Charlty Reglstr•tion No. 1146739 PIG SHED TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
PIG SHED TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustet$ Mr H S Jonas MrDJCox Charlty number 1146739 Prinripal addr•ss Th8 Fannhouse Biddenfield Lane Shedffield Southampton Hampshi United Kingdom S032 2HP Audt•x Azets Audtt SeNices 24 Pad( Road South Havont Hampshtrs Unlted KingdMI P09 1HB
PIG SHED TRUST CONTENTS Tmste8s' r8F Stalernent of irustees, rtsponsibilNi05 Independent auditorfs report 9- 11 Statement of financial adivtbes 12 Balance sheet 13 Statsment of cash ffiow8 14 Nol&% to the fin8niial statements 15-23
PIG SHED TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2020 The trustees pment thelr rèport and financlal slalements for the yèar 8ThJed 30 Jun• 2020. The financial statements have been Prepared in O¢¢0rdare wtth the accounting policies set out in nots 110 finan¢ial stetements and complywilh the charfty's Irustde¢d, the CharitiesAct2011 and'AccotJntln9 and Reporting by Charfties.. Slatoment of Recomm8nded Practice applicable to tharitie¥ preparing their accounts in accordan¢e wlth the Financial Rsportlng Standard applica1 In the UK and Ropublic of Irdand IFRS 1021 leffective 1 January 20191.. Objectlves and actlYiti•s Obj¥ctSvo8 of the Charity The Trustees of Pig Shed Trust hold the Trust Fund and income upon trust to appty them for all objects that arè regarded 8$ ex¢luslvdy charitable un¢Jor the law of England and Wales. The Charity Wi$ion Pig Shed Trust is primarityfocusod on InterventK$ that promote ¢onSèrVatic and changèthe natural environment for the bgttor. In particular, thè fttus is on activities that will benefit both wildlWe and the people lfvlThJ with it. The interventions must be smart. well-run projects that u$e sound trsinesS principles lo a¢hi8v8 measureablt outcomes. Pig Shed Trust undertakes prosgcts itself 8nd funds parlner ch8rfUes and organi5ati¢n$ to run compatSble projects. ObjKtlv•s for 2019- 2020 Plg Shed Trust ha$ f¢xused on se¥Èral k8y obiectsves over Ihls financAal year. Progrèss the intemal s¢allop ranching projo¢t to develop a commertyal size scallop farm Implement planning and measurement into all grants and intsrventions undertaken to h8lp quantfy the outcomes and impact Support the local wildlife around Pig Shed Trust's home office in Hampshire Strategy for achlovlng the obloctlvo$ Pig Shed Trust has narrowed its focus lo m8finly in house prole¢ts in Orderto xhieve its r)blectNes. The obl$¢tS for 2019-20 remain unthanged from last year and the work undertak$n during this year builds the foundations pieviou¥ty devdcyed. Strategy for ObJ•ctlv• 1 The scallop project wlll take a further loan wt from Pig Shed Twst to progress Iho cullivalion of Bcallops rèady for harv951ing and lo devdq) an in house scallop hatchery dosè to the fam) sito. Strategy for ObJ8ctlv• 2 Planning and measurement is corg to Plg Shed Trust and all ts proJects use sdèntific rigour and SMART planning lo ènsure they achleve the best resUS posslNe. Str•t•gy for Objocdve 3 Pig Shed Tnjst Mll continue 1¢ look for interventions wthffin the local country$ide to best support ldlife. This will InVoe working with the Hampshi and Isle of Wight Wildlrfe Trust and managing Biddenfield Estate to actively enhance wildlife in and around it. Adl¥lt3 Tho Int•rnal Scallop Ranch Project Scallop Ranch Ltd ISRLI has ntInUed to focus M managlng ¥c8llop survivability along bwth identityng modlfications to equipmenl to help makè the husbandry processes more effiThent. SRL Continues to w¢rk v41th the Universlty of PmoVth IUOP) to estsbllsh best pra¢b¢8s in husbandry skills and better understsnd mortallty. SRL has begun selling scallops to several proc8s80rs and achieved unit prfces In Ilne wlth expectalons, placAng them Dn a par wtth dlve caught prlces.
PIG SHED TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 In order lo re(luce the risk lo the busin$ss from a lack of spat $upplled from thè hatchery in NoThvay. attention has boen tumed to how SRL wuld develop a hatchèry in the UK. provlding a second 50ur¢e of spat and reducing Ihg busln8ss risks significantly. Over the course of the year. a te in 8rixhom was identifie(1, 58Gured and a hal¢h buildin9 made of a series of contain¢rs coupled together. instslled. 11 is hopèd by the end of 2020. Ihe fit OLrt will be complete and the hatchery will be 8bl8 to begin produung wllop spat. FurthemN)r8. with the demands on space withln Torfoay increasing, SRL took the ¢)PPOrtunity to apply for an increased aroa of seabed within th¥ bay to ensurè thatthe scale required bylhe busness was fvture proofed. SRL has managed tr& secure the nece&8ary licen and lease that wlll double the nurnbgr of lines in Ihewalet. doubling the farm's capar4ty. Supptyting local Wlldlife Pha Shed Trust ha8 completed the renovation on thg Famhouse and Ihe the barns, which have all been let out. The cottage ams the road from th$ other buildings Is still being renovatsd with an anticipated compl6On by the eThJ of 21Y20. The reTrJv?tion wort wll provide a p$rpetual source of inwme for the estate by renllng outthe prop8rtles. In order to help support the other work cairied out the estate to enh8n¢o wildlife. Adja¢ont land to Biddenfield Estaté has becimnè available which would add an addOnal 70 a¢ras of mixed grazlng and WCM)dland and create a¢Jdilional ld1fe habllat without the requlrement of addlional Infraslru¢tur8 to manage It because the existing equipment ltraCtorS can be tJs8d from Biddenfidd. PST ha5 successfvlly ne9Otlaled thg WT¢hase of thè land. When PSTfirst purchas1 Biddenfiald Estats, basellne surveys were ¢ommlssioned to give a tter understanding of the wildlife on the whole eststè and provide infomation with which to manage It to enhance the wildlSfe. Sln then, the suNeys have cor'nUed and remain an importsnl tool to Influence thg itrt¥rvenJons on the èstste. This approach will be applied lo the new pier* of land too. Planning and Measurement Pj Shed Trust has committed to uso planni arKI measurement in 811 of Its projects and thi$ Is demonstrated through the engaggm$nt ol suryey$ from 8xternal expèrts and v40rknng with Plymouth UniversSty to apply so¥ntiflc ngour to processes In orrt0 drive imrrtvements. Public b•n•fit The trustees confirm that they hav8 r8feThed lo tho guidance contained in th& Charity Commi55ion's gener81 guidance on publi¢ banèfitwhen reviewing the Trust's aims ¥nd objectives and in planning futLTrre acbvities. Volunt•ers PpJ Shed Twsl ha$ one Trustsg who Voluntee to work forthe trust on a rtUal full lime basls and who manages the day-lTrday actlwties and commitments ofthe Tru8t.
PIG SHED TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Grant maklng dtclslon proce88 Plg Shed Tru5tcontlnuos to use kn decision processes, one is f(x intwnal projects that11 Fs loong to undert8k8 and the other is for grant appliGalions that have received from thlrd p8rt18s. Internal Decision Process
PIG SHED TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 External Funding Decision Process In both instsnces. the Trustses will make the final d•dslon on committirw3 fund$ to a project or appli¢atlon. Achlevement$ •nd perfornian The followlng table detsils the grants arxl prol8Cts undwiaken and financed during the year and sets out what the intended objectives were and whetherlhese wve achieved.
PIG SHED TRUST TRUSTEES. REPORT ICONTINueDI FOR THE YEAR ENDED 30JUNE 2020 Sts1knpH•n¢b LI61SRU.¥thOY o¥mtdsubsryofPST.h155EEU PiivbyJil¥.Thlltyth1 ItnxlrrfihtwriKL ThiiStIllM•1sth1 bei Pl0W$51>bd MId•¢nUC1reIIth[rjt4ryt•d lrtein•15ti PRIhk. Martourtohoui hitthEry A loparOrrfflel n&ediTh l(ln¢(alldId rwlntre W. TbIlndEfrIeI bEtter¥u¥I[i. WorklIn¥WI Inih •rMlvfindthp&wé•t WleeTheolfvd To[yslll•sffi1 In19bAdht(hIry 2QOm+ £250,r n•ry¥gu1pvntrtlldtO IMpkrfLèrt nlsand V4llrknnEwtththb4yw•mbgr5&1th Fqoce$50fmE4wrir b¢ftrw•Dt•réhalp•npJr• 4flts11nthir4nlsiprnakèsur•thattmphw5bts gwntothpxlM14Eithlltd•fvithebest MirlreCgr4Erw4tK inW¢t •ty ptsstthe BE01yowrbIlryof $TSu&rtak•cIt tH(W¥drobt1In Countr5HhLM1srWIaTd5p aThtstohdp5UPPJrttheworl. Tr¢ 5hd wIMthhab•thdo¢umentedbw ddenfWdE5t&tr&f rarnentDF irforL•dIh JTrdenDt4ed¥nrt •Trhan¢•m•Dttob•otr&Et4dthro4h nin¥toih¢ Emtè. lIndI¢•¥¢r¢POlTrt 975L wHdlff•kncwltoP 111
PIG SHED TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Fln8nclal revlow The Charity's lundlng has m81nly come in from 8 don8kn from Harvey Jonos, Inveslment income and a gift ald daim. During the year ineoming resoLrrces totalled £768.475 and resource$ expensed totalled £80.408. At the ye8r the Charity hgld unspent fuThJs lor'free. reseryesl of £2.731,67812019". £2.645.657). Full details of thg application of fvnds and nw)vement in rèsources for the Charity are glven in the Ststemenl of Flnanaal Activitie5 on paga 12. All assets ar¢ held in fvrtheran¢¥ of the objects of th8 Charity. The finan(ial ststemènts cornpty with currènt statutory requirements and with the ChariV$ 9oveming document. The Charity has two IradlThJ sub3idi8ries. Scollop Ranch Limitad and Biddenfield Estste Managernent Llmlted. Durfng the year, S¢8llop Ranch Limrf(ed madè a loss of £393,38412019'. £353,019). with nel liabilities of£1,465.347 12019.. £1,071.9631. Th8 Company is incurring costs relating to Ihè famlng of scallops, which will u.matelY enable them to generata an ororne. Biddenfiold Estate managant Limited made a profit of £15.71212019.' £45,241) In the year, wrth dosiig n8t liabilities of £215.73412019, £231.446}. The company is currenuy undertaknng work to Bi(Jdenfield Eslale. which will enable them to generate an income. ReSeS polky PEg Shed Tw$t do&s not have any pslon or em0y7)lant liabilths and therefore reserves are requlred to meet any of the f¢Jltrwlng evenlualrb8S'. - Th? rfsk of an unforese¢n omergency, e.g. a Tgpair or urgent seen thnding of a projec* - Long Igm commitment$ tr& grants beyond 1 year - To meet the Tnjst's otyectives of future years - Professional servw, such as legal or a¢cwnling asyoci8t8d with any probl8m$ the Tnjst may encounter Psg Shed Trust holds fvnds capable of financing the above eventualities and wlll continue lo do so. If the arè any 5ignfficanl ¢hanged to the way that Pl9 Shed Tru51 Dptsrates. the above list of reserve elements will b6 reviewed and suffiaent funds wll be kept In reserve to meet any addldonal eventualltitts. Plg Shod Trust has contlnued its tsrKling actilIeS with its core projects. building on the prevlous year'5 8¢tivltlas. Long term relationships with the grantees are 8ssenlial In order to devalop DUtcom85 ihat meet the requirements of both oryanisalons and to undersiand each others strengths and weaknessas and best capit81ise on thesè. Future rAans The plan for Ihe fOll%lrE y6ar is to build on the prwts and relationshlp$ that have fflourish&l durfng thls year. From this. the key areas of focus will be.. - Start an Income stroam from the 5¢8llop project and makè it c1mercial viable Enhance the estate management plans to deliver the maximum wildlife benefit and malnlaln a perpetual incom SOU using Ihe e8talfr's assets to support tho 8$tste work - Active revi¢ws of the granUprf8Ct oulcomes
PIG SHED TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Structuro. govornanr• and managem•nt The charity is contrdled by ts goveming document, a deed of trusi and constitutes an unincorporate(1 tharity. The trustees who 8wved durlng thè year and up to the dats of slgnatur8 of the financial stalernents w¥re: Mr H S Jr)nes MrDJCox Recrultww*nt and appolntmont of nèw trusteo It is Ihe responsibiltty of Ihe tru$le8s lo appnt a new trust88 and this wlll d¢)ne as and when it 1$ 89reed by Ihe seNiro Iruslees th8t thare is a requirement. Any proposgd tnJstee must not have been disqualtfiod frcrfn actiThJ 8$ a trustee betse and be aged 18 or over. There have boon no appolntmenls duriThJ this finanry81 yew. Managemont ¢fth• charmy Harvey Jones, a Truste8 of the Chadty. tskes Ihg adve lead Sn the d8y-1cY njnning of Pi9 Shed Twst and Wh a deddon Is deemed as Slgnfficarrt, it Is discussed at a Trustee Meeting. Organlsatlanal 6tructur• Pi9 Shed Trust (bes not direcuy employ anybody and relies on the actlv8 engagemant of it5 trustees in a volunteer capacity. Where specialist and professional servlces are required, they are ¢ontracted in. The trustees. Sn line with the main ¢)bjectives and vision ofthg charity make all finantyal and Strat1¢ dlsions. Induction •nd tralnlng Ot now trustws On the appointrnent of a new tNst¥#. they will be mada aware of the Charities Commlssion Tre Essenbal Tntstee= What you need to know ICC31' doojmenl, f8millarlsgd with It, trained in any areas they aro not familiar Wtth and expected lo undertake the dutie$ and responsibiliti0$ as set out in Rdatlonshlps with oth•r eharltles and organlsatlons Part of Ihg alms of Pig Shad Trust are to provlde grant fundirwJ to otsr ch8ritsble org8nisaUons to hèlp thgm pursue th•ir oblecbves that in lum broadly enhance the vSsion and obJtho$ of Pig sh Trust. Major rl$k8 to the charlty Thele are very few major risks Idenblled by thg Iwstees however, wh8r8 engagernent whh third parties tskes place. sullable witracts are pul In place lo h$lp manage and reduce any apparent risks. Th8 trustees. raportwas approved by the Board of Trustees. H S J¢)n•s Twstee Dated..
PIG SHED TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2020 The tnJ$t¢es are spOnSible for pr8paring the Trustees. Report and the financial 8ts1em8nts in accordance wilh appllcable law and Unkted Kingdom Accountlng Stsndards (United Kingdom Generally A¢¢opted Accounting Practic81. The law appli¢able to charitie8 in England and Wales r8qulres the knjstees to prepare financlal staternents f(Y each finala1 year whlch give a true and f8ir vS6w of the stale of 8ffaiTS of the charity and d the incoming resources and applScaUon of resources of th8 charity for that year. In preparing these finanaal statem¢nts. the trustees arg r8qulred to: - select suitable accounting policies and then aPY them con$lstsnUy,' - observe the methods arKJ princlplos the Charitios SORP,. - makeludgements and estimates that are reasonable and pruden( - stale whether applicable acmintln9 Standards have been followed. subleLt to any material departures dlsdosed and explained in the ffinancial statements" and - prepare the finandal slatèm8nts on the gtyng concem ba$1$ unless it is inapprcylate to presume that the charity will continue In operation. Thè trustees are responsible for keeping sufficAenl acc¢unlng records Ih8t disclose wfth reasonable accJJracy al any thme thè financial position of the charity and enable them lo ansure that the finandal statements c(xnply wlh the Charities Act 2011, the Charity IAccounts and Roportsl Regulatlons 2008 and tho provisiorts of thetrust deed. They ara also ro$ponsible for safaguafding the assets ol the charity ond hee for tsking reasonabla steps for the prevenbon anij detection of fraud and other irwularilios.
PIG SHED TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PIG SHED TRUST Oplnlon We have audited the fln8ncial slalemen15 of Psg Shed Trust Ohe '¢harily'l for the year ended 30 June 2020 vthich cornprfse th• ststemenl of finan(ial actiVe$, the ba18nc8 sheet. the ststÈment ol cash flows and the notgs lo the financial 5tstements. induding a summary of significant accounting pojiaes. The financial reporung trarnework that has been applied in lhrpr8parati0n Is applicable law and United King(Jom Accounting Stsnd8rds, induding FRS 102 The Finan¢io1 Reporting Stsndard alcable in thè UK and Repu1¢ of IrelaThl (United Kingdom Genefalty Accepted AccJunting Pracb"cel. In cwr OlnI{l. the financial ststements.. gwe a true and lair view of thè state of the charlty's affairs as al 30 Junè 2020 and of its inwmiwJ r¥x)urces and application of $OurceS, for the yearthen ended: have been proprky prepared in aCcordar with United Kingdom GenerallyA¢cepted ActIng Practe., and hBve b88n prèpared in acccfdanek wllh the requlrements of lh8 Chaiiues Act 2011. Basls for oplnlon We conducted our audlt in aC£ordaa with Inlemalional Standards on Auditin9 (UK} IISAS IUKII and applicable18w. Our responsibilibes under those standards are fijrther d88Mbed in the Auditorfs r8sponsibllltl8s for th8 audit of ihe financlal statements sèctton of our report. Wo are Independent of the charity In accordance with the ethical reqU1MentS Ihat are relevant lo our audit of financial statements in tha UK, induding the FRC'S Ethical Standard. and wo havè fulfilled our olhor ethical responsibilities in accordance with Ihess requirements. We bglieve that Ihe audit evidence we have obtained Is suffi(i•nt and appropriate to provide a Sy& for our op1n1c. Conclusions r•lallng to golng con¢fjrn We have nothing to report in respect of the following matters in rdalon ¢0 the ISAS IUKI roquire us lo r8W( to ycu where.. the tfuslees, use of ihe goiTrJ con¢wn basis of accounting in the preparatIe of the financial statements Is not appropriate.. or the tru$tÈes have not dis¢lo$8d In the financial statsments any klentified matgrial uncertainties Uiat may cast signfficanl doubl about the charity's ability lo continue to adopt the going efjn¢em basis of accountiry for pgliod ol at least Iwdvè months from the date when the finanrial statements are authorisad ts issue. Other infomatlon The other infomiatlon comprises the infomafjon induded In the annual reFQrt otherthan the ffnanaal statements an¢J our audltorfs report thorèon. The trustees ar8 responsible for the olh¢r infomiation. Our t)pinion on the finan¢lal alem•nts does not cover th¥ other infomiatk)n and we do not express any form of assurance conduOn Iher6Dn. In connectlon wlth our audit of Ihefinancial statements, ourr8sponsibility is lo read the other Infom18ti and. in dc¥ng so. consSder wheth¢r1he other information is materialty inconsistent with the finand81 statements or our knowledge obtained in the audf( or otherwise appears to be materially mlsstated. If we identify such mal&rial inconsi8ten¢ios or apparent material misstatements. we are rgquired to determine whèther there is a material mlsstaternenl in lh8 rinanrAal stsloments OT a aterIal ffisstatemenl of the other inforniatlon. If, basad on the work w$ have performed. e o)ndude that Iher8 is a materfal misststement of this othèr Informati, we ar• required to report that fact. Wé have nothing to repc*t in this regard.
PIG SHED TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PIG SHED TRUST IAatteTS on whl¢h we are requirod to report by oX¢OPtlon We have nothiro trj rèport in respect of the following matters In relatlcffl towhich the Charitie5 {Aounts and Reports) Regulat'ons 2008 requira us to report lo you If. In our opinion.. the inlom8lion given in the finarKial statemenlB is Incongstent In any matsrial respect with th& trusiees. rA¢ or suffioent 8cthunting records have mt been kept.. or the finanaal statements are not in agrèement with the accounting records.. or w¢ have not received all infomiation and explanations wè rèquire for our 8udlL R•sponslbllltles of trusts•s As explained more fully in tho Statement of trustees, responsibllilies. th8 twstees aro responslble for Ihg pParatiC of the finartcial stBtements and for b8lng satisfied thal they give a true and fair vlew. and for su¢h Internal control as th8 trustees detsmilne is necessary lo able the preparallon of financial statements that are frea from matedal missiatemenl. whether due to fraud or wror. In prep8rfng lh8 fiThanc4al stslents. the trustees ar• responsible for 8$Sèssing the ¢harily's ability to ¢ontinue a5 a going concem. disclosirKJ, as 8pplicable. matt8fS rglaled to golng cone8m and using the golng concem bass of accounti unless the trustees either Intgnd to cease oper8lons, or have no ro01isUc allemali¥o but to do so. Audltofs rnspon$lbllltl•s for the audit of th• flnanclal statsm•nts We have b88n appointed as auditor under sgction 144 of the Chaiitie$ Act 2011 and report In accordance wlth Ihe Ad and relevant l8gulati0r mad¥ or having effect Ih¢reunder. ¢)Jr objectwes are to obtain reasonablo asgJran¢e about whether the financial statemen15 as a whole are free fr¢m mat¢rial misststèmènt, whether due lo fraud or error, and to issue an audiltsls report that indudos our oplnion. Reasonable assurancè is a high level of assurance bul 55 riot a guarantee that 8n audit conducted in a¢cordance with ISAS {UKI will always detect a material misstatèmènt when exists. Misstatements can arise from fraud or error and are considered material if. individually OT in thè aggregate, they ¢ould reasonably be expected to Inffluence th& aconomic da¢isions of users tskon on the basls ofthe8e flnanc+al Statements, A frjrther dexription of our ffjsponslbllilies ft)T the audlt of the financlal stslements is Iwt8d on the Finanual Reporting Council's website aL httpSJlbw.frc.Qry.UkI3udltorSre$P0n8lbllrtles. This descripllon forms part of our audi¢o¢s r8port. lkner matt•Ys Your attention is drawn to thè faet that the ¢hadty has prepared finanoal statsments in ac¢ordance with 'A¢counting and Reports'ng by Charfties: Slatsment of Recommended Pracilce appli¢ablè to charitses preparing iheir accounts In a¢eordance with th¢ FInda1 Reportlng Standard applicable in the UK and Republic of Irel8nd IFRS 1021" 18$ 8mendèdl in preferen¢tr to the Accounb'ng and Reporung by Chadiles.. Slalemenl of Rfjcommended Pradce issued on 1 April 2005 which is ref¥rred to In the extant r¢gulalions bul has now been withdrawn. Thls has bean done in order for the financial gtstemts to provide a trug ond fair view In acrdanCe with currant Generally Accepted Accountkng Prath¢e*. 10-
PIG SHED TRUST INDEPENDENT AUDrroRE REPORT (CONTINUED) TO THE TRUSTEES OF PIG SHED TRUST Uw ol our r•wl Thls report Is made sokty to fhe charity's tru8t89$, a# a br•ty. Ni wirdaThx with part 4 of tho Charths IAccounts and Rèports) RegulatSons 2008. Cwaudit ha8 been Undetsk so that mh3ht stats to th• charivs tNste68 th1)58 rnatters are Tequlred tr• slate to thwn an 8uthtc4s' repc¢t and frx no othw PUErK)sa. To thè fidlest extent pwmittod by taw. we do not acceptora5oumtrresponslblthtyloany1olherth8n th8charity and th twst as 8 body, ftsrtsjr auditwDTk. r•por( u fut th8 oplnlons we have frArned. Mr Jullan SIMB (Sonlor Statutwy Aydit•r} for and M bohall of Azets Audlt S•r¥• Chqrt•r•(l AnntI Statytory Audltor 24 Park Road South Havant H•mpshlr• Unlted Kingdom P091HB Azets Awjil Swvk•s is eli9118 for appointrnent as au¢Stor of tho ¢harfty by VIVe of dl9lbllty fi)r eppolntrnent eudltc ofa ccnpany under ofsecl(m 1212 of the Ccfflpanios Act 2006. 11
PIG SHED TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2020 Unrestrlcted UnrestriGled fvnds lunds 2020 2019 Notes Incryne from.. Donations and Iad*S Invaslments 625,OLKJ 143,475 25.000 123,923 Total income 768,475 748.923 •nd Raising funds 1.559 5,680 Charitsblo #¢tiwties 58,649 81.324 Total r•sourc•B expded 60,408 87,004 Not g¥ingJllosses) on investments 12 9,378 119,5931 Ngt In¢omè for th• y•arl Net movem?nt In funds 717.4 642,328 Fund balances a11 Juty 2019 10.542.859 9,900.533 Fund balanc at 30 June 2020 11,260,304 10,542,859 The ststemont of ffinonclal activities includes all galns and kissès rwnised in the year. All incomg and expenditure derive from contirwing activitias. 12-
PIG SHED TRUST BALANCE SHEEr AS A T30 JUNE 2020 2020 2019 Notes Flxfjd a$s•ts TaThJible ass915 Investsnents 13 14 8,528,624 7,253,503 643,699 8,528.626 7,897.202 Current aS8ets D8bl Cash al bank and in hand 15 2.817,247 186,792 2,093,145 819.437 2,804.039 2,712,582 Credltorn: amounts falllng duo wlthln ono y••r 18 172.3811 166,925} Net current assets 2.731.878 2,645,657 Total a¥s•ts le current Ilablliti•$ 11.260.304 10,542,859 Inmme funds Unrestrideil lunds 11,280,304 10,542,859 11.280,304 10,542,859 The financial statemants were approved by the TTusleg9 on ...... . . S'Jones Tru¥lee hArDJCox Trustee 13-
PIG SHED TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020 2020 2019 C4sh fl*)ws from operating #etlvltles Cash ggneratsd fromllabsorbed by) Oati5 20 588.439 567.663 Investlng actSvttl•s PurthBse oflangible fixed assets Purd)asa of investments Prowds on disposal ¢)f Inveslrnents Intest recelved Dlvidends received 11.293.532) 1297.7531 919.644 2,392 6,980 (654,4891 {$04.2961 1,199,705 4,321 18.903 Net cash Provid byl{used Inl inv¢stlng {662.2691 64.144 Flnanclng actlvitio$ Loan to Intercompany Net cash used in financlng a¥111¢8 1390,0001 620,0001 {390.Ot)01 620.LK)O) Net docroaso In cash and ¢ash •qulvalents {463,8301 11,W7 Cash and cash equSvalents at beginning ofyear 650.822 638,815 Cash and ush equlv•l¢nts at •nd of year 186,792 650,622 14-
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Accountlng pollcles 1.1 Accounting ny•1)Ill)n Th¥ financial statsments have been prepar&J in accordance wth the charivs tgoveming do¢umantl. the Charities Act 2011 8nd 'Accounling and R¢porting by Charftias.. Statement of Recommended Practiee appllcable to charities prèparing their accounts in accordance with thè Flnancial Reporting Standard applicable In the UK and Republic of IroLand IFRS 1021 leffacbve 1 January 20191.. The ¢harfty is a Public Bgnefft Entity a5 deffined by FRS 102. Th8 financial statemonts aye prepared in $lJlng, which 13 the functlonol currency of the charty. Monetsry amounts in these financial slalements are rounded to the ngaresl £. Th& ffinanclal statements have been prepared under the histori¢al cost convention, modiffi8d to include the revaluation of freehdd propertles and to include investment properties and ¢ertaln finanrial instruments al fair Yalue. The principal a¢countlng pollcies adopted ar8 Sat out bel(pw. Thg fin8nclal statements relt to Pig Shed Trust as an Sndlvldual entity and not to its group. 1.2 Goln9 concern At the time of approving the financial 5tstema)ts. the tnJste8s havo a reasonable expectation that the charity ha$ adequate resources lo mitinue in oper8tional èxislence for the foSeeable future. The trustees have considerad the impact of Covld-19 and conclude that there is rninimal impact on the actlvilies of the tharity and its subsidiaries. Thus the trustee8 ntInue to adopt the gcing concem bass of accounting in praparing the financial slaternents. 1.3 Charltable funds Unrestrictad funds are availabye fw use at the dixfylion of the trustees in furtherance of their tharilable objeth'ves. ReslriGled lunds are Subj to SP8cific COndonS by dorKJrs as to how they rnay bè used. The purpos0$ and uses of tha restricted funds are 8et out in the Th)tes to Ihe finanryal statements. 1.4 Incorno Income is recognised when the charity 1$ legally entitled lo il after any perfomance condltions have been met. the amounts can be mgosured reliabty, and rt is probable that InMe will be received. Cash donations aE recognlsed on receipt. Other donations are recognised once ihe chanty has been notifièd of the donauon, unless p¢rfomiance conditions requSre deferr81 of th8 amount. Income tax COVerable in relation to donatiorhs recAad under Grft Aid or deeds of covenant is re¢ognlsed at the tsme ofth¢ donaflon. 1.5 Expondlture Liabllitiès are recognlsed as expendlture as soon as Ihere is a legal or constwctlve obligation commlttlng th8 chanty lo that &xpendilure, il is probable that a transfer of econornic benefits will be required in settlttmènt ond the amount of the obllgation can b8 m8asured reliably. Expendliure Is accounted for on an accruals basis and has been d¥$sified under headiros that aggregate all cost rslated to the category. Vwhere costs cannot b8 diredy attributed to particular headings Ihay have been allrKaled to actlvities on a basls ¢onslstent with the use of resources. Grants payable are charged in the year when the offer Is made excopl in those cases Wh Ihe Qffer is conditional, su¢h grants belng r8cognised as exnr(Ure when the conditions attaching are fulfille(l. Grants offared subject to ¢ondltlons which hav¥ not been met at the #r end date are notsd as a oommltmenl but no¢ accrued as expenditure. 16-
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Accountlng pollcies 1.6 Tanglble fixed ass•ts TangIb fixed assets are InallY me8sured at cost and sub8equentty measured al cost OT valuation, of deprtion and any Impairnient losse5. Depreclation is recognr$ed so as to write off the cost or v8luab.on of assels less thelr rosldual values LMr thelr useftrl lives on Ihe ft)Ilo¥wng bases.. Freehold land and bulldlrKJs 2% on cost All a$s¥ts costing MO than £2.c are caK*tslised. Freghold property consist of land. which is consd¥r•d to have an infinite lfife and a value gr8at8r than cost. On this basis no dgproclation has been pn)vided for the land 818nL The assets. residual values, usefvl lives ¥nd depreciatKJn method$ are rewewed 8n adjusted pr03p8¢tivdy If appropriate. 1.7 Flxed ass inwstment6 Fixed asset investments ar• fin"alty measurèd 81 transaction pri excludlng transaction costs, and are subsequently measured at fair value at each reporting date. Changes in lair valu¥ are recognisèd In net Incomellexpenditurel for the year. TranSaCtn costs are exp8ns8d as incurred. All Inv8Stments are slated at market value. It is the Trust's policy to kgop valuauons up to date such that whèn investments are sold there is no gain or loss arising. As a result the St8t8m6nt of FinancAal Activities ISOFAI only include5 those unrealised lossas or gains arising trom Ih8 inv•strnenl portfolio throughout the yoar. Investments in subsidiariès and associates are all held at Cost in the finanaal statements. A subsidiary is an entity cxmtrollgd by the tharty. Control Ss the powèr to govem the financial and operating policles of the entity so as to obtaln benefits from its a¢btIes. 1.8 lrnpairm•nt of Ilxed Al ea¢h reports.ng end date, th? charfty reviews the ¢arrylng amounts of ts tar¥Jible assetsto detemiinewhether there is any indication that those assets have suffered an impairment los$. If any such indication exlsts, the recoverable amount of the asset 1$ èstlmated in order to del¥mlne the extent of tho impaimienl loss {ff any). 1.9 Cash and cash •qulv•lents Cash and cash oquivalenls include cash In hand, dèposits held at call with banks, other short-tem Ilquid investments with ori9inal maturities of three months less, and bank overdrdfts. Barik overdrafts are shown wllhin borrowings in Current liabillties. 1.10 Flnancial in$truments The charity has elected lo apply Ihe provi$K)n$ of Section 11 'Basic Financial Inslwum8nts' and Section 12 'otheT Financial Instruments Issues. of FRS 102 to all of its financial inslrumenls. Financial inthments are recognis¢d in the charity's baknce sheet when the tharity becomes p8ty to the contractual provisigns of the instrumènt. Financial assets and liobilltles are offset, wrfh th• net amounts prented In the fin8n¢ial slatements. when there is a legally enforceablo right to set off thè r8cognised amounts and there is an IntenOn lo setue on a nel basis or 1¢ realis$ the asset and sèttla the liability ssmuttaneousfy.
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 JUNE 2020 A¢counting pollcles Bask finoftclal assds Basic financial assets, which indud8 éebtors and cash and bank balances, are Inttially measured at transaction price inc4udiTrJ Iransactlon costs and are subsequendy ¢2rrigd at amortised cost uwng the effectiv8 interest method unless the arrang¢m6nt conslitules a financing transaction, where the transadion Is measured at the present value of the fvtLtr8 r8ceipts discounted at a market rale of Inlergsl. FinancHI assets dassffied as T1vable within one year a not amortised. Baslc finan¢l81 Il•bllltles Basic financial liabilitl8s, Indudltvj credltors and bonk loans are initially roc¢)Jnlsed at transaction price Un$$ the arrangement ¢(stolUteS a finan(ing transaction, whare the debt wi$lrument Is measured al the present value ol the ftjturè payments discounle(l at a market rats of Interest. Financjal liabilities das5iffied as payable wllhin one yearafe not amortised. Debt instrum¥nts are subsequenyy Carried at amortisad cost, using the off9¢te Snteresl rats m•lhod. Trade creditor3 are obllgatlons to pay fgr goods or servi$ that have been 8¢qulr8d in the ordinary course of op6ratSons from suppliers. Amounts payable Bre dassified as current liabilities if payment is duewthin one y¥ar or léss. If not. they are presented as non-current liabilities. Trade creditors are recognised inilialty at transa¢tion price and subsequenuy measurgd at amortised cost using the effective Inlerest meihod. Dorocognltlon of tlnanclal liabilitlos Flnancial liabililies are dergcognised when the chariV5 Conttadual obligations expire or are discharged or cancelled. 1.11 Taxatlan The charity is exernpt from tax on Its charitabla actfvitl8s. 1.12 Foreign exehange Transactions in currenc4es other than pound5 Sterfing ar• recorded at the of extharwJe pmailing at the dates of the tr8nsa¢tions. Al each reporting end datè, monetary assets and liabilities that are denominated in foroign currencies arè rÈtranslated al the rates prevailing on thè reporting 8nd date. Gains and105ses arising on translation are included In net inc0mellexpgndituI for the period. Crlll¢al accountlng ostim8t•s and ludggm•nts In application of the charity's accounting polies. the trustees ale required to makejudgemonts, estimalÈs and assumptions about the carrying amount of assets and Ilabilities th8t Arè not readily appamt from ijther sources. The eimates and assoclatad assumplions a based on historical experfence aThJ otherfa¢Aors that are ¢onsidered to be relevant. Actual results may differ from th asmates. The e81imales and urKl8rlying assumptions ara wiewed cffi an ongolng basis. Revlsic)s to accounting estimates are reniSed In the period in whi¢h the estimate is revisgd where the revisK)n affècts only that period, or In the period of the revision and future wi¢xl$ where the revision affe¢ts both tsJTr8nt and fubjre periods. Thg Trustees consider Ihr• to be no signlficantjudgements ¢r estimates made during the preparatlon oflhes• finandal stat8ments. 17-
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Donatlons dIa9*¢I09 Unr•$trlct•d Unrestri¢led funds fvnds 2020 201g Oonalions and gffts GrP( aid so0,0 125.0 500.000 125.000 625.WO 625,000 Investments Unrestrict•d Unrestricted funds funds 2020 2019 Investment inc(¥ne- intsrest and dividends Rents receivable Int8rest r8c8ivable 9.372 200 133,903 23,224 200 100,499 143.475 123,923 Raislng funds Unr•strlcted urricted funds Jnds 2020 2019 Investment managemènt 5.680 1.559 5,680 18-
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Charltable activitièts Dlre¢t ¢osts Dlr•ct cts 2020 2019 Sundry expttnses Legal and professlonal chaw¢s Freehold propety depreciation 17761 22.225 31.540 932 20.462 31.540 52.989 52.934 Grant fvnding of activities Iw note 71 Share of govemance costs IS nole 81 22,570 5,820 5.860 58,849 81,324 Grants payable 2019 Grants to instrhrtions.. 22,570 A gT8nl of £22.570 wa6 made lo Hiwwf in the pr year a project relating lo the renovalion of Blashford Lakes nature reservo Sn RlngwocNI, Hampshire. Support costs Support Govornan¢• 2020Support Costs Govemance costs 2019 Bank charges Audit faes 5,860 5,860 5.640 5,840 5.860 5.860 5.820 5.820 Anatysed betsveen Charitable adivffities 5.8 5.820 5,820 Governan Gosls indudes paym8nls to the 8uditors of £5.860(201 £5.6401 for audit fees. 19-
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 Audltorfs remuner*lon The analysis of auditorfs remuner¥llon is as folltrws: F8 payable to th• ¢harity's auditor and a$¥ociattr8: 2020 2019 Audit ofthe charfty'5 annual accounts 5,860 5,640 10 TTustew4 None of the tru51eos lor any persons COnnd wilh them) re1Ved any remuneration or b8neffts from Ihe charfty durirrfJ the year. 11 Employ••s The av&rage monthly number of employees durfng the year was.. 2020 Numbor 2019 Number Total Th$r¢ were no staff costs fcrf the year 6nded 30th June 2020 Thxfor tho ygar ended 30th Jun• 2019. No employees received emoluments In excess of £60.OW. 12 N•t galnsllloss•sl on Investments Unrestrlctod Unrthd funds funds 2020 2019 Gainllloss} ¢M sal8 of Investments 9,378 {19,5931
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 13 Tanglbl¢ fixèd a$ts Freoljold l•hd A888ts ¥nder and bulldlngs ¢on8tructlon Cost At 1 July 2019 Addrtlons 7.114.086 981.986 191.772 324.695 7,305.858 1.306,661 At 30 June 2020 8.096.052 510.467 8,612,519 D•pre¢latlon and Impalmi•nl At 1 JLFly 2019 Dapr8dation charged in the year 52.355 31,540 52,355 31.540 At 30 June 2020 83,895 83.895 Corrylng amount At 30 June 2020 8,012,157 516,467 8.528.624 At 30 June 2019 7,061,731 191,772 7.253.503 14 Flxod asset Invostrnents Llstod inv¢$tments Cash In Oth•r portlollo In¥e8tmènts Total Cost or valu¥tlon At 1 July 2019 Addrtion$ Oisposals 612.513 297,752 1910.2651 31,184 927,620 1958.804) 843,699 1225,372 11069,0691 At 30 Juno 2020 Carrylng amount At 30 June 2020 At 30 June 2019 612,513 31,184 2020 2019 Olhw Invesirngnts comprise: Investments in Subsidiaries 18 21
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 15 Debtors 2020 2019 Amounts falllng du• withln one yell: Other debtors Prepayments and a¢crued income 2.227.109 390,138 1.837.110 256,035 2,617,247 2.093,145 18 Credltors: amounts lalllng du• wlthln one yo•r 2020 2019 other uedito Accruals and deferred incDme 32,757 39,604 39.633 27,292 72,361 66,925 17 Relatsd p¥ty transgctlons During the year a donation of £500,00012019.. £5C(J,Ci)01 was re¢eived from one truste8. Mr H S Jones Trustee ofthe charity Mr H S Jones remainéd In 8 rental agmmenl vAth Biddenfidij Estate Managem8nl Limit¢d in respect at ojmmereial rent as advised by on exlemal advis(K. Brdd•nfield E5tats Management Limlt¢d Subsidiary The loan balance at the year end totalled £316,248 and is includ6d within other debtors. The loan is subject lo Inte$t rèe8ivable at a rate of 6% above base. Inlwesl accrued to dale lol¥lled £77,738, of which £20.767 (2019.. £21.2311 has been iecogni$ed in the year. Ilop Ranch Limitsd Subsidlary During the yaar, the Chanty advanced the Company £390.000 in addltlon to the loan already in pl¥¢s. The loan balancE at the year end totalled £1,910,862 and is included within other debtors, The loan is subiectto interest receivable al 8 ralo of 6% above base. Interest a¢¢rued to date totalled £311,400, of which £113.135 12019.. £79,268) has been wognised in the year. -22-
PIG SHED TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020 18 Subsldlart•s Details ofthe charfty's subsldiaries al 30 June 2020 are as follows.. Namo of und¢rtaklng R¢glst•rnd Naturo of bu$lnoss Clas¥ of % H•ld shar•s h•ld Dlr•¢t Indlr•ct Scallcfj Ranch LimSted England & Wales Marine aqua¢utture Ordinary 100.CQ Biddenfield Estste Management Limrte(J England & Wales Mixed famirYJ Ordinary 100.00 Th• aggregate capitsl and reserves and the re5uII forthe yeor of subsidiaries excluded from consolidallon was 8$ follows: Name of undertaklng Profltl{Lo8sl Capital and Reserves Scallop Ran¢h Llmlted Biddenfield Estst& Management Limltod {393,3841 {1,465.347} 15,712 1215.7341 19 Finan¢lal Instruments At thè bal8nce sheet date. the charlty held finanual assets 81 amortised cost of £2,804,039 {2019'. £2,712.5821 and financial liabilities al arnortised cost of £72.361 12019.. £66.925}. Cash generat from op•ratlons 2020 2019 Suwus for the year 717.445 642,326 Adlustsnents for.. Dapr8ciation charges {GainWoss on disposal of uw8strn8nts Interest receivad Interest C inveslm#nts Dlvidends received 31.540 19.3781 (133.9031 12.3921 16.9801 31,540 19.594 1100.4991 14.3211 118.9031 Movements In worklng capltsl.. Ilncreasel in debtors IDecrea8è1 in ¢redllNs (2001 17,693} (100) 11.974) C4$h g•n8rat•d from11ab50rb by) 4)p•ratlons 1588,4391 1567,663) -23-