CONSTANCE PATERSON CHARITABLE FOUNOATION REGISTERED CHARITY NO.. 249556 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
CONSTANCE PATERSON CHARITABLE FOUNDATION CONTENTS Pagg Trustee's Report Independent Examinerfs Report Slalemenl of Financial Activities Balance Sheet Notes to the financial stalements 7-10
CONSTANCE PATERSON CHARITABLE FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustee presents ils annual report and financial ststements of the charity for the year ended 5 April 2024. The financial stalements Ccrtmply with the Charities Act 2011 and Accounting and Reporbng by Charilies.. Statement of Recommended Practice applicable to charities (effective 1 January 20191 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Icharities SORPIFRS1021{Second Editionll. Reference and Admlnlstratlve Detalls Constltutlon Constance Paterson Charitable Foundation is a registered charity govemed by a Settlement Deed dated 3 August 1966 Charity Number.. 249556 Roglstered Office The Administrator One Bank Street. Canary Wharf. London E14 4SG Bank•r SG Kleinwort Hambros Bank Limited One Bank Street, Canary Wharf. London E14 4SG Bankers and Investment Managers Sarasin & Partners Juxon House. 100 Sl. Paul's Churehyard. London EC4M 8BU Independent Examlners Kreston Reeves LLP Samantha Rouse FCCA DChA. 37 Sl Margaret's Street, Canlerbury, Kent CT12TU Trust08 Dlrectors SG Kleinwort Hambros Trust Company IUKI LimTted Rachel Iles George Ryan David 8romley Delyth Richards Structure. Governance and Management The objects of the charity are to promote and support such charitable purpose or purposes, and such charitable organisation or organisalions (being purposes and organisations which are exclusively charitsble according lo the law of England) as the Trustee shall from lime to lime in ils discretion decide. The Trust is a registered charity under Charity Commission reference number 249556. The foundation was established by Miss Conslance Anna Palerson by a Deed of Trust dated 3rd August 1966. Upon the death of the settlor in 1986 the assets of her estate passed to the foundation. The Trust fund is held lo 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 lo make these dislribulions once a year. Grant maklng poll¢y The Trustee's Currenl policy is to consider all itten 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 thinks fit, with particular emphasis on charities in South East Scouand. the aged particularly those housing vulnerable older people, children, heamh, health in developing countries and animal welfare. The Trustee will make donations once a year. Applications wll not be acknowledged.
CONSTANCE PATERSON CHARITABLE FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustee reviews the selected charities. and considers new appeals received al their annual Trustee meeting, nomally held in July. Appolntment of Trustee's and charlty organlsatlon The charity is managed and administered by the corporate Trustee, SG Kleinwort Hambros Trust Company IUKI Limited, which was appointed under the temis of the Twsl Deed. Flnanclal revlew and Investment pollcy The financial sialemenls cover all Ihe activities of the charity during the year. Gross income lolalled £50,277.02 (£48,752.07 in 20231- Under Ihe goveming document. there are no restriclions on the charivs power lo invest. The overall investment policy is to achieve long temi pital growth in real lemis. The unrestricted funds at 5 April 2024 was £1.820,842.231£1,713,324.91 in 20231. The fSnancial stslemenls show the Investments at market value. In the year ended 5 April 2024 the unrealised gaSn amounted to £112.573.00 (Loss of £124.423.00 in 2023)- R•vl•w of the actlvltles and futuro dèvelopmènts The Truste8 is satisfied with the linancial position of the charity and confimis that il has adequate 8SS8ls available to fulfil ils obligations. There are no plans lo aller the charivs activities next year. Charltys publ1¢ benefit The Trustee has ensured that all activities Ihroughoul Ihe period have been for the public benefit. This is evidenced by the contributions made lo individuals and insululions totslling £46.750.00 (- £Nil in 20231. The Trustee confirms Ihal il has referred lo the guidance contained in the Charity Commission's general guidanc8 on public benefit when reviewng the charily's aims and objeclives and in planning future acts'vilies. Reserves pollcy 11 is the Trustee's intention to maintsin an unrestricted fund at least equivalent lo the historic cost of investments, together with a small cash balance ol income, partly lo offset any fluctuation in investment income in future periods and lo enable them lo continue their policy of responding quickly lo appeals for significant support where appropriate, the liming of which is unpredictsble. 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 Irusl. Rlsk Management The Trustee is aware of the major slralegic, business and operational risks to which the charity is exposed and these are reviewed regulady. The Trustee is satisfied that adequate procedures are in place to rnitigale exposure to these risks, although il is recognised that systems can only provide reasonable. nol absolute, assurance. They have identified the following risks.. Risk identified Investments will drop in value Action taken lo miti ale Ihe risk - Trustee has appointed a professional firm lo fflanage the inveslwnents. Trustee actively reviews the donations and ask for updates and reports Donations wll not be spent as the Trustee would like
CONSTANCE PATERSON CHARITABLE FOUNDATION TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Golng Concem The Trustee is of the opinion that the charity has adequate resources lo continue in operational existen for the foreseeable future. Fundralslng The Trust does not undertake any fun¢Jraising acts'vilies. Trustee's responslbllltles In relatSon to th• flnanclal statements The Trustee is responsible for preparing a Trustee's Report 8nd financial statements in aceordanee with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice}. 11 is a requirement for the Trustee to prepare financial ststements for each financial year which give a true and fair view of the slate of affairs of the Trust as at the balance sheet date and of its income and expenditure for the financial year. In preparing those finanaal statements, the Trustee is required to.. select suitable accounting policies and then apply them ccfflsistenlly; observe the methods and principles in the applicable Charities SORP- make judgements and eslimales that are reasonable and prudenl: stale whgther applicable accounting standards have been followed, subject lo any mal8rial departures that must be disclosed and explained in the financial stalemenls,. prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity wll continue in business. The Trusleg is responsible for keeping proper accounting records Ihal disclose wlh reasonable accuracy al any time the f1nancial position of the charity and to enable Ihem lo ensure that the financial stalemonts comply with the Charities Act 2011, the applicable Charitses (Accounls and Reports} Regulations, and the provisions of the Trust Deed. The Trustee is also responsible for safeguarding the assets of the eharity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Digitally signed by Bradley WALDEN Date: 2024.12.19 09:37:26 Z Digitally Signed by Scott RICE Date: 2024.12.1 911:24:15 SG Kleinwort Hambros Trust Company {UK) Limited Date
CONSTANCE PATERSON CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT I report on the financial statement5 of the charity for the year eThled 5 April 2024 which are set out on pages 5 10 10. Respective responslbilltles of Trustee and Examlner The Trustee is responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the 2011 Acl'l. I report in respect of my examination of the Trust'5 accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by th8 Charity Commission under section 14515llb} of the 2011 Act. Independent Examlner's Statement I have completed my examination. I confimi that no matters have come to my attenbon giving me cause to believe that in any material respect.. 11 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or 21 the accounts do not accord wlh those records., or 31 the accounts do not comply wlh the applicable requirements conceming the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view vthich is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection wlh the examination lo %thich attention should be drawn in this report in order lo enable a proper understsnding of the accounts lo be reached. KRESTON REEVES LLP 37 Sl Margaret's Street Canterbury Kent CT1 2TU Samanth8 Rouse FCCA DChA Chartered Certified Accountant Dale 19 December 2024
CONSTANCE PATERSON CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 Unrg$trided Fund 2023 Unre$tri¢ted Fund Income from: Investment Income 50,277.02 48,752.07 Total Incornè £50.277.02 £48.752.07 ExpèndSturè on: Charitable Aclivilies= Donations Governancè cost$ 46,750.00 8,582.70 10,926.90 Total Expendltur• £55,332.70 £10,926.90 Net Income Before Galns and Losses on Inv•stm¢nts 1£5,055.681 £37.825.17 Net ILossesllGalns on Investments Unrealised 112.573.00 (124,423.001 112,573.00 1124,423.001 Net Movement in Funds in the Yoar £107,517.32 1£86,597.831 Funds At 5 April 2023 Nel Movement of Resource5 in the Year 1.713,324.91 107.517.32 1,799,922.74 186,597.831 Al 5 April 2024 £1,820.842.23 £1,713,324.91
CONSTANCE PATERSON CHARITABLE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 Not• 2024 2023 Fixed Assets Investments 1.793.864.00 1.681,291.00 Current Assets Cash 29,078.23 41.842.91 29,078.23 41,842.91 Current Llabllltles Creditors, amounts falling due within one year 2.100.fy) 9.809.00 Net Current Assets 26,978.23 32,033.91 As$ots1o$$ Curront Llabllltes £1,820.842.23 £1,713,324.91 Funds Unrestnctgd Fund £1,820.842.23 £1,713,324.91 The financial slalemenls were approved by the Trustee on 2024 DSgllally signed by Bradley WALDEN Date.. 2024.12.19 09'.55.'58Z Str¥I 102&1119 SG Kleinwort Hambros Trust Company {UKI Limited
CONSTANCE PATERSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1 Accounting Policies These financial slalemenls have been prepared in accordance with the particular accounting policies described below. Basls of Preparatlon and Assessment of Golng Concem The financial slalemenls have been prepared in acC(danCe with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chanties leffective 1 January 20191 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORPIFRS1021 (Second Edrtionl). The Constsnc8 Paterson Charitable Foundation meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olheThvise slated in the relevant accounting policy notes. The presentation currency of these financial slalemenls is Pounds Steding. Golng Concorn Thè Trustee is of the opinion that the charity has aduate resources to eontinu8 in operational existencè for the foreseeable future. Bas1$ of Accountlng Income recognition All incoming resources are indudgd in the Stalemenl of FinanGial Adivilies when the Gharily is legally gntilled lo the income and the amount can quanlrfied wlh reasonable acLuracy. Income lax recoverable in relation lo investment income is recc*Jnised al the lime investment income is receivable. Interest on funds held on deposit is included when weivable and the amount Can be measured reliably by the charity,. this is nomially upon nolificalion of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and nolificalion has been received of the dividend due. This is normally upon nolificalion by our investment manager of the dividend weld of the investment portfolio. Expendlture recognltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. r( is probable thal settlement wll be required and the amount of the obligation can be measurod 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 attn"buled lo particular activities they have been allocated on a basis consistent with the use of the resources. Grants payable are charged in the year %then the offer is made eXpt in those cases where the offer is conditional, such grants being recognised as expendilure 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 Stwcture Income funds are unrestricted funds which are available use at Ihe discretion of the Trustee in furtherance of the general objeclives of the charity and which have not been designated for other PLJrposes.
CONSTANCE PATERSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investments Listed investments are included in Ihe finanual stalements al mid-market value at the balance sheet dale. Unlisted investments are induded in the balan sheet al Iheir historical cost less any amounts written off. Investments include cash held for irbvestmerbt purposes. Debtors Other debtors are recognised at the settlement amount. Prepayments are valued al the amount prepaid. Cash and cash oqulvalènts Cash al bank and in hand includes cash and short lem) highly liquid investments with a short maturity of three months or less from the dale of acquisiknon or opening ol the deposit or similar accounts. Reallsed galns and losses All gains and losses are taken lo the Stalemenl 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 lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between th6 lair value at th6 year end and their carryng value. ForeSgn currènc168 Monetary assets and liabililles denominated in foreign currencies are translated into slerting al the rale of exchange ruling al the balance sheet dale. Transaclions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Exchange gains and losses arising on Iransactions in the year are recognised in the Statement of Financial Aclivilies. Estlmatos and ludgemonts Estimates and judgernenls are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Although these eslimales are based on the Trustee's best knovledge of the amount, events or actions, actual results ultimately differ from these eslimales. The Trustee does not consider there lo be any material eslimales and judgements. Credltor$ and provl$lon$ Creditors and provisions are recognised ere the charity has a present obligation resulting from a past event that wll probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are nonmally recognised at their selllement amount after allo¥Mng for any trade discounts due. Financial instruments The charity only has f1nancial assels and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslrumenls, including debtors and creditors are initially recognised at transaction valLJe and subsequently measured at their settlement value.
CONSTANCE PATERSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 2 InstMent In¢om¢ 2024 2023 Income from UK Listed Securities Interest Received 50,213.25 63.77 48,732.03 20.04 £50,277.02 £48.752.07 3 Charitabl8 Activities 2024 2023 Canine Partners Carers Forum Slirllng Compass Therapy Support Concern Worldwide Friends of the Elderly Mid and South Essex Hospice Noahs Ark Childrens Hospi Oxfam PDSA We are Beams 4.250.CH) 4,250.¢J) 4.250. 4,250.CK) 4.250.C 8,500.CH) 4.250. 4,250.CM) 4,250.th) 4.250.C £46,750.00 4 Governan Costs 2024 2023 SG Kleinwort Hambros Tnjsl Company {UKI Limited Fees Independent Examinerfs Fees Prior Year SG Kleinwort Hambros Trust Company {UKI Limited Fee Adjustment 9,431.70 2,100.¢)0 12,949.001 9,066.90 1,860.00 £8.582.70 £10,926.90
CONSTANCE PATERSON CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 5 InstMents Ilstod on a recognl$•d Stock Exchang• 2024 2023 Market Value Brought Forward Unre81ised GainllLossl 1,681,181.10 112,573.th) 1,805,604.10 (124,423.001 Market Valua 1,793,754.10 1,681,181.10 Cash on: Sarasins 109.SX) 109.90 Total Investments £1.793.864.00 £1,681,291.00 6 Credltors, amounts falling due within one year 2024 2023 SG Kleinwort Hambros Trust Company (UK} Limited Fees Independent Examinerfs Fees Grants Payable 2,949.00 1,860.00 5.000.00 2,100.(M) £2,100.CK) £9,809.00 The grants payable: Grants payable brought forward Grants agreed in the year Grants paid 55,51J).00 46,750.( 151.750.001 150,000.001 Grants payable carried forward 5,000.00 7 Unrestrlctgd Funds The income funds of the charlty will be allocated by the Trustee towards charities and charitable aclivilies, as sel out in the Trustee's Report attached to these financial slatemenls. 8 Related party transactions and trustees. expenses and remuneratlon Remuneration of £9,431.701£9,066.90 in 20231 was paid to SG Kleinwort Hambros Trust Company IUKI Lirnited for its service5 as corpK)rate Trustee. There wore no other related party transactions during ihe year. 10-