REGISTERED CHARITY NUMBER: 1154724
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
FOR
BERNARD PIGGOTT CHARITABLE TRUST
Burman & Co Brunswick House Birmingham Road Redditch Worcestershire B97 6DY
BERNARD PIGGOTT CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
BERNARD PIGGOTT CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2020
TRUSTEES N J L Lea R J Easton M R G Painter G J Hall The Ven. M Stallard PRINCIPAL ADDRESS 4 Streetsbrook Road Shirley Solihull West Midlands B90 3PL REGISTERED CHARITY 1154724 NUMBER INDEPENDENT EXAMINER Burman & Co Brunswick House Birmingham Road Redditch Worcestershire B97 6DY LEGAL ADVISER S Cooke Mfg Solicitors 1 High Street Bromsgrove Worcestershire B61 8AJ SECRETARY J P Whitworth 4 Streetsbrook Road Shirley Solihull West Midlands B90 3PL
Page 1
BERNARD PIGGOTT CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their statutory report together with the annual accounts of the charity for the year ended 30 September 2020 which have been prepared in accordance with the accounting policies set out in the attached statements, complying with the charity's original Trust Deed dated 25 November 1969.
The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities", effective from 1 January 2019, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and have also had due regard to the requirements of the Charities Act 2011 and to the public benefit guidance published by the Charity Commission.
ACHIEVEMENT AND PERFORMANCE
Assets Performance
The Trust's major property holding is a neighbourhood shopping centre at Alvechurch, Worcestershire. The anchor tenant is a Co-Op convenience store which continues to trade well. There are also three independent retail units, being an optician, Community cafe and delicatessen/off licence providing snacks and drinks. There are five self-contained flats above the retail units; all of which are let on Assured Shorthold Tenancies. We continue to carry out maintenance and refurbishment works to protect the capital value and rental income of the Freehold holding. We have professional managing agents for this and our other properties below and the Trustees are satisfied with their overall performance.
The Trust's other properties comprising a house in Evesham and a shop in Cheltenham are in single occupancies and continue to be sound investments.
Cannacord Genuity Wealth Limited are responsible for the administration of the share portfolio under their Discretionary Management Service. Since the outbreak of covid 19 the value of the investment portfolio has reduced by approximately 20% which is in line with the general market.
Cash reserves are held on deposit at Lloyds Bank and in the Charities Property Fund.
FINANCIAL REVIEW
Reserves policy
The main objective of the Trustees has always been to maintain sufficient reserves to ensure funds are available to meet the grants approved at each meeting and to cover all management expenditure together with any unforeseen liabilities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 2
BERNARD PIGGOTT CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity, established by the late George Bernard Piggott became a Charitable Incorporated Organisation in 2013. Whilst the income received is given to registered charities in the Birmingham area and North Wales, support may sometimes be given to national charities with projects in these areas. The Trust does not make grants to individuals.
Various categories are supported including youth and children, the elderly, homeless, Church of England, medical charities and those of a general nature e.g. the armed forces. The Trust is unable to repeat grants in under two and a half years.
Overall objectives are to maintain and enhance the capital value of the assets of the Trust whilst obtaining a sufficient financial return to enable the charity to make substantial income distributions at their half yearly meetings.
Meetings of the Trustees are held half yearly in May and November when each application is considered and grants given as appropriate. However due to the Coronavirus pandemic and lockdown it was not possible to hold the May meeting but in view of the vast number of urgent applications for financial support an interim meeting was held in August to make grants where appropriate.
The Secretary is responsible for the general administrative work of the Trust and the professional advisers are unchanged.
TRUSTEES
Trustees are appointed as and when necessary and give their time voluntarily. They are not in receipt of any benefit from the charity. There have been no changes during the year.
Approved by order of the board of trustees on 5 March 2021 and signed on its behalf by:
N J L Lea - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BERNARD PIGGOTT CHARITABLE TRUST
Independent examiner's report to the trustees of Bernard Piggott Charitable Trust
I report to the charity trustees on my examination of the accounts of Bernard Piggott Charitable Trust (the Trust) for the year ended 30 September 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D R Burman Chartered Accountant Burman & Co Brunswick House Birmingham Road Redditch Worcestershire B97 6DY
5 March 2021
Page 4
BERNARD PIGGOTT CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Property costs Grants payable Charitable Expenditure Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.9.20 Unrestricted funds £ 120,175 7,079 29,147 67,808 9,001 113,035 (52,575) (45,435) 1,943,032 1,897,597 |
30.9.19 Total funds £ 123,401 8,457 29,361 61,775 9,265 108,858 386,866 401,409 1,541,623 1,943,032 |
|---|---|---|
The notes form part of these financial statements
Page 5
BERNARD PIGGOTT CHARITABLE TRUST
BALANCE SHEET
30 SEPTEMBER 2020
| Notes FIXED ASSETS Tangible assets Investments Investments 6 Investment property 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
30.9.20 Unrestricted funds £ - 214,441 1,620,000 1,834,441 20,517 54,387 74,904 (11,748) 63,156 1,897,597 1,897,597 1,897,597 1,897,597 |
30.9.19 Total funds £ - 268,059 1,620,000 1,888,059 4,416 55,331 59,747 (4,774) 54,973 1,943,032 1,943,032 1,943,032 1,943,032 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 March 2021 and were signed on its behalf by:
N J L Lea - Trustee
The notes form part of these financial statements
Page 6
BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is transferred to a revaluation reserve.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
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BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
2. INVESTMENT INCOME
| 2. INVESTMENT INCOME |
||
|---|---|---|
| Rents receivable Dividends receivable Bank interest receivable 3. RAISING FUNDS Investment management costs Management fees & commission |
30.9.20 £ 110,448 9,694 33 120,175 30.9.20 £ 7,079 |
30.9.19 £ 110,611 12,763 27 |
| 123,401 | ||
| 30.9.19 £ 8,457 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2020 nor for the year ended 30 September 2019.
Trustees' expenses
During the year a total of £68 was paid to a trustee to reimburse their travel costs for attending the trustees' meetings and other meetings associated with their duties as trustee.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 30.9.20 | 30.9.19 | |
|---|---|---|
| Administration | 1 | 1 |
No employees received emoluments in excess of £60,000.
continued...
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BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 October 2019 | 268,059 |
| Additions | 31,709 |
| Disposals and revaluation | (85,327) |
| At 30 September 2020 | 214,441 |
| NET BOOK VALUE | |
| At 30 September 2020 | 214,441 |
| At 30 September 2019 | 268,059 |
The value of investment assets outside the UK was £52,137 (2019 £41,005).
Investments held at 30 September 2020 which represent over 5% of the portfolio value are:
| 2020 Market value £ Man Asset Management Ireland 12,011 J P Morgan Global Growth & Income 9,095 Royal Dutch Shell 8,461 Smiths Group Plc 13,745 Unilever Plc 22,204 The Charities Property Fund 29,391 SSE Plc 12,075 7. INVESTMENT PROPERTY FAIR VALUE At 1 October 2019 and 30 September 2020 NET BOOK VALUE At 30 September 2020 At 30 September 2019 |
2019 Market value £ - 15,379 21,560 15,695 22,736 31,078 - £ 1,620,000 1,620,000 1,620,000 |
|---|---|
The Trust's properties were revalued in 2019 by M R G Painter MRICS and given a fair value of £1,620,000.
continued...
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BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 10. MOVEMENT IN FUNDS At 1.10.19 £ Unrestricted funds General fund 893,172 Revaluation reserve 1,049,860 1,943,032 TOTAL FUNDS 1,943,032 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 120,175 (113,035) TOTAL FUNDS 120,175 (113,035) |
30.9.20 £ 20,517 30.9.20 £ 11,748 Net movement in funds £ (45,435) - (45,435) (45,435) Gains and losses £ (52,575) (52,575) |
30.9.19 £ 4,416 30.9.19 £ 4,774 At 30.9.20 £ 847,737 1,049,860 1,897,597 1,897,597 Movement in funds £ (45,435) (45,435) |
|
|---|---|---|---|
continued...
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BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.18 £ 882,893 658,730 1,541,623 1,541,623 |
Net movement in funds £ 10,279 391,130 401,409 401,409 |
At 30.9.19 £ 893,172 1,049,860 1,943,032 1,943,032 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
Incoming resources £ 123,401 - 123,401 123,401 |
Resources expended £ (108,858) - (108,858) (108,858) |
Gains and Movemen losses in funds £ £ (4,264) 10,279 391,130 391,130 386,866 401,409 386,866 401,409 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.18 £ 882,893 658,730 1,541,623 1,541,623 |
Net movement in funds £ (35,156) 391,130 355,974 355,974 |
At 30.9.20 £ 847,737 1,049,860 1,897,597 1,897,597 |
|---|---|---|---|
continued...
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BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020
10. 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 Revaluation reserve TOTAL FUNDS |
Incoming resources £ 243,576 - 243,576 243,576 |
Resources expended £ (221,893) - (221,893) (221,893) |
Gains and Movement losses in funds £ £ (56,839) (35,156) 391,130 391,130 334,291 355,974 334,291 355,974 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2020.
Page 12
BERNARD PIGGOTT CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
| INCOME AND ENDOWMENTS Investment income Rents receivable Dividends receivable Bank interest receivable Total incoming resources EXPENDITURE Investment management costs Management fees & commission Charitable activities Insurance Repairs to property Service charges Professional charges Grants to institutions Support costs Governance costs Secretary's salary Independent examiner's charges Accountancy General expenses Total resources expended Net income before gains and losses Realised recognised gains and losses Realised losses on fixed asset investments Unrealised losses on fixed asset investments Carried forward |
30.9.20 £ 110,448 9,694 33 120,175 120,175 7,079 2,519 20,256 6,372 - 67,808 96,955 6,000 1,320 1,320 361 9,001 113,035 7,140 (42,321) (10,254) (45,435) |
30.9.19 £ 110,611 12,763 27 123,401 123,401 8,457 2,744 11,376 10,561 4,680 61,775 91,136 6,000 1,296 1,296 673 9,265 108,858 14,543 (2,307) (1,957) 10,279 |
|---|---|---|
This page does not form part of the statutory financial statements
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BERNARD PIGGOTT CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Realised recognised gains and losses Brought forward Gain on revaluation of investment property Net (expenditure)/income |
30.9.20 £ (45,435) - (45,435) |
30.9.19 £ 10,279 391,130 401,409 |
|---|---|---|
This page does not form part of the statutory financial statements
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