REGISTERED CHARITY NUMBER: 266255
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
THE PARAVICINI DYER CHARITABLE TRUST
Lawes & Co UK Limited Boyce's Building Regent Street Clifton Bristol BS8 4HU
THE PARAVICINI DYER CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 |
THE PARAVICINI DYER CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustee shall pay or apply the whole or any parts of the trust fund and the income thereof in their absolute discretion unto legally charitable institutions, whether or not they are situated in the UK.
Public benefit
In determining where to make donations the trustees have had regard to the Charity Commission's guidance on public benefit.
Grantmaking
The Trustees made numerous donations during the year amounting to £23,570 (2019 : £24,820).
The donations made are detailed in note 4 to the accounts.
The trustees endeavour to ensure the range of donations made by the trust cover a wide range of activities so as to benefit society as a whole.
FINANCIAL REVIEW
Investment policy and objectives
The Trust portfolio of listed investments had a market value of £952,502 at 31 December 2020 (2019: £908,866). The trustees receive advice from Sarasin Investment Managers.
Reserves policy
The trustees expend all income where possible and do not therefore consider it necessary to have a reserves policy.
Going concern
The trust continues to maintain a large fund which should support the trust for the foreseeable future. There are no material uncertainties regarding the trusts ability to continue.
The financial activities are summarised on page 5 of the accounts. During the year the trustees received total incoming resources of £28,045 (2019: £29,396) and expended £26,755 (2019: £27,753).
The net profit/(loss) for the period before unrealised profits on the investments was £1,290 (2019: (£1,642)).
FUTURE PLANS
The trustees will continue to make distributions to charities in England and Wales or elsewhere.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
THE PARAVICINI DYER CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The power of appointing new trustees is vested in the settlers during their lives and in the survivor of them during the remainder of his or her life.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
266255
Principal address 14 Bewick Mews Hungerford Berkshire RG17 0QS
Trustees
Mr J C R Paravicini Mr N V S Paravicini
Independent Examiner
Paul Freeman BA (Hons), FCCA, FCA Lawes & Co UK Limited Boyce's Building Regent Street Clifton Bristol BS8 4HU
Bankers
Lloyds TSB plc PO Box 207 Fareham Hampshire PO15 7YR
Solicitors
Warner & Richardson 29 Jewry Street Winchester Hampshire SO23 8RR
Investment Advisers
Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU
Page 2
THE PARAVICINI DYER CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................... Mr J C R Paravicini - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARAVICINI DYER CHARITABLE TRUST
Independent examiner's report to the trustees of The Paravicini Dyer Charitable Trust
I report to the charity trustees on my examination of the accounts of The Paravicini Dyer Charitable Trust (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Paul Freeman BA (Hons), FCCA, FCA Lawes & Co UK Limited Boyce's Building Regent Street Clifton Bristol BS8 4HU
Date: .............................................
Page 4
THE PARAVICINI DYER CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| 31.12.20 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 28,045 EXPENDITURE ON Raising funds 3 (175) Charitable activities Donations 23,570 Governance costs 3,360 Total 26,755 Net gains on investments 43,636 NET INCOME 44,926 RECONCILIATION OF FUNDS Total funds brought forward 919,048 TOTAL FUNDS CARRIED FORWARD 963,974 |
31.12.19 Total funds £ 29,395 (427) 24,820 3,360 27,753 111,237 112,879 806,169 919,048 |
|---|---|
The notes form part of these financial statements
Page 5
THE PARAVICINI DYER CHARITABLE TRUST
BALANCE SHEET
31 DECEMBER 2020
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank 8 CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
31.12.20 31.12.19 Unrestricted Total funds funds £ £ 952,502 908,866 13,752 12,462 (2,280) (2,280) 11,472 10,182 963,974 919,048 963,974 919,048 963,974 919,048 963,974 919,048 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr N V S Paravicini - Trustee
The notes form part of these financial statements
Page 6
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Interest | 8 | - | |
| Dividends | 28,037 | 29,395 | |
| 28,045 | 29,395 | ||
| 3. | RAISING FUNDS | ||
| Raising donations and legacies | 31.12.20 £ |
31.12.19 £ |
|
| Investment management costs | |||
| Portfolio management | 31.12.20 £ (175) |
31.12.19 £ (177) |
|
| Aggregate amounts | (175) | (427) | |
Page 8
continued...
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
4. GRANTS PAYABLE
| Year ended | Year ended | |
|---|---|---|
| 31/12/2020 | 31/12/2019 | |
| £ | £ | |
| Child Bereavement UK | 0.00 | 250.00 |
| Children's Air Ambulance | 0.00 | 3,500.00 |
| Crisis | 0.00 | 1000.00 |
| DGAA | 25.00 | 25.00 |
| Eskadale Church Restoration Fund | 0.00 | 500.00 |
| Eton College | 3000.00 | 0.00 |
| Friends of Brecon Cathedral | 1000.00 |
0.00 |
| Game Conservancy | 25.00 | 25.00 |
| Hope and Homes for Children | 1000.00 |
0.00 |
| Household Division Funds Guards Chapel Trust | 0.00 | 1000.00 |
| Institute of Cancer Research | 0.00 | 1000.00 |
| Julia's House | 0.00 | 500.00 |
| King Edward VII's Hospital | 100.00 | 100.00 |
| Linden Lodge Charitable Trust | 0.00 | 500.00 |
| Macmillan Cancer Support | 1000.00 | 0.00 |
| National Churches Trust | 1000.00 | 1,500.00 |
| National Literacy Trust | 1000.00 |
0.00 |
| National Trust | 120.00 | 120.00 |
| Norfolk Community Federation | 1000.00 | 0.00 |
| Parkinsons UK | 0.00 |
1000.00 |
| Pluscarden Abbey Appeal | 0.00 | 1000.00 |
| Queen Elizabeth Foundation | 0.00 | 1000.00 |
| Royal Star & Garter Homes | 0.00 | 500.00 |
| Sharpshooters | 50.00 | 50.00 |
| Stroke Association | 0.00 | 1000.00 |
| St Giles Church | 0.00 | 250.00 |
| St Peters Church | 250.00 | 0.00 |
| Supporting Wounded Veterans | 0.00 | 1000.00 |
| Swallowfield Club | 0.00 | 1,500.00 |
| The Country Food Trust | 0.00 | 1,000.00 |
| The Countryside Alliance Foundation | 0.00 | 1000.00 |
| The Holburne Museum | 1000.00 | 1000.00 |
| The Horses Trust | 2000.00 | 500.00 |
| The Rainbow Trust | 2000.00 | 0.00 |
| The Salvation Army | 1000.00 |
500.00 |
| The Smile and Olive Foundation | 0.00 | 500.00 |
| Veterans Aid | 0.00 | 500.00 |
| Zane | 8,000.00 | 2,000.00 |
| 999 Club | 0.00 | 500.00 |
| 23,570.00 | 24,820.00 |
Page 9
continued...
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
4. GRANTS PAYABLE - continued
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricte | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 29,395 |
| EXPENDITURE ON | |
| Raising funds | (427) |
| Charitable activities | |
| Donations | 24,820 |
| Governance costs | 3,360 |
| Total | 27,753 |
| Net gains on investments | 111,237 |
| NET INCOME | 112,879 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 806,169 |
| TOTAL FUNDS CARRIED | |
| FORWARD | 919,048 |
Page 10
continued...
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2020 Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Listed investment £ 908,866 43,636 952,502 952,502 908,866 |
|---|---|
There were no investment assets outside the UK.
8. CASH AT BANK
The trust holds cash in UK bank accounts and this makes up the entirety of the short-term, highly liquid investments included as cash at bank and in hand.
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Creditors are recognised and measured using the accrual method.
10. MOVEMENT IN FUNDS
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.1.20 £ 609,462 309,586 919,048 919,048 |
Net movement in funds £ 44,926 - 44,926 44,926 |
At 31.12.20 £ 654,388 309,586 963,974 963,974 |
|---|---|---|---|
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continued...
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 11,424 Revaluation reserve 16,621 28,045 TOTAL FUNDS 28,045 Comparatives for movement in funds Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
Resources expended £ (26,802) 47 (26,755) (26,755) At 1.1.19 £ 607,820 198,349 806,169 806,169 |
Gains and losses £ 60,304 (16,668) 43,636 43,636 Net movement in funds £ 1,642 111,237 112,879 112,879 |
Movement in funds £ 44,926 - 44,926 44,926 At 31.12.19 £ 609,462 309,586 919,048 919,048 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
Incoming resources £ 29,395 - 29,395 29,395 |
Resources expended £ (27,753) - (27,753) (27,753) |
Gains and losses £ - 111,237 111,237 111,237 |
Movement in funds £ 1,642 111,237 112,879 112,879 |
|---|---|---|---|---|
Page 12
continued...
THE PARAVICINI DYER CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.1.19 £ 607,820 198,349 806,169 806,169 |
Net movement in funds £ 46,568 111,237 157,805 157,805 |
At 31.12.20 £ 654,388 309,586 963,974 963,974 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Gains and resources expended losses £ £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 40,819 (54,555) 60,304 |
46,568 |
| Revaluation reserve | 16,621 47 94,569 |
111,237 |
| 57,440 (54,508) 154,873 |
157,805 | |
| TOTAL FUNDS | 57,440 (54,508) 154,873 |
157,805 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 13
THE PARAVICINI DYER CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Interest | 8 | - |
| Dividends | 28,037 | 29,395 |
| 28,045 | 29,395 | |
| Total incoming resources | 28,045 | 29,395 |
| EXPENDITURE | ||
| Other trading activities | ||
| Bad debts | - | (250) |
| Investment management costs | ||
| Portfolio management | (175) | (177) |
| Charitable activities | ||
| Grants to institutions | 23,570 | 24,820 |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 3,360 | 3,360 |
| Total resources expended | 26,755 | 27,753 |
| Net income | 1,290 | 1,642 |
This page does not form part of the statutory financial statements
Page 14