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2024-04-05-accounts

THE PAYNE CHARITABLE TRUST

FINANCIAL STATEMENTS

5th April 2024

Charity no. 241816

THE PAYNE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5th APRIL 2024 Page 1

The Trustees present their report along with the financial statements of the charity for the year ended 5th April 2024. 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 2023 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 £32,656 compared with £44,193 in 2023 Grants amounted to £ 29.990 compared with £18984 in 2023

The investments in quoted ordinary shares and bonds decreased in value by £4488

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 on the loan or 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:

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 29th January 2025

Page 1

Independent Examiner's Report on the Accounts

Report to the trustees of PAYNE CHARITABLE TRUST Charity No. 241816 On the accounts for the year ended 5th APRIL 2024 which are set out on pages three to five

On the accounts for the year ended

Responsibilities and basis of report

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 come 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 29th January 2025

Page 2

THE PAYNE CHARITABLE TRUST

BALANCE SHEET
FIXED ASSETS
Tangible assets
Note 2
Quoted investments
Unquoted investments
Loans:
Repayable within one year
CURRENT ASSETS
Debtors
Bank
and financial institutions
CURRENT LIABILITIES
Creditors due within one year
NET CURRENT ASSETS
FUNDS EMPLOYED
Restricted fund
Unrestricted fund
Approved by the Trustees on
and signed on their behalf by:
John Payne
Trustee
29th January 2025		 5th APRIL 2024
£
£
£
£
1
1
372 380
376 868
60 776
60 776
150 000
150 000
583 157
587 645
8 150
10 808
28 125
25 429
36 275
36 237
662
799
35 613
35 438
618770
623 083
327 953
328 285
290 817
294 798
618770
623 083
2023		 5th APRIL 2024
£
£
£
£
1
1
372 380
376 868
60 776
60 776
150 000
150 000
583 157
587 645
8 150
10 808
28 125
25 429
36 275
36 237
662
799
35 613
35 438
618770
623 083
327 953
328 285
290 817
294 798
618770
623 083
2023
587 645
35 438
36 275
662
623 083
328 285
294 798
623 083

Page 3

THE PAYNE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5th APRIL 2024

INCOMING RESOURCES
Unrestricted
Gifts
4 500
Interest received (gross)
14 458
Dividends received
13 698
TOTAL FOR THE YEAR
32656
RESOURCES EXPENDED
Gifts and grants
29 658
Administrative costs
350
Portfolio management fee
3 391
RESOURCES EXPENDED
33 399
Net outgoing resources
-743
Net incoming resources
Other recognised gains or losses
Realised gains
Realised losses
Decrease in value of investments
-18 326
Increase in value of investments
15 088
Transfers
NET MOVEMENT IN FUNDS
-3 981
Balance 5th April 2023
294 798
Balance 5th April 2024
290 817		 Restricted
332
332
-332
-332
328 285
327953		 TOTAL
4 500
14 458
13 698
32656
29 990
350
3 391
33 731
-1 075
-18 326
15 088
-4 313
623 083
618770		 2023
total
5 000
26 256
12 937
44 193
18 984
303
3631
22 918
21 275
230
-334
-34 619
9 599
-3 849
626 932
623 083

page 4

THE PAYNE CHARITABLE TRUST

Notes forming part of the financial statements for the year ended 5th April 2024

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 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
TANGIBLE ASSETS Fixtures
& Fittings
COST
Balance 6th April 2023 499
Disposal
Balance 5th April 2024 499
DEPRECIATION
Balance 6th April 2023 498
Charge during year
Balance 5th April 2024 498
At 5th April 2024 1
At 5th April 2023 1
Page 5