DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2025
Charlty Commlsslon Reference Number 241812

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
LEGAL AND ADMINISTRATIVE DETAILS
Principal Office:
Suite 16b
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
Mr A J Palmer
Professor l Tracey
Mr M Elliott
Bankers:
Handelsbanken
1 St Floor, Wallander House, Capricorn Bus Park,
Blakewater Road, Blackburn, BB1 5QR
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
Audltors:
MHA Chartered Accountants
9 Winckley Square. Preston, PR13HP
Secretary:
Mrs H Binns, Suite 16b. Beehive, Lions Drive. Shadsworth Business Park,
Blackburn, BB12QS
PogL, I

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
The financial statemenls have been prepared in accordance with the accounting policies set out in the
notes to the accounts and comply 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 sel up in 1957 by John and Margaret Pilling,
principally for the purpose of assisting Anglican churches to maintain good music in their services. The
trust is a registered charity and Ihe 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
accounls for virtually the whole trust fund. As trustees, we have regard lo what we believe would be
John Pilling's wishes when exercising our discrelion. We do not carry out any fundraising.
The Trustees
The Trustees are listed on Page 1. All served throughout the year. We re￿1ve no remuneration, but
we do receive some expenses., see Note 3.
We usually meet t￿ice 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 experience are
needed to maintsin 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 Charily Commission's guidance 'The Essential Trustee - What you
need to know. (CC31.
Administration
Routine administration is in the hands of the Secretary. See Page 1 and also 'Applying for a Grant,
below.
Rlsk Management
We assess the major risks lo 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 inveslments. 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.
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 of the Anglican Communion, and
lill the advancement of education.
Pogc, 2

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
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 bodies training young organists.
The grants agreed during the year are listed in note 3. They amounted to £104,085 (2024.. £119,237).
Outstanding offers at the year-end were £74,50012024= £89,000).
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 accede to. So, to reduce the
number of unsuccessful applications we decided not, for the time being, lo a¢￿p1 applicalions from
churches in the Province of Canterbury.
Applying for a Grant
Anyone wanling more informalion 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
beeverstruthers.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 refe￿ed 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 gainslllosses) on inveslments, by £165.901 12024..
£180,800).
Total income exceeded expenditure. post net gainsl(losses) on investments, by £3,451 12024..
£827,618).
Revaluation and disposal of investmenls resulted in a loss of £162,450 in Ihe year compared to a gain
of £646,818 in the previous year. This is analysed as a realised gain of £213,764 and an unrealised
loss of£376,214.
Pogc, 3

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
INVESTMENTS AND RESERVES
Policy
We have wide investment powers. We maintain a substantial sum on deposit forourshort-term needs.
We have appointed managers with delegated powers to 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 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
For the financial year 5th April 2024 to 5th April 2025 the Pilling Trust capilal valuation appreciated
0.0920/. from £13,053,395 10 £13,172,992 (including cash balances}. The income yield on the portfolio
was 2.50/0 or £326,552. Interest received from the balance held at COIF was £24,196. a retum of
about 4.5% on a balance of£476,000.
Market Overrfiew
Global equity markets have delivered strong returns this year, supported by resilient macroeconomic
conditions and easing monetary policy. While valualions-particularly in the U.S.-remain historically
elevated, the backdrop for risk assets continues to be conslruclive. In 2026, we expect dovish central
banks and falling interest rates to provide further support to markets. Al the same time, global
investment in technology, defence, and infrastructure should inject momentum into the current market
cycle, reinforcing structural growth themes.
Economic Outlook
Global growth is moderating but remains broadly resilient. This resilience is underpinned by innovation-led
capital expenditure and policies aimed at strategic autonomy, particularly in areas such as energy security
and supply-chain diversification. Inflation risks persist. driven by pro-cyclical fiscal policies, ongoing
supply-chain reconfiguration, and challenges associated with the energy transition. These dynamics
suggest that while headline inflation is trending lower, price pressures may remain sticky in certain
seclors.
Corporate Earnings and Valuations
Despite concerns over valualions, corporate earnings have been exceptional. In the U.S. third-quarter
S&P 500 earnings rose approximately 110/0 year-on-year, comfortably beating earlier forecasts of 8 %.
Technology continues to lead Ihe way, but slrength has also been evident in financials and consumer
discretionary sectors. U.S. mega-cap technology firms posted earnings growth of around 300/0 year-on-
year, driven by robusl demand for Al infrastructure and cloud servI￿s. This earnings momentum has
helped justify elevated valuations, though concentration risk in a handful of large technology names
remains a consideration.
Reserves Policy
We consider that the demand for grants will continue indefinitely. Though we can and do spend capital
as well as income, we consider the fund at £13,425,73812024.' £13,417,787) being the amount not
earmarked for a specific purpose, to be satisfactory. We do not propose to raise more funds.

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
Trustees, Responsibilities Statement
The Trustees are responsible for preparing the Trustee's Report and the financial ststements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally AC￿pted Accounting practi￿).
The law applicable to Gharities in England and Wales requires the Trustees to 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 resources and applicalion 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 Ihat 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 trust and hence for taking reasonable
sleps for the prevention and detection of fraud and other irregularities.
Audltors
We have appointed MHA Chartered Accountants as auditors of the trust.
Approved by the trustees on
Ap.ril 3. 2026
and signed on their behalf by:
J M Sutcliffe
Pogc, 5

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
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'l for the year ended 5 April
2025 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 2025, 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 Practice; and
have been prepared in accordance 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 wilh
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 significanl doubt on the charily'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 explicilly stated in our report, we do not
express any form of assurance conclusion thereon.
Our responsibility is lo 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 wnclude 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.
PogL, 6

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
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 Chartties {Accounts
and Reports) Regulations 2008 require us to report to you if, in our opinion..
the information given in the financial ststements is inconsistent in any material respect with the
Trustees, Annual Report,. or
sufficienl accounting records have not been kept: or
the financial statements are nol in agreement with the accounting records and returns., or
we have not re￿iVed all the information and explanations we require for our audit.
Responsibilities 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 slatements which give a true and fair view, and for such
internal conlrol as the trustees determine is necessary to enable Ihe preparation of financial slalements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charily's abilily to
conlinue as a going COn￿rn, 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 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 are to obtsin 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 IUKI 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 Influen￿ 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 malerial misstatements in respect of
irregularities, including fraud. The specific procedures for this engagement and the extent to which these
are capable of detecting irregularilies. including fraud, is detailed below
Enquiries with rnanagement about any known or suspected instances of non-compliance with laws
and regulations-
Enquires with management aboul any known or suspected instances of fraud-
Review of minutes of board meetings.,
Auditing the risk of fraud in revenue, including through the testing of income cut off at the period
end and through income transaction testing to provide comfort that revenue is completely stated in
the financial statements; and
Examination of journal entries and other adjustments to test for appropriateness and identify any
instances of management override of controls
PogL, 7

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
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 nol detect all irregularities, including
those leading to a malerial misstatement in the financial slalemenls or non-compliance with regulalion. This
risk increases Ihe more that compliance with 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 greater regarding irregularities 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 at:
https=Ilwww.frc.org.uklOur-WorklAuditlAudit-and-assurancelStandards-and-guidance/Standards-and-
guidance-for-auditorslAuditors-responsibililes-for-auditlDescription-of-auditors-responsibilities-for-
audit.aspx. This descriplion forms part of our auditor's report.
Use of our report
This report is made solely lo the charity's truslees, 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 state to
the charity's trustees those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility 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.
hHA
MHA
Chartered Accountants and Statutory Audltor
9 Winckley Square
Preston
Lancashire
PR1 3HP
Date:
April 8. 2026
MHA is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and
Wales (registered number OC455542}.
Pogc, 8

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
Notes
2025
2024
Unr•strlct•d
Unmstrlct•d
Income:
Investment income
350.749
376.148
Total Income
350.749
376.148
Expenditure:
Charitable activities:
Support of church and organ music
128.794
142.687
Other
Investment management costs
56,054
52,661
Total expenditure
184,848
195,348
Net incomingl(outgoingl resources before other
recognised gains and losses on investments
165,901
180,800
Realised and unrealised gainsl(losses) on investment
assets
1162,450)
646,818
Net movements in funds
3,451
827,618
Fund balances brought fonNard- 6 April 2024
13,506,787 12,679,169
Fund balances carried forward- 5 April 2025
13,510.238 13,506.787
The notes on pages 12 to 18 form an integral part of these accounts
Pogc, 9

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
BALANCE SHEET AS AT 5 APRIL 2025
2025
2024
Notes
FIXED ASSETS
Investments
12,588,009
12,919,967
CURRENT ASSETS
Short term deposits
1,061.963
586.211
Cash at bank
11.292
230.650
1,073.255
816.861
CREDITORS: Amounts falling due
within one year
6 (94,626)
1115,841)
NET CURRENT ASSETS
978,629
701,020
CREDITORS: Amounts falling due
after more than one year
{56,400)
{114,200)
13,510,238
13,506,787
FUNDS
General unrestricted income fund
13,510,238
13,506,787
Approved by the trustees on
April 3, 2026
and signed on their behalf by=
Mr J M Sutcliffe
The noles on pages 12 to 18 form an integral part of these accounts
PrtgÉ Il)

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDING 5 APRIL 2025
2025
2024
Cash flows from operating activities..
Net incomel(expenditure) for the year
Adjustments for..
3.451
827,618
Increaselldecreasel in creditors
(79.015)
(66,0571
(Gainslllosses on investments
162,450
1648,184)
Net Cash provided by l (used by) operating
activities
86,886
113,377
Cash flows from investing activities:
Disposal of investments
4,487,533
2,879,429
Purchase of investments
{4,318,025) 13.266,396)
Net cash (used in ) I provided by investing
actlvltles
169,508
386,967
Change In cash, and cash equlvalents In the
reporting period
256.394
(273.590)
Cash and cash equivalents at the beginning of
the reporting period
816,861
1,090,451
Cash and Cash equivalents at the end of the
reporting period
1,073,255
816,861
The notes on pages 12 to 18 form an integral part of these accounts
PrtgÉ 11

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
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 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.
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 1021 issued on 16 July 2014 ralher than the Accounting and
Reporting by Charities.. Statement of Recommended Practi￿ effective from 1 April 2005 which
has Sin￿ been withdrawn.
The financial statements have been prepared under the hislorical cost convention, with the
exception of investmenls which are included al market value and in compliance with applicable
Accounting Standards.
The financial slatements 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 its 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 thal category.
Grants payable are paymenls made to Ihird 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 against the category of resources expended for which it was
incurred.
other costs
Other costs consist of investment management fees.
PrtgÉ 12

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
Other expenditure
Support costs comprise non-direct costs of the charity and are allocaled between 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 prices. The statement of financial aclivities includes the nei gains and losses arising
on revalualion and disposals throughout the year.
The Trusl does not acquire put options. derivatives or other cornplex financial inslruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and
inveslment markets due lo wider economic conditions, the attitude of inveslors lo investmenl 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 Statement of Financial Activities as they arise. Realised
gains and losses on investments are calculated as the difference between sales proceeds and
opening market value (purchase date if later). Unrealised gains and losses are calculated as the
difference belween the carrying value at the year end and opening market value {or 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, estimales
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 circUmstan￿s.
In the opinion of the Trustees there are no critical accounting judgements and key sources of
estimation and uncertainty.
PrtgÉ 13

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
2. Investment income
2025
2024
Income from listed UK investments
Income from listed non-UK investments
Interest receivable
190,505
113,215
235,083
113,043
350,749
376,148
3. Charitable activities
2025
2024
Direct Charitable Expenditure
Grants Awarded (see below)
Support Cost
Accountancy and Trust administration
Governance costs - audit
104.085
119.237
20.992
20.150
128.794
142.687
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 to maintain or
achieve good standards of church music - whelher 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.
2025
Spread over multiple years
Blackburn Cathedral Trust overstated
St Mary The Virgin, Liverpool {spread over 5 years 2025-291
Liverpool Cathedral (spread over 3 years 2025-20271
Holy & Undivided Trinity of Carfisle (spread over 2 years 2025-26)
14,000)
13,500
3,000
5,000
Slngle Payments
St Anne's, Stanley
St Mary's Pembroke
St Matthew's PCC. Newcastle
Holy Trinity Church, Heworth
St Peter's Church, Finswaite
Newcastle Cathedral
Northern Ireland International Comp
YOST
Holy Trinity Church Choir, Southport
Parochial Church Council of Linton
St Gabriel's PCC, Huyton
5,000
4,000
1,500
3,785
5,000
50,000
4,800
5,000
2,000
2,000
3,500
104,085
PrtgÉ 14

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
3. Charitable activities {continued)
Support costs represent amounts paid to the administrators in respect of accountancy and administering
the charity of £20,502 (2024= £19,135), audit fees of £3,717 (2024.. £3,300), trustees expenses of £466
12024.. £984) and bank charges of £2412024.. £31 }. None of the trustees received any remuneration from
the trust.
4. Investment management costs
2025
2024
Investment manager's and custodian's fees
56.054
52.661
5. Flxed Asset Investments
2025
2024
Market value at 6 April 2024
Additions at cost
Disposals
Realised gainl{loss)
Unrealised gainl{loss)
12,919,967 11,884,816
4,318,025
3,266,396
{4,487,533) 12,879,429)
213,764
100,392
{376,214)
547,792
Market value as at 5 April 2025
12,588,009 12,919,967
Historic cost as at 5 April 2025
11,573,555 11,529,297
The markel value of investments is made up as follows..
2025
2024
UK inveslments listed on a recognised stock exchange
Non-UK investments listed on recognised stock exchanges
7.400,123
5,187,886
7,313.526
5,606,441
12,588,009
12,919,967
PrtgÉ 15

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
5. Fixed Asset Investments {continuedl
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
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 market value, using the bid price. 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 investmeni policy and performance sections of the Trustees,
Annual Report.
The main risk lo Ihe Trust from financial instrumenls lies in Ihe combination of un￿rtain investment
markets and volatility in yield. Due to 'quantitative easing, and market sentimenl favouring lower risk
inveslments, the yield on bonds has been abnormally low giving rise to a significant downside risk of
a fall in capital values when interest rates relurn to normal levels. Although rising interest rates
resulling from a stronger economy and improved economic activity should be indicative of improving
dividend yields and equity values, there is a con￿rn that the abnormal availability of 'cheap money,
to the banking sector has led to wider over-valuation of traded assets lan '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 to a greater exposure to international companies, the values of
which, together with their yield are exposed to exchange rate risk when converting the holdings into
sterling. The outlook for the sterling exchange rate is that it is anticipated lo 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 lo 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
investments are mainly traded in markets with good liquidity and high trading volumes. The Trust has
no material inveslment holdings in markels subject to exchange controls or trading restrictions.
The Trusl manages these investment risks by retaining expert advisors and operating an inveslment
policy that provides for a high degree of diversification of holdings within investment asset classes
that are quoted on recognised stock exchanges. The Trust does nol make use of derivatives and
similar complex financial inslruments as il 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.
PrtgÉ 16

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
6. Creditors: Amounts falling due within one year
2025
2024
Accruals
Grants agreed and payable by instalments
21,826
72,800
29,941
85,900
94.626
115.841
7. Creditors: Amounts falling due after more than one year
2025
2024
Grants agreed and payable by instalments
56.400
114.200
8. Contingent Liabilities
At the year-end grants offered by the trust totalling £74,500 {2024.' £89,000) were under
consideration by the offerees or the offerees had accepted them but the obligalions under the offer
had still to be complied with.
Funds- Unrestricted income fund
Funds 6
April 2024 Income Expenditure Transfers
Gains &
Funds 5
(losses) April 2025
Designated funds
Undesignated funds
89,000
13,417,787 350,749
114,5001
{170,3481
74,500
1162,450) 13,435,738
13,506.787 350,749
(184,848)
(162,4501 13,510,238
The designated funds represent the granls thal have been offered bul as yet not claimed at the year
end.
PrtgÉ 17

DoGusign Envelope ID.. D59F7585-B9334B5C-87E7-2D7B2D4AFEB4
THE PILLING TRUST FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
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
12,588,009
12,588,009
74,500
987,463
11,292
{151,026}
1,061,963
11,292
(151,026)
74,500
13,435,738
13,510,238
12. Post balance sheet events
The market value ofthe investments managed by Investec Weallh & Managemenl was £13,172.991
al 5 April 2025, comprising of investments of £12,588,009 and cash held on deposit of £584,982.
At 30 September 2025 the market value was £14,597,114, comprising of investments of
£14,510,866 and cash held on deposit of £86,248.
13. Related Party Transactions
Max Elliott declared an interest in application 1856, 1866 and 1867.
lan Tracey declared an interest in applicalion 1850.
None of the Trustees received any remuneration from the Trust.
Fees invoiced by Beevers and Struthers Accountants for accountancy and trust administration of
£20,502 (2024.. £18,895) were payable in the year.
PrtgÉ l¥