THE MUSHROOM FUND
ANNUAL REPORT
FOR THE YEAR ENDED 30TH JUNE 2021

THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2021
The Trustees present their annual report and financial statements of the Charty for the year
ended 30th June 2021. The financial statements have been prepared in accordance with the
charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities..
Stalemenl of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS102) (effective 1st January 2016).
OBJECTIVES AND ACTIVITIES
The Trust has been established to make grants for charitable purposes. Grants are made only
to charities known to the Trustees and unsolicited applications are therefore not considered.
The Trust Is administered by its corporate Truslee, Liverpool Charity and Voluntary Services.
Public benefit
In planning the Trust's grant making the Trustees have given consideration to the Charity
Commission's guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Investments have been managed throughoul the year by the Investment Managers, with
performanTr being monitored by the Trustees. The fund has therefore been able to provide a
limited grant-making programme.
Plans for the future
The objectives remain unchanged for the future; the intention is for continued investment
management on a consistent basis and distribution of income to charitable organisations.
Covid-19
The effect of Covid-19 pandemic has meant investment income has decreased and the
uncertainty of its impact on future income has led the Trustees to revise Iheir level of grant-
making in the short lem.
FINANCIAL REVIEW
Investment income of £32.264 {2020'. £36,718) was received during the year. This funded
grants of £1,75012020: £30,340) to charitable organisalions. Capital investments increased in
value from £1,208,870 to £1,382,163 (2020: decreased in value from £1,305.914 to £1,208.870)
at the year end.
Reserves policy
The Trustees are managing the reserves to balance the needs of current and future
beneficiaries. It is not anticipated that the needs of beneficiaries will diminish over time. The
Trustees have in recent years approved expenditure at a level higher than the annual income to
spend the revenue reserves. However, they have agreed to retain a balance of revenue
reserves in order to be able to make more substantial grants from time to time.
Risk management."
The main risks to which the charity is exposed as identified by the Trustees have been
considered and systems have been established to mitigate those risks.

THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2021
Investment policy and powers..
The Trustees have the same full and unrestricted powers of investment in all respects as if they
were the beneficial owners. The investment strategy is set by the Trustees and takes account of
recent demands for funds and an assessment ofexpected future needs (see Reserves Policy}.
The investmenl policy and strategy are reviewed with the investmenl managers at regular
intetva5s. The investment objective is to maintain, overall, the real value of capital and income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Oryanisation. Management and Delegation..
The Trustees, in their power, have delegated the management of the investments and the
administration of the charity, including administration of grant-making and accountancy, to
LCVS.
The Trustees meet once a year to review the financial position and make grants., however, due
to the Covid pandemic the meeting in 2021 was cancelled.
The Trust Deed permits the spending of capital,. the Trustees have, however, agreed to retain
the capital for the time being and to invest it to produce income to make grants.
REFERENCE AND ADMINISTRATIVE DETAILS
The Mushroom Fund is a registered charity, number 259954. It was established by a Trust Deed
dated 2nd July 1969. The Trust is also known as Sir Alastair Pilkington's Trust.
Principal Office..
151 Dale Street, Liverpool L2 2AH
Trustees."
The Trustees during the year were as follows..
Mrs. R. Christian
Mrs. H. Powis
Mr. J. Pilkington
Dr. J. Newton
Mr. D.R Morris
Liverpool Charity and Voluntary Services
The charty's corporate Trustee, Liverpool Charily and Voluntary SeNices (LCVS), 151 Dale
street Liverpool L2 2AH, is incorporated under the Companies Act as a company limited by
guarantee without share capital as company number 181759, a registered charity, number
223485, and a charitable Trust Corporation.
LCVS Trustees. who are also its Directors, were as follows during the year= Heather Akehurst
(resigned 25th November 2021), Dorcas Akeju, Duncan Brookes (resigned 14th December 2020),
Jonny Hesketh (resigned 16th November 2021), Mike James (resigned 281h April 2021), Andrew
Lovelady (resigned 151 December 2020), Steve Long (resigned 291h January 2021), Ken Perry,
John Price. Michael Salla, Louise Scholes, James Sloan, Mike Thomas and Sue Williams
(resigned 23rd June 2022). On May 20th 2021, Sonia Bassey MBE, Maxine Ennis, Neil John
Sturmey and Henry Terefenko {resigned 2N July 2022) were appoinled as trustees. on 20th
September 2022 Gemma Shone was co-opted as trustree.

THE MUSHROOM FUND
TRUSTEES, REPORT FOR THE YEAR ENDED 30TH JUNE 2021
Professional Advisers."
Independent Examiner
Anna Spencer-Gray
RSM UK Tax and Accounting Limited
20 Chapel Street,
Liverpool, L3 9AG
Investec Wealth Management
100 Old Hall Street
Liverpool L3 9AB
Investment Manager
TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees, annual report and fin ancial
statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice). The law applicable lo charilies in
England and Wales requires the charity truslees to prepare financial slatements for each year
which give a true and fair view of the stste of affairs of the charity and of the incoming resources
and application of resources, of the charity for that period. In preparing the financial statements,
the trustees are required to-.
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the applicable Charities SORP.,
• make judgements and eslimates that are reasonable and prudent.
state whether applicable accounting standards have been followed, subject to any material
departures that must be disclosed and explained in the financial statements;
prepare the financial statements on the going con￿rn basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose wilh
reasonable accuracy at any time the financial position of the charity and to enable them to
ensure that the financial statements comply with the Charities Act 2011 , the applicable Charities
{Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also
responsible for safeguarding the assels of the Charity and taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by
Mike Thomas
Trustee of Liverpool Charity and Voluntsry Servlces
Dated:
22 go2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MUSHROOM FUND
I report to the trustees on my examination of the accounts of The Mushroom Fund ('the charity,)
for the year ended 30th June 2021, which are set out on pages 5 to 10.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in
accordance with the requirements of the Charities Act 2011 ('the 2011 Act,).
I report in respect of my examination of the charity's accounts carried out under section 145 of
the 2011 Act and in carrying out my examination I have followed all the applicable Direction5
given by the Charity Commission under section 145 {5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required
in an audit and consequently does not cover all the matters that an auditor considers in giving
their opinion on the accounts. The planning and conduct of an audit goes beyond the limited
assuran￿ that an independent examination can provide. Consequently. l express no opinion as
to whether the accounts present a 'trLAe and fair view, and my report is limited to those specific
matters set out in the independent examiner's statement.
Independent examiner's statement
I have Gompleted my examination. I confirm that no material matters have come to my attention
in connection wilh the examination giving me reasonable cause to believe that in any material
respect-
1. accounting records were not kept in respect of the charity as required by section 130
of the 2011 Act- or
2. the accounts do not accord with those records,. or
3. the accounts do not comply with the applicable requirements concerning the form and
content of accounts set out in the Charities (Accounts and Reports) Regulations 2008
other than any requirement that the accounts give a 'true and fair view, which is not a
matter considered as part of an independent examination.
I have no concerns and have Gome across no other matters in connection with the examination
to which attention should be drawn in this report in order to enable a proper understanding of
the accounts to be reached.
AIzK*> Sp&Kcer"4ry
Name.. Anna Spencer-Gray
Name of applicable lisled body.. The Institute of Chartered Accountants in England and
Wales
Relevant professional qualification or body.. Chartered Accountant
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED
Chartered Accountants
141h Floor
20 Chapel Street
Liverpool
L3 9AG
Date:
25101123

THE MUSHROOM FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2021
UNRESTRICTED FUNDS-------__
Year to 30th June 2021
Income
Capital
Funds
Funds
Year to
30th June 2020
Total
Total
Notes
Income from:
Inveslmenls
32,264
32,264
36,718
Total income
32,264
32,264
36,718
Expenditure on:
Charitable activities
3,681
3,681
32,422
Total expenditure
3,681
3,681
32,422
Net income and
net movement in funds before
gains and losses on investments
28,583
28,583
4,296
Net gainsl{losses) on investments
173,293
173,293
(97,044)
Net movement in funds
28,583
173,293
201,876
(92,748)
Reconciliation of funds..
Total funds brought forward
24,914 1,208,870 1,233.784 1,326.532
Total funds carried forward
53,497 1,382,163 1,435,660 1,233,784
The notes on pages 7 to 10 fomi part of these accounts.
The net movement in funds in the year was derived from the continuing activity of the charity.
Thpse u17￿￿dtted firi8ncial slal•nienls Ii&ve been sijbiected lo Indeppndeffll e.xainifj&liori. ee report oli page 4.

THE MUSHROOM FUND
BALANCE SHEET AS AT 30TH JUNE 2021
-UNRESTRICTED FUNDS--------.
At
At
30th June 2021
30th June 2020
Notes
Fixed assets:
Investments
1,382,163
1,208,870
Current assets:
Cash at bank
55,428
26,996
Current liabilities:
Creditors
(1,931)
(2,082)
53,497
24,914
Net assets
1,435,660
1,233,784
The funds of the Charity:
Capilal Funds
Income Funds
1,382,163
53,497
1,208,870
24,914
1,435,660
1,233,784
Approved and authorised for issue by the Trustees and signed on their behalf by
Mike Thomas
Trustee of Liverpool Charity and Voluntsry Services
Dated:
Ji
The9e illl¢tiJdrted lirian¢ial slalemenls liaije been subjeLled lo indeuend2ril e.X¢iiiiiiiilioii. See rep>OIt C)fl p4cI.- 4.

THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2021
ACCOUNTING POLICIES
Basis of preparation
The accounts have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise stated in the relevant note(s) to
these accounts. 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 {FRS 102) issued on 16th July 2014., updated 2nd February 2016
(SORP 2015) and Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
The Charity has taken advantage of the provisions in the SORP for Charities applying
FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Going concern
Al Ihe time of approving the accounts, the trustees have a reasonable expectation that the
charity has adequate resources to continue in operational existence for Ihe foreseeable
future. Thus the trustees continue to adopt the going concern basis of accounting in
preparing the accounts.
Fund accounting
Unrestricted funds are considered 'free' reserves and are expendable at the discretion of
the Trustees in furtherance of the general objectives of the Trust.
Investments
Investments held as fixed assets, in accordance with SORP 2015 are stated and
included in the balance sheet at their market value at the valuation date nearest to the
year end. Realised and unrealised gains and losses are dealt with as movements on the
Capital Fund. Investments are valued at the mid-market price on the valuation date.
The main form of financial risk faced by the charity is that of volatility in equity markets
and investment markets due to wider economic conditions. The Trustees conduct a
thorough risk analysis in conjunction with their investment managers at each of their
Investment Committee meetings.
Income recognltion
Income from investments comprises dividend income and are accounted for when
received in the financial year.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive
obligation committing the charity to that expenditure, it is probable thal settlement will be
required and the amount of the obligation can be measured reliably.
All expenditure is aGGounted for on an accruals basis. All expenses. including support
costs and governance costs, are allocated or apportioned to the applicable expenditure
headings in the statement of financial activities.
Charitable activities includes grant funding, along with associated support costs, to
beneficiaries. These are dealt with in the Staternent of Financial Activities when payment
has been approved by the charity. Governance costs relate to compliance with
l-tiese ijriaudiieil Iin4nrial .st81￿￿12lllS triavo been siihifeled lo Iiio*ii?-ndeol e.,Y8mindtion
,oe reiinri on p8gp 4

THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2021
constitutional and statutory requirements and specifically include all costs incurred by the
charity in producing the Annual Report.
Cash and cash equivalents
Cash and cash equivalenls 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.
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial
Instrumenls, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils
financial instruments.
Financial instruments are recognised in the charity's balan￿ sheet when the charity
becomes party to the contractual provisions of the inslrument.
Financial assets and liabilities are offset. with the net amounts presented in the financial
statements, when there is a legalty 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 simullaneously.
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 transaclion 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 re￿Ip1S 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.
Derecognition of financial liabilities
Financial liabi5ities are derecognised when the charity's contractual obligations expire or
are discharged or cancelled.
Taxation
The charity benefits from various exemptions from taxation afforded by tax legislation and
is not liable to corporation tax on income or gains falling within those exemptions. The
charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts
inclusive of VAT.
Theie uri8udited Iin8ncisl stalemenl¢ have b•-n qi Ihierled lo indp.pendenl &xaiTiiiiali()n See repoil oil paatt È;,

THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2021
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 estimales and underlying assumptions are reviewed on an On￿oing 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.
CHARITABLE ACTIVITIES
2021
2020
Direct charitable expenditure.. Grant funding
Grants made
Grant making administration costs - LCVS
1,750 30,340
1,075
1,224
2,825 31,564
Support and govemance costs..
Administration - LCVS
Independent examination fee
538
318
612
246
856
858
3,681
32,422
No expenses were reimbursed to truslees during the year (2020.. Nil).
There were no grants of £1,000 and over made to organisations during the year {2020.'
£23,000).
In 2020 expenditure of £32,422 was unrestricted.
FIXED ASSET INVESTMENTS
2021
2020
Quoted investments:
Market value at 1 sl July 2020
Unrealised gainsl(losses) on investment assets
1,208,870
173,293
1,305,914
197,044)
Market value at 30th June 2021
1,382,163
1,208,870
Book value at 30th June 2021
496,498
496,498
The trust holds 1000/0 of its fixed asset investments in a Charity Commission approved
pooling scheme, the Settlors, Trust Fund (STF), administered by Liverpool Charity and
Voluntary SeNices and managed by Investec Wealth Management. At 30th June 2021.

THE MUSHROOM FUND
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2021
the assets of the STF fund had a total market value of £33,037,531 (2020= £28,526,494)
of which £1,382,163 (2020.. £1,208,870) is an asset of the trust.
CREDITORS
2021
2020
Administration & support- LCVS
Independent examination fee
1,613
318
1,836
246
1,931
2,082
UNRESTRICTED FUNDS
Income Fund.- Investment income and donations received for distribution as
grants to charitable voluntary organisations.
Capital Fund.. Funds held provide income for the ongoing activities of the trust.
RELATED PARTY TRANSACTIONS
Charitable Activities.. these include grant making administration costs of £1,075
paid to LCVS (2020.. £1,224 along with a grant of £750 in support of the work
carried out by the organisation (see note 3}).
Govemarpce Costs.. these include £538 (2020.. £612) payable to LCVS in respect
of accountancy and trust adminislration.
Creditors.. these include £1,613 (2020: £1, 836) owing to LCVS at the year end.
LCVS is related to the Trust by virtue of LCVS being the Trust's corporate
trustee.
No trustee re￿iVed remuneration as part of their role as Trustee of the charity.
These unsuclilea Iin?T)cial slc?lenienls have be.en 511biecled lo iridepeiidenl Éxariiiiii.Iivii .gee repL)ri on paoe 4.
io