| Report of | : | Accountant and Financial Adviser |
|---|---|---|
| To | : | Trustees’ Meeting |
| Date | : | 11 March 2024 |
| Subject | : | Accounts for the year 2023 |
| _______________ |
The attached statements summarise the Accounts for the year ended 31 December 2023.
Accounts for the year ended 31 December 2023
The 2023 Accounts comprise of a Statement of Financial Activities, Consolidated Balance Sheet and explanatory Notes (including Cash Flow statement). The Accounts have been prepared in accordance with the SORP requirements for Charities and the Financial Reporting Standard (FRS102).
The 2023 Statement of Accounts will be audited and the Annual Returns, together with the Annual Report, will be submitted to the Charity Commission.
The main features of note are:
General
Dividends and interest amounted to £131,000. This is an increase of nearly £5,000 over the income in 2022 and an increase of £6,000 over the budget figure for 2023.
The amount available for transfer to the Education and Relief in Need Funds was £86,000 (compared with £82,000 in 2022).
Education Fund
Annual grants totalling £70,000 were agreed for voluntary schools (the same as in 2022).
Grants to other organisations amounted to £16,700 (compared with £22,600 in 2022).
Grants to individuals were only £600 (compared with around £2,600 in 2022).
A revenue surplus of over £64,000 is carried forward on the Education Fund (compared with nearly £62,000 in the previous year).
Relief in Need
The Relief in Need Charity continues to pay for pensions (£8,900 in 2023), food coupons (£2,200), distribution of immediate aid by Churches (£2,200), and grants to individuals and to organisations (£5,400). These payments totalled £18,700 in 2023 (compared with £18,500 in 2022).
Market Value
The market value of listed investments at 31 December 2023 was £3.0 million. It was actually £29,000 above the valuation at 31 December 2022 but reflected the investment of £30,000 new monies in February 2023.
Budget for 2024
The budget forecast for 2024 is attached, together with a comparison of the budget and outturn for 2023.
D K Gann
Accountant and Financial Adviser.
PADDINGTON CHARITABLE ESTATES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Details | Note | Charitable Estates (Endowment) |
Education Fund |
Relief in Need (Part Endowment) |
|---|---|---|---|---|
| £ | £ | £ | ||
| INCOME | 1 | |||
| Dividends and Interest | 98,528 | 22,911 | 9,649 | |
| TOTAL INCOME | 98,528 | 22,911 | 9,649 | |
| EXPENDITURE | 2 | |||
| Management & Administration | 3 | 12,261 | 2,920 | 1,190 |
| Food coupons | - | - | 2,220 | |
| Pensions | 4 | - | - | 8,925 |
| Annual Grants to Schools | 5 | - | 70,000 | - |
| Grants to Organisations | 6 | - | 16,700 | 3,500 |
| Grants to Individuals | 7 | - | 600 | 1,849 |
| Grants for immediate aid | - | - | 2,200 | |
| TOTAL EXPENDITURE | 12,261 | 90,220 | 19,884 | |
| NET INCOME (EXPENDITURE) | 86,267 | (67,309) | (10,235) | |
| Transfers between Funds | 8 | (86,267) | 69,014 | 17,253 |
| Net purchases and sales of Investments |
(24,598) | 1,100 | 750 | |
| Balance brought forward at 01.01.23. |
38,728 | 61,597 | 15,774 | |
| Balance carried forward at 31.12.23. |
14,130 | 64,402 | 23,542 |
PADDINGTON CHARITABLE ESTATES CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| FIXED ASSETS | ||||
| Investments at market value: | ||||
| Listed Investments | 9 | 3,039,381 | 3,010,239 | |
| CURRENT ASSETS | ||||
| Sundry Debtors | 490 | 0 | ||
| Short-term Deposits: | ||||
| Cazenove | 208 | 0 | ||
| COIF | 27,251 | 26,107 | ||
| Black Rock Charities UK Bond Fund | 12,114 | 11,917 | ||
| M & G Charibond | 1,517 | 1,469 | ||
| Cash at Bank - Royal Bank of Scotland | 85,737 | 90,382 | ||
| Cash at Bank - Barclays | 23,723 | 23,734 | ||
| Cash in Hand | 84 | 59 | ||
| 151,124 | 153,668 | |||
| Less Current Liabilities - Creditors | 13,105 | 1,869 | ||
| NET CURRENT ASSETS | 138,019 | 151,799 | ||
| TOTAL ASSETS less Current Liabilities | 3,177,400 | 3,162,038 | ||
| FUNDS | 10 | |||
| Charitable Estates | 2,295,812 | 2,290,886 | ||
| Education Fund | 629,731 | 626,754 | ||
| Relief in Need | 251,857 | 244,398 | ||
| 3,177,400 | 3,162,038 |
APPROVED BY THE TRUSTEES ON 11 MARCH 2024
PADDINGTON CHARITABLE ESTATES
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
General
These Accounts relate to the Paddington Charitable Estate (Charity No. 212102), the Paddington Charitable Estates Educational Fund (Charity No. 312347), and the Paddington Relief in Need Charity (Charity No. 810132). These three Charities are distinct in terms of their beneficiaries but are managed by one board of Trustees. The Paddington Charitable Estate is an endowment Charity providing income for the Educational Fund and Relief in Need Charities.
The Paddington Charitable Estates Educational Fund incorporates the former Miss Hawkins Woodfield Foundation.
Accounting Policies
The Accounts comply with the Statement of Recommended Practice (SORP) on Accounting and Reporting applicable to Charities, issued by the Charity Commission, and providing guidance on how to apply the Financial Reporting Standard (FRS 102).
The Accounts comprise of:
-
A Statement of Financial Activities for the year that shows all investment income to the Charities and all expenditure incurred, being mainly grants to organisations and individuals;
-
A Consolidated Balance Sheet that shows the assets, liabilities and funds of the Charities; and
-
These Notes which expand upon the accounting statements referred to above and include a Cashflow Statement and an explanation of the basis for transfers between funds.
Further information on the general financial position is contained within the Annual Report which should be read in conjunction with the Accounts.
Listed investments are shown in the Balance Sheet at market value, and the Notes to the Accounts show the original cost (or book value) of these investments.
Sums due to or from the Charities are recorded at the time they become due or payable.
Notes to the Statement of Financial Activities
1. Income
The comparison of income for all funds with the previous financial year is as follows:
| Total Funds | Total Funds | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Dividends and Interest | ||
| Multi-Asset Funds | 117,200 | 115,700 |
| Property | 17,979 | 17,058 |
| Bonds and Deposits | 3,146 | 1,041 |
| 138,325 | 133,799 | |
| Less Management Fees | 7,237 | 7,653 |
| Total Dividends and Interest | 131,088 | 126,146 |
2. Expenditure
The comparison of expenditure for all funds with the previous financial year is as follows:
| he comparison of expenditure for all funds with the previous | fnancial year is as follows: | fnancial year is as follows: |
|---|---|---|
| Total Funds | ||
| 2023 | 2022 | |
| £ | £ | |
| Management and Administration | 16,371 | 16,325 |
| Food coupons | 2,220 | 3,260 |
| Pensions | 8,925 | 9,640 |
| Grants to Schools | 70,000 | 70,000 |
| Grants to Organisations | 20,200 | 24,622 |
| Grants to Individuals | 2,449 | 4,100 |
| Grants for Immediate Aid | 2,200 | 2,100 |
Total Expenditure
122,365
130,047
None of the Trustees have been paid any remuneration or received any other benefits from an employment within the Charities or a related entity, and no trustee expenses have been incurred.
3. Management and Administration
The management and administration expenditure is mainly comprised of fees payable to Westminster City Council for the day-to-day administration of the Charities and ongoing support to Trustees (£11,300), accounting and financial advice provided to Trustees (£4,350), the audit of annual accounts (£670) and miscellaneous expenses (£51). The expenditure is allocated to funds on the basis of investment income.
4. Pensions
A pension is paid to up to 75 elderly Paddington residents in need. Nominations to the scheme are made by Age UK. The annual amount was £200 plus a Christmas bonus of £50.
5. Annual Grants to Schools
Grants are made to the voluntary aided or special arrangement Church of England Schools in Paddington towards the purchase of sites, building works, or alterations and repairs. Grants of £70,000 for 2023 were apportioned to eight schools on the basis of the number of Paddington pupils on each school roll.
6. Grants to Organisations
Grants are made to organisations operating within Paddington. These include activities and outings for youth and children. A grant was also made to Age UK for Christmas lunches.
7. Grants to Individuals
Grants are made at the discretion of Trustees to assist individuals in furthering their education or in meeting welfare needs for the purchase of furniture and household equipment.
8. Transfers between Funds
The net annual income of the Paddington Charitable Estate is transferred to the Education Fund (four-fifths) and the Relief in Need Charity (one-fifth) in accordance with the Scheme approved by the Charity Commission.
Notes to the Balance Sheet
9. Listed Investments
The listed investments are shown at market value and categorised as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Multi-Asset Funds | 2,701,220 | 2,641,240 | |
| Property | 338,161 | 368,999 | |
| Total Market Value | 3,039,381 | 3,010,239 |
The historic cost of these investments was £2,911,376 (2022 : £2,888,149).
The Permanent Endowments included above are as follows:
| he Permanent Endowments included above are as follows: | |||
|---|---|---|---|
| 2023 £ |
2022 £ |
||
| Charitable Estates | 2,281,682 | 2,252,158 | |
| Relief in Need | 85,385 | 85,559 | |
| 2,367,067 | 2,337,717 |
10. Funds
The analysis of fund balances is as follows:
| Charitable Estates £ |
Education Fund £ |
Relief in Need £ |
Total Funds £ |
||
|---|---|---|---|---|---|
| Balances at 01.01.23. | 2,290,886 | 626,754 | 244,398 | 3,162,038 | |
| Increase in investment values | 29,524 | (73) | (309) | 29,142 | |
| Reduction in current balance | (24,598) | 2,805 | 7,768 | (14,025) | |
| Increase in bond values | - | 245 | - | 245 |
Balances at 31.12.23. 2,295,812 629,731 251,857 3,177,400
Consolidated Cash-fow Statement for the year ended 31 December 2023
| £ | £ | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Net cash fow from operating activities: | |||||||||
| Net Expenditure per Statement of Financial Activities | 8,723 | ||||||||
| Increase in Creditors | 11,236 | ||||||||
| Increase in Debtors | (490) | ||||||||
| Investing activities: Net purchases and sales of investments Increase in value of deposits |
(22,748) 245 |
||||||||
| Increase in cash and cash equivalents (as shown below) | (3,034) | ||||||||
| 2023 | 2022 | Change | |||||||
| £ | £ | £ | |||||||
| Short term deposits | 41,090 | 39,493 | 1,597 | ||||||
| Cash at Bank | 109,460 | 114,116 | (4,656) | ||||||
| Cash in Hand | 84 | 59 | 25 | ||||||
| 150,634 | 153,668 | (3,034) | |||||||
| Cash and cash equivalents at December 2022 | 153,668 | ||||||||
| Cash and cash equivalents at December 2023 | 150,634 |
dkg/ynglpad.char.annualreport$2021