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**REGISTERED CHARITY NUMBER: 1146739**
## Report of the Trustees and
Audited Financial Statements for the Year Ended 30 June 2022
for Pig Shed Trust
KT Accountants Limited Castle Farm Barn North Denmead Road Southwick Hampshire PO17 6EX
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Contents of the Financial Statements for the Year Ended 30 June 2022
||Page|
|---|---|
|Reference and Administrative Details|1|
|Report of the Trustees|2 to 7|
|Statement of Trustees' Responsibilities|8|
|Report of the Independent Auditors|9 to 11|
|Statement of Financial Activities|12|
|Balance Sheet|13to 14|
|Cash Flow Statement|15|
|Notes to the Financial Statements|16 to27|
|Detailed Statement of Financial Activities|28to29|
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## - Pig Shed Trust Group
Reference and Administrative Details for the Year Ended 30 June 2022
**TRUSTEES** H S Jones D J Cox **PRINCIPAL ADDRESS** The Farmhouse Biddenfield Lane Shedfield Southampton Hampshire SO32 2HP **REGISTERED CHARITY** 1146739 **NUMBER INDEPENDENT AUDITORS** MMO Limited Wellesley House Waterlooville Hampshire
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## - Pig Shed Trust Group
## Report of the Trustees for the Year Ended 30 June 2022
The trustees present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of 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).
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## - Pig Shed Trust Group
## Report of the Trustees
for the Year Ended 30 June 2022
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
Objects of the Charity
The Trustees of Pig Shed 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 2021 - 2022**
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 and hatchery
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 2021-22 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 loans 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 and South Holt Estate to actively enhance wildlife in and around them.
## **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.
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## - Pig Shed Trust Group
## Report of the Trustees
for the Year Ended 30 June 2022
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.
The hatchery built on the first years spat output of 1million, increasing to over 2million. Further tanks were purchased to help provide more space for future years to increase the output again further.
Having locally produced spat, the transportation process to the farm site is much less challenging resulting in higher survival levels identified at the first sea based interventions. Further observations are underway to refine exactly when the best time is to put the spat in the water and this will inform future years production timelines.
There has begun to be interest in other organisations purchasing spat directly from the hatchery and this is another revenue stream that will be explored during the coming years production.
SRL successfully secured a mussel water grading for the farm site of the highest A grade allowing the mussels that naturally settle on the lines and nets to be sold into the food chain. Sales began through the year as well as plans to manage the farm in future years to maximise this line of revenue.
## **Supporting local Wildlife**
Pig Shed Trust has completed the renovation work on all the properties at Biddenfield Estate and they are 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 completed on South Holt Estate situated on the Hampshire/Sussex border. This 1000 acre estate consists of a mixture of downland and plantation forests.
During the early months on the Estate, baseline surveys have been undertaken similar to at Biddenfield to help measure progress and inform decisions for enhancing the wildlife there. In addition, forestry permits were obtained to remove the plantations to revert the landscape back to native species. The wood from the plantations has been sold to local saw mills with the revenue received for it put towards supporting the efforts of managing the Estate for the benefit of 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.
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## - Pig Shed Trust Group
## Report of the Trustees for the Year Ended 30 June 2022
## **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.
## **FINANCIAL REVIEW**
## **Financial position**
The Charity's funding has mainly come from a donation from Harvey Jones and investment income.
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.
Pig Shed Trust does not have any pension or employment liabilities and therefore reserves are required to meet any of the following eventualities:
- The risk of an unforeseen emergency
- Long term commitments to grants beyond 1 year
- To meet the Trust's objectives of future years
- Professional services, such as legal or accounting associated with any problems the Trust may encounter
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 review 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.
The grants and loans made this year form part of Pig Shed Trusts long-term objectives and it is hoped that if the outcomes are successful, the same focus will continue in years to come.
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## - Pig Shed Trust Group
## Report of the Trustees
for the Year Ended 30 June 2022
## **FUTURE PLANS**
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:
- Grow multiple income streams from the scallop project and make it commercially viable
- Enhance the estate management plans to deliver the maximum wildlife benefit and maintain a perpetual income source using the estate's assets to support the estate work
- Establish South Holt Farm base line surveys and begin managing the estate with wildlife as the focus, again developing a perpetual income source using the estate's assets to support its ongoing management
- Active reviews of the grant/project outcomes
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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## - Pig Shed Trust Group
## Report of the Trustees
for the Year Ended 30 June 2022
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution**
Pig Shed Trust is governed by a trust deed and is constituted as a charity.
## **Appointment of new Trustees**
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.
## **Induction and training of Trustees**
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.
## **Organisational Structure**
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.
## **Relationships with other charities and organisations**
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.
## **Major Risks to the Charity**
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.
Approved by order of the board of trustees on 26 April 2023 and signed on its behalf by:
H S Jones - Trustee
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## - Pig Shed Trust Group
Statement of Trustees' Responsibilities for the Year Ended 30 June 2022
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.
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## Report of the Independent Auditors to the Trustees of
- Pig Shed Trust Group
## **Opinion**
We have audited the financial statements of Pig Shed Trust - Group (the 'charity') for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 30 June 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 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.
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## Report of the Independent Auditors to the Trustees of
## - Pig Shed Trust Group
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
## **Extent to which the audit was considered 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:
- Enquiry of management and those charged with governance around actual and potential
- litigation and claims as well as actual, suspected and alleged fraud;
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- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct
- material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
- compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including
- testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **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.
**SIGNED SECURELY**
**16/05/2023 at 8:57:27 AM UTC**
Mrs Gillian McIntosh Senior Statutory Auditor, for and on behalf of MMO Limited
Wellesley House 204 London Road Waterlooville
9 May 2023 **SIGNED SECURELY**
**16/05/2023 at 8:57:27 AM UTC**
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## - Pig Shed Trust Group
## Statement of Financial Activities for the Year Ended 30 June 2022
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Slow worm rehousing
Other trading activities
3
Investment income
4
Other income
**Total**
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
6
Other trading activities
7
**Charitable activities**
8
Charitable
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|30.6.22
30.6.21
Unrestricted
Total
fund
funds
£
£
500,000
1,376,383
768
640
782,391
200,597
343
326
(2,379)
-
1,281,123
1,577,946
348,466
339,443
342,765
358,452
691,231
697,895
55,051
62,637
9,399
(71,805)
755,681
688,727
525,442
889,219
10,393,295
9,504,076
10,918,737 10,393,295|
|---|---|
The notes form part of these financial statements
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## - Pig Shed Trust Group
## Group Balance Sheet 30 June 2022
|Notes
**FIXED ASSETS**
Tangible assets
13
**CURRENT ASSETS**
Stocks
14
Debtors
15
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one
year
17
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
**TOTAL FUNDS**|30.6.22
30.6.21
Unrestricted Total
fund
funds
£
£
19,623,118
19,154,519
500
600
684,935
464,786
771,250
9,464,195
1,456,685
9,929,581
(144,043)
(8,673,013)
1,312,642
1,256,568
20,935,760
20,411,087
(10,017,023)
(10,017,792)
10,918,737
10,393,295
10,918,737
10,393,295
10,918,737
10,393,295|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2023 and were signed on its behalf by:
H S Jones - Trustee
D J Cox - Trustee
The notes form part of these financial statements
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## Pig Shed Trust
## Charity Balance Sheet 30 June 2022
|Notes
**FIXED ASSETS**
Tangible assets
13
Investments
**CURRENT ASSETS**
Debtors
15
Cash at bank
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one
year
17
**NET ASSETS**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|30.6.22
30.6.21
Unrestricted
Total
fund
funds
£
£
18,278,535
18,317,486
2
2
18,278,537
18,317,488
3,734,697
3,223,983
599,384
9,363,535
4,334,081
12,587,518
(6,550)
(8,642,316)
4,327,531
3,945,202
22,606,068
22,262,690
(10,017,024)
(10,017,792)
12,589,044
12,244,898
12,589,044
12,244,898
12,589,044
12,244,898|
|---|---|
The notes form part of these financial statements
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## - Pig Shed Trust Group
## Group Cash Flow Statement for the Year Ended 30 June 2022
|Notes
**Cash flows from operating activities**
Cash generated from operations**20**
Net cash (used in)/provided by operating
activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
**Cash flows from Financing Activities**
Loans received for charitable activities
**Change in cash and cash**
**equivalents in the reporting**
**period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the**
**end of the reporting period**|30.6.22
30.6.21
£
£
(8,013,792)
9,612,073
(8,004,754)
9,612,073
(691,534)
(10,423,890)
3,000
-
343
(326)
(688,191)
(10,424,216)
10,000,000
(8,692,945)
9,187,858
9,464,195
276,337
771,250
9,464,195|
|---|---|
The notes form part of these financial statements
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## - Pig Shed Trust Group
## Notes to the Financial Statements for the Year Ended 30 June 2022
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Improvements to property - 25% on cost and 20% on cost Plant and machinery - 25% on cost, 25% on reducing balance and 10% on cost Fixtures and fittings - 20% on cost Computer equipment - 25% on cost and 25% on reducing balance
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Group financial statements**
The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Scallop Ranch Limited 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 available under Companies Act 2006, s.408.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **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.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
## **1. ACCOUNTING POLICIES - continued**
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
**3.**
**OTHER TRADING ACTIVITIES**
Rent receivable
RPA Income
Sundry Income
Other Income
Sale of goods
**4.**
**INVESTMENT INCOME**
Deposit account interest||30.6.22
£
500,000
-
500,000
30.6.22
£
155,015
25,173
408
(3,000)
604,795
782,391
30.6.22
£
343|30.6.21
£
1,101,106
275,277
1,376,383
30.6.21
£
120,920
33,695
25,348
3,000
17,634
200,597
30.6.21
£
326|
|---|---|---|---|
|||||
|||||
Page 17
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
|**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Other Income
Slow worm rehousing
**6.**
**RAISING DONATIONS AND LEGACIES**
Staff costs
Rent
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Accountancy
Computer costs
Travelling expenses
Subscriptions
Legal & professional fees
Consultancy fees
Repairs and maintenance
Cleaning
Depreciation
Interest payable and similar charges
Support costs
**7.**
**OTHER TRADING ACTIVITIES**
Opening stock
Purchases
Closing stock
Staff costs|30.6.22
£
768
30.6.22
£
54,967
27,156
2,350
20,511
21,028
60
314
105
2,500
657
6,620
415
5,598
12,531
8,232
-
177,261
361
7,800
348,466
30.6.22
£
600
278,990
(500)
63,675
342,765|30.6.21
£
640
30.6.21
£
52,530
23,472
(328)
19,470
11,921
60
421
1,838
3,800
689
11,583
662
5,457
16,457
14,601
180
167,256
294
9,080
339,443
30.6.21
£
4,500
296,423
(600)
58,129
358,452|
|---|---|---|
Page 18
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
## **8. CHARITABLE ACTIVITIES COSTS**
|**CHARITABLE ACTIVITIES COSTS**|||
|---|---|---|
|||Direct|
|||Costs|
|||£|
|Charitable||55,051|
|**SUPPORT COSTS**|||
|||Governance|
|||costs|
|||£|
|Raising donations and legacies||7,800|
|Support costs, included in the above, are as follows:|||
||30.6.22|
30.6.21|
||Raising||
||donations||
||and|Total|
||legacies|
activities|
||£|£|
|Auditors' remuneration|7,800|9,080|
## **9. SUPPORT COSTS**
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.
## **11. STAFF COSTS**
|30.6.22
£
Wages and salaries
108,394
Social security costs
6,997
Other pension costs
3,251
118,642
The average monthly number of employees during the year was as follows:
30.6.22
Average number of employees
5|30.6.21
£
101,333
6,286
3,040
110,659
30.6.21
5|
|---|---|
|||
No employees received emoluments in excess of £60,000.
Page 19
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
|**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Slow worm rehousing
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
**Raising funds**
Raising donations and legacies
Other trading activities
**Charitable activities**
Charitable
Other – Deferred tax
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
fund
£
1,376,383
640
200,597
326
1,577,946
339,443
358,452
697,895
62,637
(71,805)
688,727
889,219
9,504,076
10,393,295|
|---|---|
Page 20
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
## **13. GROUP TANGIBLE FIXED ASSETS**
|**COST**
At 1 July 2021
Additions
Disposals
At 30 June 2022
**DEPRECIATION**
At 1 July 2021
Charge for year
Eliminated on disposal
At 30 June 2022
**NET BOOK VALUE**
At 30 June 2022
At 30 June 2021
**COST**
At 1 July 2021
Additions
Disposals
At 30 June 2022
**DEPRECIATION**
At 1 July 2021
Charge for year
Eliminated on disposal
At 30 June 2022
**NET BOOK VALUE**
At 30 June 2022
At 30 June 2021|Freehold
property
£
18,440,334
-
-
18,440,334
122,847
38,951
-
161,798
18,278,536
18,317,487
Fixtures
and
fittings
£
6,590
-
-
6,590
1,794
1,319
-
3,113
3,477
4,796|Improvements
to
Plant and
property
machinery
£
£
362,566
938,727
665,879
25,655
-
(6,455)
1,028,445
957,927
34,692
435,977
46,808
130,019
-
(1,076)
81,500
564,920
946,945
393,007
327,874
502,750
Computer
equipment
Totals
£
£
4,901 19,753,118
-
691,534
-
(6,455)
4,901 20,438,197
3,289
598,599
459
217,556
-
(1,076)
3,748
815,079
1,153 19,623,118
1,612 19,154,519|
|---|---|---|
Page 21
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
## **CHARITY TANGIBLE FIXED ASSETS**
|**COST**
At 1 July 2021 and 30 June 2022
**DEPRECIATION**
At 1 July 2021
Charge for year
At 30 June 2022
**NET BOOK VALUE**
At 30 June 2022
At 30 June 2021|Freehold
property
£
18,440,333
122,847
38,951
161,798
18,278,535
18,317,486|
|---|---|
Page 2 2
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
|**14.**
**STOCKS**
30.6.22
£
Stocks
500
**15.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
30.6.22
£
**Group**
Trade debtors
301,315
Other debtors
3,001
Deferred Tax
373,175
VAT
-
Prepayments and accrued income
7,444
684,935
30.6.22
£
**Charity**
Other debtors
3,018,754
Prepayments and accrued income
715,943
3,734,697
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
30.6.22
£
**Group**
Trade creditors
-
Taxation and social security
474
Other creditors
143,569
144,043
**Charity**
Trade creditors
-
Other creditors
6,550
6,550
**17.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
30.6.22
£
**Group and Charity**
Other creditors
10,017,023|30.6.21
£
600
30.6.21
£
1,602
3,001
382,574
69,455
8,154
464,786
30.6.21
£
2,683,927
540,056
3,223,983
30.6.21
£
20,923
-
8,652,090
8,673,013
5,880
8,636,436
8,642,316
30.6.21
£
10,017,792|
|---|---|
Page 2 3
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## **18. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.7.21
£
10,393,295
10,393,295|Net
movement
At
in funds
30.6.22
£
£
525,442 10,918,737
525,442 10,918,737|
|---|---|---|
Page 2 4
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
## **18. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
1,281,123
1,281,123|
Resources Movement
expended
in funds
£
£
(755,681)
525,442
(755,681)
525,442|
|---|---|---|
## **Comparatives for movement in funds**
|||Net||
|---|---|---|---|
|||movement|
At|
||At 1.7.20|in funds|30.6.21|
||£|£|£|
|**Unrestricted funds**||||
|General fund|9,504,076|889,219|10,393,295|
|**TOTAL FUNDS**|9,504,076|889,219|10,393,295|
|Comparative net movement in funds, included in the above are as||follows:||
||Incoming|Resources|Movement|
||resources|expended|
in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|1,577,946|(688,727)|889,219|
|**TOTAL FUNDS**|1,577,946|(688,727)|889,219|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.7.20
£
9,504,076
9,504,076|Net
movement
At
in funds
30.6.22
£
£
1,414,661 10,918,737
1,414,661 10,918,737|
|---|---|---|
Page 25
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Notes to the Financial Statements - continued for the Year Ended 30 June 2022
## **18. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
2,859,069
2,859,069|
Resources Movement
expended
in funds
£
£
(1,444,408)
1,414,661
(1,444,408)
1,414,661|
|---|---|---|
## **19. RELATED PARTY DISCLOSURES**
During the year total donations of £500,000 (2021 - £1,101,106) were received from Harvey Jones.
## **20. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Deferred tax
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decrease in stocks
Increase in debtors
(Decrease)/increase in creditors
**Net cash (used in)/provided by operations**
**ANALYSIS OF CHANGES IN NET FUNDS**
At 1.7.21
£
**Net cash**
Cash at bank and in hand
9,464,195
9,464,195|30.6.22
£
525,442
9,399
217,556
2,379
(343)
100
(229,548)
(8,529,739)
(8,013,792)
Cash flow
£
(8,692,945)
(8,692,945)|30.6.21
£
889,219
(71,805)
206,207
-
326
3,900
(56,055)
8,640,284
9,612073
At 30.6.22
£
771,250
771,250|
|---|---|---|
## **21. ANALYSIS OF CHANGES IN NET FUNDS**
Page 26
continued...
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
- Pig Shed Trust Group
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
**21. ANALYSIS OF CHANGES IN NET FUNDS - continued Total**
9,464,195 (8,692,945) 771,250
Page 27
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Other trading activities**
Rent receivable
RPA Income
Sundry Income
Other Income
Sale of goods
**Investment income**
Deposit account interest
**Charitable activities**
Other Income
**Other income**
Gain on sale of tangible fixed assets
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Wages
Social security
Pensions
Rent
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Accountancy
Computer costs
Carried forward|30.6.22
£
500,000
-
500,000
155,015
25,173
408
(3,000)
604,795
782,391
343
768
(2,379)
1,281,123
48,009
5,518
1,440
27,156
2,350
20,511
21,028
60
314
105
2,500
657
129,648|30.6.21
£
1,101,106
275,277
1,376,383
120,920
33,695
25,348
3,000
17,634
200,597
326
640
-
1,577,946
48,099
2,991
1,440
23,472
(328)
19,470
11,921
60
421
1,838
3,800
689
113,873|
|---|---|---|
This page does not form part of the statutory financial statements
Page 28
DocuSign Envelope ID: B067081A-B21F-4921-B4AA-3A7D9485B9A3
## - Pig Shed Trust Group
## Detailed Statement of Financial Activities for the Year Ended 30 June 2022
|**Raising donations and legacies**
Brought forward
Travelling expenses
Subscriptions
Legal & professional fees
Consultancy fees
Repairs and maintenance
Cleaning
Depreciation of tangible fixed assets
Bank charges
**Other trading activities**
Opening stock
Purchases
Estate costs
Wages
Social security
Pensions
Closing stock
**Charitable activities**
Legal & professional charges
Repairs
Freehold property
**Other**
Deferred Tax
Corporation tax
Gift aid relief
**Support costs**
**Governance costs**
Auditors' remuneration
Total resources expended
**Net income**|30.6.22
£
129,648
6,620
415
5,598
12,531
8,232
-
177,261
361
340,666
600
204,153
74,837
60,385
1,479
1,811
(500)
342,765
16,100
-
38,951
55,051
9,399
70,969
(70,969)
9,399
7,800
755,681
525,442|30.6.21
£
113,873
11,583
662
5,457
16,457
14,601
180
167,256
294
330,363
4,500
193,511
102,912
53,234
3,295
1,600
(600)
358,452
19,950
3,736
38,951
62,637
(71,805)
-
-
(71,805)
9,080
688,727
889,219|
|---|---|---|
This page does not form part of the statutory financial statements
Page 29