The Pilmuir Estate
Trustees’ Report and Unaudited Accounts For the year ended 31 March 2023
Charity Number: 1167275
The Pimuir Estate
Reference and Administrative Details
Trustees: John Whitehead (Chairman) Alan King Philip Meek Andrew Perkins Peter Rumbelow Michael Clapham – resigned 10 February 2023 Registered Charity Number: 1167275 (England and Wales) Registered Office: 17 The Terrace Torquay Devon TQ1 1BN Accountants: Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
The Pilmuir Estate
| Report and Financial Statements | |
|---|---|
| Year ended 31 March 2023 | |
| Contents | Page |
| Trustees’ Annual Report | 1-2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6-7 |
The Pilmuir Estate
Trustees’ Annual Report
Year ended 31 March 2023
The Trustees present their report and accounts for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts comply with the charity’s constitution, the Charities Act 2011 and 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).
Structure, governance and management
Governing Document
The charity was established by a CIO constitution on 23 May 2016.
Appointment of Trustees
Bearing in mind the size, scope and operation of the charity, the Trustees believe that word-of-mouth, direct approaches to would-be Trustees is the most effective form of recruitment.
Objectives and activities
The objectives of the CIO are to relieve sickness, poor health and old age amongst the people living in Devon by providing grants to individuals and charitable bodies in the Devon area.
The objects of the charity include the lease of land and buildings thereon, to the charity Rowcroft House Foundation Ltd, which operates the Hospice on the land. This ceased when the property was sold to Rowcroft House Foundation Ltd during the previous year.
Following the sale, the charity is now in the process of setting up a grant-making policy for organisations meeting the objects of the charity.
When planning the charity’s activities for the year, the trustees have regard to the Charity Commission’s guidance on public benefit.
Risk management
The Trustees have assessed the risks the charity faces and they are satisfied that systems are in place to manage the risks that have been identified.
Financial Review and Reserves Policy
Details of income and expenditure are given on page 3. Following the sale of the land, the charity has invested an amount of £3,000,000 with M&G Charifund and COIF, both income and accumulation units, which will give a reasonable income and growth to enable the charity to continue making grants in accordance with the charity’s objects.
Investment income was sufficient to cover grants and other expenditure in 2023. The overall deficit for the year is a result of the fall in value of some investments.
As at 31 March 2023 reserves total £4,094,386.
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The Pilmuir Estate
Trustees’ Annual Report
Year ended 31 March 2023
Chairman’s Report
The Trust has successfully changed from leasing and maintaining the Rowcroft Estate to Rowcroft charity, to a grant awarding charity for the benefit of worthy causes in the Torbay District. Monies received from the sale of the estate to Rowcroft, have been invested and grants awarded from the income accrued.
Total COIF dividends until the year ended 31 March 2023 were £61,958 and from M&G £99,208. I am happy that income is invested ethically and safely within the terms of our constitution.
In the past year we awarded unrestricted grants to:
ELLA Rowcroft £50,000 Devon Air Ambulance £30,000 Samaritans £30,000 Hospital League of Friends £30,000
All of these organisations have been monitored and have acknowledged the donations and we are satisfied that they have been put to good use.
I am satisfied that the accounts and dispersals have been recorded accurately and that we have discharged out obligations to the Charities Commissioner within our memorandum and articles and constitution.
No trustee has been remunerated or has derived any financial or preferred benefit from the Trust. No trustee is barred from acting as trustee by way of bankruptcy, criminal negligence, conflict of interest or is otherwise prohibited from acting as a trustee.
Dr J R E Whitehead Chairman
31 January 2024
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The Pilmuir Estate
Independent Examiners’ Report to the Trustees of The Pilmuir Estate
Year ended 31 March 2023
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity’s Trustees 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 charity 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.
Tim Lannin FCA Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
Date: 31 January 2024
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The Pilmuir Estate
Statement of Financial Activities (Incorporating the Income and Expenditure Account)
Year ended 31 March 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Income | |||
| Income from investments | 4 | 161,166 | 142,821 |
| Rent | 20 | 20 | |
| ––––––– | ––––––– | ||
| Total | 161,186 | 142,841 | |
| ══════ | ══════ | ||
| Expenditure on: | |||
| Charitable activities | |||
| Grants | 5 | 140,000 | 135,000 |
| ––––––– | ––––––– | ||
| Administration | |||
| Accountancy fees | 1,200 | 600 | |
| Bank charges | 256 | 252 | |
| Sundries | - | 77 | |
| ––––––– | ––––––– | ||
| 1,456 | 929 | ||
| ––––––– | ––––––– | ||
| Total expenditure | 141,456 | 135,929 | |
| ══════ | ══════ | ||
| Net Income | 19,730 | 6,912 | |
| Net Gains/(Losses) on Investment Assets - Unrealised | (226,914) | 300,191 | |
| ––––––– | ––––––– | ||
| NET MOVEMENT IN FUNDS | (207,184) | 307,103 | |
| ––––––– | ––––––– | ||
| Balances brought forward as at 1 April 2022 | 4,301,570 | 3,994,467 | |
| ––––––– | ––––––– | ||
| Balances brought forward as at 31 March 2023 | 4,094,386 | 4,301,570 | |
| ══════ | ══════ |
All funds are general and unrestricted.
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The Pilmuir Estate
Balance Sheet
| 31 March 2023 | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments: Quoted | 7 | 3,973,606 | 4,200,520 | ||
| CURRENT ASSETS | |||||
| Cash at Bank | 122,580 | 101,650 | |||
| LESS CURRENT LIABILITIES | |||||
| Creditors: amounts falling due within one year 8 | 1,800 | 120,780 | 600 | 101,050 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ||
| 4,094,386 | 4,301,570 | ||||
| ══════ | ══════ | ||||
| FUNDS | |||||
| General unrestricted funds | 4,094,386 | 4,301,570 | |||
| ══════ | ══════ |
These financial statements were approved by the trustees on 31 January 2024 and signed on behalf by:
John Whitehead Chairman
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The Pilmuir Estate
Notes and Accounting Policies
Year ended 31 March 2023
1. General Information The Pilmuir Estate CIO is a Charitable Incorporated Organisation registered with the Charity Commission in England and Wales (Registration number 1167275).
The address of the charity is 17 The Terrace, Torquay, TQ1 1BN.
2.
Accounting policies
The principal accounting policies adopted in the preparation of the Financial Statements are as follows:
- (a) Basis of preparation The financial statements have been prepared under the historical cost convention with the exception that the charity’s investments are included at market value. The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice’ applicable to charities preparing their accounts in accordance with the Charities SORP (FRS102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Pilmuir Estate CIO meets the definition of a Public Benefit Charity under FRS102 and the figures are presented in £ sterling.
The Trustees have considered the going concern status and are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.
-
(b) Income recognition
-
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured reliably.
-
(c) Resources expended
-
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
Grants payable are payments made third parties in the furtherance of the charity’s objects.
- (d) Investments Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising revaluation and disposals throughout the year.
(e)
Cash at bank and in hand
Cash at bank includes short term highly liquid investments with a short maturity of three months or less.
(f)
Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
(g) Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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The Pilmuir Estate
Notes and Accounting Policies
Year ended 31 March 2023
3. Trustees Remuneration
There were six trustees during the year. No trustee received any remuneration or other benefits from an employment with the charity and no expenses have been reimbursed to trustees either during the current or previous year.
4. Investment Income
| Investment Income | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Dividends from investments | ||
| COIF Income Units | 61,958 | 56,701 |
| M&G Charifund | 99,208 | 86,120 |
| ––––––– | ––––––– | |
| 161,166 | 142,821 | |
| ══════ | ══════ |
5. Charitable Donations
During the year the following grants and donations were made:
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | Number | £ | Number | |
| Ella Rowcroft Endowment Trust | 50,000 | 1 | 40,000 | 1 |
| Devon Air Ambulance Trust | 30,000 | 1 | 40,000 | 1 |
| Torbay Hospital League of Friends | 30,000 | 1 | 40,000 | 1 |
| Samaritans of South Devon | 30,000 | 1 | 15,000 | 1 |
| ––––—— | ––––—— | ––––—— | ––––—— | |
| 140,000 | 4 | 135,000 | 4 | |
| ══════ | ══════ | ══════ | ══════ |
6. Support Costs
| Support Costs | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Independent examination | 750 | 600 |
| Bank charges | 256 | 252 |
| Sundries | - | 77 |
| ––––––– | ––––––– | |
| 1,006 | 929 | |
| ══════ | ══════ |
All support costs are allocated to the one activity of the charity.
7. Investments (quoted)
| Investments (quoted) | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Market value at 1 April 2022 | 4,200,520 | 2,900,329 |
| Additions at cost | - | 1,000,000 |
| Unrealised (losses)/gains | (226,914) | 300,191 |
| ––––––– | ––––––– | |
| Market value at 31 March 2023 | 3,973,606 | 4,200,520 |
| ══════ | ══════ | |
| Creditors: Amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 1,800 ============================ |
600 ============================ |
8. Creditors: Amounts falling due within one year
Accruals and deferred income
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The Pilmuir Estate
Notes and Accounting Policies
Year ended 31 March 2023
9. Related party transactions
There were no related party transactions during the year.
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