Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 Charity Commission Reference Number 241812
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 LEGAL AND ADMINISTRATIVE DAlLs Principal Office: Suite 9b Beehive Lions Drive Shadsworth Business Park Blackburn BB12as Charity Number: 241812 Trustees: Mr J M Sutcliffe (Chaim)an) Mrs A M Elder Dr S G Lindley The Very Reverend P Howell-Jones Mr A J Palmer Professor l Tracey Mr M Elliott 8anker8: Handelsbanken 1$1 Floor, Wallander House, Capricom Bus Park, Blakewater Road. Blackbum. B815QR Investment Manager: Investec 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 9 Winckley Square. Preston. PR13HP Secretary: Mrs H Binns, Suite 9b, Beehive. Lions Drive, Shadsworth Business Park, Blackbum. BB12QS Pag¢ I
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's goveming document, the Charits'es Act 2011 and Accounting and Reporting by Charities.. Statement of Rècommended Pr2etice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective October 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust The Irusl, commonly known as the John Pilling Trust. was sel up in 1957 by John and Margaret Pilling, principally for the purpose of assisting Anglican churches lo maintain good music in their Seices. 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 lo the trust. 11 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. Al seryed throughout the year. We receive no remuneration, bul we do receive some exnses., see Note 3. We usually meet lce a year to deal with grant applications and to receive 8 report from our fund managers. The trust deed prescribes that there musl be al leasl two Irustees bul not more than seven. New Iruslees are appointed by existing Iruslees who perKrflically assess what skills and experience are needed to rnaintain 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 lo know, ICC31. Admlnlstratlon Routine administration is in the hands of the Secretary. See Page 1 and also 'Applying for a Grant, below. Risk Management We assess the major risks to which the charity is exposed, and we have suilable controls lo mitigate them. The principal risk faced by the charty lies in the perfomance of investments. This is miligaled 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. lil to advance the religious beliefs 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 lill the advancement of education.
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 Grant Making To promote these objectives, we usually make grants at our discretion to churches in need of funds for their church organs or their choirs. We also make grants to bixjies training young organists. The grants agreed during the year are listed in note 3. They amounted to £119,23712023- £160,846). Oulslanding offers al the yearend were £89,(XIO12023- £84.920). 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 promotiro the objectives of the trust. There are vastly more potential applicants for a grant Ihan we could accede lo. So. to reduce the number of unsuccessful applications we decided not, for the time being, lo accept applications from churches in the Province of Canterbury. Applying for a Grant Anyone wanting more information or wishing to make an application should gel in touch with Charlotte Kay. Her address is on Page 1. phone number is 03330 910411. email.. cka 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 sel out lo welcome and serve Iheir whole communities and nol just committed Anglicans. Good music is often vital for Iheir mission. Good church music means having good musicians and. especially. good organists. They need appropriate education and training. We confim7 that we have referred to the guidan contained on the Charity Commission website in relation to charitable purposes and public benefit when reviewing our aims and objectives and in S811ing our granl making policy for the year. FINANCE Results for the year :. Total income exceeded expenditure, prior to net gainslllosses) on investments, by £180,80012023'. £85,901). Total income exceeded expenditure. post net gainsl{lossesl on inveslmenls. by £827.61812023= total expenditure exceeded income, post net gainslllosses) on investments, by £588,793). Revaluation and disposal of investments resulted in a gain of £648.184 in the year compared to a loss of £670,208 in the previous year. This is analysed as a realised gain of £100,392 and an unrealised gain of £547,792. Pag¢ 3
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 INVESTMENTS AND RESERVES Policy We have wide investment powers. We maintain a substantial sum on depositfor our short-term needs. We have appointed managers wilh delegated powers lo invest the 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 lolal retum in line with the MSCI WMA Balanced benchmark total return. The portfolio is lo be invested mainly in equities including overseas equities. We do not have a policy on socially respK•nsible investing, preferring to rely on the good judgement of the managers. Performance For the financial year 5th April 2023 to 5th April 2024 the Pilling Trust capital valuation appreciated 8.050/0 from £12,452,496 10 £13,053,395. The income yield on the portfolio was 2.600A or about £338,738. IGeolpolilical risks and the indebtedness of westem govemments We the key structural concerns throughout the year, but lo a greater or lesser degree they were manageable, and equity markets showed steady returns whilst the yield returns from fixed interest inveslments were attractive compared lo those post Global Financial Crisis. Undue attention to those risks could have cost investors a lol of return in recent years. More cydically. the path of inflation was a key determinant of short-lerm outcomes and defined central bank wlicy. This was especially the case in the US in the run up lo the election. We continue to maintain a quality bias in our investments for the Pilling Trust, especially in temis of balance sheet strenglh and access to liquidity- Rosorvos Policy We consider that the demand for grants wll continue indefinitely. Though we can and do spend capital as well as income. we consider the fund al £13,417,787 12023.. £12,594,249) being the amount not èarmarked for a spècific purpose, to be satisfactory. We do not propose to raise more funds. P4g¢ 4
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 Trustees, Responsibllities Statement The Trustees are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice)- The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for ea¢h financial year which give a twe and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these financial stalemenls. the Trustees are required to.. select suitable accounting policies and Ihen apply them consistently- observe the methods and principles in the Chanties SORP., make judgements and estimates that are reasonable and prudent; slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the trust will continue in operation. The Trustees are responsible for keeping proper accounting reccrfds that disclose with reasonable accuracy al any time the financial position of the trust, and enable them to ensure that the financial slalemenls comply with the Charities Act 2011. Ihe Charity {Accounls and Reports) Regulations 2008 and Ihe provisions of the Irusl deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for thè prevèntion and detection of fraud and olh&r irregularitiès. Audltors We have appointed MHA as audilors of the Irust. February 3. 2025 Approved by the trustees on and signed on their behalf by: J M Sulcliffe P4g¢ 5
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE PILLING TRUST FUND Oplnlon We have audited the financial statements of The Pilling Trust Fund (the 'charity'l for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and noles lo the financial statements, including a summary of signifficant 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 Practicel- In our opinion the financial statements-. give a true and fair view, of the slate of the charity's affairs as at 5 April 2024, and of its incoming resources and application of resources. for the year then ended; have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practi-, and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audil in accordance with Inlemalional Standards on Auditing (UK and Ireland) and applicable law. Our responsibililies under those siandards are further described in the Auditor's responsibilities for the audit of financial slalemenls 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 wilh these requirements. We believe that the audit evidence is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalemenls, we have conduded that the trustees. use of the going concern basis of accounting in th8 preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating lo 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 slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant seclions of this report. Other Infomiatlon The other information comprises the information included in the trustees, annual report, other than the financial statements and OLJr auditor's report thereon. Our opinion on the financial statements does not cover the other infomalion and, except lo the extent otherwse explicitly staled in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other infomation and. in doing so, consider whether the other infomiation is materially inconsistent with the financial slalements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material mi8slatements, we are required to detem)ine whether there is a material misstatement in the financial statements or a material misslalement of the other infomialion. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to pOrt in this regard. P4g¢ O
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 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 lo you rf. in our opinion= the information given in the financial statements is inconsistent in any malerial 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 information and explanations we require for our audit. Re$pon$lbllltles of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 5. the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees deterrnine is necessary to enable the preparation of financial statements th818re free from material misstatement. whether due to fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concerns basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but lo do so. Auditors responsibilities for the audlt of the flnancial ststements We have been appointed as auditor under section 144 01 the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accord8n¢e with ISAS IUKI wll always detect a material misstalemenl when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thesé financial stalemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misstalemenls in respect of IrgU18r1Iie$, including fraud. The specific procedures for this engagement and the extent lo which these 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. Agreeing income lo supp)rting d[umentatIon. 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 eslimales. in particular in relation to fixed asset investments. Pag¢ 7
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE PILLING TRUST FUND Because of the inherent limitations of an audit, there is a risk thal we will not detect all irregulartties, including Ihose leading to a material misstatement in the financial statements or non-complian with regulation. This risk increases the more Ihal compliance wilh a law or regulalion 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 grealer regarding legUlarltieS occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.Ilwww.frc.org.uklauditorsresFX)nsibilities. This description fomis part of our auditor's report. Use of our report This report is made solely lo the charty's trustees. as a body, in accordance with Part 4 of the Chariles IAccounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste lo the charity's trustees those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work. for this report. or for the opinions we have formed. MHA Slalulory auditor, 9 Winckley Squar8 Preston Lancashire PR13HP February 5, 2025 Date.. MHA is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006 MHA is the trading name of Maclntyre Hudson LLP. a limited liability partnership in England and Wales Iregislered number OC3123131. P4g¢ 8
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Notes 2024 2023 Unrt$trl¢te Unrestrlcted Income: Investment income 376.148 321,724 Tolal Income 376,148 321,724 Expenditure: Charltable actlvltles.. Support of church and organ music 142,687 184.565 Other Investment management costs 52.661 51.258 Tolal expendlture 195,348 235,823 Not Incomlnglloutgolngl rosources before other recognised gains and losses on Investments 180,800 85,901 Reallsed and unreallsed galnsl(lossesl on Investment assets 646,818 {674,6941 Net movements In funds 827,618 {588,793) Fund balances brought forward- 6 April 2023 12,679,169 13,267,962 Fund balances carrled forward - 5 Aprll 2024 13.506.787 12,679,169 The notes on pages 12 to 18 fom7 an integral part of these accounts P4g¢ 9
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Investments 12,919,967 11,884,816 CURRENT ASSETS Short lemi deposits 586,211 1,021,005 Cash al bank 230.650 69.446 816.861 1.090.451 CREDITORS.. Amounts falling due within one year 6 (115,841) {114,9981 NET CURRENT ASSETS 701.020 975,453 CREDITORS: Amounts falling du8 after more than one year 1114.200) {181.1001 13,506,787 12,679,169 FUNDS General unrestricted income fund 13,506,787 12,679,169 Approved by the trustees on F8bruary 3. 2025 and signed on their behalf by: Mr J M Sutcliffe Th8 notes on paggs 12 to 18 fom7 an int8gral part of thes8 accounts Poge Irl
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 5 APRIL 2024 2024 2023 Cash flows from operating activities: Net incomellexpenditurel for the year Adjustments for.. 827,618 1588,7931 Increasel(decrease) in creditors {66,0571 7,528 (Gainsylosses on investments (648.1841 670.208 Net ca$h provlded by I lu$ed by) operatlng activities 113,377 88,943 Cash flows from Invostlng actlvltles: Disposal of investments 2.879,429 1,518,185 Purchase of investments 13,266,396) 11,539,317) Net cash (used In) I provlded by Investlng actlvltlos 386,967 21.132 Change in cash. and cash equlvalents In the reporting poriod (273,590) 67,811 Cash and cash equlvalents at the beglnnlng of the reporting period 1.090,451 1.022.640 Cash and cash equlvalents at the end of the reporting period 816 861 1090 451 The notes on pages 12 to 18 fomi 8n integral part of these accounts Poge 11
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 1. Accountlng pollcles Basis of accounting The financial statements have been prepared in accordance with the Stalemenl of Recommended Practice= Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102} 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 Practice as it applies from 1 January 2015. The financial slalemenls have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports} Regulalions 2008 only to the exlenl 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 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. 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 sterfing. which is the functional currency of the entity. Income Investment income is r8cognis8d whèn its receipt is probable, and the amount can bè 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 accwals basis. Income includes income lax recoverable. Expendlture and Irrecoverable VAT Liabilities are recognised as resources expended as soon as there is a legal or conslruclive obligation committing the trust lo the expenditure. Al expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo that calegory. Grants payable are payments made lo third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for once the offer has been accepted and all the obligations under the offer complied with. Irrecoverable VAT is charged againsl Ihe category of resources expended for which it was incurred. Other costs Other costs consist of investrnent management fees. Puge 12
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Other expendlture Support costs comprise non-direct costs of the charity and are allocated between cost of raising funds and expenditure on charitable activities. Included within support costs are all govemance costs involving the public accountability of the trust and its compliance with regulation and g(x)d praclice. Taxation As a registered charity, the trust is generally exempt from Income Tax and Capital Gains Tax, but not from VAT. Fixed Asset Inveslments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequendy measured at their fair value as at the balance sheet date using the mid- market closing prices. The statement of financial activities includes the nel gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options. derivats'ves or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic condilions. the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Reallsed Galns and Losses All gains and losses are taken lo the Stalemenl of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value Ipurchase date if later). Unrealised gains and losses are calculated as the difference betW88n the carrying value at the year end and opening market value lor purchas8 date if laterl- Flnanclal instruments The charity only has financial assets and liabililies of a kind that qualify as basic financial instruments. 88sic financial inslrumenls are initially cOgnised al transaction value and subsequently measured at their settlement value. Funds $tru¢turo Unrestrlcted 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. Deslgnated funds Designated funds are unrestricted funds eamiarked by the trustees for particular purposes. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial slalemenls requires management to make judgements, estimates and assumptions that affect the amounts reported. These eslimales 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 aCunting judgements and key sources of estimation and Unrtainty. Poge 13
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 2. Investment In¢ome 2024 2023 Income from listed UK investments Income from listed non-UK investments Interest receivable 235,083 113,043 216,235 87,325 376.148 321.724 3. Charitable activities 2024 2023 Dlrect Charitable Expenditure Grants Awarded (see below) Support Cost Accountancy and Trust adminislralion Governance costs - audit 119.237 160.846 20,150 20,419 142.687 184,565 The following grants were agreed during the year. They were all for purposes within the objects of the trust as set out on page 2. The grants to churches were for the purpose of helping them to maintain or achieve good standards of church music - whether by assisting them with choir costs or with the cost of a suitable inslrumenl. Grants to other institutions were for assisting in the education of young organists. 2024 Spread over multlple years Soulhwell Minster11 year) Ripley St Thomas C of E Academy (spread over 3 years 2024-261 Church of St Mary the Blessed Virgin (spread over 2 years 2024-25) Holy Trinity Church Choir, Southport11 yearl Creative Oundle for Organists, Peterborough12 years 2024-25) 6.000 4,500 8,500 7,000 10,000 Slnglo Payments St Thomas the Apostle, Killinghall St Thomas Mellor Stockport Northern Ireland International Organ Comp St Chad's Chapel St Mary's Parish Church. Handsworth Rossall School Fleetwood St Laurence's Church, Chorley St Deny's Church York St Martin in the Roath Bradford Cathedral Northwich PCC Dr Martin Clarke YOST Croshiwaite Parish Church St Barnabas PCC St Mark The Evangelist Longwood W(ioler Parish Church Northern Ireland International Organ Comp St Edward's Church, Roath 1,020 3,000 4,800 5,000 3.250 7.000 1,000 1,000 10,000 7,900 3,750 5,000 5.000 10,000 1,850 5,000 4,000 4,667 119,237 Puge 14
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 3. Charltable actIvIeS (contlnued) Support costs represent amounls paid to the administrators in respect of accountancy and adrninislering the charity of £19.13512023. £19,410). audit fees of £3,30012023. £3,300}, trustees expenses of £984 12023.. £9791 and bank charges of £31 {2023'. £301. None of the trustees received any remuneration from the Irusl. 4. Investment management costs 2024 2023 Investment manager's and custodian's fees 52.661 51.258 5. Flxed Asset Investments 2024 2023 Market value at 6 April 2023 Additions at cost Disposals Realised gainl{lossl Unrealised gainl{loss) 11,884,816 12,533,894 3,266,396 1,539,316 {2.879,4291 {1,518.1861 100.392 101,391 547,792 1771,5991 Market value as at 5 Apnl 2024 12,919,967 11,884,816 Historic cost as al 5 April 2024 11,529,297 11,043,302 The market value of investments is made up as follows: . 2024 2023 UK investments listed on a recognised slock exchange Non-UK investments listed on recognised stock exchanges 7,313,526 5,606,441 7,299,568 4,585,248 12,919.967 11,884.816 Puge 15
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 5. Flxed Asset Investments {¢ontlnued) The investments consist of equities. unil trusts and fixed interest investments. There are no investments whith represent more than 5°A of the fund's inveslment 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 investment 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 marf(et value. using the bid price. Asset sales and purchases are recognised at the date of trade al cost {Ihal is their transaction valuel- The significance of f1nancial instruments to Ihe 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 cnmbination of uncertain investment markets and volatility in yield. Due lo 'quanlitslive easing, and market sentiment favouring lower risk inveslmenls, the yield on bonds has been abnormally low giving rise to a significant downside risk of a fall in capital values when interest rates retum to nomal levels. Although rising interest rates 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 abnoal availability of 'cheap money to the banking sector has led to wider over-valuation of traded assets {an 'asset bubble'l that may depress equity values once economic conditions ease. The Trust is reliant on dividend yield in part to finance its work and this leads lo a greater exposure lo international companies, the values of which, together with their yield are èxposed lo exchange rate risk when converting the holdings into sterling. The outlook for the sterling exchange rate is Ihal il is anticipated to weaken as European, US and Asian economies slrenglhen. A weakening in the exchange rate will improve sleding returns from foreign currency denominated holdings. The default rate on fixed interest securilies due lo corF)orate failures is expected to improve with a strengthening economy. The high current demand for high quality corporate bond and government stock continues lo depress the yield. Liquidity risk is anticipated lo be low as all assets a traded and the commitmenl to intervention by central banks and market regulators has continued lo provide for orderly trading in the markets and so the ability lo buy and sell quoted equits.es and stock is anticipated to continue. The Trust's investments are mainly traded in markets wilh good liquidity and high trading volumes. The Trust has no material investment holdings in markets subj'ect to exchange ntrOl$ or trading restrictions. The Trust rnanages these inveslrnent risks by retsining expert advisors and operating an inveslrnent policy that provides for a high degree of diversrfication of holdings within investment assel classes that are quoted on reccxJnised stock exchanges. The Trust does not make use of derivatives and similar complex financial instruments as il takes the view that investments are held for their longer term yield, total return and historic studies of quoted financial inslrumenls have shown that volatility in any particular 5 year period will nom)ally be corrected. Poge 10
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 6. Ctsdltors: Amounts falllng due within one yoar 2024 2023 Accruals Grants agreed and payable by instalments 29,941 85,900 21,098 93.900 115.841 114,998 7. Crodltors: Amounts falllng due after moro Ihan ono yoar 2024 2023 Grants agreed and payable by instalments 114.200 181.100 8. ContSngont Llabi1Stles At the year-end grants offered by the trust totalling £89,000 12023.. £84.9201 were under Consideration by the offerees or thè offerèès had accepted them but the obligations under the offèr had still to be complied wilh. Funds - Unro8trScted Income fund Funds 6 Aprll 2023 Income Expendlture Transfers Galns & Funds 5 {los3es) AprS12024 Designated funds Undesignated funds 84,920 12.594,249 376.148 (83,2371 87,317 89,000 {112.1111 (87.3171 646,818 13.417.787 12,679,169 376,148 1195,348) 646,818 13,506,787 The designated funds represent the grants Ihal have been offered but as yet nol claimed at the year end. Poge 17
Docusign Envelope ID.. 15AEA177.FBE34A2E-AF2904FD55DD6772 THE PILLING TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 11. Analy$l$ of assets and Ilabllltle$ between funds Unrestricted funds Designated Undesignated funds funds Total Investments Current assets.. Short term deposits Cash at bank Creditors 12,919,967 12,919,967 89.000 497.211 230,650 {230.0411 586,211 230,650 1230,0411 89.000 13.417.787 13,506,787 12. Post balance sheet events The market value of the inveslmenls managed by Inveslec Wealth & Management was £13,053,395 at 5 April 2024, comprising of investments of £12,919.967 and cash held on deposit of £133,428. AI 30 September 2024 the market value was £13,486,845, compnsing of investments of £13,322,330 and cash held on deposit of £164,615. 13. Related Party Transactlons Max Ellioll declared an interest in application 1785. The Church of Ihe Holy Cross, Gilling Easl and application 1799, St Lawrence Church. York. The Very Reverend P Howell-Jones declared an interest in application 1793, Sl Aidan, Bamber Bridge and St Leonard, Wallon-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 £18,895 {2023'. £18.7501 were payable in the year. Puge 18