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 D￿AlLs
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 Se￿ices. 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 ex￿nses., 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
Ir￿gU18r1Iie$, 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 l￿egUlarltieS 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 aC￿unting judgements and key sources of
estimation and Un￿rtainty.
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 actIvI￿eS (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 abno￿al 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