JOSEPH PATRICK TRUST
Charity no. 294475
ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Registered office: 32 Ufford Street, London, SE1 8QD Telephone: 020 7803 4800
Joseph Patrick Trust ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2023
1. Reference and Administra�ve Details
a. Sole Trustee: Muscular Dystrophy Group of Great Britain and Northern Ireland.
- b. Charity Number: 294475
d. Bankers: The Royal Bank of Scotland, 40 Islington Road, London N1 8XJ
HSBC, 28 Borough High St, London SE1 1YB"
e. Investment Managers: Investec, 2 Gresham Street, London, EC2V 7QN
f. Secretary: Mr Wojciech Trzcinski (Secretary to the Directors of Muscular Dystrophy of Great Britain and Northern Ireland)
g. Management Commi�ee:
i. Chairman: Mr Julian Pritchard
ii. Mr Ian Gordon
iii. Mr Robert Warner
h. Independent Examiner: Andrew S�ckland, Moore Kingston Smith LLP, 9 Appold Street, London EC2A 2AP
2. Structure, Governance and Management
a. The charity was cons�tuted by a trust deed dated 30th April 1986 and the sole corporate trustee is the Muscular Dystrophy Group of Great Britain and Northern Ireland (opera�ng as Muscular Dystrophy UK).
b. Under the provisions of Part VI of the Chari�es Act 1993, for the purposes of accoun�ng, audi�ng and repor�ng, the Joseph Patrick Trust is treated as a special trust of the Muscular Dystrophy Group of Great Britain and Northern Ireland. Accordingly the accounts of the Joseph Patrick Trust are not audited separately though they are subject to an independent examina�on and audited as part of the consolidated accounts of the Muscular Dystrophy Group of Great Britain and Northern Ireland.
c. Organisa�on: The Management Commi�ee delegate grant giving powers to a Grants Panel which is chaired by Mr Robert Warner. The Grants Panel met 4 �mes in 2022/23.
d. Risk management: The trustees of Muscular Dystrophy UK have a comprehensive risk management strategy based upon a detailed risk register which is subject to scru�ny and regular review which covers all aspects of the charity’s work including Joseph Patrick Trust opera�ons. Key components include a reserves policy and a plan for managing reputa�onal risk. Risks are reviewed against the strategic aims of the organisa�on and are evaluated against controls in place. Ac�on plans to deal with the net risks are then established and this provides assurance of an effec�ve system to mi�gate risks.
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
3. Objec�ves and Ac�vi�es
a. Objects of the Joseph Patrick Trust:
The objects of the Trust are to provide welfare, relief and support to people living with muscular dystrophy or an allied neuromuscular condi�on. It does this through:
- ii. encouraging others to support an individual’s equipment requirements
iii. ensuring that applicants receive the op�mum equipment for their requirements
- b. Joseph Patrick Trust’s aims and objec�ves for the year:
behalf of Muscular Dystrophy UK.
The Charity Trustee considers that it has complied with their duty in sec�on 17 of the Chari�es Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission and that the benefits that the charity provides are not unreasonably restricted.
4. Financial Review
Grant making
"The Joseph Patrick Trust provides grant funding throughout the UK. Between 1st April 2022 and 31st March 2023; 24 new grants were awarded at the value of £29,325 (2022: £16,880). In the same period £12,194 (2022:£30,685) of unclaimed balances on previously awarded grants were wri�en back to the accounts. Throughout the year JPT con�nued to pay its liabili�es for grants awarded in previous financial years.
JPT opened for the 2022/23 grant applica�ons in April 2022. In 2022/23 demand for JPT grants was lower than an�cipated, which may have been caused by the significantly reduced tariff from previous award amounts pre-covid and coupled with the cost-of-living crisis this be playing a part in the low level of demand. Due to the significant underspend JPT launched a grants programme to support those with muscle was�ng condi�ons at the height of a cost-of-living crisis. This was in the form of providing 470 £150 supermarket vouchers to individuals, the grants call was in March which will be recognised in 2023/24 accounts in April and May 2023.
The Management Commi�ee seeks to ensure that the JPT programme can support as many beneficiaries as possible whilst remaining sustainable, and this is a tricky balance to achieve. A revised tariff has been agreed for 2023/24, with higher individual grants available – par�cularly for powered wheelchairs and some new items of equipment have been included in the tariff list. The JPT panel will also be awarding grants as and when they are applied for and a annual panel mee�ng will be held at the end of the financial year. We are also planning greater promo�on of the programme to increase both awareness and uptake of it in 2023/24.
Once awarded, a JPT grant is available for 18 months, as awardees seek funding from other sources to raise the full amount for the equipment they wish to purchase. Awardees are contacted towards the end of that period to see if they s�ll require the grant and we are flexible if more �me is needed
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
Grant making (con�nues)
to raise the remaining funds. However, in a number of cases needs have changed or full funding has been secured from other means, so the grant is no longer required.
In 2021/22 we recognised that it is no longer appropriate for JPT to operate a programme of Holding Accounts, whereby people living with a muscle-was�ng condi�on can hold funds with JPT that they have raised or gathered for future use. Contact was a�empted with all account holders during 2022/23. We worked with some account holders to spend down the balance of their accounts and some account holders indicated that they wished their outstanding balances to be transferred to general JPT funds. We were unable to make contact with holders of seven accounts. Following legal advice six of these were closed with their balances were transferred to general JPT funds through a resolu�on of the MDUK trustees; and one has been iden�fied as requiring a Charity Commission applica�on in order to do this. Some accounts were not fully resolved by the end of 2022/23 and the remaining balance on these forms part of the grants liabili�es balance disclosed in these accounts.
Fundraising performance
Fundraising for the Joseph Patrick Trust is undertaken on its behalf by Muscular Dystrophy UK which provides an annual grant towards the Grants Panel’s expenditure. The grant provided from the parent charity in 2023 was £0 (2022: £0) as the Trust held sufficient funds following the reciept of a £122k legacy in 2023.
A number of other organisa�ons supported the Joseph Patrick Trust over the year. The generous dona�ons and support of the donors will enabled the Trust to con�nue to award vital grants in the 2023/24 financial year .
Funds
Restricted funds carried forward mainly relate to future expenditure on grants in respect of Assis�ve Technology. The balance on unrestricted funds at the year end represents the realised gains in value of investments and write backs of expired awards. They will be used to cover future charitable expenditure of the Trust.
Reference is made to the support of its parent company and sole trustee under Note 2 above.
5. Future Plans
i. To con�nue to support welfare provision for those living with muscle disease.
more equitable and be�er funded provision of mobility equipment, especially electrically powered indoor and outdoor wheelchairs
By order of the Trustee
Mr Wojciech Trzcinski, Secretary to the Trustee
12 October 2023
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Joseph Patrick Trust
ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Statement of Trustee responsibili�es
accordance with applicable law and United Kingdom Accoun�ng Standards (United Kingdom Generally Accepted Accoun�ng Prac�ce).
charity law the trustees must not approve the financial statements unless they are sa�sfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and applica�on of resources. In preparing those financial statements the trustees are required to:
-
i. select suitable accoun�ng policies and then apply them consistently;
-
ii. observe the methods and principles in the Chari�es SORP;
iii. make judgments and accoun�ng es�mates that are reasonable and prudent;
- iv. state whether applicable accoun�ng standards have been followed, subject to any material departures disclosed and explained in the financial statements;
presume that the charity will con�nue in business.
to show and explain the charity's transac�ons and disclose with reasonable accuracy at any �me the financial posi�on of the charity and enable them to ensure that the financial statements comply with the Chari�es Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preven�on and detec�on of fraud and other irregulari�es.
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF JOSEPH PATRICK TRUST
I report to the trustees on my examina�on of the accounts of Joseph Patrick Trust (the Trust) for the year ended 31 March 2023.
Responsibili�es and basis of report
As the charity trustees of the Trust you are responsible for the prepara�on of the accounts in accordance with the requirements of the Chari�es Act 2011 (‘the Act’).
I report in respect of my examina�on of the Trust’s accounts carried out under sec�on 145 of the 2011 Act and in carrying out my examina�on I have followed all the applicable Direc�ons given by the Charity Commission under sec�on 145(5)(b) of the Act.
Independent examiner’s statement
connec�on with the examina�on giving me cause to believe:
-
accoun�ng records were not kept in respect of the charity as required by sec�on 130 of the 2011 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 Chari�es (Accounts and Reports) Regula�ons 2008 other than any requirement that the accounts give a true and fair view which is not a ma�er considered as part of an independent examina�on.
I have no concerns and have come across no other ma�ers in connec�on with the examina�on to which a�en�on should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew S�ckland
(FCA, ICAEW)
For and on behalf of Moore Kingston Smith LLP
Chartered Accountants
9 Appold Street
London EC2A 2AP
12 October 2023
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Notes Income Income from charitable activities Donations, gifts and grants Other Income Legacy Income Investment income Total income Expenditure Expenditure on raising funds Charitable activities Grant making Support costs Total charitable expenditure 2 Total expenditure Net gain / (loss) on investment assets 3 Net movement in funds Reconciliation of funds Total funds brought forward 6 Total funds carried forward 6 |
Unrestricted Funds Restricted and Endowment Funds Total Unrestricted Funds Restricted and Endowment Funds Total 2023 2023 2023 2022 2022 2022 £' £' £' £' £' £' 4,545 - 4,545 11,150 - 11,150 - - - - 19,655 19,655 122,000 -122,000 - - - 4,424 - 4,424 7,895 - 7,895 |
|---|---|
| 130,969 - 130,969 19,045 19,655 38,700 |
|
| 4,468 - 4,468 2,363 - 2,363 15,780 1,351 17,131 (13,805) - (13,805) 8,851 - 8,851 10,830 - 10,830 |
|
| 24,631 1,351 25,982 (2,975) - (2,975) |
|
| 29,099 1,351 30,450 (612) - (612) (12,636) -(12,636) 26,022 - 26,022 |
|
| 89,234 (1,351) 87,883 45,679 19,655 65,334 |
|
| 82,693 50,429 133,122 37,014 30,774 67,788 |
|
| 171,927 49,078 221,005 82,693 50,429 133,122 |
All income and expenditure derive from continuing operations. There are no recognised gains and losses other than those disclosed above.
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Joseph Patrick Trust ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023
| Note Fixed assets Investments 3 Total fixed assets Current assets Debtors 4 Cash at bank Total current assets Creditors: amounts falling due within 5 one year Net current liabilities Net assets Represented by the funds of the Charity Restricted funds Unrestricted funds Total Charity funds 6 |
2023 £ 230,139 230,139 795 204,819 205,614 (214,748) (9,134) 221,005 49,078 171,927 221,005 |
2022 £ 394,216 |
|---|---|---|
| 394,216 | ||
| 1,681 3,350 |
||
| 5,031 | ||
| (266,124) | ||
| (261,094) | ||
| 133,122 | ||
| 50,429 82,693 |
||
| 133,122 |
Approved and authorised for issue by the Board of the Trustee, Muscular Dystrophy Group of Great Britain and Northern Ireland, on 12/10/2023 and signed on its behalf by:
Mr Wojciech B Trzcinski Secretary to the Trustee Date 12 October 2023
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
1. ACCOUNTING POLICIES
Basis of Accoun�ng
Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) – (Chari�es SORP 2015 (Second Edi�on, effec�ve 1 January 2019), the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102).
liabili�es are ini�ally recognised at historical cost or transac�on value unless otherwise stated in the relevant accoun�ng policy notes.
Going Concern
In light of the available assets and future income streams, the Trustee considers there are no material uncertain�es about the Charity’s ability to con�nue as a going concern.
Judgements and es�mates
effect on the financial statements and es�mates with a significant risk of material adjustment in the next year are deemed to be in rela�on to the valua�on of investments and are discussed below.
Cash Flow Statement
The Trustee has taken advantage of the provisions of FRS102 (SORP 2019) for smaller chari�es and have chosen not to prepare a cash flow statement.
Income Recogni�on
Income represents investment income, grants & dona�ons and other sundry income. All income is recognised once the charity has en�tlement to income; it is probable that income will be received; and the amount of income receivable can be measured reliably.
Expenditure
aggregate all cost related to the category.
Charitable Ac�vi�es
Direct charitable expenditure represents grants for the furtherance of the objects of the charity. Grants are recognised in the accounts when awarded by the Trustee and the offers are conveyed to the recipients. The grants are awarded at the discre�on of the Trustee within the objects of the charity.
Investments
Realised and unrealised gains and losses on revalua�on and disposals occurring in the year are reported in the Statement of Financial Ac�vi�es.
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
1.ACCOUNTING POLICIES (con�nued)
Realised and unrealised gains and losses
losses on investments are calculated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (purchase date if later).
Funds
General Unrestricted Funds are unrestricted funds which are available for use at the discre�on of the Trustee in furtherance of the general objec�ves of the charity and which have not been designated for other purposes.
Financial instruments
at amor�sed cost with the excep�on of investments which are held at fair value. Financial assets held at amor�sed cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabili�es held at amor�sed cost comprise all creditors except social security and other taxes.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obliga�on resul�ng from a past event that will probably result in the transfer of funds to a third party and the amount due to se�le the obliga�on can be measured or es�mated reliably. Creditors and provisions are normally recognised at their se�lement amount a�er allowing for any trade discounts due.
2. DIRECT CHARITABLE EXPENDITURE
| Grants awarded Cancellation of lapsed grants Support Costs Total charitable expenditure |
2023 £ 29,325 (12,194) 8,851 25,982 |
2022 £ 16,880 (30,685) 10,830 (2,975) |
|---|---|---|
expenditure. Its parent and sole trustee, the Muscular Dystrophy Group of Great Britain and Northern Ireland, provides accommoda�on and administra�ve support in return for reimbursement of £ nil (2022: £ nil). Whilst not employing staff, the Trust bears the costs of staff employed solely on the business of the Trust plus any other direct fees and expenses. All grants are made to individuals.
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
3. INVESTMENTS
The investments are held under discre�onary investment powers. Investments are held on recognised stock exchanges. Of the total £25k (2022: £23k) is held as gilts or fixed interest securi�es, £30k (2022: £167k) as cash and in alterna�ve assets, £10k (2022: £34k) in UK property, £108k (2022: £105k) overseas holdings. The balance of £57k (2022: £65k) are in UK equi�es.
| Market Value at 1 April Acquisitions Sales proceeds Gains/(Losses) on disposals and revaluation of investments Market Value at 31 March Historical Cost at 31 March 4. DEBTORS Amount from to parent company Accrued income Debtors 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants to be paid (including Holding Accounts) Amount due to parent company Other creditors Creditors |
2023 £ 394,216 33,714 (185,155) 242,775 (12,636) 230,139 225,686 2023 £ 795 - 795 2023 £ 213,379 - 1,369 214,748 |
2022 £ 370,172 194,859 (196,837) |
|---|---|---|
| 368,194 26,022 |
||
| 394,216 | ||
| 369,633 2022 £ 1,681 1,681 2022 £ 213,724 45,519 6,881 266,124 |
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ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
Joseph Patrick Trust
6. FUNDS
| Restricted Change for Children Appeal Other Funds Assistive Technology Unrestricted General Fund Total Funds |
Balance at 1 Apr'22 Expenditure Income Investments Balance at 31 Mar'23 Gains/ (Losses) £ £ £ £ £ 8,076 (8,076) - - - 22,594 (1,706) - 20,888 19,759 8,431 - - 28,190 |
|---|---|
| 50,429 - 1,351 - - 49,078 |
|
| 82,693 (29,099) 130,969 (12,636) 171,927 |
|
| 133,122 - 30,450 130,969 - 12,636 221,005 |
Assis�ve Technology fund is used for grants towards equipment. 'Assis�ve technology' has been defined as ‘any product or service that maintains or improves the ability of individuals with disabili�es or impairments to communicate, learn and live independent, fulfilling and produc�ve lives though the usage of technology'.
can be applied to any form of equipment or support grants where the age restric�on is met.
| Restricted Change for Children Appeal Other Funds Assistive Technology Unrestricted General Fund Total Funds |
Balance at 1 Apr'21 Expenditure Income Investments Balance at 31 Mar'22 Gains/ (Losses) £ £ £ £ £ 8,076 - - - 8,076 2,939 - 19,655 - 22,594 19,759 - - - 19,759 |
|---|---|
| 30,774 - 19,655 - 50,429 |
|
| 37,014 612 19,045 26,022 82,693 |
|
| 67,788 612 38,700 26,022 133,122 |
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Joseph Patrick Trust ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31st March 2023
7. INDEPENDENT EXAMINER
The independent examiner’s fees for 2023 were £1,320 (2022:£1,200).
8. STATUS OF THE CHARITY
The trust is an unincorporated discre�onary trust, which is a registered charity. It has a sole corporate trustee, the Muscular Dystrophy Group of Great Britain and Northern Ireland.
9. RELATED PARTIES AND ULTIMATE PARENT UNDERTAKING
In the Trustee’s opinion, the Trust’s ul�mate parent undertaking and controlling party is the Muscular Dystrophy Group of Great Britain and Northern Ireland, a registered charity and a company limited by guarantee registered in England and Wales.
There were no other related par�es transac�ons (2022: nil).
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