TRUSTEES’ REPORT AND ACCOUNTS
For the year ended 31 December 2021
## The Pilgrim Trust
Founded in 1930 by Edward S Harkness (1874 – 1940)
## PRINCIPAL ADDRESS
23 Lower Belgrave Street London SW1W 0NR
## BOARD OF TRUSTEES
Sir Mark Jones (Chair) Mr Asif Afridi (appointed March 2021) Mr David Barrie CBE Ms Caroline Butler* Ms Alice La Trobe Weston (appointed March 2021) * Mr Atulkumar Patel MBE* Lady Riddell LVO (retired January 2021) Mr Matthew Ridley (appointed March 2021) * Ms Sarah Staniforth CBE (retired October 2021) Ms Marie Staunton CBE Dr Alexander Sturgis Ms Cullagh Warnock (appointed March 2021) Ms Joan Winterkorn
_The Trustees whose names are marked * form the Trust’s Finance, Audit and Risk Committee._
## DIRECTOR
Sue Bowers
## STAFF
Amelia Bertram (resigned March 2021) Tara Cooper (joined April 2021) Sonja Forbes (on maternity leave until April 2021) Justine Michell Pauline Romano Donna Yay (maternity cover to April 2021)
## AUDITORS
Buzzacott LLP 130 Wood Street London EC2V 6DL
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
2
## BANKERS
Lloyds Bank plc 98 Victoria Street London SW1E 5JL
## SOLICITORS
Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH
## INVESTMENT ADVISORS
Cambridge Associates Limited 62 Buckingham Gate London SW1E 6AJ
## CONTACT
The Pilgrim Trust 23 Lower Belgrave Street London SW1W 0NR
www.thepilgrimtrust.org.uk Charity Number 206602
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
3
EDWARD STEPHEN HARKNESS of New York, who died in 1940, founded The Pilgrim Trust in 1930 by endowing it with a capital sum of just over two million pounds for charitable purposes as defined by law within the United Kingdom. The donor, as stated in the preamble to the Trust Deed, was prompted by his admiration for what Great Britain had done in the 1914-18 war, and by his ties of affection for the land from which he drew his descent. He desired that the gift should be used for some of the country's more urgent needs and in promoting her future wellbeing.
The Trustees are empowered to use the fund, both capital and income, at their absolute discretion, within the law relating to charitable purposes. Their annual reports show the range and extent of the grants they have made each year, and the variety of causes they have been able to assist.
The Trustees are also empowered to accept additional funds for the general purposes of the Trust.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
4
## CONTENTS
Trustees' report……………………………………………………………………………………………6 Statement of Trustees' responsibilities………………………………………………………………..21 Independent auditor’s report…………………………………………………………………………... 22 Statement of financial activities…………………………………………..…………………………… 26 Balance sheet…………………………………………………………………………………………... 27 Statement of cash flows……………………………………………………………………………..… 28 Principal accounting policies ………………………………………………………..……………..…. 30 Notes to the accounts…………………...…………………………………………….……………..… 35 _The following pages do not form part of the audited accounts_ Appendix A: List of grants awarded by The Pilgrim Trust 2021…………………………….……. 46 Appendix B: List of grants awarded by Archives Revealed 2021………….………….…………. 54
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
5
## TRUSTEES’ REPORT AND ACCOUNTS
## For the year ended 31 December 2021
The Trustees present their report and accounts for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out on page 30 to 34 of the attached accounts and comply with the Charity's Deed of Trust, applicable law and the requirements 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 United Kingdom and Republic of Ireland (FRS 102).
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## Constitution
The Pilgrim Trust was founded in 1930 by Edward Stephen Harkness of New York, with an endowment of just over £2 million. The Trust is governed by its Deed of Trust dated 5 September 1930 as amended by the scheme of 28 January 1988. The Trust Deed that established the Pilgrim Trust states that both capital and income can be applied for such charitable purposes within Great Britain and Northern Ireland as the Trustees may determine. The preamble to the Deed states that the Donor wished the funds to be used “for some of her (Great Britain’s) more urgent needs” and that the gift “may assist not only in tiding over the present time of difficulty but in promoting her future well-being”. The Trustees of the Pilgrim Trust were incorporated as a body in January 2009.
## Organisation and management
The Trustees have overall responsibility for the Trust’s system of internal financial controls and for taking such steps as are open to them reasonably to safeguard the assets of the Trust and to detect fraud and other irregularities.
Trustees meet quarterly. In addition, it is the board’s practice once a year to visit a different part of the UK, and, while away, discuss their role and future policies as well as visit projects. In September the Trustees spent two days in Manchester. Visits included time spent hearing about the Manchester Together Archive – an archive of the public response to the 2017 Manchester Arena attack - which had been awarded funding to help catalogue the over 10,000 objects left by members of the public as a memorial. This was followed by a visit to the newly re-opened Manchester Jewish Museum where the Grade II* synagogue has been both conserved and imaginatively enhanced by a stunning new extension. A major consideration for the Trustees this year has been its future direction within the field of social change. In order to aid discussion, Trustees met with Simone Spray, Chief Executive of 42[nd] Street, a highly
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
6
regarded Greater Manchester young people’s mental health charity, and Stewart Lucas, a strategic lead at Mind, to help provide some strategic context and a service delivery viewpoint about the mental health challenges facing young people.
A Finance, Audit and Risk Committee (the Finance Committee) oversees all financial matters within the Trust, including the monitoring of the Trust’s portfolio of investments. The Finance Committee meets four times a year and these meetings are attended by the Trust’s investment advisers and other professional advisers as required. A detailed analysis of the Trust’s finances is presented to the Trustees at each of its quarterly meetings.
Some years ago, Trustees agreed that it would be of benefit to the Pilgrim Trust to strengthen the membership of the Finance Committee, and on occasions have invited an independent outside member with financial and investment expertise onto the Finance Committee. Trustees are most grateful to Eirian Jones for joining the Finance Committee in an advisory capacity.
The Trust is run on a day-to-day basis by the Director, assisted by one full-time and three parttime staff. The Trust is a member of the Association of Charitable Foundations (ACF), which provides helpful information on good practice.
The Trustees’ grant policies are published in their Guidelines for Applicants on the Trust’s website. At their quarterly meetings Trustees consider applications for grants. Staff can reject applications that clearly fall outside the Trustees’ guidelines. In addition, the Board of Trustees has delegated limited power to the Chairman and Director to reject applications that are of a low priority for the Trust, and to approve grants of up to a maximum of £5,000. All these decisions are reported to Trustees at their quarterly meetings.
## Key management personnel
The Trustees consider that they, together with the Director, comprise the key management of the Trust, in charge of directing and controlling, running and operating the Trust on a day-to-day basis. All Trustees give of their time freely. Details of Trustee expenses and related party transactions are disclosed in note 14 to the accounts. The remuneration of the Director was market tested during the recruitment for a new Director in early 2020. Staff remuneration is reviewed on an annual basis with any increases being linked to inflation rates. The Pilgrim Trust runs a defined contribution pension scheme with the employer’s contribution set at 12% for all staff. The Director and other staff receive no other benefits as part of their remuneration packages.
## Recruitment of Trustees
The power to appoint Trustees is vested in the Board members themselves. Trustees serve for a maximum of 10 years with a review after three years. The maximum number of Trustees is 12. A minimum of six must be at a meeting for it to be quorate.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
7
Trustees were sorry to say goodbye to Lady Riddell and Sarah Staniforth whose terms ended in January and October 2021 respectively. We thank them for their wisdom and guidance over the last ten years.
Trustees undertook a skills audit in 2020, and as reported last year four new Trustees were formally approved by the Board in March 2021. Trustees were delighted to welcome Mr Asif Afridi, Ms Alice La Trobe Weston, Mr Matthew Ridley and Ms Cullagh Warnock.
## Induction and training of Trustees
Upon appointment, a new Trustee meets the Director and the Chairman to discuss the work of the Trust and how it operates. A Trustees’ Handbook is available, which contains relevant information about the Trust, including a copy of the original Trust Deed, Guidelines for Applicants, the policy on conflicts of interest and risk register. We also provide the latest Annual Report and Accounts, a full set of Trustees’ papers from the last meeting, including management accounts and reports on the performance of the Trust’s investments, the Charity Commission’s guidance ‘The Essential Trustee’ and the Charity Governance Code.
The Director keeps the Board informed of changes in legislation and brings relevant training opportunities to their attention, particularly in investment management and charity law.
## Conflicts of interest
A conflicts of interest register is maintained covering all Trustees and staff. Conflicts of interest are a standing item on the Trustees’ meeting agenda. The Trust has a policy on conflicts of interest, which states that any Trustee or member of staff with a conflict should state this at the earliest opportunity and at the beginning of the meeting in which a conflict might arise. When that item is discussed, any conflicted party leaves the room and takes no part in the discussion or the decision.
## Aims, objectives and activities
The first Annual Report of The Pilgrim Trust, in 1931, recorded that the Trustees decided to apply their resources at “key-points of the present distress and at the same time to help our land to emerge from the present crisis with its vigour undiminished and its inheritance from the past unimpaired”. In addition, the report states: “the existing economic circumstances of the country create the need for special efforts in relieving distress and poverty, while at the same time these efforts absorb funds which in normal times are available for preserving the many things in the United Kingdom that are so abundantly worth preserving.”
It was therefore decided at the beginning of the Trust’s history that the Trustees would assist with projects in the fields of social welfare and of preservation and conservation, and these have
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
8
remained the broad areas of interest for the Trust till this day. The founding Trustees took pride in the Trust’s independence and flexibility, and embraced the idea that philanthropy should be experimental. Over the years, the Trust has used its standing, experience, connections, and voice, as well as its monetary resources, to be a responsive funder looking to see where its funds will have the greatest impact, and a pioneer, often intervening early to act as a catalyst. The modus operandi of those early Trustees still characterizes how we try to work today – aiming to be flexible, unbureaucratic, collaborative and pioneering. As the Trust’s remit is UK wide, we are keen to encourage applications from parts of the UK where we have recently received fewer applications as well as from organisations, often smaller charities, which have less access to resources. We use our independence and voice to showcase and advocate for best practice, and policy and systemic change.
The Pilgrim Trust’s grant giving priorities in 2021 were:
- Improving access to high quality mental health services for young women (16-25)
A five-year programme to help improve the mental health of young women in the UK through increasing their access to high quality, age and gender specific mental health services. In the first year 2021, which was seen as a pilot, the programme was open to charities in Greater Manchester and Northern Ireland.
## Conservation of collections
Conservation of works of art, books, manuscripts, photographs, documents and museum objects. We require that best conservation practices are adopted, and accredited conservators are used.
- Preservation and conservation of historic buildings and architectural features
Special consideration is given to projects that give new use to buildings which are at risk, and buildings of outstanding architectural or historic importance. Trustees consider the cost of initial exploratory works for organisations seeking to rescue important buildings as well as capital work. In exceptional cases, salary costs and other support costs can be considered.
## Training and research
Proposals for small research projects that meet the Trust’s priority themes or reflect the ethos of our founder’s vision and that provide tangible outputs in either policy or practical terms.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
9
## Public benefit
Trustees consider the Charity Commission’s guidance on public benefit and the provisions of the Charities Act 2011 when reviewing their objectives and aims, making grants and reviewing their grant making policies. Grants are generally made to registered charities and recognised public bodies engaged in activities that pursue the Trust’s vision. The Trustees’ report demonstrates the activities of the Trust and how they meet the public benefit requirements as defined in the Act.
## STRATEGIC REVIEW OF THE YEAR
This section reviews the work of The Pilgrim Trust during the year, highlighting some of the projects supported, and the public benefit that has resulted from those grants. A list of all grants appears at Appendix A. A list of the cataloguing grants awarded through Archives Revealed appears at Appendix B.
## Young Women’s Mental Health
The focus of the Trustees’ policy considerations this year was the completion of its social welfare funding review, and the launch of its new programme supporting the mental health of young women. There has been a sharp rise in the prevalence of mental health problems among women, and young women have emerged as the most likely group of people to develop mental ill health, with three-quarters of mental health problems manifesting before the age of 24.
In April a well-attended stakeholder meeting gave strong support for the Trust’s proposition that there was a need for greater provision of high-quality mental health services that were age and gender specific. Furthermore, of the importance of such services being integrated with other support options, adopting a whole person approach to meeting the full range of an individual’s needs.
We decided that we should open the programme up to all charities and not just specialist mental health services or women led organisations so as not to exclude young people who are not ready to engage with formal mental health provision or those living in more rural areas where there tend to be more generalist services. We conducted targeted outreach to groups typically under-represented in grant funding distribution including those from black and ethnic minorities, LGBT+, and disability communities and small, rural organisations. One of the goals of the programme is to provide increased evidence of the value of age and gender appropriate mental
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
10
health provision and to advocate for policy and systemic change. This has led us to take both an incremental geographical roll out of the programme and to shift to becoming a more relational funder in order to help develop our own knowledge and insight. Our theory of change that underpins this programme can be found on our website.
The five-year funding programme (2021-25) Young Women’s Mental Health Plus was launched in July and will distribute £5m to support organisations delivering high quality services designed to respond to the needs of young women (16-25) experiencing mental health difficulties. Grants are for three years (maximum £90,000) and in each round of funding, we aim to make around 10-12 awards, and then for the grantees to join a learning cohort in order to share best practice, explore the need for systemic change, and to build a support peer network. We asked applicants to demonstrate how their services embraced four key principles we feel are essential in the provision of high-quality mental health care for young women: gender informed, age appropriate, promote substantive equality and are integrated into wider support services.
In our first funding round, the Trust made awards to ten charities in Greater Manchester and Northern Ireland totalling £861,394. The successful charities have different focuses – from maternal health to youth work – but all are committed to supporting young women with complex mental health needs within their communities.
Details of all the grantees can be found on our website but the cases below illustrate the work that is being supported under the programme.
The Pilgrim Trust awarded Stockport Women’s Centre a three-year grant of £81,805 for their work to support young women with complex mental health needs. Based in Manchester, Stockport Women’s Centre (SWC) was established in 2001 specialising in providing services for women surviving abuse, poverty, social exclusion and emotional trauma. The funding will enable the SWC to cover the salary costs of a Young Women’s Trauma Informed Practitioner for three years. Currently, out of the young women SWC supports, 76% of them have identified mental health as a support they need. The service offers a trauma informed, full needs assessment before offering a suitable support package. This may include one to one case work, counselling, support groups, creative activities, domestic abuse guidance and more. The project ties into SWC’s aims to raise awareness about their support for young women, for example increasing their social media and digital presence.
In Northern Ireland, the Pilgrim Trust awarded Lighthouse a three-year grant totaling £90,000 to fund their project, Ask Twice. Lighthouse is an organisation based in Belfast and is committed to the prevention of suicide and self-harm; the promotion of positive mental health and the provision of support services to families who have been bereaved due to suicide. They provide trauma-informed counselling, crisis response, suicidal bereavement support, alternative therapies, mentoring services and training and educational services. The Ask Twice project will support young women who are experiencing a range of mental health conditions including depression, anxiety disorder and self-harm, abuse to access appropriate mental health support in trusted community spaces. In the first instance, Ask Twice, will offer one-to-one support,
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
11
mentoring, group work, and connect young women to a range of integrated services and partners as needed. Importantly, this project will consider how many young women suffer from transgenerational trauma due to the past conflict in Northern Ireland and reflects how all of Lighthouse’s work is trauma informed and responsive.
## Conservation of collections
Much of the Pilgrim Trust’s funding for collections care is channelled through the grant schemes run by the Association of Independent Museums and the National Manuscripts Conservation Trust. These schemes provide small but vital grants (three quarters are less than £5,000) towards conservation of manuscripts, objects and collections as well as collection care. A little money can go a long way – for example a grant of £745 to Elizabeth Gaskell’s House in Manchester enabled them to conserve eight books from the collection relating to her life. Some organisations are ineligible for these schemes or have needs that are outside their scope, and therefore, we also award some grants direct.
Our support in this field helps develop confidence among generally smaller organisations looking after collections as well as underlining the importance of using professional conservation expertise. It also helps to sustain the conservation sector which was severely affected by the pandemic with over 80% of employed conservators working at reduced levels compared to before the outbreak (ICON’s Coronavirus and Conservation Impact Study February 2021).
Where we award grants direct, we look to see where we can make a difference, and this results in a pleasing eclectic range of projects from helping St Mary’s Cathedral in Edinburgh to commission a condition survey on the beautiful Phoebe Anna Traquair Murals in its Song School, to supporting the conservation of the Rutland Water Sea Dragon, the biggest and most complete ichthyosaur skeleton of its kind found to date in the UK. Among other things, we are helping with the delicate matter of cleaning and conserving its teeth!
Birmingham Museums are under-going a renaissance, and we are pleased to play a small part in this by helping to conserve the world’s largest watercolour – the Star of Bethlehem by Birmingham-born Pre-Raphaelite artist Edward Burne-Jones. This will involve the replacement of the Victorian glazing which is at risk of shattering and damaging the art and allowing the painting to be inspected and conserved for the first time in 130 years.
Elsewhere, Blackpool is looking forward to its first ever museum, Showtown which will celebrate the town’s role as a great seaside resort. Its Roll Up! Roll Up! Gallery will celebrate all the fun of the circus displaying posters of Blackpool Tower Circus, the longest-continually running circus in the world. We are supporting their conservation so that they can be displayed for the public’s enjoyment alongside the sequinned Whiteface clown costume owned by Charlie Cairoli. The Museum will open in 2023.
## Preservation and conservation of historic buildings and structures
Conserving and helping to find new uses for outstanding historic buildings - which are often at risk - is one of our priorities. Our willingness to be an early supporter of projects through feasibility and project planning work helps bring on board expertise and to chart a course by
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
12
which a sustainable use might be found. It is often difficult to find funding for this type of work, but our grantees tell us that support at this early stage can be seminal. A good example of this is St Columb’s Hall in Derry in Northern Ireland. St Columb’s Hall, a Grade A building, has been an intrinsic piece of the cultural, architectural and historical fabric of Derry City since 1886 but was facing the 21[st] century needing huge investment. Our grant helped support a suite of building surveys, enabling the Trust to assess fully the cost of the capital works required, and to act as leverage both of credibility and investment from others.
In Orkney in Scotland, we awarded the John Rae Society a grant to help them conserve and develop the ‘Hall of Clestrain’, childhood home of John Rae, a Victorian Arctic explorer. The grant will cover a year’s salary costs of the Project Manager who is key to pulling together all the various project and funding strands in order to transform the Grade A at risk Hall from its current derelict state to a visitor attraction.
In Birmingham, the Chamberlain Highbury Trust is on its way to restoring Joseph Chamberlain’s Highbury, a Grade II* house in the Venetian Gothic style, situated in the city’s suburbs. The vision is that by 2026, this historic place will have been restored as a centre for incubator businesses, cultural events and neighbourhood activities. The Pilgrim Trust grant is contributing towards the conservation and management and maintenance plans for the mansion and grounds as well as a range of specialist surveys.
We also support conservation work to the fabric of historic buildings themselves. Circus Eruption, an integrated youth circus charity in Swansea where young people can learn circus skills, now has its first permanent home in the former St Luke’s church Cwmbrwla following its repair and restoration. In North Aberdeenshire, there is a growing community movement underway to save the Grade A at risk art deco Tarlair lido, situated in a stunning landscape at the bottom of the cliffs outside Macduff. The Friends of Tarlair group now have a long lease on the site, and plans for its restoration, starting with the pavilion building which we are pleased to support as one of the early funders of the scheme.
## Nayler Awards for Excellence in Church Maintenance
The importance of good maintenance is well documented, helping as it does to slow the rate of deterioration of buildings over time and lessen the need for large-scale, costly work further down the line. William Morris spoke of the need to ‘stave off decay by daily care, to prop a perilous wall or mend a leaky roof’. Guidance and checklists provided by the Society for the Protection of Ancient Buildings (SPAB), National Churches Trust and Historic England are readily to hand. The work is not glamorous and in places of worship is nearly always carried out by volunteers, often first to notice a defect, who shoulder much of the responsibility for looking after these significant historic buildings.
The Pilgrim Trust has long been an advocate for maintenance, and a couple of years ago, together with the National Churches Trust, we decided to shine a light both on the invaluable contribution of the volunteers and on what excellence in maintenance looks like in practice, off the written page. Therefore, what has become known as the Nayler Awards for Excellence in
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
13
Church Maintenance was born, and the Pilgrim Trust is delighted to support these awards, named after our former Director, for the next three years.
Our current Director is one of the judges of the awards. This year there was plenty of good practice and creativity running through the submissions – the best were those where maintenance was a well organised team effort involving a range of people and where maintenance plans were easy to follow, costed and clearly being used. There were also examples of good collaboration with other churches nearby or indeed other community facilities to share equipment and resources and creative ideas to get others involved, for example, one church had enlisted some young people to help with its maintenance as part of their Duke of Edinburgh Award. In future years, we would like to see more on succession planning so that maintenance knowledge and experience is passed on to new recruits, and greater consideration given to sustainable solutions which will help meet net zero. The winner this year was St Matthew’s church in Surbiton which won £7,500 and the two runners-up, All Saints Shillington in Bedfordshire and St Andrew’s church in Harberton, Devon received £2,500 apiece.
## Partnerships
Over the years, the Trust has forged a number of strategic partnerships in the preservation and conservation sector with organisations which provide expertise, guidance and support as well as operating grant programmes in partnership with the Trust. Our current partners are the National Churches Trust, Church Buildings Council, Association of Independent Museums, Architectural Heritage Fund, National Manuscripts Conservation Trust and the Theatres Trust. These partnerships, which, often but not always have three-year funding agreements, are kept under careful review and any renewal follows receipt of applications and full consideration by Trustees.
They have proven to be a cost-effective way of extending the reach and impact of the funds of the Pilgrim Trust reaching the smaller organisations who may not (yet) have the capacity to apply for larger projects but still need access to conservation expertise and support for their historic buildings or collections. This year we renewed our funding to the National Churches Trust for three years for its work towards preventative maintenance and its Foundation Grant programme which supports listed churches across the UK with urgent maintenance works, small repairs and investigative works. In total 82 grants (all under £5,000) were awarded, with all regions and countries represented. There were encouraging increases in the number of applications from Scotland and the North West but the North East continues to be a lacuna. The Foundation Grant Programme continues to attract applications from the more deprived areas of the country with over 30% coming from churches located in areas that have an IMD (Index of Multiple Deprivation) ranking of 1-4.
In March 2021, the three-year funding agreement between The National Archives, the Wolfson Foundation and the Pilgrim Trust was renewed bringing together £1m for Archives Revealed for the next three years. As the only funding stream in the UK dedicated to cataloguing and
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
14
unlocking archives, this programme has never been more important, providing as it does vital funding to make unique and significant collections freely available to researchers and enabling more people to engage with the UK’s rich documentary heritage. The fund is hugely oversubscribed demonstrating the demand for the programme across the archive sector, and this remains challenging. This year 63 high quality applications were received for the cataloguing grants but only eight could be supported totalling £297,929. In addition, ten scoping grants of £3,000 a piece were awarded bringing in professional archive advice to organisations who do not have in-house archival expertise. The grants are listed in Appendix B.
## Research, training and miscellaneous
The two main grants awarded by Trustees in this area this year built on the legacy of their predecessors and reflected the ethos of our founder’s vision.
In 1933, the Trustees of the Pilgrim Trust in association with the Courtauld Institute of Art embarked on a scheme to support and publish the work of Professor E W Tristram (1882-1952) who had for many years been surveying English Medieval wall paintings, an area that had until that time been under-recorded. Professor Tristram devoted nearly forty years to the discovery, treatment, copying and recording of wall paintings in cathedrals and parish churches up and down the country. The magnus opus was finally published by the Pilgrim Trust to great acclaim between 1944-50, three weighty but beautiful volumes. The text was accompanied by numerous reproductions, some of which were made from photographs of original paintings, other from Professor Tristram’s own exact copies.
The material gathered was deposited at the Courtauld Institute, and over the years the archive grew, now comprising records of all known British medieval wall paintings as well as extensive material on post-medieval schemes of decoration. Encompassing photographic records, conservation reports and art-historical research (much of which is unpublished), the Survey documents not only the nation’s most lavish courtly and ecclesiastical murals but also paintings in more humble domestic contexts. The collection includes some 2,500 original paint samples and the historic archives of other pioneering wall painting conservators such as Clive Rouse and Eve Baker alongside E W Tristram. The Survey is the only archive of its kind on British wall paintings, both in terms of its scope and the extent of the material held. However, the archive remains uncatalogued, meaning that material within the archive is navigable only in situ, by manual searches.
Therefore, Trustees of the Pilgrim Trust were delighted to help enhance the legacy of their predecessors by partnering with the Paul Mellon Centre to provide funding support to the Courtauld to catalogue and digitise the archive which will broaden public awareness of the nation’s rich mural heritage, improve our understanding of British wall painting techniques and better inform the future care of these historic sites. Through the creation of a publicly accessible, free-to-use online database, the project will help both to safeguard this unique archival resource and facilitate critical new research into the evolution of approaches to wall painting conservation in the UK.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
15
Last year we started to explore how we might build on the legacy of the Trust’s early work to preserve the countryside for the enjoyment of future generations and their well-being. We are interested both in looking to help preserve the historic network of public footpaths that crisscross the UK, unique to and an important part of our heritage, and in supporting groups who are seeking to widen diversity in the countryside by creating opportunities for more people to enjoy the pleasures and benefits of walking.
This year we have made a contribution to the Ramblers’ Don’t Lose Your Way, an ambitious and nationally significant project that aims to save historic and unrecorded rights of way. Over the last year, volunteers have identified 49,000 miles of potential lost rights of way across England and Wales. These are paths which appear on historical maps but are not recorded as public rights of way today. Legally recording them means that they are protected, and the public have the right to use them. It also brings responsibilities on local authorities and landowners to ensure that the public can easily access the path, free of obstruction. These paths will be added to the Ordnance Survey maps and be signposted by the relevant local authority. These unrecorded rights of way vary from small cross-field footpaths to wide country lanes. Some of these unrecorded paths are in use every day and some have not been publicly accessible for decades. They are not only a vital part of our shared heritage but an important contribution to ensuring that more people can access and enjoy the countryside. It is known that walking, as a form of exercise, and contact with nature, both bring substantial and sustained benefits to mental and physical health, so furthering social welfare through the preservation of uniquely valuable heritage.
We also commissioned All The Elements, a new on line community for those who are interested in creating positive change on diversity in the UK outdoors, to undertake, via an on-line survey and round-table discussion, an analysis of the ‘demographic’ of the groups working in the area of hiking and walking; identifying the barriers; identifying what support the groups need to help them with their work and to enable them to create larger-scale change. Their report highlighted some interventions that could usefully grow the capacity of the sector including tailored training provision, peer to peer learning, knowledge sharing and supporting groups to improve their capacity and investment readiness. The report is available on our website, and in 2022 we will look further how we might help take this forward in collaboration with others.
## Grants data
Trustees awarded 71 grants totalling £2,883,674 in 2021, of which £1,822,900 related to preservation and conservation and £1,060,774 related to social change. Some of the grants are spread over two to four years. We publish details of grants approved on our website following Board meetings.
Excluding the larger strategic grants, the average size grant under preservation and conservation was circa £20,000. The success rate for stage one was 74% and for stage two 73%.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
16
Under our new Young Women’s Mental Health programme as discussed above, we moved to making fewer but larger grants of between £60,000 to £90,000. The success rate at stage one for this fund was 52%, and at stage two 62%.
The following table shows how The Pilgrim Trustees committed the Trust’s funds during 2021 across the UK.
Grants committed by region and subject area in 2021 (spent over 4 years)
||Preservation &|||
|---|---|---|---|
|Organisation covering the following|Conservation|Social Change|Total|
|areas|£|£|£|
|_UK wide*_|855,000|—|855,000|
|_Scotland_|146,500|—|146,500|
|_Wales_|75,000|—|75,000|
|_N Ireland_|15,000|329,807|344,807|
|_England_|185,000|—|185,000|
|_England & Wales_|50,000|105,000|155,000|
|_London_|133,600|20,000|153,600|
|_North West_|10,000|531,587|541,587|
|_North East_|—|—|—|
|_Yorkshire and The Humber_|39,200|43,380|82,580|
|_West Midlands_|166,000|0|166,000|
|_East Midlands_|32,900|0|32,900|
|_East of England_|19,800|5,000|24,800|
|_South East_|24,900|21,000|45,900|
|_South West_|70,000|5,000|75,000|
|_Total by subject area_|1,822,900|1,060,774|2,883,674|
|_Percentage of total_|63%|37%||
_*The UK, country and regional breakdowns are complementary and reflect the remit of the grantee. A list of projects supported by the Trustees appears in Appendix A._
The Trust is committed to becoming a more informed, effective and strategic funder. It publishes open data about its grants using the 360Giving Data Standard. The standard aims to empower people to use this data in order to improve charitable giving. The Trust also aims to be unbureaucratic, flexible and responsive and is part of the ‘Open and Trusting grant making’ campaign run by the Institute for Voluntary Action Research and London Funders. The campaign encourages funders to adopt simpler and more flexible practices that make life easier
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
17
## **DRAFT**
for those they fund. The Trust recognizes that it can always do better, and this initiative underpins our commitment to look at our processes and procedures to see where we can improve.
## Future periods
Trustees have agreed a target for disbursement of £3,248,803 for 2022. When the administration costs and commitments already made for the coming year are deducted, Trustees will have £1,361,865 available for new grants to be offered in 2022. Grants can also be assigned to future budgets depending on the nature of the project.
Two main projects on the horizon in 2022 are the Trust’s move to new offices in Somerset House in May 2022 which will result in some administrative savings, and the launch of a new website in the same month which will improve navigation for applicants, support for grant holders, and provide greater opportunity to showcase the work of the projects that we support.
We will be developing the evaluation and learning strand of our Young Women’s Mental Health programme and launching the second round of the programme in the North West, North East and Northern Ireland.
We also plan to consider further how we can support those seeking to encourage more and a greater diversity of people to enjoy the pleasures and benefits of walking.
## FINANCIAL REVIEW
## Financial objectives
The Trust sets its distribution target for the year based on an annual target distribution rate of 4% of the endowment’s average net asset value (NAV) over the last eight quarters. Grants are often committed for up to four years ahead; consequently, in order to calculate the net amount available for grant awards in any coming year, the distribution target is reduced at the beginning of the year by past commitments due in that year and the Trust’s administration costs.
In 2021, this meant that £1.2m was available for new grant commitments in 2021. Grants are awarded during the year against that budget or are assigned to a future budget depending on the nature of the project. The Trustees aim to spend 60% of the budget in the field of preservation and conservation and 40% in social change.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
18
## **DRAFT**
## Reserves and investment policy
The Pilgrim Trust’s original Trust Deed does not differentiate between income and capital. Trustees have adopted a Total Return approach which means that both income from the portfolio and the underlying capital can be used in support of the Trust’s activities. The Trust does not, currently, solicit any funds from the public, but it welcomes donations and legacies. It also receives grants towards the cataloguing programme for archives (Archives Revealed), which are placed in a restricted fund and in a separate bank account.
For the Trust, the reserves policy is inextricably linked with the spending policy. The Total Return approach means that actual income received each year will be supplemented, if necessary, from distributable capital. The Trustees have sufficient flexibility to respond to unforeseen circumstances if necessary, and therefore it is not considered appropriate to identify a level of free reserves that needs to be maintained.
The Trust’s investment strategy is one of long-term growth and the endowment’s time horizon is in perpetuity. The Trustees’ policy in respect of the endowment has been to maintain its value in real terms in the long term. This real value or core capital is assessed based on the NAV on 31 December 2010 when the portfolio stood at £60m. As at the end of December 2021, the implied core capital stood at £76.4m.
The target has been for the portfolio to return over the preceding year CPI plus 4.0%. At the end of December 2021, the portfolio had returned +15.2%, a real return of +9.3%. The Trust aims to invest positively in those companies that are the best Environmental, Social and Governance (ESG) performers and to move the portfolio progressively from current passive funds to ESG equivalents. This year it completed its investments in RobecoSAM Sustainable Water Fund (the process started in 2020) and made an investment in the Northern Trust World Green Transition Index Fund. The Trust continues actively to review its investment portfolio as regards ESG, and in 2022 it will consider further pathways to reduce carbon emissions exposure within the endowment.
The Finance, Audit and Risk Committee has responsibility for the overall investment management strategy supported by Cambridge Associates who advise Trustees on their approach to the portfolio of investments, on asset allocation and on specialist managers, to achieve a diversification of the Trust's investment portfolio and so manage risk.
The Total Expense Ratio figure for the portfolio as of 31 December 2021 was 0.28%.
## Risk factors
The Trustees examine the major strategic, business and operational risks, which the charity faces on a yearly basis and confirm that systems are established so any necessary steps can be taken to lessen these risks. The Trustees have considered the major risks to which the
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
19
charity is exposed via its risk register and have satisfied themselves that systems and procedures are in place to manage those risks.
The principal investment risk to the Pilgrim Trust’s activities is the unpredictability of investment returns and the potential for crystallising a loss of capital through a downturn in the markets. To mitigate the risks to the Trust's funds, the investments are spread across asset classes and cover a wide global exposure. The Trust also pursues a robust and prudent liquidity strategy. The performance of the investment managers is reported on by the Pilgrim Trust’s investment advisers, Cambridge Associates. Trustees review their investment performance on a quarterly basis at their meetings and at the Finance, Audit and Risk Committee’s meetings.
## Summary financial review
A summary of the year’s results can be found on page 26.
Total income for the year ended 31 December 2021 amounted to £1,628,910 (2020: £1,330,828). This was principally derived from the income received from the Trust’s listed investments.
Total expenditure for the year ended 31 December 2021 amounted to £3,433,411 (2020: £3,561,362). A major part of this related to the Trust’s core grant making activity and associated support costs. These are reported in greater detail elsewhere in this report.
Net expenditure for the year ended 31 December 2021 before accounting for investment gains and losses amounted to £1,804,501 (2020: £2,305,534). After accounting for the net gains on the revaluation and disposal of the Trust’s listed investments of £11,121,361 (2020: net gains of £4,432,960), the overall net income for the year, and net movement in reserves, amounted to £9,316,860 (2020: net income of £2,202,426). The Trust’s reserves at 31 December 2021 totalled £87,182,955 (2020: £77,866,095).
## Fundraising
The charity does not actively fundraise and therefore engage in fundraising activities (by way of appeals, collections, or otherwise seeking donations). The Trustees therefore do not consider that they are obliged to make any further disclosures in relation to this area.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
20
## Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these accounts, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in 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);
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
- Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust’s constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Sir Mark Jones Chair
21 June 2022
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
21
## INDEPENDENT AUDITOR’S REPORT
## For the year ended 31 December 2021
## Independent auditor’s report to the Trustees of the Pilgrim Trust
## Opinion
We have audited the accounts of The Pilgrim Trust (the ‘Trust) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
22
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees’ annual report is inconsistent in any material respect with the accounts; or
- sufficient accounting records have not been kept; or
- the accounts are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
23
In preparing the accounts, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following laws and regulations were most significant: The Statement of Recommended Practice (SORP (FRS102)).
- We understood how the Charity is complying with these legal and regulatory Frameworks by making enquiries to Trustees and those responsible for legal and compliance procedures. Through our enquiries we corroborated these views by our review of Trustee minutes.
- We assessed the susceptibility of the Charity’s Financial statements to material misstatement, including how fraud might occur Audit procedures performed by the audit team included:
- Enquiries with the Trustees, whether they have any knowledge of any actual, suspected or alleged fraud;
- Challenging assumptions and judgements made by Trustees in its significant accounting estimates;
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
24
- Assessing the extent of compliance with the relevant laws and regulations as part of our procedures.
As a result of our procedures, we did not identify any key audit matters relating to irregularities.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott LLP 130 Wood Street London EC2V 6DL
19 August 2022
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
25
## STATEMENT OF FINANCIAL ACTIVITIES
## For the year ended 31 December 2021
|Notes|
**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2021**
**Total**
**funds**
**£**|Unrestricted
funds
£|
Restricted
funds
£|2020
Total
funds
£|
|---|---|---|---|---|---|---|
|**Income from:**
Investments
1
Other sources
2
**Total income**
**Expenditure on:**
Raising funds
3
Expenditure on charitable
activities
4
. Social welfare
. Preservation and
scholarship
**Total expenditure**
**Net expenditure before**
**gains and losses on**
**investments**
Net gains on investments
8
**Net income and net**
**movement in funds**
5
**Reconciliation of funds:**
Balances brought forward
at 1 January
Balances carried forward
at 31 December|**1,395,579**
**331**|—
**233,000**|**1,395,579**
**233,331**|1,245,687
141|—
85,000|1,245,687
85,141|
||**1,395,910**|**233,000**|**1,628,910**|1,245,828|85,000|1,330,828|
||**(41,055)**
**1,192,535**
**2,048,931**|—
—
**233,000**|**(41,055)**
**1,192,535**
**2,281,931**|122,894
1,192,036
2,161,432|—
—
85,000|122,894
1,192,036
2,246,432|
||**3,200,411**|**233,000**|**3,433,411**|3,476,362|85,000|3,561,362|
||**(1,804,501)**
**11,121,361**|—
—|**(1,804,501)**
**11,121,361**|(2,230,534)
4,432,960|—
—|(2,305,534)
4,432,960|
||**9,316,860**
**77,866,095**|—
**—**|**9,316,860**
**77,866,095**|2,202,426
75,663,669|—
—|2,202,426
75,663,669|
||**87,182,955**|—|**87,182,955**|77,866,095|—|77,866,095|
All of the charity’s activities derived from continuing operations during the above two financial periods.
All gains and losses recognised in the year are included in the above statement of financial activities.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
26
## BALANCE SHEET
## As at 31 December 2021
|Notes|**2021**
**£**|**2021**
**£**|2020
£|2020
£|
|---|---|---|---|---|
|**Fixed assets**
Tangible fixed assets
7
Investments
8
**Current assets**
Debtors
9
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due
within one year
10
**Net current liabilities**
**Total assets less current liabilities**
**Long-term liabilities**
Creditors: Amounts falling due
after more than one year
11
**Net assets**
**The funds of the charity:**
Income funds
Unrestricted funds
13, 14|**7,304**
**92,463,230**|**92,470,534**
**(3,539,987)**|9,902
83,332,387|83,342,289
(4,060,919)|
||**229,586**
**1,111,767**||178,372
785,234||
||**1,341,353**
**(4,881,340)**||963,606
(5,024,525)||
||||||
|||**88,930,547**
**(1,747,592)**||79,281,370
(1,415,275)|
|||**87,182,955**||77,866,095|
|||**87,182,955**||77,866,095|
|||**87,182,955**||77,866,095|
The notes at pages 35 to 45 form part of these accounts.
The accounts were approved by the Board of Trustees and signed on its behalf by:
Sir Mark Jones
Chairman
Caroline Butler
Trustee
Date: 21 June 2022
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
27
## STATEMENT OF CASH FLOWS
For the year ended 31 December 2021
|Notes|
**2021**
**£**|2020
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Interest and dividends
Proceeds from the sale of listed investments
Payments to acquire listed investments
Payments to acquire tangible fixed assets
**Net cash provided by investing activities**
**Net increase in cash and cash equivalents**
**Cash and cash equivalents at 1 January**
B
**Cash and cash equivalents at 31 December**
B|**(3,058,878)**
**1,395,579**
**22,380,402**
**(20,389,884)**
**(686)**|(3,167,705)
1,245,687
57,210,350
(55,221,219)
(3,302)|
||**3,385,411**|3,231,516|
||**326,533**
**785,234**|63,811
721,423|
||
**1,111,767**|785,234|
## **Notes to the statement of cash flows for the year to 31 December 2021**
## **A Reconciliation of net income for the year to net cash used in operating activities**
||**2021**
**£**|2020
£|
|---|---|---|
|**Net income for the year as per**
**statement of financial activities**
Adjustments for:
Depreciation
Investment income receivable
(Gains) on investments
(Increase) / Decrease in debtors
Increase in creditors
**Net cash used in operating activities**|**9,316,860**
**3,284**
**(1,395,579)**
**(11,121,361)**
**(51,214)**
**189,132**|2,202,426
2,856
(1,245,687)
(4,432,960)
131,517
174,143|
||**(3,058,878)**|(3,167,705)|
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
28
## **B Analysis of cash and cash equivalents**
||
**2021**
**£**|2020
£|
|---|---|---|
|Cash at bank and in hand
**Total cash and cash equivalents**|**1,111,767**|785,234|
||**1,111,767**|785,234|
No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Trust and the above cash and cash equivalents.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
29
## PRINCIPAL ACCOUNTING POLICIES
For the year ended 31 December 2021
## Basis of preparation
These accounts have been prepared for the year to 31 December 2021 with comparative information provided in respect to the year ended 31 December 2020.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts 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 Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
## Assessment of going concern
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
With respect to the next accounting period ending 31 December 2022, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.
## Critical accounting, judgements and estimation uncertainty
Preparation of the accounts requires the Trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:
- the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge; and
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
30
- the basis of allocating support costs across the different categories of expenditure on charitable activity.
With regard to the next accounting period (i.e. the year ending 31 December 2022), as described in the Trustees’ report, the most significant areas that may affect the carrying value of the assets held by the Trust are the level of investment return and the performance of global investment markets.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## Financial instruments
The Trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Trust and their measurement basis are as follows:
- Financial assets – accrued income and other debtors are basic financial instruments and are debt instruments measured at amortised cost.
- Cash at bank – classified as a basic financial instrument and is measured at face value.
- Financial liabilities – accruals and other creditors are financial instruments and are measured at amortised cost.
## Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## 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 of income can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
31
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment managers of the dividend yield of the investment portfolio.
## Expenditure recognition
Expenditure is recognised on the accruals basis. All costs which can be directly attributed to charitable activities are allocated to the relevant activity. 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 settlement will be required and the amount of the obligation can be measured reliably.
Costs of charitable activities include grants made, allocated support costs and governance costs.
Charitable expenditure (other than grant commitments) and including support costs for the year ended 31 December 2021 was allocated as follows:
- Social Change 36.79%
- Preservation and scholarship 63.21%
Support costs are allocated to charitable activities based on the grants voted for the year.
Governance costs comprise the costs involving the public accountability of the Trust (including audit costs) and costs in respect to its compliance with regulation and good practice.
No VAT is recoverable and is charged against the expenditure heading for which it was incurred.
Costs of raising funds include investment management costs.
## Grants
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient. The provision for a multi-year grant is recognised at its present value where
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
32
settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s) and settlement is probable.
## Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
- Leasehold improvements
- Office equipment
- Furniture and fittings
20% straight line 33.33% straight line 10% reducing balance
## Fixed asset investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on the disposal of listed investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses on the revaluation of listed investments are calculated as the difference between the fair value at the year end and their carrying value.
## Pensions
The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from the assets of the Trust, in independently administered funds. Pension contributions charged in the financial statements represent those payable by the Trust to the funds during the year.
## Debtors
Accrued income is recognised on the basis of investment and other income due but not yet received at the year end. Prepayments are valued at the amount prepaid net of any discounts due.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
33
## Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## Funds
Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. Where there has been a decision of the Trustees to commit funds for a particular purpose, these amounts are shown as designated funds and not currently available for general expenses. Restricted funds are used in agreement with individual funders for agreed purposes and only available for those specified purposes.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
34
For the year ended 31 December 2021
## NOTES TO THE ACCOUNTS
## **1 Income from investments**
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**2021**
**£**|2020
£|
|Income from listed investments|**1,395,579**|1,245,687|
## **2 Income from other sources**
|
The Cataloguing Scheme
Royalty, Donation & Other|**Unrestricted**
**funds**
**£**|
**Restricted**
**funds**
**£**|**Total**
**2021**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
2020
£|
|---|---|---|---|---|---|---|
||**—**
**331**|
**233,000**
**—**|**233,000**
**331**|—
141|85,000
—|
85,000
141|
||**331**|
**233,000**|**233,331**|141|85,000|85,141|
## **3 Expenditure on raising funds**
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**2021**
**£**|2020
£|
|Investment advisor’s fees
Investment Manager’s fees
Dilution Levy on purchase|**60,000**
**(106,027)**
**4,972**|84,000
38,894
—|
||**(41,055)**|122,894|
|Costs relating to investment fees comprise:|||
|Cambridge Associates (Annual fee including quarterly reports)
Cambridge Associates (Manager Search Fee)
BlackRock (Invoiced and deducted from Property Fund income)
Blackrock Fee Rebate
RobecoSAM Rebate of Fees
Payden Global Fund (Dilution Levy on purchase)|**60,000**
—
**42,801**
**(142,887)**
**(5,941)**
**4,972**|60,000
24,000
38,894
—
—
—|
||**(41,055)**|122,894|
The net credit to expenditure in relation to investment manager's fees has arisen due to fee rebates issued by BlackRock (both during the course of 2021 and at the start of 2022) against charges applied between 2019 and 2021.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
35
## **3 Expenditure on raising funds** (continued)
In addition to the above fees, which are directly incurred, the Trust bears costs in funds in which it has invested. The Trust is currently invested in the following “managers/funds” where fees are charged directly to the funds concerned:
- BlackRock Investment Management (UK) Limited
- Cordea Savills Charities Property Fund
- Payden Global Funds Plc
- RobecoSAM
- Northern Trust Investment Funds
## **4 Expenditure on charitable activities**
|**Year ended 31 December 2021**||Unrestricted funds|Unrestricted funds||
|---|---|---|---|---|
||Grants
payable
£|Allocated
support
costs
£|Allocated
governance
costs
£|**2021**
**Total**
**£**|
|Social welfare
Preservation and scholarship|1,027,786
1,765,871|119,014
204,480|45,735
78,580|**1,192,535**
**2,048,931**|
||2,793,657|323,494|124,315|**3,241,466**|
In addition to the unrestricted expenditure on charitable activities above, a further £233,000 expended on the Cataloguing Scheme in the year to 31 December 2021 was included as expenditure on preservation and scholarship. This was met through the charity’s restricted income funds (see note 12). All grants were paid to institutions. Grants awarded during the year totalled £2,883,674. After accounting for grants cancelled or repaid totalling £90,017 the total grants payable was £2,793,657.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
36
## **4 Expenditure on charitable activities** (continued)
Allocated support and governance costs for 2021 were as follows:
|**Year ended 31 December 2021**
Staff remuneration
Pension costs
Total staff costs (note 5)
Recruitment costs
Rent, service and rates
Audit fee
General office expenses
Electricity
Premises & office insurance
Subscriptions
Staff training
Computer support and maintenance
Online application support
Web-site hosting, support and maintenance
Stationery, printing and postage
Printing Annual Report
Trustee papers via: Onboard Portal
Travelling expenses
Hospitality expenses
Trustee training
Telephone
Internet service
Legal and professional fees
Consultancy fees – Website Redevelopment
Consultancy – Other
Bank charges
Depreciation|Support
costs
£|Governance
costs
£|**2021**
**Total**
**£**|
|---|---|---|---|
||169,369
36,571|31,816
6,454|**201,185**
**43,025**|
||205,940|38,270|**244,210**|
||—
72,944
—
105
721
432
5,092
274
—
14,400
1,012
790
—
979
1,645
—
—
253
2,198
—
11,516
5,192
—
—|695
42,840
7,920
62
424
254
2,991
161
3,479
—
—
464
1,515
—
966
960
3,554
149
1,291
4,524
6,764
3,049
702
3,284|**695**
**115,784**
**7,920**
**167**
**1,145**
**686**
**8,083**
**435**
**3,479**
**14,400**
**1,012**
**1,254**
**1,515**
**979**
**2,611**
**960**
**3,554**
**402**
**3,489**
**4,524**
**18,280**
**8,241**
**702**
**3,284**|
||117,554|86,045|**203,599**|
|||||
||323,494|124,315|**447,809**|
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
37
## **4 Expenditure on charitable activities** (continued)
Support and governance costs are apportioned according to the amount committed in grants to each of Social welfare and Preservation and scholarship.
|**Year ended 31 December 2020**||Unrestricted funds|Unrestricted funds||
|---|---|---|---|---|
||Grants
payable
£|Allocated
support
costs
£|Allocated
governance
costs
£|**2020**
**Total**
**£**|
|Social welfare
Preservation and scholarship|1,022,018
1,884,746|115,929
176,938|54,089
99,748|**1,192,036**
**2,161,432**|
||2,906,764|292,867|153,837|**3,353,468**|
In addition to the unrestricted expenditure on charitable activities above, a further £85,000 expended on the Cataloguing Scheme in the year to 31 December 2020 was included as expenditure on preservation and scholarship. This was met through the charity’s restricted income funds (see note 12). All grants were paid to institutions. Grants awarded during the year totalled £2,973,220. After accounting for grants cancelled or repaid totalling £66,436, the total grants payable was £2,906,764.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
38
## **4 Expenditure on charitable activities** (continued)
Allocated support and governance costs for 2020 were as follows:
|**Year ended 31 December 2020**
Staff remuneration
Pension costs
Total staff costs (note 5)
Recruitment costs
Rent, service and rates
Audit fee
General office expenses
Electricity
Premises & office insurance
Subscriptions
Staff training
Computer support and maintenance
Online application support
Web-site hosting, support and maintenance
Stationery, printing and postage
Trustee papers copied and bound
Travelling expenses
Hospitality expenses
Hospitality – other
Trustee training
Telephone
Internet service
Legal and professional fees
Consultancy fees – Social Welfare Programme
Bank charges
Depreciation|Support
costs
£|Governance
costs
£|**2020**
**Total**
**£**|
|---|---|---|---|
||138,908
35,548|52,458
14,719|**191,366**
**50,267**|
||174,456|67,177|**241,633**|
||—
72,944
—
244
908
994
4,704
342
—
13,680
900
316
372
1,108
—
—
—
245
1,671
—
19,983
—
—|4,375
42,840
7,680
143
534
584
2,763
201
4,790
—
—
185
—
651
1,129
7,124
2,350
144
982
6,658
—
671
2,856|**4,375**
**115,784**
**7,680**
**387**
**1,442**
**1,578**
**7,467**
**543**
**4,790**
**13,680**
**900**
**501**
**372**
**1,759**
**1,129**
**7,124**
**2,350**
**389**
**2,653**
**6,658**
**19,983**
**671**
**2,856**|
||118,411|86,660|**205,071**|
||292,867|153,837|**446,704**|
Support and governance costs are apportioned according to the amount committed in grants to each of Social welfare and Preservation and scholarship.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
39
## **5 Net income and net movement in funds**
This is stated after charging:
||**2021**
**£**|2020
£|
|---|---|---|
|Staff costs (note 6)
Auditor’s remuneration
Statutory audit services
Depreciation (note 7)|**244,210**
**7,920**
**3,284**|241,633
7,680
2,856|
## **6 Staff costs and remuneration of key management personnel**
The average number of employees during the year was 5 (2020: 5). The average number of fulltime equivalent employees during the year was 4 (2020: 3) with all employee time involved in providing either support to the governance of the charity or support services to charitable activities.
|**Employment costs**|**2021**
**£**|2020
£|
|---|---|---|
|Wages and salaries
Social security
Statutory maternity pay reclaimed
Pension costs
- Employer contributions
- Employee contributions (including salary sacrifice)|**187,161**
**15,270**
**(1,246)**
**27,095**
**15,930**|185,672
13,644
(7,950)
21,281
28,986|
||**244,210**|241,633|
|**Allocation of employment costs**|**2021**
**£**|2020
£|
|---|---|---|
|Social welfare
Preservation and scholarship
Governance|**75,765**
**130,175**|61,339
113,117|
||**205,940**|174,456|
||**38,270**|67,177|
||**244,210**|241,633|
The remuneration payable in respect of key management personnel for the year ended 31 December 2021 including employer pension contributions and employer social security costs were £105,711 (2020: £109,411). One employee earned between £80,001 - £90,000 (2020: one between £70,001 - £80,000).
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
40
## **7 Tangible fixed assets**
||Leasehold
improvements
£|Furniture
and fittings
£|Office
equipment
£|**Total**
**£**|
|---|---|---|---|---|
|**Cost**
At 1 January 2021
Additions
31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book values**
**At 31 December 2021**
At 31 December 2020|12,268
—|15,371
—|21,951
686|**49,590**
**686**|
||12,268|15,371|22,637|**50,276**|
||12,268
—|10,920
445|16,500
2,839|**39,688**
**3,284**|
||12,268|11,365|19,339|**42,972**|
||—|4,006|3,298|**7,304**|
||—|4,451|5,451|**9,902**|
## **8 Investments**
|**Listed investments**|**2021**
**£**
**83,332,387**
**20,389,884**
**(22,380,402)**
**2,732,894**
**8,388,467**
**92,463,230**|2020
£
80,888,559
55,221,218
(57,210,350)
18,731,234
(14,298,274)
83,332,387|
|---|---|---|
|At 1 January
Additions
Disposals
Realised gains
Unrealised gains/(losses)
At 31 December|||
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
41
## **8 Investments** (continued)
Investments at fair value comprised the following listed investments:
||**2021**
**£**|2020
£|
|---|---|---|
|UK Property Funds
UK Equities
Global Inflation-Linked Bond Fund
Emerging Markets Equity Fund
iShares Physical Gold ETC
iShares UK Gilts All Stocks Index
Cash Instrument
Global Equities:
Blackrock Dev World Index Fund
ESG – Sustainable Water Equities
ESG – World Green Transition Index Fund|**7,917,525**
**9,467,197**
**7,227,118**
**10,051,484**
**4,318,449**
**3,007,435**
**3,640,464**
**30,683,982**
**5,125,993**
**11,023,583**|7,103,154
13,156,658
3,471,483
10,194,438
3,456,112
3,195,167
3,840,873
38,914,502
—
—|
||**92,463,230**|83,332,387|
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees’ report. The main risk to the Trust from financial instruments lies in the combination of uncertain investment markets and volatility in yield. None of the individual investments included within the above were considered material.
## **9 Debtors**
||**2021**
**£**|2020
£|
|---|---|---|
|Income tax recoverable
Other debtors|**4,798**
**224,788**|4,561
173,812|
||**229,586**|178,373|
## **10 Creditors: amounts falling due within one year.**
|Taxes and social security costs
Authorised grants
Accruals|**2021**
**£**|2020
£|
|---|---|---|
||**5,048**
**4,852,496**
**23,796**|3,761
4,997,183
23,581|
||**4,881,340**|5,024,525|
## **11 Creditors: amounts falling due after more than one year**
||**2021**
**£**|2020
£|
|---|---|---|
|Authorised grants|**1,747,592**|1,415,275|
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
42
## **12 Financial commitments**
At 31 December 2021 the company had annual commitments under non-cancellable operating leases as follows:
|operating leases as follows:|||
|---|---|---|
||Land and buildings||
||**2021**
**£**
**56,066**
**63,654**
**119,720**|2020
£|
|Within one year
Between two and three years||75,000
75,000|
|||150,000|
|**Movement in recognised provisions and funding commitments**
**during the year**|Charitable commitments
accrued|Charitable commitments
accrued|
|---|---|---|
||**2021**
**£**|2020
£|
|Grant commitments as at 1 January
New grant commitments charged in year (note 4)
Cataloguing Scheme commitments charged in year (note 4)
Grants repaid during the year
Grants paid during the year
**Grant commitments as at 31 December**
Amounts falling due within one year (note 10)
Amounts falling due after more than one year (note 11)|**6,412,458**
**2,793,657**
**233,000**
**19,098**
**(2,858,125)**|6,249,613
2,906,765
85,000
—
(2,828,920)|
||**6,600,088**|6,412,458|
||**4,852,496**
**1,747,592**|4,997,183
1,415,275|
||**6,600,088**|6,412,458|
It is the intention that all the grant commitments will be paid before 31 December 2024.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
43
## **13 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for a specific purpose.
||**Balance at**
**1 January**
**2021**
**£**|**Income**
**£**|**Expenditure**
**£**|
**Transfers**
**£**|
**Balance at**
**31 December**
**2021**
**£**
**—**
Balance at
31 December
2020
£
—|
|---|---|---|---|---|---|
|Cataloguing Scheme|**—**|**233,000**|**233,000**|
**—**||
||Balance at
1 January
2020
£|Income
£|
Expenditure
£|Transfers
£||
|Cataloguing Scheme|—|85,000|85,000|—||
Funds were received from The National Archives, The Wolfson Foundation and The 29th May 1961 Charitable Trust in respect of the Archives Revealed Scheme being administered by the Pilgrim Trust in collaboration with The National Archives.
As at the 31 December 2021 the charity held £506,333 (2020: £483,317) in the Cataloguing Scheme bank account, included in current assets, which is held for grants not yet awarded and grants awarded but not yet paid.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
44
## **14 Analysis of net assets between funds**
|**At 31 December 2021**|Unrestricted funds|Unrestricted funds|Restricted
funds
£|**Total**
**£**|
|---|---|---|---|---|
||General
funds
£|Designated
funds
£|||
|Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year|7,304
92,463,230
1,341,353
(4,881,340)
(1,747,592)|—
—
—
—
—|—
—
—
—
—|**7,304**
**92,463,230**
**1,341,353**
**(4,881,340)**
**(1,747,592)**|
||87,182,955|—|—|**87,182,955**|
|**At 31 December 2020**|Unrestricted funds|Unrestricted funds|Restricted
funds
£|Total
£|
|---|---|---|---|---|
||General
funds
£|Designated
funds
£|||
|Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year|9,902
83,332,387
963,606
(5,024,525)
(1,415,277)|—
—
—
—
—|—
—
—
—
—|9,902
83,332,387
963,606
(5,024,525)
(1,415,277)|
||77,866,095|—|—|77,866,095|
## **15 Related party transactions**
None of the Trustees (or any person connected with them) received any remuneration; however, six Trustees (2020: four Trustees) were reimbursed travel expenses during the year totalling £1,421 (2020: £1,482). In addition, the Trustees incurred costs in fulfilling their duties to monitor how recipients of grants are managing projects to which the Pilgrim Trust has committed grants. The total amount of costs incurred during the year was £1,003 (2020: £1,215) and these were paid directly by the Pilgrim Trust.
Sarah Staniforth, a Trustee of the Pilgrim Trust, declared a conflict of interest in Blake Cottage and Maiden Castle as she is a Trustee of the Landmark Trust and a Trustee of English Heritage, the former body having been in contact with the Blake Cottage Trust and the latter, the owner of Maiden Castle but she had not discussed these projects with them. The Board agreed that these did not represent conflicts of interest. A grant of £10,000 was offered to Bournemouth University.- Maiden Castle: solving an Iron Age murder mystery.
The Pilgrim Trust has a written policy on conflicts of interest, and it is a standing item on the agenda for each meeting. If Trustees or staff have a conflict of interest, they take no part in either the assessment or decision-making process and withdraw from the meeting when that item is discussed. There were no other related party transactions in the period of report.
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
45
## APPENDIX A
Grants awarded: for the year ended 31 December 2021
## PRESERVATION & SCHOLARSHIP
## Historic buildings
1st Godstone Scout Group Structural repairs to rear wall of The Endeavour £10,000
Anglesey Column Trust Restoration of the Grade II* Marquess of Anglesey Column £20,000
Archdiocese of Birmingham, Harvington Hall – building surveys and recordings £15,000
Board of Deputies Charitable Foundation Restoration of 1812 Jewish Burial Ground cottage in Bath as a visitor centre £5,000
Bristol City Council Crypt investigation at St Peter's Church, Bristol £5,000
Chamberlain Highbury Trust
The Place That Made the Weather: restoring Joseph Chamberlain's Highbury Hall, Birmingham £24,000
## Circus Eruption
Restoration of a Grade II listed former church in Cwmbwrla, Swansea as a permanent new base for this circus integrated youth group £25,000
Friends of Tarlair Community Group, Macduff, Aberdeenshire Conservation, repair and restoration of the pavilion block at Tarlair outdoor swimming pool complex to secure permanent preservation of the A-listed structure £30,000
Gateway (York) CIO Restoration of windows at the Gateway Centre £10,000
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
46
Great Meeting Unitarian Chapel, Leicester Cleaning of internal wall monuments at the Great Meeting Chapel £4,900
Greek Orthodox Church of St John Chrysostom, Bentham, Gloucestershire Repair of triple foil Warner bells to make safe and bring back into use £5,000
Ilkley Manor House Trust Repairs to stone window mullions £4,200
London Historic Buildings Trust Ltd Appointment of a Director to enable the Trust to transform London’s communities through heritage regeneration £30,000
Lord Leycester's Hospital Seven centuries of Midlands civic heritage - the complete restoration and improvement of Warwick's national treasure £30,000
Mount Zion Apostolic Church, Nottingham
Picturing the past: conserving a Grade II 1930s cinema building as base for community activities and worship £15,000
Music and Arts Production, Leeds
Window restoration project at Hope Foundry: a case study for heritage education £10,000
National Churches Trust
Church Support Maintenance Programme: promoting maintenance and funding preventative maintenance and proactive small repairs in historic churches £780,000
North Devon Museum Trust Replacement of staircase window £5,000
Our Lady of the Rosary Catholic church, Brixton, London Organ repair £5,000
Paddington Development Trust, London Conservation of the Chapel of St Sepulchre at St Mary Magdalene’s, Paddington £20,000
Panopticon Building Preservation Trust, Glasgow Britannia Panopticon Music Hall feasibility study
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
47
£15,000
SAVE Britain's Heritage Repair and reuse of Brandon station Suffolk, listed Grade II and dating from 1845 £4,800
St Columb's Hall Trust, Derry Re-Awakening St Columb's Hall – a range of building and structural surveys £15,000
St David's church, Mold, Wrexham Diocese,
Jonah Jones Dalles de Verre repair, refurbishment, rebuild and installation in St David's church £10,000
Temple Old Kirk Friends, Midlothian Temple Old Kirk urgent repairs £20,000
Tewkesbury Abbey PCC Tewkesbury Abbey Hall repairs to windows £20,000
The Archbishops' Council Church Buildings Council grant to support the conservation of historic church interiors £185,000
The Bryntail Cottage Charity Preserving the legacy of Bryntail, Llyn Clywedog, Powys as an outdoor residential centre for school children from Birmingham £20,000
The Chapel of Our Lady of the Crag Trust, Knaresborough Repair of boundary wall £15,000
The Friends of Abingdon Abbey Buildings Trust Abingdon Abbey Buildings – enhancing a threatened community asset £10,000
The Friends of Tower Hamlets Cemetery Park Heritage & Us: Understanding and preserving the history of a unique East End Cemetery £10,000
The John Rae Society, Orkney
The Hall of Clestrain Development – conservation and renovation of an at risk 'A' listed building and development of a new visitor centre £35,000
The Leighton Library Trust
Leighton Library repair and renovation
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
48
£30,000
The River Stour Trust Restoration of Dedham Lock, Essex £15,000
Trent Park Museum Trust, Enfield, London Trent Park House Revealed: Opening the Home of the Secret Listeners £25,000
Waverley Steam Navigation Co Ltd, Glasgow
Paddle Steamer Waverley - sustainable conservation for the world's last ocean-going paddle steamer £5,000
## Care of collections
## Birmingham Museums Trust
Conservation of the watercolour The Star of Bethlehem by Pre-Raphaelite artist Edward BurneJones £22,000
## Blackpool Museum Trust
Roll Up! Roll Up! Conserving nationally important circus collections for display and interpretation at Blackpool’s new museum, Showtown £10,000
Courtauld Institute of Art, London The National Wall Paintings Survey £30,000
Guild Estate, Stratford-upon-Avon
Death Revealed: uncovering and conserving the Dance of Death and other wall-paintings in Stratford Guild Chapel £20,000
Lichfield Cathedral Conservation of the statue Virgin and Child by Sir Ninian Comper £5,000
## Morrab Library, Penzance, Cornwall
Preserving the Library's collection of historic volumes through cleaning and de-moulding £10,000
Royal Albert Memorial Museum, Exeter
Conservation of 18th century portraits of some of Exeter’s health pioneers £10,000
## Rutland County Council
Conservation of the Rutland Water Sea Dragon, the largest Ichthyosaur skeleton in the UK
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
49
£13,000
St Mary's Cathedral, Edinburgh
Condition survey and advisory report on Phoebe Anna Traquair Murals in the Song School £1,500
Stratford-Upon-Avon Town Hall
Restoration of the Town Hall’s 18[th] century Shakespeare statue by John Cheere £10,000
## The Bedford Park Society
Conservation of the Tabard Inn sign, Bedford Park, by Thomas Mathews Rooke (c.1881-2) £3,600
The British Glass Foundation, Stourbridge Stemming sick glass disease (crizzling) through conservation and environmental control at the Stourbridge Glass Museum £20,000
The Claymills Pumping Engines Trust, Burton-on-Trent, Staffordshire The John Knowles Engine House & Workshop £20,000
The Novium Museum, Chichester
Conservation and display mounting of an Iron Age sword from the North Bersted Warrior burial £4,900
The Paxton Trust, Berwick-upon-Tweed
Conservation of the nationally significant Chippendale and Trotter furniture collections at Paxton House £10,000
Victoria and Albert Museum
Installation of the Frankfurt kitchen designed by Margarete (Grete) Schütte-Lihotzky, 1926-1927 at the V&A East £10,000
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
50
## Training, research and miscellaneous
Bournemouth University Maiden Castle: solving an Iron Age murder mystery £10,000
National Churches Trust The Nayler Awards for Excellence in Church Maintenance 2021-23 £75,000
The Ramblers' Association Don't Lose Your Way – identifying, recording and saving historic lost paths £50,000
## **Total Preservation and Conservation £1,822,900**
## SOCIAL WELFARE
Social Change: Mental Health
## Asian Development Association Bury
Wellness 4 Women (W4W) - a young women's mental health project with the aim of supporting BAME women to improve their overall mental health and wellbeing through one-to-one therapy, peer-to-peer support, and wellness activities. £89,986
Falls Women's Centre, Belfast
Young Women's Counselling Service - providing in-house counselling to young women currently on waiting lists, who are experiencing high levels of anxiety and depression as well as selfharm. £60,000
Lighthouse, Belfast
The Ask Twice Project will support young women who are experiencing mental health conditions to access appropriate mental health support in trusted community spaces and connect them to a range of integrated services £90,000
M13 Youth Project, Manchester
The Sistering Project - therapeutic Youth Work support to young women living in deprived Manchester inner-city communities, who want mental well-being support. It will offer a young women-only, weekly support group; wrap-around holistic support; and community-based counselling
£90,000
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
51
## Manchester Action on Street Health
Mental health support for young women who sex work in Manchester. New funding will enable MASH to increase its services to offer targeted support specifically to young women who are sex working, extremely vulnerable and have mental health needs £89,845
## Northern Ireland Youth Forum
Wellness Warriors project will support young women with complex mental health needs through a dedicated young women’s support worker to deliver group work, peer support and building resilience through youth participation. £90,000
## Odd Arts, Manchester
The Creative Community Resettlement [Young Women's Strand] will support young women from Greater Manchester who are experiencing disadvantage, trauma, discrimination, or mental ill health. The therapeutic theatre project will give young women access to therapeutic programmes, performances, teachings, and discussions £89,951
## Stockport Women's Centre
1:1 support to young women presenting with complex needs where the primary need is mental ill-health. New funding will enable the charity to increase their services for young women by covering the salary costs of a Young Women’s Trauma Informed Practitioner. Once stabilised, the young woman will have access to other activities at the service. £81,805
The Counselling and Family Centre, Altrincham
Funding provided to improve young women's access to trauma-focused counselling by partnering with the community services that they already access and use the influence of the Trafford Collective to ensure that young women's voices shape the design of local mental health services. £90,000
## The Parent Rooms
The Young Mums Key Worker will enable The Parents Room to work directly with young mothers, providing one-to-one support addressing their specific mental health difficulties and helping them to lead fuller lives. £89,807
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
52
## Social Welfare: Early Intervention Women and Girls Change
## Agenda, the alliance for women and girls
A three-year unrestricted grant to continue its campaigning to ensure women and girls at risk of abuse, poverty, poor mental health, addiction, offending, and homelessness get the support and protection they need.
£105,000
## Eating Matters
A short-term grant to increase capacity of an eating disorder counselling service during Covid19.
£5,000
## Peer Productions
A two-year grant towards Generation Girls, a peer-led creative drama project reducing the vulnerability of young women with learning disabilities. £21,000
## Sunbeams London Ltd
A two-year grant towards mentoring for vulnerable girls from the Orthodox Jewish community. £20,000
## The Nelson Trust
A short-term grant to provide gender-responsive, trauma-informed online and face-to-face interventions, to support vulnerable women during the Covid-19 pandemic. £5,000
## Well Women Centre
Casework Service - providing a holistic, non-judgemental support package consisting of emotional and practical support for women recovering from trauma. £43,380
## **Total Social Welfare: £1,060,774**
## **Total grants offered in 2021 £2,883,674**
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
53
## APPENDIX B
## Archives Revealed: Cataloguing Grants awarded in 2021
## Archives and Cornish Studies
A Cornish Camera – Cataloguing the George Ellis Photographic Archive – £37,000
## University of Stirling Archives
The Cataloguing of the Archives of Aberlour Children’s Charity – £26,994
## London Metropolitan Archives
Cataloguing the Africa Centre Archives – preserving the past to educate the future – £44,100
## Manchester Art Gallery
Cataloguing Emotion: The Manchester Together Archive – £37,918
## Culture Perth and Kinross
In our own words: Cataloguing Perth and Kinross Sound Collection – £39,895
## Yorkshire Film Archives
Cataloguing the Ukrainian Video Archive Society Collection – £33,350
## University of Liverpool
Transforming the Mac Lua and the Irish Archival Landscape in Britain: History, Heritage and Community – £45,000
## ACME
Everyday Artists: Uncovering 50 years of ACME – £33,712
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
54
## Archives Revealed – Scoping Grants (up to £3,000) awarded in 2021
Bosnia Herzegovina UK Network, Birmingham
The Centre for Policy on Ageing, London
Hackney Archives
Explore York
Walsall Metropolitan Borough Council
Centre for Human Ecology
Charlton Athletic Museum
Hastings Museum and Art Gallery
TRUSTEES' REPORT AND ACCOUNTS for the year ended 31 December 2021
55