Docvslgn Envelope ID.. 780CC686-FC8F43A8_90F&26B811 B7CE55 Registered Charity No. 327402 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Accounts For the year ended 5 April 2024
Docusign Envelope10.' 780CC686-FC8F43AB-90FC_26B611 B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Contents Page Report of the trustees Independent examiners, report Statement of financlal artivlties Balance sheet Notes to the accounts 8-16
Docusign Envelope ID: 7BOCC686-FC8F-43AB-90FC-26B811 B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Report of the trustees For the year ended 5 April 2024 The loanna 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 l January 2019). The principal addresses of the Charity are as follows: Principal office Old Village Stores Dippenhall Street Crondall Farnham Surrey GUIO 5NZ Registered auditors Saffery LLP Westpoint Peterborough Buslness Park Lynch Wood Peterborough PE2 6FZ Sollcltors Actons 20 Regent Street Nottingham Nottinghamshire NGI SBQ Property agents and advisors Mather Jamie 3 Bank Court Weldon Road Loughborough Leicestershire LEII 5RF (Amy Biddell) Investment managers Rathbone Greenbank Investments Limited 10 Queen Street Bristol BSI 4NT Page I
Docusl9n Envelope ID.. 780CC686.FC8F.43A&90FC.26B811B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Report of the trustees (Continued) For the year ended 5 April lui4 tivi Objects Under the terms of the Charitable Settlement: The trustees shall hold the capital and income of the Trust Fund upon trustto applythe 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. 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 anyyear as above accumulate all or any part of such income at compound Interest by Investing the same and the resultSng income thereof in any of the investments authorlsed in the Trust Deed. It is always the trustees, Intention to distribute all income in the year itarises. Any income not distributed is applied in the following year, Money to be invested underthe Trust Deed may be applied or invested in the purchase ofsuch 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. Slgnificant 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 trainingwhen first appointed. Organisational structure The Charity is run by the trustees, with all decisions being taken by a maj ority 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
Docusign Envelope ID.. 7BOCC686_FC8F43AB_90FC_268811 B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Report of the trustees (Continued) For the year ended 5 April 2024 vemen manc Progress and achievements During the year to 5 April 2024, the trustees have made donations to 5eventy-one charitable instiNtions totalling £124,500. The charitable institionS 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 losses of £1,129 and unrealised losses of £23,734 have been recognised within the Statement of Financial Activities. The net loss recognised in relation to the investment portfolio amounts to £24,863. Ffinanci view Total income for the year decreased to £228.702 (2023: £356,416}. Expenditure decreased to £237.970 [2023: £253,420}. Of this sum, charitable donations amounted to £124,500 (2023: £131,000). Afterrecognised gainsand losses, net movement in funds amounted to a deficitof £34,131 as compared to 2 surplus of £458,574 for the year ended 5 April 2023. Total funds as at 5 April 2024 amount to £12,950,560 as compared with £12,984,691 at 5 April 2023. Future plans The trustees, future plans are to continue to generate funds from the assets held In order to maintaln a similar real level of donations in future years. Investment policy The trustees have reviewed their investment policyand 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 (2023: nil). Major risks The trustees have undertaken an assessmentofthe majorrlsks which may potentiallyimpartupon the Trust. They have concluded that these relate largely to the freehold property and investment portfolio which represent the Trusys 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 lamie manage the freehold property portfolio. with Rathbone Greenbank Snvestments Limited advising in respect of equity and bond investments. Page 3
Docusign Envelope ID.. 780CC686.FC8F43AB_90FC-26B811 B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Report of the trustees (Continued) For the year ended 5 April 2024 Statement of Trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable lawand United Kingdom Accountingstandards (United Kingdom GeneraEIy 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 Charityfor that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies 2nd apply them consistently,. observe the methods and principles in the Charities SORP (FRS102),' make judgements and estimates that are reasonable and prudent; state whether applicable accountlng standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on a going concern basis unless It is inappropriate to assume the Trust will continue business. 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 irregularitles. Public benefit The trustees are aware ofthe requlrements as to public benefit and the Charity Commission's guidance on this topic. The trustees are satisfied that they mcet the public benefit requlrement 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 frorn 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 nd 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 Do¢uSlgn•d by.. 846BEFS4Q7449E Joanna Herbert-stepney 03 December 2024 Date: Page 4
Docusign Envelope ID: 780CC686.FC8F43AB_90FC_26B811 B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Independent examiner's report to the trustees of the Joanna Herbert-stepney Charitable Settlement For the year ended 5 April 2024 I report to the trustees on my examination of the accounts of the Joanna Herbert-stepney Charitable Settlement (the Trust) for the year ended 5 April 2024. Respertive 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[5J[b} of the Act. Basis of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charlty Commission. An examination includes a review of the accountlng records kept by the Charity and a comparison of the accounts presented with those records. Italso includes consideration of anyunusual Items or disclosures in the accounts and seeking explanatlon5 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 15 given as to whether the accounts present a 'true and fair view, and the report is limited to those matter5 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: l. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requlrements concernlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 otherthan 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 orderto enable a proper understanding of the accounts to be reached. Gthk. or Gareth Norris FCA Saffery LLP WestpoinL Peterborough Business Park Lynch Wood, Peterborough Cambridge.shirp. PE2 6FZ Chartered Accountants Registered Auditors 05 December 2024 Page 5
Docusign Envelope ID.. 780CC686_FC8F43AB.90FC-26B811B7CE55 The Trustees of the Joanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Statement of financial activities For the year ended S April 2024 Unre5trirted Expendable income endowment fund fund Total 2024 Total 2023 Notes Income and endowments from: Donations and legacies Investments Other income 1,000 215,898 11,804 1,000 215,898 11,804 150,000 205,453 963 Total income and endowments 228,702 228,702 356,416 Expenditure on: Raising funds Charitable activities (92,214) 10 (145,756) (92,214) (145,756) (113,539) (139,881) Total expenditure (237,970) [237,970) (253,420) Netgains/(lossesJ on investments (24,863) (24,863) 355,578 Net (expenditure) / income (9,268) (24,863J [34,131) 458,574 Net income fund deficit charged to expendable endowment fund 9,268 (9,268) Net movement In funds (34,131) (34,131) 458,574 Fund balances brought forward 12,984,691 12,984,691 12,526,117 Fund balances carrled forward 12,950,560 12,950,560 12,984,691 The statement of financial activities has been prepared on the basis that all operations are continuing operations. Page 6
Docusign Envelope ID.. 780CC686_FC8F43AB_90FG26B81 IB7CE55 The Trustees of the Joanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Balance sheet As at 5 April 2024 2024 2023 Notes Fixed assets Freehold investment property Investments 11,272,348 1,536,047 11,238,616 1,531,625 12,808,395 12,770,241 Current assets Debtors Cash at bank Cash at brokers 77,598 76,069 8,347 78,875 100,749 49,606 162,014 229,230 Current Ilabilities Creditors (19,849) (14,780) Net current assets 142,165 214,450 Total assets less current 12,950,560 12,984,691 liabilities Unrestricted funds: Expendable endowment fund Unrestrlcted income fund 12,950,560 12,984,691 12,950,560 12,984,691 The financial statements were approved by the Trustees on 03 December 2024 CLciI llLcrt-5+YW SlgD•d by.. 0168CF5F707440E. AAE2785B5954478. Joanna Herbert-stepney Vivienne Matravers 519npd by.. 0454F19CT14cD Laura Woodhead Pa8e 7
DorJJsign Envelope ID.. 780CC686.FC8F.43AB-90FC_26B81187CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known a5 The Paget Charitable Trust Notes to the accounts For the year ended 5 April 2024 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, Surreyi GUIO SNZ. Accounting policies Accounting convention These financial statements for the year ended S April 2024 are prepared in accordance with FRS 102, The Financial Reporting Framework applicable in the UK and Republic of Ireland, and in accordance wlth the Charlties Act 2011. The financial statements have been prepared under the hlstorical cost convention as modifled bythe 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 I lanuary 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. Critical accounting judgements and key sources of estimation uncertainty Jn 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 dlffer 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 revlslon and futtire periods if the revision affects both current and future periods. The Trustees do not consider there are any crltical judgements or sources of estimation uncertainty requiring disclosure. 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. Income The incoming resources of the Charity are recognised on a receivable basis, except for donation5. Donations are included in incoming resources when the Charity has entitlementto 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 8
Doujsign Envtrlope10'. 780CC686_FC8F_43AB-90FC-26B811B7CE55 The Trustees of the Joanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 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 activitles 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 proportlon of donations made to each region. Flxed assets The Charity does not hold any flxed assets other than freehold investment propertles. Additions to investment properties are capitalised where the value is in excess of £1,000. Freehold investment properties Freehold investment properties are stated at market value and are not depreciated. As at 31 March 2024 theTrustees reviewed the market in which the investmentproperties fell, with support from their property agents and advisors and deemed a revaluation unnecessary. 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. Funds The funds in existence are an Unrestrlcted 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 Taxatfion 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. Page 9
Docusign Envelope ID.. 780CC686_FC8F43AB_90FC-26B811 B7CESS The Trustees of the Ioanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 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, Freehold investment property Valuation Cost as at 6 April 2023 Revaluation as at 6 April 2023 Valuation at 6 April 2023 2,637,852 8 600,764 11,238,616 Capltal Improvements - Drainage works 33,732 Cost at 5 April 2024 Revaluation as at 5 April 2024 Valuation at 5 April 2024 2,671,584 8,600,764 11,272,348 No revaluation of the investment properties deemed necessary at the balance sheet date by the Trustees. Page 10
Docusign Envelope ID.. 780CC68&FC8F43AB-90FC_26B81187CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 Investments Listed Investments Market value At6April 2023 Additions Disposals at carrying value Net galn/(loss) on revaluatlon 1,531,625 322,248 (292,963) [24,863) At 5 April 2024 1,536,047 Holdings split UK investments Overseas investments 1,048.125 487,922 At 5 April 2024 1,536,047 Cost At 6April 2023 Additions Disposals 1,431,566 322,248 (294,092) At 5 April 2024 1,459,722 All listed investments are held primarily to provide an Investment return for the Charity. Page 11
Docusign Envelope ID.. 780cC68c8F43AB-90F&26B81l B7CE55 The Trustees of the Joanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 Gains/(losses) on investment assets 2024 2023 Realised Sales of listed investments Sale of investment propety (1,129) 51,415 Unrealised Revaluation of freehold investment property Revaluation of listed investments 526,427 (222,264) (23,734) (24,863) 355,578 Debtors 2024 2023 Rents receivable Prepayments Deposits Value added tax 63,351 10.349 3,898 61,712 9,191 2,745 5,227 77,598 78,875 Creditors 2024 2023 Trade credltors Deposits held Accruals and deferred income Other creditors Value added tax 504 3,898 9,862 269 5,316 1,080 3,898 9,533 269 19,849 14,780 Included in accruals and deferred income is rental income of £925 which has been received but does not relate to the period [2023: £925). Page 12
Docvslgn Envelope10.' 780CC686_FC8F43A&YOF&26B811 B7CE55 The Trustees of the Joanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 Income from investments Unrestricted Income Fund Expendable Endowment Fund Total 2024 Total 2023 Farm rents receivable Cottage rents receivable Wayleaves Sporting rents receivable Bank interest receivable Dividends receivable 115,385 51.960 1,937 725 2.183 38,180 5,528 115,385 51,960 1,937 725 2,183 38.180 109,235 48,380 2,037 725 710 39,152 5,214 Broker interest receivable 5,528 215,898 215,898 205,453 Other income Unrestrirted Income Fund Expendable Endowment Fund Total 2024 Total 2023 Other income 11,804 11,804 963 Page 13
Docusign Envelope ID.. 780CC686_FC8F43A&90FC-26B811B7CESS The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 Raising funds Unrestricted Income Fund Expendable Endowment Fund Total 2024 Total 2023 Rates Insurance Buildfing repalrs Professional fees Investment management fees Property management fees Bad and doubtful debts Bank charges Sundry expenses 834 7,916 55,454 834 7,916 55,454 1,074 5,782 73,170 2,274 9,952 9,952 7,017 18,058 18,058 14,918 274 9,030 92,214 92,214 113,539 10 Charitable activities Region Donations made Support costs Total 2024 Total 2023 Africa Eastern Europe Far East Middle East India Thailand South America International UK 8,008 1,000 171 1,171 4,271 1,068 3,203 1,068 8,008 114,255 123,500 21,085 144,585 124,500 21,256 145,756 139,881 Included in the above support costs was £13,500 in respect of the audit fees paid in the year in respect of 2023 (independent examination fees 2023: £4,650 in respect of 2022}. Fees paid to the independent examiner for other services totalled £7,756 (2023.. £4,231). Page 14
Docuslgn Envelope ID.. 780CC686_FC8F43A&90FC-26B811 B7CE55 The Trustees of the loanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended 5 April 2024 li Ernployees / 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 (2023: None). 12 Analysis of net assets between funds Unrestricted Income Fund Expendable Endowment Fund Total 2024 Last fund balances at S April 2024: Fixed assets Current assets Current liabilities 12,808,395 142,165 12,808,395 162,014 [19,849) 19,849 {19,849) 12,950,560 12,950,560 Unrestrirted Income Fund Expendable Endowment Fund Total 2023 Last fund balances at 5 April 2023: Fixed assets Current assets Current liabllities 12,770,241 214,450 12,770,241 229,230 (14,780) 14,780 (14,780) 12,984,691 12,984,691 Page 15
Docusign Env6lope ID.. 780CC686_FC8F_43AB.90F&26B811 B7CE55 The Trustees of the Toanna Herbert-stepney Charitable Settlement Otherwise known as The Paget Charitable Trust Notes to the accounts (continued) For the year ended S April 2024 13 Comparative information - Statement of Financial Activities for the year ended 5 April 2023 Unrestricted Income fund Expendable endowment fund Total 2023 Income and endonents from: Donatlons and legacies Investments Other income 150,000 205.453 963 150,000 205,453 963 Total Income and endowments 356,416 356,416 Expenditure on: Raising funds Charitable activities 113,539 139,881 113,539 139,881 Total expenditure 253,420 253,420 Net (losses)/gains on investments 355,578 335,578 Net (expenditure)/income Transfer from expendable endowment fund 102,996 102,996 355,578 102,996 458,574 Net movement In funds 458,574 458,574 Fund balances brought forward 12,526,117 12,526,117 Fund balances carrled forward 12,984,691 12,984,691 Page 16