||||THE PILLING TRUST FUND|THE PILLING TRUST FUND|THE PILLING TRUST FUND|||| |---|---|---|---|---|---|---|---|---| ||||TRUSTEES REPORT FOR THE YEAR ENDED 5APRIL 2022|||||| ||||LEGAL AND ADMINISTRATIVE||DETAILS|||| |Principal|Office:||Suite 9b|||||| ||||Beehive|||||| ||||Lions Drive|||||| ||||Shadsworth
Business Park|||||| ||||Blackburn|||||| ||||BB12QS|||||| |Charity|Number:||241812|||||| |Trustees:||||||||| ||||Mr J M Sutcliffe (Chairman)|||||| ||||Mrs A M Elder|||||| ||||Dr SG Lindley|||||| ||||The Very Reverend
P Howell-Jones|||||| ||||Mr AJ Palmer|||||| ||||Professor
I Tracey|||||| ||||Mr M Elliott|||||| |Bankers:|||Handelsbanken|||||| ||||1"Floor, Wallander
House, Capricorn||||Bus Park,|| ||||Blakewater
Road, Blackburn,|BB1|5QR|||| |Investment||Manager:|Investec Wealth 8 Investment|||||| ||||The Plaza, 100 Hall Street, Liverpool,||||L3 9AB|| |Solicitors:|||DWF LLP, 1 Scott Place, 2 Hardman||||Street|| ||||Manchester,
M3 3AA|||||| |Custodian:|||Investec Wealth 8 Investment|||||| |Auditors:|||MHA Moore and Smalley Chartered|||Accountants||| ||||9Winckley Square, Preston,|PR1|3HP|||| |Secretary:|||Mr W J Campbell,
Suite 9b,|Beehive,|||Lions Drive, Shadsworth|Business| ||||Park, Blackburn,
BB12QS|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE PILLING TRUST FUND Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional GOn￿alment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. hltps'.Ilwww.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-and-guidancelSlandards-and- guidance-for-auditorslAuditors-responsibilites-for-audiVDescription-of-auditors-responsibilities-for- audit.aspx. This description fomis part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charites (Accounts and Reports) Regulations 2008. Our audil work has been undertaken so that we might state to the charity's trustee5 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 lo 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. NHA MHA Moore and Smalley Chartered Accountants and Statutory Auditor 9 Winckley Square Preston Lancashire PR13HP Date.. 0210212023 MHA Moore and Smalley is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006 Pqge 8 ## |||||Notes|2022|2021| |---|---|---|---|---|---|---| ||||||Unrestricted|Unrestricted| |Income:||||||| |Investment
income||||2|314,901|307,802| |Other income||||3||| |Total Income|||||314,901|307,802| |Expenditure:||||||| |Charitable
activities:||||||| |Support of church and organ music|||||178,081|239,912| |Other||||||| |Investment
management||costs|||54,641|48,260| |Total expenditure|||||232,722|288,172| |Net incoming/(outgoing)||resources before other||||| |recognised
gains and|losses on investments||||82,179|19,630| |Realised and unrealised||gains/(losses)|on investment|||| |assets||||6|252,586|2,546,686| |Net movements
in funds|||||334,765|2,566,316| |Fund balances
brought|forward —6 April 2021||||12,933,197|10,366,811| |Fund balances carried|forward —5April 2022||||13,267,962|12,933,197| ||||||2022||2021| |---|---|---|---|---|---|---|---| ||||Notes||||| |FIXEDASSETS|||||||| |Investments|||||12,533,894||11,980,774| |CURRENT ASSETS|||||||| |Short term deposits||||996,156||1,235,684|| |Cash at bank||||26,484||31,466|| |||||1,022,640||1,267,150|| |CREDITORS: Amounts||falling due|||||| |within one year|||7|(124,072)||(128,327)|| |NET CURRENT ASSETS|||||898,568||1,138,823| |CREDITORS: Amounts||falling due|||||| |after more than one|year||||(164,500)||(186,400)| ||||||13,267,962||12,933,197| |FUNDS|||||||| |General
unrestricted|income fund||10||13,267,962||12,933,197| ## ||||||2022|2021| |---|---|---|---|---|---|---| |Cash flows from operating|activities:|||||| |Net income/(expenditure)|for|the year|||334,765|2,566,316| |Adjustments
for:||||||| |Increase/(decrease)
in creditors|||||(26,155)|11,970| |(Gains)/losses
on investments|||||(252,586)|(2,546,686)| |Net cash provided
by / (used||by) operating|||56,024|31,600| |activities||||||| |Cash flows from investing|activities:|||||| |Disposal of investments|||||2,716,681|1,566,272| |Purchase
of investments|||||(3,017,215)|(1,490,663)| |Net cash (used in ) / provided||by investing|||300,534|75,609| |activities||||||| |Change
in cash, and cash|equivalents||in the|||| |reporting
period|||||(244,510)|107,209| |Cash and cash equivalents|at the beginning|||of||| |the reporting
period|||||1,267,151|1,159,942| |Cash and cash equivalents|at the end||ofthe|||| |reporting
period|||||1,022,640|1,267,151| ## ## ## ## ## ## ## ## ## ## ## |||THE PILLING TRUST FUND||| |---|---|---|---|---| ||NOTES TO THE ACCOUNTS FOR THE YEAR ENDED||5APRIL 2022|| |2.|Investment
income||2022|2021| |||||F| ||Income from listed|UK investments|211,656|213,235| ||Income from listed|non-UK investments|102,818|93,797| ||Interest receivable||427|770| ||||314,901|307,802| |3.|Other income||2022|2021| ||Grant refunded|||| |4.|Charitable
activities|||| ||||2022|2021| |||||F| ||Direct Charitable|Expenditure||| ||Grants Awarded
(see below)||155,150|219,216| ||Support Cost|||| ||Accountancy
and|Trust administration|19,931|18,596| ||Governance
costs|- audit|3000|2 100| ||||178,081|239,912| |suitable
instrument.||Grants to other institutions
were fo|r assisting
in the education
ofyoun| |---|---|---|---| ||||2022| |Spread over 5years||2022-26|| |Leeds Minster|||37,500| |Pipe Up, Devon|||7,500| |St Mary the Virgin,|Liverpool||13,500| |Blackburn
Cathedral||Trust|20,000| |Single Payments|||| |St Deny's Church,|York||3,300| |StJames, Norton|||7,500| |PCC Christ Church,|Aughton||5,000| |Manchester
Cathedral|||5,000| |St Bartholemew's,|Sealand||250| |St Michael's,
Barton|||7,000| |St Leonard's,
Loftus|||15,000| |Liverpool Cathedral|||6,000| |StAnne's,
Sheffiel|||6,000| |Calverley
Parish|||3,000| |Holy Trinity, Wensley|||5,000| |St Paul with St Luke,||Tranmere|5,000| |St Mary' s, Chester|||3,600| |Whittington
Parish|Church||5,000| ||||155,150| ## ## |5.|Investment|management|costs||2022|2021| |---|---|---|---|---|---|---| ||Investment|manager's
and|custodian's|fees|54,641|48,260| |||||2022|2021| |---|---|---|---|---|---| |Market value at 6 April 2020||||11,980,774|9,509,696| |Additions
at cost||||3,017,215|1,490,663| |Disposals||||(2,716,681)|(1,566,271)| |Realised gain/(loss)||||186,138|147,558| |Unrealised
gain/(loss)||||66,448|2,399,128| |Market value as at 5 April 2022||||12,533,894|11,980,774| |Historic cost as at 5April 2022||||10,961,234|9,904,467| |The market value of investments|is made||up as follows:-||| |||||2022|2021| |UK investments
listed on a recognised||stock exchange||7,970,671|6,544,266| |Non-UK investments
listed on recognised|||stock exchanges|4,563,223|5,436,508| |||||12,533,894|11,980,774| ## ## ## |7.|Creditors: Amounts|falling|due within one year|2022|2021| |---|---|---|---|---|---| ||Creditors||||| ||Accruals|||31,172|27,427| ||Grants agreed and|payable|by instalments|92,900|100,900| |||||124,072|128,327| |8.|Creditors: Amounts|falling|due after more than one year|2022|2021| ||Grants agreed and|payable|by instalments|164,500|186,400| ## ## |unds —Unr|estricted|income fund|||||| |---|---|---|---|---|---|---|---| |||Funds 6||||Gains &|Funds 5| |||April 2021|Income|Expenditure|Transfers|(losses)|April 2021| |Designated|funds|80,026||(76,650)|65,946||69,322| |Undesignated|funds|12,853,171|314,901|(156,072)|(65,946)|252,586|13,198,640| |||12,933,197|314,901|(232,722)|-|252,586|13,267,962| ## |||Unrestricted
fun|ds| |---|---|---|---| ||Designated|Undesignated|| ||funds
f|funds
f|Totalf| |Investments||12,533,894|12,533,894| |Current assets:|||| |- Short term deposits|69,322|926,834|996,156| |- Cash at bank||26,484|26,484| |Creditors||(288,572)|(288,572)| ||69,322|13,198,640|13,267,962| ## ## ##