CONSTANCE PATERSON CHARITABLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 CHARITY NUMBER: 249556
CONSTANCE PATERSON CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustee's Report | 1 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activites | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7 - 10 |
CONSTANCE PATERSON CHARITABLE FOUNDATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustee presents its annual report and financial statements of the charity for the year ended 5 April 2021. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (effective 1 January 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP(FRS102)(Second Edition)).
Reference and Administrative Details
| Constitution | Constance Paterson Charitable Foundation is a registered charity |
|---|---|
| governed by a Settlement Deed dated 3 August 1966 | |
| Charity Number: 249556 | |
| Registered Office | The Administrator |
| 8 St James's Square, London, SW1Y 4JU | |
| Banker | SG Kleinwort Hambros Bank Limited |
| 8 St James's Square, London, SW1Y 4JU | |
| Bankers and Investment ManagersSarasin & Partners | |
| Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU | |
| Independent Examiner | Tracey Young |
| Haysmacintyre LLP | |
| 10 Queen Street Place, London, EC4R 1AG | |
| Trustee | SG Kleinwort Hambros Trust Company (UK) Limited |
Structure, Governance and Management
The objects of the charity are to promote and support such charitable purpose or purposes, and such charitable organisation or organisations (being purposes and organisations which are exclusively charitable according to the law of England) as the Trustee shall from time to time in its discretion decide.
The foundation was established by Miss Constance Anna Paterson by a Deed of Trust dated 3rd August 1996. Upon the death of the settlor in 1986 the assets of her estate passed to the foundation. The Trust fund is held to benefit such charitable purposes as the Trustee in its absolute discretion think fit, although during her lifetime Miss Paterson gave the Trustee guidelines as to how she would like to see such discretion exercised. The Trustee seeks to make these distributions once a year.
Grant making policy
The Trustee's current policy is to consider all written appeals received, but only successful applicants are notified of the Trustee's decision. The Trust fund is held to benefit such charitable purposes as the Trustee in its absolute discretion think fit, with particular emphasis on charities in South East Scotland, the aged particularly those housing vulnerable older people, children, health, health in developing countries and animal welfare. The Trustees will make donations once a year. Applications will not be acknowledged.
The Trustees review the selected charities, and consider new appeals received at their annual Trustee meeting, normally held in July.
Appointment of Trustees and charity organisation
The charity is managed and administered by the corporate Trustee, SG Kleinwort Hambros Trust Company (UK) Limited, which was appointed under the terms of the Trust Deed.
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CONSTANCE PATERSON CHARITABLE FOUNDATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Financial review and investment policy
The financial statements cover all the activities of the charity during the year. Gross income totalled £52,733 (£52,818 in 2020). Under the governing document, there are no restrictions on the charity's power to invest. The overall investment policy is to acheive long term capital growth in real terms. The unrestricted funds at 5 April 2021 was £1,764,832 (£1,466,023 in 2020).
The financial statements show the investments at market value. In the year ended 5 April 2021 the unrealised gain amounted to £340,532 (Loss of £119,831 in 2020).
Review of the activities and future developments
The Trustee is satisfied with the financial position of the charity and confirms that it has adequate assets available to fulfil its obligations. There are no plans to alter the charity's activities next year.
Charity's public benefit
The Trustee has ensured that all activities throughout the period have been for the public benefit. This is evidenced by the grants made to individuals and institutions totalling £87,500 (£Nil in 2020).
The Trustee confirms that it has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Reserves policy
It is the Trustee's intention to maintain an unrestricted fund at least equivalent to the historic cost of investments, together with a small cash balance of income, partly to offset any fluctuation in investment income in future periods and to enable them to continue their policy of responding quickly to appeals for significant support where appropriate, the timing of which is unpredictable.
All funds are held on an unrestricted basis. It is the policy of the Trustee to donate all income to further the objects of the trust.
Risk Management
The Trustee's are aware of the major strategic, business and operational risks to which the charity is exposed and these are reviewed regularly. The Trustee is satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance. They have identified the following risks:
Risk identified Action taken to mitigate the risk - Investments will drop in value - Trustee has appointed a professional firm to manage the investments. - Donations will not be spent as the - Trustee actively reviews the donations and ask for updates and Trustee would like reports
Going Concern
The detrimental effect the Covid-19 pandemic has had on the world's economies has resulted in significant uncertainty regarding the future level of the charity's investment income. However, all of the charity's distributions are discretionary and no distribution commitments have been given for the year ending 5 April 2021 or future years. Consequently, the Trustee is able to manage the charity's financial affairs to accommodate any reduction in its income. Given the solid level of the charity's general reserve and the discretionary nature of the charity's distributions the Trustee is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future.
Fundraising
The trust does not undertake any fundraising activities.
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CONSTANCE PATERSON CHARITABLE FOUNDATION
TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Trustee's responsibilities in relation to the financial statements
The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
It is a requirement for the Trustee to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Trust as at the balance sheet date and of its income and expenditure for the financial year. In preparing those Financial Statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee is responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. The Trustee is also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Digitally signed Digitally signed by Bradley by Scott RICE WALDEN Date: Date: 2022.02.23 2022.02.23 09:57:32 Z 09:33:30 Z
SG Kleinwort Hambros Trust Company (UK) Limited ..................................................................
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF CONSTANCE PATERSON CHARITABLE FOUNDATION
I report to the Trustee on my examination of the accounts of The Constance Paterson Charitable Foundation for the year ended 5 April 2021 which are set out on pages 5 - 10.
Respective responsibilities of Trustee and Examiner
The Trustee is responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the 2011 Act"). The Trustee is satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust's accounts as carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do 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.
......................................................................
Mrs Tracey Young ACA
Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG
24.2.22 Date: ............................................
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CONSTANCE PATERSON CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Fund | Fund | ||
| £ | £ | ||
| INCOME FROM: | |||
| Investments | 2 | 52,733 | 52,818 |
| Total income | 52,733 | 52,819 | |
| EXPENDITURE ON: | |||
| Charitable activities: | |||
| Grant making | 3 | 94,457 | 5,424 |
| Total expenditure | 94,457 | 5,424 | |
| Net (expendture)/income before gains/ | |||
| (losses) on investments | (41,724) | 47,394 | |
| Net gains / (losses) on investments | 5 | ||
| Realised | - | - | |
| Unrealised | 340,532 | (119,831) | |
| 340,532 | (119,831) | ||
| Net Movement in Funds in the Year | 298,808 | (72,437) | |
| Funds | |||
| At 5 April 2020 | 1,466,024 | 1,538,460 | |
| Net Movement in Funds in the Year | 298,808 | (72,437) | |
| At 5 April 2021 | 1,764,832 | 1,466,023 |
All operations are continuing.
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
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CONSTANCE PATERSON CHARITABLE FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2021
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|---|---|---|---|
|Note|2021|2020|
|£|£|£|£|
|Fixed Assets|
|Investments|5|1,761,277|1,420,745|
|Current Assets|
|Cash at bank and in hand|96,278|48,966|
|96,278|48,966|
|Current Liabilities|
|Creditors, amounts falling due|
|within one year|6|92,723|3,688|
|Net Current Assets|3,555|45,278|
|Net Assets|1,764,832|1,466,023|
|Funds|
|Unrestricted Fund|1,764,832|1,466,023|
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The financial statements were approved by the Trustee on ...............................................................
----- Start of picture text -----
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|---|---|
|Digitally signed|
|Digitally signed|
|by Bradley|
|by Scott RICE|
|WALDEN|Date: 2022.02.23|
|Date: 2022.02.23|09:58:17 Z|
|09:34:40 Z|
----- End of picture text -----
................................................................................... SG Kleinwort Hambros Trust Company (UK) Limited
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CONSTANCE PATERSON CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting Policies
These financial statements have been prepared in accordance with the particular accounting policies described below.
Basis of Preparation and Assessment of Going Concern
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (effective 1 January 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP(FRS102) (Second Edition)).
The Constance Paterson Charitable Foundation meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going Concern
The Trustee is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future.
Income recognition
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income tax recoverable in relation to investment income is recognised at the time investment income is receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment manager of the dividend yield of the investment portfolio.
Expenditure recognition
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Fund Structure
Income funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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CONSTANCE PATERSON CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
Investments
Listed investments are included in the financial statements at market value at the balance sheet date. Investments include cash held for investment purposes.
Debtors
Other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounts.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Exchange gains and losses arising on transactions in the year are recognised in the Statement of Financial Activities.
Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustee does not consider there to be any material estimates and judgements.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
| 2 | Investment Income | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Income from UK Listed Securities | 52,731 | 52,808 | |
| Interest Received | 2 | 10 | |
| 52,733 | 52,818 |
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CONSTANCE PATERSON CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| 3 | Charitable Activities | 2021 | 2021 | 2020 | 2020 |
|---|---|---|---|---|---|
| £ | £ | ||||
| Action on Elder Abuse | 2,500 | - | |||
| Amelia-Mae Foundation | 2,500 | - | |||
| Bliss | 2,500 | - | |||
| British Tinnitus Association | 2,500 | - | |||
| Broomhouse Centre | 2,500 | - | |||
| Cobalt | 2,500 | - | |||
| Cats Protection | 2,500 | - | |||
| Children's Adventure Farm | 2,500 | - | |||
| Douglas Bader Fund | 2,500 | - | |||
| Freedom from Torture | 2,500 | - | |||
| Friends of the Elderly | 2,500 | - | |||
| Grandparents Plus | 2,500 | - | |||
| Guide Dogs | 2,500 | - | |||
| Heart & Minds | 2,500 | - | |||
| Hourglass | 2,500 | - | |||
| KIDS | 2,500 | - | |||
| Leukaemia & Myeloma Research UK | 2,500 | - | |||
| Lupus UK | 2,500 | - | |||
| MACS | 2,500 | - | |||
| Motorneurose Disease | 2,500 | - | |||
| MS Therapy Centre Lothian | 2,500 | - | |||
| Muscular Dystrophy UK | 2,500 | - | |||
| Music in Hospital & Care | 2,500 | - | |||
| Noahs Ark Childrens Hospice | 2,500 | - | |||
| Orchid Fighting Male Cancer | 2,500 | - | |||
| Ovacome | 2,500 | - | |||
| PBC Foundation | 2,500 | - | |||
| PDSA | 2,500 | - | |||
| Prevent Breast Cancer | 2,500 | - | |||
| RSPCA | 2,500 | - | |||
| RVC Animal Care Trust | 2,500 | - | |||
| Siblings Together | 2,500 | - | |||
| Stirling Carers Centre | 2,500 | - | |||
| Support Dogs | 2,500 | - | |||
| The Teapot Trust | 2,500 | - | |||
| Governance costs (note 4) | 6,957 | 5,424 | |||
| 94,457 | 5,424 | ||||
| 4 | Governance Costs | 2021 | 2020 | ||
| £ | £ | ||||
| SG Kleinwort Hambros Trust Company (UK) Limited Fees | 5,799 | 4,226 | |||
| SG Kleinwort Hambros Trust Company (UK) Limited ARC Fees | - | 60 | |||
| Independent Examiner's Fees | 1,158 | 1,128 | |||
| Bank Charges | - | 10 | |||
| 6,957 | 5,424 |
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CONSTANCE PATERSON CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| 5 Investments listed on a recognised Stock Exchange Market Value Brought Forward Unrealised Gain/(Loss) Market Value at 5 April 2021 Cash on: Sarasins Total Investments 6 Creditors: amounts falling due within one year Independent Examiner's Fees Grants Payable SG Kleinwort Hambros Trust Company (UK) Limited Fees The grants payable: Grants payable brought forward Grants agreed in the year Grants paid Grants payable carried forward |
2021 £ 1,420,635 340,532 1,761,167 110 1,761,277 2021 £ 2,274 87,500 2,949 92,723 - 87,500 - 87,500 |
2020 £ 1,540,466 (119,831) 1,420,635 110 1,420,745 2020 £ 1,117 - 2,571 3,688 9,000 - (9,000) - |
|---|---|---|
7 Unrestricted Funds
The income funds of the charity will be allocated by the Trustee towards charities and charitable activities, as set out in the Trustee's Report attached to these financial statements.
8 Related party transactions and Trustee's expenses and remuneration
The charity does not have a relationship with any other charity or organisations.
Remuneration of £5,799 (£4,226 in 2020) was paid to SG Kleinwort Hambros Trust Company (UK) Limited for its services as corporate Trustee.
There were no other related party transactions during the year.
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