REGISTERED CHARITY NUMBER: 1158563
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021 for The Pinecone Trust
Jan McDermott & Co. Limited Chartered Accountants
2nd Floor
56 Hamilton Square Birkenhead Merseyside CH41 5AS
The Pinecone Trust
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| Detailed Statement of Financial Activities | 9 |
The Pinecone Trust
Report of the Trustees
for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives are, for the public benefit, to provide financial or other assistance for the education or training of young people between the ages of 16 and 25 who reside in the counties of Merseyside, Lancashire or Cumbria. Such education or training to be undertaken with a view to gainful employment or self-employment.
Notwithstanding the generality of the forgoing, if the trustees shall select young people intending to become employed or selfemployed as lawyers then no more than 50% of the available income in any financial year shall be applied to this beneficiary group.
Grantmaking
The Trust has given out various grants and awards to a number of young individuals in the year to assist them with their vocational studies.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has made 31 awards to young people. The awards have included items such as laptops and vouchers to purchase books to assist with studies.
Investment performance
The return on investment is considered to be satisfactory for the objectives of the charity.
FINANCIAL REVIEW
Investment policy and objectives
The charity holds its funds on investment to maximise the charity's income to increase the money available to fulfil the objectives.
Reserves policy
The Trust aim to maintain the reserves at not less than £500,000.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are appointed as per the terms of the Trust Deed by the benefactors.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1158563
Principal address
C/O Brabners Horton House Exchange Flags Liverpool L2 3YL
Page 1
The Pinecone Trust
Report of the Trustees
for the Year Ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
J R C Altham M J Reid K Atkinson (resigned 31 July 2020) Alexandra Gregory Chialton
Independent examiner
Jan McDermott & Co. Limited Chartered Accountants 2nd Floor 56 Hamilton Square Birkenhead Merseyside CH41 5AS
Approved by order of the board of trustees on 16[th] December 2021 and signed on its behalf by:
............................................. J R C Altham - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Pinecone Trust
Independent examiner's report to the trustees of The Pinecone Trust
I report to the charity trustees on my examination of the accounts of The Pinecone Trust (the Trust) for the year ended 31 March 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
-
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.
Jan McArd FCA Jan McDermott & Co. Limited Chartered Accountants 2nd Floor 56 Hamilton Square Birkenhead Merseyside CH41 5AS
Date: 16[th] December 2021
Page 3
The Pinecone Trust
Statement of Financial Activities for the Year Ended 31 March 2021
| 31/03/21 | 31/03/20 | ||
|---|---|---|---|
| Unrestricted | Total funds | ||
| fund | |||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | - | - | |
| Investment income | 2 | 11,333 | 15,002 |
| Other income | 30,008 | 38,795 | |
| Total | 41,341 | 53,797 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 8,370 | 8,781 |
| Charitable activities | |||
| Grants | 17,785 | 24,000 | |
| Other costs | 1,432 | 2,031 | |
| Total | 27,587 | 35,212 | |
| Net gains/(losses) on investments | 137,706 | (120,443) | |
| NET INCOME/(EXPENDITURE) | 151,460 | (101,858) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 620,323 | 722,181 | |
| TOTAL FUNDS CARRIED FORWARD | 771,783 | 620,323 |
The notes form part of these financial statements
Page 4
The Pinecone Trust
Balance Sheet
At 31 March 2021
| 31/03/21 | 31/03/20 | ||
|---|---|---|---|
| Unrestricted | Total funds | ||
| fund | |||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 6 | 11 | 11 |
| Investments | 7 | 757,712 | 617,034 |
| Cash at bank | 14,660 | 3,878 | |
| 772,383 | 620,923 | ||
| CREDITORS | |||
| Amounts falling due within one year | 8 | (600) | (600) |
| NET CURRENT ASSETS | 771,783 | 620,323 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 771,783 | 620,323 | |
| NET ASSETS | 771,783 | 620,323 | |
| FUNDS | 9 | ||
| Unrestricted funds | 771,783 | 620,323 | |
| TOTAL FUNDS | 771,783 | 620,323 |
The financial statements were approved by the Board of Trustees on 16[th] December 2021 and were signed on its behalf by:
............................................. J R C Altham -Trustee
The notes form part of these financial statements
Page 5
The Pinecone Trust
Notes to the Financial Statements for the Year Ended 31 March 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 2015)', 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.
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.
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
3.
| 31/03/21 | 31/03/20 | |
|---|---|---|
| £ | £ | |
| Investment income | 11,333 | 15,002 |
| RAISING FUNDS | ||
| Investment management costs | ||
| 31/03/21 | 31/03/20 | |
| £ | £ | |
| Portfolio management | 8,370 | 8,781 |
| 8,370 | 8,781 |
Page 6
The Pinecone Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
4. GRANTS PAYABLE
Grants
| 31/03/21 | 31/03/20 |
|---|---|
| £ | £ |
| 17,785 | 24,400 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31/03/21 | 31/03/20 | |
|---|---|---|
| £ | £ | |
| Other debtors | 11 | 11 |
7. CURRENT ASSET INVESTMENTS
Investments are stated at market value at the balance sheet date. These primarily consist of securities. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31/03/21 | 31/03/20 | |
|---|---|---|
| £ | £ | |
| Other creditors | 600 | 600 |
9. MOVEMENT IN FUNDS
| Net movement | |||
|---|---|---|---|
| At 01/04/20 | in funds | At 31/03/21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 620,323 | 151,460 | 771,783 |
| TOTAL FUNDS | 620,323 | 151,460 | 771,783 |
Page 7
The Pinecone Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement in | |
|---|---|---|---|---|
| resources | expended | losses | funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 41,341 | (27,587) | 137,706 | 151,460 |
| TOTAL FUNDS | 41,341 | (27,587) | 137,706 | 151,460 |
| Comparatives for movement in funds | ||||
| Net movement | ||||
| At 01/04/19 | in funds | At 31/03/20 | ||
| £ | £ | £ | ||
| Unrestricted Funds | ||||
| General fund | 722,181 | (101,858) | 620,323 | |
| TOTAL FUNDS | 722,181 | (101,858) |
620,323 | |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement in | |
|---|---|---|---|---|
| resources | expended | losses | funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 53,797 | (35,212) | (120,443) | (101,858) |
| TOTAL FUNDS | 53,797 | (35,212) | (120,443) |
(101,858) |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 8
The Pinecone Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2021 | ||
| 31/03/21 | 31/03/20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | - | - |
| Investment income | ||
| Investment income | 11,333 | 15,002 |
| Other income | ||
| Gain on sale of intangible fixed assets | 30,008 | 38,795 |
| Total incoming resources | 41,341 | 53,797 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 8,370 | 8,781 |
| Charitable activities | ||
| Grants to individuals | 17,785 | 24,400 |
| Support costs | ||
| Management | ||
| Telephone | 0 | 41 |
| Sundry expenses | 40 | 118 |
| Finance | ||
| Bank charges | 72 | 72 |
| Governance costs | ||
| Accountancy and legal fees | 1,320 | 1,800 |
| 1,432 | 2,031 | |
| Total resources expended | 27,587 | 35,212 |
| Net income / (expenditure) | 13,754 | 18,585 |
This page does not form part of the statutory financial statements
Page 9