OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

Registered Charity No. 327402

­ The Joanna Herbert Stepney Charitable Settlement Also known as The Paget Charitable Trust

Accounts For the year ended 5 April 2023

The Trustees of the Joanna Herbert ­ Stepney Charitable Trust Otherwise known as The Paget Charitable Trust

Contents

Page
Report of the trustees 1 - 4
Audit report 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the accounts 10 – 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 2023

The Joanna Herbert­Stepney 1986 Charitable Settlement was created under a Deed of Settlement dated 25 June 1986 between Joanna Herbert­Stepney ("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 2019).

The principal addresses of the charity are as follows:

Principal office Old Village Stores
Dippenhall Street
Crondall
Farnham
Surrey
GU10 5NZ
Registered auditors Saffery 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 (Amy Biddell)
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 2023

Objectives and activities

Objects

Under the terms of the Charitable Settlement:

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 Herbert­Stepney 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 2023

Achievements and performance

Progress and achievements

During the year to 5 April 2023, the trustees have made donations to one hundred and thirty charitable institutions totalling £131,000. 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 £51,415 and unrealised losses of (£269,948) have been recognised within the Statement of Financial Activities. The net loss recognised in relation to the investment portfolio amounts to £170,849.

Financial review

Total income for the year increased to £356,416 (2022: £192,337). Expenditure decreased to £253,420 (2022: £309,679). Of this sum, charitable donations amounted to £131,000 (2022: £231,000).

After recognised gains and losses, net movement in funds amounted to a surplus of £458,574 as compared to an increase of £177,712 for the year ended 5 April 2022. Total funds as at 5 April 2023 amount £12,984,691 as compared with £12,526,117 at 5 April 2022.

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 (2022: 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 Charitable Trust Otherwise known as The Paget Charitable Trust

Report of the trustees (Continued) For the year ended 5 April 2023

Trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial 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:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public benefit

The trustees are aware of the requirements as to public benefit and the Charity Commission's guidance on this topic. The trustees 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 considering applications. The trustees consider each application 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 so with public benefit in mind and investments are made on an ethical basis and due consideration is given to those in financial need throughout the management of the charity’s activities.

On behalf of the Trustees

Joanna Herbert­Stepney

Date: 05/02/2024

Page 4

The Trustees of the Joanna Herbert ­ Stepney Charitable Trust Otherwise known as The Paget Charitable Trust

Audit report to the trustees of the Joanna Herbert ­ Stepney Charitable Trust For the year ended 5 April 2023

Opinion

We have audited the financial statements of the Joanna Herbert­Stepney Charitable Trust for the year ended 5 April 2023 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Page 5

The Trustees of the Joanna Herbert ­ Stepney Charitable Trust Otherwise known as The Paget Charitable Trust

Audit report to the trustees of the Joanna Herbert ­ Stepney Charitable Trust For the year ended 5 April 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Other matter

The comparative figures in the financial statements are unaudited.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non­compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Page 6

The Trustees of the Joanna Herbert ­ Stepney Charitable Trust Otherwise known as The Paget Charitable Trust

Audit report to the trustees of the Joanna Herbert ­ Stepney Charitable Trust For the year ended 5 April 2023

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non­compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non­compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non­compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non­compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP Westpoint, Peterborough Business Park Chartered Accountants Lynch Wood, Peterborough Statutory Auditors Cambridgeshire PE2 6FZ

07 February 2024 Date:……………………

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 7

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 2023

Unrestricted
Expendable
income
endowment
fund
fund
Notes
£
£
Income and endowments from:
Donations and legacies
150,000
Investments
7
205,453
­
Other income
8
963
­
Total income and endowments
356,416
­
Expenditure on:
Raising funds
9
113,539
­
Charitable activities
10
139,881
­
Total expenditure
253,420
­
Net gains on investments
4
­
355,578
Net income
102,996
355,578
Net income fund deficit charged to
expendable endowment fund
(102,996)
102,996
Net movement in funds
­
458,574
Fund balances brought forward
­
12,526,117
Fund balances carried forward
­
12,984,691		 Total
2023
£
150,000
205,453
963
356,416
113,539
139,881
253,420
355,578
458,574
­
458,574
12,526,117
12,984,691		 Total
2022
£
­
191,193
1,144
192,337
67,409
242,270
309,679
295,054
177,712
­
177,712
12,348,405
12,526,117

The statement of financial activities has been prepared on the basis that all operations are continuing operations.

Page 8

The Trustees of the Joanna Herbert ­ Stepney Charitable Trust Otherwise known as The Paget Charitable Trust

Balance sheet As at 5 April 2023

2023
Notes
£
£
Fixed assets
Freehold investment property
2
11,238,616
Investments
3
1,531,625
12,770,241
Current assets
Debtors
5
78,875
Cash at bank
100,749
Cash at brokers
49,606
229,230
Current liabilities
Creditors
6
(14,780)
Net current assets
214,450
Total assets less current
liabilities
12,984,691
Unrestricted funds:
Expendable endowment fund
12,984,691
Unrestricted income fund
­
12,984,691
The financial statements were approved by the Trustees on
Joanna Herbert­Stepney
Vivienne Matravers
06/02/2024		 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		 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
12,268,131
257,986
12,526,117
12,526,117
­
12,526,117

Laura Woodhead

Page 9

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 2023

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 2023 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 2019) – (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 entitlement to the income, receipt is probable 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 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 2023

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 2023 the Trustees reviewed the market in which the investment properties fell, with support from their property agents and advisors 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 2019 (Accounting by Charities), unrestricted funds received for rental income 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.

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.

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 2023

2 Freehold investment property

Valuation
Cost as at 6 April 2022
Revaluation as at 6 April 2022
Valuation at 6 April 2022
Capital Improvements
­ Construction of cattle shed
Revaluation
Cost at 5 April 2023
Revaluation as at 6 April 2023
Valuation at 5 April 2023		 £
2,454,205
8,074,337
10,528,542
183,647
526,427
2,637,852
8,600,764
11,238,616

The investment properties were revalued at the balance sheet date by the Trustees, with reference to market data and guidance from their land agents.

3 Investments

Market value
At 6 April 2022
Additions
Disposals at carrying value
Net gain/(loss) on revaluation
At 5 April 2023
Holdings split
UK investments
Overseas investments
At 5 April 2023
Cost
At 6 April 2022
Additions
Disposals
At 5 April 2023		 Listed
Investments
£
1,739,589
232,833
(269,948)
(170,849)
1,531,625
1,099,362
432,263
1,531,625
1,400,829
249,270
(218,533)
1,431,566

All listed investments are held primarily to provide an investment return for the charity.

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 2023

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
Value added tax
6
Creditors
Trade creditors
Deposits held
Accruals and deferred income
Other creditors
Value added tax		 2023
£
51,415
­
526,427
(222,264)
355,578
2023
£
61,712
9,191
2,745
5,227
78,875
2023
£
1,080
3,898
9,533
269
­
14,780		 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
269
6,841
25,395

Included in accruals and deferred income is rental income of £925 which has been received but does not relate to the period (2022: £925).

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 2023

7 Income from investments

Unrestricted
Expendable
Income
Endowment
Fund
Fund
£
£
Farm rents receivable
109,235
­
Cottage rents receivable
48,380
­
Wayleaves
2,037
­
Sporting rents receivable
725
­
Bank interest receivable
­
­
Dividends receivable
39,862
­
Broker interest receivable
5,214
­
205,453
­
ther income
Unrestricted
Expendable
Income
Endowment
Fund
Fund
£
£
Other income
963
­		 Total
2023
£
109,235
48,380
2,037
725
­
39,862
5,214
205,453
Total
2023
£
963		 Total
2022
£
101,074
47,080
1,937
725
26
35,423
4,928
191,193
Total
2022
£
1,144

8 Other income

9 Raising funds

Rates
Insurance
Building repairs
Professional fees
Investment
management fees
Property management
fees
Bad and doubtful debts
Bank charges
Sundry expenses		 Unrestricted
Income
Fund
£
1,074
5,782
73,170
2,274
7,017
14,918
­
274
9,030
113,539		 Expendable
Endowment
Fund
£
­
­
­
­
­
­
­
­
­
­		 Total
2023
£
1,074
5,782
73,170
2,274
7,017
14,918
­
274
9,030
113,539		 Total
2022
£
612
5,210
20,652
3,067
11,803
15,539
7,230
30
3,266
67,409

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 2023

10
Charitable activities
Region
Africa
Eastern Europe
Far East
Middle East
India
Thailand
South America
International
UK		 Donations
made
£
7,500
­
4,000
1,000
3,000
­
1,000
7,500
107,000
131,000		 Support
costs
£
508
­
271
68
203
­
68
508
7,255
8,881		 Total
2023
£
8,008
­
4,271
1,068
3,203
­
1,068
8,008
114,255
139,881		 Total
2022
£
19,927
1,573
15,732
8,390
12,585
1,049
1,049
30,415
151,550
242,270

Included in the above support costs was £4,650 in respect of the independent examination fees paid in the year (2022: £4,500). Fees paid to the independent examiner for other services totalled £4,231 (2022: £6,770).

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 (2022: None).

12 Analysis of net assets between funds

Last fund balances at 5 April 2023:
Fixed assets
Current assets
Current liabilities
Last fund balances at 5 April 2022:
Fixed assets
Current assets
Current liabilities		 Unrestricted
Income
Fund
£
­
14,780
(14,780)		 Expendable
Endowment
Fund
£
12,770,241
214,450
­		 Total
2023
£
12,770,241
229,230
(14,780)
­
Unrestricted
Income
Fund
£
­
25,395
(25,395)
­		 12,984,691
Expendable
Endowment
Fund
£
11,998,983
257,986
­
12,256,969		 12,984,691
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 2023

13 Comparative information – Statement of Financial Activities for the year ended 5 April 2022

Unrestricted
Expendable
income
endowment
fund
fund
£
£
Income and endowments from:
Donations and legacies
­
­
Investments
191,193
­
Other income
1,144
­
Total income and endowments
192,337
­
Expenditure on:
Raising funds
67,409
­
Charitable activities
242,270
­
Total expenditure
309,679
­
Net gains on investments
­
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
177,712
­
177,712
12,348,405
12,526,117

Page 16