**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.
**- 1 -**
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
**- 3 -**
## **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.**
**- 4 -**
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 fin*Dci*l 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.**
**- 6 -**
**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.
**- 7 -**
**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|
||`══════════`|
`══════════`|`══════════`|`══════════`|
**- 8 -**
## **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.
**- 9 -**
## **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**
**- 10 -**
## **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.
**- 11 -**