## 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: - 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 disclosed 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_ 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|