2023-04-05-accounts

Charity number: 265120

THE PALLANT CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

THE PALLANT CHARITABLE TRUST

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5 - 6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 21

THE PALLANT CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023

Trustees	Alan John Thurlow
	Simon Alistair Erskine MacFarlane, Chair
	Christopher Smyth
Charity registered number 265120 Principal office C/O Administrative Secretary The Royal Chantry, Cathedral Cloisters Canon Lane Chichester West Sussex PO19 1PX Accountants Donald Reid Limited Chartered Accountants 18a/20 King Street Maidenhead Berkshire SL6 1EF Bankers Natwest 66 High Street Maidenhead Berkshire SL6 1QA Investment Managers Evelyn Partners Group Limited 45 Gresham Street London England EC2V 7BG

Page 1

THE PALLANT CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their annual report together with the financial statements of Pallant Charitable Trust (the charity) for the year ended 5 April 2023. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2019.

Structure, governance and management

a.

The Pallant Charitable Trust is a registered charity, number 265120, and is constituted under a Trust deed dated 2 November 1972.

The principal activity of the charity is to promote mainstream church music in both choral and instrumental form, in accordance with the policy initiated by the founder.

There have been no changes in the objectives since the last annual report.

b.

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Although there has been no requirement for the appointment of a new trustee in the recent past the Trustees would like to maintain the same or similar number of Trustees as at present. Should any vacancy arise they would seek to recruit a replacement to preserve that balance of lay and professional Trustees with a particular interest in the aims and objectives of the Trust.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

b. Activities For achieving objectives

The charity achieves its objective through the activity of providing the capital and income of the Trust Fund to such charities or for such charitable purposes and in such proportions as the Trustees determine.

c. Grant-making policies

Income resources remain fully committed, the primary aim of the Trust is to support and promote traditional church music within a radius of 50 miles of Chichester. The Trustees are now actively considering one or two new projects.

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THE PALLANT CHARITABLE TRUST

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

Achievements and performance

a. Review of activities

The Trustees have maintained their support for Chichester Cathedral's choristers and have begun a project to restore a church organ belonging to St John's Chapel in Chichester. In the year to 5 April 2023, Prebendal School fees totalling £32,895 (2022: £32,726) were paid during the year, £4,520 (2022: £5,000) was paid in relation to the Organ Scholarship, and £55,476 (2022: £Nil) was paid in relation to St John's Chapel's organ restoration.

b. Investment policy and performance

During the year incoming resources totalled £29,913 (2022: £28,001) , resources expended totalled £109,606 (2022: £55,272) and net expenditure after other gains and losses of £81,736 (2022: £82,318 net income) . As a result the fund balance carried forward at 5 April 2023 was £1,308,355 (2022: £1,390,091) .

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which may arise Unrestricted funds were maintained at this level throughout the year.

c. Financial risk management objectives and policies

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trustees have identified the primary risk as being a financial one and that professional advisors were employed and regular meetings are held to keep this under review.

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THE PALLANT CHARITABLE TRUST

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

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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.

Approved by order of the members of the board of Trustees on 12 December 2023 and signed on their behalf by:

................................................ Alan John Thurlow

................................................ Simon Alistair Erskine MacFarlane

................................................ Christopher Smyth

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THE PALLANT CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023

Independent Examiner's Report to the Trustees of The Pallant Charitable Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023.

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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

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THE PALLANT CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me 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 come 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.

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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 12 December 2023

Daniel Reid FCA

Donald Reid Limited Chartered Accountants Prince Albert House 20 King Street Maidenhead Berkshire SL6 1DT

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THE PALLANT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Note Income from: Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities 6 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 29,913 29,913 11,885 97,721 109,606 (79,693) (2,043) (81,736) 1,390,091 (81,736) 1,308,355	Total funds 2023 £ 29,913 29,913 11,885 97,721 109,606 (79,693) (2,043) (81,736) 1,390,091 (81,736) 1,308,355	Total funds 2022 £ 28,001 28,001 12,350 42,922 55,272 (27,271) 109,589 82,318 1,307,773 82,318 1,390,091

The notes on pages 9 to 21 form part of these financial statements.

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THE PALLANT CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2023

Note Fixed assets Investments 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current liabilities / assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds	19,138 19,138 (21,830)	2023 £ 1,311,047 1,311,047 (2,692) 1,308,355 1,308,355 1,308,355 - 1,308,355 1,308,355	22,798 22,798 (17,628)	2022 £ 1,384,921
				1,384,921 5,170
				1,390,091
				1,390,091
				1,390,091
				- 1,390,091
				1,390,091

The financial statements were approved and authorised for issue by the Trustees on 12 December 2023 and signed on their behalf by:

Alan John Thurlow

Simon Alistair Erskine MacFarlane

(Chair of Trustees)

Christopher Smyth

The notes on pages 9 to 21 form part of these financial statements.

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THE PALLANT CHARITABLE TRUST

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

1. Accounting policies

1.1 Basis of preparation of financial statements

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 provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared un 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 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

The Pallant Charitable Trust meets the definition of a public benefit entity under FRS 102.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

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THE PALLANT CHARITABLE TRUST

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

1. Accounting policies (continued)

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated Services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

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THE PALLANT CHARITABLE TRUST

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

1. Accounting policies (continued)

1.4 Expenditure (continued)

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.

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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THE PALLANT CHARITABLE TRUST

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

1. Accounting policies (continued)

1.8 Financial instruments

The Charity only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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THE PALLANT CHARITABLE TRUST

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

1. Accounting policies (continued)

2. Investment income

Income from listed investments Income from listed investments Investment management costs Investment management fees Investment management fees	Unrestricted funds 2023 £ 29,913 Unrestricted funds 2022 £ 28,001 Unrestricted funds 2023 £ 11,885 Unrestricted funds 2022 £ 12,350	Total funds 2023 £ 29,913
		Total funds 2022 £ 28,001
		Total funds 2023 £ 11,885
		Total funds 2022 £ 12,350

3. Investment management costs

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THE PALLANT CHARITABLE TRUST

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

4. Governance costs

Legal and professional fees	2023 £ 5,100 5,100	2022 £ 5,196
		5,196

5. Analysis of grants

Choristers Scholarships and Prebendal school fees St John's Chapel organ restoration Choristers Scholarships and Prebendal school fees Grants	Grants to Institutions 2023 £ 37,145 55,476 92,621 Grants to Institutions 2022 £ 32,726 5,000 37,726	Total funds 2023 £ 37,145 55,476
		92,621
		Total funds 2022 £ 32,726 5,000
		37,726

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THE PALLANT CHARITABLE TRUST

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

6. Analysis of expenditure on charitable activities

Summary by fund type

Expenditure on governance Choristers Scholarships and Prebendal school fees St John's Chapel organ restoration Expenditure on governance Choristers Scholarships and Prebendal school fees Grants	Unrestricted funds 2023 £ 5,100 37,145 55,476 97,721 Unrestricted funds 2022 £ 5,196 32,726 5,000 42,922	Total 2023 £ 5,100 37,145 55,476
		97,721
		Total 2022 £ 5,196 32,726 5,000
		42,922

7. Analysis of expenditure by activities

Expenditure on governance Choristers Scholarships and Prebendal school fees St John's Chapel organ restoration	Activities undertaken directly 2023 £ 5,100 - - 5,100	Grant funding of activities 2023 £ - 37,145 55,476 92,621	Total funds 2023 £ 5,100 37,145 55,476
			97,721

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THE PALLANT CHARITABLE TRUST

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

7. Analysis of expenditure by activities (continued)

Expenditure on governance Choristers Scholarships and Prebendal school fees Grants	Activities undertaken directly 2022 £ 5,196 - - 5,196	Grant funding of activities 2022 £ - 32,726 5,000 37,726	Total funds 2022 £ 5,196 32,726 5,000
			42,922

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £1,554 ( 2022 - £1,482 ).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL) .

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THE PALLANT CHARITABLE TRUST

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

10. Fixed asset investments

Cost or valuation At 6 April 2022 Additions Disposals Revaluations At 5 April 2023 Net book value At 5 April 2023 At 5 April 2022 Investments at market value comprise:	UK	Listed investments £ 1,324,523 114,060 (100,050) (49,077) 1,289,456 1,289,456 1,324,523 Overseas	Listed investments £ 1,324,523 114,060 (100,050) (49,077) 1,289,456 1,289,456 1,324,523 Overseas	Other fixed asset investments £ 60,398 - - (38,807) 21,591 21,591 60,398 2023	Other fixed asset investments £ 60,398 - - (38,807) 21,591 21,591 60,398 2023	Total £ 1,384,921 114,060 (100,050) (87,884) 1,311,047 1,311,047 1,384,921 2022
	£		£		£	£
Listed investments	988,872		300,584		1,289,456	1,324,523
UK cash held on portfolio	21,591		-		21,591	60,398
Total market value 1,010,463 300,584 1,311,047 1,384,921

Valuation

Valuations are determined by reference to readily available market prices of the investments held.

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THE PALLANT CHARITABLE TRUST

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

Material investments

Link Financial Sol Ltd Trojan Inc City of London Inv T Bailey Fund Serv TB Evenlode Income Blackrock FM Evenlode INV Management Income Greencoat UK WIND ORD M&G Investment Management UK Findlay Park FDS American USA Fundsmith LLP Equity Link Fund Sol Ltd Trojan Linsell Train Ltd Global Equity D Nav Goldman Sachs FDS Stg Lqd Reserves 11. Creditors: Amounts falling due within one year Accruals and deferred income	2023 £ 160,984 135,094 222,928 96,899 177,762 79,850 - 91,992 73,469 110,043 - 75,000 1,224,021 2023 £ 21,830	2022 £ 173,307 138,041 214,993 95,136 170,298 77,750 60,859 96,027 72,376 112,277 88,748 -
		1,299,812
		2022 £ 17,628

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THE PALLANT CHARITABLE TRUST

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

12. Financial instruments

Financial assets Financial assets measured at amortised cost Financial instruments measured at fair value through income and expenditure Financial liabilities Financial liabilities measured at amortised cost	2023 £ 19,138 1,311,047 1,330,185 2023 £ 21,830	2022 £ 22,798 1,384,921
		1,407,719
		2022 £ 17,628

Financial assets measured at fair value through income and expenditure comprise of market investments only.

Financial assets measured at amortised cost comprise of cash.

Financial liabilities measured at amortised cost comprise of accruals.

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THE PALLANT CHARITABLE TRUST

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

13. Statement of funds

Statement of funds - current year

	Balance at 6			Gains/	Balance at 5
	April 2022	Income	Expenditure	(Losses)	April 2023
	£	£	£	£	£
Unrestricted funds
General Funds - all funds	1,390,091	29,913	(109,606)	(2,043)	1,308,355
Statement of funds - prior	year
	Balance at			Gains/	Balance at
	1 April 2021	Income	Expenditure	(Losses)	5 April 2022
	£	£	£	£	£
Unrestricted funds
General Funds	1,307,773	28,001	(55,272)	109,589	1,390,091

14. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Fixed asset investments 1,311,047 Current assets 19,138 Creditors due within one year (21,830) Total 1,308,355	Total funds 2023 £ 1,311,047 19,138 (21,830) 1,308,355

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THE PALLANT CHARITABLE TRUST

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

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 1,384,921 22,798 (17,628) 1,390,091	Total funds 2022 £ 1,384,921 22,798 (17,628) 1,390,091

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