Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E REGISTERED CHARITY NUMBER: 1146739 Re ort of the Trustees and Audited Financial Statements for the Year Ended 30 June 2023 for Shed Trust - Grou
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Contents of the Financial Statements for the Year Ended 30 June 2023 Page Reference and Adminislralive Details Report of the Trusteas Statement of Trustees, Responsibilities Report of the Independent Auditors 9 to 11 Slalemenl of Consolidated Financial Activities 12 Consolidated Balan sheet 13 Charity Balan Sheet 14 Consolidated Cash Flow Statement 15 Notes to the Financial Slal8menls 16 to 30 Consolidated Detailed Statement of Financial Activities 31 10 32
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Reference and Administrative Details for the Year Ended 30 June 2023 TRUSTEES H S Jones DJCOX PRINCIPAL ADDRESS The Farmhouse Biddenfield Lane Shedfield Southampton Hampshire S032 2HP REGISTERED CHARITY NUMBER 1146739 SNDEPENDENT AUDITORS Sumer Audit Piper House, 4 Dukes Court Bognor Road Chlchester P019 8FX
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust - Grolt ort of the Trustees for the Year Ended 30 June 2023 The trustees present their rept with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffeclive 1 January 2019).
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Gro Re ort of the Trustees for the Year Ended 30 June 2023 OBJECTIVES AND ACTIVITIES Objectives and alms Objects of the Ch8rity The Trustees of Pig Shed Trust hold the Trust Fund and ils income upon trust to apply them for all objects that are regarded as exclusively charitable under the law of England and Wales. The Charlty Vlsion Pig Shed Trust Is primarily focused on interventions that promote conservation and change the natural envlronment for the beller. In partieular, the focus is on activities that will benefit both wildlife and the people living with it. The interventions musl 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 organlsatlons lo run compatible projects. Objectives for 2022-23 Pig Shed Trust has focused on several key objectives over thls 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 interventlons undertaken lo help quantify the outcomes and impact 3. Support the local wildlife around Pig Shed Trust's home office in Hampshi strategy for achieving the objectives Pig Shed Trust has narrowed ils focus to mainly in house projects in order to achleve Ils objectives. The objectives for 2022-23 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 lake a further loans out from Pig Shed Trust lo progress the cullivalion 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 sile stocked. Strategy for Objective 2 Planning and measurement is core lo Pig Shed Trust and all the projects use scientific rigour and SMART planning lo ensure they achieve the best results possible. Strategy for Objective 3 Pig Shed Trustwill continue lo 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 Holl Eslale lo actively enhance wildlife in and around them. Actlvltles The Internal Scallop Ranch Project Soallop Ranch Ltd {SRLI has continued to focus on managing scallop survivability along with identifying modificalions to equipment lo help make the husbandry prosseS mora efficient.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed TnJsl- Grou ort of the Trustees for the Year Ended 30 June 2023 SRL continues to work with the University of Plymouth {UoPI to establish best practicos in husbandry skills and better understand morialily. SRL has continued lo sell scallops lo several pmcessors and achieved unil prices in line with expec181ions, placing them on a par with dive caught prices. The h8ld)ery built on the first years spat output of 1milllon, increasing lo over 2 million. Further tanks were purchased to help provide more space for future years lo increase the output again further. Having locally produced spat. the Ir8nsportalion prOsS to the farm sile is much less challenging resulting in higher survival levels identified al the first sea based interventions. Further obs8twalions are underway to Tefine exactly when the best lime is lo pul the spal in the water and this will inform future years production timellnes. There has begun lo be interest in other organisations purcha8lng spal directly from the hatchery and this is another revenue stream that will be explored during the ¢oming years production. SRL SUC$sfUllY secured a mussel water gr2ding for the farm site of the highest A grade allowing the mussels that naturally sellle on the lines and nels lo be sold into the food chain. Sales began through the year as well as plans lo 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 Eslale and they are let out, helping to provide the eslale with the funds il needs lo further It's wildlife objectives. When PST first purchased Biddenfield Eslale, baseline Surveys were commissioned lo give a beller understanding of the wildlife on the whole eslale and provide infom)81ion with which lo manage il lo enhance the wildlife. Since then, the surveys have continued and remain an important tool lo influence the interventions on the eslale. This approach will be applied lo the new piece of land loo. PST completed on South Holt Estate situated on the Hampshirelsussex border. This 1000 acr6 8s18te consists of a mixture of downland and planlalion forests. During the early months on the Eslale, baseline suNeys have been undertaken similar to al Biddenfield to help measure progress and inform decisions for enhancing the wildlife there. In addition, forestry permit5 were obtained lo remove the plantations lo revert the landscape back lo native species. The wood from the plantations has been sold to local saw mills with the revenue received for il put towards supporting the efforts of managing the Estate for the benefit of wildlife. Plannlng and Measurement Pig Shed Trust continues lo 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 lo apply scientific rigour to processe5 in order to drive improvements.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Re ort of the Trustees for the Year Ended 30 June 2023 Volunteers Pig Shed Trust has one Trustee who volunteers to work for the trust on a virtually full lime 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 slalements 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 lo meet any of the following evenlualilies.. The risk of an unforeseen emergency Long term commitments lo grants beyond 1 year To meet the Trust's objectives of future years Professional services, such as legal or accounting associ8ted 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 lo meet any additional eventU81ilias. Pig Shed Trust has Continued its funding activities with its core wojecls, building on the previous years aclivilies. The grants and loans made this year fom) part of Pig Shed Trusts long-temi objectives and it is hoped that if the outcomes are successful, the same focus will continue in years to come. 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 wll be.. Grow multiple inoome streams from the scallop project and make il commorcially viable Enhance the estate management pl8nS to deliver the maximum wildlife benefit and maintain a perpetual income Sour using the estate's assets lo support the estate work Establish South Holl 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 lo support its ongoing management Active reviews of the gr8ntlproj8cI outcomes STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by ils governing document, a deed of trust and conslitules an unincorporated charity.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Pl Shed Trust- Grou Re ort of the Truslees for the Year Ended 30 June 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Charlty constitution How Pig Shed Trust is sel up Pig Shed Trust is govemed by a Irusl deed and Is constiluled as a charity. Appointment of new Trustees 11 is the responsibility of the trustees lo appoint a new trustee and this will be done as and when il is agreed by the serving Injstees 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 ICC31" document, famlliarised with it. trained in any areas they are not familiarwilh and expected to undertake the duties and responsibilities as sel out in it. Organisalional Structure Pig Shed Trust does not directly employ anylJ)dy and relies on the active engagement of ils trustees in a volunteer capacity. Where specialist and professional services are required, they are contracted in. The Iruslees, in line with the main objectives and vision of the charity make all financial and strategic decisions. Relationships with other charities and organisalions Part of the aims of Pig Shed Trust are lo provide grant funding to other charitable organisations lo help them pursue their objectives that in turn broadly enhance the vision and objectives of Pig Shed Trust. Major Risks lo the Charity There are very few major risks identified by the Iruslees however, where engagement with third parties lakes place. suitable contracts are put in place to help manage and reduce any apparent risks. Approved by order of the board of Iruslees on 29 April 2024 and signed on ils behalf by- H S Jones- Trustee
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E I Shed Trust - Grou Statement of Trustees. Res onsibilities for the Year Ended 30 June 2023 The Iruslees are responsible for preparing the Report of the Trustees and the financial slalemenls in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financi81 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 Iruslees to prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charityfor that period. In preparing those financial statements, the trustees are requlred to select suitable accounting pdicies and then apply them consislenlly. observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finandal statements., prepare the financial slalemenls on the going concern basls unless il is inappropriate lo presume that the charity will continue in business. The Iruslees aTe responsible for keeping proper accounting records whlch disclose with reasonable accuracy al any lime the financial position of the charity and lo 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 olhar irregularities.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Re ort of the Inde endent Auditors lo the Trustee$ of Shed Trust- Grou Qualified Opinion We have audited the financial statements of Pig Shed Trust - Group {Ihe 'group'l for the year ended 30 June 2023 which comprise the consolidated statement of financial 8clivilies, the consolidated balance sheet. the consolidated cash flow statement, the group notes lo the financial slalemenls, including significant auounling policies. The financial reportlng 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). In our opinion. except for the effects of the matters deribed in the basis for qualified opinion paragraph, the financial statements.. give a true and fair view of the stale of the charity's affairs as at 30 June 2023 and of its incoming resources and application of resources. for the year then ended., and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. Basis for qualified opinion The financial slalements do not include creditors of £451,695. which were present in one of the group's subsidiaries upon acquisition. These have been wrillen off through income and expenditure during the year as management understood these lo have been waivered on acquisilion. A]so excluded from the accounts is a related Corporation Tax charge on the basis that the company has suffered sufficient tax losses to cover this charge. We were unable lo obtain sufficient appropriate audit evidence to support this. We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilities kjnder 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 group in accordance with the ethical requirements that are relevant lo our audit of the financial sl8lemenls 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 lo provide a basis for our qualrfied opinion. Conclusion relating to going concern In auditing Ihe linan¢ial stalemenls, we have concluded that the Iruslees, use of the going cOnM basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materfal uncertainties relating lo events or conijilions that, individually or collectively, may cast significant doubl on the trust's ability lo ¢onlinue as a going concem for a period of at least twelve months from when the finanaal statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going conGem are described in the relevant sections of this report. other infomiatlon The other information comprises the information included in the annual report other than the financial s18temenls 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 lo read the other infomalion and, in doing so, consider whether the other information is materia1Sy inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othernise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls. we are required lo determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other infomiation, we are required to report that fact.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E We have nothing lo report in this regard. Matters on whlch we are required to report by exception In respect solely of the limilalion on our work relating to the creditors described above.. we have not obtained all the information and expl8n21ions that we considered necessary for the purpose of our audit.. and we were unable to detem)ine whether adequate accounting records have been maintained. In the light of the knowledge and understsnding of the charity and its environment obtained in the course of the audit, we have not identified material misststemenls in the Report of the Trustees. We have nothing to report in respect of the follomring matters in relation to which Ihe Charities {Accounls and Reports) Regulation 2008 requires us to report to you if. in our opinion.. adequate and proper accounting records have not been kept, or retums adequate for OLJr audit have nol been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns., or rtain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the infomialion and explanations we require for our audit. Responslblllties of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the trust's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Auditor's responslbllities for the audit of the flnancial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a thole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditovs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with SSAS IUKI will always delecl a material misstatement when il exlsts. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggreuale, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities, oulllned above, lo detect material misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are ¢apable of delecling irregularities, including fraud, is detailed below. In identifying and assessing risks of material misstatement In respect of irregularities, including fraud and non-compliance with laws and regulations, our prOdureS included the following.. Obtaining an understanding of the legal and regulatory framework that the trust operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations., Oblalning an understanding of the trust's policies and procedures on fraud risks, including knowledge of any aclual, suspected or alleged fraud., and Discussing among the engagement team how and where fraud might occur in the financial slalemenls and any potential indicators of fraud through our knowledge and understanding of the company and our seclor-specific experience. As a result of these procedures, we considered the opportunities and incentives that may exist within the trust for fraLJd. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely lo have an impacl on the financial stalemenls.. health & safety, employment law and Compliance with the Charities SORP {FRS 1021. 10
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E In addition lo the above, our procedures lo respond lo risks identified included the following: Making enquiries of management. about any known or suspected instances of non-compliance with laws and regulations and fraud., Reviewing minutes of meetings of the board and senior management., Reading Corresponden with regulators., Challenging assumptions and judgements made by management in their significant accounting estimates., and Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstalemenls in the finanaal slalemenls may not be detected, even though the audit is properly planned and performed in accordance with the ISAS IUKI. For instan, the further removed non- compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of il or to recognise the non-C(xnpliance. A further description of our responsibilities is available on the Financial Reporting Council's website al.. htlps'.Ilwww.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's reFx)rt. Use of our report This report is made solely to the charity's Iruslees, 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 stale to the charity's Iruslees those matters we are required lo slate to them in an auditor's 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 Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Jordan Abbott Bsc ACA (Senlor Statutory Auditor) for and on behalf of Sumer Audlt Chartered Accountants Statutory Auditor Chichester 02-05-2024 Sumer Audit is the trading name of Sumer Audltco Limited 11
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust - Grou Consolidated Statement of Financial Activities for the Year Ended 30 June 2023 30.6.23 Unreslricled fund 30.6.22 Total funds as restated Notes INCOME AND ENDOWMENTS FROM Donations and legacies 509.998 500.000 Charitable activities Slow worm rehousing 768 768 Other tradlng activities Investment income Other income 440,225 4,104 782,391 343 Total 955 095 1,281,123 EXPENDITURE ON Raising funds Raising donations and legacies Other trading activities 387.924 405,009 348,466 342,765 792,933 6g1,231 Charltable activities Charitable 64.598 55.051 Deferred tax 8,561 64,568 Total 866,092 810.850 NET INCOME 89,003 470,273 RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjuslmenl 10.647,087 10,393,295 125,9191 342,400) 14 As restated 10,521,168 10,050,895 TOTAL FUNDS CARRIED FORWARD 10.610,171 10 521,168 12
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Consolidated Balance Sheet 30 June 2023 30.6.23 Unreslricled fund 30.6.22 Totsl funds as restated Notes FIXED ASSETS Intangible assets Tangible assets 15 16 48.351 19,775,957 19,693,507 19,824,308 19,693,507 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 17 18 500 28,408 844,141 500 311,760 771,250 873,049 1,083,510 CREDITORS Amounts falling due wilhln one year 19 170,9301 {238,8251 NET CURRENT ASSETS 802,119 844.685 TOTAL ASSETS LESS CURRENT LIABILITIES 20,626,427 20,538,192 CREDITORS Amounts falling due after more than one year 20 {10,016,256) {10,017,2041 PROVISIONS FOR LIABILTIES NET ASSETS FUNDS Unreslricled funds 21 10,610,171 10,521,168 TOTAL FUNDS 10,610.171 10,521,168 The financial statements were approved by the Board of Trustees and aulhorised for issue on 30 April 2024 and were sign8d on ils behalf by= H S Jones - Truste8 D J Cox- Trustee 13
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E h d Trust Charit Balance Sheet 30 June 2023 30.6.23 Unrestricted fund 30.6.22 Total funds Notes FIXED ASSETS T8ngible assets Investments 16 23 18,239.584 18,278,535 18.239.586 18,278,537 CURRENT ASSETS D8btors Cash 91 bank 18 4.441,282 674,149 3.734,6g7 599,384 5,115.431 4.334,081 CREDITORS Amounts falling due within one year 19 {14,7691 16,5501 CURRENT ASSETS 5,100.662 4.327,531 TOTAL ASSETS LESS CURRENT LIABILITIES 23,340.248 22.606,068 REDITORS Amounts falling du6 after more than one year 20 110,016,256) {10,017.024) NET ASSETS 13.323,992 12,589,044 FUNDS Unrestricted funds 13,323,992 12.589.044 TOTAL FUNDS 13,323,992 12,589.044 The financial statements were appmved by the Board of Trustees and aulhorised for issue on 30 April 2024 and were signed on ils behalf by= H S Jones- Trustee 14
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Consolidated Cash Flow Slalemenl for the Year Ended 30 June 2023 30.6.23 30.6.22 restated Notes Cash flows from operating activltles Cash generated from operations 24 Finance costs paid Tax paid 427,280 15821 8,560 18.342,317) 13611 406,968 Nel cash provided byl(used in) operating activities 435.258 7,935,710) Cash flows from Investlng actlvltles Purchase of intangible fixed assets Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Interest received (71,4091 1318,1201 23,058 1760,578) 3,000 343 4,104 Nel cash used in investing activities 362,3671 757 235) Change In cash and cash equivalents In the reporting period Cash and cash equlvalents at the beginning of the reporting perlod 72.891 18,692,945) 771.250 9,464,195 Cash and cash equivalents at the end of the reporting period 844,141 771,250 15
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust - Grou Notes lo the Financial Slalemenls for the Year Ended 30 June 2023 ACCOUNTING POLICIES Basls of preparing the flnanclal 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 1021'Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 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 slalements have been prepared under the histolleal cost convention. Income All income is recognised in the Slalement of Financial Activities once the charity has entillemenl to the funds, it is probable that the income will be reiVed and the amount an be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is 8 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 lo the category. Vvhere costs cannot be directly allributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglble fixed assets Depreciation is provided al the following annual rates in order lo write off each asset over ils estimated useful life. Freehold property Improvements lo property 14/0 on cost 25./0 on cost and 200/0 on cost Plant and machinery 250/0 on cost, 25Vo on reducing balance and 1 OYO on cost 20 /0 on cost 250A on cost and 25°/0 on reducing balance Fixtures and fillings Computer equipment Going concern Al the lime of approving the financial stalemenls, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable fulLJre. Thus the Trustees continue lo adopt the going conrn basis of accounting in preparing the financial statements. 16
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust - Grou Notes lo the Financial Statements continued for the Year Ended 30 June 2023 ACCOUNTING POLICIES - eontlnued Impairment of fixed assets At each reporting end dale, the charity reviews the carying amounts of its tangible assets and goodwill lo detemiine 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 eslimaled in order to determine the extent of the impaim)enl loss lif any)- No such indications were noted. Intangible fixed assets- goodwll Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset al cost and is subsequently measured at cost less accumulated amortisalion and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over ils expected life, which is 10 years. Flxed assot investments In the parent charity financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured al cost less any accumulated impaimient losses. Cash and cash equlvalents Cash and cash equivalents are basic financial assets and include cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial instruments The Group ha8 elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently cariied al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a markel rale of interest. Financial assets classified as receivable within one year are not amortised. 17
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes lo the Financial Statements - continued for the Year Ended 30 June 2023 ACCOUNTING POLICIES- contlnued Other financial assets Other financial assets, including investments in equity instruments are initially measured al fair value, which is normally the transaction price. Such assets are subsequently Carried at fair value and the changes in fair value are recognised in net incomellexpendilurel. except that inveslmenls In equity inslruments that are not publicly traded and whose fair values cannot be measured reliably are measured al cost less impairment. Impalrment of financial assets Financial assets, other than those held 8t fair value through Income and expenditure, are assessed for indicators of impairment at each reporting dale. Financial assets are impaired where there is objective evidence that, 2S 2 result of one or more events that occurred after the initial recognition of the financial asset. the eslimaled future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in nel incomel{expenditurel for the year. If there is a decrease in the impaimenl loss arising from an event occurring after the impaimienl was recognised, the impairment is reversed. The reversal Is such that the urrenl carrying amount does not exceed what the carying amount would have been, had the impairment not previously been recognised. The impairment reversal is reoognised in net incomel(exp8nditurel for the year. Derecognitlon of financial assets Financial assets are derecognised only when the contractual rights lo the cash flows from the asset expire or are sellled, or when the charity transfers the financial asset and subslanlially all th8 risks and rewards of ownership lo another enlily, or if some significant risks and rewards of ownership are retained but control of the asset has transferred lo another party that is able lo sell the asset in its entirety to an unrelated third party. Basic finènclal liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement conslitules a financing transaction. where the debt instrument is measured al the present value of the future receipts discounted at a market rale of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordlnary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade payables are recognised initially at transadion pri and subsequently measured at amortised cost using the effective inleresl method. Derecognition of flnancial Ilablllties Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 18
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Pl Shed Trust- Gro Notes lo the Financial Slalemenls- continued for the Year Ended 30 June 2023 ACCOUNTING POLICIES - contlnued Deferred tax Deferred lax liabilities are generally recognised for all timing differences and deferred tax assets are recognised lo the exlenl that il is probable that they will be recovered against the reversal of deferred tax li8bililies or other fulLJre taxable profits. Such assets and liabilities are not recognlsed if the liming difference arises from goodwill or from the initial recognition of other assets and Ilabililies in a transaction that affects neither the tax profil nor the accounting profil. The carrying amount of deferred tax assets Is revWed al each reporting end dale and reduced lo the extent that il is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred lax is calculated al the lax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred lax is charoed or credited in the profil and loss a¢counl. except when il relates lo items Charged or credited directly to equity. in which case the deferred tax is also dealt with in equity. Deferred lax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current lax assets and liabilities and the deferred lax assets and liabllltles relate to taxes levied by the same lax authority. Basis of consolidation The consolidated group financial statements consisl of the financial statements of the parent charity Pig Shed Trust together with all entities controlled by the parent charlty lils subsidiaries) and the group's share of its interests in joint ventures and associates. All financial statements are made up lo 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group Iransaclions, balances and unrealised gains on transactions belween group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impaimient of the as8el transferred. Subsidiaries are Consolidated in the group's financial slalements from the dale that control commences until the date that control 8S&S Stocks Stocks are valued at the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempl from lax on ils charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discretion of the trustees. 19
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trusl- G Notes lo the Financial Slalemenls - continued for the Year Ended 30 June 2023 ACCOUNTING POLICIES - contlnued Fund accountlng Further explanatSon of the nature and purp0$8 of each fund is included in the notes to the financial statements. Hire purchase and leasing commltments Rentals paid under operating leases are charged to the Stalem8nt of Financial Activities on a straight line basis over the period of Ihe lease. Pension costs and other post-retirement beneflts The Charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged lo the Statement of Financial Aclivitles in the period lo which they relate. DONATIONS AND LEGACIES 30.6.23 30.6.22 Donations Gift aid Grants 400,000 100,000 9,998 500,000 509,998 500,000 Grants received, included in the above, are as follows- 30.6.23 30.6.22 Other grants 9,998 20
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes lo the Financial Statements - continued for the Year Ended 30 June 2023 OTHER TRADING ACTIVITIES 30.6.23 30.6.22 Rent receivable RPA Income Sundry Income Other Income Sale of goods 188,745 68,088 300 155,015 25,173 408 {3.0001 604.795 183.092 440,225 782,391 INVESTMENT INCOME 30.6.23 30.6.22 Deposit account interest 4,104 343 INCOME FROM CHARITABLE ACTIVITIES 30.6.23 30.6.22 Slow worm rehousing 768 768 RAISING DONATIONS AND LEGACIES 30.6.23 30.6.22 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 54,834 29,194 2,595 25,973 33,354 535 147 2,419 3,350 608 9,264 188 119 20,300 54,967 27,156 2.350 20,511 21,028 60 314 105 2,500 657 6,620 415 5,598 12.531 Carried forward 182.880 154,812 21
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E hed Trust- Grou Notes to the Financial Slalements - continued for the Year Ended 30 June 2023 RAISING DONATIONS AND LEGACIES - continued 30.6.23 30.6.22 Brought fonNard Repairs and maintenance Depreciatlon Interest payable and similar charges Support costs 182,880 7,744 196.718 582 154,812 8,232 177,261 361 7,800 387,924 348,466 OTHER TRADING ACTIVITIES 30.6.23 30.6.22 Opening stock Purchases Closing stock Staff costs 500 351,370 (5001 53,639 600 278.990 15001 63.675 405.009 342,765 CHARITABLE ACTIVITIES COSTS Support costs (see note 91 Direct Costs Totals Charitable 56.378 8,220 64.598 SUPPORT COSTS Governance costs Charitable 8,220 22
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes to the Financial Slalemenls - continued for the Year Ended 30 June 2023 SUPPORT COSTS- contlnued Support costs, included in the above, are as follows.. 30.6.23 30.6.22 Total activities Charitable Auditors, remuneration 8,220 7,800 10. AUDITORS. REMUNERATION 30.6.23 30.6.22 Fees payable lo the charity's auditors for the audit of the group's financial slalements 8,220 7.800 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trusteés, remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. Trustees. expenses There were no trustees, expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. 12. STAFF COSTS 30.6.23 30.6.22 Wages and salaries Social security costs other pension costs 100,020 5,385 3,068 108,394 6,997 3,251 108,473 118,642 The average monthly number of employees during the year was as follows.. 30.6.23 30.6.22 Average number of employees No employees received emoluments in excess of £60,000. 23
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes to the Financial Slalemenls - continued for the Year Ended 30 June 2023 13. COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund as restated INCOME AND ENDOWMENTS FROM Donations and legacies 500,000 Charitable activitles Slow worm rehouslng 768 Other trading aclivilies Investment income Other income 782.391 343 Total 1,281.123 EXPENDrruRE ON Raising funds Raising donations and legacies Other trading activities 348,466 342,765 691,231 Charitable activitles Charitable 55,051 Deferred tax 64,568 Total 810.850 NET INCOME 470,273 RECONCILIATION OF FUNDS Total funds brought fOard As previously reported Prior year adjustment 10,393,295 342,400} As restated 10.050,895 TOTAL FUNDS CARRIED FORWARD 10,521,168 24
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes lo the Financial Slalements continued for the Year Ended 30 June 2023 14. PRIOR YEAR ADJUSTMENT The prior year figures were restated lo remove the deferred tax asset within Scallop Ranch Limited. It was fell that il was not prudent to reflect this Sin il is unlikely the company wll make any profits for a considerable period of time and any that do will be gifted to the holding company. This reduced the deferred lax asset and retained profits by £342,400. There was also a revision in respect of the Capital Grants for the barn build within Biddenfield Eslale Management Ltd to write these off over the expected life of 20 years, as reflected in the depreciation policy. Thls decreased income by £70,750 and increased accruals. There was also a prior year adjuslmenl in Telalion lo capital works that needed to be accrued as they were largely finished before the year-end, which increased fixed assets and accruals by £70,389. The aggregate effect was to reduce unreslricled funds al 301612022 by £342,400. 15. INTANGIBLE FIXED ASSETS- GROUP Goodwill COST Additions 48,351 NET BOOK VALUE At 30 June 2023 48,351 At 30 June 2022 16. TANGIBLE FIXED ASSETS GROUP Impmvements lo property Freehold pmperty Plant and machinery COST Al 1 July 2022 Additions 18.440,334 1.098,834 5,784 199,350 956,582 112,986 At 30 June 2023 18,446.118 1,298,184 1,069,568 DEPRECIATION Al 1 July 2022 Charge for year 161,798 38,951 81,500 64,908 563,575 130,093 At 30 June 2023 200.749 146,408 693,668 NET BOOK VALUE At 30 June 2023 18,245 369 1.151,776 375,900 At 30 June 2022 18,278.536 1,017.334 393,007 25
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Sh Trust- Grou Notes lo the Financial Slalemenls - continued for the Year Endèd 30 June 2023 16. TANGIBLE FIXED ASSETS - continued Fixtures and fittings Computer equipment Tot218 As Reslaled COST Al 1 July 2022 Additions 6,590 4,901 20.507,241 318,120 AI 30 June 2023 6,590 4.901 20,825,361 DEPRECIATION At 1 July 2022 Charge for year 3,113 3,748 399 813,734 235 670 At 30 June 2023 4,432 4 147 1.049,404 NET BOOK VALUE AI 30 June 2023 2,158 754 19,775,957 At 30 June 2022 3.477 1,153 19,693 507 Freehold property CHARITY COST At 1 July 2022 and 30 June 2023 18,440,333 DEPRECIATION Al 1 July 2022 Charge for year 161.798 38,951 At 30 June 2023 200,749 NET BOOK VALUE AI 30 June 2023 18.239.584 AI 30 June 2022 18,278,535 17. STOCKS ROUp 30.6.23 30.6.22 Stocks 500 500 26
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes lo the Financial Slalements - continued for the Year Ended 30 June 2023 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.23 30.6.22 Trade debtors other debtors 1.646 3,891 301,315 3,001 VAT Prepayments and accrued income 11,990 10,881 7.444 CHARITY 30.6.23 30.6.22 other debtors Prepayments and accrued income 3.430,666 3,018,754 1.010,616 715,943 4,441.282 3,734,697 19. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.23 30.6.22 Taxation and social security Other creditors 474 213.957 37.976 37,976 214,431 CHARITY 30.6.23 30.6.22 Other creditors 14,769 6,550 20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.6.23 30.6.22 GROUP AND CHARITY Other credilors 10,016,256 10,017,024 Within other creditors in both the group and charity IS 8 loan of £10.000,000 due lo a trustee. Harvey Jones. No interest is payable on this loan and the loan is secured by way of a fixed charge over the freehold property, South Holt Farm. The loan is repayable on demand by the lender provided that two years, notice is given. and the amount lo be repaid will be either the amount of the loan outstanding at the time, or of the value of the property at that time, whichever is lower. 27
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed TnJsl- Grou Notes lo the Financial Statements- continued for the Year Ended 30 June 2023 21. MOVEMENT IN FUNDS Prior year Al 1.7.22 adjustment Net movement in funds At 30.6.23 Unrestricted funds General fund 10.647,087 (125,9191 89,003 10.610,171 TOTAL FUNDS 10,647,087 125.9191 89,003 10,610,171 Nel movement in funds. included in the above are as follows: Incoming Resources reSoUrS expended Movement In funds Unrestricted funds General fund Comparatlves for movement In funds Ptior year adjustment Net movement in funds Al 30.6.22 Al 1.7.21 Unrestricted funds General fund 10,393.295 {342,4001 470.273 10,521,168 TOTAL FUNDS 10.393,295 342,400) 470,273 10,521,168 Comparative nel movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 1,281,123 1810,8501 470,273 TOTAL FUNDS 1.281,123 810.8501 470,273 28
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Notes to the Financi81 Statements- continued for the Year Ended 30 June 2023 22. RELATED PARTY DISCLOSURES During the year lolal donations of £400,000 {2022 - £500,000) were received from Harvey Jones. 23. FIXED ASSET INVESTMENTS - CHARITY Shares in group undertakings MARKET VALUE At l July 2022 and 30 June 2023 NET BOOK VALUE AI 30 June 2023 At 30 June 2022 There were no investment asse18 outside the UK. 24. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.6.23 30.6.22 as restated Net income for the reporting perlod las per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Finance costs Decrease in stocks Decreasellincreasel in debtors Decrease in creditors 89,004 470,273 235,669 216,212 2.379 13431 361 100 1229,548) 8.801,751) 14,1041 582 283,352 177,223) Net cash provlded byl{used in) operations 427,280 8,342.3171 25. ANALYSIS OF CHANGES IN NET FUNDS At 1.7.22 Cash flow At 30.6.23 Net cash Cash at bank and in hand 771.250 72.891 844,141 Total 771,250 72.891 844,141 29
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trust- Grou Oelailed Consolidated Slalement of Financial Activities for the Year Ended 30 June 2023 30.6.23 30.6.22 as restated INCOME AND ENDOWMENTS Donations and legacles Donations Gift aid Grants 400,000 100,000 9,998 500,000 509,998 500,000 Other trading activities Rent receivable RPA Income Sundry Income Other Income Sale of goods 188,745 68.088 300 155,015 25,173 408 13.000) 604,795 183,092 440,225 782,391 Investment income Deposit account interest 4.104 343 Charitable activities Other Income 768 768 other income Loss on sale of tangible fixed 8ssels 2.379) Total incoming resources 955.095 1,281,123 EXPENDITURE Raising donatlons and legacies Wages Social security Pensions Rent Rates and water Insurance Light and heal Telephone Postage and statlonery Sundries Carried forward 48.009 5,385 1,440 29,194 2,595 25,973 33,354 535 147 2,419 149.051 48,009 5,518 1,440 27,156 2,350 20,511 21,028 60 314 105 126,491 30
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Shed Trus Grou Detailed Statement of Financial Activities for the Year Ended 30 June 2023 30.6.23 30.6.22 as restated Raising donatlons and legacles Brought forward Accountancy Computer costs Travelling expenses Subscriptions Legal & professional fees Consultancy fees Repairs and maintenance Depreciation of tangible fixed assets Bank charges 149,051 3,350 608 9,264 126,491 2,500 657 6,620 415 5,598 12,531 8,232 177,261 361 119 20.300 7,744 196,718 582 387.924 340,666 other trading activities Opening stock Purchases Estate costs Wages Social security Pensions Closing stock 500 253,916 97,454 52,011 600 204.153 74,837 60,385 1.479 1,811 1.628 405,009 342,765 Charitable actlvities Legal & professional charges Freehold property 17,427 38.951 16,100 38,951 56,378 55,051 other Deferred Tax Corporation tax Gift aid relief 8.561 64,568 70,969 70,9691 8,561 64.568 Support costs Governance costs Auditors, remuneration 7,800 Total resources expended 866 091 810 850 Net income 89,003 470 273 31
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E Po Shed Trust 8ates Wells and Braithwaite Scandinavian Hous8 2-6 Cannon stet London EC4M 6YH Charlly rÉglstered Sn England. Nutnber'.1146739 Prlvate and Confldentlal Sumer Audit Amelia House Crescent Road Worthing Wesl Sussèx BN11 1RL Your Ref: PSTG50 1 May 2024 Dear Sirs This representation letter is provldeil In ¢onne¢tlon wlth your audit of the accounts of PWJ Shed Trust for th6 year ended 30 June 2023 for the purpose ol expressing an opinion as lo whether th8 accounts glve a true and lair Mew ol the results and financi81 positioll ol Pig Shed Trust in accordance with The Charit18s Act 2011 and Uniled Kingdom Accounting Slandaids (United Kingdom Generally AcTrpled Accounting Praclicel. Accounts We ad(nowledge as truslees our responsibility under The Charities Aet 2011 for preparing financial statements in accordance with The Charities Act 2011 and FRS 102." The Finanaal Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice applicable lo charities preparing their accounts in aOrdanCe with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 I'charity SORP"), whkh give a true and fair view of the financial position ol the charity as of the balance sheet dale and ol the results ol its operations and ils cash flows for the period then ended and for making accurate repres8ntatlons to you. We ¢onfirm that the selection and application of the accounllng pollcies used Sn the preparation of the financial statements are Bppropriate. and we approve these financlal statements for the yeBr ended 30 June 2023. We confirm that all accounting records have been made available lo you lor thè purpose of your audit, in acwrdance wlth your tem)s of engagement. and that all the Iransa¢lions undertaken by the charily have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management, trustees, and rnernbeis, meetings, have been made availablé to you. We have given you unrestricted access to persons withln the charity in order to obtain audll evidèncè and have provided any additional information that you have requestèd for the purposes of your audit.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E The eharily has satisfactory title to all assets, and there are no liens or encumbrances on the asseis except lor Ih05e dlsclosed in the accounls. The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures. are appropriate to achieve recognition, measurement and disclosure that Is reasonable in the conlèxl ol Ihe applieAble financial rÈporting framework We have no plans or intentions that may materially aller the carrying value and where relevant the fair value mèasurements or classification ol assets and Ilabilities refl8¢1ed In the aexounls. There are no liabilities, wntlngenl liabilitiés or guarantees to third partie5 Other than those disclosad sn the accounts. We confirm Ihat all known actual or possible litigation and clalms whose effeels should bé considered when preparlng Ihe financi81 statements have been disclosed to you and o¢eounted for and disclosed In accordance with the applicable Ilnancial reporting framework. 8. All events since the balan sheet date which require disclosure or which would materially affect the amounls in the accounls have been adjusted or included in the accounts. We confim that we are aware of tha dèfinilion of a ralaled party lor the purpose of the accour)ting fram8work beino applied in the preparation of th8 accounts. We have disclosed to you, as auditor, the identity of the companqs related partles and all thè related party r8labonships and transactions of which we arè aware and wè are satisfied that all related party relationships and transaetlons have beèn accounted lor and disclosed in accordance with the applicable financial reportino framework. 10. The charity has at no tlme during thè period enltsred Into any arrangèmenl, transaction or agreement to provid8 credit facilities lincluding loans. quasi loans or credit transactions) for Irusleesldireclors, ntsr to guarantee or prowde seujrity for sueh matters. except as disclosed In Ihe accounts. 11. The charity had not, al the balance sheet datè. contrad8d for, and the trustees had not authorised, any malerial 8xpendilure other than as disck>sed in ihe accounts. 12. The charily has compli8d with all asperts of contractual 8greemenl8 that could have a malerial effect on the accounts In Ihe event of non-complignce. 13. We confirm that we are not aware of any possible or actU8I Instance of non-compliance with those laws and reoulalions which provide a legal framework within whleh the charity eonducts ils activities and which are central to the charitls abilily lo conduct ils activities. as explainéd to you and as dlsclosed in the financial statements. 14. We confinm that the have been no actu81 or suspected instances of fraud involving trustees, management or employees who have a signrficanl role in inlemal control or that could hav8 a material effect on the financial statements. We also confirm that we are not awar8 of any allegations ol fraud by tnjslees, form8r trustees, analysts, employees, former ernployees, regulators or others. 15. We confirm that. in our opin1on. the charity's financial slalements should be prepared on the going concern basis on the grounds that current and future sources of fundin9 or support will be rnore than adequate for th8 charitls needs. In reaching this conclusion, we have taken Into account 811 relevant
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E matters of which wè are aware, and have considered a period of al least one year from the date on which the financial statements will be approved. 16. We aCknOedge our responsibility for the design, implementBtion and maintenance of internal Contro15 to prevent and deléct fraud. We confirm that we have disclosed to you the results ol our risk assessment (>f the risk of fraud in th8 organisation. Thèra have been no d8fieiencies in inlemal control of which we are aware. 17. We beli8ve that those uncorrected misstatements Identified during thg 8udil of the flnancial statements are immaterial both individually and in aggregate to the financial slalements as a whol8. Note. that we have also Included those unwrr8Cted misstatem8nts of the trading subsidiaries given that these feed into the consolidated accounts for Pig Shed Trust. Shed Tny61for Del1 Undeislalemenl of trade ¢feditors Irom rewew of p09t ar-end ments Redassificalion of invthce Oaled In our year lo trade creditors frorn accrua Oe¢rease lo sur lus and nei ¥s$ets areNJln 30 June 2023 st8leTneniol FSn8nclal AclEvllies D8bll Credit 3.610 Balance Sfveet Credit 3.610 Deb 7.800 7,eoo 3,610 Biddènfield Eslales Msnagemoni Limlled fOrYear8js 30 June 2023 Datal Redassificalion from ¥cruals lo Irado ¢rediiors due lo invoicé dgled wiihin ihe ar Redassificalion of Involce dated In our y8ar Ir8de creditots from accruaLs Nil wn Profil and k)ss 6alanca sheet Oebit Credit Deb51 1.750 Credit 1.750 5.211 5.211 Bidd6nfleld Estates Management Llmlled fOryeardlng 30 June 2022 Deiail Underslal8menl of trade creditors DÈcrèase lo iofil and nel ¥$se Profil and h)ss Balance Sheet Deblt Dabil c[11 2,800 Sollo R8n¢h Llmllgdfor ar endln 30 June 2023 Profil and loss Crtd Balanrsheel DeNI Deknl 4.788 Re¢laswf3I10n from accruals lo trade cre(Alots dua 10 invoice bein dated wfthln the dr Underslaiemenl ol aGcNals al ye8r-and- Brillth Gas Invoice 4.788 2.7J8 2,738 7.526 Scalk) Ranch Llmlled for r endin 30 JU 2022 Profil atK$108s Credit Bal8nc8 shegl Credll 2.178 Debil 2.178 Under6tai•m6niof &crua15 at Year*- Brflish Gas In¢8 2.fj78 18. W8 confirm that we 8r8 not aware of any matters of material significance that should be reported lo regulators. We confsrm that all correspondenee wth Charity Commission have been made availabb to you.
Docusign En¥ÈlopÈ ID". F9B216DD-0727-4433-97A2-8AAD37DA732E 19. We conlim) the following specific representations made to you durin9 the course of your audit: a. That the bank bal8ne6 is accurately stated and that ther8 are no undisclosed charges, guarantees, or related parties in relation lo the charills banking arrangements. There are aL%o no new accounts or108ns that have been entered into during the y8ar. b. That the balances owed from Ihe subsidiaries valug of £4,439,682 at the balance sheet date is recoverable. 20. Atl grants, donations and other income, including those subject to special terms or conditions or reeelved for restricted purposes, have been notified to you. There have been no breaches of lerrlls or conditions during the period regarding the applicatn ol such income. 21. We acknowledoe our legal responsibilities regarding disclosure of Information to you as auditors and confim that.. so far as each trustee is awarè, thérè is no relevant audit inforrnation of which you as auditors are unaware, and each trustee has taken all the steps that they ought lo have taken as a Itustee to make thamselves aware of any relevant 8udit information and to establish that you arè aware of that inform81ion. Yours faithfully SNJned on behalf of the board of truslees by.. Trustee VAUII Cop Trustee 02-05-2024 Dat6