# ## ## ## ## |||Page| |---|---|---| |Trustees'
report||1-11| |Statement ofTrustees'|responsibilities|12| |Independent
auditor's|report|13-15| |Statement offtnanctal|activities|16| |Balance sheet||17| |Statement ofcash flows||18| |Notes to the financial|statements|19-38| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---|---|---|---| |||||funds|funds||funds|funds|| |||||2022|2022|2022|2021|2021|2021| ||||Notes|8|8|6|6|6|6| |Donations
and legacies||||831,961|113,544|945,505|1,079,632|136,905|1,216,537| |Charitable
activities||||2,548,340|9,000|2,557,340|2,480,152|9,000|2,489,152| |Other trading
activities||||127,155||127,155|14,332||14,332| |Investments||||485||485|2,013||2,013| |Other income||||25,564||25,584|3,523||3,523| |Total Income||||3,533,505|122,544|3,856,049|3,579,652|145,905|3,725,557| |RmftgftltgriLqn;
Charitable
activities|||8|2,480,582|88,387|2,568,989|2,174,082|146,438|2,320,520| |Other|||12||||3,760||3,760| |Total expenditure||||2,480,582|88,387|2,568,969|2,177,842|146,438|2,324,280| |Net Incoming
resources
before transfers||||1,052,923|34,157|1,087,080|1,401,810|(533)|1,401,277| |Gross transfers|between||||||||| |funds||||7,389|(7,389)||(5,045)|5,045|| |Net incoming|resources|||1,060,312|26,768|1,087,080|1,396,765|4,512|1,401,277| |Other recognised||gains|and|losses|||||| |Revaluation
of
assets|heritage|||216,173||216,173|590,786||590,786| |Actuarial
gain/(loss)||on|||||||| |defined benefit|pension||||||||| |schemes||||109,000||109,000|(259,000)||(259,000)| |Net movement|In|funds||1,385,485|26,768|1,412,253|1,728,551|4,512|1,733,083| |Fund balances|at 1 April||2021|38,494,217|4,512|38,498,729|36,765,666||36,765,666| |Fund balances|at|31 March|||||||| |2022||||39,879,702|31,280|39,910,982|38,494,217|4,512|38,498,729| ## ||||||2022|2021| |---|---|---|---|---|---|---| |||||Notes|6|6| |Fixed assets||||||| |Tangible assets||||13|334,035|361,501| |Heritage assets||||14|35,431,455|35,050,614| |Investments||||16|1|1| ||||||35,765,491|35,412,116| |Current assets||||||| |Stocks||||17|17,716|22,366| |Debtors||||18|48,528|62,513| |Cash at bank and||In|hand||5,388,467|5,062,666| ||||||5,454,711|5,147,545| |Creditors:|amounts||falling due within|||| |one year||||19|(603,534)|(1,145,074)| |Net current|assets||||4,851,177|4,002,471| |Total assets less||current liabilities|||40,616,668|39,414,587| |Creditors:|amounts||falling due after|||| |more than|one year|||20|(555,686)|(656,858)| |Provisions|for liabilities|||22|(150,000)|(259,000)| |Net assets|||||39,910,982|38,498,729| |Income funds||||||| |Restricted|funds|||24|31,280|4,512| |Vgfgsttigteedfgfs(6||||||| |Designated|funds:|||||| |Revaluation|reserve||||11,711,788|11,495,615| |Other designated||funds|||27,448,949|26,398,602| |||||26|39,160,737|37,894,217| |General unrestricted|||funds||718,965|600,000| ||||||39,879,702|38,494,217| ||||||39,910,982|38,498,729| ## ## ||||||2022||2021|| |---|---|---|---|---|---|---|---|---| |||||Notes|6||6|| |Cash flows from operating||activities||||||| |Cash generated
from operations||||29||608,963||2,186,807| |Investing|activities|||||||| |Purchase oftangible
fixed assets|||||(22,044)||(40,446)|| |Proceeds from disposal
oftangible|||fixed|||||| |assets|||||||3,700|| |Purchase of heritage assets|||||(184,668)||(157,321)|| |Investment|income received||||485||2,013|| |Net cash|used
In investing|activities||||(186,227)||(192,054)| |Financing|activities|||||||| |Repayment|of bank loans||||(96,935)||(92,878)|| |Net cash|used
In financing|activities||||(96,935)||(92,878)| |Net Increase
in cash and cash equivalents||||||325,801||1,901,875| |Cash and|cash equivalents|at beginning||ofyear||5,062,668||3,160,791| |Cash and|cash equivalents|at end of||year||5,388,467||5,082,666| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |---|---|---|---|---|---|---|---| |||funds|funds||funds|funds|| |||2022
8|2022
6|2022
6|2021
6|2021|2021f| |Donations|and gifts|2,153||2,153|982||982| |Grants and|sponsorship||||||| |receivable||829,808|113,544|943,352|1,078,650|136,905|1,215,555| |||831,961|113,544|945,505|1,079,632|136,905|1,216,537| ||||IO
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CO| |||||||||CO| |ca||||||||| ||c|0||||||| ||||||Ccl|CII||ca| |||||||OV||| ## ## ||Activities for generating|funds| |---|---|---| |6|Investments|| |Unrestricted|Unrestricted| |---|---| |funds|funds| |2022|2021| |E|F| |127,155|14,332| |Unrestricted|Unrestricted| |---|---| |funds|funds| |2022|2021| |E|F| |485|2,013| |Unrestricted|Unrestricted| |funds|funds| |2022|2021| |E|F| |25,584|3,523| ## |Charitable
activities||||||| |---|---|---|---|---|---|---| ||||||2022|2021| ||||||6|6| |Staff costs (note 11)|||||906,979|944,738| |Depreciation
and impairment
Administration
costs|||||49,510
362,010|52,600
318,565| |Property costs
Other costs|||||890,286
167,953|647,957
139,481| |Finance costs|||||36,765|35,497| ||||||2,413,503|2,138,838| |Share ofgovernance|costs|(see note 9)|||155,466|181,682| ||||||2,568,969|2,320,520| |Analysis
by fund
Unrestricted
funds|||||2,480,582|2,174,082| |Restricted
funds|||||88,387|146,438| ||||||2,568,969|2,320,520| |Support costs||Support|Governance|2022Support costs|Governance|2021| |||costs|costs||costs|| |||6|6||f|| |Audit fees|||8,150|8,150|8,055|8,055| |Legal and professional|||145,159|145,159|173,585|173,585| |Trustees' expenses|||2,157|2,157|42|42| ||||155,466|155,466|181,682|181,682| |Analysed
between
Charitable
activities|||155,466|155,466|181,682|181,682| ## ## ## ## |The average
monthly
number
ofemployees
during th|e year was:|| |---|---|---| ||2022|2021| ||Number|Number| |Direct charitable|42|48| |Employment
costs|2022
E|2021f| |Wages and salaries|796,604|832,269| |Social secunty costs|66,061|67,291| |Other pension costs|44,314|45,178| ||906,979|944,738| ||||2022|2021| |---|---|---|---|---| ||||Number|Number| ||690,001 - 8100,000|||| |12|Other|||| ||||Unrestricted|Unrestricted| ||||funds|funds| ||||2022|2021| ||Net loss on disposal oftangible|fixed assets||3,760| ## ## |Tangible fixe|d assets||||||| |---|---|---|---|---|---|---|---| ||||Land and|Plant and|Fixtures, Motor|vehicles|Total| ||||buildings|machinery|fittings
S,||| ||||||equipment||| ||||||6|8|| |Cost|||||||| |At 1 April 2021|||359,121|127,043|455,390|73,476|1,015,030| |Additions||||514|9,190|12,340|22,044| |At 31 March|2022||359,121|127,557|464,580|85,816|1,037,074| |Depreciation
and impairment
At 1 April 2021
Depreciation
charged
in the year|||64,657
7,188|108,263
5,634|408,860
34,924|71,749
1,764|653,529
49,510| |At 31 March|2022||71,845|113,897|443,784|73,513|703,039| |Carrying
amount
At 31 March 2022|||287,276|13,660|20,796|12,303|334,035| |At 31 March|2021||294,464|18,780|46,530|1,727|361,501| |Heritage assets|| |---|---| ||Residential,| ||commercial| ||and other| ||6| |At 1 April 2021
Purchases|35,050,614
164,668| |Revaluation|216,173| |At31March2022|35,431,455| ## ## ## ||Details ofthe charitable
c|Details ofthe charitable
c|Details ofthe charitable
c|ompany's
subsidiaries|ompany's
subsidiaries|at 31 March 2022 are a|s follows:|s follows:| |---|---|---|---|---|---|---|---|---| ||Name of undertaking|||Registered||Nature ofbusiness|Class of
% Held|| |||||office|||shares held
Direct|Indirect| ||Sunlight Vision||Limited|23 King|George's|Dormant|Ordinary
100.00|| |||||Drive, Port||||| |||||Sunlight,|Wirrai,|||| |||||CH62 5DX||||| |17|Stocks|||||||| ||||||||2022f|2021| ||Raw materials||and consumables||||17,716|22,366| |18|Debtors|||||||| ||||||||2022|2021| ||Amounts|falling due within one year:|||||6|6| ||Trade debtors||||||33,299|44,109| ||Prepayments||||||15,229|18,404| ||||||||48,528|62,513| ## |19|Creditors: amounts|falling due within one year|||| |---|---|---|---|---|---| |||||2022|2021| ||||Notes|E|E| ||Bank loans||21|101,172|96,935| ||Other taxation and social security|||88,721|83,295| ||Deferred income|||31,417|782,727| ||Trade creditors|||125,247|125,209| ||Other creditors|||84,220|44,327| ||Accruals|||172,757|32,581| |||||603,534|1,145,074| |20|Creditors: amounts|falling due after more than one year|||| |||||2022|2021| ||||Notes|E|E| ||Bank loans||21|555,686|656,858| |21|Loans and overdrafts||||| |||||2022|2021| |||||E|E| ||Bankloans|||656,858|753,793| ||Payable within one year
Payable after one year|||101,172
555,686|96,935
656,858| ## |22|Provisions|for liabilities||2022|2021| |---|---|---|---|---|---| ||||Notes|E|E| ||Retirement|benefit obligations|23|150,000|259,000| |||||150,000|259,000| ## ## ## |Kay assumptio|ns|||||| |---|---|---|---|---|---|---| ||||||2022|2021| ||||||0/|| |Discount rate|||||2.8|2.1| |Expected rate|ofincrease of pensions||in payment||3.5|2.8| |Expected rate|of salary Increases||||4.9|4.2| |CPI Inflation|||||3.4|2.7| |Mortaiity assumptions||||||| |The assumed|life expectations|on retirement||at age 65are;||| |The ass|umed
life ex|pec|tations
on ret|irement
at a|ge 65are;||| |---|---|---|---|---|---|---|---| |||||||2022|2021| |||||||Years|Years| |Retiring|today||||||| |- Males||||||20.9|21.0| |- Females||||||24.0|24.1| |Retiring|in 20 years||||||| |- Males||||||22.4|22.6| |- Females||||||25.9|26.0| |Amounts|recognised|in|the statement|offinancial|activities:||| |||||||2022|| |||||||f|| |Current|service cost|||||(45,000)|| |Net interest on defined|||benefit liability/(asset)|||(6,000)|| |Other costs and income||||||(1,000)|| |Other gains||||||161,000|| |Total||||||109,000|| ## ## |Retirement
benefit sche|mes|mes||||(Continued)| |---|---|---|---|---|---|---| |The amounts
Included
in|the balance sheet arising||from the charitable|company's|obligations|in respect of| |defined
benefit plans are|as follows:||||2022|2021| ||||||8|8| |Present value ofdefined|beneRt obligations||||2,875,000|2,831,000| |Fair value of plan assets|||||(2,725,000)|(2,572,000)| |Defldt in scheme|||||150,000|259,000| |Movements
In the present value of defined||benefit obligations:||||2022| |||||||8| |Liabilities at 1 April 2021
Current service cost||||||2,831,000
45,000| |Benefits paid
Contributions
from scheme members||||||(55,000)
8,000| |Actuarial
gains end losses
Interest cost||||||(22,000)
60,000| |Other||||||8,000| |At 31 March 2022||||||2,875,000| |||2022| |---|---|---| |||8| |Fair value of|assets at 1 April 2021|2,572,000| |Benefits paid
Contributions
Contributions
Other|by the employer
by scheme members|(55,000)
201,000
8,000
(1,000)| |At 31 March|2022|2,725,000| ## ## ## |The fair value of plan assets at the reporling|period end was as follows:||| |---|---|---|---| |||2022|2021| |||E|| |Equity instruments||1,035,000|1,024,000| |Debt instruments||818,000|767,000| |Property||199,000|177,000| |Cash||136,000|131,000| |Other||537,000|473,000| |||2,725,000|2,572,000| |||||||lag|lag|W|I
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CI| |||||||||IA|| |||||||CO|IA||| |O|||||||||| ## ## ## |||||||||||||2022|2021| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||||E|E| ||Aggregate
compensation|||||||||||94,877|96,388| ||Other transactions||||||||||||| ||PSVT has a wholly owned
subsidiary,||||Sunlight|||Vision||Limited. At|the year end this|company was dormant
and|| ||Is retained
should
it be|required|for|future||trading|||activities.||||| |29|Cash generated
from|operations||||||||||2022|2021| |||||||||||||E|E| ||Surplus for the year|||||||||||1,087,080|1,401,277| ||Adjustments
for:||||||||||||| ||Investment
income recognised||In statement||||of|financial||activities||(485)|(2,013)| ||(Gain)/loss
on disposal|oftangible||fixed||assets|||||||3,760| ||Depreciation
and impairment
oftangible|||||fixed assets||||||49,510|52,600| ||Movements
in working|capital:|||||||||||| ||Decrease/(increase)
in|stocks||||||||||4,650|(243)| ||Decrease
in debtors|||||||||||13,985|83,088| ||Increase/(decrease)
in|creditors||||||||||185,533|(40,544)| ||(Decrease)/increase
In|deferred|income|||||||||(731,310)|688,882| ||Cash generated
from|operations||||||||||608,963|2,186,807| |30|Analysis
ofchanges|In net funds|||||||||||| ||||||||||||At1 April 2021|Cash ficwsAt 31 March 2022|| ||||||||||||E|E|E| ||Cash at bank and
in hand||||||||||5,062,666|325,801|5,388,467| ||Loans falling due within|one year|||||||||(96,935)|(4,237)|(101,172)| ||Loans falling due after|mors than one|||year||||||(656,858)|101,172|(555,686)| ||||||||||||4,308,873|422,736|4,731,609|