Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 **Charity registration number 1139689** ## **THE PAQUITA FILBY TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 JULY 2023** Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr IF Filby|| |---|---|---| ||Mrs SJ Filby|| ||Miss LL Filby|| ||Miss T B Filby|(Appointed 20 July 2024)| |**Charity number**|1139689|| |**Principal address**|Number 22|| ||Mount Ephraim|| ||Tunbridge Wells|| ||Kent|| ||TN4 8AS|| |**Independent examiner**|Tessa Fowler BA FCA|| ||C/o HSP Tax & Accounts Ltd|| ||Whiteacres|| ||Cambridge Road|| ||Whetstone|| ||Leicestershire|| ||LE8 6ZG|| |**Solicitors**|Cripps LLP|| ||Number 22|| ||Mount Ephraim|| ||Tunbridge Wells|| ||Kent|| ||TN4 8AS|| |**Investment advisors**|Lumin Wealth|| ||5 Sandridge Park|| ||Porters Wood|| ||St Albans|| ||Hertfordshire|| ||AL3 6PH|| Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Statement of trustees' responsibilities|3| |Independent examiner's report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 10| Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 6 JULY 2023**_ The trustees present their annual report and financial statements for the year ended 6 July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016) ## **Objectives and activities** The charity's objects, as set out in the charity's trust deed were as follows: (a) For the public benefit to promote the education (including social and physical training) of disadvantaged young people with a view to them improving the quality of life of their local communities in such ways as the charity trustees think fit, including by: - awarding to such persons scholarships, maintenance allowances or grants tenable at any university, - college or institution of higher or further education in the United Kingdom; - to provide support during the education of such persons in their home country in preparation for the transition to higher or further education in the United Kingdom; - to prepare such persons for entry into any occupation, trade or profession on leaving any educational establishment (b) To assist in such ways as the charity trustees think fit any charity whose aims include advancing education of disadvantaged young people by developing their mental, physical and moral capabilities through education or through leisure time activities. ## **Public benefit** The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** ## **Financial review** During the year the charity received investment income and interest of £34,013 (2022: £21,553). Four grants totalling £90,000 were made to two UK based charities in furtherance of the charity objectives. ## **Reserves policy** The charity has built up an investment fund which generates income. The trustees do not consider that there is a need for a reserves policy as they make donations as and when suitable opportunities arise. ## **Investment policy** The objective of the trust's investment policy is to achieve a rising level of income for later use in accordance with the trust's principle objectives. - 1 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 6 JULY 2023**_ ## **Structure, governance and management** The charity is controlled by its governing document, a deed of trust dated 7 July 2010 and amended on 18 September 2019, and constitutes an unincorporated charity. The trustees who served during the year and up to the date of signature of the financial statements were: Mr IF Filby Mrs SJ Filby Miss LL Filby Miss T B Filby (Appointed 20 July 2024) New trustees are recruited and appointed in accordance the trust deed. The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no financial remuneration or other financial benefits. The trustees' report was approved by the Board of Trustees. .............................. **Mrs SJ Filby** Trustee 27-08-24 | 13:22:07 BST Dated: ......................... - 2 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 6 JULY 2023**_ The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law 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 resources of the charity for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient 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 Charity (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. - 3 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAQUITA FILBY TRUST** I report to the trustees on my examination of the financial statements of The Paquita Filby Trust (the charity) for the year ended 6 July 2023. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements to be reached. ## **Tessa Fowler BA FCA** C/o HSP Tax & Accounts Ltd Whiteacres Cambridge Road Whetstone Leicestershire LE8 6ZG 27-08-24 | 15:19:19 BST Dated: ......................... - 4 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 6 JULY 2023**_ |**Unrestricted**
**funds**
**2023**
**Notes**
**£**
**Income from:**
Investments
**2**
34,013
**Expenditure on:**
Raising funds
**3**
11,836
Charitable activities
Grants awarded
**4**
90,000
Fees
**4**
4,050
**Total charitable expenditure**
94,050
**Total resources expended**
105,886
Net gains/(losses) on investments
**8**
(65,037)
**Net movement in funds**
(136,910)
Fund balances at 7 July 2022
1,535,447
**Fund balances at 6 July 2023**
1,398,537|Total
2022
**£**
21,553
14,011
81,000
4,032
85,032
99,043
(135,424)
(212,914)
1,748,361
1,535,447| |---|---| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 5 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **BALANCE SHEET** ## _**AS AT 6 JULY 2023**_ |**Notes**
**Fixed assets**
Investments
**10**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds|**2023**
**2022**
**£**
**£**
**£**
**£**
1,376,125
1,420,572
23,762
116,207
(1,350)
(1,332)
22,412
114,875
1,398,537
1,535,447
1,398,537
1,535,447
1,398,537
1,535,447
27-08-24 | 13:22:07 BST|**2023**
**2022**
**£**
**£**
**£**
**£**
1,376,125
1,420,572
23,762
116,207
(1,350)
(1,332)
22,412
114,875
1,398,537
1,535,447
1,398,537
1,535,447
1,398,537
1,535,447
27-08-24 | 13:22:07 BST| |---|---|---| |||1,535,447| |||1,535,447| |||1,535,447| |||| The financial statements were approved by the trustees on ......................... .............................. Mrs SJ Filby ## **Trustee** - 6 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 6 JULY 2023**_ ## **1 Accounting policies** ## **Charity information** The Paquita Filby Trust is an unincorporated charity. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. At present the charity only has one fund, which is unrestricted. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. ## **1.5 Resources expended** Expenditure is accounted for on an accruals basis. 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. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at cost and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. - 7 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 6 JULY 2023**_ ## **2 Income from investments** ||**Unrestricted**||**Unrestricted**| |---|---|---|---| ||**funds**||**funds**| ||**2023**||**2022**| ||**£**||**£**| |Other income|31,667||21,230| |Interest receivable|2,346||323| ||34,013||21,553| |**Expenditure on raising funds**|||| ||**Unrestricted**||**Unrestricted**| ||**funds**||**funds**| ||**2023**||**2022**| ||**£**||**£**| |Investment management|11,836||14,011| |**Charitable activities**|||| ||**Unrestricted**||| ||**funds**||**Total**| ||**2023**||**2022**| |||**£**|**£**| |Professional fees|3,600||3,600| |Fee to Independent Examiner|450||432| ||4,050||4,032| |Grant funding of activities (see note 5)|90,000||81,000| ||94,050||85,032| ## **3 Expenditure on raising funds** **4 Charitable activities** ## **5 Grants payable** During the year, four grants totalling £90,000 were made to UK based charities in furtherance of the charity objectives: - £50,000 to St Catherine's College Cambridge in support of widening participation in the UK Undergraduate Community - £40,000 to Education For The Children in support of their work with a school in Guatemala - 8 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 6 JULY 2023**_ ## **6 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **7 Employees** There were no employees during the year. ## **8 Net gains/(losses) on investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2023**|2022| ||**£**|£| |Revaluation of investments|(70,795)|(135,424)| |Gain/(loss) on sale of investments|5,758|-| ||(65,037)|(135,424)| ## **9 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **10 Fixed asset investments** |**Listed**
**investments**
**£**
**Cost or valuation**
At 7 July 2022
1,386,626
Additions
93,370
Valuation changes
(70,795)
Disposals
(73,952)
At 6 July 2023
1,335,249
**Carrying amount**
At 06 July 2023
1,335,249
At 06 July 2022
1,386,626|**Cash in**
**portfolio**
**£**
33,946
6,930
-
-
40,876
40,876
33,946|**Total**
**£**
1,420,572
100,300
(70,795)
(73,952)
1,376,125
1,376,125
1,420,572| |---|---|---| - 9 - Docusign Envelope ID: 27DCDEAB-A696-4D72-B4A9-5E406E491E94 ## **THE PAQUITA FILBY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 6 JULY 2023**_ ## **11 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |Other creditors|1,350|1,332| ## **12 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). - 10 -