Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
Registered Charity Number: 213849
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025 FOR THE PATRICK CHARITABLE TRUST
THOMAS & YOUNG LIMITED CHARTERED ACCOUNTANTS
Solihull
Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Report of the Independent Auditors | 5 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 18 |
| Detailed Statement of Financial Activities | 19 |
Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2025
| TRUSTEES | J A Pritchard |
|---|---|
| Mrs H P Cole | |
| W Bond-Williams | |
| G Wem BSc – retired 01/11/24 | |
| Mrs L L Pritchard | |
| A J Pillinger | |
| S S Smart – appointed 01/11/24 | |
| Mrs C Smart – appointed 01/11/24 | |
| PRINCIPAL ADDRESS | The Lakeside Centre |
| 180 Lifford Lane | |
| Kings Norton | |
| Birmingham | |
| West Midlands | |
| B30 3NU | |
| REGISTERED CHARITY NUMBER | 213849 |
| AUDITORS | Thomas and Young Limited |
| Carleton House | |
| 266-268 Stratford Road | |
| Shirley | |
| Solihull | |
| West Midlands | |
| B90 3AD | |
| INVESTMENT ADVISERS | EFG Harriss Allday |
| Church Mews | |
| Ombersley | |
| Worcestrshire | |
| WR9 0EW |
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The trust’s objectives are the making of grants for charitable purposes or to charitable organisations, institutions or trusts to be applied for charitable purposes only as the trustees may from time to time in their uncontrolled discretion direct or approve. The grants are made in response to applications from other charitable organisations.
The objectives for the year were to continue to invest in the stock market in order to generate income to make grants to other charitable organisations.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”.
FINANCIAL REVIEW
Financial review
During the year the trust had incoming resources amounting to £326,352 (2024: £245,428). The trust does not fundraise but relies on the income and capital profits from the investments to provide resources out of which grants are made. The trustees made numerous grants in the year to various charities, details of which are attached to these accounts.
The funds of the trust have increased by growth from investments, the accumulation of income and, in certain years, the receipt of donations or legacies. The trust does not receive money from public donations and relies on the performance of its investments and the income generated. Therefore, the trustees consider it necessary to retain listed investments to provide future funds out of which to make grants. The principal investment is in PMG Investments Limited where the trustees control 76% of the voting shares. These shares have been acquired from gifts, legacies, and purchases from the Patrick family over the years. The trustees intend these shares to be retained to produce the required income and capital protection for the trust. Having considered the trust objects and requirements the policy relating to these shares has been endorsed by the trustees.
The charity invests in the stock market in listed companies. The trust’s brokers are EFG Harris Allday.
The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity will continue to support other charitable organisations by way of grants.
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THE PATRICK CHARITABLE TRUST
REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 5 APRIL 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a Deed of Trust, and constitutes an unincorporated charity.
The trust was established by a Charitable Trust Deed on 11 August 1962, by which it is governed.
The appointment of trustees is by deed of approval at the trustees meeting.
The trustees are responsible for the management and control of the trust funds and grant making.
There are no specific restrictions imposed by the governing document concerning the way the charity can operate.
The investment powers are general. The trustees may lay out and invest trust money in such manner as they in their absolute discretion think fit, where or not such investments be authorised by law for the investment of trust funds.
The Patrick Trust owned 76% of the Ordinary share capital of PMG Investments Limited.
The trustees consider the assets of the trust sufficient to meet the charity’s obligations by way of grants.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards 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.
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 5 APRIL 2025
STATEMENT OF TRUSTEES’ RESPONSIBILITIES (Continued)
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 trust deed. 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 board of trustees on and signed on its behalf 8/29/2025 by:
J A Pritchard - Trustee
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THE PATRICK CHARITABLE TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PATRICK CHARITABLE TRUST
Opinion
We have audited the financial statements of The Patrick Charitable Trust (the ‘charity’) for the year ended 5 April 2025, which comprise a Statement of Financial Activities, a Balance Sheet, a Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom) Generally Accepted Accounting Practice.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 5 April 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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THE PATRICK CHARITABLE TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PATRICK CHARITABLE TRUST
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustee’s report; or
-
the charity has not kept adequate records; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
The trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Identifying and responding to risks of material misstatement due to fraud
The level of risk and ability to detect irregularities due to fraud was considered during the planning stage of the audit. A risk assessment was undertaken, taking into consideration the charity’s policies, procedures and enquiries with management. We communication identified fraud risks throughout the audit team and remained alter to any indications of fraud throughout the audit.
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PATRICK CHARITABLE TRUST
As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent transactions, in particular the risk that management may be in a position to make inappropriate accounting entries.
We performed procedures including:
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evaluation the business purpose of journal entries and comparing the identified entries to supporting documentation.
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evaluating the business purpose of significant bank payments and receipts and comparing these to supporting documentation.
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walkthrough and further substantive testing on sales and purchases to identify weaknesses and override of internal controls.
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using analytical procedures to identify any usual or unexpected variances.
Identifying and responding the risks of material misstatement due to non-compliance with laws and regulations
The level of risk and ability to detect irregularities due to non-compliance with laws and regulations was considered during the planning stage of the audit. A risk assessment was undertaken, taking into consideration the charity’s policies, procedures and compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The charity is subject to laws and regulations that directly affect the financial statements including financial reporting and taxation legislation. We assessed the extent of compliance with these law and regulations as part of our procedures on the related financial statement items.
The charity is also subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, there is a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentation or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE PATRICK CHARITABLE TRUST
Thomas and Young Chartered Accountants Carleton House 266-268 Stratford Road Shirley, Solihull West Midlands B90 3AD
29 August 2025
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| Fund | Funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 70,730 | 2,550 |
| Investment income | 3 | 255,622 | 242,878 |
| Total | 326,352 | 245,428 | |
| EXPENDITURE ON | |||
| Charitable activities | 4 | 260,019 | 192,334 |
| Net (losses)/gains on investments | (186,316) | 175,290 | |
| NET (EXPENDITURE)/INCOME | (119,983) | 228,384 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 11,931,559 | 11,703,175 | |
| TOTAL FUNDS CARRIED FORWARD | 11,811,576 | 11,931,559 |
The notes form part of these financial statements
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
BALANCE SHEET 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| Fund | Funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 10 | 11,613,740 | 11,653,091 |
| CURRENT ASSETS | |||
| Debtors | 11 | - | 2,934 |
| Cash at bank | 205,336 | 282,284 | |
| 205,336 | 285,218 | ||
| CREDITORS | |||
| Amounts falling due within one year | 12 | (7,500) | (6,750) |
| NET CURRENT ASSETS | 197,836 | 278,468 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITES | 11,811,576 | 11,931,559 | |
| NET ASSETS | 11,811,576 | 11,931,559 | |
| FUNDS | |||
| Unrestricted funds | 13 | 11,811,576 | 11,931,559 |
| TOTAL FUNDS | 11,811,576 | 11,931,559 |
The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: 8/29/2025
J A Pritchard - Trustee
The notes form part of these financial statements
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 accountings in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),’ Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
Details relating to the subsidiary company are included in the notes to these accounts.
Financial reporting standard 102 – reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
. the requirements of Section 7 Statement of Cash Flows
Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
1 ACCOUNTING POLICIES (Continued)
Expenditure (Continued)
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Grants payable are recognised when paid.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2 DONATIONS AND LEGACIES
| 2 | DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Donations | 70,730 | 2,550 | |||
| 3 | INVESTMENT INCOME | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Deposit account interest | 37,090 | 14,308 | |||
| Income from listed investments | 218,532 | 228,570 | |||
| 255,622 | 242,878 | ||||
| 4 | CHARITABLE ACTIVITIES COSTS | ||||
| Grant | |||||
| funding of | Support | ||||
| activities | costs | ||||
| (see note 5) | (see note 6) | Totals | |||
| £ | £ | £ | |||
| Other | 241,581 | 18,438 | 260,019 |
4 CHARITABLE ACTIVITIES COSTS
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THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
5 GRANTS PAYABLE
| GRANTS PAYABLE | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Other | 241,581 | 173,121 |
| 6 | SUPPORT | COSTS | |||
|---|---|---|---|---|---|
| Governance | |||||
| Management | Finance | costs | Totals | ||
| £ | £ | £ | £ | ||
| Other | 11,604 | 84 | 6,750 | 18,438 |
7 TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the trust during the year.
J A Pritchard, H P Cole and L Pritchard are directors of PMG Investments Limited and are remunerated by that company. Collectively they were paid emoluments by the company for services rendered in the year ended 5 April 2025 totalling £108,340 (2024: £70,020).
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
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THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
8 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| Fund | |
| £ | |
| INCOME AND EDOWMENTS FROM | |
| Donations and legacies | 2,550 |
| Investment income | 242,878 |
| Total | 245,428 |
| EXPENDITURE ON | |
| Charitable activities | |
| Other | 192,334 |
| Net gains on investments | 175,290 |
| NET INCOME | 228,384 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 11,703,175 |
| TOTAL FUNDS CARRIED FORWARD | 11,931,559 |
9 NET GAINS/LOSSES ON INVESTMENTS
The net (loss)/gain on investments consists of unrealised revaluation losses of (£216,877) (2024: gain of £213,330) and realised gains/(losses) on investment disposals of £30,561 (2024: losses of (£38,040), resulting in a net overall (loss) for the year of (£186,316) (2024: gain of £175,290).
| 10 | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| 2025 | 2024 |
||
| £ | £ |
||
| Shares | 10,128,562 | 10,194,516 |
|
| Other | 1,485,178 | 1,458,575 |
|
| 11,613,740 | 11,653,091 |
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
10 FIXED ASSET INVESTMENTS (Continued)
Additional information as follows:
| Shares in Cash and group Listed settlements undertakings investments pending £ £ MARKET VALUE At 6 April 2024 5,981,434 4,187,971 25,111 Additions - 673,357 - Disposals (50,000) (484,759) (646) Revaluations - (203,906) - At 5 April 2025 5,931,434 4,172,663 24,465 NET BOOK VALUE At 5 April 2025 5,931,434 4,172,663 24,465 At 5 April 2024 5,981,434 4,187,971 25,111 |
Totals £ 10,194,516 673,357 (535,405) (203,906) 10,128,562 10,128,562 10,194,516 |
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 5 April 2025 is represented by:
| Shares in | Cash and | ||||
|---|---|---|---|---|---|
| group | Listed | settlements | |||
| undertakings | investments | pending | Totals | ||
| £ | £ | £ | |||
| Valuation in | 2025 | 5,931,434 | 4,172,663 | 24,465 | 10,128,562 |
If listed investments had not been revalued they would have been included at the following historical cost:
| historical cost: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Cost | 4,065,838 | 3,695,776 |
Listed investments were valued on an open market basis on 5 April 2025 by EFG Harris Allday.
Shares in group undertakings consist of an investment in the subsidiary company PMG Investments Limited. The principal activity of PMG Investments Limited is the letting of office and commercial property. The company is a 76% subsidiary of the trust and pays dividends from time to time on the issued ordinary shares. A summary of the results and balance sheet are included in the further notes to these accounts.
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THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
10 FIXED ASSET INVESTMENTS (Continued)
| Investments (neither listed nor unlisted) were as follows: | Investments (neither listed nor unlisted) were as follows: | Investments (neither listed nor unlisted) were as follows: | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| £ | £ | |||||
| Government stocks | 742,599 | 615,524 | ||||
| Building societies and fixed | 742,579 | 843,051 | ||||
| 1,485,178 | 1,458,575 | |||||
| 11 | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Prepayments and accrued income | - | 2,934 | ||||
| 12 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Other creditors | 7,500 | 6,750 | ||||
| 13 | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| At | movements |
At | ||||
| 6 April 2024 | in funds | 5 April 2025 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 11,931,559 | (119,983) | 11,811,576 | |||
| TOTAL FUNDS | 11,931,559 | (119,983) | 11,811,576 |
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
13 MOVEMENT IN FUNDS (Continued)
| Incoming | Resources |
Gains and | Movement | |
|---|---|---|---|---|
| resources | expended |
losses | in funds | |
| £ | £ |
£ | £ | |
| Unrestricted funds | ||||
| General fund | 326,352 | (260,019) |
(186,316) | (119,983) |
| TOTAL FUNDS | 326,352 | (260,019) |
(186,316) | (119,983) |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| At | movements |
At |
|
| 6 April 2023 | in funds |
5 April 2024 |
|
| £ | £ |
£ |
|
| Unrestricted funds | |||
| General fund | 11,703,175 | 228,384 |
11,931,559 |
| TOTAL FUNDS | 11,703,175 | 228,384 |
11,931,559 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources |
Gains and | Movement |
|
|---|---|---|---|---|
| resources | expended |
losses | in funds |
|
| £ | £ |
£ | £ |
|
| Unrestricted funds | ||||
| General fund | 245,428 | (192,334) |
175,290 | 228,384 |
| TOTAL FUNDS | 245,428 | (192,334) |
175,290 | 228,384 |
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2025
14 RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2025.
15 SUBSIDARIES
These financial statements are separate trust financial statements for The Patrick Charitable Trust.
Details of the trust’s subsidiaries as at 5 April 2025 are as follows:
| Registered | Nature of | Class of shares | % held | |
|---|---|---|---|---|
| Name of Undertaking | Office | business | held | (direct) |
| PMG Investments Limited | United Kingdom | Property | Ordinary | 76 |
| Investment |
(2024: £7,827,763) and the retained profit/(loss) for the year was £107,611 (2024: loss (£26,755)).
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Docusign Envelope ID: 32E19F43-6146-42D8-BF98-CF88753A855C
THE PATRICK CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| 2025 £ INCOME AND ENDOWMENTS Donations and legacies Donations 70,730 Investments Deposit account interest 37,090 Income from listed investments 218,532 255,622 Total incoming resources 326,352 EXPENDITURE Charitable activities Grants to institutions 241,581 Support costs Management Postage and stationery - Professional fees 546 Accountancy - Management fees 11,058 11,604 Finance Bank charges 84 Governance costs Auditors’ remuneration 6,750 Total resources expended 260,019 Net income before gains and losses 66,333 Realised recognised gains and losses Realised (losses)/gains on fixed asset investments (186,316) Net (expenditure)/income (119,983) |
2024 £ 2,550 14,308 228,570 242,878 245,428 173,121 - - 1,500 11,344 12,844 69 6,300 192,334 53,094 175,290 228,384 |
|---|---|
This page does not form part of the statutory financial statements
Page 19