2021-09-30-accounts - Bernard Piggott Charitable Trust

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REGISTERED CHARITY NUMBER: 1154724

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 2021

	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 2021

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 2021

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 main property holding is a small shopping centre at Alvechurch, Worcestershire. The anchor tenant is a Co-Op convenience store which despite the Covid pandemic has continued to trade well. There are also three independent retail units, being an optician, a community cafe and a delicatessen. 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.

Canaccord Genuity Wealth Limited continue to be responsible for the administration of the share portfolio under their Discretionary Management Service.

Cash reserves are held by Lloyds Bank along with 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 management expenditure and 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 2021

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.

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 30 November 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 2021.

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 2. 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

30 November 2021

Page 4

BERNARD PIGGOTT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

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	30.9.21 Unrestricted funds £ 129,525 12,455 29,066 64,500 9,174 115,195 172,680 187,010 1,897,597 2,084,607	30.9.20 Total funds £ 120,175 7,079 29,147 67,808 9,001 113,035 (52,575) (45,435) 1,943,032 1,897,597

The notes form part of these financial statements

Page 5

BERNARD PIGGOTT CHARITABLE TRUST

BALANCE SHEET 30 SEPTEMBER 2021

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	30.9.21 Unrestricted funds £ - 270,567 1,760,000 2,030,567 7,279 61,864 69,143 (15,103) 54,040 2,084,607 2,084,607 2,084,607 2,084,607	30.9.20 Total 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

The financial statements were approved by the Board of Trustees and authorised for issue on 30 November 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 2021

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 general funds.

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 2021

2. INVESTMENT INCOME

INVESTMENT INCOME
Rents receivable Dividends receivable Bank interest receivable RAISING FUNDS Investment management costs Management fees & commission	30.9.21 £ 119,876 9,643 6 129,525 30.9.21 £ 12,455	30.9.20 £ 110,448 9,694 33
		120,175
		30.9.20 £ 7,079

3. RAISING FUNDS

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.

Trustees' expenses

During the year a total of £65 (2020:£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:

	30.9.21	30.9.20
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 2021

6. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
	Listed
	investments
	£
MARKET VALUE
At 1 October 2020	214,441
Additions	57,472
Disposals and revaluation	(1,346)
At 30 September 2021	270,567
NET BOOK VALUE
At 30 September 2021	270,567
At 30 September 2020	214,441

The value of investment assets outside the UK was £82,004 (2020 £52,137).

Investments held at 30 September 2021 which represent over 5% of the portfolio value are:

2021 Market value £ Man Asset Management Ireland - J P Morgan Global Growth & Income 20,248 Royal Dutch Shell 14,845 Smiths Group Plc - Unilever Plc - The Charities Property Fund 31,452 SSE Plc - Legal & General Group 14,050 7. INVESTMENT PROPERTY FAIR VALUE At 1 October 2020 Revaluation At 30 September 2021 NET BOOK VALUE At 30 September 2021 At 30 September 2020	2020
	Market
	value
	£

	12,011
	15,857
	-
	13,745
	22,204
	29,391
	12,075
	-
	£ 1,620,000 140,000 1,760,000 1,760,000 1,620,000

continued...

Page 9

BERNARD PIGGOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

7. INVESTMENT PROPERTY - continued

Fair value at 30 September 2021 is represented by:

Valuation in 2019 Valuation in 2021 Cost	£ 391,130 140,000 1,228,870
	1,760,000

The Trust's properties were revalued in 2021 by M R G Painter MRICS and given a fair value of £1,760,000.

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	30.9.21 £ 7,279 30.9.21 £ 15,103	30.9.20 £ 20,517
		30.9.20 £ 11,748

Unrestricted funds General fund Revaluation reserve TOTAL FUNDS	At 1.10.20 £ 847,737 1,049,860 1,897,597 1,897,597	Net movement in funds £ 187,010 - 187,010 187,010	At 30.9.21 £ 1,034,747 1,049,860
			2,084,607
			2,084,607

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 129,525 129,525	Resources expended £ (115,195) (115,195)	Gains and Movement losses in funds £ £ 172,680 187,010 172,680 187,010

continued...

Page 10

BERNARD PIGGOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund Revaluation reserve TOTAL FUNDS	At 1.10.19 £ 893,172 1,049,860 1,943,032 1,943,032	Net movement in funds £ (45,435) - (45,435) (45,435)	At 30.9.20 £ 847,737 1,049,860
			1,897,597
			1,897,597

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 120,175 120,175	Resources expended £ (113,035) (113,035)	Gains and Movement losses in funds £ £ (52,575) (45,435) (52,575) (45,435)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Revaluation reserve TOTAL FUNDS	At 1.10.19 £ 893,172 1,049,860 1,943,032 1,943,032	Net movement in funds £ 141,575 - 141,575 141,575	At 30.9.21 £ 1,034,747 1,049,860
			2,084,607
			2,084,607

continued...

Page 11

BERNARD PIGGOTT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 TOTAL FUNDS	Incoming resources £ 249,700 249,700	Resources expended £ (228,230) (228,230)	Gains and Movement losses in funds £ £ 120,105 141,575 120,105 141,575

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2021.

Page 12

BERNARD PIGGOTT CHARITABLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 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 gains/(losses) on fixed asset investments Unrealised gains/(losses) on fixed asset investments Carried forward	30.9.21 £ 119,876 9,643 6 129,525 129,525 12,455 5,430 17,529 6,107 64,500 93,566 6,000 1,380 1,380 414 9,174 115,195 14,330 4,436 28,244 47,010	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)

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 2021

Realised recognised gains and losses Brought forward Gain on revaluation of investment property Net income/(expenditure)	30.9.21 £ 47,010 140,000 187,010	30.9.20 £ (45,435) - (45,435)

This page does not form part of the statutory financial statements

Page 14