REGISTERED CHARITY NUMBER: 1154724
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 2023
| 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 2023
TRUSTEES N J L Lea R J Easton M R G Painter G J Hall The Ven. M Stallard (resigned 5.3.2023) PRINCIPAL ADDRESS 5 Heydon Road Finstall Bromsgrove Worcestershire B60 3DA 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
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BERNARD PIGGOTT CHARITABLE TRUST
REPORT OF THE TRUSTEES For The Year Ended 30 SEPTEMBER 2023
The Trustees present their statutory report together with the annual accounts of the charity for the year ended 30 September 2023 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. We continue to maintain the property to a high standard in order to protect the capital value and rental income. 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.
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.
Meetings of the Trustees are normally held half yearly in May and November when grant applications are considered and approved accordingly.
Following the death of our long term secretary reported last year, the Trustees have reviewed the administration of the Trust, and set up a website to deal with grant applications. Unfortunately we have not yet found a suitable replacement for the position of Secretary, this has resulted in fewer grants being processed this year.
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.
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BERNARD PIGGOTT CHARITABLE TRUST REPORT OF THE TRUSTEES For The Year Ended 30 SEPTEMBER 2023
Approved by order of the board of trustees on 29 May 2024 and signed on its behalf by:
N J L Lea - Trustee
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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 2023.
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
Charles Lovell & Co Limited Chartered Certified Accountants and Statutory Auditors 8 Church Green East Redditch Worcestershire B98 8BP
29 May 2024
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BERNARD PIGGOTT CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 SEPTEMBER 2023
| 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 |
30.9.23 Unrestricted funds £ 128,414 14,099 23,652 19,300 2,638 59,689 3,895 72,620 2,142,676 2,215,296 |
30.9.22 Total funds £ 142,469 |
|---|---|---|
| 11,894 20,886 55,000 9,067 |
||
| 96,847 | ||
| 12,447 | ||
| 58,069 2,084,607 |
||
| 2,142,676 |
The notes form part of these financial statements
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BERNARD PIGGOTT CHARITABLE TRUST
BALANCE SHEET 30 SEPTEMBER 2023
| 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 |
30.9.23 Unrestricted funds £ - 300,779 1,795,000 2,095,779 7,863 132,934 140,797 (21,280) 119,517 2,215,296 2,215,296 2,215,296 2,215,296 |
30.9.22 Total 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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 May 2024 and were signed on its behalf by:
N J L Lea - Trustee
The notes form part of these financial statements
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BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 30 SEPTEMBER 2023
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 Interest receivable - trading |
30.9.23 £ 115,862 10,195 563 1,794 128,414 |
30.9.22 £ 132,140 10,318 11 - |
|---|---|---|
| 142,469 |
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BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 30.9.23 | 30.9.22 | |
| £ | £ | |
| Management fees & commission | 14,099 | 11,894 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
Trustees' expenses
During the year a total of £nil (2022 £67) 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:
| 30.9.23 | 30.9.22 | |
|---|---|---|
| Administration | - | 1 |
No employees received emoluments in excess of £60,000.
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 October 2022 | 259,925 |
| Additions | 50,361 |
| Disposals and revaluation | (9,507) |
| At 30 September 2023 | 300,779 |
| NET BOOK VALUE | |
| At 30 September 2023 | 300,779 |
| At 30 September 2022 | 259,925 |
The value of investment assets outside the UK was £90,119 (2022 £79,029).
Investments held at 30 September 2023 which represent over 5% of the portfolio value are:
| 2023 | 2022 | |
|---|---|---|
| Market | Market | |
| value | value | |
| £ | £ | |
| J P Morgan Global Growth & Income | 21,158 | 18,564 |
| Shell Plc | - | 20,214 |
| The Charities Property Fund | 29,695 | 35,206 |
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continued...
BERNARD PIGGOTT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2023
7. INVESTMENT PROPERTY
£
| INVESTMENT PROPERTY | £ |
|---|---|
| FAIR VALUE At 1 October 2022 and 30 September 2023 NET BOOK VALUE At 30 September 2023 At 30 September 2022 Fair value at 30 September 2023 is represented by: Valuation in 2019 Valuation in 2021 Valuation in 2022 Cost |
1,795,000 |
| 1,795,000 | |
| 1,795,000 | |
| £ 391,130 140,000 35,000 1,228,870 |
|
| 1,795,000 |
The Trust's properties were valued on 30 September 2023 at a fair value of £1,795,000 by M R G Painter MRICS.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.22 £ 917,816 1,224,860 2,142,676 2,142,676 |
30.9.23 £ 7,863 30.9.23 £ 351 10,839 10,090 21,280 Net movement in funds £ 72,620 - 72,620 72,620 |
30.9.22 £ 19,207 30.9.22 £ - 260 23,570 23,830 At 30.9.23 £ 990,436 1,224,860 |
|---|---|---|---|
| 2,215,296 | |||
| 2,215,296 |
9.
10. MOVEMENT IN FUNDS
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continued...
BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2023
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 128,414 | (59,689) | 3,895 | 72,620 |
| TOTAL FUNDS | 128,414 | (59,689) | 3,895 | 72,620 |
Comparatives for movement in funds
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.21 £ 1,034,747 1,049,860 2,084,607 2,084,607 |
Net movement in funds £ 23,069 35,000 58,069 58,069 |
Transfers between funds £ (140,000) 140,000 - - |
At 30.9.22 £ 917,816 1,224,860 |
|---|---|---|---|---|
| 2,142,676 | ||||
| 2,142,676 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 142,469 | (96,847) | (22,553) | 23,069 |
| Revaluation reserve | - | - | 35,000 | 35,000 |
| 142,469 | (96,847) | 12,447 | 58,069 | |
| TOTAL FUNDS | 142,469 | (96,847) | 12,447 | 58,069 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.21 £ 1,034,747 1,049,860 2,084,607 2,084,607 |
Net movement in funds £ 95,689 35,000 130,689 130,689 |
Transfers between funds £ (140,000) 140,000 - - |
At 30.9.23 £ 990,436 1,224,860 |
|---|---|---|---|---|
| 2,215,296 | ||||
| 2,215,296 |
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BERNARD PIGGOTT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 30 SEPTEMBER 2023
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 £ 270,883 - 270,883 270,883 |
Resources expended £ (156,536) - (156,536) (156,536) |
Gains and Movement losses in funds £ £ (18,658) 95,689 35,000 35,000 16,342 130,689 16,342 130,689 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2023.
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BERNARD PIGGOTT CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 30 SEPTEMBER 2023
| 30.9.23 | 30.9.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents receivable | 115,862 | 132,140 |
| Dividends receivable | 10,195 | 10,318 |
| Bank interest receivable | 563 | 11 |
| Interest receivable - trading | 1,794 | - |
| 128,414 | 142,469 | |
| Total incoming resources | 128,414 | 142,469 |
| EXPENDITURE | ||
| Investment management costs | ||
| Management fees & commission | 14,099 | 11,894 |
| Charitable activities | ||
| Insurance | 4,898 | 6,329 |
| Repairs to property | 10,822 | 7,684 |
| Service charges | 6,372 | 6,873 |
| Legal and professional charges | 1,560 | - |
| Grants to institutions | 19,300 | 55,000 |
| 42,952 | 75,886 | |
| Support costs | ||
| Governance costs | ||
| Secretary's salary | - | 3,000 |
| Independent examiner's charges | 1,440 | 1,440 |
| Accountancy | 1,440 | 1,440 |
| General expenses | 161 | 687 |
| Professional charges | (403) | 2,500 |
| 2,638 | 9,067 | |
| Total resources expended | 59,689 | 96,847 |
| Net income before gains and losses | 68,725 | 45,622 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | (15,975) | (573) |
| Unrealised gains/(losses) on fixed asset | ||
| investments | 19,870 | (21,980) |
| Gain on revaluation of investment property | - | 35,000 |
| Net income | 72,620 | 58,069 |
This page does not form part of the statutory financial statements
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