**REGISTERED CHARITY NUMBER: 1154724** ## REPORT OF THE TRUSTEES AND ## FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ## FOR ## BERNARD PIGGOTT CHARITABLE TRUST Charles Lovell & Co Limited Chartered Certified Accountants and Statutory Auditors 8 Church Green East Redditch Worcestershire B98 8BP BERNARD PIGGOTT CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 30 SEPTEMBER 2022 |||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|11| |Detailed Statement of Financial Activities||12|| BERNARD PIGGOTT CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS For The Year Ended 30 SEPTEMBER 2022 **TRUSTEES** N J L Lea R J Easton M R G Painter G J Hall The Ven. M Stallard **PRINCIPAL ADDRESS** Millers Barn Great Nobury Farm Appletree Lane Inkberrow Worcestershire WR7 4HY **REGISTERED CHARITY NUMBER** 1154724 **INDEPENDENT EXAMINER** Charles Lovell & Co Limited Chartered Certified Accountants and Statutory Auditors 8 Church Green East Redditch Worcestershire B98 8BP **LEGAL ADVISER** S Cooke Mfg Solicitors 1 High Street Bromsgrove Worcestershire B61 8AJ Page 1 BERNARD PIGGOTT CHARITABLE TRUST REPORT OF THE TRUSTEES For The Year Ended 30 SEPTEMBER 2022 The Trustees present their statutory report together with the annual accounts of the charity for the year ended 30 September 2022 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 continues to trade well. There are also three independent retail units with five self-contained flats above, all of which are let on Assured Shorthold Tenancies. We have had excellent occupancy for the year of all the units with only one very short void. We continue to carry out maintenance and refurbishment work 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 the overall performance. The Trust also owns a house in Evesham and a shop in Cheltenham which are in single occupancies and continue to be sound investments. Cannacord Genuity Wealth Limited continue to be responsible for the administration of the Trust's share portfolio under their Discretionary Management Service.The Trust also has a holding in the Charities Property Fund. Surplus funds are held by Lloyds Bank. ## **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 2022 ## **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 does not normally 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 normally held half yearly in May and November when grant applications are considered and approved accordingly. The long term secretary of the Trust Jennifer Whitworth sadly died in January this year. The Trustees were truly grateful for the wonderful service she had given since the Trust was established. The Trustees have not at present appointed a replacement and are taking the opportunity to review the way the management of the Trust is conducted. Greater use of modern technology is being looked at, and a website to receive grant applications has been set up. The professional advisers remain 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 29 November 2022 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 2022. ## **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 Charles Lovell & Co Limited Chartered Certified Accountants and Statutory Auditors 8 Church Green East Redditch Worcestershire B98 8BP 29 November 2022 Page 4 BERNARD PIGGOTT CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 SEPTEMBER 2022 |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Property costs
Grants payable
Charitable Expenditure
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**30.9.22**
**Unrestricted**
**funds**
**£**
**142,469**
**11,894**
**20,886**
**55,000**
**9,067**
**96,847**
**12,447**
**58,069**
**2,084,607**
**2,142,676**|30.9.21
Total
funds
£
129,525| |---|---|---| |||12,455
29,066
64,500
9,174| |||115,195| |||172,680| |||187,010
1,897,597| |||2,084,607| The notes form part of these financial statements Page 5 BERNARD PIGGOTT CHARITABLE TRUST ## BALANCE SHEET ## 30 SEPTEMBER 2022 |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**|**30.9.22**
**Unrestricted**
**funds**
**£**
**-**
**259,925**
**1,795,000**
**2,054,925**
**19,207**
**92,374**
**111,581**
**(23,830)**
**87,751**
**2,142,676**
**2,142,676**
**2,142,676**
**2,142,676**|30.9.21
Total
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| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 29 November 2022 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 2022 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, 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 in the year are shown in Unrestricted funds on the Statement of Financial Activities. ## **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. ## **2.** ## **INVESTMENT INCOME** |Rents receivable
Dividends receivable
Bank interest receivable|**30.9.22**
**£**
**132,140**
**10,318**
**11**
**142,469**|30.9.21
£
119,876
9,643
6| |---|---|---| |||129,525| Page 7 continued... BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2022 ## **3. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| ||**30.9.22**|30.9.21| ||**£**|£| |Management fees & commission|**11,894**|12,455| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021. ## **Trustees' expenses** During the year a total of £67 (2021 £65) 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: ||**30.9.22**|30.9.21| |---|---|---| |Administration|**1**|1| No employees received emoluments in excess of £60,000. ## **6.** ## **FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 1 October 2021|**270,567**| |Additions|**24,066**| |Disposals and revaluation|**(34,708)**| |At 30 September 2022|**259,925**| |**NET BOOK VALUE**|| |At 30 September 2022|**259,925**| |At 30 September 2021|270,567| The value of investment assets outside the UK was £79,029 (2021 £82,004). Investments held at 30 September 2022 which represent over 5% of the portfolio value are: ||**2022**|2021| |---|---|---| ||**Market**|Market| ||**value**|value| ||**£**|£| |J P Morgan Global Growth & Income|**18,564**|20,248| |Shell Plc|**20,214**|14,845| |The Charities Property Fund|**-**|31,452| |Legal & General Group|**-**|14,050| Page 8 continued... BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2022 ## **7. INVESTMENT PROPERTY** |**INVESTMENT PROPERTY**|| |---|---| |**FAIR VALUE**
At 1 October 2021
Revaluation
At 30 September 2022
**NET BOOK VALUE**
At 30 September 2022
At 30 September 2021
Fair value at 30 September 2022 is represented by:
Valuation in 2019
Valuation in 2021
Valuation in 2022
Cost|**£**
**1,760,000**
**35,000**| ||**1,795,000**| ||**1,795,000**| ||1,760,000| ||**£**
**391,130**
**140,000**
**35,000**
**1,228,870**| ||**1,795,000**| The Trust's properties were revalued in 2022 by M R G Painter MRICS and given a fair value of £1,795,000. ## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Prepayments and accrued income
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accrued expenses
**10.**
**MOVEMENT IN FUNDS**
At
1.10.21
£
**Unrestricted funds**
General fund
**1,034,747**
Revaluation reserve
**1,049,860**
**2,084,607**
**TOTAL FUNDS**
**2,084,607**|Net
movement
in funds
£
**23,069**
**35,000**
**58,069**
**58,069**|**30.9.22**
**£**
**19,207**
**30.9.22**
**£**
**260**
**23,570**
**23,830**
Transfers
between
funds
£
**(140,000)**
**140,000**
**-**
**-**|30.9.21
£
7,279
30.9.21
£
-
15,103
15,103
At
30.9.22
£
**917,816**
**1,224,860**| |---|---|---|---| ||||**2,142,676**| ||||**2,142,676**| Page 9 continued... BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2022 ## **10. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Revaluation reserve
**TOTAL FUNDS**|Incoming
resources
£
**142,469**
**-**
**142,469**
**142,469**|Resources
expended
£
**(96,847)**
**-**
**(96,847)**
**(96,847)**|Gains and
Movement
losses
in funds
£
£
**(22,553)**
**23,069**
**35,000**
**35,000**
**12,447**
**58,069**
**12,447**
**58,069**|Gains and
Movement
losses
in funds
£
£
**(22,553)**
**23,069**
**35,000**
**35,000**
**12,447**
**58,069**
**12,447**
**58,069**| |---|---|---|---|---| |||||**58,069**| |||||**58,069**| ## **Comparatives for movement in funds** |**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| Comparative 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|Gains and
Movement
losses
in funds
£
£
172,680
187,010
172,680
187,010| |---|---|---|---|---| |||||187,010| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Revaluation reserve
**TOTAL FUNDS**|At
1.10.20
£
847,737
1,049,860
1,897,597
1,897,597|Net
movement
in funds
£
210,079
35,000
245,079
245,079|Transfers
between
funds
£
(140,000)
140,000
-
-|At
30.9.22
£
917,816
1,224,860| |---|---|---|---|---| |||||2,142,676| |||||2,142,676| Page 10 continued... BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2022 ## **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
£
271,994
-
271,994
271,994|Resources
expended
£
(212,042)
-
(212,042)
(212,042)|Gains and
Movement
losses
in funds
£
£
150,127
210,079
35,000
35,000
185,127
245,079
185,127
245,079|Gains and
Movement
losses
in funds
£
£
150,127
210,079
35,000
35,000
185,127
245,079
185,127
245,079| |---|---|---|---|---| |||||245,079| |||||245,079| ## **11. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 September 2022. Page 11 BERNARD PIGGOTT CHARITABLE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 SEPTEMBER 2022 ||30.9.22|30.9.21| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Rents receivable|**132,140**|119,876| |Dividends receivable|**10,318**|9,643| |Bank interest receivable|**11**|6| ||**142,469**|129,525| |**Total incoming resources**|**142,469**|129,525| |**EXPENDITURE**||| |**Investment management costs**||| |Management fees & commission|**11,894**|12,455| |**Charitable activities**||| |Insurance|**6,329**|5,430| |Repairs to property|**7,684**|17,529| |Service charges|**6,873**|6,107| |Grants to institutions|**55,000**|64,500| ||**75,886**|93,566| |**Support costs**||| |**Governance costs**||| |Secretary's salary|**3,000**|6,000| |Independent examiner's charges|**1,440**|1,380| |Accountancy|**1,440**|1,380| |General expenses|**687**|414| |Professional charges|**2,500**|-| ||**9,067**|9,174| |Total resources expended|**96,847**|115,195| |**Net income before gains and losses**|**45,622**|14,330| |**Realised recognised gains and losses**||| |Realised gains/(losses) on fixed asset||| |investments|**(573)**|4,436| |Unrealised gains/(losses) on fixed asset||| |investments|**(21,980)**|28,244| |Gain on revaluation of investment property|**35,000**|140,000| |**Net income**|**58,069**|187,010| This page does not form part of the statutory financial statements Page 12