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2021-04-05-accounts

THE PIERREPONT TRUST

TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Charity Number: 800077

HPH Chartered Accountants 54 Bootham York YO30 7XZ

THE PIERREPONT TRUST

TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Contents Page
Officers and Professional Advisers 1
Trustees' Annual Report 2 ‐ 5
Independent Auditor's Report 6 ‐ 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 ‐ 16

THE PIERREPONT TRUST

OFFICERS AND ADVISORS FOR THE YEAR ENDED 5 APRIL 2021

Trustees: S. P. Gilmour K. A. Carver W. P. Gilmour Principal Address: Red Cottage Tockwith Road Long Marston YO26 7PJ Bankers: Natwest Bank plc 176 Fleet Road Fleet Hampshire GU13 8DE Investment Brokers: Walker Crisps Investment Management Old Change House 128 Queen Victoria Street London EC4V 4BJ Auditor: HPH Accountants 54 Bootham York YO30 7XZ

THE PIERREPONT TRUST

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their report with the financial statements of the Charity for the year ended 5 April 2021.

TRUSTEES

The Trustees in office throughout the year were as follows:

S. P. Gilmour W. P. Gilmour K. A. Carver

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is a registered charity, number 800077, established by the Trust Deed dated 6 September 1988.

Organisation, Governance and Management

The Trust is run by the Board of Trustees who meet periodically. They do not receive remuneration, nor do they normally seek reimbursement of expenses. The day to day financial and secretarial matters are dealt with by the trustees. During the year four meetings were held.

The Trustees are directly responsible for the financial control of the Charity's resources.

Recruitment and Appointment of Trustees

New trustees are appointed by the current trustees (other than a retiring trustee). The number of trustees shall not exceed five and shall not be less than three.

If there is a requirement for new trustees, these are identified and appointed by the remaining trustees. The board is responsible for initiating the induction of any new trustee, which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, and the historical and philosophical approach of the Trust.

Risk Management

The Trustees, through their management, keep under review potential risks to the Trust and monitor the effectiveness of the system of internal controls and other means.

THE PIERREPONT TRUST

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021

OBJECTIVES, AIMS AND ACTIVITIES

The objectives of the Charity are the:

‐ relief of sickness by the provision of amenities and equipment in particular, but not exclusively to persons attending Charing Cross Hospital (Fulham) or such other hospital as the Trustees may decide.

‐ relief of dependants of such persons or any such persons who have died and who are in need, hardship or distress.

‐ promotion of research into the cause and treatment of illness or disease in particular but not exclusively kidney disease, and publication of useful results thereof.

‐ making grants to such associations, trusts, societies or corporations as are established for exclusively charitable purposes.

At present the Charity's main activities to achieve the above objectives is the issuing of grants to other charitable organisations.

GRANTS/GRANT MAKING POLICY

The Trustees confirm that they have complied with their duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties.

Currently the trustee board approve all grants at the board meetings. Grants have only been issued to charities registered with the Charity Commission whose activities align with the objectives of the Charity.

The Charity only distributes Grants knowing it has the sufficient cash reserves to distribute them.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE

During the year the Charity issued 13 (2020 ‐ 8) grants to 12 charitable organisations totalling £115,000 (2020 ‐ £71,000).

The Charity has made a surplus of £2,839,740 compared to £8,638,143 in 2020 due to a large legacy received in the prior year. Income generated from investments has increased significantly from £86,878 to £260,458 since the large legacy has been invested for most of the year. Excluding the gains on investments in the year the charity has made a surplus of £294,242 which can be carried forward and used for charitable purposes.

THE PIERREPONT TRUST

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021

REVIEW OF ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

The legacy has been placed into investments for the future income generation of the Charity. It is the trustees intention that the investment income generated in the year will be made available for grants in the following year.

Investment Powers, Policy and Performance

The Trustees have broad discretionary powers in their management of investments. The deed permits the Trustees to invest funds in any way they feel appropriate. Any income not applied to the objects of the Charity can be invested and accumulated.

The trustees invest in assets held on the UK stock market. The assets are held with an investment broker however the trustees approve any asset trading.

Total investment income for the year amounted to £260,458 (2020: £86,878) and the realised and unrealised gains made in the year were £2,545,498 (2020: unrealised losses ‐ £1,337,969).

The large gains in the year were mainly due to the bounce back from the short term impact of COVID‐19 pandemic on the stock market. The Charity holds the investments for long term income generation.

Future Plans

The Charity has invested the legacy monies into investments and will use the generated investment income on an annual basis for the objectives of the charity.

Reserves Policy

The Charity holds reserves in investments in order to generate income for the Charity to use in its activities. The Trustees aim to hold the original settlors legacy in investments and a years investment income in cash reserves for distribution in the forth coming year.

The reserves of the Charity are £13,018,917 of which £12,481,422 are held in investments for income generation.

The reserves available to carry forward and spend on grants for the forthcoming year are £537,495 once remaining legcy funds are received.

THE PIERREPONT TRUST

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.

Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the Trustees are required to:

‐ select suitable accounting policies and then apply them consistently;

‐ make judgements and estimates that are reasonable and prudent;

‐ state whether applicable UK accounting standards and statements of recommended practice 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 Trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law, regulations and trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the board of trustees and signed on their behalf by:

S. P. Gilmour

29 January 2022

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PIERREPONT TRUST

OPINION

We have audited the financial statements of The Pierrepont Trust for the year ended 5 April 2021 which comprises Statement of Financial Activity, 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:

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 trustees with respect to going concern are described in the relevant sections of this report.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PIERREPONT TRUST

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the Trustees 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 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.

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 trustees’ report ; or

RESPONSIBILITIES OF THE TRUSTEES

As explained more fully in the trustees' responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the trustees determine 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 trustees are 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PIERREPONT TRUST

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 the Act and relevant regulations made or having effect thereunder.

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 identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, detailed substantive testing on the completeness of income, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non‐compliance and cannot be expected to detect non‐compliance with all laws and regulations.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PIERREPONT TRUST

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………

HPH, Chartered Accountants Statutory Auditor 54 Bootham York YO30 7XZ

31 January 2022

HPH is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE PIERREPONT TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Notes
Income from:
Donations and legacies
2
Investment income
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income and net movement in funds
before gains/(losses) on investments
Net gains/(losses) on investments
5
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
fund
£
153,727
260,458
414,185
119,943
119,943
294,242
2,545,498
2,839,740
10,179,177
£ 13,018,917		 Total
2021
£
153,727
260,458
414,185
119,943
119,943
294,242
2,545,498
2,839,740
10,179,177
£ 13,018,917		 Total
2020
£
9,967,282
86,878
10,054,160
78,048
78,048
9,976,112
(1,337,969)
8,638,143
1,541,034
£ 10,179,177

The notes on pages 12 to 16 form part of these accounts.

THE PIERREPONT TRUST

BALANCE SHEET AS AT 5 APRIL 2021

Notes
Fixed assets
Investments
5
Current assets
Debtors
6
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
7
Total current assets
Total assets less current liabilities
Total net assets
The funds of the charity:
Unrestricted funds
9
Total funds		 Unrestricted
2021
£
12,481,422
453,433
92,747
546,180
8,685
537,495
13,018,917
£ 13,018,917
13,018,917
£ 13,018,917		 Total
2021
£
12,481,422
453,433
92,747
546,180
8,685
537,495
13,018,917
£ 13,018,917
13,018,917
£ 13,018,917		 Total
2020
£
7,422,382
2,537,640
223,820
2,761,460
4,665
2,756,795
10,179,177
£ 10,179,177
10,179,177
£ 10,179,177

The notes on pages 12 to 16 form part of these accounts.

Approved by the Trustees on 29 January 2022 and signed on their behalf by:

S. P. Gilmour

THE PIERREPONT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES

a) Statutory information

The Pierrepont Trust is an unincorporated charity, governed by a trust deed. Its registered office is Red Cottage, Tockwith Road, Long Marston, YO26 7PJ. It is a charity registered in England and Wales and it is a public benefit entity.

b) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value, with the exception of investments which are included at market value. The financial statements 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity meets the definition of a public benefit entity under FRS102.

c) Going concern

The charity holds its investments for long term income generation for grant distribution.

The Charity has cash and investment resources and has no requirement for external funding. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe that the going concern basis of accounting is appropriate in preparing the annual financial statements.

d) Income

Voluntary income, including donations, gifts and grants that provide core funding or are of a general nature, are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Legacies are recognised when entitlement arises, the amount can be reliably quantified and the benefit to the Charity is considered probable.

Investment income from bank interest and UK quoted investments is recognised on an actual basis.

THE PIERREPONT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES (continued)

e) Expenditure

Expenditure is recognised when a liability is incurred. Grant payments are recognised when paid to recipient organisations or when a contractual obligation arises.

Expenditure includes the amount of irrecoverable value added tax where applicable.

f) Investments

Fixed asset investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the unrealised net gains and losses arising on revaluation and realised net gains and losses arising on disposals throughout the year.

g) Debtors

Debtors are recognised at the settlement amount due.

h) Creditors

Creditors 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 are normally recognised at their settlement amount.

i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and any short term deposit accounts with a maturity of three months or less from the date of opening.

j) Fund accounting

The Charity currently only holds unrestricted funds which can be used in accordance with the charitable objectives at the discretion of the trustees.

2.
DONATIONS AND LEGACIES
Legacies		 Unrestricted
Funds
£
153,727
£ 153,727		 Total
2021
£
153,727
£ 153,727		 Total
2020
£
9,967,282
£ 9,967,282

The Charity also is entitled to a further residual legacy once a life tenant no longer occupies a property. The estimated value of the property is £600,000. This will only be recognised once the charity becomes entitled to the property.

THE PIERREPONT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

3.
INVESTMENT INCOME
Income from UK quoted investments
Income from Overseas investments
4.
CHARITABLE ACTIVITIES
Grants payable to institutions
‐ Childrens Hospice South West
‐ Dyscover
‐ Frimley Health Charity
‐ Sunny Days Childrens Fund
‐ SNAPS
‐ Chole & Sophies Special Ears Fund
‐ Cystic Fibrosis Care
‐ Parc Essex
‐ Talking Books
‐ Imperial Health Charingcross
‐ Challengers
‐ Yorkshire Childrens Fund
‐ Special Needs & Parent Support (Yorkshire)
‐ Cerebral Palsy
‐ Special Kids
‐ Jills fund
‐ Island York
Support costs
Stationery
Investment managers fee
Audit fee
Accountancy fee		 Unrestricted
Funds
£
245,963
14,495
£ 260,458
Unrestricted
Fund
£
5,000
3,000
22,000
10,000
10,000
10,000
10,000
10,000
5,000
20,000
5,000
5,000

‐
‐
‐
‐
‐
115,000
‐
923
3,000
1,020
£ 119,943		 Total
2021
£
245,963
14,495
£ 260,458
Total
2021
£
5,000
3,000
22,000
10,000
10,000
10,000
10,000
10,000
5,000
20,000
5,000
5,000
‐
‐
‐
‐
‐
115,000
‐
923
3,000
1,020
£ 119,943		 Total
2020
£
86,878
‐
£ 86,878
Total
2020
£
‐
2,000
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
14,000
10,000
15,000
20,000
10,000
71,000
83
1,565
3,000
2,400
£ 78,048

THE PIERREPONT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

INVESTMENTS
UK quoted investments
Market value at 6 April 2020
Additions
Disposals
Net gains/(losses) on investments
Market value at 5 April 2021
Historical cost		 Unrestricted
Funds
£
7,422,382
2,849,686
(336,144)
2,545,498
£ 12,481,422
£ 11,135,020		 Total
2021
£
7,422,382
2,849,686
(336,144)
2,545,498
£ 12,481,422
£ 11,135,020		 Total
2020
£
1,465,363
7,837,609
(542,621)
(1,337,969)
£ 7,422,382
£ 8,538,994

5. INVESTMENTS

6. DEBTORS

Unrestricted
Fund
£
Accrued income
453,433
£ 453,433
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
Unrestricted
Fund
£
Trade creditors
4,560
Accruals
4,125
£ 8,685		 Total
2021
£
453,433
£ 453,433
Total
2021
£
4,560
4,125
£ 8,685		 Total
2020
£
2,537,640
£ 2,537,640
Total
2020
£
‐
4,665
£ 4,665

7. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR

8. STAFF COSTS AND TRUSTEES REMUNERATION

During the year the Charity did not have any employees.

No Trustee receives any remuneration or benefits by virtue of being a Trustee and were not reimbursed for any expenses.

THE PIERREPONT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

9. RELATED PARTIES

There were no related party transactions in the year (2020: None).

10. UNRESTRICTED FUNDS

The movement in unrestricted funds for 2021 and 2020 are shown on the face of the statement of financial activites. The anaysis of unrestricted assets and liabilities for unrestricted funds are shown on the face of the balance sheet.

The Charity held no restricted, designated or endowed funds in 2021 or 2020.