2022-03-31-accounts

CHARITY REGISTRATION NUMBER: 1186036

PAGET C.I.O UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2022

COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road London NW11 0PU

PAGET C.I.O

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

	PAGE
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Statement of cash flows	6
Notes to the financial statements	7

PAGET C.I.O

TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2022

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Paget C.I.O Charity registration number 1186036 Principal office 5 Paget Road London N16 5ND THE TRUSTEES Mr R Spitzer Mr N Spitzer Mr R Spitzer Mrs E Spitzer INDEPENDENT EXAMINER David Goldberg FCA, DChA New Burlington House 1075 Finchley Road London NW11 0PU

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is constituted and governed as a CIO.

The day-to-day affairs of the charity are administered by the trustees. None of the trustees have any beneficial interest in the charity.

It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and procedures.

OBJECTIVES AND ACTIVITIES

The charity's objects and its principal activity continues to be that providing grants for the enhancement of education and religion, for the relief of poverty and other charitable purposes according to English law.

The charity receives income from voluntary donations and investments which it utilises in the provision and distribution of grants and donations.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

Grant making policy

Grants are made to charitable institutions, organisations and to individuals in accordance with the objects of the charity.

The trustees are approached for donations by a wide variety of charitable institutions and individuals operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.

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PAGET C.I.O TRUSTEES, ANNUAL REPORT (crtiRHedl YEAR ENDED 31 MARCH 2022 ACHIEVEMENTS AND PERFORMANCE During the year the charity started its philanthropic activities in support of religious, educational and other charitable institutions and individuals and, aggregat¢ donations in 1he sum of £39,378 were paid in the period lo 31 March 2022. The financial results of the ¢harity's aciivities for the period ended 31 March 2022 are fully reflected in the atiached financial staiements together with the notes ther¢on. FINANCIAL REVIEW Reserve Policy It is ihe policy of the ¢harity to maintain unrestricted funds, lt a level whi¢h the trustees think appropriate, afier considering the future commitmenls of the charity and the likely costs of the charity for the next year. As at 31 March 2022 the Charity has toial funds of £975,259, all of which are unrestricted funds Investment Powers ¥nd Poliey and Objeetives Under the governing document, the chariry ha5 the pow¢r to make any inv¢stmeDt, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of ihe investment policy. The charity'5 investment policy is to make investments of its free funds which provide a secure stream of incom¢ with potential for increases in capital growth wilh particular preference for low risk secure syndicates investment5. Risk Management The trustees have identified and reviewed the major risks to which the ¢harity 15 exposed, in particular those relatcd io the operations and fitwice of the charity, and ar¢ satisfied that systems are in place to manage those risks PLANS FOR FUTURE PERIODS The trustees plan to continue to make distributions in aecordan¢e with their grant making policy and to ensure that an appropriate level of reserves 15 Tnaintained. The trusiees, annual report was approved on 19 January 2023 and signed on behalf of the board of trustees by- MR R SPITZER Trustee

PAGET C.I.O

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAGET C.I.O

YEAR ENDED 31 MARCH 2022

I report to the trustees on my examination of the financial statements of Paget C.I.O ('the charity') for the year ended 31 March 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

DAVID GOLDBERG FCA, DCHA

Independent Examiner

New Burlington House 1075 Finchley Road London NW11 0PU

19 Jan 23

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PAGET C.I.O

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2022

				Period from
				29 Oct 19 to
		Year to 31 Mar 22		31 Mar 21
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
INCOME AND ENDOWMENTS
Donations	4	415,000	415,000	541,762
Investment income	5	26,883	26,883	59,639
		──────────	──────────	──────────
TOTAL INCOME		441,883	441,883	601,401
		══════════	══════════	══════════
EXPENDITURE
Expenditure on charitable activities	6,7	(41,778)	(41,778)	(26,247)
		──────────	──────────	──────────
TOTAL EXPENDITURE		(41,778)	(41,778)	(26,247)
		══════════	══════════	══════════
		──────────	──────────	──────────
NET INCOME AND NET MOVEMENT IN FUNDS		400,105	400,105	575,154
		══════════	══════════	══════════
RECONCILIATION OF FUNDS
Total funds brought forward		575,154	575,154	–
		──────────	──────────	──────────
TOTAL FUNDS CARRIED FORWARD		975,259	975,259	575,154
		══════════	══════════	══════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 7 to 11 form part of these financial statements.

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PAGET C.I.O STATE11￿ NT OF FINANCIAL POSITION 31 MARCH 2022 2022 2021 Nott FLXED ASSETS Investments li 347,924 264,031 CURRENT ASSETS Debtors Cash at bank and in hand 12 1,550 628,185 1,204 315,319 629,735 316,523 CREDITORS: amounts f#lling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 13 (2,400) {5,400) 627,335 311,123 975,259 575.154 575.154 NET ASSETS 975,259 FUNDS OF THE CHARITY Unrestricted funds TOTAL CHARrrY FUNDS These financi&l statements were approved by the both of trustees and authcTrrised for issue on 19 Jan 23, and are signed on behalf of the board by: 975,259 975,259 575.154 14 575.154 MR R SPITZER Tnjstee The on pg8es 7 tsp l I form part of these finDcil ststtmtnts.

PAGET C.I.O

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2022

YEAR ENDED 31 MARCH 2022
	2022	2021
	£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	400,105	575,154
Adjustments for:
Dividends, interest and rents from investments	(26,883)	(59,639)
Accrued (income)/expenses	(3,000)	5,400
Changes in:
Trade and other debtors	(346)	(1,204)
	──────────	──────────
Cash generated from operations	369,876	519,711
	──────────	──────────
Net cash from operating activities	369,876	519,711
	══════════	══════════
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments	26,883	59,639
Purchases of other investments	(83,893)	(298,988)
Proceeds from sale of other investments	–	34,957
	──────────	──────────
Net cash used in investing activities	(57,010)	(204,392)
	══════════	══════════
NET INCREASE IN CASH AND CASH EQUIVALENTS	312,866	315,319
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	315,319	–
	──────────	──────────
CASH AND CASH EQUIVALENTS AT END OF YEAR	628,185	315,319
	══════════	══════════

The notes on pages 7 to 11 form part of these financial statements.

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PAGET C.I.O

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Paget Road, London, N16 5ND.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

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PAGET C.I.O

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.

Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Charitable activities

Grants payable are charged to the statement of financial activities once the foundation has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

4. DONATIONS

DONATIONS
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
DONATIONS
Donations	415,000	415,000	541,762	541,762
	══════════	══════════	══════════	══════════

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PAGET C.I.O

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

5. INVESTMENT INCOME

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Income from investments	26,883	26,883	59,639	59,639
	═════════	═════════	═════════	═════════
EXPENDITURE ON CHARITABLE	ACTIVITIES BY FUND TYPE
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Grants and donations	39,378	39,378	20,847	20,847
Support costs	2,400	2,400	5,400	5,400
	─────────	─────────	─────────	─────────
	41,778	41,778	26,247	26,247
	═════════	═════════	═════════	═════════

6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities

	Activities
	undertaken		Total funds	Total fund
	directly Support costs		2022	2021
	£	£	£	£
Grants and donations	39,378	–	39,378	20,847
Governance costs	–	2,400	2,400	5,400
	─────────	───────	─────────	─────────
	39,378	2,400	41,778	26,247
	═════════	═══════	═════════	═════════
The charity made grants towards the following institutions:
				2022
				£
British Friends Of Mosdos Tchernobel				16,000
Mars Org. Ltd				5,000
The Torah Learning Centre				3,500
Keren Chochmas Shloma Trust				3,000
Tevini Ltd				2,000
Zichron Yecheskel Trust				2,000
Yesamach Levav				1,100
Aiming High Ltd				1,000
Yeshivas Lev Simcha Ltd				1,000
Donations below £1,000				4,778
				─────────
Total				39,378
				═════════

Grants were made for the advancement of Jewish religion and education, and for the prevention or relief of poverty.

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PAGET C.I.O

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

8. INDEPENDENT EXAMINATION FEES

INDEPENDENT EXAMINATION FEES
		Period from
	Year to	29 Oct 19 to
	31 Mar 22	31 Mar 21
	£	£
Fees payable to the independent examiner for:
Independent examination of the financial statements	2,400	2,040
	═══════	═══════

9. STAFF COSTS

The average head count of employees during the year was Nil (2021: Nil).

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

10. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

The charity did not meet any expenses incurred by the trustee for services provided to the charity.

11. INVESTMENTS

INVESTMENTS
		Investments
		£
Cost or valuation
At 1 April 2021		264,031
Additions		83,893
		──────────
At 31 March 2022		347,924
		══════════
Impairment
At 1 April 2021 and 31 March 2022		–
		══════════
Carrying amount
At 31 March 2022		347,924
		══════════
At 31 March 2021		264,031
		══════════
All investments shown above are held at valuation.
DEBTORS
	2022	2021
	£	£
Trade debtors	–	1,204
Other debtors	1,550	–
	───────	───────
	1,550	1,204
	═══════	═══════

12. DEBTORS

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PAGET C.I.O

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

13. CREDITORS: amounts falling due within one year

CREDITORS: amounts falling due within	one year
			2022	2021
			£	£
Accruals and deferred income			2,400	5,400
			═══════	═══════
ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
	At			At
	1 April			31 March
	2021	Income	Expenditure	2022
	£	£	£	£
General funds	575,154	441,883	(41,778)	975,259
	══════════	══════════	═════════	══════════
	At			At
29	October			31 March
	2019	Income	Expenditure	2021
	£	£	£	£
General funds	–	601,401	(26,247)	575,154
	════	══════════	═════════	══════════

14. ANALYSIS OF CHARITABLE FUNDS

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

		Unrestricted	Total Funds
		Funds	2022
		£	£
Investments		347,924	347,924
Current assets		629,735	629,735
Creditors less than 1 year		(2,400)	(2,400)
		──────────	──────────
Net assets		975,259	975,259
		══════════	══════════
		Unrestricted	Total Funds
		Funds	2021
		£	£
Investments		264,031	264,031
Current assets		316,523	316,523
Creditors less than 1 year		(5,400)	(5,400)
		──────────	──────────
Net assets		575,154	575,154
		══════════	══════════
ANALYSIS OF CHANGES IN NET DEBT
	At		At
	1 April		31 March
	2021	Cash flows	2022
	£	£	£
Cash at bank and in hand	315,319	312,866	628,185
	══════════	══════════	══════════

16. ANALYSIS OF CHANGES IN NET DEBT

17. RELATED PARTIES

Included in donations is £415,000 received from a related charity.

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