THE PADDINGTON CHARITIES ANNUAL REPORT 2024 INTRODUCTION These Accounts relate to the Paddington Charitable Estate (Charity No.2121021, the Paddington Charitable Estates Educational Fund (Charity No. 3123471 and the Paddington Relief in Need Charity (Charity No.8101321. These three Charities are distinct in terms of their beneficiarles 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. The Paddington Charities (Paddington Charitable Estates, Paddington Charitable Estates Education Fund, and Paddington Relief in Need Charity) are administered together for the support of organisations and individuals in the Old Paddington Borough in the areas of education and welfare. With the dissolution of the Paddington Borough and its incorporation into the new City and Borough of Westminster various funds were retained and today are invested to continue the charitable purposes that were previously administered by the borough of Paddington. These fund5 are made up of previous public funds and welfare charities associated with the Parish churches of Paddington. This inheritance is today expressed in governance,. trustee5 being nominated by Westminster City Council and the Incumbents of Parish Churches in the old borough and today's area of benefit. In 2024 trustees have ensured the best return of those funds and their application. During the year how best to support those who seek support were considered at all trustee meeting5 and it was decided to end welfare vouchers and increase relief in need grants enabling those who distributed vouchers to support those directly who seek assistance. Tru5tee5 a150 agreed that welfare payments should be decided on a case-by-case basis rather than insisting those seeking support should be in receipt of benetits. Grants to schools form a major part of the charity's giving and in relation to all applications a process has developed whereby the Chairman and Vice-chairman and Treasurer commend a decision to all trustees for approval, which can then be challenged and if need be, adapted. In 2024 in addition to personal grant5 the charities were pleased to support the following organisations with donations over 2000, St Mary Magdalene School, The Avenues Youth Project, Age UK, Queen's Park Primary School, SEN Unity CIC,
Westside Community Foundation. Westbourne Park Family Centre, and North Paddington Youth Club. In 2024we welcomed a newtreasurer, Randy....and we are grateful to Carole Headley-Barton for her work as Clerk. The Revd David Ackerman Vicar APPROVED BY THE TRUSTEES ON WEDNESDAY, 12TH NOVEMBER 2025. SIGNED........ Chairman of the Trustees
PARKER BIRCH 23 St Peters Road Great Yarmouth, Norfolk NR303BQ The Trustees of the Paddington Charitable Estates C/0 Mr R Swain-johnson 4 Lanhill road Maida Vale London W9 2BP 17th June 2024 Dear Sirs PADDINGTON CHARITABLE ESTATES AND PADDINGTON WELFARE CHARITIES I have reviewed the books and records maintained by the Trustees and have completed the following audit tests on the transactions: {a) a sample of 40 cheque payments was taken. Each payment was vouched to supporting documentation and the posting in the nominal ledger was verified,. (b) a sample of 16 income transactions recorded on the bank statement was taken. Each item was vouched to supporting documentation and the posting in the nominal ledger verified; Ic) the trial balance was checked to the nominal ledger; (d) the figures in the accounts prepared were agreed to the trial balance; e balance sheet items were checked to supporting documentation; (f)cash payments and receipts were totalled and agreed to the reconciled bank balances shown in the accounts at 31 December 2023 Ig) minutes of the Trustees Meetings were examined. Based on this review and the audit tests completed, I would conclude that the Statement of Accounts Is a true and fair representation of the transactions of the Paddington Charitable Estates and Paddington Welfare Charities for the vear ended 31 December 2024.
If you have any queries on this matter, please contact me on 07880 307838. Yours faithf ully Nick Parker NICK PARKER FCA
PADDINGTON CHARITABLE ESTATES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31" DECEMBER 2024 Detalls Notes Charitable Estate5 (Endowment) Education Fund Rellef In Need (Part of Endowment) INCOME Dividends and Interest TOTAL INCOME 103,462 103,462 23,533 23,533 10,058 10,058 EXPENDITURE Management and Administration Food Coupons Pensions Annual Grants to Schools 12,412 2.823 1,207 5,405 11,500 73,550 28,200 2,547 Grants to Organisations Gr3nts to Individuals Grants for Immediate Aid TOTAL EXPENDITURE 11,276 44,919 74,307 12,412 107,120 NET INCOME/ (EXPENDITURE) 91,050 183.587} 164,249) Transfers between Funds Net Purchases and Sales of Investments Balance brought forward at 01.01.2024 Balance carried forward at 31.12.2024 191,050} 72,840 18,210 14,130 64,402 23,542 14.130 53,655 (22.497)
PADDINGTON CHARITABLE ESTATES CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31" DECEMBER 2024 2024 2023 FIXED ASSETS Investments at Market Value Listed Investments 3,265,641 3,039,381 CURRENT ASSETS Sundry Debtors Computers Short-term Deposits: Cazenove li 72,000 524 490 208 COIF 28,647 9,898 1,463 9.227 24,853 50 27,251 12,114 1,517 85.737 23,723 84 Black Rock Charitie5 UK Bond Fund M & G Charibond Cash at Bank- Royal Bank of Scotland Cash at Bank- Barclays Cash in Hand 146,662 142,2141 104,448 151,124 113,1051 138,019 Less: Current Liabilities- Creditors NET CURRENT ASSETS 12 TOTAL ASSETS LESS CURRENT LIABILITIES 3.370,089 3,177,400 FUNDS Charitable Estates Education Fund Relief in Need io 2,490,447 628,101 251,541 2,295,812 629,731 251,857 3,370,089 3,177,400
PADDINGTON CHARITABLE ESTATES CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDING ST 31 DECEMBER 2024 Net Cashflow from Operating Activities: Net Expenditure per Statement of Financial Activities Increase in Creditors Increase in Debtors Increase in Assets Investing Activities: Withdrawal- Cash Net Purchase and Sale of Investments Decrease of Value of Deposits Increase in Cash and Cash Equivalents las shown) 2024 45,288 29,109 171,0201 524 {23,9251 155,843 13461 (76,213) 2024 2023 Change Short Term Deposits Cash at Bank Cash in Hand 40,291 34,080 50 41,090 109,460 84 17991 175,3801 1341 (76,213) 74,421 150,634 Cash and Cash Equivalents as at 31, December 2023 Cash and Cash Equivalents as at 31, December 2024 150,634 74,421
PADDINGTON CHARITABLE EsfATES ST NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 GENERAL These Accounts relate to the Paddington Charitable Estate (Charity No.2121021, the Paddington Charitable Estates Educational Fund (Charity No. 3123471 and the Paddington Relief in Need Charity (Charity No.8101321. 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 Estate5 Educational Fund incorporate5 the former Miss Hawkins Woodfield Foundation. ACCOUNTING POLICIES The Accounts comply with the Statement of Recommended Practice ISORPI on Accounting and Reporting applicable to Charities, issued by the Charity Commission, and providing guidance on how to apply the Financial Reporting Standard IFRSI. 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 the Accounting Statements referred to the 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 in 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 lor 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 FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31" DECEMBER 2024 l. Income The comparison of Income for all Funds with the previous Financial Year is as follows: Total Funds 2024 2023 Dividends and Interest Multi-Asset Funds Property Bonds 125,597 16,267 2,908 144,772 7,570 117,200 17,979 3,146 138,325 7,237 131,088 Less Management Fees Total Dividends and Interest 137,202 2. Ex enditure The comparison of Expenditure for all Funds with the previous Financial Year is as follows: Total Funds 2024 2023 Management and Administration Food Coupons Pensions Grants to Schools Grant5 to Organisations Grants to Individuals Grants for Immediate Aid 16,442 5,405 11,500 73,550 38,358 13.823 44,919 203,997 16,371 2,220 8,925 70,000 20,200 2,449 2,200 Total Expenditure 122,365 None of the Trustees have been paid any remuneration or received any other Benefit5 from an Employment within the Charities or a related entity, and no Trustee Expenses have been incufred. 3. Mana ement ondAdministrution 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 the Trustees l£ll,0001, Accounting and Financial Advice provided to the Trustees1£4,5691, the Audit of Annual Accounts1£6001 and Miscellaneous Expenses (£2731. The Expenditure is allocated to fund5 on the basis of Investment Income. 4. Pensions A Pension 15 paid to up-to elderly Paddington Residents In Need. Nominations to the scheme are made by Age UK. The Annual Amount was £100 plus a Christmas Bonus of £150. 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 £73,550 for 2024 were apportioned to eight Schools on the basis of the number of Paddington Pupils on each School Roll. 6. Grants to Or anisotions Grants are made to Organisations operating with Paddington. These 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 the Trustees to assist the Individuals in furthering their Education or in meeting Welfare Needs for the purchase of Furniture and Household Equipment. 8. Trans ers between Funds The Net Annual Income of the Charitable Estate is transferred to the Education Fund Ifour-fifthsl and the Relief in Need Charity lone fifth) in accordance with the Scheme approved by the Chairty Commission.
NOTES TO THE BALANCE SHEET 9. Listed Investments The Listed Investments are shown at Market Value and Categorised as follows: 2024 2023 Multi-Asset Funds Property Total Market Value 3,060,745 204,896 3,265,641 2,701,220 338,161 3,039,381 The Hlstoric Cost of these Investments was £2.717,13012023: £2,911,3761. The Permanent Endowments included above are as follows: 2024 2023 Charitable Estates Relief in Need 2,507,090 85,787 2,592,877 2,281,682 85,385 00 2,367,067 10. Funds The Analysis of Fund Balances are as follows: Charitable Estates Education Fund Relief In Need Total Funds Balances at 01.01.2024 Increase in Investment Values Reduction in Current Balance Decrease in Bond Values 2.295,812 225,616 130,8801 iioii 2,490,447 629,731 267 11,8971 251.857 377 1693} 3,177,400 226,260 133,4701 iioii 251,541 3,370,089 Balances at 31.IZ.2024 628,101 11. Sund Debtors Sundry Debtors arises from an Overpayment of Grant- £72,000. 12. Current Liobilities- Creditors Consists of: l. Uncleared Cheques £ 12,470 2. Accruals £ 29,744