Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
Registered Charity No. 327402
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Accounts
For the year ended 5 April 2025
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement 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 |
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Report of the trustees
For the year ended 5 April 2025
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 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 | |
| Investment managers | Rathbone Greenbank Investments Limited |
| 10 Queen Street | |
| Bristol | |
| BS1 4NT |
Page 1
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Report of the trustees (Continued) For the year ended 5 April 2025
Objectives and activities
Objects
Under the terms of the Charitable Settlement:
-
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.
-
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.
-
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 Mark Dutton – appointed on 6 May 2025 Martin Ward – appointed on 6 May 2025
Page 2
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Report of the trustees (Continued) For the year ended 5 April 2025
Achievements and performance
Progress and achievements
During the year to 5 April 2025, the trustees have made donations to seventy-one charitable institutions totalling £143,500. 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 losses of £48,443 and unrealised losses of £46,664 have been recognised within the Statement of Financial Activities. The net loss recognised in relation to the investment portfolio amounts to £76,557.
Financial review
Total income for the year increased to £257,626 (2024: £228,702) with £40,000 being included in the expendable endowment fund (2024: £Nil) and £217,626 (2024: £228,702) being unrestricted income fund. Expenditure increased to £265,738 (2024: £237,970). Of this sum, charitable donations amounted to £143,500 (2024: £124,500).
After recognised gains and losses, net movement in funds amounted to a surplus of £119,993 as compared to a deficit of £34,131 for the year ended 5 April 2024. Total funds as at 5 April 2025 amount to £13,070,553 as compared with £12,950,560 at 5 April 2024. As at 5 April 2025 Unrestricted Income Fund amounted to £48,016 (2024: £Nil) and Expendable Endowment Fund amounted to £13,022,537 (2024: £12,950,560).
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 (2024: 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
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Report of the trustees (Continued) For the year ended 5 April 2025
Statement of 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:
-
select suitable accounting policies and 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 accounting 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 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 Herbert-Stepney
Date: 05 January 2026
Page 4
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna 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 2025
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 2025.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Gareth Norris FCA Westpoint, Peterborough Business Park Saffery LLP Lynch Wood, Peterborough Cambridgeshire Chartered Accountants PE2 6FZ
Chartered Accountants Registered Auditors
Date:…………………… 20 January 2026
Page 5
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Statement of financial activities For the year ended 5 April 2025
| Unrestricted Expendable income endowment fund fund Notes £ £ Income and endowments from: Donations and legacies - 40,000 Investments 7 213,860 - Other income 8 3,766 - Total income and endowments 217,626 40,000 Expenditure on: Raising funds 9 (18,904) (96,128) Charitable activities 10 (150,706) - Total expenditure (169,610) (96,128) Net gains/(losses) on investments 4 - 128,105 Net (expenditure) / income 48,016 71,977 Net income fund deficit charged to expendable endowment fund - - Net movement in funds 48,016 71,977 Fund balances brought forward - 12,950,560 Fund balances carried forward 48,016 13,022,537 |
Total 2025 £ 40,000 213,860 3,766 257,626 (115,032) (150,706) (265,738) 128,105 119,993 - 119,993 12,950,560 13,070,553 |
Total 2024 £ 1,000 215,898 11,804 |
|---|---|---|
| 228,702 | ||
| (92,214) (145,756) |
||
| (237,970) | ||
| (24,863) | ||
| (34,131) - |
||
| (34,131) 12,984,691 |
||
| 12,950,560 |
The statement of financial activities has been prepared on the basis that all operations are continuing operations.
Page 6
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Balance sheet As at 5 April 2025
| 2025 | 2024 | 2024 | ||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ £ |
||
| Fixed assets | ||||||
| Freehold investment property | 2 | 11,497,520 | 11,272,348 | |||
| Investments | 3 | 1,410,690 | 1,536,047 | |||
| 12,908,210 | 12,808,395 | |||||
| Current assets | ||||||
| Debtors | 5 | 89,408 | 77,598 | 77,598 | ||
| Cash at bank | 78,222 | 76,069 | ||||
| Cash at brokers | 19,662 | 8,347 | ||||
| 187,292 | 162,014 | 162,014 | ||||
| Current liabilities | ||||||
| Creditors | 6 | (24,949) | (19,849) | (19,849) | ||
| Net current assets | 162,343 | 142,165 | ||||
| Total assets less current | 13,070,553 | 12,950,560 | ||||
| liabilities | ||||||
| Unrestricted funds: | ||||||
| Expendable endowment fund | 13,022,537 | 12,950,560 | ||||
| Unrestricted income fund | 48,016 | - | ||||
| 13,070,553 | 12,950,560 |
The financial statements were approved by the Trustees on 05 January 2026
Joanna Herbert-Stepney
Vivienne Matravers
Mark Dutton
Martin Ward
Page 7
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
The Trustees of the Joanna Herbert-Stepney Charitable Settlement Otherwise known as The Paget Charitable Trust
Notes to the accounts For the year ended 5 April 2025
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 2025 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 8
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
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 2025 the Trustees reviewed the market in which the investment properties fell, with support from their property agents and advisors and deemed a revaluation unnecessary.
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.
Page 9
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
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 2024 2,671,584
Revaluation as at 6 April 2024 8,600,764
Valuation at 6 April 2024 11,272,348
Capital Improvements
- Chimney works 1,980
Revaluation as at 5 April 2025 223,192
Valuation at 5 April 2025 11,497,520
----- End of picture text -----
A revaluation of the investment properties was deemed necessary at the balance sheet date by the Trustees.
Page 10
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
3 Investments
| Listed | |
|---|---|
| Investments | |
| £ | |
| Market value | |
| At 6 April 2024 | 1,536,047 |
| Additions | 608,901 |
| Disposals at carrying value | (639,171) |
| Net gain/(loss) on revaluation | (95,087) |
| At 5 April 2025 | 1,410,690 |
| Holdings split | |
| UK investments | 845,928 |
| Overseas investments | 564,762 |
| At 5 April 2025 | 1,410,690 |
| Cost | |
| At 6 April 2024 | 1,459,722 |
| Additions | 608,902 |
| Disposals | (687,615) |
| At 5 April 2025 | 1,381,009 |
All listed investments are held primarily to provide an investment return for the Charity.
Page 11
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
| 4 Gains/(losses) on investment assets Realised Sales of listed investments Sale of investment property Unrealised Revaluation of freehold investment property Revaluation of listed investments 5 Debtors Rents receivable Other debtors Deposits 6 Creditors Trade creditors Deposits held Accruals and deferred income Other creditors Value added tax |
2025 £ (48,443) - 223,192 (46,644) 128,105 2025 £ 68,228 17,282 3,898 89,408 2025 £ 1,705 3,898 10,473 - 8,873 24,949 |
2024 £ (1,129) - - (23,734) |
|---|---|---|
| (24,863) | ||
| 2024 £ 63,351 10,349 3,898 |
||
| 77,598 | ||
| 2024 £ 504 3,898 9,862 269 5,316 |
||
| 19,849 |
Included in accruals and deferred income is rental income of £925 which has been received but does not relate to the period (2024: £925).
Page 12
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
7 Income from investments
| Unrestricted Expendable Income Endowment Fund Fund £ £ Farm rents receivable 120,148 - Cottage rents receivable 52,188 - Wayleaves 1,962 - Sporting rents receivable 725 - Bank interest receivable 1,853 - Dividends receivable 33,067 - Broker interest receivable 3,917 - 213,860 - 8 Other income Unrestricted Expendable Income Endowment Fund Fund £ £ Other income 3,766 - |
Total 2025 £ 120,148 52,188 1,962 725 1,853 33,067 3,917 213,860 Total 2025 £ 3,766 |
Total 2024 £ 115,385 51,960 1,937 725 2,183 38,180 5,528 |
|---|---|---|
| 215,898 | ||
| Total 2024 £ `11,804 |
Page 13
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
9 Raising funds
| Unrestricted Expendable Total Income Endowment 2025 Fund Fund £ £ £ Rates 1,052 - 1,052 Insurance 9,435 - 9,435 Building repairs - 67,679 67,679 Professional fees 8,260 - 8,260 Investment management fees - 9,767 9,767 Property management fees - 18,682 18,682 Bank charges 15 - 15 Sundry expenses 142 - 142 18,904 96,128 115,032 10 Charitable activities Region Donations Support Total made costs 2025 £ £ £ Africa - - - Eastern Europe - - - Far East - - Middle East - - - India 1,000 - 1,000 Thailand - - - South America - - - International - - - UK 142,500 7,206 149,706 143,500 7,206 150,706 |
Total 2025 £ 1,052 9,435 67,679 8,260 9,767 18,682 15 142 |
Total 2024 £ 834 7,916 55,454 - 9,952 18,058 - - |
|
|---|---|---|---|
| 115,032 | 92,214 | ||
| Total 2024 £ - - 1,171 - - - - - 144,585 145,756 |
|||
Support costs totalled £7,206 in the current year in comparison to £21,256 in 2024. This decrease is due to the costs relating to audit in the prior year in comparison to independent examination this year.
Page 14
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
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 (2024: None).
12 Analysis of net assets between funds
| Last fund balances at 5 April 2025: Fixed assets Current assets Current liabilities Last fund balances at 5 April 2024: Fixed assets Current assets Current liabilities |
Unrestricted Income Fund £ - 72,965 (24,949) 48,016 Unrestricted Income Fund £ - 19,849 (19,849) - |
Expendable Endowment Fund £ 12,908,210 114,327 - 13,022,537 Expendable Endowment Fund £ 12,808,395 142,165 - 12,950,560 |
Total 2025 £ 12,908,210 187,292 (24,949) |
|---|---|---|---|
| 13,070,553 | |||
| Total 2024 £ 12,808,395 162,014 (19,849) |
|||
| 12,950,560 |
Page 15
Docusign Envelope ID: 8001A648-4D85-4EDB-94A4-451BE6BAC3B1
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 2025
13
Comparative information – Statement of Financial Activities for the year ended 5 April 2024
| Income and endowments from: Donations and legacies Investments Other income Total income and endowments Expenditure on: Raising funds Charitable activities Total expenditure Net (losses)/gains on investments Net (expenditure)/income Transfer from expendable endowment fund Net movement in funds Fund balances brought forward Fund balances carried forward |
Unrestricted income fund £ 1,000 215,898 11,804 228,702 (92,214) (145,756) (237,970) - (9,268) 9,268 - - - |
Expendable endowment fund £ - - - - - - - (24,863) (24,863) (9,268) (34,131) 12,984,691 12,950,560 |
Total 2024 £ 1,000 215,898 11,804 |
|---|---|---|---|
| 228,702 | |||
| (92,214) (145,756) |
|||
| (237,970) | |||
| (24,863) | |||
| (34,131) - |
|||
| (34,131) 12,984,691 |
|||
| 12,950,560 |
Page 16