Charlty raglslratlon numbèr 1011611 THE PIED PIPER TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE PIED PIPER TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustèès Mr N Broady- Chglrman Mr R Head DL, OBE- Chalr of Trustees Mrs J Kenl MB Mr R Wllkey Ms C Hagg MrTFry MrKDay Dr C Thompson Mr S Wilmar Mr M Gomèry Mr J Vln9y Mr M Ev6rson Mr B Calon (Appolnled 9 June 2023) (Appointed 15 Sèptern￿r 2023} Founder Norman Pél8r Hickman MBE Patron Thg Baronéss Frltoh5e of Glcsucester DBE Vlco Patrons Jlll Douglas Charfio Sharples Alex Gldman Henry Trinder Gharity number 1011611 Prlnclpal address Gloucester Royal Hospltal Great Wgstern Road Gloucesler Unlted Kingdom GL13NN Independent examlner Griffiths Marshall Busin8ss Advlsory Limited Beaumont House 172 Soulhgale Stro81 Gloucasl&r GL12EZ Solicitors Harrlson Clark Rlckerbys LLP Ellenborough House Wellington Strè81 Chellenham GL50 1YD THE PIED PIPER TRUST CONTENTS Pago Trustè88' report Independ6nl examiner's report Stalemeril of financial aellvllies Balan￿ Sheet Notes lo the tlnanclal statements 8-16 THE PIED PIPER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The tru51oos present their annual report and financial 51atonigfTts for thg year 6nded 31 December 2023. The financlal sl8lem8nts have been preparéd In ac¢ordanc& wlth the accounting policies set out In noto I lo the finanoial statements and comply wsth the Charfty's govornlng document, thé Charities Act 2011 and A¢counlin9 and R6POrtlng by Charities: Slalèmenl of Recommended Practl¢e applicable to charilles preparing thelr ac¢ounls In accordance with tho Flnanclal Reporting Standard applloable In the UK 8nd Republ1¢ of Ireland (FRS 1021. (effective 1 January 2019). Oble¢tlves and activities Th6 trustee8 have pald due regard lo guldanca Issued by th& Charity Commlsslon In d8ddlng what aotivllies the Charity should undertal, Tho funds are held in Inlgresl bearing current accounts and in fixed inl8resl deposit acGounts. Th& Trustees regularly review the way in which funds are inv8sled lo ensure CompeL￿1Ve r8lurns are earned, without ctsmpromising the availability of cash to meet future needs. THE PIED PIPER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The current level of lolal funds 15 £512,183 (2022 £323,872). This Increase in total funds is predominantly down lo thè Charity ralsln9 funds for long-term prolecls, wilh the funds being ringf8noed and donated over a longer time. fram8. The Tru5lees are commilted to malntalning a level of resotrve8 80 that the Charlty can malnlaln and mèet Ils operational commllmenls In the short lem. The current levèl of undeslgnatsd frtte reserves Is £380,631 {2021 £323,872) whlch. in the oplnlon of the Trustees, is adequate for Short term purpo8e8, belng mindful, of ¢ours8, of tho commitments it make8 lo donors and capltal proleclts which it raises money for, The Trvste6s hav8 glvon conslderalion to tho coiitinued aclivlti68 and lif6 of th8 Charity and are aware thi8 is d&pendBnl on tho level of funds held. Tho Charity is currendy fundraising lo make further donation3 to help lo provid6 further Pied PSper Holidays and lo support various children's areas wilhln the Gloucestershire NHS Trust, at specialist schools and other sltes that would benefit slck ¢hlldr&n In GlouGestershire. A concerted effort is always made to address Ihe n8ed lo add lo Ihese funds on an annual basls oolng lo￿ard, The Trusl&es have asso888d the major risle¢lion 130 of Iho 2011 Aol,. or Ihg financial statements do not accord with thosè reoords,, or the financlal statements do not comply with the appllcablé requlremenls concoming Ihe form and oontent of 6ccounls sel out In the Charlllos (Accounts and Report31 Regulatlons 2008 oiher than any requirernenl that tho a¢¢ounls glve a tru8 and fair vlew which is not a matter consldergd as part of an independent examinatlon. I have no concems and hav6 com@ across no other mattors In Connection wllh the examinallon to whlch attention should be drawn In Ihls rèport In order to Onable a proper understanding of th6 flnancièl slalem8nls lo bo reached, stephen Humphrles FCA Griffith5 Marshall Buslness Adv180ry Limited 8eaumonl Hou96 172 Southgaté Street Gloucester GL12EZ Dated.. THE PIED PIPER TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr6Strl¢tod fund8 2023 RestrS¢ted funds 2023 Total Unrèstrlcled funds 2022 2023 Note$ Income from.. Donations and legacies other trading acllvllles Inveslmenls 250,294 475,003 2,891 131,552 381,846 475,003 2,891 240,444 387,912 Total In¢omo 728,188 131,552 859,740 628,361 Expendlturo on: Ralslng fvnds Charltable actlvitles 312,649 358,780 312,649 358,780 247,790 251.099 I'otal ￿PondIture 671,429 671,429 498,889 Net Incomo and movement In funds 56,759 131,552 188,311 12LJ,472 Re¢onclllatlon of funds.. Fund balancats al l January 2023 323,872 323,872 194,400 Fund balancos at 31 De¢8mb8r 2023 380,631 131,452 S12,183 323,872 Th8 statement of financlal adlvltl&s in¢lud8s all galns and Ioss88 recognisad In th6 year. All ineome and expendllure d6dvo from conllnulng actlvltles. THE PIED PIPER TRUST BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 Notè$ Current assets Debtors Cash at bank and In hand 14 7,906 740,591 6,516 539,709 748,497 546,225 Credltors.. amounts falllng duè wlthln onè year 15 (236,314) 1222,3531 Net eurrent ass&ts 512,183 323,872 Nèt assèts 8xcluding p8nslon Ilablllty 512.183 323,872 The fund8 of the Charily R&strl¢ted incorne funds Unroslriclod fijnds 17 131,552 380.631 323,872 512,183 323,872 Th8 financial 8lalemenls were approved by tha trus166S OM Mr N 8roady- Chairman Trustee Mr R Head DL, OBE- Chair ofTru816os Trustae THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng Pf)Ilclog Charlty Inforniatlon The Pled PIp8r TTUSt Is an unlnGorpuraled charlty and 15 reglsleied wilh the Chariiy Commlsslon under number 1011611. 1,1 Accountln9 conventlon Th8 flnancial slalgments hava ba8n prepared in accordance with the Charlty's governlng doGumenl, the Charities AGI 2011, FRS 102 "Th& Flnancial Reporting Standard applicable in the UK and Republ1¢ of Ireland" {"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charitles.. Slalemenl of Recommended Practice Applicable lo charilles preparlng their accounts in accordan￿ wllh Ihe Financial Reportlng Standard applicable in tho UF< and Republlt of Iraland (FRS 102}" leffecttve 1 January 2019}, The Charity is a Publlc Benefit F.nlily as dèflned by FRS 102, Thè Charity has taken advantage of the provlslons In the SORP for ¢harlllg5 not lo prepare a Statement of Cash Flows. The financial statements hava departed from tha Charitlgs (Accounts and Reports) R6gulatlons 2008 only to ihe extent required to provide a true and falr vlew. Thls departurè has Involved following th¢4 Stal6mént of Rocommèndod Prcicllc& for charllies 8ppiylr¥g FRS 102 rath6r than the verslon of th& Slalem8nl of Recommended Practice which is refe￿d to in the Regulallons but whlch has slntte beèn wlihdrawn. The finanGial slal8menls are prepared In sterling, which is the functional currency of the Chadly. Mon&tary amoLinls in these finanGial slalements are rounded lo the noarest £. rhe financial ststÈments have been prepared under the hislorical cost convention, Thè prlncipal accounting policies adopted are sel out below. 1.2 Going concern At the tlme of approving the finan¢lal 81alements, thr8 Iruslees have a rtsasonable &xpectatlon that tha Charity has adequate re&ouroes lo conlinue in operalioiial existence for the foreseeable futura. Thus Ihe Iruslees conllnu8 lo adopt the going con¢em basls of acor>unting Sn preparing the fiManGial stal&m6nts. 1.3 Gharltable funds Unreslricled funds are available for us@ at the dSscr6llon of tho Iruslees in furtherance of Ihelr charilable objectives. Restrlcted funds are subjeot to specific u)nditions by donors or grantors as lo how they MEJY be used. The purposes and uses of th6 reslrf¢t@d funds are sèt out in th8 notes lo the financial statements. Endowment funds arg subject to 8pe¢lfic condltions by donors that thg capital musl bg Mainlalngd by the Charity. 1.4 Incomè Income Is rgoognls@d when the Chartty Is legally &ntill&d lo11 after any performance cundlllons have been mel, the amuunls can be me¢18ured reliably, and it is probable that inorjme will be received, Cash donations are recognised on rgceipl. Other donations are recognlsod onc8 tho Charlly has b66n nollfl&d ol Ihe donation, Linless performance conditions require d6ferral of Ilie amount, Income lax recoverable In relation to donations received under Gift Aid or deeds ol covenant recagnis&d al the time of th6 donation. L&gaciÉs are racognised on rscélpl Dr olheMiS6 If thè Charity has been nolllied of an Impending dlslrfbullon, the amount Is known, and rèeéipi Is expècted. If the amount is nol known, tha lagacy Is Ireatsd as a ¢onlingenl asset, THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢le8 {Contlnugdl Shop Incomg is recognl8ed at the fair value of the conslderation re¢alv8d or r9¢8ivablg for goods provided in the normal course ol business. Where the Charlty holds lolnt fundralsiny evenl8 wilh olhei. charities then only The Piad Pip6r Trust'8 Share of income, expenses, assets and liabilllles ale inoluded, Interest is accounted for in the period In which the Charity is entitled lo receipt. Assals for dislrlbutlon are recognised only when dislribul&d, Assets glven for use by tho Charlty are recognis&d when receivable. Stocks of undislributed donated goods are not valued for balance sh88t purposes. Income from donatod facililles and seNices18 reoognisod at the valug lo the chadly in lh$ perfod ii) which Ihey are donated, 1.5 Expenditur8 Expenditur@ is reoognised once ther& Is a legal or conslNGtive obligauon lo Iran$fer economlc b8n8flt to a Ihlrd party, il 18 probable that a transfer of e¢onomlc bon8flts wlll be requlred In selllement, and th6 amount of th& obligation cxn be measured reliably. Expanditure is cla88ified by a¢tivlty, rhe costs of each actlvlty are madè up of Ihè total of direct cos15 and shared costs, in¢lLidlng support costs Involved In undertaliint gxpèo18d lo bè required lo settle the obligation Is recDgnis@d al present value. When a provision Is measured al present VÉilue, the unwlnding of th& discount is recognised as a linanco cost In n61 In¢omellexp6ndllurel In the period In whi¢h11 arfses. 10- THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEt)) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.11 Employoo beneflts The cost of any unu8ed holiday enlillemenl is recognis8d in the perlod In whlch the 8mploy88's services are rec8ivad, Termlnallon benefits are recognlsed Imrnedlately as an expense when tha Charlty Is damonslrably committed lo tèrrninal6 the employment of an employ8e or lo provlde lermlnallon bénefits. 1.12 R8tlrem6nt beneflts Payments lo defined contribution rellrement beneflc schemes ar8 charged a8 an èxp6nse as they fall due, 1.13 Government Grants Gov8mmenl grants are recognlsed at Ihe fair valu6 of th& asset rèc6ivèd or receivable when Ihere is reasonable assurance that the grant conditlons will b& M&t and the gr8nl$ will be received, Govemmenl granls relating to turnovér ar8 recognls6d as Income ovèr the perlods when the related o)sls aro Incurred, Grants telating lo an assel re racognlsad In Income 8y8lemalically over the asset's expeGted useful life, If part of such a grant is deferrgd11 Is r6cognl88d as deferred Income rather than being deducted from the &88el'8 carrylng amount. 1.14 Resourcos txpended Llabllllles are recognlsed ag exp6ndllur& as soon as thero is a18gal or ¢onslructive obllgation ¢ommitllng the chadty lo that èxpgndilure, It Is probable Iliat a traiisfer of economi¢ benofits will be required In s8t116mant and the amount of the obllgatlon can b@ measurad reliably. Expenditure is 8¢wunted for on an a¢cruals ba818 and has been classified undor h6adlngs that aggr8gale all costs {ineludlng Irrecoverabl8 VAT) ralaled lo the CGilegory. Wh6r6 costs cannot be dlr8c11y atlrlbuted lo particula¥ headlngs th8y have been allocated lo acllvities on a basis conslstgnl with the u86 ol re80urces, Commlttgd fundlng 16 re¢ognlsed in full in tha year In which thoy arè approvgd with futura p8ym&nts belng Includgd gs Ilabillties. Grants olfer8d subject lo conditlons whlch have not beèn met al tho year end dale are noted as a Gommitm6nl bul not accrued as expendllure. crftl¢al accountlng 8Stimatas and Judgements In th6 appllcatlon of the Chaiily's accounting poll¢les. the trusl6&s are requlred to make judgements, estimat&s and assumptions about the Carrying amount of assets and Ilablllll8s thal are not readily apparent from other sources. The 8slimales and asso¢laled assumptlons are based on hislorical experienc8 and other factors that are con81d8rgd lo be rel8vanl, Aotual resulLs may dlffer from thasa eslimatos. The gsllmatos aiid underfying assumpllons are reviewed on an ongoing basis. Revislons to accounting estlmales are reoognised in the period in whlch the esllmate Is revlsed where the revlsion affects only that pariod, t)r iii th6 p6rlod of th8 revlslon and future periods whero Ihfy revlslon affects both current and future perlods. THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacles Unrestrlct8d Restrlcted funds funds Total Unrestrl¢l8d funds 2023 2023 2023 2022 Donallons and glfts Legacias rac6lvable Donated goods and sèNlces other 176,275 7,317 44,245 22,457 176,275 7,317 44,245 154,009 92,540 5,328 41,799 100,777 131,552 250,294 131,552 381,846 240,444 Incom& frDm othèr tradlng actlvltles Unrestrlcted Unrestrlcted fLinds funds 2023 2022 Fundraising events Shop incom8 229,614 245,389 154,581 ?.33.331 Other trading actlvltles 475,003 387,g12 Incomo from Invèstmonts Unrestrlct6d Unrbstrlctèd funds funds 2023 2022 Inlar6sI rac?Ivabl 2.891 12- THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendltur• on rolslng f unds Unréstrl¢tod Unre8trlcled funds lunds 2023 2022 Fundralslng and publlclty Seeking donations, grants and legaoiès M8mb8rshlp schemes and social lo116rl8S st8glng fvndraising 8v6nts Advertislng Support costs 1,767 5,040 8,754 4,272 2,750 15,597 4,453 39,115 2g,830 50,732 66,187 Tradlng costs Operating charfly 8hops Olh6r tradlng activiligs Staff ¢osts 67,439 85,871 108,607 70,571 38,373 72,669 261,917 181,603 Total costs 312,649 247,790 Expendlture on charitablè a¢tlvltles Unrestrictod UnrÈstrlcl8d funds funds 2023 2022 Direct Costs Grant funding of actlvllles Isge note 81 358,780 251,099 Analy51$ by fund Unreslrict@d fund5 358,780 251,099 Grants payablo Urtrèstrleted Unrostrlctèd funds fund$ 2023 2022 Grants to instilulions., Other 358,780 251,09 13. THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allocated to aotivltlès 2023 2022 Staff costs Governanc9 costs 29,830 1,500 39,115 3,349 31,330 42,464 Analysed bal￿88n,, Fundraising .31,330 42,464 10 Nat movement in funds 2023 2022 The nel mov8menl in funds is stated aflor chargingllc￿ditingl'. Fees payable for Ihe independent examination ot the charity's financial slalem8nts 1,500 3,249 11 Trustees None of the trustees (or any persons oonnecled with Ihem) recelved any r9mungralion or beneffts from the Charity durlny the year. 12 Employ09S The averaye monthly number of omployeo$ during the year was.. 2023 Numbor 2022 Number Employment costs 2023 2022 Wayes and salaries Soclal security costs Other pension coyl8 127,321 8,9S5 2,161 107,933 1,736 138,437 111,774 There were no employees whose annual remunerallon wa8 more than £60,000, 13 Taxallon The charity 18 exempl from laxalion on ils aclivllies b&caus@ all Its Income Is applled lor Ghadlable purpo88S. 14 THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Dobtor8 2023 2022 Amounts falling due within on8 y8ar.' Prepayment8 and accnjed Income 7,906 6,516 15 Credltors: amount8 falling due within on8 year 2023 2022 0th8r taxation and sodal securlty Trade credllors Other crgditors Accruals and deferred Income 2,253 7,926 224,635 1,500 1,775 5,517 213,561 1,500 286,214 222,353 16 Retirement beneflt 8¢hem9S 2023 2022 Doflned Gontrlbutlon sGhemes Charge lo profll or loss In rosp$ct of defined contribution schemes 2,161 1.736 Tho Charity operatas a deflnéd contribution pgnsion scheme for all quallfying employees. Thé assets of tha $¢h8me ar& hold sèp8r218ly from thos8 of the Charity in an independently admlnlslered fund. 17 Restrictod funds Th8 r8Strlct8d funds of the charity cornprise the unexpgnded balances of donallons and grants h&ld on trust subj6et lo sp8cmc condillons by donors as lo how they may be used. At l January 2023 Ineomlng r•sources At31 D@c6mber 2023 Emlly's Glfl 131,552 131,552 15 THE PIED PIPER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Unrestrfcted funds The unreslricled funds of the charity comprise th8 un6xp&iided balances of donations and grants whlch are nol 8ubjecl to specific conditions by donor$ and grantors as to how they may be used. These include designated lunds which have been SÈI aside out of unreslrloted funds by the tsuslees for speclfic purposes, At 1 January 2023 Incoming resoLir¢e$ Resource5 expended At31 De¢ember 2023 Ggneral funds 323,872 728,188 (671,429) 380,631 Previous yttar,, At 1 January 2022 In¢omlng rèsources Resourcès expended At31 Doceinbgr 2022 General funds 194,400 6211,361 1498,8891 323,872 19 Analysls of net assets between funds Unreslrlcted fund5 2023 Restrlct¢d funds 2023 Total 2023 At 31 Deeember 2023: Current assetsl{IlabllltlÈsl 380,631 131,fJ52 512,183 380,631 131,552 512,183 Unrestrl¢t?d funds 2Q22 Restrlcted funds 2022 Total 2022 At 31 Docember 2022,, Current assetsllliabillllesl 323,872 323,872 323,872 323,872 20 Related party transactlons There were no disclosable relatod party Iransaclioris during th8 ye8r12022 none), 16