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¢¢0rdar￿e 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$e sound tr￿sinesS principles lo a¢hi8v8 measureablt
outcomes. Pig Shed Trust undertakes prosgcts itself 8nd funds parlner ch8rfUes and organi5ati¢n$ 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$¢t￿S
for 2019-20 remain unthanged from last year and the work undertak$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 resU￿S 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
InVo￿e working with the Hampshi￿ and Isle of Wight Wildlrfe Trust and managing Biddenfield Estate to actively
enhance wildlife in and around it.
Adl¥lt￿3
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 P￿moVth 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 $upplled from thè hatchery in NoThvay. attention has
boen tumed to how SRL wuld develop a hatchèry in the UK. provlding a second 50ur¢e of spat and reducing Ihg
busln8ss risks significantly. Over the course of the year. a ￿te in 8rixhom was identifie(1, 58Gured and a hal¢h
buildin9 made of a series of contain¢rs coupled together. instslled. 11 is hopèd by the end of 2020. Ihe fit OLrt will
be complete and the hatchery will be 8bl8 to begin produung wllop spat.
FurthemN)r8. with the demands on space withln Torfoay increasing, SRL took the ¢)PPOrtunity to apply for an
increased aroa of seabed within th¥ bay to ensurè thatthe scale required bylhe busness was fvture proofed. SRL
has managed tr& secure the nece&8ary licen￿ and lease that wlll double the nurnbgr of lines in Ihewalet. doubling
the farm's capar4ty.
Supptyting local Wlldlife
Pha Shed Trust ha8 completed the renovation on thg Famhouse and Ihe th￿e barns, which have all been let
out. The cottage ams the road from th$ other buildings Is still being renovatsd with an anticipated compl6￿On
by the eThJ of 21Y20.
The reTrJv?tion wort wll provide a p$rpetual source of inwme for the estate by renllng outthe prop8rtles. In order
to help support the other work cairied out ￿ the estate to enh8n¢o wildlife.
Adja¢ont land to Biddenfield Estaté has becimnè available which would add an add￿Onal 70 a¢ras of mixed grazlng
and WCM)dland and create a¢Jdilional ￿ld1￿fe habllat without the requlrement of addlional Infraslru¢tur8 to manage
It because the existing equipment ￿ltraCtorS can be tJs8d from Biddenfidd. PST ha5 successfvlly ne9Otlaled
thg WT¢hase of thè land.
When PSTfirst purchas￿1 Biddenfiald Estats, basellne surveys were ¢ommlssioned to give a ￿tter understanding
of the wildlife on the whole eststè and provide infomation with which to manage It to enhance the wildlSfe. Sln
then, the suNeys have cor￿'nUed and remain an importsnl tool to Influence thg itrt¥rvenJons on the èstste. This
approach will be applied lo the new pier* of land too.
Planning and Measurement
P￿j Shed Trust has committed to uso planni￿ arKI measurement in 811 of Its projects and thi$ Is demonstrated
through the engaggm$nt ol suryey$ from 8xternal expèrts and v40rknng with Plymouth UniversSty to apply so¥ntiflc
ngour to processes In or￿rt0 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 loo￿ng 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
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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 or￿orne. Biddenfiold Estate manag￿ant 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.
ReSe￿S polky
PEg Shed Tw$t do&s not have any p￿slon or em￿0y7)lant liabilths and therefore reserves are requlred to meet
any of the f¢Jltrwlng evenlualrb8S'.
- Th? rfsk of an unforese¢n omergency, e.g. a Tgpair or urgent seen thnding of a projec*
- Long Igm commitment$ 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 acti￿lIeS 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 c1￿mercial￿ 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$le8s lo app￿nt a new trust88 and this wlll ￿ d¢)ne as and when it 1$ 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-1c￿Y 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 Strat￿1¢ d￿lsions.
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$t¢es are ￿spOnSible for pr8paring the Trustees. Report and the financial 8ts1em8nts in accordance wilh
appllcable law and Unkted Kingdom Accountlng Stsndards (United Kingdom Generally A¢¢opted Accounting
Practic81.
The law appli¢able to charitie8 in England and Wales r8qulres the knjstees to prepare financlal staternents f(Y each
fina￿la1 year whlch give a true and f8ir vS6w of the stale of 8ffaiTS of the charity and d the incoming resources and
applScaUon of resources of th8 charity for that year.
In preparing these finanaal statem¢nts. the trustees arg r8qulred to:
- select suitable accounting policies and then aP￿Y them con$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 he￿e 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 actiV￿e$, the ba18nc8 sheet. the ststÈment ol cash flows and the notgs lo the
financial 5tstements. induding a summary of significant accounting pojiaes. The financial reporung trarnework that
has been applied in lh￿rpr8parati0n Is applicable law and United King(Jom Accounting Stsnd8rds, induding FRS 102
The Finan¢io1 Reporting Stsndard a￿lcable in thè UK and Repu￿1¢ of IrelaThl (United Kingdom Genefalty Accepted
Acc*Junting Pracb"cel.
In cwr Ol￿nI{￿l. the financial ststements..
gwe a true and lair view of thè state of the charlty's affairs as al 30 Junè 2020 and of its inwmiwJ r¥x)urces
and application of ￿$OurceS, for the yearthen ended:
have been prop*rky prepared in aCcordar￿ with United Kingdom GenerallyA¢cepted Ac￿￿￿tIng Pract￿e., and
hBve b88n prèpared in acccfdanek wllh the requlrements of lh8 Chaiiues Act 2011.
Basls for oplnlon
We conducted our audlt in aC£orda￿a 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
reqU1￿MentS 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$8d In the financial statsments any klentified matgrial uncertainties Uiat may cast
signfficanl doubl about the charity's ability lo continue to adopt the going efjn¢em basis of accountiry for
pgliod ol at least Iwdvè months from the date when the finanrial statements are authorisad ts issue.
Other infomatlon
The other infomiatlon comprises the infomafjon induded In the annual reFQrt otherthan the ffnanaal statements an¢J
our audltorfs report thorèon. The trustees ar8 responsible for the olh¢r infomiation. Our t)pinion on the finan¢lal
alem•nts does not cover th¥ other infomiatk)n and we do not express any form of assurance condu￿On Iher6Dn.
In connectlon wlth our audit of Ihefinancial statements, ourr8sponsibility is lo read the other Infom18ti￿ and. in dc¥ng
so. consSder wheth¢r1he other information is materialty inconsistent with the finand81 statements or our knowledge
obtained in the audf( or otherwise appears to be materially mlsstated. If we identify such mal&rial inconsi8ten¢ios or
apparent material misstatements. we are rgquired to determine whèther there is a material mlsstaternenl in lh8
rinanrAal stsloments OT a ￿aterIal ffisstatemenl of the other inforniatlon. If, basad on the work w$ 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 {A￿ounts 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 p￿ParatiC
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 stsl￿ents. 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$P0n8lbllrtles. This descripllon forms part of our
audi¢o¢s r8port.
lkner matt•Ys
Your attention is drawn to thè faet that the ¢hadty has prepared finanoal statsments in ac¢ordance with 'A¢counting
and Reports'ng by Charfties: Slatsment of Recommended Pracilce appli¢ablè to charitses preparing iheir accounts In
a¢eordance with th¢ FIn￿da1 Reportlng Standard applicable in the UK and Republic of Irel8nd IFRS 1021" 18$
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 gtstem￿ts to provide a trug ond fair view In ac￿rdanCe 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 acceptora5oumtrresponslblthtyloany￿1￿olherth8n 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 A￿￿n￿ntI
Statytory Audltor
24 Park Road South
Havant
H•mpshlr•
Unlted Kingdom
P091HB
Azets Awjil Swvk•s is eli9*118 for appointrnent as au¢Stor of tho ¢harfty by VIV￿e of dl9lbllty fi)r eppolntrnent
eudltc* ofa cc*npany 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 I￿ad*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 exp￿ded
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)
O￿ati￿5
20
588.439
567.663
Investlng actSvttl•s
PurthBse oflangible fixed assets
Purd)asa of investments
Prowds on disposal ¢)f Inveslrnents
Int￿est 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 $l*Jlng, which 13 the functlonol currency of the charty. Monetsry
amounts in these financial slalements are rounded to the ngaresl £.
Th& ffinanclal statements have been prepared under the histori¢al cost convention, modiffi8d to include the
revaluation of freehdd propertles and to include investment properties and ¢ertaln finanrial instruments al fair
Yalue. The principal a¢countlng pollcies adopted ar8 Sat out bel(pw.
Thg fin8nclal statements rel*t to Pig Shed Trust as an Sndlvldual entity and not to its group.
1.2 Goln9 concern
At the time of approving the financial 5tstema)ts. the tnJste8s havo a reasonable expectation that the charity
ha$ adequate resources lo mitinue in oper8tional èxislence for the fo￿Seeable 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 COnd￿onS 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 In￿Me 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 recA￿ad 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 ex￿n￿r(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 In￿allY me8sured at cost and sub8equentty measured al cost OT valuation, of
depr￿￿tion 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 81￿8nL
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. TranSaCt￿n 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¢b￿tIes.
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 pre￿nted In the fin8n¢ial slatements. when
there is a legally enforceablo right to set off thè r8cognised amounts and there is an Inten￿On 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
T￿1vable 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$lrument Is measured al the present
value ol the ftjturè payments discounle(l at a market rats of Interest. Financjal liabilities das5iffied as payable
wllhin one yearafe not amortised.
Debt instrum¥nts are subsequenyy Carried at amortisad cost, using the off9¢t￿e Snteresl rats m•lhod.
Trade creditor3 are obllgatlons to pay fgr goods or servi￿$ 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 inc0mellexpgnditu￿I for the period.
Crlll¢al accountlng ostim8t•s and ludggm•nts
In application of the charity's accounting poli￿es. 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 e*imates and assoclatad assumplions a￿ based on historical experfence aThJ otherfa¢Aors that
are ¢onsidered to be relevant. Actual results may differ from th￿ as￿mates.
The e81imales and urKl8rlying assumptions ara wiewed cffi an ongolng basis. Revlsic*)s to accounting
estimates are re￿niSed 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
pe*riods.
Thg Trustees consider Ih*r• 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 u￿r￿ricted
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 c￿ts
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 p￿r 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:
F￿8 payable to th• ¢harity's auditor and a$¥ociattr8:
2020
2019
Audit ofthe charfty'5 annual accounts
5,860
5,640
10 TTustew4
None of the tru51eos lor any persons COnn￿d wilh them) r￿e1Ved any remuneration or b8neffts from Ihe
charfty durirrfJ the year.
11 Employ••s
The av&rage monthly number of employees durfng the year was..
2020
Numbor
2019
Number
Total
Th$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-