THE PILLING TRUST FUND
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2023
Charity Commission Reference Number 241812

THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023
LEGAL AND ADMINISTRATIVE DETAILS
Principal OITice:
Suite gb
Beehive
Lions Drive
Shadsworth Business Park
Blackburn
BB12QS
Charity Number:
241812
Trustees:
Mr J M Sutcliffe (Chairman)
Mrs A M Elder
Dr S G Lindley
The Very Reverend P Howell-Jones
MrA J Palmer
Professor l Tracey
Mr M Elliott
Bankers:
Handelsbanken
1 sl Floor, Wallander House, Capricorn Bus Parf(,
Blakewater Road, Blackburn, B81 5QR
Investment Manager:
Inveslec Wealth & Investment
The Plaza, 100 Hall Street, Liverpool, L3 9AB
Solicitors:
DWF LLP, 1 Scott Place, 2 Hardman Street
Manchester, M3 3AA
Custodian:
Investec Wealth & Investment
Auditors:
MHA Moore and Smalley Chartered Accountants
9 Winckley Square, Preston, PR13HP
Secretary:
Mr W J Campbell, Suite 9b, Beehive, Lions Drive, Shadsworth Business
Park, Blackburn, BB12QS
Page I

THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023
The financial statements have been prepared in accordance with the accounting policies set out in the
notes to the accounts and Gomply with the charity's governing document, 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 effective October 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust
The trust, commonly known as the John Pilling Trust, was set up in 1957 by John and Margaret Pilling,
principally for the purpose of assisting Anglican churches to maintain good music in their service5. The
trust is a registered charity and the trust deed is dated 10 May 1957.
John Pilling died in 1996 and bequeathed the bulk of his estate to the trust. It is this bequest which
accounts for virtually the whole trust fund. As trustees, we have regard to what we believe would be
John Pilling's wishes when exercising our discretion. We do not carry out any fundraising.
The Trustees
The Trustees are listed on Page 1. All seNed throughout the year. We re￿1ve no remuneration, but
we do receive some expenses., see Note 3.
We usually meet a year to deal with grant applications and to receive a report from our fund
managers.
The trust deed prescribes that there must be at least trustees but not more than seven. New
trustees are appointed by existing trustees who periodically assess what skills and experien￿ are
needed to maintain an appropriate balance.
New trustees receive an induction pack with a copy of the trust deed, recent accounts and minutes.
They are also given a copy of the Charity Commission's guidance 'The Essential Trustee - What you
need to know, (CC3).
Administration
Routine administration is in the hands of the Secretary. See Page 1 and also 'Applying for a Grant,
below.
Risk Managemènt
We assess the major risks to which the charity is exposed, and we have suitable controls to mitigate
them. The principal risk faced by the charity lies in the performance of investments. This is mitigated
by retaining expert investment managers and having a diversified investment portfolio.
OBJECTIVES- GRANT MAKING- PUBLIC BENEFIT
Objectives
The objectives of the trust are set out in the trust deed.
li) to advance the religious beliets of the Church of England together with the maintenance of
the musical side of church services, Church, includes Churches, Chapels, Collegiate
Churches and Cathedrals ofthe Anglican Communion, and
lil) the advancement of education.
Page 2

THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023
Grant Making
To promote these objectives, we usually make grants at our discretion to Ghurches in need of funds
for their church organs or their choirs. We also make grants to bodies training young organists.
The grants agreed during the year are listed in note 3. They amounted to £160,846 {2022.' £155,150).
Outstanding offers at the yearend were £84,92012022'. £69,322).
Our grants are usually paid only when the applicant is committed to their proposal. We can then be
satisfied that the money will be spent on promoting the objectives of the trust.
There are vastly more potential applicants for a grant than we could ac￿de to. So, to redu￿ the
number of unsuccessful applications we decided not, for the time being, to accept applications from
churches in the Province of Canterbury.
Applying for a Grant
Anyone wanling more information or wishing to make an application should gel in touch with the
Secretary, Will Campbell. His address is on Page 1, phone number is 01254 686600, email..
wcam
bell
beeverstrulhers.co.uk
Fundraising
The Charity does not do any fundraising activities.
Public Benefit
There are many thousands of churches in the Church of England as well as elsewhere in the Anglican
Communion. Generally, these churches set out to welcome and serve their whole communities and
not just committed Anglicans. Good music is often vital for their mission. Good church music means
having good musicians and, especially, good organists. They need appropriate education and
training.
We confimi that we have referred to the guidance contained on the Charity Commission website in
relation to charitable purposes and public benefrt when reviewing our aims and objectives and in
setting our grant making policy for the year.
FINANCE
Results for the year :.
Total income exceeded expenditure, prior to net gainsl(losses) on investments, by £85,901 12022..
£82,179).
Total expenditure exceeded income, post net gainsl{lossesl on investments, by £588,79312022. total
income exceeded expenditure, post net gainsl{lossesl on investments, by £334,765).
Revaluation and disposal of investments resulted in a loss of £670,208 in the year compared to a gain
of £252,586 in the previous year. This is analysed as a realised gain of £101,391 and an unrealised
loss of £771,599.
Page 3

THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023
INVESTMENTS AND RESERVES
Policy
We have wide investment powers. We maintain a substantial sum on deposit for ourshort-temi needs.
We have appointed managers with delegated powers lo invest Ihe balance with nominees to hold the
investments. See the list on page 1.
The managers are to invest their portfolio in securities quoted on a recognised stock exchange. Their
objective is to produce a total return in line with the MSCI WMA Balanced benchmark total return. The
portfolio is to be invested mainly in equities including overseas equities.
We do not have a policy on socially responsible investing, preferring to rely on the good judgement of
the managers.
Performance
Despile the bankruplcy of the sixteenlh largest bank in Ihe Uniled Slates (Silicon Valley Bank) and
the fact that the second largest bank in Switzerland (Credit Suissel had to be rescued by the biggest
IUBS}, equity markets put in a remarkably steady performance during March, although there was a
wide performance gap between the best and worst sectors. US Banks took the biggest hit, losing a
quarter of their value in aggregate, as investors weighed up the prospects of lower profitability.
Concerns also resurfaced about the quality of loans made to the commercial property sector amidst
the downward shift in Offi￿ attendance following the pandemic. Even so, we remain of the opinion
that a Rerun of the Great Financial Crisis is improbable, and were encouraged by the speed with
which ￿ntral banks provided liquidity to the financial system when required. The MSCI World Index
managed to grind out a small gain, consolidating the advances made earlier in the quarter. Indices
were buoyed by a strong performance from US large cap Technology shares, which were supported
by lower bond yields as markets priced in an expectation that central banks will be quicker to cut
interest rates now that the first major cracks have started to appear in the financial sector. UK equity
indices lost some ground on account of their exposure to more cyclical sectors. The US 10-year
Treasury yield, having briefly risen above 40A at the beginning of the month in response to "hot"
economic data, fell back close to 3.50/0. The 10-year UK Gilt enjoyed a similar performance. But with
inflation remaining elevated, there were further interest rate increases from the Federal Reserve, the
Bank of England and the European Central Bank amongst many other central banks, and they might
not yet be finished with their policy tightening.
The Bloomberg consensus for World GBP growth in 2023 remains at 2.40/0 although there is
considerable Un￿rtaInty about how the year will evoke. While the UK and Europe appear to have
been remarkably resilient thanks to the reduction in wholesale energy costs, the pace of China's
recovery has been somewhat disappointing. The US economy has been remarkably resilient, but
many indicators suggest a potential US recession later in the year. The tumoil in its regional banking
industry only added to those fears, especially if banks become more cautious in their lending policies.
We continue to await signs ofweakness in company earnings, which we believe will occur as the year
progresses. Although inflation remains elevated, the fact that it is falling from its peak levels will give
companies less cover to increase prices, while their costs continue to increase. Wages could be a
particular source of pressure for margins, with unemployment remaining very low as many employees
appear lo have left the workforce for good. The UK Chancellor delivered a Spring Budget
characterised by his 'safe pair of hands" strategy, which continues the task of rebuilding confiden
in the conseNative administration. In terms of cash, we received £317,238 in dividends and interest
which was distributed lo the Trust
Reserves Policy
We consider that the demand for grants will continue indefinitely. Though we Gan and do spend capital
as well as income, we consider the fund at £12,594,24912022.' £13,198,640) being the amount not
earmarked for a specifiG purpose, to be satisfactory. We do not propose to raise more funds.
Page 4

THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023
Trustees, Responsibilities Statement
The Trustees are responsible for preparing the Trustee's Report and the financial statements in
accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting practi￿).
The law applicable to charities in England and Wales requires the Trustees lo prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the trust and
of the incoming reSoUr￿S and application of resources of the trust for that period. 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 trust will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the trust, 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 trusl and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Auditors
We have appointed MHA Moore and Smalley Chartered Accountants as auditors of the trust.
3010112024
Approved by the trustees on
and signed on their behalf by..
J M Sutcliffe
Page 5

INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF THE PILLING TRUST FUND
Opinion
We have audited the financial statements of The Pilling Trust Fund (the 'charity') for the year ended 5 April
2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and
notes to the financial statements, including a summary of 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..
give a true and fair view, of the state of the charity's affairs as at 5 April 2023, and of its incoming
resources and application of resources, for the year then ended.,
have been properly prepared in accordan￿ with the United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordan￿ with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of 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 FRC'S Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with
these requirements. We believe that the audit evidence 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 infomiation
The other infomiation comprises the information included in the trustees, annual report, other than the
financial statements and our auditor's report thereon. Our opinion on the financial statements does not
cover the other information and, except to the extent othetwise explicitly stated in our report, we do not
express any form of assurance conclusion Ihereon.
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 audit or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the financial
statements or a material misstatement of the other information. 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.
Page 6

INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF THE PILLING TRUST 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..
the information given in the financial slalements is inconsistent in any material respect with the
Trustees, Annual Report,. or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the infomiation and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees, Responsibilities Statement set out on page 5, Ihe trustees are
responsible for the preparation of the financial statements which 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
conlinue as a going concern, disclosing, as applicable, matters related lo going concern and using the
going concerns basis of accounting unless the trustees either intend to liquidate the charity or to cease
operations, or have no realislic alternalive but to do so.
Auditors 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 regulations made under section 154 of that Act.
Our objectives
Our objectives are to obtain reasonable assuran￿ 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..
Reviewing board minutes.
Auditing the risk management override of controls, including through testing journal entries and other
adjustments for appropriateness.
Enquiries with management about any known or suspected incidents on non-compliance with
regulations and fraud.
Challenging assumptions and judgements made by management in their significant accounting
estimates, in particular in relation to fixed asset investments and future performance in light of the
impact of Covid-19.
Because of the field in which the client operates, we identified that compliance with the Charities Act 2011
is the are most likely to have a material impact on the financial statements.
Page 7

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 irregularrties, 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 cOn￿alMent, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council's website at:
https.Ilwww.frc.org.UkJOur-Wor￿Aud1uAudlt-and-aSsUranCeIStandardS-and-guIdance/SIandardS-and-
guidance-for-audilorslAuditors-responsibilites-for-audiVDescripiion-of-auditors-responsibilities-for-
audit.aspx. This description forms 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 audit work has been undertaken so that we might slate lo
the charity's trustees those matters we are required lo 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 fomied.
MHA
MHA Moore and Smalley
Chartered Accountants and Statutory Auditor
g Winckley Square
Preston
Lancashire
PR1 3HP
0210212024
Date..
MHA Moore and Smalley is eligible to act as an auditor in tems of section 1212 of the Companies Act
2006
Page 8

THE PILLING TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2022
Notes
2023
2022
Unrestrlcted
Unrestrleted
Income:
Investment income
321,724
314,901
Total Income
321,724
314,901
Expenditure:
Charitable activities:
Support of church and organ music
184,565
178,801
other
Investment management costs
51,258
54,641
Tolal expenditure
235,823
232,722
Net incominglloutgoing) resources before other
recognised gains and losses on investments
85,901
82,179
Realised and unrealised gainslllossesl on investment
assets
1674,6941
252,586
Net movements in funds
1588,7931
334,765
Fund balances brought fonmard - 6 April 2022
13,267,962 12,933,197
Fund balances carried forward- 5 April 2023
12,676,169 13,267,962
The notes on pages 72 to 18 form an integral part of these accounts
Page 9

THE PILLING TRUST FUND
BALANCE SHEET AS AT 5 APRIL 2023
2023
2022
Notes
FIXED ASSETS
Investments
11,884,816
12,533,894
CURRENT ASSETS
Short term deposits
1,021,005
996,156
Cash at bank
69,446
26,484
1,090,451
1,022,640
CREDITORS: Amounts falling due
within one year
6 1114,9981
1124,0721
NET CURRENT ASSETS
975,453
898,568
CREDITORS: Amounts falling due
after more than one year
1181,1001
1164,5001
12,679,169
13,267,962
FUNDS
General unrestricted income fund
12,679,169
13,267,962
Approved by the trustees on
3010112024
and signed on their behalf by..
J-114
Mr J M Sutcliffe
The notes on pages 12 to 18 form an integral part of these accounts
PogL, 10

THE PILLING TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDING 5 APRIL 2023
2023
2022
Cash flows from operating activities:
Net incomellexpenditurel for the year
Adjustments for..
1588,7931
334,765
Increaselldecrease) in creditors
7.528
126,155)
IGains)Ilosses on investments
670,208
1252,586)
Net cash provided by I (used by) operating
activities
88,943
56,024
Cash flows from investing activities:
Disposal of investments
1,518,185
2,716,681
Purchase of investments
{1,539,3171 (3,017,215)
Net cash {used in ) I provided by investing
activities
21,132
300,534
Change in cash, and cash equivalents in the
reporting period
67.811
1244.510)
Cash and cash equivalents at the beginning of
the reporting period
1,022,640 1,267,151
Cash and Gash equivalents at the end of the
reporting period
1,090,451
1,022,640
Th8 notes on pages 12 to 18 form an integral part of these accounts

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with the Statement of Recommended
Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in
October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practi￿ as it applies from 1
January 2015.
The financial statements have been prepared to give a'true and fair, view and have departed from
the Charities (Accounts and Reports) Regulations 2008 only to the extent required to give a 'true
and fair, view. This departure has involved following Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 102) issued on 16 July 2014 rather than the Accounting and
Reporting by Charilies. Statement of Recommended Practice effective from 1 April 2005 which
has since been withdrawn.
The financial statements have been prepared under the historical cost convention, with the
exception of investments which are included at market value and in compliance with applicable
Accounting Standards.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income
Investment income is recognised when its receipt is probable, and the amount can be measured
reliably.
Donations and legacies are accounted for when receipt is probable, and ils amount can be
measured reliably.
Other income is accounted for on an accruals basis.
Income includes income tax recoverable.
Expenditure and irrecoverable VAT
Liabilities are recognised as resources expended as soon as there is a legal or constructive
obligation committing the trust to the expenditure. All expenditure is accounted for on an accruals
basis and has been classified under headings that aggregate all costs related to that category.
Grants payable are payments made to third parties in the furtheran￿ of the charitable objectives
of the trust. The granls are accounted for once the offer has been accepted and all the obligalions
under the offer complied with.
Irrecoverable VAT is charged against the category of resources expended for which it was
incurred.
Other costs
other costs consist of investment management fees.
PogL, 12

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
Other expenditure
Support costs comprise non-direct costs of the charity and are allocaled belween cost of raising
funds and expenditure on charitable activities.
Included within support costs are all governance costs involving the public accountability of the
trust and its Complian￿ with regulation and good practice.
Taxation
As a registered charity, the trust is generally exempt from Income Tax and Capital Gains Tax, but
not from VAT.
Fixed Asset Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction
value and subsequently measured at their fair value as at the balance sheet date using the mid-
market closing prI￿s. The stalement of financial activilies includes Ihe nei gains and losses arising
on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charTty is that of volatility in equity marf(els and
investment markets due to wider economic condrtions, the attitude of investors to investment risk,
and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised Gains and Losses
All gains and losses are taken to the Slalemenl of Financial Activities as they arise. Realised
gains and losses on investments are calculated as the differen￿ between sales proceeds and
opening market value (purchase date if later). Unrealised gains and losses are calculated as the
difference between the carrying value at the year end and opening market value lor purchase date
if later).
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value.
Funds structure
Unrestricted funds
Unrestricted funds represent investment income and other income generated for the objects of the
trust without further specific purposes and are available as general funds.
Designated funds
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Judgements and Key Sources of Estimation Uncertainty
The preparation ofthe financial statements requires management to makejudgements, estimates
and assumptions that affect the amounts reported. These estimates and judgements are
continually reviewed and are based on experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
In the opinion of the Trustees there are no critical accounting judgements and key sources of
estimation and uncertainty.

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
2. Investment income
2023
2022
Income from listed UK investments
Income from listed non-UK investments
Interest receivable
216,235
87,325
211,656
102,818
427
314,901
321,724
3. Charitable activities
2023
2022
Direct Charitable Expenditure
Grants Awarded (see below)
Support Cost
Accountancy and Trust administration
Governance costs - audit
160,846
155,150
20,419
19,931
184,565
178,081
The following grants were agreed during the year. They were all for purposes within the objects of the
trust as sel out on page 2. The grants to churches were for the purpose of helping them lo maintain or
achieve good standards of church music - whether by assisting them with choir costs or with the cost of
a suitable instrument. Grants to other institutions were for assisting in the education of young organists.
2023
Spread over multiple years
St Martin in the Field (spread over 5 years 2023-27)
Halifax Minster (spread over 4 years 2023-26}
Dean and Chapter, St Asaph Cathedral (spread over 3 years 2023-25)
st Ann's Church, Manchester (spread over 5 years 2024-2028)
25,000
24,000
15,000
46,500
Single Payments
Halifax Minster
Christ Church, Penrith
Holy Trinity Church
St Anne's Episcopal Church, Kemnay
St Nicholas Church, Blundellsands
St Hilda's Church, Leeds
st Martin's Church, Low Marple
St Aidan's Church, Bamber Bridge
st Botolph's, York
St Stephen's, Keighley
st Clement's, Bradford
Dr Martin Clarke, YOST
st Mary Magdalene, Yarm
St Lawrence Church, York
6,000
6,000
846
1,000
5,000
2,500
2,500
4,000
1,500
2,500
3,000
5,000
7,500
3,000
160,846
PogL, 14

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
3. Charitable activities (continued)
Support costs represent amounts paid to the administrators in respert of accountancy and administering
the charity of £19,410 (2022.. £18,750}, audit fees of £3,300 (2022. £3,000), trustees expenses of £979
12022.. £9211 and bank charges of £3012022.. £20). None ofthe trustees received any remuneration from
the trust.
4. Investment management costs
2023
2022
Investment manager's and custodian's fees
51,258
54,641
5. Fixèd Asset Investments
2023
2022
Market value at 6 April 2022
Additions at cost
Disposals
Realised gainlllossl
Unrealised gainlllossl
12,533,894 11,980,774
1,539,316
3,017,215
11,518,186) 12,716,681)
101,391
186,138
1771,5991
66,448
Market value as at 5 April 2023
11,884,816 12,533,894
Historic cost as at 5 April 2023
11,043,302 10,961,234
The market value of investments is made up as follows..
2023
2022
UK inveslments listed on a recognised slock exchange
Non-UK investments listed on recognised stock exchanges
7,299,568
4,585,248
7,970,671
4,563,223
11,884,816
12,533,894
PogL, 15

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
S. Fixed Asset Investments (continued)
The investments consist of equities, unit trusts and fixed interest investments. There are no
investments which represent more than 5 % of the fund's investment portfolio.
All investments are carried at their fair value. Investment in equities and fixed interest securities are
all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common
investrnent funds, unit trusts and open-ended investment companies are at the bid price. The basis
of fair value for quoted investments is equivalent to the market value, using the bid pri￿. Asset sales
and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Trust is
considered in the financial review and investment policy and performance sections of the Trustees,
Annual Report.
The main risk to the Trust from financial instruments lies in the combination of un￿rtain investment
markets and volatilily in yield. Due to 'quantitalive easing, and market senlimenl favouring lower risk
investments, the yield on bonds has been abnormally low giving rise to a significant downside risk of
a fall in capilal values when interest rales relurn to normal levels. Although rising interest rales
resulting from a stronger economy and improved economic activity should be indicative of improving
dividend yields and equity values, there is a concern that the abnormal availability of 'cheap money,
to the banking sector has led to wider over-valuation of traded assets lan 'asset bubble'} that may
depress equity values once economic conditions ease. The Trust is reliant on dividend yield in part
to finance ils work and this leads to a greater exposure lo international companies, the values of
which, together with their yield are exposed lo exchange rate risk when converting the holdings into
sterling. The outlook for the sterling exchange rate is that it is anticipated to weaken as European,
US and Asian economies strengthen. A weakening in the exchange rate will improve sterling returns
from foreign currency denominated holdings.
The default rate on fixed interest securities due to corporate failures is expected to improve with a
strengthening economy. The high current demand for high quality corporate bond and government
stock continues to depress the yield.
Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by
central banks and market regulators has continued to provide for orderly trading in the markets and
so the ability to buy and sell quoted equities and stock is anticipated to continue. The Trust's
investrnents are mainly traded in markets with good liquidity and high trading volumes. The Trust has
no material investment holdings in markets subject to exchange controls or trading restrictions.
The Trusl manages these investmenl risks by retaining expert advisors and operating an investment
policy that provides for a high degree of diversification of holdings within investment asset classes
thal are quoted on recognised stock exchanges. The Trust does not make use of derivatives and
similar complex financial instruments as it takes the view that investments are held for their longer
term yield, total return and historic studies of quoted financial instruments have shown that volatility
in any particular 5 year period will normally be corrected.
PogL, 16

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
6. Creditors: Amounts falling due within one year
2023
2022
Accruals
Grants agreed and payable by instalments
21,098
93,900
31,172
92,900
114,998
124,072
7. Creditors: Amounts falling due after more than one year
2023
2022
Grants agreed and payable by inslalments
181,800
164,500
8. Contingent Liabilities
Al the year-end grants offered by the trust totalling £84,920 12022.. £69,322) were under
consideration by the offerees or the offerees had accepted them but the obligations under the offer
had still to be complied with.
Funds- Unrestricted income fund
Funds 6
April 2022 Income Expenditure Transfers
Gains &
Funds 5
{lossesl April 2021
Designated funds
Undesignated funds
69,322
13,198,640 321,724
(44,3461 59,944
84,920
(191,477) (59,9441 (674,694) 12,594,249
13,267,962 321,724
(235,823)
1674,6941 12,679,169
The designated funds represent the grants that have been offered but as yet not claimed at the year
end.
PogL, 17

THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
11. Analysis of assets and liabilities between funds
Unrestricted funds
Designated Undesignated
funds
funds
Total
Investments
Current assets-.
Short term deposits
Cash at bank
Creditors
11,884,816
11,884,816
84,920
936,085
69,446
{296,0981
1,021,005
69,446
(296,098}
84,920
12,594,249
12,679,169
12. Post balanc8 sh8et 8v8nts
The market value ofthe investments managed by Investec Wealth & Management was £12,452.496
at 5 April 2023, comprising of investments of £11,884,816 and cash held on deposit of £567,680.
AI 30 June 2023 the market value was £12,432,677, comprising of investments of £11,907,474 and
cash held on deposit of £525,203.
13. Related Party Transactions
Max Elliott declared an interest in application 1785, The Church of the Holy Cross, Gilling East and
application 1799, St Lawrence Church, York.
The Very Reverend P Howell-Jones declared an interest in application 1793, St Aidan, Bamber
Bridge and St Leonard, Walton-le-Dale.
None of the Trustees received any remuneration from the Trust.
Fees invoiced by Beevers and Struthers Accountants for accountancy and trust administration of
£18,750 (2022.. £18,750) were payable in the year.
PogL, 18

## **The Pilling Trust Fund** 

Registered / head office address: First Line Of Address Second Line Of Address Third Line Of Address Fourth Line Of Address POST CODE 

Charity number: 241812 Country of registration: England & Wales 

MHA Moore and Smalley Richard House 9 Winckley Square Preston PR1 3HP 

Dear Sirs, 

## **Financial statements for the year ended 5 April 2023** 

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the financial statements for the year ended 5 April 2023. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief. 

## **General** 

1.  We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter under the Charities Act 2011 for preparing financial statements in accordance with applicable law and Charities SORP (FRS102) for being satisfied that they give a true and fair view and for making accurate representations to you. 

2.  All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. 

3.  All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission. 

4.  The financial statements are free of material misstatements, including omissions. 

5.  The effects of uncorrected misstatements (as set out in the appendix to this letter) are immaterial both individually and in total. 

## **Internal control and fraud** 

6.  We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.