**Charity number: 1187536**
## **PATRIK'S TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
## **PATRIK'S TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 - 13|
**PATRIK'S TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022**
**Trustees** J Biel K Pogwizd I Fishman **Charity registered number** 1187536 **Principal office** 4 Whiteland Avenue Chorley Wood Rickmansworth WD3 5RD **Accountants** Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS **Bankers** Allied Irish Bank Ealing Cross Uxbridge Road London NW3 5JS
Page 1
## **PATRIK'S TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees present their annual report together with the financial statements of the Patrik's Trust for the year 1 April 2021 to 31 March 2022.
## **Objectives and activities**
## **a. Policies and objectives**
The charity's objecives are to provide shelter, relief of financial hardship and support to people with no recourse to public funds; predominantly refugees seeking asylum, but also others without a legal status.
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. Strategies for achieving objectives**
The charity will meet its objectives through:
- Purchasing buildings and making them available for low or no rents to organisations meeting this need.
- Where necessary developing the purchased buildings to make them suitable to meet the objectives.
- Provision of grants to organisations meeting this need.
## **Achievements and performance**
## **a. Main achievements of the Charity**
During the current period the charity started receiving rental income from Catholic Workers Farm on the social investment property it owns.
## **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**
The charity has recently formed and thus does not yet have an official reserves policy. The trustees aim to continue to accumulate reserves where possible.
## **c. Principal funding**
The charity is funded by donations and any income it can generate from its social investment property.
Page 2
## **PATRIK'S TRUST**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Structure, governance and management**
## **a. Constitution**
Patrik's Trust is a registered charity, number 1187536, and is constituted under a Constitution.
## **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 Constitution.
## **Plans for future periods**
The charity plans to use its social investment, Lynster's Farm, to meet its charitable objectives in the future.
Page 3
## **PATRIK'S TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 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 (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) 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 business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Constitution. 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 on 19 October 2022 and signed on their behalf by:
**I Fishman** Trustee
Page 4
## **PATRIK'S TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|Note
**Income from:**
Donations and legacies
3
Social investments
4
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|Unrestricted
funds
Year ended
31 March
2022
£
-
15,693
15,693
33,572
33,572
(17,879)
1,131,421
(17,879)
1,113,542|Total
funds
Year ended
31 March
2022
£
-
15,693
15,693
33,572
33,572
(17,879)
1,131,421
(17,879)
1,113,542|Total
funds
Period ended
31 March
2021
£
1,137,017
-|
|---|---|---|---|
||||1,137,017|
||||5,596|
||||5,596|
||||1,131,421|
||||-
1,131,421|
||||1,131,421|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 13 form part of these financial statements.
Page 5
## **PATRIK'S TRUST**
## **BALANCE SHEET AS AT 31 MARCH 2022**
|Note
**Fixed assets**
Social investments
7
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
8
**Net current assets / liabilites**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
9
**Total net assets**
**Charity funds**
Restricted funds
10
Unrestricted funds
10
**Total funds**|42,411
42,411
(5,400)|2022
£
1,600,000
1,600,000
37,011
1,637,011
(523,469)
1,113,542
-
1,113,542
1,113,542|973,921
973,921
(1,442,500)|2021
£
1,600,000
1,600,000
(468,579)
1,131,421
-
1,131,421
-
1,131,421
1,131,421|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 19 October 2022 and signed on their behalf by:
## **I Fishman**
## Trustee
The notes on pages 7 to 13 form part of these financial statements.
Page 6
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. General information**
Patrik's Trust is a charitable company limited by guarantee and registered in England and Wales. The address of the registered office is 4 Whiteland Avenue, Chorley Wood, Rickmansworth, WD3 5RD.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published 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.
Patrik's Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Income**
Income consists of donations and rents received. 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.
## **2.3 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Social investments**
Social investments are those investments held to further the charitable purpose of the charity, in this instance a mixed-motive investment, comprising a freehold property. The property is stated at cost less impairment. Social investments are reviewed for impairment annually.
## **2.5 Cash at bank and in hand**
Cash at bank and in hand includes cash held by the charity and cash held by solicitors on the charity's behalf.
Page 7
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **2. Accounting policies (continued)**
## **2.6 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.
## **2.7 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.
## **3. Income from donations and legacies**
||Unrestricted|Total|
|---|---|---|
||funds|funds|
||Year ended|Year ended|
||31 March|31 March|
||2022|2022|
||£|£|
|Donations|-|-|
||Unrestricted|Total|
||funds|funds|
||Period ended|Period ended|
||31 March|31 March|
||2021|2021|
||£|£|
|Donations|1,137,017|1,137,017|
Page 8
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **4. Investment income**
|Investment income - rent from social investment properties
Interest received|Unrestricted
funds
Year ended
31 March
2022
£
14,700
993
15,693|Total
funds
Year ended
31 March
2022
Total
funds
Period ended
31 March
2021
£
£
14,700
-
993
-
15,693
-|Total
funds
Year ended
31 March
2022
Total
funds
Period ended
31 March
2021
£
£
14,700
-
993
-
15,693
-|
|---|---|---|---|
||||-|
Page 9
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **5. Analysis of expenditure by activities**
|Bank charges
Legal fees
Accountancy fee
Loan interest|Support
costs
Year ended
31 March
2022
£
44
7,159
2,900
23,469
33,572|Total
funds
Year ended
31 March
2022
£
44
7,159
2,900
23,469|
|---|---|---|
|||33,572|
||Support|Total|
|---|---|---|
||costs|funds|
||Period ended|Period ended|
||31 March|31 March|
||2021|2021|
||£|£|
|Bank charges|13|13|
|Legal fees|3,083|3,083|
|Accountancy fee|2,500|2,500|
||5,596|5,596|
Page 10
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - NIL).
## **7. Tangible fixed assets**
Social investments
|**Net book value**
At 31 March 2022
At 31 March 2021|Mixed-
motive
investments
£
1,600,000|
|---|---|
||1,600,000|
## **8. Creditors: Amounts falling due within one year**
|Other creditors
Accruals and deferred income|2022
£
-
5,400
5,400|2021
£
1,440,000
2,500|
|---|---|---|
||||
|||1,442,500|
Page 11
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **9. Creditors: Amounts falling due after more than one year**
|Other loans
Included within the above are amounts falling due as follows:
**Between one and two years**
**Between two and five years**
Other loans|2022
£
523,469
523,469|2021
£
-|
|---|---|---|
|||-|
## **Over five years**
The loan is for £500,000 and attracts interest of 6% per annum. The guarantors are two trustees, Mr K Pogwizd and Mr J Biel. The loan term is 5 years, expiring 15 June 2026, but partial or full repayment can be made at any time.
## **10. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds - all funds
**Statement of funds - prior year**
**Unrestricted funds**
General Funds - all funds|Balance at 1
April 2021
£
1,131,421|Income
£
15,693
Income
£
1,137,017|Expenditure
£
(33,572)
Expenditure
£
(5,596)|Balance at
31 March
2022
£
1,113,542|
|---|---|---|---|---|
|||||Balance at
31 March
2021
£
1,131,421|
Page 12
## **PATRIK'S TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **11. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Social investments (fixed assets)
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|Unrestricted
funds
2022
£
1,600,000
42,411
(5,400)
(523,469)
1,113,542|Total
funds
2022
£
1,600,000
42,411
(5,400)
(523,469)
1,113,542|
|---|---|---|
## **Analysis of net assets between funds - prior year**
||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2021|2021|
||£|£|
|Social investments|1,600,000|1,600,000|
|Current assets|973,921|973,921|
|Creditors due within one year|(1,442,500)|(1,442,500)|
## **12. Related party transactions**
There were no related party transactions during the reporting period.
Page 13