REGISTERED CHARITY NUMBER: 1076792
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 5 April 2021
for
The David and Jayne Paterson
Educational Trust
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
The David and Jayne Paterson
Educational Trust
Contents of the Financial Statements
for the Year Ended 5 April 2021
|
Page |
Report of the Trustees |
1 to 3 |
Independent Examiner's Report |
4 |
Statement of Financial Activities |
5 |
Balance Sheet |
6 |
Cash Flow Statement |
7 |
Notes to the Cash Flow Statement |
8 |
Notes to the Financial Statements |
9 to 13 |
The David and Jayne Paterson
Educational Trust
Report of the Trustees
for the Year Ended 5 April 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended5April2021. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees shall hold the capitaland the income of the Trust Fund upon charitabletrusts to apply the income and all
orsuchpartorpartsofthecapitalthereofforortowardsthepromotionofeducationandinparticularbut not
restricted to:
-
(a) the promotion of the study of law;
-
(b) the awarding of scholarships, exhibitions or bursaries tenable at any university or other UK educational institution approved by the Trustees to residents in the People's Republic of China to enable them to study law;
-
(c) the awarding of grants or maintenance allowances to individuals to enable them to travel in furtherance of their legal education.
Activities
SincetheestablishmentoftheTrust,theTrusteeshavefulfilledthecharitableobjectsprincipallybyestablishing a
scholarshipwhichis knownas The DavidandJaynePatersonScholarship.This was originallyto enableethnic Chinese
studentstostudylawatOxfordUniversityforanundergraduatedegree,butwitheffectfromSeptember 2010,
studentswillinsteadbegiventheopportunitytoparticipateintheoneyearM.Jurprogramme.Allapplications for
scholarshipsareassessedinitiallybyaNominatingCommitteeoftheTrusteeswhothenmakerecommendations on
which the Trustees base their decisions.In awardingscholarships,regard is taken not only to the candidate's academic
activitiesbutalsotopersonalqualitiesandcharacterwithparticularregardtotheextenttowhichtheapplicant has
qualitiesof leadershipand fellowship,achievementsin non-curricularactivities,communityinvolvementand activities
and other attributeswhich in the opinionof the Trustees indicatethat the applicantis likely to become an outstanding
citizenwith a commitmentto the legal professionin the People's Republicof China.Throughoutthe year, the Trustees
receivedrequestsforscholarshipsfromstudentswhodidnotmeetthecurrentguidelinesandtheserequests for
funds have received an appropriate reply.
WhenplanningtheactivitiestheTrusteeshaveconsideredtheCharityCommission'sguidanceonpublicbenefit and,
in particular, the specific guidance on charities for the promotion of education.
ACHIEVEMENT AND PERFORMANCE
The Trusteescurrentlysponsorstudentsfrom the ChinaUniversityof PoliticalScienceandLaw to undertake one-year
M.Jur. programmes. During 2020/21 the Trustees sponsored four students (see note 5 for details).
FINANCIAL REVIEW
Financial position
The trust'sincomefor the year was £35,150(2020:£533,000),the reductionover 2020 beingdue to the fact that last
year's incomeincludedthe transferto the Trust of the freeholdof a propertyby the foundertrustee,at a valuation of
£500,000.Expenditurefor the year was £36,410(2020: £33,510)includingdonationsof £35,000(2020: £30,000), and
legal and accountancy fees and other expenses of £1,410 (2020: £3,510).
Totalfundsfortheyear,whichcompriseRestrictedFundsonly,startedtheyearwithabalanceof£500,706. After
deducting the loss for the year of £1,260, the balance to be carried forward is £499,446.
Page 1
The David and Jayne Paterson
Educational Trust
Report of the Trustees for the Year Ended 5 April 2021
FINANCIAL REVIEW
Reserves policy
TheTrustisfundedonanannualbasisbytheFounderTrustee,DavidPaterson,andtheTrusteesdonot therefore
haveverymuchinthewayoffinancialreserves.Therefore,thereis a riskthatthetrusteesmightinanyoneyear be
leftwithnofundstodistribute.However,theTrusteesconsiderthatthisriskisnotlikelytomaterialisedueto the
continuedgenerosityof the FounderTrustee. The FounderTrustee intendsto make provisionfor the Trust to continue
tobefunded,andsofortheTrusteestocontinuetobeabletopaytheirexistingcommitmentsandfund new
scholarships, after his death.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustdated15March1999andconstitutes an
unincorporated charity.
Recruitment and appointment of new trustees
The powerof appointingfuturetrusteesis exercisableby the FounderTrusteeduringhis lifetimeandsubject thereto
future Trustees may be appointed by resolution of the Trustees.
Risk management
As a grant-makingcharity,the Trustees do not feel that the Trust is open to any significantrisks. The risk of fraudulent
applications is mitigated by the Trustees' knowledge of the recipients.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1076792
Principal address
c/o Moore Barlow LLP
2, The Green
Richmond
London
TW9 1PL
Trustees
D F J Paterson Founder Trustee
M C J Paterson
Baron A A M Fraser (resigned 6.2.21)
A J Sherbrooke
Independent Examiner
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Solicitors
Moore Barlow
2, The Green
Richmond
London TW9 1PL
Page 2
The David and Jayne Paterson
Educational Trust
Report of the Trustees
for the Year Ended 5 April 2021
REFERENCE AND ADMINISTRATIVE DETAILS Bankers
Weatherbys Private Bank
Sanders Road
Wellingborough
Northamptonshire NN8 4BX
INVESTMENT POWERS
Powers under the trust instrument to invest as absolute beneficial owners and to use nominees.
Approved by order of the board of trustees on 14 March 2022 and signed on its behalf by:
D F J Paterson - Trustee
Page 3
Independent Examiner's Report to the Trustees of
The David and Jayne Paterson
Educational Trust
Independent examiner's report to the trustees of The David and Jayne Paterson Educational Trust
I reportto the charitytrusteeson my examinationof the accountsof The DavidandJaynePatersonEducational Trust
(the Trust) for the year ended 5 April 2021.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportinrespectof my examinationof theTrust'saccountscarriedoutundersection145of theActandin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionundersection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection with
the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Date: .............................................
Page 4
The David and Jayne Paterson
Educational Trust
Statement of Financial Activities
for the Year Ended 5 April 2021
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
-
Investment income
3
-
Total
-
EXPENDITURE ON
Charitable activities
4
Grants payable
-
Administrative costs
-
Total
-
NET INCOME/(EXPENDITURE)
-
RECONCILIATION OF FUNDS
Total funds brought forward
-
TOTAL FUNDS CARRIED FORWARD
- |
Restricted
fund
£
35,000
150
35,150
35,000
1,410
36,410
(1,260)
500,706
499,446 |
5.4.21
Total
funds
£
35,000
150
35,150
35,000
1,410
36,410
(1,260)
500,706
499,446 |
5.4.20
Total
funds
£
533,000
- |
|
|
|
533,000
30,000
3,510 |
|
|
|
33,510 |
|
|
|
499,490
1,216 |
|
|
|
500,706 |
The notes form part of these financial statements
Page 5
The David and Jayne Paterson
Educational Trust
Balance Sheet
5 April 2021
Notes
FIXED ASSETS
Investment property
8
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
10
Restricted funds
TOTAL FUNDS |
Unrestricted
fund
£
-
-
-
-
-
- |
Restricted
fund
£
500,000
1,576
(2,130)
(554)
499,446
499,446 |
5.4.21
Total
funds
£
500,000
1,576
(2,130)
(554)
499,446
499,446
499,446
499,446 |
5.4.20
Total
funds
£
500,000
1,666
(960)
706
500,706
500,706
500,706
500,706 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon14March2022 and
were signed on its behalf by:
D F J Paterson - Trustee
The notes form part of these financial statements
Page 6
The David and Jayne Paterson
Educational Trust
Cash Flow Statement
for the Year Ended 5 April 2021
5.4.21
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(90)
Net cash (used in)/provided by operating activities
(90)
Cash flows from investing activities
Purchase of investment property
-
Net cash provided by/(used in) investing activities
-
Change in cash and cash equivalents in the
reporting period
(90)
Cash and cash equivalents at the beginning
of the reporting period
1,666
Cash and cash equivalents at the end of
the reporting period
1,576 |
5.4.20
£
499,970
499,970
(500,000)
(500,000)
(30)
1,696
1,666 |
|
|
The notes form part of these financial statements
Page 7
The David and Jayne Paterson
Educational Trust
Notes to the Cash Flow Statement
for the Year Ended 5 April 2021
1. |
RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW |
FROM OPERATING ACTIVITIES |
FROM OPERATING ACTIVITIES |
|
|
5.4.21 |
5.4.20 |
|
|
£ |
£ |
|
Net (expenditure)/income for the reporting period (as per the |
|
|
|
Statement of Financial Activities) |
(1,260) |
499,490 |
|
Adjustments for: |
|
|
|
Increase in creditors |
1,170 |
480 |
|
Net cash (used in)/provided by operations |
(90) |
499,970 |
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 6.4.20 |
Cash flow |
At 5.4.21 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank |
1,666 |
(90) |
1,576 |
|
1,666 |
(90) |
1,576 |
Total |
1,666 |
(90) |
1,576 |
The notes form part of these financial statements
Page 8
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements
for the Year Ended 5 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Investment property
Investmentpropertyis shownatmostrecentvaluation.Anyaggregatesurplusordeficitarisingfrom changes
in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 9
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 5 April 2021
2. DONATIONS AND LEGACIES
Donations received
Donations from Founder Trustee- for scholarships and legal fees
Donation from Founder Trustee- transfer of freehold property at valuation
3.
INVESTMENT INCOME
Rents received
4.
CHARITABLE ACTIVITIES COSTS
NET MOVEMENT IN FUNDS
The net movement in funds is stated after charging:
Legal and professional fees
Independent Examiner's remuneration
5.
GRANTS PAYABLE
Grants payable
The total grants paid to individuals during the year was as follows:
Scholarship Grants
Scholarship Payments
Donation to Mr Shiyi Li
Donation to Miss Suhua Zhou
Donation to Mr Zhiguan Xu
Donation to Miss Shasha Sun
Donation to Miss Nan Xiang
Donation to Miss Yu Xing |
|
|
5.4.21 |
5.4.21 |
|
5.4.20
£
33,000
500,000
533,000
5.4.20
£
- |
5.4.20
£
33,000
500,000
533,000
5.4.20
£
- |
5.4.20
£
33,000
500,000
533,000
5.4.20
£
- |
|
|
|
£ |
|
|
|
|
|
|
|
|
35,000 |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.4.21
£
150 |
|
|
|
|
|
|
|
|
|
5.4.21 |
|
|
|
5.4.20 |
|
|
|
|
£ |
|
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
690 |
|
|
|
3,000 |
|
|
|
|
480 |
|
|
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
5.4.21
£
35,000
5.4.21
£
35,000 |
|
|
|
5.4.20
£
30,000
5.4.20
£
30,000
5.4.20
£
-
-
-
10,000
10,000
10,000
30,000 |
|
|
|
|
5.4.21 |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
10,000 |
|
|
|
|
|
|
|
|
10,000 |
|
|
|
|
|
|
|
|
10,000 |
|
|
|
|
|
|
|
|
5,000 |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 10
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 5 April 2021 nor for the year ended
5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
8.
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
EXPENDITURE ON
Charitable activities
Grants payable
-
Administrative costs
-
Total
-
NET INCOME
-
RECONCILIATION OF FUNDS
Total funds brought forward
-
TOTAL FUNDS CARRIED FORWARD
-
INVESTMENT PROPERTY
FAIR VALUE
At 6 April 2020
and 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020 |
Restricted
fund
£
533,000
30,000
3,510
33,510
499,490
1,216
500,706 |
Total
funds
£
533,000
30,000
3,510
33,510
499,490
1,216
500,706
£
500,000
500,000
500,000 |
Total
funds
£
533,000
30,000
3,510 |
|
|
|
33,510 |
|
|
|
499,490
1,216 |
|
|
|
500,706 |
The freeholdinvestmentpropertyat 44, Palace GardensTerrace,London,W8 4RR was transferredto the Trust
duringtheyearended5April2020atavaluationof£500,000bythefounderTrustee.Thetrustees consider
the fair value of the property at 5 April 2021 to be £500,000.
continued...
Page 11
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 5 April 2021
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
At 6.4.20
£
Restricted funds
Restricted fund for educational use
500,706
TOTAL FUNDS
500,706
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Restricted funds
Restricted fund for educational use
35,150
TOTAL FUNDS
35,150
Comparatives for movement in funds
At 6.4.19
£
Restricted funds
Restricted fund for educational use
1,216
TOTAL FUNDS
1,216
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Restricted funds
Restricted fund for educational use
533,000
TOTAL FUNDS
533,000 |
5.4.21
5.4.20
£
£
2,130
960
Net
movement
At
in funds
5.4.21
£
£
(1,260)
499,446
(1,260)
499,446
Resources
Movement
expended
in funds
£
£
(36,410)
(1,260)
(36,410)
(1,260)
Net
movement
At
in funds
5.4.20
£
£
499,490
500,706
499,490
500,706
Resources
Movement
expended
in funds
£
£
(33,510)
499,490
(33,510)
499,490 |
|
|
continued...
Page 12
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Restricted funds
Restricted fund for educational use
TOTAL FUNDS |
At 6.4.19
£
1,216
1,216 |
Net
movement
in funds
£
498,230
498,230 |
At
5.4.21
£
499,446 |
|
|
|
499,446 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Restricted funds |
|
|
|
Restricted fund for educational use |
568,150 |
(69,920) |
498,230 |
TOTAL FUNDS |
568,150 |
(69,920) |
498,230 |
11. OTHER FINANCIAL COMMITMENTS
The charityhadno grantcommitmentsorcontingentliabilitiesat the balancesheet dateandnorhadit given
any guarantees or indemnities at the balance sheet date.
12. RELATED PARTY DISCLOSURES
As disclosedin note2, the foundertrustee,Mr DavidPaterson,madedonationstotalling£35,000to the Trust
during the year.
Page 13