Charity number: 1175983
PAVERS CHARITABLE FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAVERS CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 20 |
PAVERS CHARITABLE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2022
| Trustees | J M Paver |
|---|---|
| G J Paver | |
| R L Paver | |
| D J Paver | |
| Charity registered number 1175983 Principal office Northminster Business Park Northfield Lane Upper Poppleton York YO26 6QU Bankers HSBC 33 Park Row Leeds LS1 1LD Investment Managers Robertson Baxter Beck House 1 Abbey Road Shepley Huddersfield HD8 8EP Independent Examiner Laura Masheder FCA BHP LLP, Chartered Accountants 1 St Mary's Court Blossom Street York YO24 1AH |
Page 1
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 1 February 2021 to 31 January 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 published in October 2019.
Objectives and activities
a. Policies and objectives
The Charity's governing document states that the Foundation may make grants to "advance the charitable purposes the Trustees deem fit". This gives the Trustees considerable latitude to decide on priorities.
The Trustees currently have three different methods of making grants. Firstly, the Foundation supports two charities every year where, initiated by a select committee, a range of charities are appointed for nomination amongst Pavers employees. In addition, applications can be made from all Pavers Limited employees, with the objective being to promote healthcare and well-being, supporting education initiatives and enhancing community projects. Finally, the Trustees themselves have an allocation to distribute to the charities they deem fit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives, in planning future activities and setting grant-making policies.
The Foundation provides funding to organisations which demonstrate charitable purposes. Funding provided enables the causes supported to provide benefits to the public within those organisation's specific aims and objectives. This is consistent with the aims of the Foundation. Where the grant is made to a registered charity the Trustees are confident that the grant has been made to further a charitable purpose to the public benefit. Where grants are made to other organisations the Trustees consider carefully how the funds will be used and make grants with conditions to ensure that they are spent appropriately and for charitable purposes.
Achievements and performance
a. Key performance indicators
In the year to 31 January 2022, the Foundation's income was £286,402 (2021: £93,562). Income received from investments totalled £40,007 (2021: £26,836) and donations received from Pavers Limited totalled £216,022 (2021: £13,275). Expenditure for the year was £209,850 (2021: £173,107). This resulted in net income of £76,552 (2021: net expenditure of £79,545). Once net gains on investments of £25,743 (2021: net losses of £220,459) are taken into account the overall net movement in funds was a surplus of £102,295 (2021: deficit of £300,004). The total funds available at the end of the year were £1,738,622 (2021: £1,636,327). All funds are unrestricted, within these funds, £124,158 (2021: £92,514) have been designated.
Page 2
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Achievements and performance (continued)
b. Review of activities
In the year to 31 January 2022, the Foundation made grants totalling £197,420 (2021: £159,736). Children with Cancer UK was voted by Pavers Limited employees as the Foundation's charity of the year and was awarded £42,500. Wishing to show support to its runner-up charities, the Foundation also donated £10,250 to Macmillan Cancer Support, and £2,500 to both NSPCC and Onside Youth Zones. The Paver family awarded grants to their chosen charities totalling £50,679 (2021: £64,325) and a committee awarded grants totalling £88,991 (2021: £37,911) for various charities which had been nominated by Pavers Limited employees.
c. Investment policy and performance
The Charity's governing document authorises the Trustees to invest the Foundation's funds in the same unrestricted manner as if they were the beneficial owner of the funds. Trustees agreed to invest a significant proportion of the charity's funds in an investment portfolio. The trustees have a clear and agreed investment policy and objectives based on the advice of its investment managers, Robertson Baxter, who implement that strategy and report at every meeting to the Trustees on performance and market conditions. The Trustees will continue to monitor the investment policy and objectives to ensure that it takes account of the overall objectives of the foundation.
At the 31 January 2022 the valuation of the investments was £1,569,408 which represents a loss of £341,592 on the initial investment of £1,911,000. The loss on investments can be attributed to a downturn in the market over this time and it is the Trustees' opinion that the valuation will recover in the short to medium term.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to maintain funds at a level commensurate with its obligations. The aim is to provide sufficient funds to cover the administration of the charity and respond applications for funding and grants.
The investments are held to generate income to fund the charitable activities. These are therefore excluded from the calculation of free reserves. The free reserves of the charity as at 31 January 2022, which represents the net current assets less designated funds, are £45,056 (2021: £32,624).
The Trustees consider it to be prudent to hold income reserves of this order partly so the level of grants in the forseeable future can be suststained in the event of any unforseen fall in income and partly to enable the Trustees to make one or more substantial grants without prejducing normal grant making.
Page 3
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
c. Principal funding
The Foundation has received donations from Pavers Limited totalling £216,022 (2021: £13,275) and from various members of the Pavers family totalling £14,500 (2021: £nil). The Foundation will continue to be supported by Pavers Limited who have agreed to donate 2% of their net profit each year to the Foundation.
Structure, governance and management
a. Constitution
The charity was incorporated on 28 November 2017 and commenced its activities on that date. The charity is governed by a CIO Constitution.
The principal object of the charity is to provide grants to support general charitable causes.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the governing document. Trustee induction and training is informal, but appropriate to a Foundation of this size. New Trustees are provided with copies of the governing documents, latest set of accounts and taken through the processes employed by the Foundation.
c. Organisational structure and decision-making policies
The Trustees are responsible for setting the overall strategies, policies and funding criteria of the Foundation including investments, making the final decisions on any grant awarded and for agreeing an annual budget.
d. Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Major risks that the Trustees have considered and have taken steps to mitigate include having robust assessment and monitoring processes to ensure grants made are for work which is considered charitable; having a clear investment policy which takes into account appropriate professional advice; and ensuring that the Foundation is compliant with legislation and regulations through taking any necessary professional advice.
e. Fundraising
The charity engages in limited fundraising activity. Once a year in June, the charity organise a fundraising event to raise donations for the foundation. The charity does not contract with a third party to fundraise on the charity's behalf.
Plans for future periods
The Trustees continue to maintain the amount of funds it has available annually for grant distribution. The Trustees will continue to review the Foundation's work during the coming year and continue to offer grants based on the decisions made by the family members, the committee and the votes for charities of the year.
Page 4
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Statement of Trustees' responsibilities
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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP 2019 (FRS 102);
-
make judgments and accounting 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;
-
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 adequate accounting records that are sufficient to show and explain the 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
J M Paver Trustee Date: 27 November 2022
Page 5
PAVERS CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2022
Independent Examiner's Report to the Trustees of Pavers Charitable Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 January 2022.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Laura Masheder FCA DChA
Dated: 28 November 2022
BHP LLP Chartered Accountants Rievaulx House 1 St Mary's Court, York YO24 1AH
Page 6
PAVERS CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 246,395 40,007 286,402 7,531 202,319 209,850 76,552 25,743 102,295 1,636,327 102,295 1,738,622 |
Total funds 2022 £ 246,395 40,007 286,402 7,531 202,319 209,850 76,552 25,743 102,295 1,636,327 102,295 1,738,622 |
Total funds 2021 £ 66,726 26,836 93,562 7,041 166,066 173,107 (79,545) (220,459) (300,004) 1,936,331 (300,004) 1,636,327 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
PAVERS CHARITABLE FOUNDATION
BALANCE SHEET AS AT 31 JANUARY 2022
| Note Fixed assets Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total net assets Charity funds Unrestricted funds 14 Total funds |
253,677 253,677 (84,463) |
2022 £ 1,569,408 1,569,408 169,214 1,738,622 1,738,622 1,738,622 |
210,985 210,985 (85,847) |
2021 £ 1,511,189 |
|---|---|---|---|---|
| 1,511,189 125,138 |
||||
| 1,636,327 | ||||
| 1,636,327 | ||||
| 1,636,327 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
J M Paver
Trustee Date: 27 November 2022
The notes on pages 9 to 20 form part of these financial statements.
Page 8
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1. General information
Pavers Charitable Foundation is an unincorporated charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principle activities can be found on page 2.
2. Accounting policies
2.1 Basis of preparation of financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
2.2 Going concern
The financial statements are prepared on the Going Concern basis. The trustees have reasonable expectaton based on income forecasts, that the charty can continue to meet its liabilites as they fall due and will continue in operational existence for the forseeable future.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 9
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with consitutional and statutory requirements.
Costs of raising funds are costs incurred in attracting investment income.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 10
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
2. Accounting policies (continued)
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 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 Trustees for particular purposes of making donations to charities chosen by Paver Family members.
3. Income from donations and legacies
| Donations Pavers Ltd Donations from Pavers family Other donations Total 2022 Total 2021 |
Unrestricted funds 2022 £ 216,022 14,500 15,873 246,395 66,726 |
Total funds 2022 £ 216,022 14,500 15,873 246,395 66,726 |
Total funds 2021 £ 13,275 - 53,451 |
|---|---|---|---|
| 66,726 | |||
Page 11
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
4. Investment income
| Investment income Total 2021 |
Unrestricted funds 2022 £ 40,007 26,836 |
Total funds 2022 £ 40,007 26,836 |
Total funds 2021 £ 26,836 |
|---|---|---|---|
5. Expenditure on raising funds
| Investment management fees Total 2021 |
Unrestricted funds 2022 £ 7,531 7,041 |
Total funds 2022 £ 7,531 7,041 |
Total funds 2021 £ 7,041 |
|---|---|---|---|
Page 12
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
6. Charitable activities
| Grants payable (note 7) Support costs (note 8) Total 2021 |
Unrestricted funds 2022 £ 197,420 4,899 202,319 166,066 |
Total funds 2022 £ 197,420 4,899 202,319 166,066 |
Total funds 2021 £ 159,736 6,330 |
|---|---|---|---|
| 166,066 | |||
7. Analysis of grants
| Family donations Committee donations Charity of the year Total 2021 |
Grants to Institutions 2022 £ 50,679 88,991 57,750 197,420 159,736 |
Total funds 2022 £ 50,679 88,991 57,750 197,420 159,736 |
Total funds 2021 £ 64,325 37,911 57,500 |
|---|---|---|---|
| 159,736 | |||
Page 13
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
7. Analysis of grants (continued)
The Charity has made the following material grants to institutions during the year:
| Name of institution Shout 85258 Age UK Children with Cancer UK Accessible Arts and Media Fashion & Textile Childrens Trust Trinity Hall College Cambridge Lepra The Prince's Trust The Wright's Brainy Bunch Lauren's Legacy EMMAUS Hull Children's University The Brilliant Club The Fawcett Society BacZac His Legacy Macmillan Cancer Support Other grants to institutions under £5,000 |
2022 £ - - 42,500 5,000 7,500 - 5,000 - - - 5,000 10,000 5,000 5,000 5,000 20,500 110,500 86,920 197,420 |
2021 £ 50,000 15,000 - 10,000 5,000 5,000 5,000 5,000 5,000 5,000 - - - - - - |
|---|---|---|
| 105,000 54,736 |
||
| 159,736 |
Page 14
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
8. Analysis of grants
| Brought forward 2021/22 |
Payment conditions now met and committed to in 2021/22 |
Paid during 2021/22 |
Carried forward 2021/22 |
|
|---|---|---|---|---|
| Accessible Arts and Media | - | 5,000 | (5,000) | - |
| Alabare | 5,000 | - | (5,000) | - |
| BacZac His Legacy | - | 5,000 | - | 5,000 |
| Children with Cancer UK | - | 42,500 | - | 42,500 |
| EMMAUS | - | 5,000 | (5,000) | - |
| Fashion & Textile Childrens Trust | - | 7,500 | (7,500) | - |
| Hull's Childrens University | - | 10,000 | (10,000) | - |
| Lepra | - | 5,000 | (5,000) | - |
| Macmillan Cancer Support | - | 20,500 | (20,500) | - |
| Shout 85258 | 50,000 | - | (50,000) | - |
| The Brilliant Club | - | 5,000 | (5,000) | - |
| The Fawcett Society | - | 5,000 | (5,000) | - |
| 5,000 | 110,500 | (68,000) | 47,500 | |
| Othergrants to institutions under £5,000 | 26,547 | 86,920 | (81,544) | 31,923 |
| Total 2021/22 Total 2020/21 |
31,547 63,918 |
197,420 159,736 |
(149,544) (142,107) |
79,423 81,547 |
Page 15
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
9. Support Costs
| Committee meetings Travel and subsistence Legal fees Bank charges Audit and accountancy Total 2022 Total 2021 |
Governance 2022 £ - - - - 4,160 4,160 4,300 |
Grant Making 2022 £ - 380 - 359 - 739 2,030 |
Total funds 2022 £ - 380 - 359 4,160 4,899 6,330 |
Total funds 2021 £ 550 80 1,207 193 4,300 |
|---|---|---|---|---|
| 6,330 | ||||
10. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 3,500 | 3,400 |
| Fees payable to the Charity's auditor in respect of: | ||
| Taxation compliance services | - | 900 |
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 January 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 16
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
12. Fixed asset investments
| Listed investments |
Total 2022 |
Total 2021 |
|
|---|---|---|---|
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 February2021 | 1,458,176 | 1,458,176 | 1,703,306 |
| Additions | 866,505 | 866,505 | 1,374,390 |
| Disposals | (811,249) | (811,249) | (1,399,061) |
| Revaluations | 25,743 | 25,743 | (220,459) |
| At 31 January 2022 | 1,539,175 | 1,539,175 | 1,458,176 |
| Investment cash | 30,233 | 30,233 | 53,013 |
| At 31 January2022 | 1,569,408 | 1,569,408 | 1,511,189 |
| Historical cost | 1,911,000 | 1,911,000 | 1,911,000 |
13. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 79,423 5,040 84,463 |
2021 £ 81,547 4,300 |
|---|---|---|
| 85,847 |
Page 17
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
14. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds G Paver's funds I Paver's funds S Paver's funds J Paver's funds General funds General Fund Total Unrestricted funds |
Balance at 1 February 2021 £ 22,919 23,669 22,175 23,751 92,514 Balance at 1 February 2021 £ 1,543,813 1,636,327 |
Income £ - - - - - Income £ 286,402 286,402 |
Expenditure £ (8,167) (16,667) (14,291) (11,554) (50,679) Expenditure £ (159,171) (209,850) |
Transfers in/out £ 24,697 24,697 24,697 8,232 82,323 Transfers in/out £ (82,323) - |
Gains/ (Losses) £ - - - - - Gains/ (Losses) £ 25,743 25,743 |
Balance at 31 January 2022 £ 39,449 31,699 32,581 20,429 |
|---|---|---|---|---|---|---|
| 124,158 | ||||||
| Balance at 31 January 2022 £ 1,614,464 |
||||||
| 1,738,622 |
Page 18
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
14. Statement of funds (continued)
| Statement of funds (continued) | |||||
|---|---|---|---|---|---|
| Statement of funds - prior year Balance at 1 February 2020 £ Unrestricted funds Designated funds G Paver's funds 33,563 I Paver's funds 18,313 S Paver's funds 45,440 J Paver's funds 28,336 125,652 Balance at 1 February 2020 £ General funds General Fund 1,810,679 Total Unrestricted funds 1,936,331 |
Income £ - - - - - Income £ 93,562 93,562 |
Expenditure £ (20,000) (4,000) (32,621) (7,704) (64,325) Expenditure £ (108,782) (173,107) |
Transfers in/out £ 9,356 9,356 9,356 3,119 31,187 Transfers in/out £ (31,187) - |
Gains/ (Losses) £ - - - - - Gains/ (Losses) £ (220,459) (220,459) |
Balance at 31 January 2021 £ 22,919 23,669 22,175 23,751 |
| Unrestricted funds Designated funds G Paver's funds I Paver's funds S Paver's funds J Paver's funds General funds General Fund Total Unrestricted funds |
|||||
| 92,514 | |||||
| Balance at 31 January 2021 £ 1,543,813 |
|||||
| 1,636,327 |
Designated funds represent family donations which are made at the bequest of the family member and approved by the Trustees ensuring they are made in accordance with the objects of the charity.
Page 19
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 1,569,408 253,677 (84,463) 1,738,622 |
Total funds 2022 £ 1,569,408 253,677 (84,463) 1,738,622 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,511,189 210,985 (85,847) 1,636,327 |
Total funds 2021 £ 1,511,189 210,985 (85,847) 1,636,327 |
|---|---|---|
16. Related party transactions
One Trustee is also a director of Pavers Limited. During the year, donations totalling £216,022 (2021: £13,275) were made by Pavers Limited to the charity.
Page 20
Charity number: 1175983
PAVERS CHARITABLE FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAVERS CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 20 |
PAVERS CHARITABLE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2022
| Trustees | J M Paver |
|---|---|
| G J Paver | |
| R L Paver | |
| D J Paver | |
| Charity registered number 1175983 Principal office Northminster Business Park Northfield Lane Upper Poppleton York YO26 6QU Bankers HSBC 33 Park Row Leeds LS1 1LD Investment Managers Robertson Baxter Beck House 1 Abbey Road Shepley Huddersfield HD8 8EP Independent Examiner Laura Masheder FCA BHP LLP, Chartered Accountants 1 St Mary's Court Blossom Street York YO24 1AH |
Page 1
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 1 February 2021 to 31 January 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 published in October 2019.
Objectives and activities
a. Policies and objectives
The Charity's governing document states that the Foundation may make grants to "advance the charitable purposes the Trustees deem fit". This gives the Trustees considerable latitude to decide on priorities.
The Trustees currently have three different methods of making grants. Firstly, the Foundation supports two charities every year where, initiated by a select committee, a range of charities are appointed for nomination amongst Pavers employees. In addition, applications can be made from all Pavers Limited employees, with the objective being to promote healthcare and well-being, supporting education initiatives and enhancing community projects. Finally, the Trustees themselves have an allocation to distribute to the charities they deem fit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives, in planning future activities and setting grant-making policies.
The Foundation provides funding to organisations which demonstrate charitable purposes. Funding provided enables the causes supported to provide benefits to the public within those organisation's specific aims and objectives. This is consistent with the aims of the Foundation. Where the grant is made to a registered charity the Trustees are confident that the grant has been made to further a charitable purpose to the public benefit. Where grants are made to other organisations the Trustees consider carefully how the funds will be used and make grants with conditions to ensure that they are spent appropriately and for charitable purposes.
Achievements and performance
a. Key performance indicators
In the year to 31 January 2022, the Foundation's income was £286,402 (2021: £93,562). Income received from investments totalled £40,007 (2021: £26,836) and donations received from Pavers Limited totalled £216,022 (2021: £13,275). Expenditure for the year was £209,850 (2021: £173,107). This resulted in net income of £76,552 (2021: net expenditure of £79,545). Once net gains on investments of £25,743 (2021: net losses of £220,459) are taken into account the overall net movement in funds was a surplus of £102,295 (2021: deficit of £300,004). The total funds available at the end of the year were £1,738,622 (2021: £1,636,327). All funds are unrestricted, within these funds, £124,158 (2021: £92,514) have been designated.
Page 2
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Achievements and performance (continued)
b. Review of activities
In the year to 31 January 2022, the Foundation made grants totalling £197,420 (2021: £159,736). Children with Cancer UK was voted by Pavers Limited employees as the Foundation's charity of the year and was awarded £42,500. Wishing to show support to its runner-up charities, the Foundation also donated £10,250 to Macmillan Cancer Support, and £2,500 to both NSPCC and Onside Youth Zones. The Paver family awarded grants to their chosen charities totalling £50,679 (2021: £64,325) and a committee awarded grants totalling £88,991 (2021: £37,911) for various charities which had been nominated by Pavers Limited employees.
c. Investment policy and performance
The Charity's governing document authorises the Trustees to invest the Foundation's funds in the same unrestricted manner as if they were the beneficial owner of the funds. Trustees agreed to invest a significant proportion of the charity's funds in an investment portfolio. The trustees have a clear and agreed investment policy and objectives based on the advice of its investment managers, Robertson Baxter, who implement that strategy and report at every meeting to the Trustees on performance and market conditions. The Trustees will continue to monitor the investment policy and objectives to ensure that it takes account of the overall objectives of the foundation.
At the 31 January 2022 the valuation of the investments was £1,569,408 which represents a loss of £341,592 on the initial investment of £1,911,000. The loss on investments can be attributed to a downturn in the market over this time and it is the Trustees' opinion that the valuation will recover in the short to medium term.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to maintain funds at a level commensurate with its obligations. The aim is to provide sufficient funds to cover the administration of the charity and respond applications for funding and grants.
The investments are held to generate income to fund the charitable activities. These are therefore excluded from the calculation of free reserves. The free reserves of the charity as at 31 January 2022, which represents the net current assets less designated funds, are £45,056 (2021: £32,624).
The Trustees consider it to be prudent to hold income reserves of this order partly so the level of grants in the forseeable future can be suststained in the event of any unforseen fall in income and partly to enable the Trustees to make one or more substantial grants without prejducing normal grant making.
Page 3
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
c. Principal funding
The Foundation has received donations from Pavers Limited totalling £216,022 (2021: £13,275) and from various members of the Pavers family totalling £14,500 (2021: £nil). The Foundation will continue to be supported by Pavers Limited who have agreed to donate 2% of their net profit each year to the Foundation.
Structure, governance and management
a. Constitution
The charity was incorporated on 28 November 2017 and commenced its activities on that date. The charity is governed by a CIO Constitution.
The principal object of the charity is to provide grants to support general charitable causes.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the governing document. Trustee induction and training is informal, but appropriate to a Foundation of this size. New Trustees are provided with copies of the governing documents, latest set of accounts and taken through the processes employed by the Foundation.
c. Organisational structure and decision-making policies
The Trustees are responsible for setting the overall strategies, policies and funding criteria of the Foundation including investments, making the final decisions on any grant awarded and for agreeing an annual budget.
d. Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Major risks that the Trustees have considered and have taken steps to mitigate include having robust assessment and monitoring processes to ensure grants made are for work which is considered charitable; having a clear investment policy which takes into account appropriate professional advice; and ensuring that the Foundation is compliant with legislation and regulations through taking any necessary professional advice.
e. Fundraising
The charity engages in limited fundraising activity. Once a year in June, the charity organise a fundraising event to raise donations for the foundation. The charity does not contract with a third party to fundraise on the charity's behalf.
Plans for future periods
The Trustees continue to maintain the amount of funds it has available annually for grant distribution. The Trustees will continue to review the Foundation's work during the coming year and continue to offer grants based on the decisions made by the family members, the committee and the votes for charities of the year.
Page 4
PAVERS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
Statement of Trustees' responsibilities
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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP 2019 (FRS 102);
-
make judgments and accounting 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;
-
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 adequate accounting records that are sufficient to show and explain the 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
jason paver (Nov 27, 2022 19:16 GMT)
J M Paver Trustee
Date: 27-Nov-2022
Page 5
PAVERS CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2022
Independent Examiner's Report to the Trustees of Pavers Charitable Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 January 2022.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Laura Masheder Dated: 28-Nov-2022
Laura Masheder (Nov 28, 2022 07:39 GMT)
Laura Masheder FCA DChA
BHP LLP Chartered Accountants Rievaulx House 1 St Mary's Court, York YO24 1AH
Page 6
PAVERS CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 246,395 40,007 286,402 7,531 202,319 209,850 76,552 25,743 102,295 1,636,327 102,295 1,738,622 |
Total funds 2022 £ 246,395 40,007 286,402 7,531 202,319 209,850 76,552 25,743 102,295 1,636,327 102,295 1,738,622 |
Total funds 2021 £ 66,726 26,836 93,562 7,041 166,066 173,107 (79,545) (220,459) (300,004) 1,936,331 (300,004) 1,636,327 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
PAVERS CHARITABLE FOUNDATION
BALANCE SHEET AS AT 31 JANUARY 2022
| Note Fixed assets Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total net assets Charity funds Unrestricted funds 14 Total funds |
253,677 253,677 (84,463) |
2022 £ 1,569,408 1,569,408 169,214 1,738,622 1,738,622 1,738,622 |
210,985 210,985 (85,847) |
2021 £ 1,511,189 |
|---|---|---|---|---|
| 1,511,189 125,138 |
||||
| 1,636,327 | ||||
| 1,636,327 | ||||
| 1,636,327 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
jason paver (Nov 27, 2022 19:16 GMT)
J M Paver
Trustee Date: 27-Nov-2022
The notes on pages 9 to 20 form part of these financial statements.
Page 8
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1. General information
Pavers Charitable Foundation is an unincorporated charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principle activities can be found on page 2.
2. Accounting policies
2.1 Basis of preparation of financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
2.2 Going concern
The financial statements are prepared on the Going Concern basis. The trustees have reasonable expectaton based on income forecasts, that the charty can continue to meet its liabilites as they fall due and will continue in operational existence for the forseeable future.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 9
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with consitutional and statutory requirements.
Costs of raising funds are costs incurred in attracting investment income.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 10
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
2. Accounting policies (continued)
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 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 Trustees for particular purposes of making donations to charities chosen by Paver Family members.
3. Income from donations and legacies
| Donations Pavers Ltd Donations from Pavers family Other donations Total 2022 Total 2021 |
Unrestricted funds 2022 £ 216,022 14,500 15,873 246,395 66,726 |
Total funds 2022 £ 216,022 14,500 15,873 246,395 66,726 |
Total funds 2021 £ 13,275 - 53,451 |
|---|---|---|---|
| 66,726 | |||
Page 11
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
4. Investment income
| Investment income Total 2021 |
Unrestricted funds 2022 £ 40,007 26,836 |
Total funds 2022 £ 40,007 26,836 |
Total funds 2021 £ 26,836 |
|---|---|---|---|
5. Expenditure on raising funds
| Investment management fees Total 2021 |
Unrestricted funds 2022 £ 7,531 7,041 |
Total funds 2022 £ 7,531 7,041 |
Total funds 2021 £ 7,041 |
|---|---|---|---|
Page 12
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
6. Charitable activities
| Grants payable (note 7) Support costs (note 8) Total 2021 |
Unrestricted funds 2022 £ 197,420 4,899 202,319 166,066 |
Total funds 2022 £ 197,420 4,899 202,319 166,066 |
Total funds 2021 £ 159,736 6,330 |
|---|---|---|---|
| 166,066 | |||
7. Analysis of grants
| Family donations Committee donations Charity of the year Total 2021 |
Grants to Institutions 2022 £ 50,679 88,991 57,750 197,420 159,736 |
Total funds 2022 £ 50,679 88,991 57,750 197,420 159,736 |
Total funds 2021 £ 64,325 37,911 57,500 |
|---|---|---|---|
| 159,736 | |||
Page 13
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
7. Analysis of grants (continued)
The Charity has made the following material grants to institutions during the year:
| Name of institution Shout 85258 Age UK Children with Cancer UK Accessible Arts and Media Fashion & Textile Childrens Trust Trinity Hall College Cambridge Lepra The Prince's Trust The Wright's Brainy Bunch Lauren's Legacy EMMAUS Hull Children's University The Brilliant Club The Fawcett Society BacZac His Legacy Macmillan Cancer Support Other grants to institutions under £5,000 |
2022 £ - - 42,500 5,000 7,500 - 5,000 - - - 5,000 10,000 5,000 5,000 5,000 20,500 110,500 86,920 197,420 |
2021 £ 50,000 15,000 - 10,000 5,000 5,000 5,000 5,000 5,000 5,000 - - - - - - |
|---|---|---|
| 105,000 54,736 |
||
| 159,736 |
Page 14
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
8. Analysis of grants
| Brought forward 2021/22 |
Payment conditions now met and committed to in 2021/22 |
Paid during 2021/22 |
Carried forward 2021/22 |
|
|---|---|---|---|---|
| Accessible Arts and Media | - | 5,000 | (5,000) | - |
| Alabare | 5,000 | - | (5,000) | - |
| BacZac His Legacy | - | 5,000 | - | 5,000 |
| Children with Cancer UK | - | 42,500 | - | 42,500 |
| EMMAUS | - | 5,000 | (5,000) | - |
| Fashion & Textile Childrens Trust | - | 7,500 | (7,500) | - |
| Hull's Childrens University | - | 10,000 | (10,000) | - |
| Lepra | - | 5,000 | (5,000) | - |
| Macmillan Cancer Support | - | 20,500 | (20,500) | - |
| Shout 85258 | 50,000 | - | (50,000) | - |
| The Brilliant Club | - | 5,000 | (5,000) | - |
| The Fawcett Society | - | 5,000 | (5,000) | - |
| 5,000 | 110,500 | (68,000) | 47,500 | |
| Othergrants to institutions under £5,000 | 26,547 | 86,920 | (81,544) | 31,923 |
| Total 2021/22 Total 2020/21 |
31,547 63,918 |
197,420 159,736 |
(149,544) (142,107) |
79,423 81,547 |
Page 15
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
9. Support Costs
| Committee meetings Travel and subsistence Legal fees Bank charges Audit and accountancy Total 2022 Total 2021 |
Governance 2022 £ - - - - 4,160 4,160 4,300 |
Grant Making 2022 £ - 380 - 359 - 739 2,030 |
Total funds 2022 £ - 380 - 359 4,160 4,899 6,330 |
Total funds 2021 £ 550 80 1,207 193 4,300 |
|---|---|---|---|---|
| 6,330 | ||||
10. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 3,500 | 3,400 |
| Fees payable to the Charity's auditor in respect of: | ||
| Taxation compliance services | - | 900 |
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 January 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 16
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
12. Fixed asset investments
| Listed investments |
Total 2022 |
Total 2021 |
|
|---|---|---|---|
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 February2021 | 1,458,176 | 1,458,176 | 1,703,306 |
| Additions | 866,505 | 866,505 | 1,374,390 |
| Disposals | (811,249) | (811,249) | (1,399,061) |
| Revaluations | 25,743 | 25,743 | (220,459) |
| At 31 January 2022 | 1,539,175 | 1,539,175 | 1,458,176 |
| Investment cash | 30,233 | 30,233 | 53,013 |
| At 31 January2022 | 1,569,408 | 1,569,408 | 1,511,189 |
| Historical cost | 1,911,000 | 1,911,000 | 1,911,000 |
13. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 79,423 5,040 84,463 |
2021 £ 81,547 4,300 |
|---|---|---|
| 85,847 |
Page 17
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
14. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds G Paver's funds I Paver's funds S Paver's funds J Paver's funds General funds General Fund Total Unrestricted funds |
Balance at 1 February 2021 £ 22,919 23,669 22,175 23,751 92,514 Balance at 1 February 2021 £ 1,543,813 1,636,327 |
Income £ - - - - - Income £ 286,402 286,402 |
Expenditure £ (8,167) (16,667) (14,291) (11,554) (50,679) Expenditure £ (159,171) (209,850) |
Transfers in/out £ 24,697 24,697 24,697 8,232 82,323 Transfers in/out £ (82,323) - |
Gains/ (Losses) £ - - - - - Gains/ (Losses) £ 25,743 25,743 |
Balance at 31 January 2022 £ 39,449 31,699 32,581 20,429 |
|---|---|---|---|---|---|---|
| 124,158 | ||||||
| Balance at 31 January 2022 £ 1,614,464 |
||||||
| 1,738,622 |
Page 18
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
14. Statement of funds (continued)
| Statement of funds (continued) | |||||
|---|---|---|---|---|---|
| Statement of funds - prior year Balance at 1 February 2020 £ Unrestricted funds Designated funds G Paver's funds 33,563 I Paver's funds 18,313 S Paver's funds 45,440 J Paver's funds 28,336 125,652 Balance at 1 February 2020 £ General funds General Fund 1,810,679 Total Unrestricted funds 1,936,331 |
Income £ - - - - - Income £ 93,562 93,562 |
Expenditure £ (20,000) (4,000) (32,621) (7,704) (64,325) Expenditure £ (108,782) (173,107) |
Transfers in/out £ 9,356 9,356 9,356 3,119 31,187 Transfers in/out £ (31,187) - |
Gains/ (Losses) £ - - - - - Gains/ (Losses) £ (220,459) (220,459) |
Balance at 31 January 2021 £ 22,919 23,669 22,175 23,751 |
| Unrestricted funds Designated funds G Paver's funds I Paver's funds S Paver's funds J Paver's funds General funds General Fund Total Unrestricted funds |
|||||
| 92,514 | |||||
| Balance at 31 January 2021 £ 1,543,813 |
|||||
| 1,636,327 |
Designated funds represent family donations which are made at the bequest of the family member and approved by the Trustees ensuring they are made in accordance with the objects of the charity.
Page 19
PAVERS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 1,569,408 253,677 (84,463) 1,738,622 |
Total funds 2022 £ 1,569,408 253,677 (84,463) 1,738,622 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,511,189 210,985 (85,847) 1,636,327 |
Total funds 2021 £ 1,511,189 210,985 (85,847) 1,636,327 |
|---|---|---|
16. Related party transactions
One Trustee is also a director of Pavers Limited. During the year, donations totalling £216,022 (2021: £13,275) were made by Pavers Limited to the charity.
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Pavers Charitable Foundation Catherine House Harwood Road Northminster Business Park Upper Poppleton York YO26 6QU
BHP, Chartered Accountants Rievaulx House 1 St Mary’s Court Blossom Street York YO24 1AH
Dear Sirs
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the Pavers Charitable Foundation financial statements for the year ended 31 January 2022. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.
General
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1 We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.
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2 We confirm that the Pavers Charitable Foundation was entitled to exemption under section 144 of the Charities Act 2011 the requirement to have its financial statements for the financial year ended 31 January 2022 reviewed.
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3 We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 5 November 2020, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
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4 All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
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5 All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.
6 The financial statements are free of material misstatements, including omissions.
Assets and liabilities
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7 The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements.
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8 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.
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9 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
Accounting estimates
- 10 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
Legal claims
- 11 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements.
Laws and regulations
- 12 We have disclosed to you all known instances of non-compliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing the financial statements.
Related parties
- 13 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.
Subsequent events
- 14 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.
Going concern
- 15 We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements.
Grants and donations
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16 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
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17 We confirm the grants creditor of £79,423 is materially correct and represents the full amount of grants committed to in the 2021/22 financial year. In addition to this, we confirm all grants awarded and included in this list have or will be paid to the respective grantees.
Yours faithfully
jason paver (Nov 27, 2022 19:16 GMT) ..............................................................................................................................
Signed on behalf of the board of trustees
Date: 27-Nov-2022