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2021-06-30-accounts

Charity Registration No. 234710

PILKINGTON GENERAL CHARITY FUND

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

PILKINGTON GENERAL CHARITY FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N Jones
Mr A P Pilkington
Mrs E Ashton
Charity number 234710
Principal address 3rd Floor
Rathbone Trust Company Limited
Port of Liverpool Building, Pier Head
Liverpool
L3 1NW
Auditor KPH Audit & Assurance Services Ltd
225 Poulton Road
Wallasey
Wirral
CH44 4BT
Solicitors Brabners LLP
Horton House
Exchange Flags
Liverpool
L2 3YL
Investment advisors Tilney Investment Management
Royal Liver Building
Pier Head
Liverpool
Merseyside
L3 1NW

PILKINGTON GENERAL CHARITY FUND

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Auditor's Report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 16
Appendix I 17

PILKINGTON GENERAL CHARITY FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their annual report and financial statements for the year ended 30 June 2021.

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) " (effective 1 January 2019 ).

Objectives and activities

The Trust was created by a Deed of Settlement dated 10 May 1950 under the terms of which Miss Constance Pilkington and Miss Christine Pilkington resettled the Funds of which they were life tenants under the terms of the Will of the Late Colonel W W Pilkington.

Under the terns of the Trust Deed the trustees are enpowered to pay or apply the income for such charitable purposes as they in their absolute discretion think fit. The trustees also have power to advance capital.

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.

Grants

During the year ended 30 June 2021 grants of £44,000 were awarded.

Achievements and performance

Financial review

The Financial Statements, in respect of the year ended 30 June 2021, show incomings of £42,822 and total resources expended of £58,366, resulting in net outgoings of £15,544 before any gains or losses due to investment disposals or revaluations.

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.

PILKINGTON GENERAL CHARITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

The Covid-19 pandemic caused a profound shock for societies and economies the world over. The world experienced a synchronised shut down of a very significant amount of economic activity and the enforced quarantine of almost entire populations. This led to significant falls on global markets and our Charitable funds have been impacted by this. As at 30 June 2021 the value of investments has already shown some recovery. As shown in the accounts, income levels dropped significantly as most companies, including many we invest in, suspended dividend pay-outs to shareholders or had this action enforced on them by regulators. Consequently we experienced significant falls in dividend income. The expectation is that income levels will recover over the next few years.

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.

The Charity's day to day management is delegated to one of the Trustees (at present A P Pilkington) and employees of Rathbones.

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.

The trustees' r eport was approved by the Board of Trustees.

..............................

Trustee

Dated: .........................

PILKINGTON GENERAL CHARITY FUND

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2021

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:

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.

PILKINGTON GENERAL CHARITY FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PILKINGTON GENERAL CHARITY FUND

Opinion

We have audited the financial statements of Pilkington General Charity Fund (the ‘charity’) for the year ended 30 June 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 FRS 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:

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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 financial statements 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 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.

PILKINGTON GENERAL CHARITY FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PILKINGTON GENERAL CHARITY FUND

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 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, 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.

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 .

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 matter s

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.

PILKINGTON GENERAL CHARITY FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PILKINGTON GENERAL CHARITY FUND

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members 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 company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

KPH Audit & Assurance Services Ltd

.........................

Chartered Accountants Statutory Auditor

225 Poulton Road Wallasey Wirral CH44 4BT

KPH Audit & Assurance Services Ltd 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.

PILKINGTON GENERAL CHARITY FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2021

Unrestricted Unrestricted
funds
funds
2021
2020
Notes
£
£
Income from:
Investments 3 42,822
59,828
Expenditure on:
Raising funds 4 7,296
7,219
Charitable activities 5 51,070
4,720
Total resources expended 58,366
11,939
Net gains/(losses) on investments 10 332,794
(160,365)
Net movement in funds 317,250
(112,476)
Fund balances at 1 July 2020 2,175,120
2,287,596
Fund balances at 30 June 2021 2,492,370
2,175,120

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

PILKINGTON GENERAL CHARITY FUND

BALANCE SHEET

AS AT 30 JUNE 2021

Notes
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
£
2,392,919
2,336
124,935
127,271
(27,820)
99,451
2,492,370
2,492,370
2,492,370		 2020
£
£
2,050,255
2,063
125,072
127,135
(2,270)
124,865
2,175,120
2,175,120
2,175,120

The financial statements were approved by the Trustees on .........................

..............................

Trustee

PILKINGTON GENERAL CHARITY FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

2021
Notes
£
Cash flows from operating activities
Cash absorbed by operations
15
Investing activities
Purchase of investments
(367,836)
Proceeds on disposal of investments
357,966
Investment income received
42,549
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
£
(32,816)
(747,322)
669,362
59,186
32,679
-
(137)
125,072
124,935		 £
(11,879)
(18,774)
-
(30,653)
155,725
125,072

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

1.1 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 a mounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements and as detailed in the Trustees' Report the trustees have have considered the impact of Covid-19 on the charity and 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.

1.3 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.

1.4 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.

1.5 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.

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.6 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.

Fixed assets investments represent listed investments which are stated at market valuation as follows: a) listed securities are vlaued at the m id market value ruling at the accounting d ate.

b) listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the accounting date.

c) Gilts are valued at the mid market value ruling at the balance sheet date and include interest which has accrued up to that date.

The investments are held in Crest and registered by Tilney in the name of their nominee company.

Other recognised Gains and Losses

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement of Financial Activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are charged or credited to the Statement of Financial Activities resulting from revaluing investments to market value at the balance sheet date.

1.7 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.

1.8 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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 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.

2 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.

3 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from listed investments 42,802 59,585
Tilneys gross interest - 148
Barclays Bank gross interest 20 95
42,822 59,828
Raising funds
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Investment management fees 7,296 7,219
7,296 7,219

4 Raising funds

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

5 Charitable activities

Grant funding of activities
Share of governance costs (see note 6)
6
Support costs
Support
costs
Governance
costs
£
£
Website hosting
-
110
Audit fees
-
1,440
Legal and professional
-
5,520
-
7,070
Analysed between
Charitable activities
-
7,070
7
Donations made during the year
Soil Association
The Woodland Trust
Future Trees Trust
Bat Conservation Trust
Buglife
Barn Owl Trust
Water Aid
Alzheimer's Research UK
Arthritis Research
Allergy UK
Children with Cancer UK
Child Austism UK
The Migraine Trust
Sutton Trust
Freedom from Torture
Combat Stress
Blue Print for All - Stephen Lawrence Charitable Trust
Anti-Slavery
Missing People
Full Fact
Woodland Heritage Trust		 2021
£
44,000
7,070
51,070
2021
Support
costs
Governance
costs
£
£
£
110
-
100
1,440
-
-
5,520
-
4,620
7,070
-
4,720
7,070
-
4,720		 2020
£
-
4,720
4,720
2020
£
100
-
4,620
4,720
4,720
2021
£
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Donations made during the year (Continued)
The Bumblebee Conservation Trust 1,000
Marine Conservation Society 1,000
Greenpeace 1,000
Diabetes UK 1,000
Great Ormond Street Hospital Charity 1,000
Micah Liverpool 1,000
Art against Knives 1,000
Support Through Court 1,000
Royal Liverpool Philharmonic 1,000
Marine Stewardship Council 1,000
Bowel Research UK 1,000
Ben Kinsella Trust 1,000
Adelaide House Women's Refuge 1,000
Prisoners Education Trust 1,000
Red Squirrel Survival Trust 1,000
Compassion in World Farming 1,000
SANE 1,000
Macmillan Cancer Support 1,000
Age UK 1,000
Youth Music 1,000
Halle Concert Society 1,000
National Museums Liverpool House of Memories 1,000
Help Musicians UK 1,000
44,000

7 Donations made during the year

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

10 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Revaluation of investments 329,428 (79,659)
Gain/(loss) on sale of investments 3,366 (80,706)
332,794 (160,365)

11 Fixed asset investments

Cost or valuation
At 1 July 2020
Additions
Valuation changes
Disposals
At 30 June 2021
Carrying amount
At 30 June 2021
At 30 June 2020
12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 Listed
investments
£
2,050,255
367,836
329,428
(354,600)
2,392,919
2,392,919
2,050,255
2021
2020
£
£
2,336
2,063
2021
2020
£
£
24,110
-
3,710
2,270
27,820
2,270

PILKINGTON GENERAL CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

14 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

15 Cash generated from operations 2021 2020
£ £
Surplus/(deficit) for the year 317,250 (112,476)
Adjustments for:
Investment income recognised in statement of financial activities (42,822) (59,828)
(Gain)/loss on disposal of investments (3,366) 80,706
Fair value gains and losses on investments (329,428) 79,659
Movements in working capital:
Increase in creditors 25,550 60
Cash absorbed by operations (32,816) (11,879)

16 Analysis of changes in net funds

The charity had no debt during the year.

ESTATE OF THE LATE COLONEL W W PILKINGTON WILL TRUSTS- THE PILKINGTON GENERAL CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 APPENDIX I Surnmary ollnvesknènts IIBrketValu• A￿￿￿on5 DisPOsaL Proce•d8 Gainl v•stm•nt Mathetvalue GainllL0531 on RevalD81ion 0110712120 Cost BaLgnc• 30M6r2021 UK Giltsand L￿n5S1ol 98,075 00 Q.(K) 0.00 98,075 .331 17,744 001 2,669. UK UnrtTrusis- Interest 113,297.00 56.677.00 .677.00 O.OD 113,297.00 115.966 Oversea5 Interest Beariry Inve5kn￿￿Is UK Equ￿e$ 47,727 00 85.080 (K) D.C O.OD 132,807 00 147.016 14,209.W 652,105.00 129.523.78 I4.￿324> 6.104.14 s79,1[￿.5$ 662.947 83,837.41 UK UnrtTrusb 551,8th.00 103.9.72 82.632.53 579,241.33 707.523 128,281.61 Rea Eststa Investm8nt TDJsts 43,840.00 41.601.00 o.(xJ O.OD 85,441. 93.160 7,719. Ov￿a5 Ewitie5 122,689.00 19.346 64 4.052 25 1.894.90 139,878 29 156.498 Ovwas UnitTtusts 282,787.00 o. O.IK) 0.00 282,787. 353.750 70,963. Attema￿e Inv8$1m8nts I37,9￿.00 85.080.00 0.00 s2,8￿. 65.728 12,873. TOTAL.. 2,050,255.fpJ 367,835.97 357.9SS.56 3,365.8Q 2,063,49121 2,392,919 329,427.79 Summary olln¢om•knm InvBstrhAnlB Nèt Incomo Foll￿￿ Tax UKTax Gross IncomA UKGiltsand ￿n5S1ol* D. UK Unit Trusts- Interesl 1,552.19 1,B41.34 o. D.(K) 1,552.19 1,841.34 Ov8rs8a8 Interest Beariry Inv8sbnenls UK Equ￿e$ UK UnitTtuslS 0.00 19,287.30 0.00 o.(x) 19,287.30 6,967.61 o. 0.00 6,967.61 R8a Estste Inv95tm8nt Trusts 2,665.60 666.40 3,332. Ov8r£8as Ewrtie8 oVe￿a$ UnrtTrusts 4,858.49 5,(W.28 198.62 O.IK) o. 0.00 5,000.28 Invesbrtnts D.CQ TOTAL.. 43,285.72 198.62 44,150.74