**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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...
Page 7
## **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...
Page 8
## **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...
Page 9
## **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...
Page 10
**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...
Page 11
**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
Page 13
## **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
Page 14