**REGISTERED COMPANY NUMBER: 02425166 (England and Wales) REGISTERED CHARITY NUMBER: 702068**
**Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2020**
## **for**
**Pewterspear Green Trust Limited**
**Pewterspear Green Trust Limited**
## **Contents of the Financial Statements for the Year Ended 31 December 2020**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Independent Examiner's Report**||6||
|**Statement of Financial Activities**||7||
|**Balance Sheet**|8|to|9|
|**Notes to the Financial Statements**|10|to|16|
**Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Report of the Trustees for the Year Ended 31 December 2020**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charitable Trust are to provide and maintain land within the area known as Pewterspear Green as a wildlife habitat and open space, for the recreational use and leisure-time occupation of the public areas by the inhabitants of the Parishes of Stretton and Appleton in particular , with the object of improving their wellbeing.
In setting our objectives and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit and fee-charging.
## **Significant activities**
The Company was formed to maintain in perpetuity certain open space in Pewterspear Green, Warrington for the benefit of the public generally. The land was owned by Homes England (formerly English Partnerships and Home & Communities Agency) and consisted of around 18.2 hectares and a licence to occupy the land was granted with effect from 31st March 1995.
The ownership of 11.83 hectares of the land was transferred to the Trust in February 2009. The transfer of the remainder of the land to the Trust is believed to be dependent upon the completion of the housing development on adjacent land owned by Homes England which is due for completion in 2021. In the meantime, the Trust will occupy and maintain this part of the land under the terms of the March 1995 licence.
The open space has been developed over the years to provide a cricket square and football pitches. The latter are used by the local junior football club but during the year there was no demand for the cricket facilities. The football pitches form part of the overall provision of sports pitches identified by the Local Authority in South Warrington.
The Trust also owns and operates a sports pavilion, which was built in 1999 with the assistance of a significant grant provided by the National Lottery and Sport England. Unfortunately, bookings levels in the pavilion were much lower during the year due to the impact of the Covid-19 pandemic.
The costs of maintaining the parkland and providing the sports facilities are primarily funded by investment income earned from an endowment fund provided upon the execution of the licence in 1995. This is supplemented by hiring fees from pitch usage and the net shortfall is met by capital withdrawals as required.
## **Public benefit**
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Page 1
**Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
Charitable activities
During the year, the Trust has undertaken the following activities in accordance with its stated objectives and activities:
## **1. Maintenance of Parkland**
Ongoing maintenance of the parkland areas has been undertaken in accordance with the landscape management plan by a suitably qualified contractor and managed by a horticultural consultant. In addition, where required, various exceptional works were undertaken to repair storm damage or in response to requests from residents living adjacent to the estate to undertake coppicing work along their boundaries.
The maintenance contract for the estate was subject to commercial tender in June 2019 and the contract runs for a term of 3 years' with effect from January 2020.
The Trust has continued to invest in the renewal of the parkland infrastructure and during 2020 significant expenditure was approved for the renewal of large sections of the paths across the estate. In addition, major improvements to the safety barriers and warning signage around the 7 ponds located on the parkland have been made.
The condition of various bridges and boardwalks around the ponds is kept under review and further expenditure is expected to be required in 2021/2022.
## **2. Outdoor Sporting Facilities**
The Trust has continued to provide excellent grass pitches for junior football, and these make a key contribution towards the provision of sports pitches across South Warrington.
Although the football season was disrupted by the Covid pandemic, the Trust worked closely with Appleton AFC to ensure that training events and matches could safely take place when lockdown restrictions were lifted. The relationship with the junior football club has remained strong and it is expected that the current 5-years agreement with the Club will be replaced by a new longer -term arrangement in 2021.
There was no demand for the cricket facilities at the Trust during 2020 despite extensive efforts by the Trustees to engage with local clubs and Regional cricket authorities. Regrettably therefore, the Trustees have decided that these facilities should no longer be provided, and the area previously reserved for the cricket square has now been converted to an additional football pitch.
## **3. Sports Pavilion Bookings**
Utilisation of the Pavilion by local dance and social groups reduced significantly during the year due to the Covid-19 lockdowns. Consequently, income from hire fees fell by approximately 50% and there is a likelihood that some of the previous hirers will not return when the lockdown restrictions are fully eased.
The building continues to be a drain upon the resources of the Trust and unless a solution can be found to address this situation, the building will have to be closed.
## **4. Sports Pavilion Redevelopment Project**
To address the ongoing operational losses incurred at the Pavilion, the Trustees have agreed to redesign the layout to increase the opportunity to obtain hire fees and / or rental income. The redesign will also enable some parts of the pavilion infrastructure to be refurbished and will transform the appeal of the building.
Planning approval for these changes was granted by Warrington BC early in 2020 and this allowed detailed design works and appropriate building surveys to take place. These works were finalised at the end of the year and tenders for the work were invited in January 2021.
## **5. Financial Management**
The trustees and their financial advisors have continued to exercise care and diligence with regard to the financial management of the Trust. The Trust relies heavily upon income from investments to fund the costs of maintaining the estate and its facilities. The trustees recognise that in future more diverse regular sources of revenue will need to be obtained if the Trust is to survive in perpetuity.
Page 2
**Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **ACHIEVEMENT AND PERFORMANCE Covid -19 Impacts**
The restrictions that were put in place to control the Covid-19 pandemic had a significant impact upon the Trust's operations in 2020 in various ways and these are summarised below.
Firstly, the number of residents and visitors using the parkland increased considerably during the lockdowns and this activity generated much higher volumes of litter and dog waste that had to be collected. Consequently, the frequency at which bins were emptied had to be increased and the costs of bulk waste removal were also much higher.
Secondly, income received from hire fees was much lower than expected due to the extended closure of the Sports Pavilion and fell by around 50% compared to the previous year.
Finally, income received from dividends from the investment portfolio and from stock trading activities also suffered due to the downturn in the stock market and overall was some 40% lower than in 2019.
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The Management Committee has considered the most appropriate policy for investing funds and has found that a balanced portfolio investment managed by independent specialist advisors meets their requirements to generate both income and long-term capital growth.
## **Reserves policy**
The Trust has been endowed with funds for the maintenance of land at Pewterspear Green, Stretton, Warrington from 31st March 1995. The endowment and all interest and other earnings accrued thereon, are applied to the maintenance and management of the land in compliance with the provisions of a signed agreement.
The Trust was originally required to maintain a restricted fund within the endowment for a period of twenty years with a minimum value of £1,250,000. This obligation expired in 2015 but the trustees have agreed that a similar restriction should be applied internally until further notice, which can only be varied or removed by formal Board resolution.
## **Going concern**
The Trustees are continually reviewing the operations of the charity and its ability to deliver its objects during the Covid 19 pandemic. The Trustees have followed Government Guidance and are seeking financial assistance where appropriate and making cost savings where possible. In the opinion of the Trustees significant financial pressure will be placed on the Charity as a result of the Covid 19 pandemic but the Trustees believe they have the structure and resources to ensure the Charity remains a going concern.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the members of the Management Committee are elected as follows.
Three nominated members, annually by the Parish Council for Appleton, Parish Council for Stretton and Parochial Church Council of the Ecclesiastical Parish of St Matthew, Stretton.
Three elected members, with the longest serving members retiring at the AGM, who may offer themselves for re-election.
Additionally, there are currently 5 co-opted members acting on behalf of local residents and there is no upper limit to their number.
Page 3
**Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Induction and training of new trustees**
Serving committee members and new members are given relevant information about the Trust and the duties of members/trustees.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
02425166 (England and Wales)
## **Registered Charity number**
702068
## **Registered office**
8 Winmarleigh Street Warrington Cheshire WA1 1JW
## **Trustees**
R Blackstock Residents' Representative Mrs S E Neale Residents' Representative A G Lyons Residents' Representative G L Webster Appleton Parish Council P Pegum Stretton Parish Council Dr R T Johnson St Matthews, Stretton PCC
R J Hartland Residents' Representative
A D J Jewell St Matthews, Stretton PCC I Hill Residents' Representative (resigned 30.9.20) Cllr J C Wheeler Appleton Parish Council J P Doherty Stretton Parish Council
The above is a list of trustees and the organisations they represent
## **Key management personnel:**
R Blackstock J Doherty A G Lyons P Pegum R J Hartland G Webster
## **Company Secretary**
A G Lyons
## **Independent Examiner**
Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW
## **Solicitors**
FDR Law, 21 Palmyra Square, Warrington, WA1 1BW.
Page 4
**Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Report of the Trustees for the Year Ended 31 December 2020**
## **REFERENCE AND ADMINISTRATIVE DETAILS Advisers**
Bankers:- NatWest plc, 23 Sankey Street, Warrington, WA1 1XH
Brokers:- Tilney Investment Management Services Ltd, Royal Liver Building, Pier Head, Liverpool, L3 1NJ. Landscape consultants:- S Griffiths, Linden Cottage, 32 Church Road, Little Leigh, Northwich, CW8 4RB. Approved by order of the board of trustees on 11 May 2021 and signed on its behalf by:
R Blackstock - Trustee
Page 5
**Independent Examiner's Report to the Trustees of Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Independent examiner's report to the trustees of Pewterspear Green Trust Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
L M Warburton Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW
11 May 2021
Page 6
## **Pewterspear Green Trust Limited**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2020**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Landscape and sport
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Landscape and sport
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
1,688
11,269
42,530
55,487
11,283
192,619
203,902
(27,945)
(176,360)
886,235
709,875|Restricted
fund
£
-
-
-
-
-
-
-
-
-
1,796,639
1,796,639|31.12.20
Total
funds
£
1,688
11,269
42,530
55,487
11,283
192,619
203,902
(27,945)
(176,360)
2,682,874
2,506,514|31.12.19
Total
funds
£
-
20,609
68,444|
|---|---|---|---|---|
|||||89,053
13,110
160,377|
|||||173,487
272,656|
|||||188,222
2,494,652|
|||||2,682,874|
The notes form part of these financial statements
Page 7
## **Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Balance Sheet 31 December 2020**
|Notes
**FIXED ASSETS**
Tangible assets
7
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
129,848
583,272
713,120
11,662
18,433
30,095
(33,340)
(3,245)
709,875
709,875|Restricted
fund
£
-
1,796,639
1,796,639
-
-
-
-
-
1,796,639
1,796,639|31.12.20
Total
funds
£
129,848
2,379,911
2,509,759
11,662
18,433
30,095
(33,340)
(3,245)
2,506,514
2,506,514
709,875
1,796,639
2,506,514|31.12.19
Total
funds
£
145,124
2,436,007
2,581,131
7,409
111,752
119,161
(17,418)
101,743
2,682,874
2,682,874
886,235
1,796,639
2,682,874|
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 8
## **Pewterspear Green Trust Limited (Registered number: 02425166)**
## **Balance Sheet - continued 31 December 2020**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11 May 2021 and were signed on its behalf by:
R Blackstock - Trustee
The notes form part of these financial statements
Page 9
**Pewterspear Green Trust Limited**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The trustees consider that there are no material uncertainties about the the Charity's ability to continue as a going concern. With respect to the next reporting period, 2021, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level on investment return and the performance of investment markets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Raising funds**
The costs of generating funds consist of investment management costs and certain legal fees.
## **Charitable activities**
Costs of charitable activities include governance costs and an apportionment of support costs.
## **Governance costs**
Governance costs include external independent examination fees.
## **Allocation and apportionment of costs**
See above expenditure policy.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 10
**Pewterspear Green Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## **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 sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
## **Debtors**
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.
## **Cash at bank and in hand**
Cash at bank and cash 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
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Financial instruments**
The trust 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.
continued...
Page 11
**Pewterspear Green Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **2. INVESTMENT INCOME**
|**2.**|**INVESTMENT INCOME**|||
|---|---|---|---|
|||31.12.20|31.12.19|
|||£|£|
||Other fixed asset investments|41,032|63,633|
||Deposit account interest|1,498|4,811|
|||42,530|68,444|
|**3.**|**RAISING FUNDS**|||
||**Investment management costs**|||
|||31.12.20|31.12.19|
|||£|£|
||Portfolio management|11,283|13,110|
|**4.**|**NET INCOME/(EXPENDITURE)**|||
||Net income/(expenditure) is stated after charging/(crediting):|||
|||31.12.20|31.12.19|
|||£|£|
||Depreciation - owned assets|15,276|15,449|
|**5.**|**TRUSTEES' REMUNERATION AND BENEFITS**|||
|||31.12.20|31.12.19|
|||£|£|
||Trustees' salaries|8,000|8,000|
Mr A G Lyons is the operations manager for which he receives an annual salary of £8,000 pa. No other Trustee salaries or expenses were paid in the year.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **6. STAFF COSTS**
The average monthly number of employees during the year was as follows:
||31.12.20|31.12.19|
|---|---|---|
|Administration|1|1|
No employees received emoluments in excess of £60,000.
continued...
Page 12
## **Pewterspear Green Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **7. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2020
Disposals
At 31 December 2020
**DEPRECIATION**
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019
**8.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019
**Investments at fair value comprised:**
Equities
Cash
Fixed interest securities|Plant,
Ground
machinery
Pavilion
Improvements
& equipment
£
£
£
458,284
71,690
2,899
-
(32,295)
(2,899)
458,284
39,395
-
313,160
71,690
2,899
15,276
-
-
-
(32,295)
(2,899)
328,436
39,395
-
129,848
-
-
145,124
-
-|Plant,
Ground
machinery
Pavilion
Improvements
& equipment
£
£
£
458,284
71,690
2,899
-
(32,295)
(2,899)
458,284
39,395
-
313,160
71,690
2,899
15,276
-
-
-
(32,295)
(2,899)
328,436
39,395
-
129,848
-
-
145,124
-
-|Plant,
Ground
machinery
Pavilion
Improvements
& equipment
£
£
£
458,284
71,690
2,899
-
(32,295)
(2,899)
458,284
39,395
-
313,160
71,690
2,899
15,276
-
-
-
(32,295)
(2,899)
328,436
39,395
-
129,848
-
-
145,124
-
-|Plant,
Ground
machinery
Pavilion
Improvements
& equipment
£
£
£
458,284
71,690
2,899
-
(32,295)
(2,899)
458,284
39,395
-
313,160
71,690
2,899
15,276
-
-
-
(32,295)
(2,899)
328,436
39,395
-
129,848
-
-
145,124
-
-|Plant,
Ground
machinery
Pavilion
Improvements
& equipment
£
£
£
458,284
71,690
2,899
-
(32,295)
(2,899)
458,284
39,395
-
313,160
71,690
2,899
15,276
-
-
-
(32,295)
(2,899)
328,436
39,395
-
129,848
-
-
145,124
-
-|Totals
£
532,873
(35,194)
497,679
387,749
15,276
(35,194)
367,831
129,848
145,124
Listed
investments
£
2,436,007
723,960
(866,526)
86,470
2,379,911
2,379,911
2,436,007|
|---|---|---|---|---|---|---|
|||||31.12.20||31.12.19|
|||||£||£|
||||2,224,619|||2,129,243|
||||||||
||||100,000|||150,000|
||||||||
||||55,292|||156,764|
||||||||
||||||||
||||2,379,911|||2,436,007|
||||||||
||||||||
continued...
Page 13
## **Pewterspear Green Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade debtors
Income tax and VAT recoverable
Prepayments
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Accrued expenses
**11.**
**MOVEMENT IN FUNDS**
At 1.1.20
£
**Unrestricted funds**
Endowment fund
886,235
**Restricted funds**
Restricted fund
1,796,639
**TOTAL FUNDS**
2,682,874
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
Endowment fund
55,487
(203,902)
**TOTAL FUNDS**
55,487
(203,902)||31.12.20
£
5,955
3,524
2,183
11,662
31.12.20
£
25,028
132
8,180
33,340
Net
movement
in funds
£
(176,360)
-
(176,360)
Gains and
losses
£
(27,945)
(27,945)|31.12.19
£
1,593
4,167
1,649
7,409
31.12.19
£
14,025
133
3,260
17,418
At
31.12.20
£
709,875
1,796,639
2,506,514
Movement
in funds
£
(176,360)
(176,360)|
|---|---|---|---|
|||||
|||||
continued...
Page 14
**Pewterspear Green Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **11. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|At 1.1.19
£
**Unrestricted funds**
Endowment fund
697,841
**Restricted funds**
Restricted fund
1,796,811
**TOTAL FUNDS**
2,494,652
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
Endowment fund
89,053
(173,315)
**Restricted funds**
Restricted fund
-
(172)
**TOTAL FUNDS**
89,053
(173,487)||Net
movement
in funds
£
188,394
(172)
188,222
Gains and
losses
£
272,656
-
272,656|At
31.12.19
£
886,235
1,796,639
2,682,874
Movement
in funds
£
188,394
(172)
188,222|
|---|---|---|---|
|||||
|||||
In March 1995 the Trust was endowed with funds for the maintenance of specified land at Pewterspear Green, Stretton, Warrington and all interest and other earnings accrued on these funds are to be used to cover the costs of the maintenance and management of the land in accordance with provisions contained in the signed Landscape Management Plan.
The Trust was obliged to maintain a minimum of £1,250,000 in a restricted fund for a period of twenty years from the date of the signed agreement. This obligation has been fulfilled but the trustees have determined that this requirement to maintain this fund should be adopted as an internal policy until further notice.
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
Page 15
continued...
**Pewterspear Green Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **13. KEY MANAGEMENT PERSONNEL**
The key management personnel are listed in the trustees report. The total employment benefits including employer pension contributions and employers national insurance of the key management personnel were £8,000.
## **14. FUNDS**
**Restricted Endowment Funds** are funds which must be used to provide income for the maintenance and management of the specified land at Pewterspear Green. The value of these funds must not fall below £1,250,000.
**Unrestricted Endowment Funds** are other assets and funds that are held and which are be used to provide additional income to the Trust to support the objects of the charity. Any capital gains or losses on investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
Page 16