Digitally Signed Document Document ID: A1D46E96347D10
Document Details:
| Filename: | Paterson Educational Trust 2022 accounts.pdf |
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| Client of: | A J Bennewith & Co |
Signature Details
| Name: | David Paterson |
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| Email: | david@dpaterson.com |
| Date & Time: | 22/05/2023 10:30:26 AM (BST) |
| IP Address: | 86.183.49.246 |
| Signing Statement: | David Paterson confirms that the information is correct and complete to the best of their knowledge and belief. |
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| On behalf of: | A J Bennewith & Co |
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| PDF digital certificate: | IRIS Software Group Limited |
| Digital certificate issued by: | GlobalSign |
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REGISTERED CHARITY NUMBER: 1076792
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2022
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 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 |
The David and Jayne Paterson Educational Trust
Report of the Trustees for the Year Ended 5 April 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. 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 Trustees shall hold the capital and the income of the Trust Fund upon charitable trusts to apply the income and all or such part or parts of the capital thereof for or towards the promotion of education and in particular but not restricted to:
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(a) the promotion of the study of law;
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(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;
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(c) the awarding of grants or maintenance allowances to individuals to enable them to travel in furtherance of their legal education.
Activities
Since the establishment of the Trust, the Trustees have fulfilled the charitable objects principally by establishing a scholarship which is known as The David and Jayne Paterson Scholarship. This was originally to enable ethnic Chinese students to study law at Oxford University for an undergraduate degree, but with effect from September 2010, students will instead be given the opportunity to participate in the one year M.Jur programme. All applications for scholarships are assessed initially by a Nominating Committee of the Trustees who then make recommendations on which the Trustees base their decisions. In awarding scholarships, regard is taken not only to the candidate's academic activities but also to personal qualities and character with particular regard to the extent to which the applicant has qualities of leadership and fellowship, achievements in non-curricular activities, community involvement and activities and other attributes which in the opinion of the Trustees indicate that the applicant is likely to become an outstanding citizen with a commitment to the legal profession in the People's Republic of China. Throughout the year, the Trustees received requests for scholarships from students who did not meet the current guidelines and these requests for funds have received an appropriate reply.
When planning the activities the Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the promotion of education.
ACHIEVEMENT AND PERFORMANCE
The Trustees currently sponsor students from the China University of Political Science and Law to undertake one-year M.Jur. programmes. During 2021/22, the Trustees sponsored one student and donated to one institution in respect of a Law summer programme (see note 5 for details).
FINANCIAL REVIEW
Financial position
The trust's income for the year was £43,150 (2021: £35,150). Expenditure for the year was £43,194 (2021: £36,410) including donations of £40,000 (2021: £35,000), and legal and accountancy fees and other expenses of £3,194 (2021: £1,410).
Total funds for the year, which comprise Restricted Funds only, started the year with a balance of £499,446. After deducting the loss for the year of £44, the balance to be carried forward is £499,402.
Page 1
The David and Jayne Paterson Educational Trust
Report of the Trustees for the Year Ended 5 April 2022
FINANCIAL REVIEW
Reserves policy
The Trust is funded on an annual basis by the Founder Trustee, David Paterson, and the Trustees do not therefore have very much in the way of financial reserves. Therefore, there is a risk that the trustees might in any one year be left with no funds to distribute. However, the Trustees consider that this risk is not likely to materialise due to the continued generosity of the Founder Trustee. The Founder Trustee intends to make provision for the Trust to continue to be funded, and so for the Trustees to continue to be able to pay their existing commitments and fund new scholarships, after his death.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 15 March 1999 and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The power of appointing future trustees is exercisable by the Founder Trustee during his lifetime and subject thereto future Trustees may be appointed by resolution of the Trustees.
Risk management
As a grant-making charity, the Trustees do not feel that the Trust is open to any significant risks. 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 Lee Bolton Monier-Williams 1 The Sanctuary London SW1P 3JT
Trustees
D F J Paterson Founder Trustee M C J Paterson A J Sherbrooke
Independent Examiner
A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA 3 Wey Court Mary Road Guildford Surrey GU1 4QU
Page 2
The David and Jayne Paterson Educational Trust
Report of the Trustees for the Year Ended 5 April 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors acting during the year
Moore Barlow 2, The Green Richmond London TW9 1PL
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 ............................................. 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 report to the charity trustees on my examination of the accounts of The David and Jayne Paterson Educational Trust (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
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.
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 2022
| 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 £ 43,000 150 43,150 40,000 3,194 43,194 (44) 499,446 499,402 |
5.4.22 Total funds £ 43,000 150 43,150 40,000 3,194 43,194 (44) 499,446 499,402 |
5.4.21 Total funds £ 35,000 150 35,150 35,000 1,410 36,410 (1,260) 500,706 499,446 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
The David and Jayne Paterson Educational Trust
Balance Sheet 5 April 2022
| Unrestricted fund 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 |
Restricted fund £ 500,000 2,433 (3,031) (598) 499,402 499,402 |
5.4.22 Total funds £ 500,000 2,433 (3,031) (598) 499,402 499,402 499,402 499,402 |
5.4.21 Total funds £ 500,000 1,576 (2,130) (554) 499,446 499,446 499,446 499,446 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 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
Notes to the Financial Statements for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from 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.
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 notes to the financial statements.
continued...
Page 7
The David and Jayne Paterson Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
2. DONATIONS AND LEGACIES
| Donations received Donations from Founder Trustee- for scholarships and legal fees 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 School programme Payments Donation to The University of Oxford Scholarship Payments Donation to Mr Shiyi Li Donation to Miss Suhua Zhou Donation to Mr Zhiguan Xu Donation to Mr Chongyao Wang |
5.4.22 £ 43,000 5.4.22 £ 150 5.4.22 £ 2,054 600 5.4.22 £ 40,000 5.4.22 £ 30,000 30,000 5.4.22 £ - - - 10,000 10,000 |
5.4.21 £ 35,000 5.4.21 £ 150 5.4.21 £ 690 480 |
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|---|---|---|---|---|---|---|
| 5.4.21 £ 35,000 5.4.21 £ - - 5.4.21 £ 10,000 10,000 10,000 5,000 30,000 |
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continued...
Page 8
The David and Jayne Paterson Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies - Investment income - Total - EXPENDITURE ON Charitable activities 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 |
Total funds £ 35,000 150 35,150 35,000 1,410 36,410 (1,260) 500,706 499,446 |
|---|---|---|
continued...
Page 9
The David and Jayne Paterson Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
8. INVESTMENT PROPERTY
| FAIR VALUE At 6 April 2021 and 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 |
£ 500,000 500,000 500,000 |
|---|---|
The freehold investment property at 44, Palace Gardens Terrace, London, W8 4RR was transferred to the Trust during the year ended 5 April 2020 at a valuation of £500,000 by the founder Trustee. The trustees consider the fair value of the property at 5 April 2022 to be £500,000 (2021: £500,000).
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS Restricted funds Restricted fund for educational use TOTAL FUNDS Net movement in funds, included in the above are as follows: Restricted funds Restricted fund for educational use TOTAL FUNDS |
At 6.4.21 £ 499,446 499,446 Incoming resources £ 43,150 43,150 |
5.4.22 5.4.21 £ £ 3,031 2,130 Net movement At in funds 5.4.22 £ £ (44) 499,402 (44) 499,402 Resources Movement expended in funds £ £ (43,194) (44) (43,194) (44) |
|---|---|---|
continued...
Page 10
The David and Jayne Paterson Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 6.4.20 £ Restricted funds Restricted fund for educational use 500,706 TOTAL FUNDS 500,706 Comparative 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 |
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) |
|---|---|
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 6.4.20 £ 500,706 500,706 |
Net movement in funds £ (1,304) (1,304) |
At 5.4.22 £ 499,402 499,402 |
|---|---|---|---|
continued...
Page 11
The David and Jayne Paterson Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Restricted funds | |||
| Restricted fund for educational use | 78,300 | (79,604) | (1,304) |
| TOTAL FUNDS | 78,300 | (79,604) | (1,304) |
11. OTHER FINANCIAL COMMITMENTS
The charity had no grant commitments or contingent liabilities at the balance sheet date and nor had it given any guarantees or indemnities at the balance sheet date.
12. RELATED PARTY DISCLOSURES
As disclosed in note 2, the founder trustee, Mr David Paterson, made donations totalling £43,000 to the Trust during the year.
Page 12
The David and Jayne Paterson Educational Trust
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Total incoming resources EXPENDITURE Charitable activities Legal and professional fees Accountancy fees Bank charges Grants to institutions Grants to individuals Total resources expended Net expenditure |
Detailed Statement of Financial Activities for the Year Ended 5 April 2022 5.4.22 5.4.21 £ £ 43,000 35,000 150 150 43,150 35,150 2,054 690 600 480 540 240 30,000 - 10,000 35,000 43,194 36,410 43,194 36,410 (44) (1,260) |
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This page does not form part of the statutory financial statements
Page 13