Registered 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 2022
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Contents
| Page | |
|---|---|
| Report of the trustees | 1 - 4 |
| Independent examiners' report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 – 16 |
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Report of the trustees For the year ended 5 April 2022
The Joanna Herbert-Stepney 1986 Charitable Settlement was created under a Deed of Settlement dated 25 June 1986 between Joanna Herbert-Stepney ("the settlor") and Judy Ryland ("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 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 (effective 1 January 2015).
The principal addresses of the charity are as follows:
| Principal office | Old Village Stores |
|---|---|
| Dippenhall Street | |
| Crondall | |
| Farnham | |
| Surrey | |
| GU10 5NZ | |
| Registered auditors | Saffery Champness LLP |
| Westpoint | |
| Peterborough Business Park | |
| Lynch Wood | |
| Peterborough | |
| PE2 6FZ | |
| Solicitors | Actons |
| 20 Regent Street | |
| Nottingham | |
| Nottinghamshire | |
| NG1 5BQ | |
| Property agents and | Mather Jamie |
| advisors | 3 Bank Court |
| Weldon Road | |
| Loughborough | |
| Leicestershire | |
| LE11 5RF (Martin Ward) | |
| Investment managers | Rathbone Greenbank Investments Limited |
| 10 Queen Street | |
| Bristol | |
| BS1 4NT |
Page 1
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 2022
Objectives and activities
Objects
Under the terms of the Charitable Settlement:
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i) The trustees shall 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 towards such charitable (according to the Law of England and Wales) purposes and to make donations to such Charitable Institutions at such time or times and in such manner as the trustees may in their absolute discretion think fit.
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ii) 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 any of the investments authorised in the Trust Deed. It is always the trustees' intention to distribute all income in the year it arises. Any income not distributed is applied in the following year.
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iii) Money to be invested under the Trust Deed may be applied or invested in the purchase of such shares, stocks, funds, securities, land, buildings, chattels or other investments or property of whatever nature and wherever situate. Whether involving liabilities or producing income or not as the trustees shall in their absolute discretion think fit.
Significant activities
The activities of the Trust comprise the rental of land and property and the management of an investment portfolio. All assets are held in order to provide funds for donations. The management of the assets is undertaken by agents on behalf of the trustees and under their instructions.
Election and training of Trustees
The power of appointing new trustees is vested in the settlor during her lifetime and subject thereto in such person or persons as the settlor shall by Deed or Will or Codicil appoint. Trustees are provided with appropriate training when first appointed.
Organisational 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 trustees who served during the year are set out below:
Joanna Herbert-Stepney Vivienne Matravers Laura Woodhead
Page 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 2022
Achievements and performance
Progress and achievements
During the year to 5 April 2022, the trustees have made donations to one hundred and thirty charitable institutions totalling £231,000. The charitable institutions supported vary from UK based to overseas and cover a multitude of different causes, which are listed in note 10 of the accounts. The trustees feel that this approach of donating to a wide variety of charitable causes enables the Trust to best provide benefit to the public.
The Trust's investment portfolio has decreased compared to last year. Realised gains of £22,931 and unrealised gains of £2,976 have been recognised within the Statement of Financial Activities. The net gain recognised in relation to the investment portfolio amounts to £25,907.
Financial review
Total income for the year decreased to £192,337 (2021: £200,270). Expenditure decreased to £309,679 (2021: £404,544). Of this sum, charitable donations amounted to £231,000 (2021: £337,000).
After recognised gains and losses, net movement in funds amounted to a deficit of £91,435 as compared to a surplus of £259,050 for the year ended 5 April 2021. Total funds as at 5 April 2022 amount to £12,256,969 as compared with £12,348,404 at 5 April 2021.
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 investments. The investment portfolio is managed by Rathbone Greenbank Investments Limited on behalf of the trustees, who have determined the overall objectives within the confines of the ethical investment aim.
Reserves policy
It is 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 enable a continuing level of support to be provided to a 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 nil (2021: nil).
Major risks
The trustees have undertaken an assessment of the major risks which may potentially impact upon the Trust. They have concluded that these relate largely to the freehold property and investment portfolio which represent the Trust's capital assets. The trustees employ professional advisers to manage these investments, in order to mitigate the risks and to minimise their financial impact. Land agents Mather Jamie manage the freehold property portfolio, with Rathbone Greenbank Investments Limited advising in respect of equity and bond investments.
Page 3
The Trustees of the Joanna Herbert-stepney Charltable Trust Othenvlse known as The Paget Charltable Trust Report of the trustees Icontlnuedj For the year ended 5 April 2022 Trustee5' responslbilities The trustees are re5ponslble for preparing the Trustees. Report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subjectto any material departures disc105ed and explained in the financial statements,. prepare the flnanci81 statements on a going concern basi5 unless it is Inappropriate to assume the Trust will continue busine5S. The trustees are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detettion of fraud and other irregularities. Publlc beneflt The trustees are aware of the requirements as to publlc benefit and the Charity Commission's guidance on this topic. The trustee5 are satisfied that they meet the public benefit requirement by sUPPOrting a wide range of charitable activities. Although it is not up to the trustees to 'police' the delivery of public benefit by the charities which they support. they have this in mind when consldering applications. The trustees consider each applicatlon from other charities on their individual merits and research each one to ensure they are for public benefit before making any donation. The trustees manage the expendable endowment fund in order to maximise income available for distribution. However. they do 50 With public benefit in mind and investments are made on an ethical basis and due consideration is given tothose in financial need throughout the management of the charity's activities. On behalf of the Trustees Joanna Herbert-stepney Date.. PaRe 4
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Independent examiner's report to the trustees of the Joanna Herbert-Stepney Charitable Trust For the year ended 5 April 2022
I report to the trustees on my examination of the accounts of the Joanna Herbert-Stepney Charitable Trust (the Trust) for the year ended 5 April 2022.
Respective Responsibilities of trustees and examiner
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 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.
Basis of independent examiner’s 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 accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
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 Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Jane Hill FCCA CTA DChA Westpoint, Peterborough Business Park For and on behalf of Saffery Champness LLP Lynch Wood, Peterborough Chartered Accountants Cambridgeshire Registered Auditors PE2 6FZ
29/11/2022 Date:……………………
Page 5
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Statement of financial activities For the year ended 5 April 2022
| Unrestricted Expendable income endowment fund fund Notes £ £ Income and endowments from: Donations and legacies - - Investments 7 191,193 - Other income 8 1,144 - Total income and endowments 192,337 - Expenditure on: Raising funds 9 67,409 - Charitable activities 10 242,270 - Total expenditure 309,679 - Net gains/(losses) on investments 4 - 295,054 Net (expenditure) / income (117,342) 295,054 Net income fund deficit charged to expendable endowment fund 117,342 (117,342) Net movement in funds - 177,712 Fund balances brought forward - 12,348,405 Fund balances carried forward - 12,526,117 |
Total 2022 £ - 191,193 1,144 192,337 67,409 242,270 309,679 295,054 (91,435) - 177,712 12,348,405 12,526,117 |
Total 2021 £ - 197,233 3,037 |
|---|---|---|
| 200,270 | ||
| 58,309 346,235 |
||
| 404,544 | ||
| 463,324 | ||
| 259,050 - |
||
| 259,050 12,089,355 |
||
| 12,348,405 |
The statement of financial activities has been prepared on the basis that all operations are continuing operations.
Page 6
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Balance sheet
As at 5 April 2022
| Notes Fixed assets Freehold investment property 2 Investments 3 Current assets Debtors 5 Cash at bank Cash at brokers Current liabilities Creditors 6 Net current assets Total assets less current liabilities Unrestricted funds: Expendable endowment fund Unrestricted income fund |
2022 £ £ 10,528,542 1,739,589 12,268,131 65,220 195,180 22,981 283,381 25,395 257,986 12,526,117 12,526,117 - 12,526,117 |
2021 £ £ 10,242,264 1,744,021 11,986,285 74,992 307,509 5,652 388,153 26,034 362,119 12,348,404 12,348,404 - 12,348,404 |
2021 £ £ 10,242,264 1,744,021 11,986,285 74,992 307,509 5,652 388,153 26,034 362,119 12,348,404 12,348,404 - 12,348,404 |
|---|---|---|---|
| 11,986,285 362,119 |
|||
| 12,348,404 | |||
| 12,348,404 - |
|||
| 12,348,404 |
The financial statements were approved by the Trustees on
Joanna Herbert-Stepney
Vivienne Matravers
Laura Woodhead
Page 7
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts For the year ended 5 April 2022
Charity information
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, Surrey, GU10 5NZ.
1 Accounting policies
1.1 Accounting convention
These financial statements for the year ended 5 April 2022 are prepared in accordance with FRS 102, The Financial Reporting Framework applicable in the UK and Republic of Ireland, and in accordance with the Charities Act 2011.
The financial statements have been prepared under the historical cost convention as modified by 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 Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 effective 1 January 2015) – (Charities SORP (FRS 102)) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trustees confirm that the Charity is a public benefit entity.
1.2 Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.
1.3 Going concern
The Trustees do not carry out any formal forecasts or projections, however, given that the majority of the expenditure is discretionary, they are confident that the Charitable Trust will remain a going concern for the foreseeable future.
1.4 Income
The incoming resources of the Charity are recognised on a receivable basis, except for donations. Donations are included in incoming resources when the charity has certainty of entitlement to the income and the amount can be quantified with reasonable accuracy. Income from investments is accounted for when receivable. Tax recoverable relating to donations under Gift Aid is accounted for in the same period as the related income.
Page 8
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
1.5 Expenditure
Costs of charitable activities represents amounts expended for the specific purposes designated by the Trustees, as directed by the objects of the Trust. Expenditure on raising funds includes investment management costs, which represents costs relating to the day to day management of the investment assets.
Included in charitable activities are governance costs which relate to expenditure incurred in the management of the charity, administration and compliance with constitutional and statutory requirements. Other costs relate to costs incurred in generating income. All liabilities are recognised on an accruals basis.
Support costs are allocated to each category of expenditure based on the proportion of donations made to each region.
1.6 Fixed assets
The charity does not hold any fixed assets other than freehold investment properties. Additions to investment properties are capitalised where the value is in excess of £1,000.
1.7 Freehold investment properties
Freehold investment properties are stated at market value and are not depreciated. As at 31 March 2018 the Trustees reviewed the market in which the investment properties fell, and revalued the properties based on their findings.
1.8 Investments
Listed investments are stated at market value. Changes in the market value of fixed asset investments are taken to the Statement of Financial Activities as unrealised losses and gains.
1.9 Funds
The funds in existence are an Unrestricted Income Fund and an Expendable Endowment Fund. The Expendable Endowment Fund consists of all the Charity's assets and is available for maintaining those assets or in making donations. The Unrestricted Income Fund represents income received on the Charity's investments and is utilised in making donations throughout the year.
1.10 Taxation
The charity is a registered charity and is not liable to United Kingdom income tax on its charitable activities.
1.11 Deferred income
In accordance with SORP 2015 (Accounting by Charities), unrestricted funds received for rental income received for the next year are carried forward in the balance of unrestricted funds.
1.12 Financial instruments
The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.
Page 9
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
1.13 Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2 Freehold investment property
----- Start of picture text -----
£
Valuation
Cost as at 6 April 2021 2,437,075
Revaluation as at 6 April 2021 7,805,189
Valuation at 6 April 2021 10,242,264
Capital Improvements
Top Merill Grange Farm
-
Supply and laying of concrete 17,130
Cost at 5 April 2022 2,454,205
Revaluation as at 6 April 2022 8,074,337
Valuation at 5 April 2022 10,528,542
----- End of picture text -----
Page 10
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
3 Investments
| Market value At 6 April 2021 Additions Disposals at carrying value Net gain/(loss) on revaluation At 5 April 2022 Holdings split UK investments Overseas investments At 5 April 2022 Cost At 6 April 2021 Additions Disposals At 5 April 2022 |
Listed Investments £ 1,744,021 157,316 (187,655) 25,907 |
|---|---|
| 1,739,589 | |
| 1,175,411 564,178 |
|
| 1,739,589 | |
| 1,429,048 157,316 (163,701) |
|
| 1,422,663 |
All listed investments are held primarily to provide an investment return for the charity.
Page 11
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
| 4 Gains/(losses) on investment assets Realised Sales of listed investment Sale of investment property Unrealised Revaluation of freehold investment property Revaluation of listed investments 5 Debtors Rents receivable Prepayments Deposits 6 Creditors Trade creditors Deposits held Accruals and deferred income Other Creditors Value added tax |
2022 £ 22,931 - 269,147 2,976 295,054 2022 £ 53,265 9,210 2,745 65,220 2022 £ 2,686 2,745 12,854 6,841 269 25,395 |
2021 £ 33,350 - 160,000 269,974 |
|---|---|---|
| 463,324 | ||
| 2021 £ 61,968 9,179 3,845 |
||
| 74,992 | ||
| 2021 £ 3,203 3,845 12,222 300 6,464 |
||
| 26,034 |
Included in accruals and deferred income is rental income of £925 which has been received but does not relate to the period (2021: £925).
Page 12
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
7 Income from investments
| Unrestricted Expendable Income Endowment Fund Fund £ £ Farm rents receivable 101,074 - Cottage rents receivable 47,080 - Wayleaves 1,937 - Sporting rents receivable 725 - Bank interest receivable 26 - Dividends receivable 35,423 - Broker interest receivable 4,928 - 191,193 - ther income Unrestricted Expendable Income Endowment Fund Fund £ £ Other income 1,144 - |
Total 2022 £ 101,074 47,080 1,937 725 26 35,423 4,928 191,193 Total 2022 £ 1,144 |
Total 2021 £ 107,321 47,310 1,935 725 220 33,183 6,539 |
|---|---|---|
| 197,233 | ||
| Total 2021 £ `3,037 |
8 Other income
Page 13
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
9 Raising funds
| Rates Insurance Building repairs Professional fees Investment management fees Property management fees Bad and doubtful debts Bank charges Sundry expenses 10 Charitable activities Region Africa Eastern Europe Far East Middle East India Thailand South America International UK |
Rates Insurance Building repairs Professional fees Investment management fees Property management fees Bad and doubtful debts Bank charges Sundry expenses 10 Charitable activities Region Africa Eastern Europe Far East Middle East India Thailand South America International UK |
Unrestricted Income Fund £ 612 5,210 20,652 3,067 11,803 15,539 7,230 30 3,266 67,409 Donations made £ 19,000 1,500 15,000 8,000 12,000 1,000 1,000 29,000 144,500 231,000 |
Expendable Endowment Fund £ - - - - - - - - - - Support costs £ 927 73 732 390 585 49 49 1,415 7,050 11,270 |
Total 2022 £ 612 5,210 20,652 3,067 11,803 15,539 7,230 30 3,266 67,409 Total 2022 £ 19,927 1,573 15,732 8,390 12,585 1,049 1,049 30,415 151,550 242,270 |
Total 2021 £ 405 5,365 27,562 600 8,206 15,855 15 301 |
|||
|---|---|---|---|---|---|---|---|---|
| 58,309 | ||||||||
| Total 2021 £ 45,719 6,164 32,877 8,219 18,493 514 3,082 67,295 163,872 |
||||||||
| 346,235 |
Included in the above support costs was £4,500 in respect of the independent examination fees paid in the year (2021: £4,000). Fees paid to the independent examiner for other services totalled £6,770 (2021: £5,235).
Page 14
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
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 (2021: None).
12 Analysis of net assets between funds
| Last fund balances at 5 April 2022: Fixed assets Current assets Current liabilities |
Unrestricted Income Fund £ - 25,395 (25,395) - |
Expendable Endowment Fund £ 11,998,983 257,986 - 12,256,969 |
Total 2022 £ 11,998,983 283,381 (25,395) |
|---|---|---|---|
| 12,256,969 |
Page 15
The Trustees of the Joanna Herbert-Stepney Charitable Trust Otherwise known as The Paget Charitable Trust
Notes to the accounts (continued) For the year ended 5 April 2022
13 Comparative information – Statement of Financial Activities for the year ended 5 April 2021
| Unrestricted Expendable income endowment fund fund £ £ Income and endowments from: Donations and legacies - - Investments 197,233 - Other income 3,037 - Total income and endowments 200,270 - Expenditure on: Raising funds 58,309 - Charitable activities 346,235 - Total expenditure 404,544 - Net Losses on investments - 463,324 Net income / (expenditure) (204,274) 463,324 Net income fund deficit charged to expendable endowment fund 204,274 (204,274) Net movement in funds - 259,050 - Fund balances brought forward - 12,089,355 Fund balances carried forward - 12,348,405 |
Total 2021 £ - 197,233 3,037 |
|---|---|
| 200,270 | |
| 58,309 346,235 |
|
| 404,544 | |
| 463,324 | |
| 259,050 - |
|
| 259,050 12,089,355 |
|
| 12,348,405 |
Page 16