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2023-07-31-accounts

paperweight.org.uk

The Paperweight Trust Report of the trustees & unaudited financial statements Year ended 31st July 2023

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A B C D E
Advocacy Benefit Court Debt Employment
procedures
F G H I J
Family law Get Housing Immigration Jewish heart
K L M N O
Kindness Landlord McKenzie National On top of the
tenancy friend Insurance situation
P Q R S T
Probate Quality service Redundancy Safe Tribunals
U V W X Y
Utilities Victimisation Welfare Xtra Yarzheit
Z
Registered company number:
Zzzzz
07705745 (England and Wales)
Registered charity number: 1146302
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Registered company number: 07705745 (England and Wales) Registered charity number: 1146302

Contents

Report of the trustees & financial statements

Report of the Trustees Independent Examiner’s Report Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Statement of Cash Flows Notes to the Financial Statements

3-15 17 18 19 20 21

22-32

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The Paperweight Trust Report of the trustees & financial statements

Report of the trustees for the year ended 31st July 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st July 2023.

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).

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The Paperweight Trust Report of the trustees & financial statements Objectives & Activities

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The Paperweight Trust Report of the trustees & financial statements

Our help spans a wide range of areas including, but not limited to : welfare benefits, such as claims and appeals; debt; housing; family; employment; LPAs/deputyships/appointeeship; post-death practical support; navigation of the social care system and help with paperwork.

Charitable Aims

The relief of financial hardship and emotional stress by the provision of free practical advice and assistance primarily to persons who are members of the Jewish Community resident in the UK who through lack of means, knowledge or as a result of circumstances such as bereavement, divorce or any other personal circumstances are unable to access and/or obtain such advice.

Objectives

Paperweight is a voluntary sector charity which is the Jewish Community’s Advice Centre, offering free, tailored guidance and practical support across a wide range of legal, financial, welfare and administrative matters. We aim to help those, predominantly in the Jewish community who are vulnerable and struggling with the “administration of life”, offering time, expertise and personal attention to empower them to regain control of their problems and continue with confidence.

The FCA Accredited Financial Advice Team has come to the fore in many areas of domestic life but particularly with its response to the government’s determination to accelerate the roll-out of Universal Credit. In theory Universal Credit’s aims dovetail perfectly with Paperweight’s desire to aid clients to transition, when possible, from reliance on Benefits to income generated by paid work.

However as Paperweight, and many observers have noted, the theory and practice do not yet hold good in the real world, and many of our clients require even more handholding to navigate the severe complexities and unintended paradoxes and penalties of Universal Credit.

“”

Just to say that I am so indebted to Paperweight. It’s incredible and beyond my wildest expectations. My caseworker has and is helping me so much with such kindness, sensitivity and patience. And I never even knew until now that such an organisation existed.

I have literally been transformed from a state of oppression, isolation, dejection and tears into one of confidence and feeling really loved and cared for. One cannot overestimate the positive effect this has on a person or the greatness of such kindness.

I didn’t realise we had so many hidden righteous people in our community! D C

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The Paperweight Trust Report of the trustees & financial statements

Strategic report 2024

God has promised Abraham that his descendants will flourish:

And He took him outside, and He said, “Please look heavenward and count the stars, if you are able to count them.

Genesis 15.5.

This instruction reinforces behaviour that has come to define our age. If we want to value something we seem to have to count it.

In this report you will find the Financial Accounts for the year to 31st July 2023. We will endeavour to highlight not just what the numbers mean, but what they mean to The Paperweight Trust and what they mean to the communities we serve.

Before we engage on a star-counting process we would like to explain how important Paperweight is to the people we help. To do that we borrow a well-tried methodology from the world of business – because, not surprisingly, more effort has been applied to understanding how to run businesses and other enterprises successfully, than to running charities.

Increasingly, in seeking funders who help boost the income side of our balance sheet, besides the many thousands of private individuals who intuitively and generously provide the majority of our funding, we are asked to show that Paperweight is S.M.A.R.T.

Absent an answer to any of the following 5 key pointers and the venture will not prosper, and the consequences for those it serves and those doing

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The Paperweight Trust Report of the trustees & financial statements

S is for Specific

the serving are really quite terrible. And since our “venture”, Paperweight, is the enhanced welfare of our clients we take decisions cautiously but decisively.

Paperweight’s role in the community is clear. Active crisis management for those whose circumstances has pushed them past the tipping point. There are three strands but because lives are complicated they overlap, and although many of our partner organisations cater for their own defined sectors, it is Paperweight that applies an holistic approach and has the resources and methodology to actually remove or minimise the cause of the crisis. The three main areas are Finance and Debt, Legal – particularly Abuse & Family Law and Social Welfare and Benefits.

Had Abraham has a telescope he would have seen that some of the stars came in pairs or even clusters. So too, within these three areas there are of course specialist situations that fall within that overall description but require a different approach. Examples are:

To attain this first goal Paperweight has a welldefined structure so everyone knows what they can and should be doing. And in our training we explain why we have these processes and what they are designed to do.

Let us conclude this category with a real-life thank you that exemplifies that Paperweight are concerned with a specific role. The named individuals are respectively Harvey the head of Paperweight’s Debt Management Team and himself a retired Solicitor and Daniel, an experienced international business strategist one of almost 200 volunteers who fill various critical roles. The client was a highly educated lady battling with her husband’s rapidly degenerating dementia:

Over the last few months I have had tremendous support and help, first from Harvey and more recently from Daniel. They have been wonderful. I was completely overwhelmed by the prospect of taking responsibility for our financial affairs from my husband (who has dementia) but Harvey and Daniel gave me support and, better, enabled me to get to the point where I think I understand things better and, hopefully, can take things forward myself in the future. I don’t know how to begin to thank all of you. What a tremendous charity you run! Thank you - all of you - for all you do.

This is once case amongst thousands.

In all these areas and more Paperweight’s teams will rapidly determine what can be achieved, what steps must be taken by the client and what the specific remedy is.

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The Paperweight Trust Report of the trustees & financial statements

2,695

M is for Measurable

The “ Great Unsubscribe Fib ” : we all know from the deluge of sales-linked emails we receive directly following a purchase on-line, the supplier wishes to retain us as a customer come what may, and to encourage us to buy more of the same or delve into other products on offer. Leaving their clutches is sometimes impossible. A metric for success amongst businesses of all sizes is Customer Retention. Another would be how happy the customer was with the service or product, and of course the ubiquitous postpurchase “ Review ”.

Here Paperweight departs. Of course we wish the client to be happy with the outcome and that requires a substantial investment of time and patience in determining the extent of the Client’s crisis or crises, their background and history, particularly whether attempts have been made before to resolve matters, and most critically setting the boundary on what Paperweight can achieve.

Against these benchmarks we can then establish what new or repeated processes can be undertaken (sometimes reversing old embedded errors) and setting the Client’s expectations.

Is the number of clients who we dealt with in the past year – these are individuals and include 69 (elderly) couples. This is an increase of 35% on the previous year. What is driving such an increase ? Here’s Bayla Perrin, CEO :

There is scarcely a day when the media does not carry multiple heartbreaking stories of the turmoil which tick-box statistic-focused organisations in the public sector wreak on the vulnerable. Overpayment of benefits, underpayment of benefits; forcible entry by power companies and illegal installation of pay-per-use electricity meters; homeowners in blighted estates; families struggling with physical and mental health; the elderly rendered near invisible by a Health Service barely fit for purpose; Alzheimers and other dementias which impact equally on the sufferer as well as their carers and families who struggle to keep pace with the cruel disease and its ongoing consequences; Universal Credit and the intricate penalties generated by those trying to earn a living, dreamed up by a DWP Committee whose members have never confronted an empty fridge. The list is endless.

We record key personal information so we can better understand the demographic and adopt our campaigns accordingly.

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The Paperweight Trust Report of the trustees & financial statements

Total Clients by Age & Gender

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31%
30%
36%, Male 38%, Male
18%
17%
43%, Male
38%, Male
64%, Female 62%, Female
3%
1% 62%, Female 57%, Female
43%, Male
38%, Male
62%, Female 57%, Female
Under 20 20 - 39 40 - 49 69 - 79 80+ Age range unknow
Client
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What is very noticeable, and this appears year after year, is that the number of female clients is always in the majority. There are a number of factors at play here, and the age cohort determines the likely reasons. They are unhappy facts but, based on the sample population we see a generality that has different implications per age group.

Paperweight personnel are trained to be nonjudgemental and empathetic. Our processes and policies are not going to change human nature, but we can prevent the least desirable consequence and provide the “tools to carry on” We have a firm knowledge of the issues that are the source of the clients’ crisis or sometimes the consequence of an earlier one.

But obviously, many men come to us too – 800 this year.

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09
08
07
06
05
04
03
02
01
9
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The Paperweight Trust Report of the trustees & financial statements

R is for Relevant

A is for Achievable

Paperweight needs to be up-to-date on all relevant legislation and guidance in the areas in which it operates. But it also needs to understand the history and background of each and every client. Some are complete and reluctant novices in regards their new unhappy circumstance, others “know their rights” and see that the world is against them.

Paperweight is active in situations to which many people cannot directly relate. How many family members (post WW2) of whom they are aware have ever been homeless? How many friends or family have empty fridges?

Financial issues seem to be closer to home because there is some common experience. But cumulative credit card debts exceeding a year’s gross salary of the breadwinner may seem exaggerated to some.

Care for the elderly and the complex balance between independence, optimum medical attention and the issues with physical frailties and mental cognisance are creeping in to everyday chatter.

But in every regard every new initiative Paperweight has undertaken has been assessed and discussed and costed and examined from every conceivable angle. But we are not counting stars, we are dealing with the most vulnerable members of society so of course there are setbacks.

In truth every area of our work – singly or in collaboration with other stakeholders - is one which if neglected will only serve to burden the communities further.

The A-Z of Paperweight...

In any respect almost all of our clients depart from us in a better situation than which they arrived. Our feedback forms confirm this again and again.

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A B C D E F
Advocacy Benefit Court Debt Employment Family law
appeals procedures
G H I J K L
Guidance Housing Immigration Jewish heart Kindness Landlord
tenancy
M N O P Q R
McKenzie National On top of Probate Quality Redundancy
friend insurance the situation service
S T U V W X
Safe Tribunals Utilities Victimisation Welfare Xtra
Y Z These are just some of the things with which
Yarzheit Zzzzz Paperweight can help. For the full list please
visit our website. We’re here for you 24/7.
0330 174 4300
info@paperweight.org.uk
paperweight.org.uk
A
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The Paperweight Trust Report of the trustees & financial statements

Paperweight’s relevance is manifest too in its geographic reach and enthusiasm of the new host communities – from London, Manchester and Gateshead we have spread to Leeds, Birmingham, Brighton and Bournemouth and many other small communities with rapidly dwindling elderly populations.

In Barnet, the London borough with the largest Jewish population in the UK – where we tentatively started 13 years ago - Paperweight have been awarded, for the second time, the Civic Trust Award for Outstanding Service to the Community.

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The Paperweight Trust Report of the trustees & financial statements

T is for Timebound

Question: Which of the following scenarios accurately reflects first calls to Paperweight’s National Helpline.

Up to 6 months Up to 1 year Over 1 year

Up to 1 week Up to 1 month Up to 3 month

The times are from first caseworker meeting / telephone call to the closing of the file. We aim to start working for the client within three working days from first contact.

Here, by way of contrast, is a redacted email response from a London Borough to one of our caseworkers making representations for a client:

Answer: All

These clients have unwittingly set the bar very high indeed, leaving Paperweight with a situation that needs to be very rapidly assessed.

In communication with outside parties we always endeavour to meet their time requirements but have often found that a holding letter from ourselves can reduce timetension and enable a route out of the complexity to be designed and navigated at a realistic pace.

We ensure that our commitments match our resources, and that includes the most valuable resource of our volunteers’ - Time.

Some clients’ problems are resolved within the week. Others within a month. Here is a snapshot of the past 12 months’ turn-around of cases. The majority are resolved satisfactorily within three months, but by necessity, especially if there are Court appearances or several agencies involved, so this can run into many months.

Thank you for contacting Council Tax at the Royal Borough of Kensington & Chelsea. Due to the high volume of correspondence there is currently a delay in response times of up to 20 working days. We do apologise for the delayed response.

That’s four more weeks of needless stress for the client.

Paperweight’s opening sentence in its Charitable Aims (see above, page 5) describes “The relief of financial hardship and emotional stress.”

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The Paperweight Trust Report of the trustees & financial statements

A bit about stress – the chicken and the egg of crises and Mental Health

More than 50% of our clients tell us that their new unwanted circumstances creates stress and that they suffer ill Mental Health as a result. Their complicated mental health prior to the array of problems that drove them into Paperweight’s arms, may also be a factor in why their circumstance has so deteriorated.

The Money and Mental Health Policy Institute, founded and chaired by Martin Lewis OBE describe in detail the devastating effect of “the brown window envelope”, the impact of debt collections agencies tactics, and the inaccessibility of many notional government helplines for those suffering ill Mental Health.

At Paperweight we see these situations daily. Our trained personnel will first and foremost aim to gain the trust of a client who has been badly battered by careless authoritarianism and ill-thought procedures. The MMHPI at a high level is painstakingly effecting changes in policy. Paperweight’s caseworkers are interacting daily with mental health sufferers, dealing directly with clients terrified of their circumstance who cannot believe that matters will improve, when experience has shown just the opposite.

If we wish to strengthen our T we need to successfully recruit, train and retain more volunteer caseworkers and at the same time reinforce our key office-based staff with skilled managers and leaders. This is Paperweight’s goal for 2024/25.

Conclusion

Abraham’s stars march gracefully round the heavens. Paperweight’s clients arrive pell-mell and in much distress, having been catapulted out of their normal orbits. We can do far worse than set them on a new and achievable path, return their self-confidence, give them the tools to face their problems, so they too can shine. It’s the SMART thing to do.

Post-script. What S.M.A.R.T. won’t do.

All factors carefully weighed up, all boxes crossed, will not lead to a successful business. But it will give a good business idea a chance to flourish.

Paperweight is not a business, even though we expended some £340,000 for the financial year to 31.7.23

Because of clients-in-process from one financial year to another, it is a complex matter allocating costs-per-client with a broad brush. In addition, some were helped with a few phone calls, others took very many months of meetings. Hardly any we could not help at all.

Conservatively, looking at client numbers: last year’s 1,945 and this year’s 2,695 we can say for sure that at least 2,320 (being the straight average) were helped for that £340,000 expenditure i.e. at an average cost of just £145 per client. No High Street professional could possibly tackle the casebook for that sum.

In terms of value for money for the community – the savings could run into £,000 s per client

For example, the average hourly rate for a family lawyer in London with more than 8 years of experience is £546. And that’s just the average. Some of London’s top family law firms charge in excess of £750 per hour.

We would say, with heads held high that Paperweight is amongst the most cost-effective social enterprises generating profits – that is closed cases with successful outcomes - that are just out of this world.

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The Paperweight Trust Report of the trustees & financial statements

Financial Position

The Statement of Financial Activities shows a net surplus for the year of £163,992 (deficit £(124,462) in 2022) and our reserves stand at a surplus of £529,383 (£365,391 in 2022).

Reserves Policy

The charity’s reserves policy is to maintain sufficient cash reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations and grants, the trustees review this position on a monthly basis.

In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs.

Plans for the future

The need for our services continues to grow and we plan to keep consolidating our unrivalled position in the communities which we serve and the partnerships we establish. Our high referral rate from established social care organisations reflects the niche that we have occupied, focusing on handholding through many crises from end-toend with professionalism, determination and discretion.

Simultaneously this level of service requires new relationships with even more varied professionals to be sought, and the quality of recruitment and training of our volunteers and employees to be improved wherever possible.

And the ongoing establishment of active regional hubs will, as already proven, increase both the utilisation of the organisation’s facilities by the public but will also tap into a new resource of volunteers and professionals living in those communities.

Declaration of Public Benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit in deciding what activities the charity should undertake.

The ‘Objectives and Activities’ section explains the charity’s activities which are open primarily to anyone of the Jewish faith.

The Trustees consider that the activities explained above, adequately satisfy the public benefit requirements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, Memorandum and Articles of Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Trustee and Organisational Structure

The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association. All directors of the company are also trustees of the charity and there are no other trustees. All of the trustees named above served throughout the period. The board has the power to appoint additional trustees as and when it considers fit to do so.

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The Paperweight Trust Report of the trustees & financial statements

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 07705745 (England and Wales)

Registered Charity number 1146302

Registered office 85a Bell Lane Hendon London NW4 2AS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have assessed the major risks to which the charity is exposed. All areas of work carried out by the charity are appropriately risk assessed and staff and volunteers are appropriately screened, trained and supervised. The charity contracts with outside specialist advisers whenever necessary, to provide expert advice when it is required. The Trustees take a prudent and careful approach to the management of the funds of the charity to ensure that an adequate strategy is in place to safeguard the income streams and to control the costs in both the short and long term.

As the charity relies entirely on voluntary income, and grant, trustees are aware that there are various risks to our financial stability in an uncertain economic climate.

The charity has been diversifying its fundraising efforts to mitigate those risks as far as possible by spreading the income streams more evenly. Risk management plans are in place to enable timely responses to any crisis designed to protect the core of the charity’s work through difficult times. Systems are in place to ensure the appropriate management of all funds and suitable probity is exercised at all times in regard to the handling and recording of financial transactions.

Trustees

B Conway A J Perrin B Perrin J C Marriott D E Posen (appointed 1.10.2022)

Independent Examiner Joey Joseph Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

REVIEW OF THE CHARITY

The charitable company was incorporated on 14 July 2011.

PLANS FOR THE FUTURE

The need for our services is increasing and we plan to continue doing what we can to assist. However, the trustees realise that we must use the resources we have wisely and so we will continue to target those problems where we have expertise to make the most difference. This includes strengthening existing services, employing more key staff, accessing more professional assistance and expanding into other UK communities.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 19th April 2024 and signed on the board’s behalf by:

A J Perrin - Trustee

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The Paperweight Trust Report of the trustees & financial statements

Accounts

16

The Paperweight Trust

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PAPERWEIGHT TRUST

Independent examiner’s report to the trustees of The Paperweight Trust (‘the Company’)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st July 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under Section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since your charity’s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Joey Joseph

Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

19th April 2024

17

The Paperweight Trust

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2023

Unrestricted
fund
Restricted
fund
Notes
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
442,013
61,200
Investment income
3
259
-
Total
442,272
61,200
EXPENDITURE ON
Charitable activities
4
Governance cost
4,200
-
Charitable
274,386
60,894
Total
278,586
60,894
NET INCOME/
(EXPENDITURE)
163,686
306
RECONCILIATION OF
FUNDS
Total funds brought
forward
339,287
26,104
TOTAL FUNDS CARRIED
FORWARD
502,973
26,410		 2023
Total
funds
£
503,213
259
503,472
4,200
335,280
339,480
163,992
365,391
529,383		 2022
Total
funds
£
169,712
18
169,730
1,750
292,442		 2022
Total
funds
£
169,712
18
169,730
1,750
292,442
294,192
(124,462)
489,853
365,391
365,391

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The notes form part of these financial statements

The Paperweight Trust

STATEMENT OF FINANCIAL POSITION 31ST JULY 2023

Unrestricted
fund
Restricted
fund
Notes
£
£
FIXED ASSETS
Tangible assets
11
32,478
-
CURRENT ASSETS
Debtors
12
800
-
Cash at bank
475,991
26,410
476,791
26,410
CREDITORS
Amounts falling due within
one year
13
(6,296)
-
NET CURRENT ASSETS
470,495
26,410
TOTAL ASSETS LESS
CURRENT LIABILITIES
502,973
26,410
NET ASSETS
502,973
26,410
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2023
Total
funds
£
32,478
800
502,401
503,201
(6,296)
496,905
529,383
529,383
502,973
26,410
529,383		 2022
Total
funds
£
33,170
850
335,219
336,069
(3,848)
332,221
365,391
365,391
339,287
26,104
365,391

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The financial statements were approved by the Board of Trustees and authorised for issue on 19th April 2024 and were signed on its behalf by: A J Perrin - Trustee

19

The notes form part of these financial statements

The Paperweight Trust

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST JULY 2023

Notes
Cash fows from operating activities
Cash generated from operations
1
Tax paid
Net cash provided by/(used in) operating activities
Cash fows from investing activities
Purchase of tangible fxed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at
the end of the reporting period		 2023
£
174,837
(50)
174,787
(7,864)
259
(7,605)
167,182
335,219
502,401		 2022
£
(115,968)
-		 2022
£
(115,968)
-
(115,968)
(41,462)
18
(41,444)
(157,412)
492,631
335,219

20

The notes form part of these financial statements

The Paperweight Trust

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST JULY 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

FROM OPERATING ACTIVITIES
2023 2022
£ £
Net income/(expenditure) for the reporting period
(as per the Statement of Financial Activities) 163,992 (124,462)
Adjustments for:
Depreciation charges 8,556 8,292
Interest received (259) (18)
Decrease in creditors 100 -
Increase in creditors 2,448 220
Net cash (used in)/provided by operations 174,837 (115,968)
ANALYSIS OF CHANGES IN NET FUNDS
At 1/8/22 Cash fow At 31/7/23
£ £ £
Net cash
Cash at bank 335,219 167,182 502,401
Total 335,219 167,182 502,401

ANALYSIS OF CHANGES IN NET FUNDS

21

The notes form part of these financial statements

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from gift aid and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

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.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Improvements to property - 20% on reducing balance

Computer and equipment - 50% on cost

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

22

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each material restricted fund is set out in the notes to the financial statements.

Key judgements and estimates

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each material restricted fund is set out in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature no more than three months from the date of acquisition and that are readily convertible to cash with insignificant risk of change in value.

23

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

1. ACCOUNTING POLICIES - continued

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

2. DONATIONS AND LEGACIES

Grants received, included in the above, are as follows:
2023
£
Other grants
61,200
3.
INVESTMENT INCOME
2023
£
Deposit account interest
259
4.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
Grant funding
of activities
(see note 5)
Support costs
(see note 6)
£
£
£
Governance cost
-
-
4,200
Charitable
332,765
1,915
600
332,765
1,915
4,800
2023
£
Donations
442,013
Grants
61,200
503,213		 2022
£
48,400
2022
£
18
Totals
£
4,200
335,280
2022
£
121,312
48,400
169,712
339,480

24

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

6.
SUPPORT COSTS
5.
GRANTS PAYABLE
Governance cost
Charitable
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Charitable		 Governance costs
£
4,200
600
4,800
2023
2022
£
£
8,556
8,292
2023
2022
£
£
1,915
2,941		 Governance costs
£
4,200
600
4,800
2023
2022
£
£
8,556
8,292
2023
2022
£
£
1,915
2,941
4,800
2022
£
8,292

7. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31st July 2023 nor for the year ended 31st July 2022.

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 31st July 2023 nor for the year ended 31st July 2022.

2023
£
Wages and salaries
117,573
Other pension costs
1,934
119,507
9.
STAFF COSTS
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.
2023
Administrative
4		 2022
£
99,820
1,426
101,246
2022
3

25

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
121,311
Investment income
18
Total
121,329
EXPENDITURE ON
Charitable activities
Governance cost
1,750
Charitable
231,598
Total
233,348
NET INCOME/(EXPENDITURE)
(112,019)
RECONCILIATION OF FUNDS
Total funds brought forward
451,306
TOTAL FUNDS CARRIED FORWARD
339,287		 Restricted
fund
£
48,401
-
48,401
-
60,844
60,844
(12,443)
38,547
26,104		 Total
funds
£
169,712
18
169,730
1,750
292,442
294,192
(124,462)
489,853
365,391

26

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

11. TANGIBLE FIXED ASSETS

Property
improvements
Computer
and
Equipment
£
£
COST
At 1st August 2022
41,462
11,605
Additions
6,700
1,164
At 31st July 2023
48,162
12,769
DEPRECIATION
At 1st August 2022
8,292
11,605
Charge for year
7,974
582
At 31st July 2023
16,266
12,187
NET BOOK VALUE
At 31st July 2023
31,896
582
At 31st July 2022
33,170
-
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Social security and other taxes
1,496
Accrued expenses
4,800
6,296
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Other debtors
-
Gift Aid receivable
800
800		 Totals
£
53,067
7,864
60,931
19,897
8,556
28,453
32,478
33,170
2022
£
2,098
1,750
3,848
2022
£
100
750
850		 Totals
£
53,067
7,864
60,931
19,897
8,556
28,453
32,478
33,170

27

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

14. MOVEMENT IN FUNDS

At 1/8/22 Net At
movement 31/7/23
in funds
£ £ £
Unrestricted funds
General fund 339,287 163,686 502,973
Restricted funds
Restricted fund 26,104 306 26,410
TOTAL FUNDS 365,391 163,992 529,383
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 442,272 (278,586) 163,686
Restricted funds
Restricted fund 61,200 (60,894) 306
TOTAL FUNDS 503,472 (339,480) 163,992

28

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds At 1/8/21 Net At
movement 31/7/22
in funds
£ £ £
Unrestricted funds
General fund 451,306 (112,019) 339,287
Restricted funds
Restricted fund 38,547 (12,443) 26,104
TOTAL FUNDS 489,853 (124,462) 365,391
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 121,329 (233,348) (112,019)
Restricted funds
Restricted fund 48,401 (60,844) (12,443)
TOTAL FUNDS 169,730 (294,192) (124,462)
A current year 12 months and prior year 12 months combined position is as follows:
At 1/8/21 Net At
movement 31/7/23
in funds
£ £ £
Unrestricted funds
General fund 451,306 51,667 502,973
Restricted funds
Restricted fund 38,547 (12,137) 26,410
TOTAL FUNDS 489,853 39,530 529,383

29

The Paperweight Trust

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 - continued

14. 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
£ £ £
Unrestricted funds
General fund 563,601 (511,934) 51,667
Restricted funds
Restricted fund 109,601 (121,738) (12,137)
TOTAL FUNDS 673,202 (633,672) 39,530

15. RELATED PARTY DISCLOSURES

During the year, £4,550 (2022: £7,150) for Non Trustee services, was paid to Perrin Associates Limited, a company where trustees, A J Perrin and B Perrin are directors and 50% shareholders.The consultancy fee includes this amount.

30

This page does not form part of the statutory financial statements

The Paperweight Trust

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Investment income
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Pensions
Subscriptions and memberships
Insurance
Consultancy fees
Printing, postage, stationery and folders
Advertising and promotion
Sundries
Computer consumables and repairs
Bank charges
Website, rebranding and copywriting
Light and heat
Rent
Offce consumables
Fund raising costs
Volunteer events
Cleaning
Travel
Training
FCA Registration
Pension and HR advisors and bookkeeping
Telecoms - virtual offce
Depreciation of improvements to property
Depreciation of Computer and equipment
Grants to individuals		 2023
£
442,013
61,200
503,213
259
503,472
117,573
1,934
4,127
1,529
29,524
119
26,229
565
582
218
32,360
7,298
39,236
730
10,385
9,762
4,651
2,105
15,758
5,055
3,144
11,325
7,974
582
1,915
334,680		 2022
£
121,312
48,400
169,712
18
169,712
99,820
1,426
5,384
1,296
25,371
660
28,829
140
1,815
137
35,087
1,021
35,396
635
4,300
4,500
953
316
13,117
5,880
4,977
10,149
8,292
-
2,941
292,442

31

This page does not form part of the statutory financial statements

The Paperweight Trust

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2023

Support costs
Governance costs
Accountancy fees
Total resources expended
Net (expenditure)/income		 2023
£
2022
£
4,800
1,750
339,480
294,192
163,992
(124,462 )		 2022
£
1,750
294,192

32

This page does not form part of the statutory financial statements

The PaperweightTrust 33

The Paperweight Trust

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The Paperweight Trust

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The Paperweight Trust Registered Charity 1146302 Registered Company 07706745 The Paperweight Trust is authorised and regulated by the Financial Conduct Authority – FRN 973164

May 2024