CHARITY REGISTRATION NUMBER: 297615
The Pauline Aviges-Graham Foundation Unaudited Financial Statements 31 March 2023
CHAMBERLAINS UK LLP
Chartered Accountants 173 Cleveland Street London UK W1T 6QR
The Pauline Aviges-Graham Foundation
Financial Statements
Year ended 31 March 2023
| Pages | |
|---|---|
| Trustees' annual report | 1 to 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 11 |
| The following pages do not form part of the financial | statements |
| Detailed statement of financial activities | 13 |
| Notes to the detailed statement of financial activities | 14 |
The Pauline Aviges-Graham Foundation
Trustees' Annual Report
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
Registered charity name The Pauline Aviges-Graham Foundation Charity registration number 297615 Principal office 16 Yoakley Road Stoke Newington London N16 0BA United Kingdom The trustees Mrs A Tappas Mr K Tappas Mrs M Lemos Independent examiner Shammir Shah Chamberlains UK LLP Chartered Accountants 173 Cleveland Street London UK W1T 6QR
Structure, governance and management
Governing Document
The Pauline Aviges-Graham Foundation is constituted under a Declaration of Trust Deed dated 23rd August 1987 as amended by resolutions dated 18 September 2001 and 23 July 2007 and is a registered charity under the registration number 297615.
Appointment of Trustees
The Foundation shall have at least three trustees. Every future trustee shall be appointed by a resolution of the trustees passed at a special meeting. In selecting persons to be appointed as trustees, the trustees shall take into account the benefits of appointing a person who is able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of the objects or the management of the charity.
Public Benefit Statement
In accordance with the Charities Act 2011, the trustees confirm that they have given due consideration to the Charity Commission Public Benefit Guidance as required by Section 4 of the Charities Act 2011.
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The Pauline Aviges-Graham Foundation
Trustees' Annual Report (continued)
Year ended 31 March 2023
Objectives and activities
The objectives of the charity is for the advancement of education and for the relief of poverty.
The strategies employed to achieve the charity's objectives are as follows:
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(i) to provide or assist the provision of money, materials or other help towards relief of poverty;
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(ii) to enquire into the material and educational needs;
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(iii) to promote the establishment or maintenance of charitable institutes, colleges or schools and the holding of events such as seminars, courses, conferences and workshops;
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(iv) to provide books and teaching materials of any kind;
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(v) to provide scholarships, bursaries or other assistance;
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(vi) to publication of books, films, tapes or other publications;
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(vii) to co-operate or collaborate with other persons or organisations for the purpose of advancing the objects of the charity; and
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(viii) to engage, employ, consult or retain such person or persons for the purpose of advancing the objects of the charity.
Achievements and performance
The Trustees of the Charity have continued to assess the needs of various charities during the year and made a charitable donation of £5,000 to the Disasters Emergency Committee for the Turkish Earthquake appeal. The Trustees have stated that they will continue to assess the needs of various charities in the forthcoming financial year with a view to making charitable donations.
Financial review
During the year, the Charity received dividends, interest and investment income of £83,149 (2022: £88,358). The charity had also made charitable donations of £5,000 (£2022: £900).
Reserves policy
The total reserve funds as of 31 March 2023 stood at £3,143,399 (31 March 2022: £3,499,383) and all the reserves are unrestricted i.e. they can be applied at the discretion of the trustees.
The charity only has unrestricted funds. It has the policy of keeping sufficient funds to cover at least two years estimated expenditure. This has been maintained during the year. The rest of the unrestricted funds are available to be paid out in charitable donations. These funds are regularly reviewed by the trustees.
Going concern
After making appropriate enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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The Pauline Aviges-Graham Foundation Trustees. Annual Report (wptlnu8dJ Year ended 31 March 2023 Plans for futurg periods The Trustees will ensure that the frjnds invested by the Foundation will g8ner8te a steady relum which can be used lo achleve the Foundation's obj8¢1ives. Trustee'$ responsibllltles statement The trustees are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable18w and United Kingdom Accountlng Standards Iunlled Kingdom Generally Accepted Aecounllng Pra¢licel. The law appllc8ble lo ch8rilies in England and Wales requires the charity trustees lo prepare financial ststements for each year which give 8 tru8 and fair view of the slate of affalrs of th8 Gharity and of the Sncoming resources and application of resources. of the charity for that period. In preparing these financial Statements. the trustees are requlred to= selact sultable accounting pollGies and then apply them consislontly. observe thè mèthods and principles in the applicable ch8rilie5 SORP. make judgmants and accounting estimalos Ih8t are reasonable and prud8nl', stats whether applicable UK Accounting Standards h8ve bgen followed, subject to any matèdal departures disclosed and explained in the financial slalements., prèpare the flnanclal slalemenls on tha going ¢onGern basis unless il Is Inappropdale lo prèsumo that the charity will continue in business. The trusl6es are responslble for keeping adequalo ac¢ounllng records that are 8ufficl8nt to show and explain the chariws Ir8nsactlons and dlsclose with reasonable accuracy al any time the financial position of the charity and onable them to onsure that th9 financial ststemenls comply with the Charlllo8 Act 2011. the applicable Charflles IAccounls and Reports) Regulatlons, and the provlslons of the Trust Deed. They arg also responsible for safeguarding the assets of the charity and henc6 for taking reasonable steps for the prevgnlion and dèlecllon of Iraud and other Irr8gularlll8s. The trustees, annual rgport was approved on 25 January 2024 and sSgned on behalf of the board of trustees by.. Mrs A Tappas Trustee
The Pauline Aviges-Graham Foundation
Independent Examiner's Report to the Trustees of The Pauline Aviges-Graham Foundation
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of The Pauline Aviges-Graham Foundation ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Shammir Shah Chamberlains UK LLP Chartered Accountants Independent Examiner
173 Cleveland Street London UK W1T 6QR
26 January 2024
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The Pauline Aviges-Graham Foundation
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 83,149 | 83,149 | 88,358 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 83,149 | 83,149 | 88,358 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | 27,796 | 27,796 | 23,485 |
| Expenditure on charitable activities | 6,7 | 7,939 | 7,939 | 6,899 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 35,735 | 35,735 | 30,384 | |
| ============================ | ============================ | ============================ | ||
| Net losses on investments | 8 | 403,998 | 403,998 | 22,947 |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| Net (expenditure)/income and net movement in funds | (356,584) | (356,584) | 35,027 | |
| ================================ | ================================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 3,499,383 | 3,499,383 | 3,464,356 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 3,142,799 | 3,142,799 | 3,499,383 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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The Pauline Aviges-Graham Foundation statement of Financial Position 31 March 2023 2023 2022 Notè Fixed assets Investments 13 2,791.966 3,134,622 Current assets Cash al bank and in hand 361,333 369.321 Crgditors: amounts falling due within one year Net current assets 14 10,500 4,560 350,833 3,142,799 3,142,799 364.761 Total assets less current Ilabllltles 3.499,383 Net assets 3.499,383 Fund$ of the charlty Unrestricted funds 3,142.799 3,499,383 3,499.383 Totsl charity funds 15 3,142,799 These financial statements were approved by the board of trusteès and aulhorised for issue on 25 January 2024, and are signed on behaff of the board by.. Mrs A Tappas Trnslee Tho notss on pagg$ Y to 11 fom part of thasa flnanclal statemants.
The Pauline Aviges-Graham Foundation
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 16 Yoakley Road, Stoke Newington, London, N16 0BA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The trustees believe that due to the availability of reserves, there are no material uncertainties about the charity's ability to continue for at least the next 12 months from the date of this report.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The company is a registered charity and as such is entitled to the exemption from tax to the extent that the income falls within section 505 ICTA 1988 and section 256 CGTA and is applied for charitable purposes only. Value Added Tax is not recoverable by the company and is therefore included in the relevant costs in the Statement of Financial Activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Pauline Aviges-Graham Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Investments
Unlisted equity investments are recorded at cost less impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from listed investments | 83,112 | 83,112 | 64,178 | 64,178 |
| Income from other investments | – | – | 23,400 | 23,400 |
| Bank interest receivable | 37 | 37 | 143 | 143 |
| Other interest receivable | – | – | 637 | 637 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 83,149 | 83,149 | 88,358 | 88,358 | |
| ============================ | ============================ | ============================ | ============================ |
5. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Portfolio management fees | 27,796 | 27,796 | 23,485 | 23,485 |
| ============================ | ============================ | ============================ | ============================ |
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable donations | 5,000 | 5,000 | 900 | 900 |
| Support costs | 2,939 | 2,939 | 5,999 | 5,999 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 7,939 | 7,939 | 6,899 | 6,899 | |
| ======================= | ======================= | ======================= | ======================= |
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The Pauline Aviges-Graham Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2023
7. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 5,000 | – | 5,000 | 900 | |
| Governance costs | – | 2,939 | 2,939 | 5,999 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| 5,000 | 2,939 | 7,939 | 6,899 | ||
| ======================= | ======================= | ======================= | ======================= | ||
| 8. | Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Unrealised Gains/(losses) on listed | |||||
| investments | (423,299) | (423,299) |
(22,947) | (22,947) | |
| Realised Gains/(losses) on listed | |||||
| investments | 19,301 | 19,301 | – | – | |
| -------------------------------- | -------------------------------- | ---------------------------- | ---------------------------- | ||
| (403,998) | (403,998) |
(22,947) | (22,947) | ||
| ================================ | ================================ | ============================ | ============================ | ||
| 9. | Net (expenditure)/income | ||||
| Net (expenditure)/income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Foreign exchange differences | (5,640) | (1,080) | |||
| ======================= | ======================= | ||||
| 10. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,800 | 2,160 | |||
| ======================= | ======================= |
11. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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The Pauline Aviges-Graham Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2023
13. Investments
| Listed | Investment | ||
|---|---|---|---|
| investments | properties | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2022 | 3,002,003 | 132,619 | 3,134,622 |
| Additions | 500,342 | – | 500,342 |
| Disposals | (419,700) | – | (419,700) |
| Fair value movements | (423,298) | – | (423,298) |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| At 31 March 2023 | 2,659,347 | 132,619 | 2,791,966 |
| ========================================= | ================================ | ========================================= | |
| Impairment | |||
| At 1 April 2022 and 31 March 2023 | – | ||
| ========================================= | |||
| Carrying amount | |||
| At 31 March 2023 | 2,659,347 | 132,619 | 2,791,966 |
| ========================================= | ================================ | ========================================= | |
| At 31 March 2022 | 3,002,003 | 132,619 | 3,134,622 |
| ========================================= | ================================ | ========================================= |
All investments shown above are held at valuation.
Investment properties
The valuation of investment property was carried out at the balance sheet date by the Trustees' of the Foundation on an open market basis. No depreciation or amortisation is provided in respect of these properties. The historical cost of the investment property amounted to £132,619 (2022: £792,619).
Financial assets held at fair value
All investments held above are shown at their market value at the balance sheet date and the gain or loss is taken to the Statement of Financial Activities.
14. Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 10,500 | 4,560 |
| ============================ | ======================= |
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The Pauline Aviges-Graham Foundation
Notes to the Financial Statements (continued)
Year ended 31 March 2023
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 1 April 2022 | Income | Expenditure | losses 31 |
March 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 3,499,383 | 83,149 | (35,735) | (403,998) | 3,142,799 |
| ========================================= | ============================ | ============================ | ================================ | ========================================= | |
| At | Gains and | At | |||
| 1 April 2021 | Income | Expenditure | losses 31 |
March 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 3,464,356 | 88,358 | (30,384) | (22,947) | 3,499,383 |
| ========================================= | ============================ | ============================ | ============================ | ========================================= | |
| Analysis of net assets between funds | |||||
| Unrestricted | Total Funds |
||||
| Funds | 2023 |
||||
| £ | £ | ||||
| Investments | 2,791,966 | 2,791,966 |
|||
| Current assets | 350,833 | 350,833 |
|||
| ----------------------------------------- | ----------------------------------------- | ||||
| Net assets | 3,142,799 | 3,142,799 |
|||
| ========================================= | ========================================= | ||||
| Unrestricted | Total Funds |
||||
| Funds | 2022 |
||||
| £ | £ | ||||
| Investments | 3,134,622 | 3,134,622 |
|||
| Current assets | 364,761 | 364,761 |
|||
| ----------------------------------------- | ----------------------------------------- | ||||
| Net assets | 3,499,383 | 3,499,383 |
|||
| ========================================= | ========================================= |
16. Analysis of net assets between funds
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The Pauline Aviges-Graham Foundation
Management Information
Year ended 31 March 2023
The following pages do not form part of the financial statements.
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The Pauline Aviges-Graham Foundation
Detailed Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Investment income | ||
| Income from listed investments | 83,112 | 64,178 |
| Income from other investments | – | 23,400 |
| Bank interest receivable | 37 | 143 |
| Other interest receivable | – | 637 |
| ---------------------------- | ---------------------------- | |
| 83,149 | 88,358 | |
| ---------------------------- | ---------------------------- | |
| ---------------------------- | ---------------------------- | |
| Total income | 83,149 | 88,358 |
| ============================ | ============================ | |
| Expenditure | ||
| Investment management costs | ||
| Portfolio management fees | 27,796 | 23,485 |
| ---------------------------- | ---------------------------- | |
| Expenditure on charitable activities | ||
| Legal and professional fees | 8,579 | 7,079 |
| Foreign exchange gain/loss | (5,640) | (1,080) |
| Charitable donations | 5,000 | 900 |
| ----------------------- | ----------------------- | |
| 7,939 | 6,899 | |
| ----------------------- | ----------------------- | |
| ---------------------------- | ---------------------------- | |
| Total expenditure | 35,735 | 30,384 |
| ============================ | ============================ | |
| Net losses on investments | ||
| Unrealised (Gains)/losses on listed investments | 423,299 | 22,947 |
| Realised (Gains)/losses on listed investments | (19,301) | – |
| -------------------------------- | ---------------------------- | |
| 403,998 | 22,947 | |
| -------------------------------- | ---------------------------- | |
| -------------------------------- | ---------------------------- | |
| Net (expenditure)/income | (356,584) | 35,027 |
| ================================ | ============================ |
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The Pauline Aviges-Graham Foundation
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Charitable donations | ||
| Activities undertaken directly | ||
| Charitable activity | 5,000 | 900 |
| ----------------------- | -------------- | |
| Governance costs | ||
| Governance costs - accountancy fees | 1,500 | 1,800 |
| Governance costs - legal and other professional fees | 5,340 | 2,880 |
| Governance costs - independent examiner fees | 1,739 | 2,399 |
| Foreign exchange gain/(loss) | (5,640) | (1,080) |
| ----------------------- | ----------------------- | |
| 2,939 | 5,999 | |
| ----------------------- | ----------------------- | |
| ----------------------- | ----------------------- | |
| Expenditure on charitable activities | 7,939 | 6,899 |
| ======================= | ======================= |
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