## WILLIAM FRANK PINN CHARITABLE TRUST
## **Trustees’ Report**
## **and Financial Statements**
for the period ended 18 June 2025
**Registered Charity Number 287772**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **WILLIAM FRANK PINN CHARITABLE TRUST**
## **INDEX**
|**Charity information**|**1**|
|---|---|
|**Trustee’s report**|**2**|
|**Independent auditor’s report**|**4**|
|**Statement of financial activities**|**7**|
|**Balance sheet**|**8**|
|**Accounting policies**|**9**|
|**Notes to the financial statements**|**12**|
**WILLIAM FRANK PINN CHARITABLE TRUST** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **CHARITY INFORMATION**
## **Trustee**
Ludlow Trust Company (Southampton) Limited (Company no. 006106294 – corporate trustee) (formerly HSBC trust Company (UK) Limited)
## **Corporate trustee**
|_Represented during the year by the following directors_|_Represented during the year by the following directors_|
|---|---|
|Gary St John Collins|(appointed 01/03/2025, resigned 31/03/2026)|
|Walter Duncan Coxon|(appointed 01/03/2025)|
|Matthew John Wickers|(appointed 01/03/2025)|
|Christopher Ian Thurlow|(appointed 19/03/2025)|
|Alexander Edward Mulroe|(appointed 01/04/2026)|
|Jacqueline Marie Gentles|(resigned 01/03/2025)|
|Emma Louise Chee|(resigned 01/03/2025)|
|James Coyle|(resigned 24/04/2024)|
|Jenny Fiona Goldie-Scot|(resigned 01/03/2025)|
|James Edward Hewitson|(resigned 01/03/2025)|
|Paul Michael Spencer|(resigned 05/12/2024)|
## **Principal office**
Ludlow Trust Company (Southampton) Limited Yarmouth House 1300 Parkway Solent Business Park Whiteley PO15 7AX
## **Registered charity number**
287772
## **Independent auditor**
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Investment manager and banker**
HSBC UK Bank Plc 1 Centenary Square Birmingham B1 1HQ WC2R 0QS
**Page 1**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **TRUSTEE’S REPORT**
The trustee has pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 18 June 2025. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The William Frank Pinn Charitable Trust is constituted under the Will of the late Mr Willaim Frank Pinn, who died on 18 June 1983, as varied by Charity Commission Scheme dated 24 May 1990 and 9 December 1998. The trust was registered as a charity (no. 287772) on 24 September 1983.
The trust is controlled by the trustee. The power to appoint and remove trustees rests with the trustee.
On agreeing to become a trustee of the charity, the new trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustee has assessed the major risks to which the charity is exposed. The trustee believes, that by ensuring appropriate controls exist over key financial systems, including those operated by HSBC UK Bank plc and Ludlow Trust Company (Southampton) Limited, effective systems have been established to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
The charity’s objects are:
“To provide assistance to such persons who have attained the qualifying age for the retirement pension from the National Insurance Fund provided such persons meet all other conditions and requirements stipulated by legislation from time to time living in Gravesend and the surrounding Districts comprising the New Borough of Gravesham who are in need.”
In pursuance of its objects, the charity’s income is applied in making grants to individuals, in accordance with the terms of the governing document. The trustee considers grant making an effective method of delivery these objectives, and reviews applications for grants when received. Grants are awarded at the discretion of the Board of Managers.
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustee considers how planned activities will contribute to the aims and objectives they have set.
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
Total investment income for the year amounted to £488,158 (2024: £382,834) and comprised income arising on the charity’s investment portfolio and investment property to fund it’s charitable activities.
Total expenditure in the year comprised grants, property management, trust administration services, governance costs and investment management, totalling £516,139 (2024: £458,650).
During the year 1015 grants totalling £253,700 (2024: 928 grants totalling £212,700) were awarded and 10 grants were returned totalling £2,450 (2024: 9 grants totalling £1,900) in accordance with the governing document. Donations are made to individuals of pensionable age and priority is given to those on lower incomes. Typically, grants are made to enable the purchase of clothing and to cover household expenses.
As at 18 June 2025 total funds were £10,481,880 (2024: £9,903,003) including endowment funds of £9,923,469 (2024: £9,393,335) and free reserves of £558,411 (2024: £509,668).
During the year under review the charity remained invested in a managed portfolio, held an investment property and cash balance from which dividend, rental and interest income was obtained. The trustee is content with the performance of investments in the year under review.
**Page 2**
**WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **TRUSTEE’S REPORT**
## **PLANS FOR FUTURE PERIODS**
The trustee intends to continue the charity’s grant-making activity into subsequent financial years in furtherance of the charity’s objects.
## **STATEMENT OF TRUSTEE’S RESPONSIBILITIES**
The trustee is responsible for preparing the Trustee’s 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 trustee 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 period. In preparing these financial statements, the trustee is required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 operation
The trustee is responsible for keeping proper 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.
## **APPOINTMENT OF AN INDEPENDENT AUDITOR**
The charity exceeded the audit threshold in the year under review and Blue Spire Limited have been appointed as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity.
Approved by the trustee and signed on their behalf.
Monica Brown on behalf of Ludlow Trust Company (Southampton) Limited Trustee
Date 23 April 2026
**Page 3**
**WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **INDEPENDENT AUDITOR’S REPORT**
## **Independent Auditor’s Report to the Trustee of William Frank Pinn Charitable Trust**
## **Opinion**
We have audited the financial statements of William Frank Pinn Charitable Trust (the ‘charity’) for the period ended 18 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 18 June 2025, and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Other matter**
The financial statements of the charity for the year ended 5 April 2024 were audited by another auditor who issued an unqualified opinion on those statements on 4 February 2025. Accordingly we make no comment nor draw any conclusions in respect of the period to 5 April 2024.
## **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 trustee’s 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 trustee with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustee is responsible for the other information. The other information comprises the information included in the trustee’s report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we 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.
**Page 4**
**WILLIAM FRANK PINN CHARITABLE TRUST** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **INDEPENDENT AUDITOR’S REPORT**
## **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:
- the information given in the financial statements is inconsistent in any material respect with the trustee’s report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustee**
As explained more fully in the trustee’s responsibilities statement set out on page 3, the trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is 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 trustee either intends to liquidate the charity or 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 regulations made under section 154 of that Act.
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.
Based on our understanding of the charity, we identified that the principal laws and regulations that directly affect the financial statements to be and the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
As an investment funded grantmaker there is a limitation to exposure to laws and regulations and where the likelihood of non-compliance is low. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustee and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
- Enquiry of those charged with governance around actual and potential litigation and claims;
- Enquiry of the trustee to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
**Page 5**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **INDEPENDENT AUDITOR’S REPORT**
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor.This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustee, 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 trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited, Statutory Auditor Date 23 April 2026
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
_Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
**Page 6**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Investments
**1**
**Total**
**EXPENDITURE ON:**
Costs of generating funds
**2**
Charitable activities
**3**
**Total**
Net gains/(losses) on investments
**5**
Gains/(losses) on investment property
**5**
**Net income/(expenditure)**
**Transfers between funds**
**10**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**10**
**Total funds carried forward**
**10**|**Unrestricted**
**Funds**
**£**
488,158
488,158
118,983
318,212
437,195
-
-
50,963
(2,220)
48,743
509,668
558,411|**Endowment**
**Funds**
**£**
-
-
78,944
-
78,944
96,858
510,000
527,914
2,220
530,134
9,393,335
9,923,469|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
488,158
488,158
197,927
318,212
516,139
96,858
510,000
578,877
-
578,877
9,903,003
10,481,880|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
382,834|
|---|---|---|---|---|
|||||382,834|
|||||173,404
285,246|
|||||458,650|
|||||218,300
-|
|||||142,484
-|
|||||142,484
9,760,519|
|||||9,903,003|
None of the charity’s other activities were acquired or discontinued during the above financial year.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 7**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **BALANCE SHEET AS AT 18 JUNE 2025**
|**Note**
**FIXED ASSETS**
Investments
**5**
Investment property
**5**
**CURRENT ASSETS**
Accrued income
**6**
Cash at hand and in bank
**Total current assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
**7**
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Net assets/(liabilities)**
**THE FUNDS OF THE CHARITY**
Capital (expendable endowment)
**10**
Income
**10**
**Total charity funds**|**£**
**£**
2,630,229
7,295,000
9,925,229
74,037
529,899
603,936
47,285
556,651
10,481,880
10,481,880
9,923,469
558,411
10,481,880
**2025**
**18 June**|**£**
**£**
2,613,318
6,785,000
9,398,318
63,719
492,030
555,749
51,064
504,685
9,903,003
9,903,003
9,393,335
509,668
9,903,003
**2024**
**5 April**|**£**
**£**
2,613,318
6,785,000
9,398,318
63,719
492,030
555,749
51,064
504,685
9,903,003
9,903,003
9,393,335
509,668
9,903,003
**2024**
**5 April**|
|---|---|---|---|
||||9,398,318
504,685|
||||9,903,003|
||||9,903,003|
||||9,393,335
509,668|
||||9,903,003|
The accompanying notes form part of these accounts.
These financial statements were approved by the board and signed on their behalf
Monica Brown on behalf of Ludlow Trust Company (Southampton) Limited Trustee
Date 23 April 2026
**Page 8**
## **WILLIAM FRANK PINN CHARITABLE TRUST** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The William Frank Pinn Charitable Trust is a registered unincorporated charity, established under a Will trust, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is accounted for in the period in which the charity is entitled to receipt. Income is the gross value of dividends and interest received after reclaiming any tax credits that are available. Dividends due on quoted investments that are ex-dividend at the balance sheet date are accrued as income.
Rental income is recognised in the period to which it relates. Rental income is received in arrears, giving rise to accrued income at the year end.
## **Resources expended** p
g gg g
category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers and costs in relation to investment properties
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
## **VAT**
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
## **Taxation**
The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.
## **Statement of cash flow**
The trustees have elected to adopt the provisions of Section 1A of FRS 102 as a smaller entity and have therefore not prepared a statement of cash flows
**Page 9**
**WILLIAM FRANK PINN CHARITABLE TRUST** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **ACCOUNTING POLICIES**
## **Investments**
Investments are included at closing far value at the balance sheet date. Any gain or loss on revaluation or disposals throughout the period is taken to the Statement of Financial Activities.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
## **Investment property**
Investment properties are stated at their open fair value. In accordance with the Statement of Recommended Practice, depreciation is not provided on investment properties. Investment properties are professionally revalued every 5 years and by the Trustees annually.
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. No adjustment is made for assets or liabilities receivable or payable in more than one year on the basis any adjustment will be immaterial. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
## **Fund accounting**
Unrestricted income funds 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.
Capital (endowment) funds comprise the original gifts introduced by the the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.
## **Going concern**
At the time of approving the accounts, the Trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustee continues to adopt the going concern basis of accounting in preparing the accounts. The trust’s investments are sufficient to cover its fixed costs for a period of at least twelve months even in the event of a significant fall in investment values. Therefore, the Trustee has concluded that the going concern basis remains appropriate.
## **Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
**Page 10**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 JUNE 2025
## **ACCOUNTING POLICIES**
## **Impairment of financial assets**
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
## **Derecognition of financial assets**
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## **Basic financial liabilities**
Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening fair value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
## **Change of accounting reference date**
The accounting reference date has been changed to align with the charity's creation, being 18 June. Consequently, the financial statements presented are for a 14-month period from 6 April 2024 to 18 June 2025, with the comparative figures representing the year ended at 5 April 2024.
**Page 11**
FINANCIAL STATEMENTS FOR THE PEIORD ENDED 18 JUNE 2025
## **WILLIAM FRANK PINN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Investment income**
|**1. Investment income**|||||||
|---|---|---|---|---|---|---|
|Property rental
Investment income|**Unrestricted**
**Funds**
**£**
385,222
102,936
488,158|**Endowment**
**Funds**
**£**
-
-
-|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
385,222
102,936
488,158|**Unrestricted**
**Funds**
**£**
303,088
79,746
382,834|**Endowment**
**Funds**
**£**
-
-
-|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
303,088
79,746|
|||||||382,834|
## **2. Costs of generating funds**
|Investment management fees
Property service charge
Property management fees
Property maintenance costs
Other related costs|**Unrestricted**
**Funds**
**£**
-
-
-
118,983
-
118,983|**Endowment**
**Funds**
**£**
24,500
9,100
44,999
-
345
78,944|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
24,500
9,100
44,999
118,983
345
197,927|**Unrestricted**
**Funds**
**£**
-
-
-
116,684
-
116,684|**Endowment**
**Funds**
**£**
20,529
10,161
25,231
-
799
56,720|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
20,529
10,161
25,231
116,684
799|
|---|---|---|---|---|---|---|
|||||||173,404|
## **3. Charitable activities**
|Grants
Support costs (note 4)
Other allocated costs|**Unrestricted**
**Funds**
**£**
251,250
5,336
61,626
318,212|**Endowment**
**Funds**
**£**
-
-
-
-|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
251,250
5,336
61,626
318,212|**Unrestricted**
**Funds**
**£**
210,800
16,582
-
227,382|**Endowment**
**Funds**
**£**
-
-
57,864
57,864|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
210,800
16,582
57,864|
|---|---|---|---|---|---|---|
|||||||285,246|
Other allocated costs of £61,626 (2024: £57,864) principally comprise management fees charged by the Corporate Trustee.
During the year 1015 grants totalling £253,700 (2024: 928 grants totalling £212,700) were awarded to individuals in accordance with the terms of the governing document. During the year 10 grants were returned totalling £2,450 (2024: 9 grants totalling £1,900).
**Page 12**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PEIORD ENDED 18 JUNE 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
## **4. Support costs**
|Accountancy fee
Auditor fees
Audit fee over accrual in prior year
**5. Investments**
Security market value brought forward
Acquisitions at cost
Sale proceeds from disposals
Change in market value
Security market value carried forward
Investments at market value comprised:
UK Equities
Overseas Fixed Interest Securities
Overseas Equities
Alternative Investment
Investment properties brought forward
Change in fair value of investment properties
Investment properties carried forward
Securities historical cost at 18 June 2025 / 5 April 2024|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
-
5,400
(64)
5,336
**Period Ended**
**18 June**
**2025**
**£**
2,613,318
1,272,294
(1,352,241)
96,858
2,630,229
99,591
767,279
1,318,856
444,503
2,630,229
6,785,000
510,000
7,295,000
9,925,229
2,359,905|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
7,992
8,590
-|
|---|---|---|
|||16,582|
|||**Year Ended**
**5 April**
**2024**
**£**
2,470,698
1,039,201
(1,114,881)
218,300|
|||2,613,318|
|||39,550
782,198
1,369,585
421,985|
|||2,613,318|
|||6,785,000
-|
|||6,785,000|
||||
|||9,398,318|
|||2,315,496|
No individual investments are considered material (over 5% of portfolio by value) in the context of the portfolio. Except for the following:
HSBC American Index - portfolio holding of 19.95% (2024: 21.12%)
HSBC Global Funds Icav Global Govt Bond Index Fund ZQHGBP - portfolio holding of 7.49% (2024: 9.39%) HSBC Global Funds Icav Multi-factor Worldwide Equity ZQ - portfolio holding of 12.27% (2024: 11%) HSBC Global Investment Funds Global Corporate Bond - portfolio holding of 5.55% (2024: 5.43%)
All properties are professionally revalued on a rolling basis, so that all properties are revalued once every five years and revalued on an annual basis by the trustee. Valuations are performed by Walker Jarvis Ltd, a firm of RICS Chartered Surveyors. The figure shown represents their estimate of the open market value of the various properties subject to existing leases.
**Page 13**
FINANCIAL STATEMENTS FOR THE PEIORD ENDED 18 JUNE 2025
## **WILLIAM FRANK PINN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **6. Debtors**
|Prepayments and accrued income
**7. Creditors: amounts due in less than one year**
Accruals|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
74,037
74,037
**Period Ended**
**18 June**
**2025**
**£**
47,285
47,285|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
63,719|
|---|---|---|
|||63,719|
|||**Year Ended**
**5 April**
**2024**
**£**
51,064|
|||51,064|
## **8. Related party transactions**
During the period under review, Ludlow Trust Company (Southampton) Limited, formerly HSBC Trust Company (UK) Limited (see page 1), charged fees for the provision of administrative services of £47,156 (year ended 5 April 2024: £57,864), shown in note 3. At the balance sheet date £14,471 (year ended 5 April 2024: £2,934) is accrued and payable to the Ludlow Trust Company (Southampton) Limited. The fees are authorised under the governing document.
## **9. Analysis of net assets between funds**
|Investments
Investment property
Current assets
Current liabilities|**Unrestricted**
**Funds**
**£**
-
-
578,281
(47,285)
530,996|**Endowment**
**Funds**
**£**
2,630,229
7,295,000
25,655
-
9,950,884|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
2,630,229
7,295,000
603,936
(47,285)
10,481,880|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
2,613,318
6,785,000
555,748
(51,064)|
|---|---|---|---|---|
|||||9,903,002|
**Page 14**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PEIORD ENDED 18 JUNE 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
## **10. Net movement in funds**
|**10. Net movement in funds**|||||||
|---|---|---|---|---|---|---|
|Endowment funds
Unrestricted funds
Endowment funds
Unrestricted funds|||**Yearperiod 18 June 2025**||||
||**Total funds**
**brought**
**forward**
**£**
9,393,335
509,668
9,903,003|**Total**
**incoming**
**resources**
**£**
-
488,158
488,158|**Total**
**Gains/**
**resources**
**(losses) on**
**expended**
**investments**
**£**
**£**
(78,944)
606,858
(437,195)
-
(516,139)
606,858
**Year ended 31 March 2024**||**Transfers**
**between**
**funds**
**£**
2,220
(2,220)
-|**Total funds**
**carried**
**forward**
**£**
9,923,469
558,411|
|||||||10,481,880|
||||||||
||**Total funds**
**brought**
**forward**
**£**
9,278,561
481,958
9,760,519|**Total**
**incoming**
**resources**
**£**
-
382,834
382,834|**Total**
**resources**
**expended**
**£**
(114,584)
(344,066)
(458,650)|**Gains/**
**(losses) on**
**investments**
**£**
218,300
-
218,300|**Transfers**
**between**
**funds**
**£**
-
-
-|**Total funds**
**carried**
**forward**
**£**
9,382,277
520,726|
|||||||9,903,003|
The transfer of funds from the expendable endowment (capital) fund to unrestricted Income fund was implemented by the trustee in order to provide resources for grant awards in furtherance of the charity's objectives.
## **11. Financial instruments**
The carrying amounts of the Charity's financial instruments are as follows:
|_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
Investment property|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
2,630,229
7,295,000
9,925,229|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
2,613,318
6,785,000|
|---|---|---|
|||9,398,318|
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follows:
|_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Income from listed investments
Income from investment property
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Unrealised/realised gains/(losses) on investments
Gains/(losses) on investment property|**Period Ended**
**18 June**
**2025**
**Total**
**Funds**
**£**
102,936
385,222
488,158
96,858
510,000
606,858|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
79,746
303,088|
|---|---|---|
|||382,834|
|||218,300
-|
|||218,300|
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
**Page 15**
## **WILLIAM FRANK PINN CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PEIORD ENDED 18 JUNE 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
## **12. Comparatives of statement of financial activities**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Investments
**1**
**Total**
**EXPENDITURE ON:**
Cost of generating funds
**2**
Charitable activities
**3**
**Total**
Net gains/(losses) on investments
**6**
Gains/(losses) on investment property
**7**
**Net income/(expenditure)**
**Transfers between funds**
**13**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**13**
**Total funds carried forward**
**13**|**Unrestricted**
**Funds**
**£**
382,834
382,834
116,684
227,382
344,066
-
-
38,768
-
38,768
481,958
520,726|**Endowment**
**Funds**
**£**
-
-
56,720
57,864
114,584
218,300
-
103,716
-
103,716
9,278,561
9,382,277|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
382,834|
|---|---|---|---|
||||382,834|
||||173,404
285,246|
||||458,650|
||||218,300
-|
||||142,484
-|
||||142,484
9,760,519|
||||9,903,003|
**Page 16**