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SIR HARRY PILKINGTON FUND
UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30™ JUNE 2023
CHARITY NUMBER - 206740
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SIR HARRY PILKINGTON FUND
TRUSTEES’ REPORT FOR THE YEAR ENDED 3074 JUNE 2023
The Trustees present their annual report and financial statements of the charity for the year ended 30" June 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
OBJECTIVES AND ACTIVITIES
The trust has been established to make grants for charitable purposes.
Public Benefit
Funds are distributed giving benefit to a wide range of charitable organisations in Merseyside and St Helens. Particular preference is given to those organisations operating in the following fields: arts and culture, youth work and health and general social welfare.
The Trustee has given consideration to the public benefit guidance published by the Charity Commission.
Achievements and Performance
Investments have been managed throughout the year by the Investment Managers, with performance being monitored by the trustee. This has enabled the trust to maintain its grantmaking capacity.
Financial Review
Investment income of £200,979 (2022: £174,046) was received during the year. This, combined with reserves, funded grants of £209,761 (2022: £224,153) to charitable organisations. Capital investments were valued at £8,213,009 (2022: £7,961 ,926) at the year end.
Investment Policy and Powers
The trustee has the same full and unrestricted powers of investment in all respects as if it were the beneficial owner. The investment strategy is set by the trustee and takes account of recent demands for funds and an assessment of expected future needs (see Reserves Policy). The investment policy and strategy are reviewed with the investment managers at regular intervals. The investment objective is to maintain, overall, the real value of capital and income.
Risk Management
The main risks to which the charity is exposed as identified by the trustee have been considered and systems have been established to mitigate those risks.
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SIR HARRY PILKINGTON FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 3074 JUNE 2023
Reserves Policy
The trust deed permits the spending of capital; the trustee has, however, agreed to retain the capital for the time being and to invest it to produce income to make grants. The trustee is managing the reserves to balance the needs of current and future beneficiaries. It is not anticipated that the needs of beneficiaries will diminish over time.
Plans for the Future
The objectives remain unchanged for the future; the intention is for continued investment management on a consistent basis and distribution of income to charitable organisations.
Structure, Governance and Management Sir Harry Pilkington Fund is a registered charity, number 206740. It was established by a Trust Deed dated 14 March 1962.
Appointment of Trustees:
The corporate trustee, LCVS, has a trustee recruitment policy that maintains a diverse mix of skills and experience that supports the governance and management of the charity. There is a balance between representation from ‘communities of interest) and individuals with business acumen. The induction procedure for new trustees includes distribution of background information, access to all records and attendance at an organisational induction session. Following this, new trustees formally sign a declaration of willingness to serve. Name Sir Harry Pilkington Fund Charity number 206740 Principal Office LCVS 151 Dale Street Liverpool L2 2AH
Trustees Liverpool Charity and Voluntary Services (LCVS), a corporate trustee, which is incorporated under the Companies Act as a company limited by guarantee without share capital as company number 181759, a registered charity, number 223485, and a charitable Trust Corporation. LCVS trustees, who are also its directors, were as follows during the year. LCVS Chair Sonia Bassey MBE
LCVS Treasurer Mike Thomas
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SIR HARRY PILKINGTON FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 3074 JUNE 2023
| Trustees Continued | Dorcas Akeju | |
|---|---|---|
| Sonia Bassey MBE | ||
| Maxine Ennis | ||
| Ken Perry | ||
| John Price | ||
| Michael Salla | ||
| Louise Scholes | ||
| Gemma Shone | (Appointed 20" September2022) | |
| James Sloan | ||
| Neil John Sturmey | ||
| Henry Terefenko | (Resigned 23 June 2022) | |
| Mike Thomas | ||
| Sue Williams | (Resigned 234 July 2022) | |
| Secretary | Graham Wright Clare White |
(Resigned 28" February 2023) (Appointed 28!" February 2023) |
| (Resigned 9" May 2023) | ||
| Helen Rotheram | (Appointed 9" May 2023) | |
| independent Examiner | Paula SanchezACCA | |
| score Lane | ||
| Liverpool L16 SEF | ||
| Investment Manager | Rathbone Investment Management Limited | |
| Port of Liverpool Building | ||
| Pier Head | ||
| LiverpoolL3iNW |
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees’ annual report and financial statements 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 charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
¢ select suitable accounting policies and then apply them consistently;
« observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
« state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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SIR HARRY PILKINGTON FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 30° JUNE 2023
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The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustee, Liverpool Charity and Voluntary Services by
Mike Thomas — LCVS Trustee
Dated: as foufat
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SIR HARRY PILKINGTON FUND
| report to the trustee on my examination of the accounts of Sir Harry Pilkington Fund (‘the charity’) for the year to 30" June 2023, which are set out on pages 7 to 15.
Responsibilities and basis of report
As the trustee of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
| report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, | express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner's statement.
Independent examiner’s statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Name: Paula Sanchez [ef See :
Name of applicable listed body: Association of Chartered Certified Accountants Relevant professional qualification or body: ACCA
Date: 27 January 2024
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SIR HARRY PILKINGTON FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 3074 JUNE 2023
| Unrestricted Funds | Unrestricted Funds | ||||
|---|---|---|---|---|---|
| Income | Capital | ||||
| Funds | Funds | Total | Total | ||
| 2023 | 2023 | 2023 | 2022 | ||
| Income from: | Notes | £ | £ | £ | £ |
| Investments | 2 | 200,979 | - | 200,979 | 174,046 |
| Total income | 200,979 | - | 200,979 | 174,046 | |
| Expenditure on: | |||||
| Charitable activities | 3 | 220,228 | - | 220,228 | 233,106 |
| Total expenditure | 220,228 | - | 220,228 | 233,106 | |
| Net income | (19,249) | - | (19,249) | (59,060) | |
| Netgains(loss) on investment |
4 | - | 251,083 | «251,083 | ~—«(879,134) |
| Netmovement in funds | (19,249) | 251,083 | 231,834 | (938,194) | |
| Reconciliation offunds: | |||||
| Total funds brought forward |
122,718 | 7,961,926 | 8,084,644 | 9,022,838 | |
| Totalfunds carried forward |
7 | 403,469 | 8,213,009 | 8,316,478 | 8,084,644 |
The notes on pages 9 to 15 form part of these accounts.
The net movement in the funds in the year is derived from the continuing activity of the charity.
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SIR HARRY PILKINGTON FUND BALANCE SHEET AS AT 307! JUNE 2023
| 30" June | 2023 | 30June | 2022 | ||
|---|---|---|---|---|---|
| Fixed assets | Notes | £ | £ | £ | £ |
| Investments | 4 | 8,213,009 | 7,961,926 | ||
| Currentassets | |||||
| Debtors | 5 | - | - | ||
| Cash balances | 113,768 | 141,343 | |||
| 113,768 | 141,343 | ||||
| Current liabilities Creditors |
6 | (10,299) | (18,625) | ||
| Netcurrent assets | 103,469 | 122,918 | |||
| Net assets | 8,316,478 | 8,084,644 | |||
| Thefunds ofthe charity: | |||||
| Unrestricted funds | £ | £ | |||
| Capital funds | 7 | 8,213,009 | 7,961,926 | ||
| Income funds | 7 | 103,469 | 122,718 | ||
| 8,316,478 | 8,084,644 |
Approved and authorised for issue by the Trustees and signed on their behalf by
Mike Thomas — LCVS Trustee Dated: as foupee
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SIR HARRY PILKINGTON FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3017 JUNE 2023
1. ACCOUNTING POLICIES
Basis of Accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Going concern
At the time of approving the accounts, the trustee has reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustee continues to adopt the going concern basis of accounting in preparing the accounts.
Investments
In accordance with Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019), investments held as fixed assets are stated at fair value. Realised and unrealised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market price on the valuation date.
Fund accounting
Unrestricted funds are considered ‘free’ reserves and are available for use or retention at the discretion of the Trustees, in accordance with the charity’s objectives. Free reserves are undesignated funds available for the furtherance of the general objectives of the charity.
Income recognition
Income from investments comprises dividend income and interest and are accounted for when received in the financial year. Donations are recognised at the earlier of notification or date of receipt, in the case of the third-party donations and legacy income when received by the organisation.
Expenditure recognition
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.
All expenditure is accounted for on an accrual basis. All expenses, including support and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
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SIR HARRY PILKINGTON FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 307 JUNE 2023
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Raising funds costs relate to expenses incurred in the management of the investment assets. Charitable activities include grant funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Governance costs relate to compliance with constitutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
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Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
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Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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SIR HARRY PILKINGTON FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 307 JUNE 2023
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Taxation
The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Partial recovery is made of tax credits on UK dividend income. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.
Critical Accounting Estimates and Judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2. Income and endowments from:
| 2. | Income and endowmentsand endowmentsendowments from: | ||||
|---|---|---|---|---|---|
| Income Funds |
Capital Funds |
Total | Total | ||
| Investments Investments dividends and interest |
2023 £ 200,979 |
2023 £ - |
2023 £ 200,979 |
2022 £ 174,046 |
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| 3. | Expenditure on charitable activities: | ||||
| Direct | Support& | Total | Total | ||
| Charitable | Governance | 2023 | 2022 | ||
| Expenditure | Costs | ||||
| £ | £ | £ | £ | ||
| to make grants for charitable purposes |
216,460 | 3,768 | 220,228 | 233,106 | |
| Analysed as follows: | |||||
| Direct charitable expenditure: | 2023 £ |
2022 £ |
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| Grant funding | 209,761 | 224,153 | |||
| Grant making administration — Lcvs |
6,699 | 5,802 | |||
| 216,460 | 229,955 |
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SIR HARRY PILKINGTON FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 307 JUNE 2023
| 2023 | 2022 | |
|---|---|---|
| Support& Governance costs: | £ | £ |
| Financial Administration - LCVS | 3,350 | 2,901 |
| Independent examination | 418 | 250 |
| 3,768 | 3,151 | |
| Totalexpenditureon charitable activities |
220,228 | 233,106 |
| The following grants were made during the year: | ||
| Grants of£1,000 and over | £ | |
| Acronym Community Empowerment | 2,000 | |
| Afro Caribbean and Friends Lunch | 1,000 | |
| Age Concern Liverpool and Sefton | 1,000 | |
| Alive Believers Centre | 1,000 | |
| Assess Education | 1,500 | |
| Autism In Motion Cic | 2,500 | |
| Autism Ventures | 2,000 | |
| Back On Track Ltd | 3,000 | |
| Blackfest | 1,500 | |
| Bridge2 (Liverpool) Cic | 1,500 | |
| Centre 56 | 2,929 | |
| Cohiba | 2,000 | |
| Creative spice Business | 1,000 | |
| Daisy Inclusive UK | 2,000 | |
| Dingle Multi Agency Centre Ltd | 1,000 | |
| DovecotAnd Princess Drive Com | 4,180 | |
| Earth Moves Cooperative | 1,000 | |
| Edge Hill Youth and Community | 1,621 | |
| Ellergreen Young People's Project | 1,500 | |
| Evolving Mindset | 2,250 | |
| Faiths4change | 2,174 | |
| Friends Of Kirkby Gallery & Prescot Museum | 1,200 | |
| Greenbank Giants Boccia Club | 2,400 | |
| Heart4 Refugees Cic | 2,000 | |
| Holistic Harmonies Cic | 1,500 | |
| lbijoke Children Foundation | 2,000 | |
| Imagine IfTrust | 1,800 | |
| Iranian Liverpool Community | 1,000 | |
| lrish Community Care Merseyside | 1,200 | |
| Jigsaw Coaching Cic | 1,500 | |
| Kensington Community Learning Kfca |
2,000 1,700 |
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SIR HARRY PILKINGTON FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3074 JUNE 2023
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| Knowsley Disability Concern | 3,500 |
|---|---|
| Knowsley Foodbank | 3,465 |
| Knowsley Youth Mutual | 2,520 |
| Lister Residents Association | 1,400 |
| Liverpool 6 Community Association Liverpool Arabic Centre |
1,000 2,500 |
| Liverpool Cancer Care Self Hel | 2,000 |
| Liverpool Community Advice Ltd | 2,000 |
| Lubavitch Foundation Liverpool | 1,500 |
| Mind body and soul for Mental | 1,500 |
| Mersey Counselling and Therapy | 2,000 |
| Merseyside Dance Initiative Lt | 1,500 |
| Merseyside Law Centre | 1,397 |
| Merseyside Play Action Council | 2,000 |
| Metal Culture Ltd | 1,500 |
| Mindset Matters Nw Cic | 1,440 |
| Moving On with Life And Learning | 2,000 |
| Mpac | 10,000 |
| Mpower People Cic | 2,000 |
| Nbil Cic | 2,000 |
| Netherley Youth and Community | 1,000 |
| New Brighton Community Association | 1,500 |
| Norris Green Community Alliance | 2,898 |
| Norris Green Youth Centre Ltd | 2,500 |
| Nw Cancer Research | 1,000 |
| One Latin Culture Ltd (Luma Cr | 1,500 |
| Orrell Park& District Community | 1,000 |
| Pagoda Arts | 3,000 |
| Pec Christ Church Walton Breck | 1,500 |
| Personal Success | 1,500 |
| Plan B | 1,000 |
| Porchfield Community Association | 2,200 |
| Princes Park Methodist Church | 2,000 |
| Priority Management Limited - R | 1,500 |
| Psychological Therapies Unit C | 4,000 |
| Raise. | 3,000 |
| Rampworx Youth Village | 3,000 |
| Rebound Community Wellbeing | 1,920 |
| Rejuvenate Wellbeing Cic | 1,200 |
| Rise Mind and Body | 1,500 |
| Sanctuary Family Support | 2,000 |
| Savera UK | 2,000 |
| Shaftesbury Youth Club | 2,500 |
| Signa Awareness | 1,000 |
| Sola Arts | 2,000 |
| Squash Liverpool | 2,242 |
| St Michaels And Lark Lane Comm | 2,000 |
| StOswald'sNethertonPcc | 1,000 |
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SIR HARRY PILKINGTON FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3074 JUNE 2023
| Stick 'N’ Step | 1,000 | |
|---|---|---|
| Sustainability Development | 1,984 | |
| Symbiont Cic | 1,000 | |
| Team Oasis | 2,000 | |
| The BlockArmed Forces Community | 1,500 | |
| The Bridge Centre | 1,000 | |
| The Drive | 2,000 | |
| The Florence Institute Trust | 2,000 | |
| The Hope Foundation | 1,000 | |
| The Inclusion Network Cic | 3,800 | |
| The Initiative Factory | 1,500 | |
| The Martin Gallier Project | 2,000 | |
| The New Belve Youth & Community | 1,920 | |
| The Open Door Centre | 2,000 | |
| The Opening Doors Project | 4,500 | |
| The Reach Mens Centre Cic | 1,500 | |
| The Vibe Liverpool | 1,750 | |
| The Vibe Liverpool Community | ||
| Thred Cic | 1,500 | |
| Triple C (Liverpool) | 3,000 | |
| Valley Community Theatre | 1,000 | |
| Vauxhall Community Law and Information | 3,000 | |
| Vees Place | 1,500 | |
| Vince | 1,200 | |
| Voice Of Nations | 1,200 | |
| Whisc | 2,500 | |
| Woodlands Community Centre | Ltd | 1,000 |
| Yellow House | 1,000 | |
| 208,090 | ||
| Other grants | 1,671 | |
| Totalgrants | 209,761 |
| 4. | Fixed Asset Investments | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Quoted Investments: | £ | £ | |
| Market value at 18! July 2022 | 7,961,926 | 8,841,060 | |
| Net unrealised gains/(losses) on investment assets |
251,083 | (879,134) | |
| MarketValue at30 June 2023 | 8,213,009 | 7,961,926 | |
| BookValueat30June2023 | 4,847,197 | 4,847,197 |
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SIR HARRY PILKINGTON FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3074 JUNE 2023
The trust holds 100% of its fixed asset investments in a Charity Commission approved pooling scheme, the Settlors’ Trust Fund (STF), administered by Liverpool Charity and Voluntary Services and managed by Rathbone Investment Management Ltd.
At 30% June 2023, the assets of the STF fund had a total market value of £31,099,741 (2022: £30,726,293) of which £8,213,009 (2022: £7,961,926) is an asset of the trust. Due to the pooling scheme, it is not possible to disclose the fair value of the investment held in the Sir Harry Pilkington Fund by category (i.e. cash, property, equity).
All investments are held primarily to provide an investment return.
- 5, Debtors
There were no debtors during the year end 30" June 2023 (2022: fnil)
- Creditors
| Creditors | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Financial Administration — LCVS | 10,049 | 16,695 |
| Independent examination fee | 250 | 1,930 |
| 10,299 | 18,625 |
7. Unrestricted Funds
Income Fund: Investment income and donations received for distribution as grants to individual young people and charitable voluntary youth organisations.
Capital Fund: Funds held provide income for the on-going activities of the trust.
- Related Party Transactions Charitable Activities: these include £6,699 (2022: £5,802) grant making administration costs and £3,350 (2022: £2,901) governance costs in respect of accountancy and trust administration.
Creditors: these include £10,049 (2022: £16,695) owing to LCVS at the year end.
LCVS is related to the Trust by virtue of being the corporate trustee. No trustee received remuneration or expenses as part of their role as Trustee of the charity.
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