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2021-06-30-accounts

Charity Registration No. 1146739

PIG SHED TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

PIG SHED TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Charity number Principal address

Auditor

Mr H S Jones Mr D J Cox 1146739

The Farmhouse Biddenfield Lane Shedfield Southampton Hampshire United Kingdom SO32 2HP Azets Audit Services 24 Park Road South Havant Hampshire United Kingdom PO9 1HB

PIG SHED TRUST

CONTENTS

Page
Trustees' report 1 - 7
Statement of trustees' responsibilities 8
Independent auditor's report 9 - 12
Group statement of financial activities 13
Group balance sheet 14
Charity balance sheet 15
Group statement of cash flows 16
Notes to the financial statements 17 - 30

PIG SHED TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their report and financial statements for the year ended 30 June 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

Objectives of the Charity

The Trustees of Piged Trust hold the Trust Fund and its income upon trust to apply them for all objects that are regarded as exclusively charitable under the law of England and Wales.

The Charity Vision

Pig Shed Trust is primarily focused on interventions that promote conservation and change the natural environment for the better. In particular, the focus is on activities that will benefit both wildlife and the people living with it. The interventions must be smart, well-run projects that use sound business principles to achieve measurable outcomes. Pig Shed Trust undertakes projects itself and funds partner charities and organisations to run compatible projects.

Objectives for 2020 – 2021

Pig Shed Trust has focused on several key objectives over this financial year:

  1. Progress the internal scallop ranching project to develop a commercial size scallop farm

  2. Implement planning and measurement into all grants and interventions undertaken to help quantify the outcomes and impact

  3. Support the local wildlife around Pig Shed Trust’s home office in Hampshire

Strategy for achieving the objectives

Pig Shed Trust has narrowed its focus to mainly in house projects in order to achieve its objectives. The objectives for 2020-21 remain unchanged from last year and the work undertaken during this year builds on the foundations previously developed.

Strategy for Objective 1

The scallop project will take a further loan out from Pig Shed Trust to progress the cultivation of scallops ready for harvesting. With the construction of an in house hatchery the focus is on producing sufficient output from the hatchery to keep the farm site stocked.

Strategy for Objective 2

Planning and measurement is core to Pig Shed Trust and all the projects use scientific rigour and SMART planning to ensure they achieve the best results possible.

Strategy for Objective 3

Pig Shed Trust will continue to look for interventions within the local countryside to best support wildlife. This will involve working with the Hampshire and Isle of Wight Wildlife Trust and managing Biddenfield Estate to actively enhance wildlife in and around it.

Activities

The internal Scallop Ranch Project

Scallop Ranch Ltd (SRL) has continued to focus on managing scallop survivability along with identifying modifications to equipment to help make the husbandry processes more efficient.

SRL continues to work with the University of Plymouth (UoP) to establish best practices in husbandry skills and better understand mortality.

SRL has continued to sell scallops to several processors and achieved unit prices in line with expectations, placing them on a par with dive caught prices.

PIG SHED TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

Having begun construction last year, the scallop hatchery was completed during the first half of the year in time to start the process of spawning during winter ready for spat to exit in the summer. Because this is the first commercial hatchery in the UK and knowledge is very limited, expectations of a successful first year were tempered, with success deemed as having produced a small number of spat that left the hatchery for the farm. This would allow for the process to be scaled.

As it turned out, after a few challenging spawning events, the processes began to fall into place and the end result was just over 1 million spat leaving the hatchery for the farm – comparable to some years production from the hatchery we had been using in Norway.

Supporting local Wildlife

Pig Shed Trust has completed the renovation work on all the residential properties at Biddenfield Estate and they are all let out, helping to provide the estate with the funds it needs to further it’s wildlife objectives.

When PST first purchased Biddenfield Estate, baseline surveys were commissioned to give a better understanding of the wildlife on the whole estate and provide information with which to manage it to enhance the wildlife. Since then, the surveys have continued and remain an important tool to influence the interventions on the estate. This approach will be applied to the new piece of land too.

PST had the opportunity to replicate the successes of Biddenfield when a 1000 acre farm on the Hampshire/Sussex boarder came up for sale. After successful negotiations, the sale of South Holt exchanged during the year with completion falling into next year. The business plan for the estate remains very similar to that of Biddenfield, using the assets on the estate to fund the conservation work.

PST will instigate a number of baseline surveys to enable decision making on how to manage the estate to best enhance the wildlife.

Planning and Measurement

Pig Shed Trust continues to use planning and measurement in all of its projects and this is demonstrated through the engagement of surveys from external experts and working with Plymouth University to apply scientific rigour to processes in order to drive improvements.

Volunteers

Pig Shed Trust has one Trustee who volunteers to work for the trust on a virtually full time basis and who manages the day-to-day activities and commitments of the Trust.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The following table details the grants and projects undertaken and financed during the year and sets out what the intended objectives were and whether these
were achieved.
Objectives 2020-21
Grants &
Projects
Value
Objectives
Pig Shed Trust activities
Outcomes
1. Progress the internal scallop
ranching project to develop a
commercial size scallop farm
Scallop Ranch
took a
commercial
loan with PST to
progress the
site in Torbay as
well as a capital
loan to build a
hatchery in
Brixham
£220,000 +
£250,000
To take the learning from the scallop
nursery trials and scale up the site so
that it is capable of producing scallops
commercially
Scallop Ranch Ltd (SRL), a wholly owned
subsidiary of PST, has secured the lease
of an area within Brixham Harbour to
house a hatchery. A building made from
containers has been designed and built,
installed and is ready to be fitted out
with all the necessary equipment
required to setupa hatchery
Previously, mortality was the biggest factor
challenging the project. This remains the
number 1 challenge, however progress is being
made on reducing it through targeted
interventions to remove predators and
reducing density in the nets. This has begun to
deliver better survival rates. Work will
continue in this area to find the sweet spot
between effort andyield.
2. Implement planning and
measurement into all grants and
interventions undertaken to help
quantify the outcomes and
impact
Marine
Conservation
Society
To implement a process of measuring
the outcomes of the work funded by
thegrant money
Working with the key members of the
MCS team to identify the measurable
aspects of the grant and help ensure that
these are reviewed during and post the
grantperiod
The work on this area has helped focus the
work effort in the grants to make sure that
emphasis is given to the activities that deliver
the best outcomes for theproject		 The following table details the grants and projects undertaken and financed during the year and sets out what the intended objectives were and whether these
were achieved.
Objectives 2020-21
Grants &
Projects
Value
Objectives
Pig Shed Trust activities
Outcomes
1. Progress the internal scallop
ranching project to develop a
commercial size scallop farm
Scallop Ranch
took a
commercial
loan with PST to
progress the
site in Torbay as
well as a capital
loan to build a
hatchery in
Brixham
£220,000 +
£250,000
To take the learning from the scallop
nursery trials and scale up the site so
that it is capable of producing scallops
commercially
Scallop Ranch Ltd (SRL), a wholly owned
subsidiary of PST, has secured the lease
of an area within Brixham Harbour to
house a hatchery. A building made from
containers has been designed and built,
installed and is ready to be fitted out
with all the necessary equipment
required to setupa hatchery
Previously, mortality was the biggest factor
challenging the project. This remains the
number 1 challenge, however progress is being
made on reducing it through targeted
interventions to remove predators and
reducing density in the nets. This has begun to
deliver better survival rates. Work will
continue in this area to find the sweet spot
between effort andyield.
2. Implement planning and
measurement into all grants and
interventions undertaken to help
quantify the outcomes and
impact
Marine
Conservation
Society
To implement a process of measuring
the outcomes of the work funded by
thegrant money
Working with the key members of the
MCS team to identify the measurable
aspects of the grant and help ensure that
these are reviewed during and post the
grantperiod
The work on this area has helped focus the
work effort in the grants to make sure that
emphasis is given to the activities that deliver
the best outcomes for theproject		 The following table details the grants and projects undertaken and financed during the year and sets out what the intended objectives were and whether these
were achieved.
Objectives 2020-21
Grants &
Projects
Value
Objectives
Pig Shed Trust activities
Outcomes
1. Progress the internal scallop
ranching project to develop a
commercial size scallop farm
Scallop Ranch
took a
commercial
loan with PST to
progress the
site in Torbay as
well as a capital
loan to build a
hatchery in
Brixham
£220,000 +
£250,000
To take the learning from the scallop
nursery trials and scale up the site so
that it is capable of producing scallops
commercially
Scallop Ranch Ltd (SRL), a wholly owned
subsidiary of PST, has secured the lease
of an area within Brixham Harbour to
house a hatchery. A building made from
containers has been designed and built,
installed and is ready to be fitted out
with all the necessary equipment
required to setupa hatchery
Previously, mortality was the biggest factor
challenging the project. This remains the
number 1 challenge, however progress is being
made on reducing it through targeted
interventions to remove predators and
reducing density in the nets. This has begun to
deliver better survival rates. Work will
continue in this area to find the sweet spot
between effort andyield.
2. Implement planning and
measurement into all grants and
interventions undertaken to help
quantify the outcomes and
impact
Marine
Conservation
Society
To implement a process of measuring
the outcomes of the work funded by
thegrant money
Working with the key members of the
MCS team to identify the measurable
aspects of the grant and help ensure that
these are reviewed during and post the
grantperiod
The work on this area has helped focus the
work effort in the grants to make sure that
emphasis is given to the activities that deliver
the best outcomes for theproject
3. Support the local wildlife
around Pig Shed Trust's home
office in Hampshire		 2. Implement planning and
measurement into all grants and
interventions undertaken to help
quantify the outcomes and
impact
Marine
Conservation
Society
To implement a process of measuring
the outcomes of the work funded by
thegrant money
Working with the key members of the
MCS team to identify the measurable
aspects of the grant and help ensure that
these are reviewed during and post the
grantperiod
The work on this area has helped focus the
work effort in the grants to make sure that
emphasis is given to the activities that deliver
the best outcomes for theproject		 1. Progress the internal scallop
ranching project to develop a
commercial size scallop farm
Scallop Ranch
took a
commercial
loan with PST to
progress the
site in Torbay as
well as a capital
loan to build a
hatchery in
Brixham
£220,000 +
£250,000
To take the learning from the scallop
nursery trials and scale up the site so
that it is capable of producing scallops
commercially
Scallop Ranch Ltd (SRL), a wholly owned
subsidiary of PST, has secured the lease
of an area within Brixham Harbour to
house a hatchery. A building made from
containers has been designed and built,
installed and is ready to be fitted out
with all the necessary equipment
required to setupa hatchery
Previously, mortality was the biggest factor
challenging the project. This remains the
number 1 challenge, however progress is being
made on reducing it through targeted
interventions to remove predators and
reducing density in the nets. This has begun to
deliver better survival rates. Work will
continue in this area to find the sweet spot
between effort andyield.		 Objectives 2020-21
Grants &
Projects
Value
Objectives
Pig Shed Trust activities
Outcomes
Management of
Biddenfield
Estate and
procurement of
additional land
adjacent to the
existing estate
£975,000
To create an area of land managed
purely for the enhancement of
wildlife local to PigShed Trust
BEML, a wholly owned subsidiary of PST
has undertaken active management of
both the woodland areas and
grass/arable areas to enhance wildlife
and obtain Countryside Higher Level
Stewardship grants to help support the
work. The HLS schemes have had mixed
results which have been documented by
ongoing surveys, which have in turn
informed the management decisions for
the land and enabled significant
enhancement to be observed through
grazing,tree fellingetc.
Base line surveys of the various indicator
species were all carried out before any
management took place and these have
become invaluable to the decision making
process for managing the estate. Yearly on
going surveys have built up a picture showing
the significant enhancement that is happening
to the estate. All indications point towards
significant wildlife enhancement, which will
inform decisions going forward.

PIG SHED TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

Grant making decision process

Pig Shed Trust continues to use two decision processes, one is for internal projects that it is looking to undertake and the other is for grant applications that have been received from third parties.

PIG SHED TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

In both instances, the Trustees will make the final decision on committing funds to a project or application.

PIG SHED TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

Financial review

The Charity's funding has mainly come in from a donation from Harvey Jones, investment income and a gift aid claim. During the year incoming resources totalled £1,527,267 and resources expensed totalled £542,673. At the year end the Charity held unspent funds (or 'free' reserves) of £3,927,409 (2020: £2,731,678).

Full details of the application of funds and movement in resources for the Charity are given in the Statement of Financial Activities on page 14. All assets are held in furtherance of the objects of the Charity. The financial statements comply with current statutory requirements and with the Charity's governing document.

The Charity has two trading subsidiaries, Scallop Ranch Limited and Biddenfield Estate Management Limited. During the year, Scallop Ranch Limited made a loss of £455,295 (2020: £393,418), with net liabilities of £1,920,676 (2020: £1,465,381). The company is incurring costs relating to the farming of scallops, which will ultimately enable them to generate an income. Biddenfield Estate Management Limited made a loss of £63,723 (2020: profit of £14,538) in the year, with closing net liabilities of £280,631 (2020: £216,908). The company is currently undertaking work to Biddenfield Estate, which will enable them to generate an income.

Pig Shed Trust does not have any pension or employment liabilities and therefore reserves are required to meet any of the following eventualities:

Pig Shed Trust holds funds capable of financing the above eventualities and will continue to do so. If there are any significant changed to the way that Pig Shed Trust operates, the above list of reserve elements will be reviewed and sufficient funds will be kept in reserve to meet any additional eventualities.

Pig Shed Trust has continued its funding activities with its core projects, building on the previous years activities. Long term relationships with the grantees is essential in order to develop outcomes that meet the requirements of both organisations and to understand each others strengths and weaknesses and best capitalise on these.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

PIG SHED TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

The plan for the following year is to build on the projects and relationships that have flourished during this year. From this, the key areas of focus will be:

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr H S Jones

Mr D J Cox

It is the responsibility of the trustees to appoint a new trustee and this will be done as and when it is agreed by the serving trustees that there is a requirement. Any proposed trustee must not have been disqualified from acting as a trustee before and be aged 18 or over. There have been no appointments during this financial year.

Harvey Jones, a Trustee of the Charity, takes the active lead in the day-to-day running of Pig Shed Trust and when a decision is deemed as significant, it is discussed at a Trustee Meeting.

Pig Shed Trust does not directly employ anybody and relies on the active engagement of its trustees in a volunteer capacity. Where specialist and professional services are required, they are contracted in. The trustees, in line with the main objectives and vision of the charity make all financial and strategic decisions.

On the appointment of a new trustee, they will be made aware of the Charities Commission "The Essential Trustee: What you need to know (CC3)" document, familiarised with it, trained in any areas they are not familiar with and expected to undertake the duties and responsibilities as set out in it.

Part of the aims of Pig Shed Trust are to provide grant funding to other charitable organisations to help them pursue their objectives that in turn broadly enhance the vision and objectives of Pig Shed Trust.

There are very few major risks identified by the trustees however, where engagement with third parties takes place, suitable contracts are put in place to help manage and reduce any apparent risks.

The trustees' report was approved by the Board of Trustees.

.............................. Mr H S Jones Trustee Dated: ......................... 25/4/22

PIG SHED TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2021

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PIG SHED TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF PIG SHED TRUST

Opinion

We have audited the financial statements of Pig Shed Trust (the ‘charity’) for the year ended 30 June 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PIG SHED TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF PIG SHED TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PIG SHED TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF PIG SHED TRUST

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

PIG SHED TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF PIG SHED TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

James Reilly ACCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services

27/04/2022 .........................

Chartered Accountants Statutory Auditor

24 Park Road South Havant Hampshire United Kingdom PO9 1HB

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

PIG SHED TRUST

GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income from:
Donations and legacies 3 1,376,383 625,000
Charitable activities 4 640 -
Investments 5 326 9,372
Other income
Total income
Expenditure on:		 6 200,595
1,577,944		 270,498
904,870
Raising funds 7 688,816 602,356
Charitable activities 8 71,717 58,849
Total resources expended 760,533 661,205
Net gains/(losses) on investments 13 - 9,378
Deferred tax – timing differences 71,805 60,081
Net income for the year/
Net movement in funds 889,216 313,124
Fund balances at 1 July 2020 9,504,077 9,190,953
Fund balances at 30 June 2021 10,393,293 9,504,077

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

PIG SHED TRUST

GROUP BALANCE SHEET

AS AT 30 JUNE 2021

Notes
Fixed assets
Tangible assets
14
Current assets
Stock
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Unrestricted funds		 2021
£
£
19,154,519
19,154,519
600
464,786
9,464,194
9,929,580
(8,673,014)
1,256,566
20,411,085
(10,017,792)
10,393,293
10,393,293
10,393,293		 2020
£
£
8,936,836
8,936,836
4,500
336,928
276,337
617,765
(50,524)
567,241
9,504,077
-
9,504,077
9,504,077
9,504,077		 2020
£
£
8,936,836
8,936,836
4,500
336,928
276,337
617,765
(50,524)
567,241
9,504,077
-
9,504,077
9,504,077
9,504,077
8,936,836
567,241
9,504,077
-
9,504,077
9,504,077
9,504,077

26/4/22

The financial statements were approved by the Trustees on .........................

.............................. .............................. Mr H S Jones Mr D J Cox Trustee Trustee

PIG SHED TRUST

CHARITY BALANCE SHEET

AS AT 30 JUNE 2021

2021
Notes
£
£
Fixed assets
Tangible assets
14
18,317,487
Investments
15
2
18,317,489
Current assets
Debtors
16
3,223,983
Cash at bank and in hand
9,363,535
12,587,518
Creditors: amounts falling due within
one year
17
(8,642,317)
Net current assets
3,945,201
Total assets less current liabilities
22,262,690
Creditors: amounts falling due after
more than one year
18
(10,017,792)
Net assets
12,244,898
Income funds
Unrestricted funds
12,244,898
12,244,898
The financial statements were approved by the Trustees on .........................
..............................
..............................
Mr H S Jones
Mr D J Cox
Trustee
Trustee
26/4/22		 2020
£
£
8,528,624
2
8,528,626
2,617,247
186,792
2,804,039
(72,361)
2,731,678
11,260,304
-
11,260,304
11,260,304
11,260,304		 2020
£
£
8,528,624
2
8,528,626
2,617,247
186,792
2,804,039
(72,361)
2,731,678
11,260,304
-
11,260,304
11,260,304
11,260,304
8,528,626
2,731,678
11,260,304
-
11,260,304
11,260,304
11,260,304

PIG SHED TRUST

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2021

2021 2020
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 22 9,612,073 327,781
Investing activities
Purchase of tangible fixed assets (10,423,890) (1,557,032)
Sale of tangible fixed assets - 28,000
Purchase of investments - (297,753)
Proceeds on disposal of investments - 919,644
Interest received (326) 6,874
Dividends received - 2,498
Net cash used in investing activities (10,424,216) (897,769)
Financing activities
Loans received for charitable activities 10,000,000
Net cash used in financing activities 10,000,000 -
Net increase/(decrease) in cash and cash
equivalents 9,187,857 (569,988)
Cash and cash equivalents at beginning of year 276,337 846,325
Cash and cash equivalents at end of year 9,464,194 276,337

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees have considered the impact of Covid-19 and conclude that there is minimal impact on the activities of the charity and its subsidiaries.

1.3 Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Scallop Ranch Ltd and Biddenfield Estate Management Limited on a line by line basis. A separate Statement of Financial Activities for the charity has not been presented because the charity has taken advantage of the exemption afforded by Companies Act 2006, s.408.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% on cost
Leasehold improvements 20-25% on cost
Plant and machinery 10-25% on cost and 25% on reducing balance
Fixtures and fittings 20% on cost
Computers 25% on cost and 25% on reducing balance

All assets costing more than £2,000 are capitalised.

Freehold property consists of land, which is considered to have an infinite life and a value greater than cost. On this basis no depreciation has been provided for the land element.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The scallops are recognised in stock when they are at the required size for sale.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9 Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

1.14 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15 Tax

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees consider there to be no significant judgements or estimates made during the preparation of these financial statements.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 1,101,106 500,000
Gift aid 275,277 125,000
1,376,383 625,000

4 Charitable activities

Other income 2021
£
640
640		 2020
£
-
-

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

5 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Investment income - interest and dividends - 9,372
Other interest receivable 326 -
326 9,372
6 Trading income
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Rent receivable 120,920 95,390
RPA income 33,695 34,436
Government grants 20,000 10,000
Insurance claims receivable - 67,426
Sundry income 5,347 403
Other income 3,000 39,241
Profit on sale of tangible asset - 20,081
Sale of goods 17,633 3,521
200,595 270,498

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

7 Trading Expenditure

Opening stock of finished goods
Purchases
Closing stock of finished goods
Estate costs
Investment management
Wages and salaries
Social security costs
Staff training
Staff pension costs defined contribution
Directors’ remuneration
Directors’ social security costs
Directors’ pension costs – defined contribution scheme
Rent
Rates
Cleaning
Power, light and heat
Repairs and maintenance
Insurance
Computer running costs
Motor running expenses
Travelling expenses
Professional subscriptions
Bank charges
Printing and stationery
Telecommunications
Legal and professional fees
Consultancy fees
Accountancy
Sundry expenses
Depreciation		 Total
Unrestricted
funds
2021
2020
£
£
4,500
-
193,511
187,194
(600)
(4,500)
102,912
97,826
-
1,559
53,234
43,918
3,295
2,355
-
1,183
1,600
1,318
48,099
48,009
2,991
2,991
1,440
1,440
23,472
15,561
(328)
9,983
180
-
11,921
2,725
14,602
7,582
19,470
18,099
689
-
-
1,123
11,584
9,901
662
250
294
214
421
793
60
61
5,457
12,304
16,457
12,600
3,800
3,150
1,837
1,346
167,256
123,371
688,816
602,356		 Total
Unrestricted
funds
2021
2020
£
£
4,500
-
193,511
187,194
(600)
(4,500)
102,912
97,826
-
1,559
53,234
43,918
3,295
2,355
-
1,183
1,600
1,318
48,099
48,009
2,991
2,991
1,440
1,440
23,472
15,561
(328)
9,983
180
-
11,921
2,725
14,602
7,582
19,470
18,099
689
-
-
1,123
11,584
9,901
662
250
294
214
421
793
60
61
5,457
12,304
16,457
12,600
3,800
3,150
1,837
1,346
167,256
123,371
688,816
602,356
602,356

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

8 Charitable activities

Sundry expenses
Freehold property depreciation
Legal and professional charges
Share of governance costs (see note 9)
Support costs
Support
costs
Governance
costs
£
£
Audit fees
-
9,080
-
9,080
Analysed between
Charitable activities
-
9,080		 Direct costs Direct costs
2021
2020
£
£
-
(776)
38,951
31,540
23,686
22,225
62,637
52,989
9,080
5,860
71,717
58,849
2021Support costs
Governance
costs
2020
£
£
£
£
9,080
-
5,860
5,860
9,080
-
5,860
5,860
9,080
-
5,860
5,860		 Direct costs Direct costs
2021
2020
£
£
-
(776)
38,951
31,540
23,686
22,225
62,637
52,989
9,080
5,860
71,717
58,849
2021Support costs
Governance
costs
2020
£
£
£
£
9,080
-
5,860
5,860
9,080
-
5,860
5,860
9,080
-
5,860
5,860		 Direct costs Direct costs
2021
2020
£
£
-
(776)
38,951
31,540
23,686
22,225
62,637
52,989
9,080
5,860
71,717
58,849
2021Support costs
Governance
costs
2020
£
£
£
£
9,080
-
5,860
5,860
9,080
-
5,860
5,860
9,080
-
5,860
5,860
52,989
5,860
58,849
2020
£
5,860
5,860
5,860

9 Support costs

10 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the charity's auditor and associates: 2021 2020
£ £
Audit of the charity's annual accounts 9,080 5,860

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

12 Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Net gains/(losses) on investments
Gain/(loss) on sale of investments		 Group
2021
Number
5		 2020
Number
5		 Charity
2021
2020
Number
Number
-
-
Total
Unrestricted
funds
2021
2020
£
£
-
9,378

13 Net gains/(losses) on investments

At 30 June 2020 At 30 June 2021 At 30 June 2021 Eliminated in respect of disposals Depreciation charged in the year At 1 July 2020 Depreciation and impairment At 30 June 2021 Other changes Disposals Additions At 1 July 2020 p tangible fixed assets p tangible fixed assets
8,012,157 18,317,487 122,847 - 38,951 83,896 18,440,334 741,061 - 9,603,220 8,096,053 £ and buildings Freehold land
- 327,874 34,692 - 34,692 - 362,566 - - 362,566 - £ improvements Leasehold
516,467 - - - - - - (741,061) - 224,594 516,467 £ construction Assets under
401,290 502,749 435,978 - 130,824 305,154 938,727 - - 232,283 706,444 £ equipment Plant and
5,260 4,797 1,793 - 1,252 541 6,590 - - 789 5,801 £ fittings Fixtures and
1,662
8,936,836		 1,612 19,154,519 3,289
598,599		 -
-		 488
206,207		 2,801
392,392		 4,901 19,753,118 -
-		 -
-		 438 10,423,890 4,463
9,329,228		 £
£		 Computers
Total

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

14 Charity tangible fixed assets

Cost
At 1 July 2020
Additions
Other changes
At 30 June 2021
Depreciation and impairment
At 1 July 2020
Depreciation charged in the year
At 30 June 2021
Carrying amount
At 30 June 2021
At 30 June 2020
15
Fixed asset investments
Investments in subsidiaries
Movements in fixed asset investments
Charity
Cost or valuation
At 1 July 2020 & 30 June 2021
Carrying amount
At 30 June 2021
At 30 June 2020		 Freehold land
and buildings
Assets under
construction
Total
£
£
£
8,096,053
516,467
8,612,520
9,603,220
224,594
9,827,814
741,061
(741,061)
-
18,440,334
-
18,440,334
83,896
-
83,896
38,951
-
38,951
122,847
-
122,847
18,317,487
-
18,317,487
8,012,157
516,467
8,528,624
Group
Charity
2021
2020
2021
2020
£
£
£
£
-
-
2
2
Investments
£
2
2
2

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

16
Debtors
Group
2021
Amounts falling due within one year:
£
Trade debtors
1,602
Prepayments and accrued income
8,154
Other debtors
3,001
VAT
69,455
Deferred tax asset
382,574
464,786
17
Creditors
Group
2021
Amounts falling due within one year:
£
Other creditors
8,636,306
Deferred income
4,135
Trade creditors
20,923
Accruals
11,650
8,673,014
18
Creditors
Group
2021
Amounts falling due after more than one year:
£
Other creditors
10,000,000
Deferred income
17,792
10,017,792		 Charity
2020
2021
2020
£
£
£
-
-
-
5,375
540,056
390,138
3,001
2,683,927
2,227,109
17,782
-
-
310,770
-
-
336,928
3,223,983
2,617,247
Charity
2020
2021
2020
£
£
£
4,988
8,627,668
32,757
-
768
-
1,203
5,880
-
44,334
8,001
39,604
50,524
8,642,317
72,361
Charity
2020
2021
2020
£
£
£
-
10,000,000
-
-
17,792
-
-
10,017,792
-		 Charity
2020
2021
2020
£
£
£
-
-
-
5,375
540,056
390,138
3,001
2,683,927
2,227,109
17,782
-
-
310,770
-
-
336,928
3,223,983
2,617,247
Charity
2020
2021
2020
£
£
£
4,988
8,627,668
32,757
-
768
-
1,203
5,880
-
44,334
8,001
39,604
50,524
8,642,317
72,361
Charity
2020
2021
2020
£
£
£
-
10,000,000
-
-
17,792
-
-
10,017,792
-
2020
£
32,757
-
-
39,604
72,361
2020
£
-
-
-

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

19 Related party transactions

During the year total donations of £1,101,106 (2020: £500,000) were received from Harvey Jones and Lester Jones.

Mr H S Jones

Trustee of the charity

Mr H S Jones remained in a rental agreement with Biddenfield Estate Management Limited in respect at a commercial rent as advised by an external advisor.

A £10,000,000 loan was received into the Charity during the year for the purchase of South Holt Farm.

PIG SHED TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

20
Group cash generated from operations
Surplus for the year
Adjustments for:
Tax charged
Depreciation charges
(Gain)/loss on disposal of investments
Profit on disposal of fixed assets
Interest received
Interest on investments
Dividends received
Movements in working capital:
(Decrease)/increase in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2021
£
889,216
(71,805)
206,207
-
-
326
-
-
3,900
(56,055)

8,640,284
9,612,073		 2020
£
313,124
(60,081)
154,911
(9,378)
(20,081)
-
(2,498)
(6,874)
(4,500)
20,785
(57,627)
327,781