# **JUNE MARGARET PAVYER WILL TRUST Registered Charity No. 1149287**
## **REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
C/O Debenhams Ottaway Ivy House 107 St Peters Street St Albans Hertfordshire AL1 3EW
## **JUNE MARGARET PAVYER WILL TRUST**
## **CONTENTS TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021**
||Page|
|---|---|
|Trustees’ Report|1|
|Report of the Independent Examiner|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Accounts|7|
## **JUNE MARGARET PAVYER WILL TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021**
The Trustees present their report and the accounts for the year ended 31 March 2021.
## **Reference and Administrative Details**
Governing Document - Will proved on 29 February 2012 Trustees - Mr Howard Kent - Mr Gary Mason (appointed 22 July 2021) Charity Number - Registered Charity No. 1149287 Solicitors - Debenhams Ottaway Ivy House 107 St Peters Street St. Albans AL1 3EW Bankers - Barclays Bank Plc Independent Examiner - Silvia Vitiello Moore Kingston Smith LLP 4 Victoria Square St Albans AL1 3TF Grant Applications - FAO Mr H Kent (mailed to) c/o Debenhams Ottaway Ivy House 107 St Peters Street St Albans AL1 3EW
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## **JUNE MARGARET PAVYER WILL TRUST**
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (continued)**
- Charitable Objects - The income and capital of the Trust is to be paid to any charity established according to the law of England and Wales in such shares and in such manner generally as the Trustees shall in their absolute discretion see fit.
The Trust was registered as a charity on 11 October 2012.
The existing Trustees have the power to appoint new Trustees.
## **Risk Management**
The Trustees have assessed the major risks to which the charity is exposed and is satisfied that systems are in place to reduce any exposure to those risks.
## **Financial review**
The total incoming resources of the charity amounted to £133,593 (2020: £143,394) in the year. The main sources of income were from the Trust’s properties and investment portfolio. The gains (realised and unrealised) on investment portfolio amounted to £302,449 (2020: Loss of £205,449). The income and gains allowed the Trustees to make charitable donations of £0 (2020: £70,000) as well as paying for the costs of running the Trust. There was an inflow of funds amounting to £399,888 (2020: Outflow of £184,684).
## **Public benefit**
The Trustees confirm that he has complied with his duty, set out in Section 17 of the 2011 Charity Act, to have due regard to Charity Commission guidance on public benefit.
## **Reserves policy and plans for the future**
The Trustees have decided that the free reserves available to make future donations should be similar to the annual donations made in the previous year. The net current assets at 31 March 2021 were £211,674 (2020: £154,459). The Trustees intend to make donations to charities according to Trust’s charitable objects.
## **Covid 19**
The Trustees have considered the potential impact of the Coronavirus during the year and since the year-end, and the various measures taken to contain it, on the operations of the charity in the near future. Due to the uncertainty the Trustees have decided not to pay any donations in the year to 31 March 2021. For the year ended 31 March 2022, the Trustees will review the cash flow throughout the year and will make a decision about future donations in the year.
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JUNE MARGAREf PAVYER LL TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 PaARCH 2021 (continued)
Statement of the Trustees. Responsibililies Sn Rospect of the Accounts
The Trustees are required to prepare accounts for each finanal year which give a true and fair
view of the state of affairs of the Chanty and of the income and experKliture of the Charity for
that period. In pparing th¢Y arxounts the Trustees are required to..
Select suitable accounting policies and then apply them consisténtly.
Observe the methods and principles in the Chanties SORP..
Make judgements and estimates that are reasonable and prudent.
state whether applicabl8 accountiThJ standards have been folloJ. subject to any material
departures disclosed and explained in the accounts. and
Prepare the accounts on the going COnM basis unless rt is inappropriate to presume that
tha Charity will continue to operate.
The Trustees are also responsltAe for keepirvJ proper accountirvJ records which disclose with
reasonable accuracy at any time the financial posrtion of the Charity. They are also responslble
for safeguarding the assets of the Charity and h8nc8 for taking reasonable steps for the
prevention and detection of fraud and other irregularities and ensuring compliance with the
lemis of the Charity'8 Trust Deed.
Approved by the Trustees on 24
2022
Howard Kent cfrustee)
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JUNE MARGARET PAVYER WILL TRUST**
I report on the financial statements of June Margaret Pavyer Will Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
## _**Respective responsibilities of trustees and examiner**_
The trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. The charity's trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the financial statements under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## _**Basis of independent examiner’s statement**_
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.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.
## _**Independent examiner’s statement**_
In the course of my examination, no matter has come to my attention:
- 1) Which gives me reasonable cause to believe that, in any material respect, the requirements:
- To keep accounting records in accordance with section 130 of the 2011 Act, and
- To prepare accounts which accord with the accounting records and to comply with the accounting requirement of the 2011 Act have not been met; or
- 2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
24/01/2022 4 Victoria Square Herts AL1 3TF
Silvia Vitiello FCCA, For and on behalf of St Albans Moore Kingston Smith LLP, Chartered Accountants
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## **JUNE MARGARET PAVYER WILL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|Note
**INCOME AND ENDOWMENTS FROM:**
**Investment income**
Rental income
Other investment income
**TOTAL**
**EXPENDITURE ON:**
**Raising funds**
Rental costs
Investment management costs
**Charitable Activities**
4
Donations
3
**Other costs**
5
**TOTAL**
**NET (EXPENDITURE)/INCOME FOR THE**
**YEAR**
**OTHER RECOGNISED GAINS AND**
**LOSSES:**
Gains/(losses) on investments
Realised on sale
Unrealised
**NET MOVEMENTS IN FUNDS**
**BALANCES BROUGHT FORWARD**
**BALANCES CARRIED FORWARD**|**Unrestricted**
**Funds**
**2021**
**£**
88,373
45,220
133,593
10,069
7,311
-
18,774
36,154
97,439
52,547
249,902
399,888
2,528,544
2,928,432|**Unrestricted**
**Funds**
**2020**
**£**
91,683
51,711|
|---|---|---|
|||143,394|
|||21,864
8,106
70,000
22,659|
|||122,629|
|||20,765
43,249
(248,698)|
|||(184,684)
2,713,228
2,528,544|
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JUNE MARGARET PAVYER LL TRUST
BALANCE SHEET
AS AT 31 MARCH 2021
31 March
2021
31 March
2020
Nots
FIXED ASSETS INVESTMENTS
Land and buildings
Quoted investments
1.361,564
1,355,194
1,361,564
1,012,521
2,716,758
2,374,085
CURRENT ASSETS
Debtors
Cash at bank
Stockbrokers a¢¢ount
Current account
Debtsnhams Ottaway dient account
18.978
16,944
17,751
162,880
60,926
83,285
219,912
8,238
161,155
6,696
CREDITORS: Amounts falllng due
withln one year
NEf CURRENT ASSETS
211,674
154,459
NET ASSETS
2,928,432
2,528,544
RepresentlrYJ'.
UNRESTRICTED FUND
2,928,432
2,528,544
TOTAL FUNDS
2,928,432
2,528,544
Approved by the Tri*tee8 on 2022
Howard Kent (Trusteè)
## **JUNE MARGARET PAVYER WILL TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES**
## _**Charity information**_
The June Margaret Pavyer Will Trust is an unincorporated charity register in the United Kingdom. The Charity Registration number is 1149287 and the principal address is Ivy House, 107 St Peters Street, St Albans, AL1 3EW.
## _**Accounting convention**_
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), The Charities Act 2011 and follows the 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 (the “SORP”).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest pound.
The accounts are prepared under the historical cost convention, modified to include the revaluation of quoted investments.
## _**Public benefit entity**_
The June Margaret Pavyer Will Trust meets the definition of a public benefit entity under FRS102.
## _**Going Concern**_
The trustees have considered the impact of the Coronavirus and the Government Initiatives to combat it during and after the year and have concluded that it will not significantly adversely affect the charity. The Trustees therefore considered that there are no material uncertainties regarding the charity's ability to continue as a going concern
## _**Investments**_
Quoted investments are valued in the Balance Sheet at market value. In accordance with the SORP the realised gain/loss in the SOFA for the year is the difference between the amount at which the investment was valued at the beginning of the year, or cost if purchased during the year, and sale proceeds. Unrealised gains or losses at the year end are charged to the SOFA on the difference between the opening valuation, or purchase cost in the year and the year end market valuation.
Investment properties are valued at their open valuation as assessed by the Trustees at the year end.
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## **JUNE MARGARET PAVYER WILL TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021**
## _**Investment Income**_
Investment income is accounted for as the trust becomes entitled to the income. Credit is taken in the accounts for income tax deducted from and transitional tax relief applicable to the investment income which has or will be reclaimed from the Inland Revenue.
## _**Rental income**_
Rental income is accounted for as the trust becomes entitled to the income.
## _**Expenditure**_
Expenditure is recognised when there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably.
## _**Funds**_
All funds are unrestricted at the year end.
## **2. STAFF NUMBERS**
The charity did not employ any staff during the year (2020: none). No Trustee received remuneration during the year (2020: £nil).
## **3. DONATIONS**
The trustees decided not to make any donations in the year to 31 March 2021. In 2020 donations totalling £70,000 were made to a number of organisations including Ian Rennie Grove House Hospice Care, The Living Room Hertfordshire, Life Opportunities Trust, St Peter’s Church and The Rainbow Trust.
## **4. Rental Costs**
|Management Fees
Property Insurance
General Repairs
110 London Road|**Total**
**2021**
**£**
5,194
2,144
2,731
-
10,069|**Total**
**2020**
**£**
5,493
4,532
7,689
4,150
21,864|
|---|---|---|
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## **JUNE MARGARET PAVYER WILL TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021**
## **5. OTHER COSTS**
|Accountancy fees
Legal and Trustees’ fees|**Total**
**2021**
**£**
5,800
11,828
17,628|**Total**
**2020**
**£**
4,000
18,659
22,659|
|---|---|---|
## **6. INVESTMENTS**
|**Managed Quoted Investment Fund**
Opening cost at 1 April 2020
Less: disposal at cost
Add: acquisitions at cost
Closing cost at 31 March 2021
Market Value as at 31 March 2021|**Total 2021**
**£**
1,032,600
(421,516)
515,516
1,126,600
1,355,194|**Total 2020**
**£**
1,017,794
(227,657)
242,463|
|---|---|---|
|||1,032,600
1,012,521|
## **Land and Buildings**
At the year end the Trust owns five freehold properties which had originally been valued at £1,075,000 at the date of transfer into the Trust.
At the year end the Trust also owns leasehold properties which had originally been valued at £240,000 at the date of transfer into the Trust.
There were additions in the year in relation to one of the properties amounting to £nil (2020: £33,082).
The Trustees consider that the valuation of the properties at the year-end is £1,361,564 (2020: £1,361,564).
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## **JUNE MARGARET PAVYER WILL TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021**
## **7. DEBTORS**
|**7. DEBTORS**|||
|---|---|---|
||**Total**|**Total**|
||**31 March**|**31 March**|
||**2021**|**2020**|
||**£**|**£**|
|Other debtors|16,978|16,944|
## **8. CREDITORS: Amounts falling due within one year**
||**Total**|**Total**|
|---|---|---|
||**31 March**|**31 March**|
||**2021**|**2020**|
||**£**|**£**|
|Other creditors|8,239|6,696|
## **9. RELATED PARTIES**
The trust paid legal expenses amounting to £10,289 (2020: £15,659) to Debenhams Ottaway LLP. H Kent, a trustee, is a member of Debenhams Ottaway LLP.
The trust was charged £nil (2020: £3,000) in the year by G R Selvarajan, a former trustee in relation to property management costs.
All transactions were made at an arms-length basis.
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