REGISTERED CHARITY NUMBER: 1076792
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 5 April 2024
for
The David and Jayne Paterson
Educational Trust
A J Bennewith
FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
The David and Jayne Paterson
Educational Trust
Contents of the Financial Statements
for the Year Ended 5 April 2024
|
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 11 |
The David and Jayne Paterson
Educational Trust
Report of the Trustees
for the Year Ended 5 April 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended5April2024. 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 2023/24, the Trustees sponsored two students (2022/23: 2) (see note 5 for details).
FINANCIAL REVIEW
Financial position
Thetrust'sincomefortheyearwas£76,200(2023:£31,000).Expenditurefortheyearwas£78,460(2023: £33,045)
includingdonationsof £70,000(2023:£30,000),andlegalandaccountancyfees andotherexpensesof £8,460 (2023:
£3,045).
Totalfundsfortheyear,whichcompriseRestrictedFundsonly,startedtheyearwithabalanceof£497,357. After
deducting the loss for the year of £2,260, the balance to be carried forward is £495,097.
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.
Page 1
The David and Jayne Paterson
Educational Trust
Report of the Trustees
for the Year Ended 5 April 2024
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 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
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Solicitors
Lee Bolton Monier-Williams Solicitors
1 The Sanctuary
London
SW1P 3JT
Bankers
Wise Payments Limited
56 Shoreditch High Street
London
E1 6JJ
INVESTMENT POWERS
Powers under the trust instrument to invest as absolute beneficial owners and to use nominees.
Page 2
The David and Jayne Paterson
Educational Trust
Report of the Trustees for the Year Ended 5 April 2024
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 reportto the charitytrusteeson my examinationof the accountsof The DavidandJaynePatersonEducational Trust
(the Trust) for the year ended 5 April 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin 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
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
Date: .............................................
Page 4
The David and Jayne Paterson
Educational Trust
Statement of Financial Activities
for the Year Ended 5 April 2024
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
£
75,800
400
76,200
70,000
8,460
78,460
(2,260)
497,357
495,097 |
5.4.24
Total
funds
£
75,800
400
76,200
70,000
8,460
78,460
(2,260)
497,357
495,097 |
5.4.23
Total
funds
£
31,000
-
31,000
30,000
3,045
33,045
(2,045)
499,402
497,357 |
|
|
|
|
The notes form part of these financial statements
Page 5
The David and Jayne Paterson
Educational Trust
Balance Sheet
5 April 2024
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
1,500
(6,403)
(4,903)
495,097
495,097 |
5.4.24
Total
funds
£
500,000
1,500
(6,403)
(4,903)
495,097
495,097
495,097
495,097 |
5.4.23
Total
funds
£
500,000
-
(2,643)
(2,643)
497,357
497,357
497,357
497,357 |
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue 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 2024
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 7
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 5 April 2024
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 Tingyu Xu
Donation to Ziyu Hu
Donation to Hu Boxiang
Donation to Li Xianshu |
|
|
|
|
|
|
5.4.23
£
31,000
5.4.23
£
- |
5.4.23
£
31,000
5.4.23
£
- |
|
|
|
5.4.24 |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
65,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.4.24
£
400 |
|
|
|
|
|
|
|
|
|
5.4.24 |
|
|
|
5.4.23 |
|
|
|
|
£ |
|
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,500 |
|
|
|
452 |
|
|
|
|
960 |
|
|
|
2,040 |
|
|
|
|
|
|
|
|
|
|
|
|
5.4.24
£
70,000 |
|
|
|
|
|
|
|
|
5.4.24 |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.4.24 |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
15,000 |
|
|
|
|
|
|
|
|
15,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 8
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 5 April 2024 nor for the year ended
5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
-
EXPENDITURE ON
Charitable activities
Grants payable
-
Administrative costs
-
Total
-
NET INCOME/(EXPENDITURE)
-
RECONCILIATION OF FUNDS
Total funds brought forward
-
TOTAL FUNDS CARRIED FORWARD
-
8.
INVESTMENT PROPERTY
FAIR VALUE
At 6 April 2023
and 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023 |
Restricted
fund
£
31,000
30,000
3,045
33,045
(2,045)
499,402
497,357 |
Total
funds
£
31,000
30,000
3,045
33,045
(2,045)
499,402
497,357
£
500,000
500,000
500,000 |
|
|
|
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 2024 to be £500,000 (2023: £500,000).
continued...
Page 9
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 5 April 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
At 6.4.23
£
Restricted funds
Restricted fund for educational use
497,357
TOTAL FUNDS
497,357
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Restricted funds
Restricted fund for educational use
76,200
TOTAL FUNDS
76,200
Comparatives for movement in funds
At 6.4.22
£
Restricted funds
Restricted fund for educational use
499,402
TOTAL FUNDS
499,402
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Restricted funds
Restricted fund for educational use
31,000
TOTAL FUNDS
31,000 |
5.4.24
5.4.23
£
£
6,403
2,643
Net
movement
At
in funds
5.4.24
£
£
(2,260)
495,097
(2,260)
495,097
Resources
Movement
expended
in funds
£
£
(78,460)
(2,260)
(78,460)
(2,260)
Net
movement
At
in funds
5.4.23
£
£
(2,045)
497,357
(2,045)
497,357
Resources
Movement
expended
in funds
£
£
(33,045)
(2,045)
(33,045)
(2,045) |
|
|
continued...
Page 10
The David and Jayne Paterson
Educational Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
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 6.4.22
£
499,402
499,402 |
Net
movement
in funds
£
(4,305)
(4,305) |
At
5.4.24
£
495,097 |
|
|
|
495,097 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Restricted funds |
|
|
|
Restricted fund for educational use |
107,200 |
(111,505) |
(4,305) |
TOTAL FUNDS |
107,200 |
(111,505) |
(4,305) |
11. OTHER FINANCIAL COMMITMENTS
The charityhadno grantcommitmentsorcontingentliabilitiesat the balancesheet dateandnorhadit given
any guarantees or indemnities at the balance sheet date.
12. RELATED PARTY DISCLOSURES
Asdisclosedinnote2,thefoundertrustee,MrDavidPaterson,madedonationstotalling£65,800 (2023:
£31,000) to the Trust during the year.
Aninvoicefor£4,200(2023:NIL)wasissuedbyLeeBoltonMonier-Williamswhereoneofthetrusteesis a
partner and a head of commercial property. At the year end, £2,200 (2023: NIL) remains outstanding.
Page 11