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 2024
for
Pewterspear Green Trust Limited
Pewterspear Green Trust Limited
Contents of the Financial Statements for the Year Ended 31 December 2024
| 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 | 17 |
Pewterspear Green Trust Limited (Registered number: 02425166)
Report of the Trustees for the Year Ended 31 December 2024
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 2024. 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 objective 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 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 consists of around 18.2 hectares and a licence to occupy the land was granted with effect from 31st March 1995.
In February 2009 the Trust took ownership of 11.83 hectares of the land and it is anticipated that Homes England will transfer the remaining 6.37 hectares to the Trust in due course.
The open space has been developed over the years and includes several football pitches which are used by the local junior football club. These pitches form part of the overall provision of sports pitches identified by Sport England & Warrington Borough Council.
The Trust also owns the Sports Pavilion, which was built in 1999 with the assistance of a grant provided by the National Lottery and Sport England. Part of the building was upgraded in late 2021 and this section is let to a provider of Pilates services.
In July 2024 a takeaway coffee shop opened in the building and this new facility has been widely welcomed by the local community.
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.
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Pewterspear Green Trust Limited (Registered number: 02425166)
Report of the Trustees for the Year Ended 31 December 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the Trust has undertaken the following activities in accordance with its stated objectives and activities:
1. Maintenance of Parkland
The parkland areas continue to be maintained to a good standard in accordance with the landscape management plan, overseen by a suitably qualified contractor and managed by an independent horticultural consultant. The maintenance contract was subject to commercial tender in June 2019 and runs for a term of 7 years until December 2026
In addition to the routine activities, the trustees authorised exceptional expenditure to remove dead or storm- damaged trees. Safety improvement works were undertaken around 2 ponds and a section of stone footpath was resurfaced during the summer.
The costs involved in maintaining the parkland to the current standard and refurbishing the estate infrastructure continue to rise and will become an increasing concern. Some changes will be necessary in the future in order to prolong the Trust's ability to provide this service and the trustees will engage with the appropriate stakeholders to discuss options in due course.
2. Outdoor Sporting Facilities
The Trust has continued to provide excellent grass pitches for junior football which are used exclusively by a local club, Appleton AFC under a 10 years agreement signed in 2023.
3. Sports Pavilion Redevelopment
The tenancy agreement with TPARA to occupy part of the Pavilion has operated smoothly and initial discussions regarding a potential extension to their lease commenced during the year.
The Trust has undertaken further investment in the premises by commissioning significant works to improve the drains network in and around the building.
Trustees were pleased to support the opening of a new Coffee Shop at the premises providing takeaway refreshments. The facility which has become very popular with visitors to the parkland as well as creating a social meeting point for local residents.
4. Financial Management
The trustees and their financial advisors continue to exercise care and diligence in the financial management of the Trust's investment portfolio. They recognise that the capital expenditure made in the parkland infrastructure over recent years has been necessary but adversely affected reserves
The endowment fund value has stayed constant and the Trust remains financially strong, despite the fact that the income from the current investment strategy has been insufficient to cover operating costs.
Whilst positive action has been taken to reduce the costs of sports provision and the rental income from the pavilion is making an increasing financial contribution, the trustees acknowledge that further measures will be necessary in the longer term.
FINANCIAL REVIEW
Financial position
The charity made a loss in the year of £136,132 (2023 loss £135,788). The gains on the investments of £119,354 has negated some of the deficit to a net figure of £17,128, and the charity has sufficient funds to offset these losses.
As noted elsewhere, the trustees are aware of the long term impact of rising operating costs and ongoing infrastructure works and a comprehensive review of its activities is underway with the aim of reducing costs and identifying other potential sources of income.
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Pewterspear Green Trust Limited (Registered number: 02425166)
Report of the Trustees for the Year Ended 31 December 2024
FINANCIAL REVIEW
Principal funding sources
The income of the charity is derived from investments it holds and the usage of the charity's facilities by 3rd parties.
Investment policy and objectives
The trustees have adopted a balanced, medium risk, investment strategy.
The portfolio is managed by specialist advisors & the current strategy is still considered to be the most appropriate for a charitable business even though it is currently unable to generate sufficient income to cover costs & deliver long-term capital growth.
In response a Finance Committee has been appointed to conduct a wide-ranging review of the Trust's long term financial requirements and their recommendations are expected to be available during 2025 .
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 Trust continues to deliver its objectives and 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 formed under Articles of Association, which established the objects and powers of the charity and its governance. Under those Articles, the members of the Management Committee are appointed as follows.
The Parish Council for Appleton, the Parish Council for Stretton and the Parochial Church Council of the Ecclesiastical Parish of St Matthews, Stretton each appoint 1 elected and 1 nominated member annually and there is currently 1 vacancy.
Additionally, there are currently 8 co-opted members acting on behalf of residents and there is no upper limit to their number.
All trustees act on a voluntary basis.
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
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Pewterspear Green Trust Limited (Registered number: 02425166)
Report of the Trustees for the Year Ended 31 December 2024
Registered office
8 Winmarleigh Street Warrington Cheshire WA1 1JW
Trustees
A G Lyons Residents' Representative 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 Cllr J C Wheeler Appleton Parish Council D J Buckley Stretton Parish Council Cllr M Marshall Appleton Parish Council (resigned 29.5.24) T L Warburton Residents' Representative L R Panes Residents' Representative C J Truscott Residents' Representative C Parry Residents' Representative Dr P C Iles-Smith Residents' Representative D F Wakefield Residents' Representative
The above is a list of trustees and the organisations they represent
Key management personnel:
D J Buckley A G Lyons P Pegum R J Hartland
Company Secretary
A G Lyons
Independent Examiner
Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW
Solicitors
Taylor Rose MW, 5 Palmyra Square, Warrington, WA1 1BZ.
Advisers
Bankers:- NatWest plc, 23 Sankey Street, Warrington, WA1 1XH
Wealth Managers:- Evelyn Partners, Royal Liver Building, Pier Head, Liverpool, L3 1NY. Approved by order of the board of trustees on 15 May 2025 and signed on its behalf by:
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Pewterspear Green Trust Limited (Registered number: 02425166)
Report of the Trustees for the Year Ended 31 December 2024
D J Buckley - Trustee
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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 2024.
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:
-
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
-
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
-
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.
Janine Boyo FCA BFP FMAAT
Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW
15 May 2025
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Pewterspear Green Trust Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Landscape and sport Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Landscape and sport Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 36,325 31,721 68,046 10,909 193,619 204,528 119,354 (17,128) 424,119 406,991 |
Restricted fund £ - - - - - - - - 1,796,639 1,796,639 |
31.12.24 Total funds £ 36,325 31,721 68,046 10,909 193,619 204,528 119,354 (17,128) 2,220,758 2,203,630 |
31.12.23 Total funds £ 31,858 41,424 73,282 10,308 198,762 209,070 77,791 (57,997) 2,278,755 2,220,758 |
|---|---|---|---|---|
The notes form part of these financial statements
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Pewterspear Green Trust Limited (Registered number: 02425166)
Balance Sheet 31 December 2024
| 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 £ 258,825 150,331 409,156 3,220 15,232 18,452 (20,617) (2,165) 406,991 406,991 |
Restricted fund £ - 1,796,639 1,796,639 - - - - - 1,796,639 1,796,639 |
31.12.24 Total funds £ 258,825 1,946,970 2,205,795 3,220 15,232 18,452 (20,617) (2,165) 2,203,630 2,203,630 406,991 1,796,639 2,203,630 |
31.12.23 Total funds £ 282,741 1,964,972 2,247,713 2,227 18,517 20,744 (47,699) (26,955) 2,220,758 2,220,758 424,119 1,796,639 2,220,758 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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...
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Pewterspear Green Trust Limited (Registered number: 02425166)
Balance Sheet - continued 31 December 2024
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 15 May 2025 and were signed on its behalf by:
D J Buckley - Trustee
The notes form part of these financial statements
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Pewterspear Green Trust Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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, 2023, 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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.
continued...
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
See above expenditure policy.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Pavilion - 4% on cost and Straight line over 30 years Ground Improvements - 10% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
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
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES - continued
Investments
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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Other fixed asset investments | 31,721 | 39,653 |
| Deposit account interest | - | 1,771 |
| 31,721 | 41,424 | |
| RAISING FUNDS | ||
| Investment management costs | ||
| Portfolio management | 31.12.24 £ 10,909 |
31.12.23 £ 10,308 |
3. RAISING FUNDS
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation | - owned assets | 31.12.24 31.12.23 £ £ 23,916 23,916 |
|---|---|---|
| Independent | examination | 1,732 1,620 |
continued...
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
5. TRUSTEES' REMUNERATION AND BENEFITS
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|---|---|---|
|31.12.24|31.12.23|
|£|£|
|Trustees' salaries|12,000|12,000|
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Mr A G Lyons is the operations manager for which he receives an annual salary of £12,000 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 2024 nor for the year ended 31 December 2023.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
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|---|---|---|
|31.12.24|31.12.23|
|Administration|1|1|
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No employees received emoluments in excess of £60,000.
7. TANGIBLE FIXED ASSETS
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|||||
|---|---|---|---|
|Ground|
|Pavilion|Improvements|Totals|
|£|£|£|
|COST|
|At 1 January 2024 and 31 December 2024|674,285|39,395|713,680|
|DEPRECIATION|
|At 1 January 2024|391,544|39,395|430,939|
|-|
|Charge for year|23,916|23,916|
|At 31 December 2024|415,460|39,395|454,855|
|NET BOOK VALUE|
|At 31 December 2024|258,825|-|258,825|
|At 31 December 2023|282,741|-|282,741|
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |||
|---|---|---|---|
| MARKET VALUE At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Investments at fair value comprised: |
Listed investments £ 1,964,972 164,539 (311,364) 128,823 1,946,970 1,946,970 1,964,972 |
||
| Equities Fixed interest securities |
31.12.24 £ 1,906,860 40,110 1,946,970 |
31.12.23 £ 1,923,728 41,244 1,964,972 |
The value of the investments are stated at their market rate. The gain or loss being recognised in the Statement of Financial Activities each year.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors | 31.12.24 £ 360 |
31.12.23 £ - |
|---|---|---|
| Other debtors | 400 | 600 |
| Income tax and VAT recoverable | 1,862 | 1,126 |
| Prepayments | 598 | 501 |
| 3,220 | 2,227 |
continued...
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.24 | 31.12.23 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 11,811 | 23,640 |
| Accrued expenses | 8,806 | 24,059 |
| 20,617 | 47,699 |
Included within accrued expenses is deferred income. Deferred income comprises of a rental bond repayable at the end of the rental period.
| Balance as at 1st January 2024 Amount released to income earned from charitable activities Amount deferred in year Balance as at 31st December 2024 |
31.12.24 £ 3,750 - - 3,750 |
|---|---|
11. MOVEMENT IN FUNDS
| Unrestricted funds Endowment fund Restricted funds Restricted fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Endowment fund 68,046 TOTAL FUNDS 68,046 |
At 1.1.24 £ 424,119 1,796,639 2,220,758 Resources expended £ (204,528) (204,528) |
Net movement in funds £ (17,128) - (17,128) Gains and losses £ 119,354 119,354 |
At 31.12.24 £ 406,991 1,796,639 2,203,630 Movement in funds £ (17,128) (17,128) |
|
|---|---|---|---|---|
continued...
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.23 £ Unrestricted funds Endowment fund 482,116 Restricted funds Restricted fund 1,796,639 TOTAL FUNDS 2,278,755 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Endowment fund 73,282 (209,070) TOTAL FUNDS 73,282 (209,070) |
Net movement in funds £ (57,997) - (57,997) Gains and losses £ 77,791 77,791 |
At 31.12.23 £ 424,119 1,796,639 2,220,758 Movement in funds £ (57,997) (57,997) |
|
|---|---|---|---|
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 2024.
continued...
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Pewterspear Green Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
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 £12,000.
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.
15. MEMBERS LIABILITIES
The charity does not have share capital and is limited by guarantee. In the event of the charity being wound up the maximum amount each member is liable to contribute is £1. The trustees are the members.
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