ARTHUR JAMES PATERSON CHARITABLE TRUST REGISTERED CHARITY NO.. 278569 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
ARTHUR JAMES PATERSON CHARITABLE TRUST CONTENTS Pagg Trustee's Report Independent Examinerfs Report Slalemenl of Financial Aclivites Balance Sheet Notes to the financial stalements 7-10
ARTHUR JAMES PATERSON CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustee presents ils annual report and financial slalements of the charity for Ihe year ended 5 April 2024. The financial ststements comply vAth Ihe Charities A¢l 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitses (effective 1 January 20191 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102)- (Charities SORPIFRS102IISecond Edition)) Legal and admlnlstratlve Informatlon Constltutlon Arthur James Paterson Charitable Trust is a registered charity governed by a Settlement Deed dated 26 July 1979 Charity Number: 278569 R8glst8red Offlce The Administrator One Bank Street. Canary Wharf. London E14 4SG Banker SG Kloinwort Hambros Bank Limited One Bank Street. Canary Wharf, London E14 4SG Bankors and Inv•8tm•nt Manag•r8 Evelyn Partners Investmenl Management LLP 45 Gresham Street, London EC2V 78G Indopendent Examlners Kreslon Reeves LLP Samantha Rouse FCCA DChA. 37 Si Margaret's Sireel, Canterbury, Kent CT1 2TU Trustee Dlrectors SG Kleinwort Hambros Trusl Company IUKI Limf(ed Rachel Iles George Ryan David Bromley Delyth Richards Oblects of the charlty The objects of the Charity are to promote and suprKJrt such charitable purpose or purposes, and such charitable organisalion or organisations Ibeing purposes and organisalions which are exclusively charitable according lo the law of England) as the Truslee shall Irom time to time in its discrelion decide. The Trust is a registered charity under Charity Commission reference number 278569. The Trust was established by Arthur James Paterson by a Deed dated 26 July 1979. The Trust remained dormant until the settlorfs death in 1986, at which lime the settlorfs estate passed into the trust. The Trust fund is held lo benefit such charitable purposes as the Trustee in its absolute discretion think fil, although during his lifetime Arthur James Paterson gave the Trustee guidelines as lo how he would like lo see such discretion exercised. Grant making policy The Trustee's current policy is to annually distribute the Trust's income to certain selected charities. although no commitrnent is given to the recipients. 11 is unusual for the Twstee to respond favourably to unsolicited appeals and 8ppli¢alions wll not be ackn0edQed.
ARTHUR JAMES PATERSON CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustee's review the selected charities. and consider new appeals received at their annual Trustee meeting, normally 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 lern of Ihe Trust Deed. Flnanclal revlew and Investment pollcy The financial slalemenls cover all the activities of Ihe charily during the year. GfOSS income lotslled £59,793.771£57,560.90 in 20231. Un¢Jer ihe goveming document. Ihere are no reslrictions on the charity's power to invesl. The overall investment policy is to acheive long temi capital growlh in real terms. The unrestricted fund balance al 5 April 2024 was £2.120.303.901£2.047.454.18 in 2023). The financlal stslements show the investments at market value. Al the year ended S April 2024 there was an unrealised nel gain of £104.544.50 (loss of £14.539.29 in 2023)- R•vl•w of the actlvltles and futuro dèvelopmènts The Trustee is satisfied with the financial pw)silion ol the charity and confimis that il has adequate assets available lo fuKIl their obligations. There are no plans to alter the charitys activities next year. Charltys publ1¢ benefit The Trustee has ensured that all activitses Ihroughoul the period have been for the public benefit. This is evidenced by the contributions made to individuals and instilutions lolalling £53,460.00 (- £Nil in 20231. The Trustee confimis Ihal il has referred lo the guidance conlained in the Charity Commission's general guidance on public benefit then reviewing the charills aims and objectives and in planning fulure activities. Reserves pollcy 11 is the Trustee's intention to maintain an unrestricted fund at least equivalent lo the historic cost of inveslmenls. together with 8 small cash balance of income. partly lo offset any fluclualion in investment income in future periods and lo enable them lo continue their wlicy of responding quickly lo appeals for significant support where appropriate, the liming of which is unpredictable. All funds are held on an unrestricted basis. 11 is the policy of the Trustee to donate all income lo further the objects of the Irusl. Rlsks The Trustee has considered what risks the charity faS arKI believe these to be as follows: Risk identified Investments will drop in value Action taken lo miti ale the risk - Trustee has appointed a professional firm lo manage the investments Donations made will not be spent how - Trustee actively review the donations and ask for the Trustee would like urmjates and reports. Investments are made principally in UK quoted fixed-interest stocks and equity shares lo provide a high level of income consistent wlh medium risk and potential for capital appreciation in the longer lem). Going Concom The Trustee is of the opinion Ihat Ihe charity has adequate resources to conbnue in operational existen for the foreseeable future and there are no material uncertainties regarding the Charitys ability to do so.
ARTHUR JAMES PATERSON CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Trustee's responsibilities in relation to the financial sLitements The charity Trustee is responsible for preparing a Trustee's annual report 8nd financial statements in accordance with applicable law and United Kingdom AccJnIIng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity Trustee to prepare financial slalemenls for each year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources. of the charity for that period. In preparing the financial slalemenls, the Truslee is required lo.. selecl suitable accounting tx)licies and then apply Ihem c(siStenI1. observe the methods and principles in the applicable Charities SORP- make judgements and estimates thal are reasonable and prudent; stste whether applicable aceounling standards have been followed, subject lo any material departures that musl be disclosed and explained in the financial statements.. prepare the financial slalemenls on tha going concem basis unless il is inappropriate to presume that the Gharily wll continue in business. The Trustee is responsible for keeping proper a¢UtIng record$ that disc195e with reasonable accuracy al any lime the financi81 position ol the charity and lo enable them lo ensure that the finaneial $18tèments comply with the Charities Act 2011, the applicable Charities {Accounls and Reports) Regulations, and the provisions of the Trust Deed. The Trustee is also responsible for safeguarding the assets of Ihe charity and taking reasonable steps for the prevention and deleclion of fraud and other irregularitses. Digitally signed by Bradley WALDEN Date: 2024.12.19 11:14:32Z Digitally signed by kott RICE Date.. 2024.12.19 11..30..40 Z SG Kleinwort Hambros Trust Company {UK) Limited
ARTHUR JAMES PATERSON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT I report lo the Trustee on my examination of the accounts of Arthur James Paterson Charitable Trust for the year ended 5 April 2024 which are sel 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 ststement 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 wth thos8 records; or 31 the accounts do not comply wlh the applicable requirements conceming the fomi and content of accounts set out in the Charities IA¢counls 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 mallers in connection wlh the examination lo which attention should be drawn in this report in order to enable a proper understanding of Ihe accounts lo be reached. KRESTON REEVES LLP 37 Sl Margaret's Street Canterbury Kent CT12TU Samantha Rouse FCCA DChA Chartered Certrfied Accountant Dale 19 December 2024
ARTHUR JAMES PATERSON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 Unrg$trided Fund 2023 Unre$tri¢ted Fund Income Investment Income 59,793.77 57,560.90 Total Incornè £59.793.77 £57.560.90 ExpèndSturè Charitable Activities Costs of raising funds Governance costs 53.460.00 17,347.72 10,350.00 17,528.80 8,029.50 Total Exwndlture £81,157.72 £25.558.30 Net Expendltur• Bofore Galns and Lo¥s9¥ on Investrn•nts {£21,363.951 £32,002.60 Not ILo8se8llGalns on Investmonts Realised Unrealised 110.330.83} 104,544.50 144,141.951 114,539.291 94,213.67 158,681.241 Net Movement in Funds in the Year £72.849.72 1£26,678.641 Funds Al 5 April 2023 Nel Movement of Resources in the Year 2,047.454.18 72.849.72 2,074,132.82 126,678.641 Al 5 April 2024 £2.120.303.90 £2.047.454.18
ARTHUR JAMES PATERSON CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 Not• 2024 2023 Fixed Assets Investments 2.105.316.59 2.046,830.28 Current Assets Cash 21,029.31 20.425.40 21,029.31 20,425.40 Curr•nt Llabllltl•s Creditors. amounts falling due within one year 6,042.(Kl 19,801.50 Net Current Assets 14.987.31 623.90 A¥sots less Current Llabllltes £2.120.303. £2,047,454.18 Funds Unrestricteé Fund £2,120,303.90 £2,047,454.18 The financial statements were approved by the Trustee on 2024 DltallySIgned by Bradley WALDEN Date.'2024.12.19 tX9Ralty4gne byStottRKE Dat¢2024.IL19 12-.2242Z SG Kleinwort Hambros Trust Company {UKI Limited
ARTHUR JAMES PATERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1 Accounting Policies The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial slalemenls are as follo= Basls of A¢countlng The financial stslements have been prepared in accordance wlh Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities leffeclive 1 January 20191 preparing their accounts in acLordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) - {Ch8rilies SORPIFRS102IISecond Edilionll and the Charities Act 2011. The Arthur James Paterson Charitable Trust meets the definibon of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant a¢Gounling policy notes. Th8 presenl81ion currency ol these financial slalèmenls is Pounds Sleding. Golng Concern The Trustee is ol the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainlies regarding the Charitls ability lo do so. Income recognltlon All incoming resources are included in Ihg Statement ol Financial Activities when the charity is legally entitled to the income and the amount can be quantsfied wlh reasonable aUraCy. Inwme lax recoverable in relation lo investment ineome is reeognised al the lime investment income is rèeeivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon nolrficalion of the interest paid or payable by the bank. Dividends are recognised once the dividend has bgen declared and notification has been received of the dividend due. This is normally upon notification by our investment manager of Ihe dividend yield of the investment portfolio. Expenditure recognition Liabilities are recognised as expenditure as soon as there is è legal or conslnjctive obligation commilling the charity lo that expenditure, it is probable that settlement wll be quired and the amount ol the obligation can be measured reliably. All expenditure is accounted for on an a181$ basis and has been included under expense calegories that aggregate all costs for allocation trj activilies. Where costs cannot be directly attributed lo particular activities they have been allocated on a basis consistent wth Ihe use of the reSoUrs. Grants payable are charged in the year when the offer is made excepl in those cases where the offer Is conditional, such grants being cOgnised as expenditure when the condrtions attaching are fulfilled. Grants offered subjecl to conditions which have not been mel at Ihe year end a noted as a commilmenl, but not accrued as expenditure. Cash and cash equivalents Cash and cash equivalents includes Cash and short lem) highly liquid investments with short lemi maturity of three months or less from the dale of acquisition or onIng of the deposit or similar acwunt.
ARTHUR JAMES PATERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation results'ng from a past event that will probably resull in Ihe transfer of lunds to a third party and the amount due to settle th8 obligation Can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Estlmates and Judgements Eslimales and judgements are conbnually evaluated and are based on historical experience and other faclors, including expectations of fulure events Ihal are believed lo be reasonable under the circumsiances. Although these estimates are based on the Truslee's best knovAedge of Ihe amount. events or actions, actual results ultimately differ from these eslimales. The Truslee d08s nol consider there to be any material estimates and judgements. Flnanclal Instruments The charity only has financial assets and financial liabililies of a kind that qualify as basic financial inslnjmenls. Basic financial inslrumenls. including trade and other debtors and creditors are initially recognised al transaction value and subsequently measured al their settlement value. Fund Structurè Income funds are unreslri¢led funds I1¢h are available for use al the discretion of the Trustee in furtherance ol the general objectives of the charity and which have not been designated for other purposes. Investments Listed investments are included in the financial slalemenls al mid-markel value al the balance sheet dale. Unlisted investments are included in the balance sheet al their historical cost less any amounts written off. Investments include cash held for investment purposes. Reallsed galns and losses All gains and losses are taken lo the Slalemenl ol Financial Activities as they arise. Realised gains and losses on inveslrnenls are calculated as the difference belween 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 al the year end and their carrying value. 2 Investment Income 2024 2023 Income from UK Listed Securities Interest Received Accrued Income 59,459.01 1,076.35 1741.591 57,553.06 299.55 1291.71} £59,793.77 £57,560.90
ARTHUR JAMES PATERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 3 Charitable Activities 2024 2023 Age UK Elizabeth Finn Care Glenalmond College King's College NSPCC Worcester College 5,940.00 5,940.00 8,910.00 17,820.00 5,940.00 8.910.00 £53.460.00 4 Support Costs 2024 2023 Governance Costs: SG Kleinwort Hambros Trust Company (UK} Limited Fees Independent Examinevs Fees LEI Fee 8,250.00 2. 100.00 6,097.50 1.860.00 72.00 £10,350.00 £8,029.50 5 Ralslng Funds 2024 2023 Evelyn Partner$ Investment Management Fee$ 17,347.72 17.528.80 £17.347.72 £17,528.80
ARTHUR JAMES PATERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 6 InstMents Ilstod on a recognl$•d Stock Exchang• 2024 2023 Markel Value Brought Forward Purchases Disposals 1,863,482.26 186,091.38 {97,845.051 1,978,859.26 478,981.04 1535,676.80} 1,951.728.59 1.922.163.50 Realised ILossllGain Unrealised GainllLossl {10.330.831 104.544.50 144,141.951 114,539.291 Market Value 2.045.942.26 1,863,482.26 Cash on.. SG Kleinwort Hambros Bank Account Evelyn Partner$ 22,684.60 36,689.73 40.613.35 142.734.67 Total Investments £2.105.316.59 £2,046,830.28 7 Cr•dltor8, amounts falllng duè wlthln one ar 2024 2023 SG Kleinwort Hambros Trust Company {UK} Limited Fees Independent Examinevs Fees Grants payable 3,942.00 2,100.00 4,108.50 1,860.00 13,833.00 £6,042.00 £19,801.50 The grants payable: Grants payable brought forward Grants agreed in the year Grants paid 13,833.00 53,460.00 (67.293.001 87,737.00 173,904.001 Grants payable carried forward 13,833.00 8 Unrestrlctgd 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 slatemenls. 9 Related party transactions and trustees. expense5 and remuneration SG Kleinwort Hambros Trust Company IUKI Limited was paid £8.250.00 for its services as the corporate Trustee in 202412023= £6,097.50). There were no other related paty transactions during the year. 10-