THE CECIL AND ALAN PILKINGTON TRUST FUND {Reglstered Charity No: 237623) TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
THE CECILAND ALAN PILKINGTON TRUST FUND Contents Page Trustees, report Audltors, report 9-11 Statement ol financlal actlvltie5 12 Balance sheet 13 Cash flow statement 14 Notes to the accounts 15-23
THE CECILAND ALAN PILKINGTON TRUST FUND Trustees, re ortfor the ear ended 31 March 2024 Admlnlstratlve Inlorfflatlon Dlrectors of trustee Lady Pilkington {Kirstyl | Mr D J Bricknell | Mrj AS Pilkington | MrD C Pilkin8tDn | Mr J McKenna l Mrj Money | MSJ Halligan | Ms J Tomkinson companles a)lef Executlve Offlcer i Mr P Morgan (to 30 November 20231 | Ms V Simon (from QI Dember 20231 | Mrs S Desmond Ms K Greenhal&h Mrs P Milligan Senlor management Prlnclpal offlce | Enterprise Offices Salisbury Street St Helens Merseyside WAIO IFY Charlty number | 237623 Llvesey Spottlswood Llmited 17 George Street 51 Helens Mersey5ide WAIO IDB | National Westminster Bank PIC Orrnskirk Street St Helens Merseyslde WAIO IDR Audltors Bank Investment managers | CCLA One Angel Lane London EC4R 3AB | Sarasin & Partners LLP | Juxon House loo st Paul's Churchyard London EC4M 8BU
THE CECILANDALAN PILKINGTON TRUST FUND Trustees, re ort lorthe ear ended 31 Marth 2024 contlnued The trustees present their report along wlth the flnancial statements of the Charity for the year ended 31 March 2024. The financial statements have been prepared in accordance wlth the accounting pollcies set out on pages 15 to 16 and comply wlth the Charltl5 Trust Deed, the Charities Act 2011 and Accountlng and Reporting by Charities- Statementof Recommended Practice appllcable to charities preparing thelr accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Structure, 8overnance and management The Cecil and Alan Pllklngton Trust Fund {Registered Charity No: 237623} is an expendable endowment fund. The Trust Fund also works under the umbrella name of The Pilkington Family Trust. The Trust Fund is an amalgamation {7th July, 19771 of the followlng Deeds: Alan Douglas Pllklngton Trust Fund {Founding Deed Ilth June 1948) Alfred Cecll Pllklnglon Trust Fund (Foundin8 Deed 1st May 19371 The followlng limlted companles acted astrustees throughoutthe year to 31 March 2024: Pllklngton Employee5 Trustee {No.l) Llmlted (Company Registration No: 01161784) Pllkln8ton Employees Trustee {No.2) Umlted {Company Registration No: 0116178S} The dlrectors of the trustee companles are appointed by the Board of the trustee companles. The dirertors of the trustee companies meet three times a yearto agree the broad strategy and areas of activity for the Trust. The Trust does not actively fundraise but seeks to continue the work through the planning and management of Its resources. Under Ihe Trust Deed the trustees have absolute dlscretlon and unrestricted powers of investment. The Investment Commlttee asslsts the dlrectors of the trustee companies in the consideration of the Investment, reserves and risk management pollcles and performance. The followlng directors of the trustee companies were members of the Investment Commlttee durlng the vear: Mr D J Bricknell Mrj McKenna Mrj Money The management of the Trust is carried out by Pilkington Retirement Servlces Limited IP.R.S.LI, Set up as a rnanagement company to administer the community care programme. The followlng dlrectors of the trustee companle5 were also members of the P.R.S.L Board. Mr D J Bricknell Mr J McKenna
THE CECILAND ALAN PILKINGTON TRUST FUND Trustees, re rt forthe ear ended 31 March 2024 contlnued The day- to-day administratlon of the cornmunlty care programme and the resource5 15 delegated to the Chief Executive Officer who is the Managing Director of P.R.S.L. and it5 employees. The Inductlon process for any newly appolnted director of the trustee companies comprlses an In depth brieflng and tralnlng programme to provide an overvlew of all aspects of the work of the Charity, and includes experience of Service delivery. The OffIrS of the Charity provide key informatlon on managing the Trust, which includes: Twst deeds and assoclated documentatlon; tru5tees' power5 and responsibilitie5; investment and financial structure,. management structure and staffing,. and the scope and breadth of the cornmunlty care programme and the end users. All trustees of the Charity and directors of the board give thelr tlme voluntarily and receive no beneflts in that capaclty. Allowable travel expenses may be claimed and are disclosed In the accounts. Key management personnel remuneratlon The trustees consider the Chief Executive Officer and senlor managernent as the key personnel In charge of running and operatlng the Charity on a day-to-day basls. The pay for key personnel Is encompassed wlthln the pay review system for all of the Charitvs staff. The trustees review appropriate pay research and the union pay clalm, consider recommendations and propose an Increase which is negotiated with the union representatlves. Once agreed, the pay award is Implemented for all staff. Including key personnel. ObJectlves and actlvltles The objectives of the Charity are to provlde assistance to those in nece55itOUs clrcumstances belng employees, ex-employees and dependants of employees and ex-employee5 of Pilkington Brothers Ltij or Its successors in business and its subsidiaries. At 31 March 2024 there were 6,497 people, Includlng spouses of ex-ernployees, eligible to receive services. The Trust Fund's mlsslon statement is There to care when care is needed,. To achieve this, the Charlty has developed a communlty care programme to support those individuals in the greatest need. The maln purpose of the proeramme is to enable people to live as fulfilled a life as Possible by supportlng them to keep mentally and physically active. The programme aims to maintain contact wlth all beneficiaries to help keep people living Independentlv. The objectives for the year support the strategic aims and help to ensure the trustee objectives are met In an efficient and effective way. When setting oblectlves, the trustees have glven due regard to Charity Commisslon guidance relatlng to public benefit.
THE CECILANDALAN PILKINGTON TRUST FUND Trustees, re rt for the ear ended 31 Marth 2024 contlnued The Trust looks to achieve its aims by malntalnlng a strong organisational structure, effective financlal management and by fostering a culture of continuous learnlng and development to ensure effect5ve dellvery of servlces. The Trust provides beneflts, ranglng from flnanclal grants to provldlng emotlonal and practical support for everyday living, to the most vulnerable older people. A dedicated respite service in St Helens is avallable to all retIe$ living in the UK. Achlevements and performance In the year We continue to offer a range of servlces to support people to live independently in their own homes. Underpinning the Trust's work our welfare offlcers visit beneficiaries to assess indSvldual needs, entltlement to benefits, and to identify services and resources we can provide. We work closely with external agencies across England, Scotland and Wales to provide essential support, Includlng domestic, shopping and personal care services. In St Helens we provlde a hairdressing service, a laundry collection service and deliver meals to our most vulnerable beneflclarles. We also work with local businesses to provide a gardening service. Ruskln Lodge, our 19- bed respite care facility in St Helens. provides valued overnlght and day care. We contlnue to support the NHS by providing transitional care to help allevlate pressures on hospital beds. Thls has stren8thened partnership working with external bodies. generated Income for the Trust and ha5 iritroduced new people to the respite care we offer. In January we identifled the need to undertake essential maintenance work on the building. As a result of thls we suspended the Servi to ensure the safety of our guests. The bulldlng workls now substantlally complete and we expect to re-open to guests in sumrner 2024. Ruskln Lodge has not been subject to Statutory inspedions by the Local Authorlty or the Care Quallty Commission ICQC) during the year. The CQC have moved from a cycle of inspections to process focussed on managlng rlsk. Our day centre in St Helens plays an Important role in helping to alleviate social isolatlon and Is regularly attended by up to 90 people each week. The Trust continued to provide support overseas in Australia, New Zealand, Canada and South Africa. The hlghest spend overseas is In South Afrlca where our network of volunteers distribute food vouchers and essential items to those beneficiaries In greatest need. Beneficiary numbers continue to decrease on an annual basls in all locations. At 31 March 2024 we had 6,497 beneficiarie5 in the UK on our record512023', 6,7391.
THE CECILAND ALAN PILKINGTON TRUST FUND Trustees, re ort forthe ear ended 31 March 2024 contln Flnanclal Revlew The Trust is reliant on the income from its investments. Investment income is Supplemented by contributions towards the services the Trust provides, through support from donatlon5 and a general grant from the Pilkin8ton Charities Fund. The Trust also recelved restricted donations nd grants, Includlng £5,000 from The Rainford Trust, to support additional work in South AfrSca. We spent more on tharitable activltles compared to the previous flnanclal years, largely due to inflationary pre55ure on our costs rather than any underlying changes to services. Investment income of £3,161,866 and income from other sources was less than the amount required to fund the key programmes of the Trust this year. We anticipated a shortfall in income when the budget was set and used cash balanS as planned. Thls year's accounts reflect an increase In the value of investments, compared to a fall In value in the prevlous financial year. There has been slgnlflcant uncertainty and volatility In the world's flnaneial markets in the lasl few years due to COVID-19, the war In Ukraine, the energy crlsls and inflatlon. We continue to face inflationary pressure on our costs whlch will impact on our funding requirements for 2024125 and future years. The trustees and the Trust's accountant work closely with the Trust's specialist advisers to assess investment value5 and expected income. The trustees remain confident that we will have sufficient resources to meet spending requirements forthe next 12 months. This will be met malnly from expected Income and Cdsh balances. We also plan to dlslnvest from investment funds In order to smooth cash Ilow and allow for contingency. Thls will be undertaken in a planned way with our Investment managers to rninlmlse financial risk. Investment pollry and performance There are no restrictions on the Charity's power to Invest. The trustees have adopted a pollcy to achieve the optlmum return from a broad spread of investments and have not imposed restrictlons on the type of investments In the portfolio. The policyls to adopt a medlumlhigh rlsk investment strategy based on income generatlon with potential for capital growth. Both of our investment managers have a clear focus on environmental, social and governance IESG} conslderations in managing the Trust's investments. The Trust relles on the servlces of our investment managers. CCLA and 5arasln & Partners, to manage the Investments.
THE CECILAND ALAN PILKINGTON TRUST FUND Tru5tee5' re rt for the ear ended 31 M The investment managers are set the objective of achieving a total return of not less than CPI + 3.5% over a five- year period. CCLA made a total return of 12.19% in the yearto 31 March 2024 and 23.98% overthree years. Sarasin & Partners made a total return of 12.11 % in the yearto 31 March 2024 and 14.04% over three years. The Trust's investments were valued at £12,879,()96 above cost at 31 March 2024 {2023: £4,641,618 above costl. The increase in value reflects some recovery In world Investment markets In the financlal year following a thallenging and volatile period. The trustees work closely with the investment managers to identlfy and assess the rlsks to achlevlng the total retums targets set by trustees. The Trust's investment manager5 have expressed confldence that budgeted income distributions to the Trust will be achieved for the financial year to 31 March 2025. The trustees will continue to review perforrnance through close worklng wlth specialist advisers, information scrutinised by the Investment Commlttee and reports from an external monitoring companv. Rlsk management The trustees review the financial and operatlonal risks to whlch the charlty may be exposed and the systems put in place to mitigate those risks. A list of the risks, potential impact and the steps tsken to mltlgate the rlsk5 is regularly revlewed. The principal financial risk faced by the Trust is the performance of the investments to provide the funding for the services. This is mitigated by retaining expert Investment managers. havin8 a diversified portfolio and monltorlng the performance through the Investment Committee. Work is ongoing to a55e55 the impact of inllation on our beneficiarles and the grant5 and services we provlde. To mltlgate agalnst the risk of rlsing costs, the Trust has a robust budget- setting and monitoring process and staff liaise closely with our maln suppllers to identify cost pressures as early as posslble.
THE CECILAND ALAN PILKINGTON TRUST FUND Trustees, re ort for the ear ended 31 March 2024 contlnued Reserves pollcy As an endowed charity It Is acknowledged by the trustees that the Trust Deed allows the expendlture of both capital and income to meet ihe charitable objettives. The trustees consider it important to seek to malntain the capital value of the funds to generate revenue returns that will largely fund the community care programme. We expectto Use capital to supplement any shortfall in revenue. The Trust's unrestricted endowment fund of £105,679,995 as at 31 March 2024 {31 March 2023: £97.756,127) includes cumulative unspent Income. The Trust also had restricted funds of£lO,943 as at 31 March 2024. Plans for the future The trustees are worklng wlth the new Chlef Executlve Officer and the senlor management team to refresh the strateglc plan to ensure that we continue to identify the needs of our beneficiaries and larget resources and Services appropriately. We Ila15e with the local authority and health bodles to Identify the strategic direction for services for older people in 5t Helens and to see lW our services align and contrlbute. In the post COVID-19 era. tackling social isolation has been Identlfied as a key issue affecting older people in St Helens. Our establlshed day ntre and dementia activities already play a key role in helpin8 to tackle soclal isolation for our beneficiaries and we have plans to develop these services. We are reviewing the services we provlde under our welfare programme and at Ruskin Lodge to assess how the care we offer best meets the needs of our beneficiaries and'guests going forward. We want to make better use of information technology to support our services. We have Started work to develop our webslte to improve the way we communicate with beneficlarles and third partie5. We have a150 secured grant funding to support the implementation of electronic care plans as part of our digital transformation plan. We wlll focus on developlng the skills of our workforce to provide more speclalist 5UPPOrt and care to service users and their carers, We will continue to look for opportunities to develop our servlces and co-design wlth servlce users, third sector agencies and our health partners.
THE CECILAND ALAN PILKINGTON TRUST FUND Trustees. re ort forthe ear ended 31 March 2024 Trustees, responslbllltles In relatlon to the flnanclal statements The trustees are responslble for preparing the Trustees, Annual Report and the flnanclal statements in accordance with applicable law and United Kingdom Accounting Standards Iunlted 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 falr vlew of the state of affairs of the Charity and of the incoming resources and application of resources of the Charlty for that perlod. In preparlng these flnanclal statements, the trustees are required to: select suitable accounting policies and then apply them conslstently; ObSee the methods and principles in the Charitie5 SORP. make ludgements and estimates that are reasonable and prudent; and prepare the flnanclal statements on the going concern basis unless It Is inapproprlate to presume that Ihe Charity will continue In operatlon. The trustees are responslble for keeping proper accounting record5 that disclose with reasonable accuracy at any time the financial posltlon of the Charwty and enable them to ensure that the financial statements comply wlth the Charities Act 2011, the Charitles (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. In 50 far as the trustees are aware at the tlme of approving the Trustees, Annual Report: there is no relevant audit informatlon of which the Charity's auditor is unaware, and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit Informalion and to establish that the audltor Is aware of that informatlon, This report was approved by the trustees on fVUY 2024. Slgned on behalf of the trustees D J Brlcknell
THE CECILANDALAN PILKINGTON TRUST FUND Inde endent Audltors, Re ort to the Trustees of The Ce¢ll and Alan Pllkln ton Trust Fund Oplnlon We have audtted the financial statements of The Cecil and Alan Pilkington Trust Fund {the'charitV} for the year ended 31 March 2024 which comprlse of the Statement of Financial Actiwties, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policie5. The financial reportingframeworkthat has been applied in their preparatlon Is applicable law and United Klngdom Accounting Standards, including Finandal Reporting standard 102 The Financial Reporting Standard applicable In the UK ond Republicof Ireland{United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements: give a true and fair view ofthe state ofthe tharitvs affalrs as at 31 March 2024, and of its incoming resour$ and appllcatlon of resour$, including its income and expendlture, forthe vear then ended,. have been propedy prepared In accordan with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requlrements of the Charities Act 2011. Basls for oplnlon We conducted ouraudlt In accordance with International Standards on Auditing IUKI {ISAs {UKII and pplicable law. Our responsiblltties underthose standards are further described in the auditorfs responsibilities forthe audit of the financlal statements seCtn of OLff report. We are independent of the charlty in accordan with the ethical requirements that are relevant lo our audit of the financial 5tatement5 In the UK, induding the FRC'S Ethical Standard, and we have fulfllled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufflcient and appropriate to provide a basis for our oplnion. Concluslons relatlngto golng concem In auditing the flnanelal ststements. we have concluded that the trustees, use of the golng concern basls of accounting in the preparation of the flnanclal statements is appropriate. Based on the work we have performed, we have not identrfied any material uncertaintles relatlng to events or conditions that. individually or collectively, may cast signrficant doubt on the charity's ablllty to continue a5 a 8oinB concem for a period of at least twefve months from when the financial statements are authorised for issue. Our responslbllitles and the responsibllitie5 of the trustees With respectto golng concern are described in the relevant sections of this report. Other Informatlon The other informatK)n comprises the Informatic Included in the trustees, report and accounts, other than the flnanclal statements and our audito¢s report thereon. The trustees are resFX)nsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran conclusion thereon. Our responsiblllty Is to read the other Information and, in doing so, conslder whether the other information is materially inconsistent with the financlal ststements or our knowledge obtained in the course of the audit or otherwlse appears to be materially mlsstated. If we identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether this give5 rlse 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 infom)atlon, we are required to report that fact. We have nothlng to report In this regard.
THE CECILAND ALAN PILKINGTON TRUST FUND Inde endent Audltors, Re ort to the Trustees of The Cecll and Alan Pllkln contlnued on Trust Fund Matter5 on whlch we are requlred to report by exceptlon We have nothing to report In respett of the following matters in relation to which the Charitles (Accounts and Reports) Regulatlons 2008 require usto report to you if, in our opinion: the infLYrnation glven in the tfUStees' report is inconsistent in any material respecl with the financial statements; or sufficient accounting records have not been kept; or the financlal statements are not in agreement with the accountlng records; or we have not received all the Information and explanationswe require for our audlt. Responslbllltles of trustses s explained more fully in the trustees, responsljillties statement set out on page 8, the trustees are responsible for the preparatlon of the financial ststements and for being satlsfled that they glve a true and falr view, and for such internal control as the trustees determine is necessaryto enable the preparation of finandal statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnanoal ststements. the trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using the going concern basi5 of accountin8 unless the trustees either intend to Ilquldate the charwty or to ase operations, or have no reallstlc altemative but to do 50. Audltorfs respon51bllltlesfor the audit of the fftnanclal sLitements We have been appointed as Auditor under section 144 ofthe Charlties Att 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our objertlves are to obtain reasonable assuran al)out whether the financlal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to issue an Audltorfs report that includes our oplnion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS (UK} wlll always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre8ate. they could reasonably be expected to influence the economic decislons of users laken on the basis of these financial statements. Irgularities, including fraud, are instan5 of non-compliance with law5 and regulations. We design procedures in line with our responsibilitles, outlined above, to detert material misstatements in respect of irregularities, including fraud. The extent to which our ProdureS are capable of detecting irregularities, induding fraud Is detalled below: Discussion with management and those involved In the flnancial reporting process includlng consideration of known or suspected InStanS of non-complian with laws and regulallons central to the charity's ability to operate, and fraud; EvalUatn and testing of the operating effertlveness of management's controls deslgned to prevent and detect 5rregularltles; Identifying and testingiournal entries, in partlcular anyjournal entries posted with unusual accovnt combinations or of significant monetary amounts,. and Revlew of the rationale forthe calculation of key accounting estimates in the flnanclal statements and testing of the accuracy of these calculations. io
THE CECIL AND ALAN PIIKINGTON TRUST FUND Inde enden es of The Cecll and Alan Pllkln contlnued on Trust Fund There are Inhent limitations in the audit procedures described above. The further removed non- cornplian with law5 and regulatlons is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the rlsk of not detectkng a materlal mi5Statement due to fraud is hlgher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. forexample, forgery or intentional misrepresentations, or through collusk)n. A further descriptlon of our responsibilities is available on the Financial ReportinE Coundfs website at.. www.frc.or -uk auditorsres onsibilities. This description lorms part of our Auditorfs report. Use of our report This report 15 made solelyto the charitvs trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our aud work has en undertaken 50that we might state tothe charitrfs trustees thi)se matters we are required to state to them In an auditorfs report and for no other purpose. Totko fullest extent pemiitted by law, we do not acpt or assume responsibilityto anyone other than the tharity and the charlvs trustees as a body, for our audltwork. forthls report, or for the opinions we have formed. Livesey Spottlswood Llml d (Statutory (hartered Accountants nd Statutory Auditors 17 George Street, St Helens, Merseyside WAIO IDB Date.. ,,1714- Livesey Spottiswood Llmlted Is ellglble to act as an auditor in terms of section 1212 of the Companies Act 2LX)6. li
THE CECILAND ALAN PILKINGTON TRUST FUND Statement of flnanclal actlvltles for the year ended 31 March 2024 Notes Restrltted funds Unrestrlrted endowment fund 2024 Total funds Total funds 2024 2024 2023 Incorne and endowments from: Investments Donatlons, legacie5 and grants Charitoble ¢7rtivities.' UK benefit5 and servlces Ruskln Lodge respite care Other Total Income 3,161,866 71,242 3,161,866 77,092 3,105,095 75,930 5,850 101,425 284,270 6,333 3,625,136 101,425 284,270 6,333 3,630,986 100,527 284,384 3.395 3,569,331 5,850 Expendlture on ralsing funds: Investment management costs 1,700 1,700 1,500 Expendlture on charltable actlvltles: UK beneflts and services Ruskin Lodge resplte tare Visiting beneficiarles Overseas benefits and services Donation to Willowbrook Hospice Charitable expendlture 3,079 500 1,458,463 1,517.331 668,776 217,476 75.000 3,937.046 1,461,542 1,517,831 668,776 222,476 75,000 3.945,625 1,285,407 1,304,762 674,117 205,053 75,000 3544,339 5,000 8,579 Total expendlture Net incomellexpenditurel and movement in funds before galns and losses on Investment5 Net gains/llossesl on investmenls 8,579 3,938,746 3,947,325 3,545,839 12,729) {313,6101 1316,3391 23,492 8,237,478 8.237,478 14,882,949) Net movernent In funds 12,7291 7,92368 7,921,139 (4,859,457) Reconclllatlon of funds: Total funds brought forward 13,672 97,756,127 97,769,799 102,629,256 Total funds carrled lorward 10,943 105,679.995 105,690,938 97,769,799 The notes on pages 15 to 23 form part of these accounts 12
THE CECILAND ALAN PILKINGTON TRUST FUND Balance sheet as at 31 March 2024 2024 2023 Notes Flxed assets Tangible fixed assets Investments 667.229 104,758,663 105,425,892 746,426 96,503,517 97,249,943 Current a55ets Debtors Cash and bank deposits io 94,940 324,019 418,959 118,829 544.005 662.834 Creditors amounts fallinE due within one year Net current assets li 1121.0431 199,4041 297.916 563,430 Provislon for liabilities 12 132,8701 143,5741 Total assets less current Ilabllltle5 105,690,938 97,769.799 Fund balances Unrestricted endowment fund Restricted funds Total charlty funds 105,679,995 10,943 105,690,938 97,756,127 13,672 97.769,799 13 14 The above accounts were approved bythe trustees on OLF Suky slgned on their behalf bv: 2024 and were D J Brlckn 11 (Director of Trustee Companies} J McKenna (Director of Trustee Companies) The notes on pages 15 to 23 form part ofthese accounts 13
THE CECIL AND ALAN PILKINGTON TRUST FUND Cash flow statement for the year ended 31 March 2024 2024 2023 Cash Ilows from opwatlng actlvltles Net rnshfvom/lused In) operating qctivlties,. Cash flows from Investlng actlvltles Purchase of investments Purchase of equipment, furniture and vehicles Proceeds from sale of investments Dividends and interest from investment5 Receipt for sale of fixed assets Net cash (used byJ/provldedbylnvestlng artlvlrfes 13,359,994) 13,030,890) 162,6941 115,6901 139,3851 3,027 3.105,095 3,161,866 11,500 3,094,982 3,068,737 IDecreasell Increase in cash in the period Net funds at the start of year Net funds at year end131 March) 1265,0121 1.111,065 846,053 37,847 1,073,218 1,111,065 Reconclllatlon of nel Income/lexpendlture) to net cash flow from operailng actlvltles Net income1lexnditUre) and movement in funds 7,921,139 Adjustments for.. Depreciation charges IGain5lllosses on investments Dividends èn(1 interest from investments IProfltl/Loss on sale of fixed assets Iln¢rea5el/de¢rea5e in debtors Increase/ldecreasel in credltors and provislons Cash flow from operating activltles 14,859,457) 85,220 (8.237,4781 13,161,866) 11,8331 23,889 10,935 13.359.994) 85,598 4.882,949 13,105,095) 850 125,8901 19,8451 13,030.8901 Analysls of cash as at 31 Mar¢h Cash at bank Deposit5 held by in¥eslment managers Total cash 324,019 522,034 846,053 S44,(5 567,060 1,111.065 14
THE CECILAND ALAN PILKINGTON TRUST FUND Notes to the Ilnandal statements for the year ended 31 March 2024 l. Accountlng pollcles a) Basis of preparatlon The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared under the historlcal cost convention, with the exception of the investrnents which are stated at mid- market value. The financial statements have been prepared in attordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance wlth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. bl Incomlng resources All incoming resources are recognised once the Charity has entitlement to the resources, it is certain the resources will be received and the monetary value can be measured with sufficient reliability. Restricted income Is used in accordance with any speclfic restriction5 imposed by the donors. c) Resources expended Liabilities are recognised as soon 35 there is a legal or constructlve obligation committing the Charity to the expenditure. All expenditure is ac(our)ted for on an accrua15 basis, inclusive of irrecoverable VAT. Where costs cannot be directly attributable to particular categorles they have been allocated to activities on the most appropriate basis of apportionment. d) Investments All Investments are Inltlally recogni5ed at their transactlon value and subsequently measured at their falr value as at the balance sheet date uslng the closing quoted market price. All realised and unrealised galns and1055es are taken to the statement of financial activitles as they arise. Realised gains and losses on investments are calculated as the dlfference between the sales proceeds and the original cost of the investment. Unrealised gains and losses are calculated as the difference between market value at the end of year and opening market values. Realised and unrealised investment galns and losses are comblned In the statement of financial activities, e) TanBlble flxed assets and depreciatlon Indlvldual flxed a55et5 C05ting £1,500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a 5trai8ht Ilne bas15 as follows., Leasehold land and buildings between 10 and 50 years Motor vehicles between 5 and 8 years Furnlture, fittings and other between 3 and 25 years equlpment Deblorslcredltors Debtors and creditors are included in the financial statements at Iransaction value. 15
THE CECILANDALAN PILKINGTON TRUST FUND Note5 to the flnanclal statements for the year ended 31 March 2024 Contlnued g) Funds The unrestrlcted endowment fund may be spent in accordance with the Trusvs charltable objectives at the discretlon of the trustees. Restricted Funds arise from specific grants for individual projects or assets and must be used for the restricted charitable purpose. h) Penslon5 The Trust participates in both a defined benef its scheme and deflned contrlbutlon penslon schemes. The defined benefit scheme is a multi-employer scheme known as the Pilkington Superannuallon Scheme IPSS), It has not been possible to identify the underlying assets and liabilities attributable to each particlpatlng entlty. All pension contributlons pald In the year are charged to the statement of financial activities on a defined contribution basis. l) Lea51ng commltments Rentals paid under operating leases are charged to the statement of flnancial artivities as incurred. Jl Grants The cost of discretionary grants is recognised when the commltment has been approved, 2. Investment Income 2024 2023 Incorne from investments listed on a recognlsed stock exchange Interest on cash held by investment managers Bank interest 3,131,516 3,098,720 25,210 5,140 3,161,866 2,728 3,647 3,105,095 3. Grants, donatlons and legacles 2024 2023 Generol grants.. Pilkington Charitie5 Fund Restrlrted gmnt& Ralnford Trust 70,000 70,000 5,000 500 5,000 Margaret's Fund Restrlcted donotlons 350 250 Other donatlons 1,242 680 77.092 75.930 16
THE CECILAND ALAN PILKINGTON TRUST FUND Notes to the flnanclal statements for the year ended 31 March 2024 contlnued 4. Resource5 expended Apportloned support costs Olrect costs Total 2024 Total 2023 Cost of genemtlngfvnds Investment management costs Charltoble actlvltle5 UK benefits & services Ruskin Lodge respite care Visiting beneficiaries Overseas beneflts and service5 Donation to Wlllowbrook Hospice 1,700 1,700 1,500 1,188,959 1,296,769 396,513 189,962 272,583 1,461,542 221,062 1,517,831 272,263 668.776 32.514 222,476 1,285.407 1,304,762 674,117 205,053 75,000 3,148,903 75,000 798.422 3,947,325 75,O¢XI 3,545,839 Direct Costs Include: £8,579 (2023: £7,5791 of restricted expenditure. The external audlt fee of £9,000 (2023: £8,335}. Operatlng lease cosls In respect of land and buildings of £118,239 (2023.. £111,861) Support costs broken down by actlvlty UK benefhs Resplte & servlces care Vlsltlng beneflclarle5 Overseas Total Total 2023 Governance Corporate Finance Human resources Community care administration Total 37,577 18,257 41,137 37,577 36,514 41,138 37.578 18.257 41,138 12,526 125,258 107,164 12.888 85.916 72.200 7,100 130,513 122,420 31,770 91,933 31,448 155,151 118,454 143,842 272,583 13.900 221,062 143,842 272,263 301,584 287,830 32,514 798,422 708,068 Support costs have been allocated to activities on the basis deemed most appropriate. Premises cost5 are allocated to activity by area, pensions and salary admSnistration by headcount, other costs by proportion of time spent on the activity. 17
THE CECILAND ALAN PILKINGTON TRUST FUND Notes to the flnanclal statements for the year ended 31 March 2024 contlnued Expendfture on UK beneflts and servl¢es Unrestrlcted Restrlcted Total Total 2024 2024 2024 2023 Servlces provlded.. Personal care and sittlng servlce Dementla support Domestic assistance Home meals and laundry Gardening and security Hairdresslng Day centre seiceS Active lelsure/contact groups Prismlcalendar Total 5ervlce5 provlded 175,963 175,963 138,418 49,792 496,757 155,625 11,076 51,462 127,946 55,267 41,643 1,165,531 49,792 496,757 155,625 11,076 51,462 130,446 55,346 41,643 2,579 1.168,110 46.002 423,728 141,815 10.550 47,872 111,942 52,686 50,986 1,023,999 2,500 79 Number Grants to Indlvldual5: grants 2023 Halrdressing Domestic a55iStan Gardening Dlscretlonary grants Total grants to IndlvSduals 58 854 854 320 821 440 10,800 1,020 13,081 320 116 11,600 7,200 19,974 11,600 7.700 20.474 500 500 Glfts/ Chr15tmas provlslons 375 375 647 Total dlreet COSts 1.185.880 3.079 1,188,959 1,037,727 Community care administration and support Costs Total Spend on UK beneflts and servlce5 272.583 247,680 1,461,542 1,285,407 Restricted expenditure on UK benefSts and servlces In 2022123 was £2,579. 18
THE CECILAND ALAN PILKINGTON TRUST FUND Notes to the flnanclal statements for the year ended 31 March 2024 contlnued Trustee and staff costs Trustees Members of the Board ofthe Trustee companies do not receive any remuneration fortheir servlces. £94 expenses were reimbursed duringthe year to 31 March 202412023.. none). Staff numbers The average number of employees durlng the yearwas 69 {2023: 68). The average numbers of employees on a full time equNalent basls was.. 2024 2023 Charitable Management and adminlstration 45 46 Staff Costs 2024 2023 Wages and salaries Soclal Security costs Pension contributlons 1,672,680 143,376 235,105 2,051,161 1,536,549 129,279 225,661 1,891,489 The total employment beneflts, Including employer pension contributions, of the key management personnel was £359,439 {2023: £334,499). The number of employees whose emoluments (salarles and beneflts In klnd) fell within the following band,. 2024 2023 £60,000 - £69,999 £70,000- £79,999 £80.000 - £89,999 This excludes penslon contributlons of £18,36812023: £17,727). Pen51on schemes The Trust participate5 in both a defined benefits scheme and defined contrlbution pension schemes. The defined benefit scheme Is a multi-employer scheme known as the Pilkington Superannuation Scheme IP551. It has not been posslble to Identlfy the underlying assets and Ilabilitie5 attributable to each partlcipating entity. 19
THE CECIL ANDALAN PILKINGTON TRUST FUND Notes to the flnanclal statements for the year ended 31 March 2024 contlnued Under the trust deed eoverning the PSS. the employer's contributions are fixed at 16% of pensionable salary Iflxed at 30 Aprll 20131 for actlve members who contrlbute 8%, and 12.5% for members contributing 5.5%. Under the deed, the employer has no right of access to any investment surpluses but equally cannot be requlred to Increase contributlons to finance any deficits other than as may be required by legislatlon, All pension costs of the charity In relatlon to thls scheme are reported on a deflned contribution basls. The Pilklngton Superannuation Scheme is closed to new members. An auto enrolment scheme has been in place since July 2014 and a defined contrlbutlon scheme with Avlva is offered to all employee5. Tan8lble flxed assets Leasehold land & bulldlng5 Furnlture | flttlngs & Vehlcles l equlwnent Total Assets at cosl Balance l April 2023 Additions Disposals Balance 31 March 2024 1,800,203 282,125 365,573 15,690 2,447,901 15,690 {25,244) 2.438,347 (25,244} 1,800,203 256,881 1 381,263 Depreclatlon Balance l Aprll 2023 1,284,190 112,408 304,877 1,701,475 Charge forthe year Disposals Balance 31 March 2024 35,523 32,906 115,57711 1,319,713 129,737 16,791 85.220 115,577) 1.771,118 321,668 Net book value 31 March 2024 480,490 127,1441 59,595 667,229 31 March 2023 516,013 169,717 | 60.696 746.426 All fixed assets are used In the direct furtherance of the Charity'5 objectives. 20
THE CECILANDALAN PILKINGTON TRUST FUND Notes to the flnanclal statements for the year ended 31 March 2024 Contlnued Flxed asset Investments Managed funds Cash held on depos5t Total Market value 01 Aprll 2023 Additions at cost Net cash movement in the year Reallsed proflVlloss} on disposals 95,936,457 62,694 567,060 96,503,517 62,694 (45,026} 145,0261 95,999,151 522,034 96,521,185 Net unrealised investment galns. 8.237.478 8,237,478 Marketvalue 31 March 2024 104.236,629 522,034 104,758,663 Hlstorical cost 31 March 2024 91,357,533 522,034 91,879,567 Historical cost 31 March 2023 91,294,839 567,060 91,861,899 At 31 March 2024, the Trust was Invested in two managed funds, each wlth a diverslfled portfolio of investments. The market value of investments was £12,879,096 above cost at 31 March 2024 (2023,. £4,641,618 above costl, which reflects an increase In the value of investments during the year. io. Debtors 2024 2023 Pllkington Charltles Fund Local Government Other debtors 17,500 17.500 13,598 63.842 94.940 45,945 55,384 118,829 There are no debtors falllng due after more than one year12023: nil) ii. Credllors: amounts fallln8 due wlthln one year 2024 2023 Other creditors 121,043 121,043 99,404 99,404 21
THE CECILAND ALAN PILKINGTON TRUST FUND Notes to the flnantlal statements for the year ended 31 March 2024 contlnued 12. Provlslon for Ilabllltles Cumulatlve leave Refurblshment costs Total 01 April 2023 Additions 18,948 24,626 43,574 1,742 17.9111 10,000 11,742 (14,5351 122,4461 Used in the year Unused reversed In the year 31 March 2024 12,779 20,091 32,870 The cumulatlve leave provislon Is for holiday pay accrued by eli8ible staff based on pay rate5 at the balance sheet date. The refurblshment is for replaclng fumiture and equipment at Ruskln Lodge {our resplte care homel. 13. Re5trkted Funds The funds of the charily include donations and grants which need to be used for speclfic purposes and are classifled as restricted funds. At the year- end restricted funds comprise unspent balances as follows: Balance 31 March 2023 Movement of funds In the year Income Balance 31 March 2024 Spend Pensioners Club 630 {791 (2,5001 15,0001 {5001 551 Mlnlbus South Afrlca Garden furniture 12,292 9,792 5,000 s Doncaster activlties 250 250 Dementla group 350 350 Margaret's Fund 500 15001 (8,S791 13,672 5,850 10,943 22
THE CECIL ANDALAN PILKINGTON TRUST FUND Notes to the Ilnanclal statements tor the year ended 31 March 2024 contlnued 14. Analys15 of net assets between funds Restrlcted funds Unrestrlcted endowment fund Total fund5 Fund balances at 31 March 2024 are represented bv: Tangible fixed assets Investments 10,343 656,886 667,229 104,758,663 104,758,663 297,316 297,916 132,8701 132,8701 105,679,995 105,690,938 Net current assets 600 Provision for liablllties Total net assets 10,943 15. Related partles The Cecll & Alan Pllklngton Trust Fund uses Pilkin8ton Retirement Services Limited as an employment vehicle for 7112023.. 691 contracts of employment at the Balance Sheet date. All associated salary costs are borne exclusively by the Cecil & Alan Pilkington Trust Fund. Durlng the year the Trust did not pay any trustee for services12023: none). The Trust recelved a grant of £5,00012023: £5,000> and £3,750 (2023.. £3.570}for accountancy service5 from The Rainford Trust. a registered charity wlth common trustees. The Trust reiVed £750 {2023: £750} for accountancy services from The St Helens Housing Associatlon Trust, a registered charity with a common trustee. The Trust made pension contributionsfor 12 employees durlng the yeartothe scheme known as the Pilkington Superannuation Scheme {PSS} whlch has a common trustee. 16. Operatlng lease commltmenls At 31 March 2024 the charity had total minimum operating lease payments as sel out below: Land and Buildings: 2024 2023 Operatlng leases which explre: within one year between one and flve years 56,375 42,656 99,031 330,092 330,092 23