&sttt. but thtte a suetwfvl otte Ln the summer. Otherevertts and Sund&y merfin8s have ty)niinue4I belI s(xndirncs in ncw fixma Thecharity ha8COtLlÉnued itsdiscussionswith StP8uI'sScknl ISPS) overth¢fela¢ionshipt%hw th¢t%wentiti¢s. The s¢hTh)l ij ke¢n to¢nsur¢ thal sinc¢ th¢narn¢ofth¢ Pauline M¢¢ljnymakuoura&yKi10n with SPS clcar,wc apply th¢ wje high levclofatt¢ntion to ¢SuardingsSPs d0¢5 in IL80 orrtrntion. OurpolicÉesand th¢ way in which wcapply thern have 5aiisfid thc sch(x)l aT have rTth8fewchan8e5 lo provide dItional comfurt. WF. will continue to wrjrk ¢105¢1y with the Qp]41n and the mana8em¢nt SPS. Trnst Th¢ trust¢¢s during the y¢or w¢r¢: John How8nl {Chair) Riehard Holm Peter MotheTsiII Oliv¢r Paish Rcvd Robert Stanier New trustees are appointed from Supr of the dJ8Tity by aTeyolution of the a(istin8 1Tht¢s. ProfeMlo••l •dvts¢rs Thc charity'% bankcTS Bre IISIIC Bank. 117 Great Portland StrttL WIW 8QJ. bund$ are als(> held c d¢posÉt COII Charfftiie$ Dcw)sÉt Accouni Scnaknr Ho. 85 Qucuj Victoria Stre¢L LoTwJon EC4V 4ET. ThethltY.S InvCnI fun&Tarc dividCdbcecthC F4UitiC5 IDvulmurtFund forChartlics('CILATifund'),Mthirh t$manA&ed by M&G lrtvcstmct, and th¢ charishthr¢Tob8C RestriGAI Cornn InvesthKnt I'.und I'chaTi9hE') whith is managed by ML Bl&k InVestmt Man4e The Idedcnt examinerof the charity's acc4Junts is Giks Tibbitts ACA. Insurane0v isarr8n8ed by Ec<ksi&8tical ITranc¢GI1orB¢wfwtH(jSBnCkR QlouLwrGLI ijz. AdmknlstrAtlve ddreJs The adminis¢rdlion of the ¢harity is L*Titsl out by Richard Hoinwi at il Avenu4 Ity, I&$n SW15 6DY. Page I
The Pauline Meetings Report of the Ttijstees For the year ended 31 January 2022 FIati#l Iitssition In the yearth 31 J8nu4ry 2022the charity's •notl0 W683 (2021: £5245), indudiD8£5.798 {2021: £Nil) into rwtrtcted fi]nd Expensesamounte4Jtt)£57,8(2o21. £IX8l I1lIng£S,798{2Q20. £NI1}fiMrU4rIl fillhl%andth¢reMwa surplus fortheyearof£lU.787 (21r21: surplusQ736}i%fore unre4lised iDveslrnet)tg8irt80f£lO24012021..10 of £10,938). Net outgoing reg)urccs from thc rcstrict&l fuDds gmouoted lo £WIl (2021.. £Nil). Net ai 31 JallU 2022 thMM]nteAI ty £131.] (2021: £1111874X of 1¢h £Nil (2021: £Nil) was in the restricted funds. The tharity's iijvesim¢nts in vthe by 12.0% thtring the ye4r (2021: k)&4 I lJ%) as a result of general stock market conditions. The Itee5 ar¢ knig tm invertors artd th) rtot rcly on 5Fttific kv¢ls of either capital Appreciion or lrtvestmcnt inLx>me in order hleve ¢)bjective5. Both of the two st¢tio1ist ¢harity funds in which the Mcetings, Teservesare inved rt¢overedwell [rn thedownium tn 2020, as well aS¢ontinuingtoY 5t¢ady income. Since £l2,621111.7%ofthech8rity's ssets)w88 held in ¢48h 31 Janwy 2022(2021:28%)there Should be no nttd to reajisc atty lttve5trn¢nts in th¢ short rni. All th¢ Wrk of the ¢h&rÉty is Lnied on unpjid isis but the &) nL LY)nsithr th91 it is POS5ible lo establith 4 financial value fcth¢ s¢rvi¢¢s fly the account Leyry DuTin8thcyearthetrustLfS wer¢lvi8ed thwcrtofthevolunerleth wlKplay¢d a pivo role in thc charity's tiviii¢5 for mcff than sixty years B88iI MO hwl Icft his ho in the Pauline Meetin8& subj¢rt to certhin ¢ondition5 being me( in hi¥ Will. Th¢ prob¢ valu¢ of the prry>crty was £2.3m. In Jun¢ 2021 Mr Moss's ¢xe¢utor8 traosferrtd the benefit of the rentsj inL¥e from th¢ and alw resp)nsibilily for ¢he L¥Jsts &weied with IL to the ¢h8rity And the allached )1 reflect that move. However the execulorsonly obthined probAte Febnwy 2021 y) lew ownershipofth¢ house had nottransferred tothe tharity by th¢ cndof its fin11 yew. Her¢ the 1$ nDi SIn ¢)n the tharity'$ balance sheetat 31 janu 2022. In orderto facilitate the compl¢tion of th¢eAlmiftistratKsnoftheestyt¢, oThJ thereforethe receiptby the executorsof the grant of probate and the transfer of the PrOrty to th¢ dwity, the tru¢¢$ 88reed to makc a short terni l¢)wt to the estsle. The executors ¢4)nfimitJJ that they will be able to repay the I( iti full. Res¢ryeJ Polky The iru5t¥eswill utili7zthech8rity's rewve485v¢esggry In orderto me<titsobje¢iivts#nd maintaÉn ttsartiviti¢8. Jf rerves fall b¢lowth¢toW ¥mou#tofthc dcficii forthe prevtouSthTE£ytSthe trusie¢swill make #n appea] for funds the SUPrte of the PdID¢ Meetin8& litsk The trus¢s considcr thc main qreu of risk to be.. -th¢ Gharity hasestsblished achÈld prOteCtn tKplicy t44 by theChurchofEn8land and all tho¥¢ involv¢d in the lthlership of 1VitieS htvt becn lo the senior staff for le ten years. The charity's aclivitiesw¢ plgnnal InnjunCtIonith thesafeguarding team 81 StPaul'sSchwl. Barn&sto ¢n%ur¢ that our policies and Praclice meet the sclMM)I's eXltn8 St¥thY il-the tn]stee5 ensurethat adequate ijtsumct i5 in p]elo LY)v¢r¢knimsthatrni8htbE m•le in reL10n to accidents or other gdvcrse incidents at ev¢nts by the Pautine Meetin8S. ula ELional- the ¢hatity estsblishcd and cffeciive pedureS fir the plgnning snd opwa15on or its activitics. Ther¢ is a xparaln ofresFA)nsibility befften the who [5 on strate8y and issues such as S8fe¥uarding 4nd insw4nc4 gnd the FUl1 the &i¥ll1e8. ApprOdbY iht Tnui don khollby (John Howard- Ch8irn18n) Page 2
INDEPENDENT EXAMINER?S REPORT TO THE COUNCIL OF THE PAULINE MEETINGS I report on the a¢¢ouDts of the cbarity for the year ¢nd¢d 31 January 2022. which arc set out on pages 4 10 6. Re8peetive regponsiknilitiu of trtea #Md exgminer As the charity's trustees you are reSnsIble for the pryTHtioD of the accounts. you Consider that the audit requtrcmenl of scction 43(2) of the Charities Acl1993 (the Act) do&5 not apply. It ismyresponsibility to state, on the basis of procedures spe¢ified in the General Directions given by the ChaTity Commissionets undtt 8e¢iioD 43 (7)(b) of the ACL wh¢th¢rparti¢ular manets have come to my att¢ntion. Basis of independent ex•miner's report My examination was carried oul in accordance with the Genernl Di[tiOnS given by the Chlty Commissioners. AD exatnination includes a review of the a¢¢ounting records kept by th¢ charity and a comparison of the accounts presented with those rerds. It also includes considerauon of any unusual items ordisclosures in the accounts, alld seekttig expl¥n4tions from you astrustees conceminganysuch mattaE. The procedures und¢rtaken do not provide all the evidence that would b¢ required in an audiL and ¢onsequtlY I do not express an audii opinion on the view given by the accounts. Independent exJmln¢r'3 Sta¢¢m¢n¢ In connection with my examinatson. no matter bas come ¢0 my aljcntion: (i) which givts me reasonable uSe to Ixlieve that in any material reSpt the requirements to keep accounting records ID aordance with section 41 of the Act; and to prepare accounts wbich accord with th¢ aUnting re[d3 and to Kmply with th¢ a¢¢ountitig requircmcnts of the Act have Dot been or (2) to which, in my opinioo 8tntion should be drawn in order to enable a proper understandin8 of the a¢¢ounts to b¢ reached. Giles Tibbitts ACA Chartered Accountant Date: gn(w22 Page 3
The Pauline Meetings STATEMENT OF FINANCIAL ACTIVtTY for the year ended 31 January 2022 2022 2021 Tothi INCOMING oURCEs h4ri¢able Activities Donations Inv¢stm¢n¢ Itrne Rental income 35.458 1.483 3.704 35.458 7281 3.704 315 1.484 315 1,484 3.446 5.798 RESOURC£SE¥PENDED Chdritoble Activities MaTkctin8 and Promotion Administration Property expen8e8 33.<A)3 41.701 1.480 183 1,480 183 846 694 15 01 09 Nl*.-I'INCOMING/(EYPENDED) R£SOURCES 10.787 10.787 2.736 2,736 Unrealised Gains l (Lo&w) on Investments 10240 10.240 110,938) (10.938) NET AIOYEMENTINFUNDS 21.027 21.027 (82if2) (8,2021 Balance at l Febnkary 110.874 110,874 119.076 119.076 Balance at 31 Jonuory 131.wl 110.874 110,874 Page 4
The Pauline Meetings BALANCE SHEET At 31 January 2022 Not& 2022 2021 Inveslments.. Quoted Invtro¢llts (a¢mark¢t value) 85,396 Cwrentknels.. Cash Bank: Qn deposit Curr¢ni acrount 1218 11.403 14.717 16.203 1.429 Cyrreth Liobililies." cditOrs. a¢cnJed ¢XF¢nses ond deferMI in¢om¢ Net Current A&*ts 36265 25.478 NEf ASSETS 131.9)1 110,874 Repre5cntin8'. Unrestricted Fund Restric¢ed Fund 131,gYII 110.874 l31.9)1 110,874 Approved by and si8ned lthlfofthe Tnthes OD IM Octob¢r 2W2 Riclwd Hoirn8 Page J
The Pauline Meetings NOTES TO THE ACCOUNTS For the year ended 31 January 2022 ACco[NG FX)LICIES Acco#rtiin8convenlio The financi #at¢ments have wqmrrd uDd¢T the hi&Or1 COA u)nvenlI and have be drnwn iti cfjrdartce with the statem of Refj)Mended Prth for xcwtiDg by ¢lJatiti&8. In¢ome Income i$ r¢¢OgniZ on the carlier of the date of ILlpI(f on whieh the prwisc amount IJ known. provided thc charity is c¢rtain to rrf¢iv¢ the incorne in question. EXPeditre 1$ re¢wi3d the uuals I18. CHARITABLE AcnvmFS These mainly cunprtse the P¢i¢s and oth¢rak#ivities refuml to In the r9 of the trustees. QU01ED tNVESTMENrs 2022 2021 At l Febnwy 2020 4tyJ 31 Januy 2021 &),(th 60,0 Market value.. At l Febrnary 2021 Untt1zed gain I IloJ3) lon r¢valuation 85.396 96.334 10.240 {10.9381 At 31 January 2022 93.636 85,396 DEBTORS AND PREPAYMENTS 2022 21ni Propty incorne end expernes T&x reu)veries Fees for &tivities Praid expens¢y Oth¢r d¢bffY 6.691 734 749 7.28S 15,666 521 414 494 31,123 ,429 The'other debtor, is a paytneth by the chgrity beh8Jf of the execuiors of B&sil Mo&8 {see the Twst¢¢s' R¢iwll. The exe¢u(ors hav¢ confinncd that the cstatr will bc in Frf)5iti¢)n refijnd the ¢hariiy or they have completed the rtali7Ation of sul>#AAtid illiquid W¢Lg. CREDoRs 2022 2021 Credttors and cru expense rkf¢rr¢d in¢om¢ 3.722 3.759 3,573 3,300 7.481 6,873 RF.STRicfF.D FUNDS These are donatioL8 received by the tsity forwmeDtto otherclwiti Page 6