2021-04-05-accounts - The Payne Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE PAYNE CHARITABLE TRUST

FINANCIAL STATEMENTS

5th April 2021

Charity no. 241816

THE PAYNE CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5th APRIL 2021

The Trustees present their report along with the financial statements of the charity for the year ended 5th April 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 5 and comply with the charity's trust deed and applicable law.

Constitution and objects

The Payne Charitable Trust is constituted under a trust deed dated 30th March 1965 and is a registered charity number 241816. The objects of the charity is the furtherance of the Christian faith, through grants and loans.

Organisiation

The names of the trustees who served from the 6th April 2020 until the date of these financial statements Eric Payne O.B.E John Payne F.C.A.

The trustees meet from time to time to consider the applications received.

Financial review and investment policy

The income for the year amounted to £42,178 compared with £41,943 in 2020 Grants amounted to £29,471 compared with £27,708 in 2020

The investments in quoted ordinary shares and bonds increased in value by £67,685

Reserves Policy

The Trustees have considered the guidelines issued by the Charity Commission and believe with the present access to funds, the day to day running costs which are low, can be met for the foreseeable future.

Risk Assessment

The Trustees have considered the risks involved in the operation of the trust. As the two trustees are directly involved in the operation and handling of the funds, the greatest risk, as has been seen, is the fall in the value of the investments. These are held for long term growth with a satisfactory yield. Personal guarantees are given or the loan ior secured on the asset.

Trustees responsibility in relation to the financial statements

Law applicable to Charities in England & Wales require the trustees to prepare financial statements for each financial year which gives a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements the Trustees are required to:

select suitable accounting policies and then apply them consistently
make judgments and estimates that are reasonable and prudent
state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclsoed and explained in the financial statements; and
prepare the financial accounts on a going concern basis unless it is inappropriate to presume the charity will continue.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial accounts comply with Charities Act 1993. 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 the trustees and signed on their behalf by: John Payne 6th December 2021

Page 1

Independent Examiner's Report on the Accounts

Report to the trustees of

On the accounts for the year ended

Responsibilities and basis of report

PAYNE CHARITABLE TRUST Charity No. 241816 5th APRIL 202! which are set out on pages three to six.

As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charity Act 2011 (the Act).

I report in respect of my examination of the Trust's accounts 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

The charity's gross income exceeded £25,000 and I am qualified to undertaken the examination by being a qualified Accountant.

I have completed my examination. I confirm that no material matters have coem to my attention in connection with the examination, which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or

the accounts did not accord with the accounting records; or the accounts did 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.

SIGNED

NAME

John Northcott Cyril Arnold Accountants Glyndwr, 5a Castle Street, Ruthin LL15 1DP

6th December 2021

Page 2

THE PAYNE CHARITABLE TRUST

5th APRIL £ 65,141	£ £ 743 329,514 50,000 127,000 507,257 28,168 28,168 376 27,792 535,049 328,963 206,086 535,049 2020	£ £ 743 329,514 50,000 127,000 507,257 28,168 28,168 376 27,792 535,049 328,963 206,086 535,049 2020
		507,257 27,792
65,141 499	28,168 376

		535,049
		328,963 206,086
		535,049

Page 3

THE PAYNE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5th APRIL 2021

INCOMING RESOURCES Unrestricted Gifts 10,600 Interest received (gross) 18,312 Rent Received Dividends received 10,766 Taxation refund 2,500 TOTAL FOR THE YEAR 42,178 RESOURCES EXPENDED Gifts and grants 29,471 Administrative costs 343 Portfolio management fee 3,375 Property Repairs & costs Professional fees Property Insurance Depreciation 742 RESOURCES EXPENDED 33,931 Net outgoing resources Net incoming resources 8,247 Other recognised gains or losses Realised gains 1,427 Realised losses -1,096 Decrease in value of investments -2,602 Increase in value of investments 76,185 Transfers -45 NET MOVEMENT IN FUNDS 82,116 Balance 5th April 2020 206,086 Balance 5th April 2021 288,202	Restricted 243 243 -243 45 -198 328,963 328,765	TOTAL 10,600 18,312 10,766 2,500 42,178 29,714 343 3,375 0 742 34,174 -243 8,247 1,427 -1,096 -2,602 76,185 81,918 535,049 616,967	2020 total 10,000 16,254 13,189 2,500
			41,943
			23,496 345 3552 315
			27,708
			14,235 1035 -340 -65,819 3,165
			-47,724 582,773
			535,049

page 4

THE PAYNE CHARITABLE TRUST

Notes forming part of the financial statements for the year ended 5th April 2020

1 Principal accounting policies

( A ) Accounting convention

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with the Financial reporting Standards for Smaller Entities. In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in October 2000.

( B ) Investment income

Is accounted for in the period in which the Charity is entitled to receive. Interest received calculated on the increase in the RPI is treated as a restrictive fund receipt to maintain the capital value of the funds. Other income accounted for upon receipt.

( C ) Resources expended

Expenditure is included on an accruals basis.

Costs of generating funds comprise those costs directly attributable to managing the investment portfoio and raising investment income. Grants payable are charged in the year they are paid.

( D ) Tangible fixed assets and depreciation

Depreciation is charge on the motor vehicle at 25% p.a. on a reducing line basis.

The cost is the actual price paid, plus any acquistion costs.

( E ) Fixed assets: Investments

Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on valuation is taken to the Statement of Financial Activities.

2 TANGIBLE ASSETS COST Balance 6th April 2020 Disposal Balance 5th April 2021 DEPRECIATION Balance 6th April 2020 Charge during year Balance 5th April 2020 At 5th April 2021 At 5th April 2020	Motor Fixtures Total Vehicle & Fittings 6,443 499 6,942
	6,443 499 6,942
	5,799 400 6,199 644 98 742
	6,443 400 6,941
	0 1 1
	644 99 743

Page 5