Re8iStered Charity No. 327402 The Trustees of the Joanna Herbert-stepney Charitable Trust Otherwise known as The Paget Charitable Trust Accounts For the year ended 5 April 2021 Saffery Champness CHAR TETtEO ACCOUNTANTS The Trustees of the Joanna Herbert-stepney Charitable Trust Otherwise known ès The Pa8et Charitable Trust Contents Pa£È Report of the trustees Independent examiners. report Statement of fiftancial activities Balance sheet Notes to the accounts 8~15 The Trustees of the Joanna Herbert-stepney Ch•ritable Trust OtheThvise known as The Paget Charitable Trust Rèport of the trustees For the year ended 5 April 2021 The Joanna Herbert-stepney 1986 Charitable Settlement was created under a Deed of Settlement dated 25 June 1986 between joanna Herbert-stepney I'the settlor") and judy Ryland I'the original trustee"), and is a registered charity. number 327402. The initial trust capital was gifted by the settlor. The charity Is otherwise known as'The Paget Charitable Trust,. The trustees have adopted the provisions of the Charitie5 SORP IFRS 1021- Accounting and Reportin8 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 (effective I january 20151. The principal addresses of the charity are as follows: Prlncipal office Old Village Stores Dippenhall Street Crondall Farnham Surrey GUIO 5NZ Re8lstered audltors Saffery Charnpness LLP Westpoint Peterborough Business Park Lynch Wood Peterborough PE2 6FZ Sollcltors Actons 20 Regent Street Nottin8ham Notlinghamshire NGI 5BQ Property agents and advisors Mather jamie 3 Bank Court Weldon Road Loughborough Leicestershire LEII 5RF (Martin Ward) Investment managers Rathbone G￿enbaftk Inve5tment5 Limited 10 Queen Street Bristol BSI 4NT Thè Trustees of the Joanna Herbert-stepney Charitable Trust Otherwise known as The Paget Charitable Trust Report of the trustees (Continued) For the year ended 5 April 2021 Ob'ectives and artivities Objects Under the terms of the Charitable Settlement.. The trustÈes sh311 hold the capital and income of the Trust Fund upon trust to apply the income and all or such part of the capital for or ioward5 such charitable (according to the Law of England and Wales) purposes and to make donations to such Charitable Instilutions at such time or time5 and in Such manner as the trustees may in their absolute discretion think fit. The trustees were able at their absolute discretion for the period of 21 years from 25 June 1986 instead of applying the income of the charity in any year as above accumulate all or any part of such income at compound interest by investing the same and the resulting income thereof in anv of the investment5 authorised in the Trust Deed. It is always the trustees. intention to distribute all income in the year it arises. Any income not distribuied is applsed in the following year. Money to be invested under the Trust Deed may be applied or invested in ihe purchase of such shares, stocks. funds. securities. land. buildings. chattels or other Investments or property of whatever nature and wherever situate. Whether invofving liabilities or producing income or not as the trustees shall in their absolute discretion think fit. Sl8nlfl£ant act5vltle5 The activlties of the Trust comprise the fental of land and property and the mana8ement of an investment portfolio. All assets are held in order to piovide fund5 fof donations. The management of the assets is undertaken by a8ents on behalf of the trustees and Lrnder their instructions. Election and tralnln8 of Trustees The power of appointing new trustees is vested in the settlor durin8 her lifetime and subject thereto in such person or persons as the setilor shall by Deed or Will or Codicil appoint. Trustees are provided with appropriate tiaining when first appointed. Or8anisational structure The charity Is run by the trustees, with all decisions being taken by a majority of trustees present at any duly constituted meeting. The trtA5tees who served during the year are Set out below.. joanna Herbert-stepnev Vivienne Matravers Laura Woodhead Pa8e 2 The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust Report of the trustees (Continued) For the year ended 5 April 2021 Achievements and erformance Progre55 and achievements During the year to 5 April 2021. the trustees have made donations to one hundred and thirty three charitable institutions totalling £337.000. The charitable institutions supported vary from UK based to overse35 and cover a multitude of different causes. which are listed in note 10 of the account5. The trustees feel that this approach of donating to a wide variety of charitable causes enables the Tnjst to best provide benefit to the public. The Trust's investment portfolio has increased compared to last year. Realised 8ain5 of £33,350 and unrealised gains of £269,974 have been recognised within the Statement of Financial Activities. The net gain recognised In relation to the investment portfolio amounts to £303.324. Flnanclal revlew Total Income for the year decreased to £21KI.27012020-. £207.4491. Expenditure increased to £404,544 12020.. £250,851). Of this sum. charltable donations amounted to £337,0(KI12020.. £157,500). After recognised gains and losses, nei movement in funds amounted to a surplus of £259,050 as compared to a deficit of £208.563 for the year ended 5 April 2020. Total funds as at S April 2021 amount to £12,348,404 as compared with £12,089.354 at 5 April 2020. Future plans The trustees, future plans are to continue to generate funds from the assets held in order to maintain a similar real level of donations in future years. Investment policy The trustees have reviewed their investment policy and remain committed to ethical investmènts. The Investment portfolio is managed by Rathbone Greenbank Investments Limited on behalf of the trustee5, who have determined the overall objectivès within the confines of the ethical investment aim. Reserves pollcv It 15 the policy of the trustees to materially distribute surplus income in accordance with the charitable objects of the Trust. The trustees seek to maintain capital reserves at a level sufficient to derive an annual income to en8ble a continuing level of support to be provided to 3 wide range of charitable causes and also have sufficient resource to enable the capital assets to be maintained in a good state of repair. At the year end the trustees held free reserves of nil12020.. nil). Malor rSsks The trustees have undertaken an assessment of the major risks whTrch may potentially impact upon the Trust. They have concluded that these relate 13r8ely to the freehold property and investment portfolio which represent the Trust's capital assets. The trustees employ professional advisers to manage these investment5, in orderto mitigate the risks and to minimi5e their financial impact. Land agents Mather Jamie manage the freehold property porttolio, with Rathbone Greenbank Investrnent5 Limited advising in respect of equity and bond investments. # 28 January 2022 The Trustees of the Joanna Herbert-stepney Charitable Trust Othenvise known as The Paget Charitable Trust Independent examlner's report to the trustees olthe Jo•nna Herbert-StÈpney Charitable Trust For the year ended 5 April 2021 I report to the trustees on my examination of the accounts of the Joanna Herbert-stepney Charitable Trust (the Trustl for the year ended 5 April 2021. Respective Responslblllties ol trtsstees and examiner As the charity trustees of the Trust yov are responsible foi the preparation of the accounts in accordance with the requirements of the Charitie5 Act 20111'the Act'l. I report in respect of my examination of the Trust's accounis 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 Ch3ritv Commission under sertion 145ISllbl of the Act. Basls of independeni examinerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the account5, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all thè evidence that would be required in an audit and consequently no opinion IS given as to wheiher the accovnts present a 'true and fair vie%rf and the report is limited to those matters set out in the statement below. Independent examlnees 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.. l. accounting record5 were not kept in respect of the Trust as required by sertion 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements toncernin8 the form and content of accounts set out in the Charities (Accounts and Reportsl Re8ulations 2008 other than any reqijirement that the accounts give a 'true and fair view, which Is not a mJtter 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 ttention should be drawn in this report in order to enable a proper understandin8 of the accounts to be reached. Jane Hill FCCA cfA OChA For and on behalf of Saffery Champne55 LLP Chartered Accountants Registered Auditors Westpoint, Peterborough Business Park Lynch Wood, Peterborough Cambiidgeshire PE2 6FZ Date.. The Trustees of the Jo4nna Herbert-stepney Charltable Trust Othèrwise known as The Paget Charitable Trust Statement oi financial artivitlés For the year ended 5 April 2021 Unrestrirted income fund Expendable èndowment lund Totsl 2021 Total 2020 Notes Income and endowments from: Donation5 and legacie5 Investments Other income 197,233 3,037 197.233 3.037 203 208 4,241 Tat•l income and endowments 2￿),270 200,270 207.449 Expèndlture on: Raising funds Charitable activitie5 58.3LTr3 346.235 58.309 346,235 87,178 163,673 io Total expendlture 404.544 404,544 250,851 Net gainslllossesl on investments 463.324 463,324 1165,1611 Net {expend5ture} I Income 12Lkl.2741 463.324 259,050 1208,5631 Net income fund deficit ¢har8ed to expendable endowment fund 204,274 1204.2741 Net movement In funds 259,050 259,050 1208.5631 Fund balances brought foTh¥ard 12.089,354 12,089,354 12,297,917 Fund balances carrSed forward 12.348.404 12,348,404 12,089.354 The statement of financial activities has been prepared on the basis that all operations are continuin8 operations. Page 6 The Trustees of the Joanna Herbert-5tepney Charitable Trust Otherwise known as The Paget Charitable Trust Balance sheet As at 5 April 2021 Pi¥ed assets Freehold investment property Investments Notes 2021 2020 10.242.264 1.744.021 10.082,264 1.450,817 Current assets Debtors Cash at bank Cash at brokers 11,986,285 11,533.081 74,992 307.509 5.652 ?1,580 501.484 6,222 388,153 Current Ilabilitles Creditors 579,286 Net Current asset5 26.034 23,013 362.119 Total asset5 less current Ilabilltie5 556.273 12,348,404 12,089.354 Unrestrlrted funds: Expendable endowment fund UnrestrScted Income fund 12.348,4104 12,089,354 12,348,404 12,089,354 The financial Statements were approved by the Trustees on 28 January 2022 Joanna Herbert-stepney Vivienne Matravers Laura Woodhead The Trustees of the Joanna Herbert-stepney Charftable Trust Otherwise known as The Paget Charitable Trust NotÈ5 to the accounts For thè year ended S April 2021 Charlty infomiatlon The Paget Charitable Trust is a Charity domiciled and incorporated in England and Wales. The registered office is Old Village Stores. Dippenhall Street, Crondall, Farnham, 5urrey, GUIO 5NZ. Acttsunting pollcies Accountlng conventlon These financial statement5 for the year ended 5 April 2021 are prepared in accordance with FRS 102, The Financial Reporting Framework applicable in the UK and Republic of Ireland, and in accordance with the Charittes Act 2011. The financial siatements have been prepared under the historical cost convention as modified bv the revaluation of investments and freehold property and in accordance with the applicable accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Pradice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FR5 102 effèctive l January 20151- Icharities SORP IFRS 10211 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trustees confirm that the Charity is a public benefit entity. Crltl¢•l acAfrica
Eastern Europe
Far East
Middle East
India
Thailand
South America
International
UK|Donations
made
£
44,500
6,000
32,000
8,000
18,000
500
3,000
65,500
159,500
337,000|Support
costs
£
1,219
164
877
219
493
14
82
1,795
4,371
9,235|Total
2021
£
45,719
6,164
32,877
8,219
18,493
514
3,082
67,295
163,871
346,235|Total
2020
£
45,725
2,598
20,784
5,716
20,264
520
2,078
38,970
27,019| |---|---|---|---|---| |||||163,674| Included in the above support costs was £4,000 in respect of the independent examination fees paid in the year (2020: £6,173). Fees paid to the independent examiner for other services totalled £5,235 (2020: £nil). ## 11 Employees / Related Party Transactions There were no employees during the year and therefore no employees received benefits of more than £60,000. No Trustee, or persons connected with the Trustees, received any remuneration or were reimbursed any expenses from the charity during the year (2020: None). ## 12 Analysis of net assets between funds |Last fund balances at 5 April 2020:
Fixed assets
Current assets
Current liabilities|Unrestricted
Income
Fund
£
-
26,034
(26,034)
-|Expendable
Endowment
Fund
£
11,986,285
362,119
-
12,348,404|Total
2021
£
11,986,285
388,153
(26,034)| |---|---|---|---| ||||12,348,404| Page 14 The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust **----- Start of picture text -----**
Notes to the accounts (continued)
For the year ended 5 April 2021
13 Comparative information — Statement of Financial Activities for the year ended 5 April 2020
Unrestricted Expendable Total
income endowment 2020
fund fund
Notes £ £ £
Income and endowments from:
Donations and legacies - - -
Investments 7 203,208 - 203,208
Other income 8 4,241 - 4,241
Total income and endowments 207,449 - 207,449
Expenditure on:
Raising funds 9 87,178 - 87,178
Charitable activities 10 163,673 - 163,673
Total expenditure 250,851 - 250,851
Net Losses on investments 4 - (165,161) (165,161)
Net income / (expenditure) (43,402) (165,161) (208,563)
Net income fund deficit charged to 43,402 (43,402) -
expendable endowment fund
Net movement in funds - (208,563) (208,563)
Fund balances brought forward - 12,297,917 12,297,917
Fund balances carried forward - 12,089,354 12,089,354
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