Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **Charity registration number 225911 (England and Wales)** ## **PILKINGTON CHARITIES FUND** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr N Jones Mr A P Pilkington Mrs E Ashton **Charity number** 225911 **Auditor** Haines Watts Pacific Chambers 11-13 Victoria Street Liverpool L2 5QQ **Solicitors** Brabners LLP Horton House Exchange Flags Liverpool L2 3YL **Investment advisors** Evelyn Partners Limited Royal Liver Building Pier Head Liverpool Merseyside L3 1NW Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Statement of trustees' responsibilities|4| |Independent auditor's report|5 - 6| |Statement of financial activities|7| |Balance sheet|8| |Statement of cash flows|9| |Notes to the financial statements|10 - 20| |Appendix I|20| Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 30 JUNE 2024**_ The trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 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) (effective 1 January 2019). ## **Objectives and activities** The Trust was created by a Deed of Settlement dated 10 May 1950, as varied by a scheme of the Charity Commissioners of 31 May 1966 and 13 June 1975 and amended by the Charity Commissioners on 14 September 2000. Under the terms of the Trust Deed the funds are to be held in trust to pay or apply both capital and income in providing financial assistance for or otherwise for the benefit of persons in necessitous circumstances being: (a) Persons who for the time being are or who have been employed by Pilkington plc or by any company which may be amalgamated or which may for the time being be carrying on business in succession to Pilkington plc (all of which companies are hereinafter included in the expression ''the company'') or by any company which for the time being is or has been a subsidiary of the company (as defined in the Companies Act 1989); (b) The widows or widowers, children and other dependants of the persons mentioned in paragraph (a) of this clause: and without prejudice to the generality of the foregoing trusts the Settlement trustees may pay and apply the capital and income of the Pilkington Charities Fund in purchasing any freehold or leasehold land or buildings or in making or equipping any buildings suitable for use as almshouses, convalescent homes or hospitals or in endowing scholarships or in providing for educational assistance for any such persons as aforesaid provided always that:- i. Nothing herein contained shall operate to vest any right by law or in equity in any person or persons for the time being employed by the Pilkington Charities Fund and the income thereof shall be vested solely in the Settlement trustees and; ii. If the business of the company shall be nationalised or taken over by the State or if any Order shall be made or an effective resolution shall be passed for the winding up (otherwise than the purpose of reconstruction or amalgamation) of the company the Pilkington Charities Fund and the income thereof shall henceforth be paid or applied to or for such charitable institutions or charitable purposes as the Settlement trustees shall in their absolute discretion think fit. As from 13 June 1975 the Charity Commissioners for England and Wales ordered that the following scheme be approved and established:- (a) If, in so far as, the income of the above mentioned charity is not required for application in accordance with the provisions of the above mentioned Deed of Settlement as varied by the above mentioned scheme, then the Trustees thereof may apply the same in relieving persons in distress caused by poverty, age, sickness or other similar individual afflictions by the provision of services or facilities directed to the relief of such persons or by making grants to charitable institutions which provide or which undertake in return to provide such services or facilities. (b) The Trustees from time to time may employ such persons to fill such offices and to perform such duties as they consider necessary for the proper administration and management of the charity and at such reasonable salaries and upon such reasonable terms as to notice within the limits permitted by law and otherwise as they think fit. - 1 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2024**_ ## **Public Benefit Statement** The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Charities Act 2011 highlights the requirement for all charities to have charitable purposes or aims that are for the public benefit. Given the range and nature of the donations, the Trustees consider that they are able to show thereby that not only are their purposes and aims for public benefit but also the execution of those aims meet the criteria set by the Charities Act 2011. ## **Achievements and performance** ## **Financial review** The Accounts for the year ended 30 June 2024 show a net income deficit of £185,556 (before revaluations) (2023 - £154,175). ## **Reserves Policy** The Trustees do not consider the underlying capital to be reserves since it forms the sole source of income for the Trust. It is not the intention of the Trustees to build up or maintain income reserves, any under expenditure of income being balance by over expenditure in preceding or subsequent years. ## **Taxation Status** The Trust is a registered charity and as such is not liable to Corporation Tax, Income Tax or Capital Gains Tax on income and gains generated in the year. Irrecoverable VAT is included in the asset cost or the expense to which it relates. ## **Investment Policy** The investment policy is to maintain a balance between capital growth and income by which, over the long term, it is intended to maintain the real value of the capital and income. The trustees invest in equities, unit trusts, fixed interest and cash, with a medium risk profile as seems appropriate. These objectives are reviewed annually. The investment manager provides regular reports to the trustees who review the performance of the portfolio at least twice a year. ## **Risk Management** The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. These systems and procedures are monitored on a regular basis by the Trustees. ## **Structure, governance and management** The trustees who served during the year and up to the date of signature of the financial statements were: Mr N Jones Mr A P Pilkington Mrs E Ashton The current Trustees would appoint new Trustees from within the wider Pilkington family concentrating on family members who have experience in the charity sector or who have other relevant skill sets. The training necessary is provided by senior family members who have been involved with the charity for many years. ## **Trustee Expenses** The Trustees do not charge any fees or claim any reimbursement of their personal general management costs. ## **Trustees' Complaints Policy** All complaints are considered by the Trustees of the Charity and responded to within three weeks. ## **Asset cover for funds** The Trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations in relation to those funds. The Trustees have decided to restrict annual expenditure within the income arising in the year (unless there are special circumstances) in order to preserve the long term viability of the Trust. - 2 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2024**_ The trustees' report was approved by the Board of Trustees. .............................. .............................. .............................. **Mr N Jones Mr A P Pilkington Mrs E Ashton** Trustee Trustee Trustee 18 August 2025 | 12:37 PM BST Dated: ......................... 18 August 2025 | 12:29 PM BST Dated:......................... 02 September 2025 | 8:30 AM BST Dated: ...................... - 3 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 30 JUNE 2024**_ The trustees are responsible for preparing the Trustees' Report and the 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 trustees to prepare financial statements for each financial 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 year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 4 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PILKINGTON CHARITIES FUND** ## **Opinion** We have audited the financial statements of Pilkington Charities Fund (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. 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 financial statements: - give a true and fair view of the state of the charity’s affairs as at 30 June 2024 and of its incoming resources and application of resources, 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 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 financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 5 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PILKINGTON CHARITIES FUND** ## **Responsibilities of trustees** As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, 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 cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Other matters** Your attention is drawn to the fact that the charity has prepared financial statements 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 UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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. ......................... **Michael Forshaw Senior Statutory Auditor Haines Watts Liverpool Pacific Chambers 11-13 Victoria Street Liverpool L2 5QQ** Haines Watts is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. - 6 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 30 JUNE 2024**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income and endowments from:**|||| |Investments|**3**|683,194|597,029| |Other income|**4**|117|-| |**Total income**||683,311|597,029| |**Expenditure on:**|||| |Raising funds|**5**|80,523|78,709| |Charitable activities|**6**|788,344|672,495| |Total expenditure||868,867|751,204| |Net gains on investments|**12**|2,203,757|480,846| |**Net income/(expenditure) and movement in funds**||2,018,201|326,671| |**Reconciliation of funds:**|||| |Fund balances at 1 July 2023||25,915,838|25,589,167| |**Fund balances at 30 June 2024**||27,934,039|25,915,838| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **BALANCE SHEET** ## _**AS AT 30 JUNE 2024**_ |**Notes**
**Fixed assets**
Tangible assets
**14**
Investments
**16**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current (liabilities)/assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2024**
**£**
**£**
-
28,035,557
28,035,557
4,289
314,993
319,282
(420,800)
(101,518)
27,934,039
27,934,039
27,934,039|**2023**
**£**
**£**
602
24,724,190
24,724,792
6,626
1,212,910
1,219,536
(28,490)
1,191,046
25,915,838
25,915,838
25,915,838|**2023**
**£**
**£**
602
24,724,190
24,724,792
6,626
1,212,910
1,219,536
(28,490)
1,191,046
25,915,838
25,915,838
25,915,838| |---|---|---|---| ||||24,724,792
1,191,046| ||||25,915,838| ||||25,915,838| ||||25,915,838| |The financial statements were approved by the Trustees on .........................
02 September 2025 | 8:30 AM BST|The financial statements were approved by the Trustees on .........................
02 September 2025 | 8:30 AM BST|The financial statements were approved by the Trustees on .........................
02 September 2025 | 8:30 AM BST| |---|---|---| |..............................|..............................|..............................| |Mr N Jones|Mr A P Pilkington|Mrs E Ashton| |**Trustee**|**Trustee**|**Trustee**| - 8 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 JUNE 2024**_ |||**2024**||**2023**|| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Cash flows from operating activities**|||||| |Cash absorbed by operations|**20**||(474,103)||(872,198)| |**Investing activities**|||||| |Purchase of investments||(4,192,735)||(8,343,499)|| |Proceeds on disposal of investments||3,085,727||7,657,379|| |Investment income received||683,194||608,750|| |**Net cash used in investing activities**|||(423,814)||(77,370)| |**Net cash used in financing activities**|||-||-| |**Net decrease in cash and cash equivalents**|||(897,917)||(949,568)| |Cash and cash equivalents at beginning of year|||1,212,910||2,162,478| |**Cash and cash equivalents at end of year**|||314,993||1,212,910| - 9 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **STATEMENT OF CASH FLOWS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2024**_ ## **1 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 ongoing 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 Accounting policies** ## **Charity information** Pilkington Charities Fund is a registered charity which is registered with the Charity Commission of England and Wales.. ## **2.1 Accounting convention** The financial statements have been prepared in accordance with 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. ## **2.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **2.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Grants are only made to Charities registered with the Charity Commission. No grants are made to individuals. ## **2.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Investment income is accounted for on an accruals basis in the period to which it relates. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. - 10 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2024**_ ## **2 Accounting policies** ## **(Continued)** ## **2.5 Expenditure** Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs. Grants are included in the financial statements when approved by the Trustees . Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements. - 11 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2024**_ ## **2 Accounting policies** ## **(Continued)** ## **2.6 Tangible fixed assets** Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **2.7 Fixed asset investments** Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities. ## **2.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **2.9 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. Bank overdrafts are shown within borrowings in current liabilities. ## **2.10 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**_ Basic financial liabilities, including creditors and bank loans 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 payments 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. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. - 12 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2024**_ ## **2 Accounting policies** ## **(Continued)** ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. The Trustees do not invest in any complex financial instruments. ## **3 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Income from listed investments|681,190|592,324| |Stockbroker interest|1,411|3,281| |Bank interest|593|1,424| ||683,194|597,029| |**Other income**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Other income|117|-| |**Raising funds**||| ||**Unrestricted**|Unrestricted| ||**funds**|funds| ||**2024**|2023| ||**£**|£| |Investment management fees|80,523|78,709| ||80,523|78,709| ## **4 Other income** **5 Raising funds** - 13 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 30 JUNE 2024** |**6**
**Charitable activities**
Grant funding activities (see note 9)
Share of governance costs (see note 7)
**7**
**Support costs allocated to activities**
Governance costs
**8**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
**9**
**Donations made to institutions during the year**
ABF - The Soldiers' Charity
AFK
Brains Trust
Age UK
Alder Hey Childrens Charity
Alzheimers Society (Dementia Care & Research)
Asthma UK
Barnstondale Centre
Bipolar UK
BLESMA
Bliss
Blood Pressure Association
Bowel Cancer UK
Bradbury Fields
Brainwave
Bright Park
British Dyslexics
British Heart Foundation
British Liver Trust
Brittle Bone Society
Calibre Audio Library
Callister Trust
Campus Chhildrens Holiday|**Grants**
**2024**
**£**
765,500
22,844
788,344
**2024**
**£**
22,844
**2024**
**£**
8,208|**Grants**
**2023**
**£**
656,500
15,995| |---|---|---| |||672,495| |||**2023**
**£**
15,995| |||**2023**
**£**
1,866| |||**2024**
**£**
5,000
2,000
5,000
5,000
5,000
10,000
4,000
10,000
3,000
2,000
6,000
2,000
1,000
7,000
5,000
7,000
3,000
5,000
5,000
2,000
5,000
10,000
6,000| - 14 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **9 Donations made to institutions during the year** ## **(Continued)** |Cancer Support UK|7,000| |---|---| |Carers UK|5,000| |Caudwell Children|5,000| |Cavell Nurses Trust|3,000| |Changing Faces|3,000| |Child Brain Injury Trust|6,000| |Children's Adventure Farm Trust|1,000| |CLIC Sargent|5,000| |Clowns in the Sky|1,000| |Combat Stress|5,000| |Contact a Family|5,000| |Country Trust|5,000| |Crank Recreation Ground|3,000| |Crohns +|3,000| |Crossing Point|4,000| |Cruse Breavement Support|5,000| |Cystic Fibrosis Trust|6,000| |Deafblind UK|3,000| |Dementia Together Wirral|5,000| |Diabetes|5,000| |Dingle Multi Agency Centre (Toxteth Town Hall Comm Resource Centre)|4,000| |Dogs Trust|5,000| |Douglas Bader Foundation|3,000| |End Furniture Poverty|6,000| |Endometriosis UK|3,000| |Epilepsy Action|2,000| |Fallen Angels Dance Theatre|4,000| |Fire Fighters Charity|5,000| |Forward Trust (The Brink)|4,000| |Graeae Theatre Company|3,000| |Great Ormond Street|1,000| |Handicapped Children's Action Group|2,000| |Hearing Dogs for the Deaf|10,000| |Henshaws|5,000| |Hope For Justice|10,000| |Horse Sense Wirral|1,000| |Hour Glass|5,000| |House of Memories (NML)|10,000| |Independent Age|5,000| |L'Arche in the UK|3,000| |Leadership Through Sport and Business|8,000| |Listening Books|8,000| |Liverpool Philharmonic|3,500| |Living Paintings|4,000| |London Hearts|5,000| |Look Good Feel Better|4,000| |Centre for Sustainable Healthcare|5,000| |Macmillan Cancer Support|15,000| |Maggies|5,000| |Making Space|4,000| |Marriage Care|3,000| - 15 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** |**Donations made to institutions during the year**|**(Continued)**| |---|---| |MedEquip4Kids|10,000| |Mencap Liverpool|2,000| |Menigitis Now|8,000| |Mersey Care|4,000| |Mersey Counselling and Therapy Centre|4,000| |Motivation|2,000| |Multiple Sclerosis Society|7,000| |Music in Hospitals & Care|8,000| |My Bnk|6,000| |Newlife Charity for Disabled Children|10,000| |Nordoff & Robbins Music Therapy|5,000| |North West Air Ambulance|6,000| |OPA|3,000| |Ovacome|6,000| |Pancreatic Cancer UK|10,000| |Parenting Mental Health|4,000| |Poppy Charity|2,000| |Power 2|6,000| |Project Youth Cancer|5,000| |Royal British Legion|5,000| |React|4,000| |Read for Good|5,000| |Reengage|5,000| |Refugee Action|5,000| |Respite Association|3,000| |Right to Succeed|4,000| |RNIB|4,000| |Rossendale Trust|2,000| |Royal Air Force Benevolent Fund|5,000| |Royal Court Liverpool Trust|10,000| |Royal Voluntary Service|1,000| |Samaritans|8,000| |Sam's Diamonds|1,000| |SANE|1,000| |School Home Support|5,000| |Sense|8,000| |Shaftesbury Youth Club|9,000| |Shelter|10,000| |Shine|3,000| |Shout|5,000| |Society for Mucopolysaccharide Diseases|4,000| |Spinal Injuries Association|5,000| |Stick 'n' Step|9,000| |Stroke Association|10,000| |Support Dogs|5,000| |Support Through Court Liverpool|5,000| |Team Oasis|10,000| |The Bluecoat|6,000| |The Brain Tumor Charity|5,000| |Tom's Trust|5,000| |Torus Foundation|3,000| ## **9 Donations made to institutions during the year** - 16 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** |**9**|**Donations made to institutions during the year**|**(Continued)**| |---|---|---| ||Tranmere Rovers in the Community|3,000| ||Walton Lea Partnership|3,000| ||West Everton Community Council|5,000| ||Whizz Kidz|5,000| ||Willow Foundation|3,000| ||Wirral Ark|5,000| ||Woodlands Hospice|10,000| ||Woodwork to Wellness|3,000| ||Worldwide Cancer Research|10,000| ||Zoe's Place|5,000| |||________| ||Total General Distributons|685,500| ||Medical Aid for Palestinians|10,000| ||C&A Pilkington Trust Fund|| ||Quarterly donations|70,000| ||Total Donations in the year ended 30 June 2024|765,500| ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **11 Employees** The average monthly number of employees during the year was: |The average monthly number of employees during the year was:||| |---|---|---| |Total
**12**
**Gains and losses on investments**|**2024**
**Number**
-|**2023**
**Number**
-| |||| ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| |Gains/(losses) arising on:|**£**|**£**| |Revaluation of investments|2,307,672|762,077| |Sale of investments|(103,313)|(281,231)| |Revaluation of investment properties|(602)|-| ||2,203,757|480,846| - 17 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **14 Tangible fixed assets** ||**Freehold land**| |---|---| ||**and buildings**| ||**£**| |At 1 July 2023|602| |Revaluation|(602)| |**Carrying amount**|| |At 30 June 2023|602| Freehold property is the Lady Pensioners' Pavilion at Ruskin Drive, St Helens. |**15**
**Debtors**
**Amounts falling due within one year:**
Dividends due
Other debtors|**2024**
**£**
4,289
-
4,289|**2023**
**£**
-
6,626| |---|---|---| |||6,626| ## **16 Fixed asset investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 1 July 2023|24,724,190| |Additions|4,192,735| |Valuation changes|2,307,672| |Disposals|(3,189,040)| |At 30 June 2024|28,035,557| |**Carrying amount**|| |At 30 June 2024|28,035,557| |At 30 June 2023|24,724,190| - 18 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **17 Creditors: amounts falling due within one year** |Other creditors
Accruals and deferred income|**2024**
**£**
403,000
17,800
420,800|**2023**
**£**
17,500
10,990| |---|---|---| |||28,490| ## **18 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |**At 1 July 2023**
**£**
General funds
25,915,838
**Previous year:**
**At 1 July 2022**
**£**
General funds
25,589,167|**Incoming**
**resources**
**£**
683,311
**Incoming**
**resources**
**£**
597,029|**Resources**
**expended**
**£**
(868,867)
**Resources**
**expended**
**£**
(751,204)|**Gains and**
**losses**
**£**
2,203,757
**Gains and**
**losses**
**£**
480,846|**At 30 June**
**2024**
**£**
27,934,039| |---|---|---|---|---| |||||**At 30 June**
**2023**
**£**
25,915,838| ## **19 Related party transactions** There were no disclosable related party transactions during the year (2023 - none). ## **20 Cash absorbed by operations** |**Cash absorbed by operations**
Surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Loss on disposal of investments
Fair value gains and losses on investment properties
Fair value gains and losses on investments
**Movements in working capital:**
Decrease in debtors
Increase/(decrease) in creditors
**Cash absorbed by operations**|**2024**
**£**
2,018,201
(683,194)
103,313
602
(2,307,672)
2,337
392,310
(474,103)|**2023**
**£**
326,671
(597,029)
281,231
-
(762,077)
-
(120,994)| |---|---|---| |||(872,198)| - 19 - Docusign Envelope ID: 15F9457C-7ACD-4195-9AB6-2D6AE45BF305 ## **PILKINGTON CHARITIES FUND** **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **21 Analysis of changes in net funds** The charity had no material debt during the year. - 20 -