**REGISTERED CHARITY NUMBER: 1158563** 

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025 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 2025 

||Page|
|---|---|
|Report of the Trustees|1 to 2|
|Independent Examiner's Report|3|
|Statement of Financial Activities|4|
|Statement of Financial Position|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 2025 

The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 p eople 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 sel f- employed 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 33 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 obje ctives. 

## **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 2025 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **Trustees** 

J R C Altham M J Reid Alex 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 13[th] January 2026 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 2025. 

## **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. 

Jan McArd FCA Jan McDermott & Co. Limited Chartered Accountants 2nd Floor 56 Hamilton Square Birkenhead Merseyside CH41 5AS 

Date: 13[th] January 2026 

Page 3 



The Pinecone Trust Statement of Financial Activities for the Year Ended 31 March 2025 

|||**31/03/25**|31/03/24|
|---|---|---|---|
||Notes|**£**|£|
|**INCOME AND ENDOWMENTS FROM**||||
|Donations and legacies||**-**|-|
|Investment income|2|**17,601**|16,827|
|Other income||**13,248**|6,152|
|**Total**||**30,849**|22,979|
|**EXPENDITURE ON**||||
|Raising funds|3|**5,223**|7,463|
|Charitable activities||||
|Grants||**19,199**|37,409|
|Other costs||**1,522**|868|
|**Total**||**25,944**|45,740|
|Net gains/(losses) on investments||**(12,794)**|47,699|
|**NET INCOME/(EXPENDITURE)**||**(7,889)**|24,938|
|**RECONCILIATION OF FUNDS**||||
|**Total funds brought forward**||**727,736**|702,798|
|**TOTAL FUNDS CARRIED FORWARD**||**719,847**|727,736|



The notes form part of these financial statements 

Page 4 



|The Pinecone Trust||||
|---|---|---|---|
|Statement of Financial Position||||
|At 31 March 2025||||
|||**31/03/25**|31/03/24|
||Notes|**£**|£|
|**CURRENT ASSETS**||||
|Debtors|6|**11**|11|
|Investments|7|**717,603**|720,265|
|Cash at bank||**2,989**|8,216|
|||**720,603**|728,492|
|**CREDITORS**||||
|Amounts falling due within one year|8|**(756)**|(756)|
|**NET CURRENT ASSETS**||**719,847**|727,736|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||**719,847**|727,736|
|**NET ASSETS**||**719,847**|727,736|
|**FUNDS**|9|||
|Unrestricted funds||**719,847**|727,736|
|**TOTAL FUNDS**||**719,847**|727,736|



The financial statements were approved by the Board of Trustees on 17 December 2025 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 2025 

## **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 2022. 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 probab le 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** 

||**31/03/25**|31/03/24|
|---|---|---|
||**£**|£|
|Investment income|**17,601**|16,827|



## **3.** 

## **RAISING FUNDS** 

|**Investment management costs**|||
|---|---|---|
||**31/03/25**|31/03/24|
||**£**|£|
|Portfolio management|**5,223**|7,463|
||**5,223**|7,463|



Page 6 



The Pinecone Trust 

## Notes to the Financial Statements - continued 

for the Year Ended 31 March 2025 

## **4. GRANTS PAYABLE** 

Grants 

|**31/03/25**|31/03/24|
|---|---|
|**£**|£|
|**19,199**|37,409|



## **5. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 

## **6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

||**31/03/25**|31/03/24|
|---|---|---|
||**£**|£|
|Other debtors|**11**|11|



## **7. CURRENT ASSET INVESTMENTS** 

Investments are stated at market value at the year-end 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** 

## **9.** 

|||**31/03/25**|31/03/24|
|---|---|---|---|
|||**£**|£|
|Other creditors||**756**|756|
|**MOVEMENT IN FUNDS**||||
|||**Net movement**||
||**At 01/04/24**|**in funds**|**At 31/03/25**|
||**£**|**£**|**£**|
|**Unrestricted funds**||||
|General fund|**727,736**|**(7,889)**|**719,847**|
|**TOTAL FUNDS**|**727,736**|**(7,889)**|**719,847**|



Page 7 



The Pinecone Trust 

## Notes to the Financial Statements - continued for the Year Ended 31 March 2025 

## **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|**30,849**|**(25,944)**|**(12,794)**|**(7,889)**|
|**TOTAL FUNDS**|**30,849**|**(25,944)**|**(12,794)**|**(7,889)**|
|**Comparatives for movement in funds**|||||
||||**Net movement**||
|||**At 01/04/23**|**in funds**|**At 31/03/24**|
|||**£**|**£**|**£**|
|**Unrestricted Funds**|||||
|General fund||**702,798**|**24,938**|**727,736**|
|**TOTAL FUNDS**||**702,798**|<br>**24,938**<br>|**727,736**|



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|**22,979**|**(45,740)**|**47,699**|**24,938**|
|**TOTAL FUNDS**|**22,979**|**(45,740)**|**47,699**|**24,938**|



## **10. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 March 2025. 

Page 8 



|The Pinecone Trust|||
|---|---|---|
|Detailed Statement of Financial Activities|||
|for the Year Ended 31 March 2025|||
||**31/03/25**|31/03/24|
||**£**|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|**-**|-|
|**Investment income**|||
|Investment income|**17,601**|16,827|
|**Other income**|||
|Gain on sale of investments|**13,248**|6,152|
|**Total incoming resources**|**30,849**|22,979|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Portfolio management|**5,223**|7,463|
|**Charitable activities**|||
|Grants to individuals|**19,199**|37,409|
|**Support costs**|||
|**Management**|||
|Telephone|**0**|0|
|Sundry expenses|**40**|40|
|**Finance**|||
|Bank charges|**66**|72|
|**Governance costs**|||
|Accountancy and legal fees|**1,416**|756|
||**1,522**|866|
|**Total resources expended**|**25,944**|45,740|
|**Net income / (expenditure)**|**4,905**|(22,761)|



This page does not form part of the statutory financial statements 

Page 9