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2023-10-05-accounts

Charity Registration No. 249997

THE CECIL PILKINGTON CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended

5 October 2023

THE CECIL PILKINGTON CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 20

THE CECIL PILKINGTON CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Arnold Philip Pilkington
Mark Rupert Feeny
Heloise Pilkington
Vanessa Pilkington
Charity number 249997
Auditor DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Bankers NatWest Bank
Reading Market Place Branch
13 Market Place
Reading
Berks
RG1 2EP
Solicitors Brabners LLP
Horton House
Exchange Flags
Liverpool
L2 3YL
Investment advisors Evelyn Partners
Royal Liver Building
Pier Head
Liverpool
L3 1NY
Rathbones
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
Accountants DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL

THE CECIL PILKINGTON CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 OCTOBER 2023

The Trustees present their report and accounts for the Year ended 5 October 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Charity's objects are to hold the capital and income of the Trust and to apply these to such charitable corporations, trusts, associations, or institutions for charitable purposes as the Trustees in their absolute discretion shall decide. The policies adopted in furtherance of these objects have not changed during the year.

Aims of charity

The aims of the Charity are to apply, at the discretion of the Trustees, grants in accordance with the charitable objects.

How achievement of aims furthers objectives

The Trustees achieve their charitable objectives by making grants to other charities.

Strategies for achieving aims

The Trustees' strategies to achieve their aims continue to be one of essentially grant making.

Statement of compliance with Charity Commission guidance

The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities undertaken by the Charity during the year. The Trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements.

Charitable activities

There are no operational activities other than those involved in the operation of the investment portfolio and the management of freehold land and buildings.

Grant making policy

The Charitable Trust is mainly involved in grant making in furtherance of the charity's aims. The Trustees agree and award Grants to meet the charity's objectives. Grants made during the year are monitored and recognised in the accounts in the period for which they are intended to be applied and treated as due in total on the date paid.

Achievements and performance

Review of the Charity’s achievements

The Trustees are happy that by applying their intended grants to various charitable objects they have been able to fulfil their aims in providing funding and support.

Several donations were made during the year as detailed in the accounts.

THE CECIL PILKINGTON CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

Investment performance

Most of the Charity's capital is invested on the stock market, and throughout the year the total return of the portfolio fell within the Trustee's acceptable variance of the performance benchmark. Ongoing investment advice is provided by the investment advisors in conjunction with the Trustees.

As at the 5 October 2023, the portfolio was valued at £19,721,267. This is in comparison to the previous year, where at the 5 October 2022 the portfolio was valued at £19,276,302.

Financial review

The Charitable Trust's overall fund balances for the year total £23,824,139 compared with £24,024,166 for 2022.

After taking into consideration total net incoming resources, recognised gains and losses during the year, commitments to charitable donations and governance costs, there was an overall increase in the net movement in funds of (£200,027) compared to a decrease of (£3,043,952) for 2022.

The Trustees have also reviewed their grant making capability and will, going forward, ensure there is sufficient income year on year to enable their financial commitments to be met.

The Trustees have delegated the operation of the investment portfolio to the investment advisors who are responsible for meeting the Charity's Investment Objectives and who are measured against their benchmark.

The Trustees consider their investments as expendable endowments, providing a relatively secure and predictable stream of income from which to make grants. The Trustees aim to distribute a large percentage of the income, net of expenses, in each financial year and therefore do not maintain income reserves as such. However, any unrealised gains and the income levels on the investments held are continually reviewed by the Trustees at their meetings to ensure that they have sufficient funds to meet their objectives.

Reserves policy

As a grant making charity reserves are held as investments to generate an income from which to award grants.

Investment Policy

The operation of the Investment Portfolio has been delegated to the investment advisors with whom there is a discretionary agreement. The investment advisors are required to avoid exposure to investments which are deemed to be unsuitable in the context of the Trustees' Objectives, when considering the portfolio as a whole.

The investment advisors will provide half yearly reports which will include a statement confirming adherence to this policy statement or providing details of exceptions together with explanations. The report will also include a comparison of the portfolio return in relation to the benchmark. Major deviations will be examined and explained.

The benchmark upon which the investment portfolio is measured by 50% on FTSE All Share Index and 50% on British Government All Stocks and compared on a total returns basis.

As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated the investment advisors to have full discretionary day to day control of the investments. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees have in place a Policy Statement. Also in accordance with the Trustee Act 2000, the Trustees continue to regularly review the policies.

Assets have been acquired and disposed of in accordance with the powers available to the Trustees. The Trustees have reviewed current policies and do not feel any amendments are necessary.

THE CECIL PILKINGTON CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

Risk management

The Trustees have considered the major risks to which the Charity is exposed and have established systems and procedures to manage these. This includes the appointment of accountants to provide advice and accountancy services; investment advisors to provide continuous oversight of the Trust’s investment portfolio; property consultants to oversee the management of the Charity's land and property; and the Trustees themselves have agreed to delegate certain functions to those with appropriate skills to monitor the effective management of the Trust and the application of funds to fulfil their charitable objectives.

The Trustees consider variability of investment returns to constitute the Charity’s major financial risk and have put the investment policy in place to manage that risk.

The Trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of additional returns over longer periods of time. They wish to moderate the risk of deviation of returns relative to the chosen benchmark.

Plans for the future

The Trustees continue to consider written applications for funding from individuals and other charitable organisations. They hold Unrestricted Funds and so all funds are available to meet the Charity's objectives and are satisfied that the Charity's assets are available and adequate to fulfil its current objectives which will continue for the foreseeable future.

Structure, governance and management Nature of governing document

The Charity was established by a charitable trust deed on 30 March 1966 by Alfred Cecil Pilkington.

The Trustees who served during the Year and up to the date of signature of the financial statements were: Arnold Philip Pilkington Mark Rupert Feeny Heloise Pilkington Vanessa Pilkington

Recruitment and appointment of trustees

The Charity's governing body are the Trustees and new trustees are elected by the Continuing Trustees and any Retiring Trustees at the time of appointment.

The Trustees are kept up to date on relevant matters by their professional advisors. Any new Trustees are made aware of their duties and responsibilities at the time of their appointment.

Organisational structure

The Trust is mainly a grant making charity. In general the Trustees liaise with their professional advisors in respect of the investment portfolio and deal with the charitable donations including identifying and liaising with organisations whose activities help fulfil the objectives of the Charity.

How decisions are made

The Charity is run by a body of Trustees who liaise regularly amongst themselves and with their professional advisors formally twice a year to review the policies and objectives of the Trust. The Trustees act in accordance with the decisions made at these meetings with the appropriate actions minuted.

THE CECIL PILKINGTON CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

Induction and training of trustees

Incoming Trustees are made aware of their responsibilities and the Trust's objectives from the existing Trustees and their professional advisors at the date of their appointment.

The Trustees are kept up to date on relevant matters by their professional advisors.

Operational restrictions

There are no specific restrictions imposed on the Trustees by the governing document concerning the way the charity can operate.

Special investment powers

There are no specific restrictions on the Trustees' investment powers. The Trustees have decided for the time being to impose restrictions of their own, on the investment advisors as listed in the investment policy.

Asset cover for funds

The Trustees are satisfied there are sufficient assets to meet the Charity's obligations.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities 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 Charity and of the incoming resources and application of resources of the Charity for that Year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' report was approved by the Board of Trustees.

.............................. Arnold Philip Pilkington

31/05/2024

Dated: ......................... Trustee

THE CECIL PILKINGTON CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE CECIL PILKINGTON CHARITABLE TRUST

Opinion

We have audited the financial statements of THE CECIL PILKINGTON CHARITABLE TRUST (the ‘Charity’) for the Year ended 5 October 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the 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 the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the accounts and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE CECIL PILKINGTON CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CECIL PILKINGTON CHARITABLE TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees 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 concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's 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 the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (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 auditors' 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.

DSG Chartered Accountants Statutory Auditor

.........................

Castle Chambers 43 Castle Street Liverpool L2 9TL

THE CECIL PILKINGTON CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CECIL PILKINGTON CHARITABLE TRUST

DSG is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE CECIL PILKINGTON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 OCTOBER 2023

**Unrestricted ** Unrestricted Unrestricted Total Total
funds funds
revenue capital
2023 2023 2023 2022
Notes £ £ £ £
Income from:
Donations and legacies 3 - - - 25
Charitable activities 4 - 28,646 28,646 -
Investments 5 493,327 - 493,327 466,567
Total income 493,327 28,646 521,973 466,592
Expenditure on:
Raising funds 6 - 104,205 104,205 110,574
Charitable activities 7 684,902 18,549 703,451 531,834
Other 12 12 - 12 243
Total resources expended 684,914 122,754 807,668 642,651
Net gains/(losses) on investments 13 - 85,668 85,668 (2,867,893)
Net movement in funds (191,587) (8,440) (200,027) (3,043,952)
Fund balances at 6 October 2022 918,988 23,105,178 24,024,166 27,068,118
Fund balances at 5 October 2023 727,401 23,096,738 23,824,139 24,024,166

The statement of financial activities includes all gains and losses recognised in the Year.

All income and expenditure derive from continuing activities.

THE CECIL PILKINGTON CHARITABLE TRUST

BALANCE SHEET

AS AT 5 OCTOBER 2023

2023 2023 2022 2022
Notes £ £ £ £
Fixed assets
Investment properties 14 1,535,000 1,535,000
Investments 15 19,721,267 19,276,302
21,256,267 20,811,302
Current assets
Debtors 16 1,387,161 1,390,524
Cash at bank and in hand 1,204,112 1,879,043
2,591,273 3,269,567
Creditors: amounts falling due within 17
one year (23,401) (56,703)
Net current assets 2,567,872 3,212,864
Total assets less current liabilities 23,824,139 24,024,166
Income funds
Unrestricted funds - capital 23,096,738 23,105,178
Unrestricted funds - revenue 727,401 918,988
23,824,139 24,024,166

31/05/2024

The accounts were approved by the Trustees on .........................

..............................

Arnold Philip Pilkington Trustee

THE CECIL PILKINGTON CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 OCTOBER 2023

2023 2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 20 (808,961) (630,287)
Investing activities
Purchase of investments (2,897,823) (1,114,990)
Proceeds on disposal of investments 2,538,526 1,225,244
Investment income received 493,327 466,567
Net cash generated from investing
activities 134,030 576,821
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (674,931) (53,466)
Cash and cash equivalents at beginning of Year 1,879,043 1,932,509
Cash and cash equivalents at end of Year 1,204,112 1,879,043

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2023

1 Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Resources expended

The costs of generating funds consist of investment management costs.

Costs of charitable activities include grants made, governance costs and an apportionment of support costs.

Expenditure is accounted for on an accruals basis.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

1 Accounting policies

(Continued)

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

[Property rented to a group entity is accounted for as tangible fixed assets.]

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Total Unrestricted Unrestricted
funds
general
2023 2022
£ £
Donations and gifts - 25
4 Charitable activities
2023 2022
£ £
Compensation from NatWest 28,646 -

5 Investments

Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Rental income 46,443 53,402
Income from listed investments 429,140 407,735
Income Tax recoverable - 1,171
Interest receivable 17,744 4,259
493,327 466,567

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

6 Raising funds

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
capital capital
2023 2022
£ £
Investment management 104,205 110,574
104,205 110,574
Charitable activities
Charitable
Charitable
Expenditure
Expenditure
Governance Governance
2023 2022
£ £
Rental expenses 35,443 40,719
Grant funding of activities (see note 9) 642,000 453,000
Share of governance costs (see note 8) 26,008 38,115
703,451 531,834
Analysis by fund
Unrestricted funds - general 684,902 500,498
Unrestricted funds - capital 18,549 31,336
703,451 531,834
Support costs
Support
Governance		 2023Support costs Governance 2022
costs costs costs
£ £ £ £ £ £
Audit fees - 2,718 2,718 - 2,472 2,472
Accountancy - 19,446 19,446 - 17,670 17,670
Legal and professional - 3,844 3,844 - 17,973 17,973
- 26,008 26,008 - 38,115 38,115
Analysed between
Charitable activities - 26,008 26,008 - 38,115 38,115

7 Charitable activities

8 Support costs

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

9 Grants payable

2023 2022
£ £
Grants to institutions:
Conservation/Environment 81,000 91,000
Medical 242,000 114,000
Arts 68,000 54,000
Education 25,000 12,000
Welfare 205,000 177,000
Other 24,000 5,000
Historic donation written off (3,000) -
642,000 453,000
2023 2022
Clonter Opera 5,000 -
Animals Asia Foundation 3,000 -
Earth Trust 3,000 -
Fields In Trust 3,000 -
Lady Garden Foundation 3,000 -
Action Medical Research 3,000 -
AIMS 3,000 -
Beyond Autism 5,000 -
Bowel Cancer UK 3,000 -
Brain Tumour Charity 10,000 -
British Heart Foundation 3,000 -
Donkey Sanctuary 3,000 -
Compliments of the House 3,000 3,000
Age UK 10,000 10,000
Adelaide House - 3,000
Micah 3,000 5,000
Early Music As Education 10,000 10,000
Help Musicians UK 35,000 10,000
RABI 5,000 5,000
Alzheimers Research UK - 5,000
Diabetes UK 5,000 5,000
Soil Association 5,000 5,000
Handel House Museum 5,000 5,000
National Museums Liverpool 10,000 10,000
Allergy UK 5,000 5,000
Versus Arthritis 5,000 5,000
Children with Cancer UK 5,000 5,000
Epilepsy Research UK - 5,000
Royal Liverpool Philharmonic 5,000 5,000
Sutton Trust - 5,000
SANE 3,000 5,000
Willowbrook Hospice 5,000 5,000
Compassion in World Farming 5,000 5,000

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

9 Grants payable (Continued) (Continued)
BTO 5,000 5,000
Greenpeace 5,000 10,000
Marine Conservation Society 5,000 10,000
RSPB 5,000 5,000
Beating Bowel Cancer - 5,000
Bowel Disease Research Foundation 3,000 5,000
Great Ormond Street Hospital 5,000 5,000
Macmillan Cancer Support 5,000 5,000
Art Against Knives 5,000 5,000
Full Facts - 5,000
Barn Owl Trust 3,000 3,000
Bat Conservation Trust 3,000 3,000
BBO Wildlife Trust 3,000 3,000
Buglife 3,000 3,000
Bumblebee Conservation Trust 3,000 3,000
Childrens' Adventure Farm Trust 2,000 2,000
Countryside Learning 2,000 2,000
Daws Hall Trust 2,000 2,000
Future Trees Trust 3,000 3,000
Farming and Wildlife Advisory 3,000 3,000
In Kind Direct 3,000 3,000
Red Squirrel Survival Trust - 3,000
WaterAid - 3,000
Wildfowl & Wetlands Trust 3,000 3,000
Woodland Trust 3,000 6,000
Child Austim UK - 3,000
Endometriosis UK 3,000 3,000
The Smile Train - 6,000
The Migraine Trust 3,000 3,000
Halle Concert Society - 5,000
Pegasus Theatre 3,000 3,000
Sunningwell School of Art 2,000 2,000
Youth Music 3,000 3,000
Combat Stress 3,000 3,000
Freedom from Torture - 3,000
Anti - Slavery 5,000 5,000
Missing People 3,000 3,000
Bletchley Park Trust 3,000 3,000
Oxford Hospital Charity 3,000 5,000
GUTS UK 3,000 5,000
Key 4 Life - 5,000
Pain Relief Foundation 5,000 5,000
Restless Legs Syndrome (RLS) 3,000 3,000
Parenting Mental Health 3,000 3,000
Orchestra of St John's - 3,000
Music for Autism - 3,000
Afghan Aid 30,000 3,000
Gingerbread 10,000 5,000
Trusell Trust 5,000 5,000
Psychiatry Reseach Trust - 40,000

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

9 Grants payable (Continued) (Continued)
Roald Dahl's Children's Charity 3,000 3,000
The Big Give 60,000 70,000
Zoe's Place Baby Hospice 3,000 3,000
Mencap 3,000 3,000
Rainbow for Africa 3,000 10,000
Four Paws UK 3,000 3,000
Soi Dog UK CIO 3,000 2,000
Central London Samaritans 3,000 3,000
Cancer Research UK 54,000 -
Duchenne Research Fund 3,000 -
Footsteps Foundation 3,000 -
Kings College Parkinsons Research 40,000 -
Lupus UK 5,000 -
Prostrate Cancer UK 20,000 -
Retina UK 5,000 -
Teenage Cancer Trust 3,000 -
Young Epilepsy 5,000 -
Benedetti Foundation 5,000 -
Battle Scars 3,000 -
Bradbury Fields 2,000 -
The Brainwave Centre Ltd 3,000 -
Care For Carers 3,000 -
Caudwell Children 8,000 -
City Harvest Food Charity 3,000 -
Fareshare 3,000 -
Hot Line Meals Service 3,000 -
Katie Piper Foundation 10,000 -
The Listening Place 3,000 -
Mental Health Foundation 10,000 -
Mental Health UK 3,000 -
Newlife Charity 2,000 -
The Porch 3,000 -
We Are With You 3,000 -
DDMIX Trust 3,000 -
Air Ambulance Service 3,000 -
Leigh-on-Sea Endeavour Trust 3,000 -
Liverpool Parish Church 10,000 -
Sunny Days Children's Fund 2,000 -
Support Through Court 3,000 -
Historic donation written off (3,000) -
642,000 453,000

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2023

10 Trustees

M R Feeny is a Partner of Brabners LLP which made charges during the year of £3,844 (2022 £17,973) for his services as a Trustee. This is classed as an allowable expense according to the constitution. No other Trustee has received remuneration, re-imbursement of expenditure or benefit in kind.

11 Employees

There were no employees during the year.

12 Other

2023 2022
£ £
Financing costs 12 243
12 243

13 Net gains/(losses) on investments

2023 2022
£ £
Revaluation of investments 119,325 (2,764,027)
Gain/(loss) on sale of investments (33,657) (103,866)
85,668 (2,867,893)

14 Investment property

Investment property
2023
£
Fair value
At 6 October 2022 and 5 October 2023 1,535,000

Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 3rd August 2021 by Carter Jonas, Chartered Surveyors, who are not connected with the Charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 OCTOBER 2023

15 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 October 2022 19,276,302
Additions 2,897,823
Valuation changes 119,325
Profit/(Loss) (33,657)
Disposals (2,538,526)
At 5 October 2023 19,721,267
Carrying amount
At 05 October 2023 19,721,267
At 05 October 2022 19,276,302

16 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors - 102
Other debtors 1,387,161 1,390,422
1,387,161 1,390,524
Creditors: amounts falling due within one year
2023 2022
£ £
Unpresented Charitable Donations - 24,000
Other creditors 6,516 12,081
Accruals and deferred income 16,885 20,622
23,401 56,703

17 Creditors: amounts falling due within one year

THE CECIL PILKINGTON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 OCTOBER 2023

18 Analysis of net assets between funds Analysis of net assets between funds
Unrestricted
Unrestricted
Total		 Unrestricted
Unrestricted
Total
funds funds funds funds
revenue capital revenue capital
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 5
October 2023 are
represented by:
Investment properties - 1,535,000 1,535,000 - 1,535,000 1,535,000
Investments - 19,721,267 19,721,267 - 19,276,302 19,276,302
Current assets/(liabilities) 727,401 1,840,471 2,567,872 887,332 2,325,531 3,212,863
727,401 23,096,738 23,824,139 887,332 23,136,833 24,024,165

19 Related party transactions

There were no disclosable related party transactions during the Year (2022 - none).

20 Cash generated from operations 2023 2022
£ £
Deficit for the Year (200,027) (3,043,952)
Adjustments for:
Investment income recognised in statement of financial activities (493,327) (466,567)
Loss on disposal of investments 33,657 103,866
Fair value gains and losses on investments (119,325) 2,764,027
Movements in working capital:
Decrease in debtors 3,363 1,817
(Decrease)/increase in creditors (33,302) 10,522
Cash absorbed by operations (808,961) (630,287)

21 Analysis of changes in net funds

The Charity had no debt during the year.