Charity number: 265120 THE PALLANT CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE PALLANT CHARITABLE TRUST CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 9-19
THE PALLANT CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Alan John Thurlow Simon Alistsir Erskine MacFarlane, Chair Christopher Smylh Charity reglstered number 265120 Prlnclpal offlce CIO Administrative Secretary The Royal Chantry, Cathedral Cloisters Canon Lane Chichester Wesl Sussex P019 1PX Accountants Donald Reid Limited 1010 Eskdale Road Winnersh Wokingham RG41 5TS Bankers Naest 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 2024 The Trustees present their annual report together with the financi81 statements of Pallanl Charitable Trust Ilhe charity) for the year ended 5 April 2024. The Trustees confim that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's goveming document and the provisions of the Statement of Recommended Practice ISORPI Accounting and Reporting by Charities" issued in 2019. Structure, govemance and management 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 the18St annual report. 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 requiremènt for the appointment of a new Iruslee in the recent past the Trustees would like to maintain the same or similar number of Trustees as al pSent. Should any vacancy arise they would seek to recruit a replacement to presetve that balance of18y and profession81 Trustees with 8 P8rticu18r Inte$1 in the aims and objectives of the Trust. Objectives and activities a. Polieies and objectives In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the charity commission relating to public benefiL 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 Ineome resources remain fully commilled, the primary aim of the Trust is to support and promote traditional church music within 8 radius of 50 miles of Chichester. The Trustees are now actively considering one or two new projects. Page 2
THE PALLANT CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Aehievements 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 Sl John's Chapel in Chiehesler. In the year to 5 April 2024, Prebendal School fees lotalling £31,591 (2023." £32,895) were paid during the year, £Nil (2023." £4,250) was paid in relation lo the Organ Scho18rship, and £193,887 (2023." £55,476) was paid in relation lo St John's Chapel's organ restoration. b. Investment policy and perfomianee During the year incoming resources lotalled £31,417 (2023." £29,913), resources expended tolalled £236,932 (2023." £109, 606) and nèt expenditure after other gains and losses of £176,573 (2023." £87, 136 net expenditure). As a result the fund balance carried forward al 5 April 2024 was £1,131,782 (2023." £1,308,355). Financial review a. Going coneem After making 8ppropriale enquiries, the Trustees have a aSonable expectation that the Charity has adequate sources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going eoncem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis ean be found in the accounting policies. b. Reserves policy It is the policy of the charity lo m8inl8in unreslricled funds, which are the free oserves of the charity, at a level which equates to approximately six months expenditure. This provides sufficient funds to cover management and administffttion and support costs and to respond to emergency 8pplieations for grants which may 8rise Unrestricted funds weo maintained al this level throughout the year. c. Financial risk management objectives and polieies The Trustees have examined the major strategic, business and operation81 risks which the charity faces and confirm that systems have been esL9blished to enable regular reports to be produced so that the nècessary steps can be taken to lessen these risks. The Trustees have identified the primary risk as being 8 financial one and that professional advisors were employed and regular meetings are held to keep this under review. Page 3
THE PALLANT CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in 8ccord8nce with applic8ble18w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepa financial statements for each financial which give a true and fair view of the s18te 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 IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going conrn basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the fi'nancial 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 tsking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees on 4 Dember 2024 and signed on their behalf by.. P-F Alan John Thurlow Simon Alistsir Erskine MacFarlane Christopher Smyth Page 4
THE PALLANT CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 Independent Examiner's Report to the Trustees of The Pallant Charitable Trust {'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. 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 I'lhe 2011 ACVI. 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 14515llbl of the 2011 Act. Page 5
THE PALLANT CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Independent Examiner's Statement Your attention is drawn lo the fact that the Charity has prepared the accounts in accordan 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 IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulations bul has been withdrawn. l understand that this has been done in order for the accounts lo 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 lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records", or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel 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 concems and have come across no other matters in eonnection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be ached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the Charity's Trustees those mallers l am required to stale lo them in an Independent ex8minerfs report and for no other purpose. To the fullest extent permitted by law, I do not aeeept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. 09 Dec 2024 Signed.. Dated.. Jacqui Williams FCA Donald Reid Limited 1010 Eskdale Road Winnersh Wokingham SL6 1EF Page 6
THE PALLANT CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 31,417 31,417 29.913 Total income 31.417 31.417 29.913 Expendlture on: Raising funds Charitable activities 10,626 226.306 10,626 226.306 11,885 97,721 Total expendlture 236.932 236.932 109,606 Net expenditure before net gainsl{losses) on investments Nel gainslllossesl on investments (205.515) 28.942 (205.515) 28.942 (79.693) (2,043) Net movement in funds 1176,5731 1176,5731 {81. 736) Reeoneiliation of funds.. Total funds brought forward Nel movement in funds 1,308.355 (176.573) 1,308.355 (176.573) 1,390.091 (81, 736) Total funds carried forward 1,131,782 1,131,782 1,308,355 The notes on pages 9 10 19 form part of these financial slatemenls. Page 7
THE PALLANT CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Investments 10 1,130,636 1,371.047 1.130.636 1,311,047 Current assets Debtors Cash al bank and in hand 14 17.419 19, 138 17.433 19, 138 Creditors.. amounts falling due within one year 12 116.2871 (21, 830) Net current assets I liabilites 1.146 (2,692) Total assets less current liabilities 1.131,782 1,308,355 Net assets excluding pension asset 1,131,782 1,308,355 Total net assets 1,131,782 7,308.355 Charlty funds Reslricled funds Unrestricted fvjnds 14 14 1.131.782 1,308,355 Totsl funds 1.131.782 1,308,355 The financial statements were approved and authorised for issue by the Trustees on 04 December 2024 and signed on their behalf by". P-fr Alan John Thurlow Simon Alistair Erskine MacFarlane Christopher Smyth The notes on pages g to 19 form part of these financial statements. Page 8
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reportsl RegLJlalions 2008 only lo the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 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 al cost or transaction value unless otherwise staled 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 IFRS 1021 Issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and Charities Act 2011. The Pallant Charitable Trust meets the definition of a public benefit entity under FRS 102. 1.2 Fund a¢¢ounting General funds are unrestricted funds which are available for Ljse at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other PLJrp0s. Page 9
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies Icontinuedl 1.3 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, enlitlemenl is taken as the eadier of the dale on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the execulorlsl 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 execulorfs intention to make a distribution. Where legacies have been notified lo the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been mel, then the legacy is Irealed as a contingent asset and disclosed if material. Donated servIs 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 accordan with the Charities SORP IFRS 1021, the general volunteer lime of the Friends is not recognised and refer lo the Trustees, report for more information about their conlribulion. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift lo the Charity which is the amount il would have been willing lo 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 reiVed under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income tax recoverable in relation lo investment income is recognised at the lime the investment income is re1Vable. 1.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit lo a third party, il 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 lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime 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 lo charitable activities. Page 10
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting policies Icontinuedl 1.4 Expenditure {continued) Grants payable are charged in the year when the offer is made expt in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment, bul not accrued as expenditure. 1.5 Investments Fixed asset investments are a form of financial instrument and are inilialty recognised al their transaction cost and subsequently measured at fair value al the Balance sheet date, unless fair value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'GainsllLossesl on investments, in the Statement of financial aclivilies. 1.6 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.7 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 dale of acquisition or opening of the deposit or similar account. 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay to settle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finan cost. 1.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. Page11
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Investment income Unrestricted funds 2024 Total funds 2024 Income from listed investments 31,417 31.417 Unrestricted funds 2023 Total funds 2023 Income from listed investments 29,913 29,913 Investment management costs Unrestricted funds 2024 Total funds 2024 Investment management fees 10,626 10.626 Unrestricted funds 2023 Total funds 2023 Investment management fees 11,885 71,885 Governanee costs 2024 2023 Leg81 and professional fees 5,088 5,100 5,088 5.100 Page 12
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of grants Grants to Institutions 2024 Total funds 2024 Choristers Scholarships and Prebendal school fees St John's Chapel org8n restoration 31,591 193,887 31.591 193,887 225,478 225.478 Grants lo Institutions 2023 Total funds 2023 Choristers Scholarships and Prebendal school fees st John's Chapel organ resloralion 37, 145 55,476 37.145 55,476 92,621 92,621 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2024 Total 2024 Expenditure on governan Choristers Scholarships and Prebendal school fees St John's Chapel org8n restoration 828 31,591 193,887 828 31.591 193,887 226,306 226.306 Page 13
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of expenditure on charitable activities Icontinuedl Summary by fund type Icontinuedl Unrestrictgd funds 2023 Total 2023 Expenditure on governan Choristers Scholarships and Prebendal school fees St John's Chapel organ restoration 5, 100 37, 145 55,476 5,100 37,145 55,476 97, 721 97,721 Anatysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities 2024 Total funds 2024 Expenditure on goveman Choristers Scholarships and Prebendal school fees St John's Chapel organ restoration 828 828 31.591 193,887 31,591 193,887 828 225,478 226.306 Activities undertaken directly 2023 GnI funding of activities 2023 Total funds 2023 Expenditure on governance Choristers Scholarships and Prebendal school fees st John's Chapel organ resloralion 5,100 5,100 37. 145 55,476 37, 145 55,476 5.100 92,621 91,721 Page 14
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Independent examiner's remuneration The independent examinerfs remuneration amounts lo an independent examiner fee of £1,71012023- £1,554). Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2023- £NIL). During the year ended 5 April 2024, no Trustee expenses have been incuThed (2023 - £NIL). 10. Fixed asset investments Other fixed Listed asset investments investments Total Cost or valuation At 6 April 2023 Additions Disposals Revaluats'ons 1,289,456 93,437 1293,3111 37,187 21,591 1,311,047 93,437 1311.0351 37,187 {17.7241 At 5 April 2024 1,126,769 3,867 1,130,636 Net book value At 5 April 2024 1,126,769 3,867 1,130,636 At 5 April 2023 1.289,456 21,591 1.317,047 Investments at market value comprise: UK Overseas 2024 2023 Listed Investments 817,256 3,865 309,513 1,126,769 3,865 1,289,456 21,591 UK cash held on portfolio 821,121 309,513 1,130.634 1,311,047 Total market value Valuation Valuations are determined by referen lo readily available market prices of the investments held. Page 15
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Material investments 2024 2023 Link Financial Sol Ltd Trojan Inc City of London Inv T Bailey Fund Serv TB Evenlode Income Blackrock FM Evenlode INV Management Income Greencoal UK WIND ORD United Kingdom 0.250A BDS Findlay Park FDS American USA Fundsmilh LLP Equity Link Fund Sol Ltd Trojan Guardcap UCITS Fun Global Equity Goldman Sachs FDS Stg Lqd Reserves 102,151 96,480 185,921 101,864 176,005 68,750 30,185 112,705 82,429 87,892 26,487 55,900 160.984 135,094 222,928 96.899 177. 762 79,850 40,355 91.992 73.468 110,043 25,081 75,000 1.126,769 1,289.456 11. Debtors 2024 2023 Due within one year Prepayments and accrued income 14 14 12. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 16,287 21.830 Page 16
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 13. Financial instruments 2024 2023 Financial assets Financial assets measured at amortised cost Financial instruments measured at fair value through income and expenditure 17,419 19,138 1.130,636 1,311,047 1,148,055 1,330,185 2024 2023 Financial liabilities Financial liabilities measured at amortised cost 16,287 21,830 Financial assets measured al fair value through income and expenditure comprise of market investments only. Financi81 assets measured al amortised Cost comprise of cash. Financial liabilities measured at 8mortised cost comprise of aceruals. Page 17
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 14. Statement of funds statement of funds - current year Balance at 6 April 2023 Gainsl Balance at 5 {Lossesl April 2024 Income Expenditure Unrestricted funds General Funds - all funds 1.308.355 31.417 1236.9321 28,942 1,131.782 Statement of funds - prior year Balan at 6 Apnl 2022 Gains/ Balan at (Losses) 5 Apnl 2023 Income Expenditure Unrestricted funds General Funds - all fvnds 1,390.097 29.913 {199, 606) (2.043) 1,308.355 15. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,130,636 17,433 {16,2871 1,130.636 17,433 116,287 Total 1,131,782 1,131.782 Page 18
THE PALLANT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 15. Analysis of net assets between funds {continuedl Analysis of net assets between funds - prior period Unreslricled funds 2023 Total funds 2023 Fixed asset investments 1,311,047 19, 138 (21, 830) 1,311.047 19,138 (21,830) Current assets Creditors due within one year Totsl 1,308,355 1,308.355 Page 19