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2024-04-05-accounts

York

Contents

Page

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THE�PIERREPONT�TRUST

OFFICERS�AND�ADVISORS FOR�THE�YEAR�ENDED�5�APRIL�2024

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

1

THE�PIERREPONT�TRUST

TRUSTEES'�ANNUAL�REPORT

FOR�THE�YEAR�ENDED�5�APRIL�2024

The Trustees present their report with the financial statements of the Charity for the year ended 5�April�2024.�

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.

2

THE�PIERREPONT�TRUST

TRUSTEES'�ANNUAL�REPORT

FOR�THE�YEAR�ENDED�5�APRIL�2024

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.

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

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.

GRANTS/GRANT�MAKING�POLICY

It's�the�charity's�policy�to�distribute�monies�only�to�registered�charities�who�carry�out�the�aims� of�the�charity.

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 41 (2023 �40) grants to 41 (2023 �40) charitable organisations totalling £398,200, less an unpaid grant of £5,000 reallocated from 2022 (2023 � £400,752).�

The Charity has made a Surplus of £438,444 largely due to the movement in investment values in the year. The Charity distributed nearly all the income generated in the year on grants and adminstrative expenses resulting in a net surplus of £14,970 (2023 �net deficit £1,261 prior to accounting�for�gains�and�losses.

3

THE�PIERREPONT�TRUST

TRUSTEES'�ANNUAL�REPORT FOR�THE�YEAR�ENDED�5�APRIL�2024

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 £413,502 (2023: £405,404) and the realised and�unrealised�gains�made�in�the�year�were�£423,474�(2023:�unrealised�losses���£894,734).

The�Charity�holds�the�investments�for�long�term�income�generation.

Future�Plans

The Charity 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 £13,188,854 (2023 �£12,750,410) of which £12,965,453 (2023 � £12,517,347)�are�held�in�investments�for�income�generation.

The reserves available to carry forward and spend on grants for the forthcoming year are £86,652�(2023���£233,063).

4

THE�PIERREPONT�TRUST

TRUSTEES'�ANNUAL�REPORT

FOR�THE�YEAR�ENDED�5�APRIL�2024

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:

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

5

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 2024 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.

6

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.

7

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed�below:

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 recognition of income. 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.�

8

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

4�February�2025

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.

9

----- Start of picture text -----
Unrestricted Total Total
fund 2024 2023
Notes £ £ £
2 - - -
3 413,502 413,502 405,404
413,502 413,502 405,404
4 398,532 398,532 406,665
398,532 398,532 406,665
14,970 14,970 (1,261)
6 423,474 423,474 (894,734)
438,444 438,444 (895,995)
----- End of picture text -----

10

Unrestricted Total Total
Notes 2024 2024 2023
£ £ £
Fixed assets
Tangible assets 5 136,749 136,749 -
Investments 6 12,965,453 12,965,453 12,517,347
13,102,202 13,102,202 12,517,347
Current assets
Debtors 7 136,749
Cash at bank and in hand 101,531 101,531 106,279
101,531 101,531 243,028
Liabilities
Creditors: amounts falling due
within one year 8 14,879 14,879 9,965
Total current assets 86,652 86,652 233,063
Total assets less current liabilities 13,188,854 13,188,854 12,750,410
Total net assets £ 13,188,854 £ 13,188,854 £ 12,750,410
The funds ofthe charity:
Unrestricted funds 11 13,188,854 13,188,854 12,750,410

11

THE�PIERREPONT�TRUST

NOTES�TO�THE�ACCOUNTS

FOR�THE�YEAR�ENDED�5�APRIL�2024

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.

12

THE�PIERREPONT�TRUST

NOTES�TO�THE�ACCOUNTS

FOR�THE�YEAR�ENDED�5�APRIL�2024

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) Tangible�fixed�assets�and�depreciation

Fixed assets are capitalised at cost. Donated assets are valued at market value on donation. They�are�stated�in�the�accounts�at�cost/original�value�less�depreciation.

Depreciation is calculated to write off the cost or valuation of fixed assets, less their estimated residual�value,�over�their�expected�useful�lives�on�the�following�bases:

Freehold�land ��no�depreciation

g) 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.

h) Debtors

Debtors�are�recognised�at�the�settlement�amount�due.�

i) 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.

j) 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.

k) 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

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.

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3.

4.

Unrestricted Total Total
Funds 2024 2023
£ £ £
405,393 405,393 390,425
- - 14,978
8,109 8,109 1
£ 413,502 £ 413,502 £ 405,404
Unrestricted Total Total
Fund 2024 2023
£ £ £
393,200 393,200 400,752
900 900 900
3,384 3,384 3,993
1,048 1,048 1,020

5. TANGIBLE FIXED ASSETS

Cost

Land Total
£ £
-
-
136,749
136,749

Depreciation

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----- Start of picture text -----
6 INVESTMENTS Unrestricted Total Total
Funds 2024 2023
UK quoted investments £ £ £
Market value at 6 April 2023 12,517,347 12,517,347 13,412,879
Additions 751,231 751,231 473,580
Disposals (726,599) (726,599) (474,378)
Net (losses)/gains on investments 423,474 423,474 (894,734)
Market value at 5 April 2024 £ 12,965,453 £ 12,965,453 £ 12,517,347
Historical cost £ 1,385,413 £ 1,385,413 £ 1,488,700
DEBTORS
Unrestricted Total Total
Fund 2024 2023
----- End of picture text -----

7. DEBTORS

8.

Unrestricted Total Total
Fund 2024 2023
£ £ £
Grants payable 10,000 10,000 5,000
Accruals 4,879 4,879 4,965

9.

No Trustee receives any remuneration or benefits by virtue of being a Trustee and were not

10.

11.

The movement in unrestricted funds for 2024 and 2023 are shown on the face of the statement of financial activites. The anaysis of unrestricted assets and liabilities for unrestricted funds are

15

12. GRANTS PAYABLE TO INSTITUTIONS Total Total
2024 2023
Charityname Charity no. £ £
4 Cancer Group 1090133 - 10,000
Alice Holt Inclusive Cycling 1182422 10,000 10,000
Altofts Community 1142340 - 10,000
Bradford Inclusive Disability 503944 - 10,000
Building for the Future (Wokingham) 1121458 - 10,000
Cerebral Palsy Plus 1070079 10,000 10,000
Challengers 1095134 5,000
Children's Hospice South West 1003314 10,000 10,000
Chole's & Sophies Special Ears Fund 1151263 10,000 -
Citizens Advice Bureau 1113777 - 5,000
Coppafeel 1132366 10,000
Cystic Fibrosis Care 1162445 - 10,000
DECIBELS 1109004 10,000
Disability Information Service Huntingdonshire 1061702 10,000 -
Drama Express 1188250 10,000 10,000
Dyscover Limited 1099432 8,200 10,000
George Coller 1079269 10,000 10,000
GL11 Community Project 1130096 10,000 -
Hearts & Minds Limited SC 027040 10,000 10,000
Imperial Health Charity 1166084 10,000 10,000
Jill's Fund 1160327 10,000 -
Kidney Care 270288 10,000 10,000
Lennox Childrens Cancer Fund 1011325 10,000 10,000
Lewis-Manning Hospice Care 1120193 10,000 10,000
Little Hiccups 1170147 10,000 0.00
Liquid Listening 1154224 10,000 10,000
Medequip 4 Kids 1102830 10,000 10,000
Mummy's Star 1152808 10,000 10,000
Mustard Seed 1148933 10,000 10,000
Myeloma SC 26116 10,000 -
NARA - The Breathing Charity 327033 10,000 10,000
Normandy Therapy Garden 1076055 - 10,000
OPA Cancer Charity 1194327 10,000 -
Opportunity Sports Foundation 1142543 10,000 -
Pain Concern SC 023559 10,000 10,000
Parity for Disability 1071571 10,000 15,752
Queenscourt Hospice 518801 10,000 -
SENSE 289868 10,000
SHINE 249338 0,000 10,000
Shipston Hospice 1162586 10,000 -
SNAPS 1171244 10,000 10,000
Special Effect 1121004 10,000 10,000
Strong Bones 1086173 10,000 10,000
Sunny Days Childrens Fund 1114784 10,000 -
Sunshine & Smiles 1154661 10,000 10,000
Sunshine Wishes SC 46697 10,000 -
The Ataxia-Telangiectasia Society 1105528 - 10,000
The British Red Cross Society 220949 - 10,000
The Cheer Up Squad Limited 1139859 - 10,000
Therapy Gardens 1076055 10,000 -
University College Foundation 1077638 - 10,000
Wakefield Hospice 518392 5,000 -
Wellspring Counselling Limited 1042995 - 10,000
Willow Foundation 1106746 10,000 -
Yorkshire Children's Trust 1146884 10,000 10,000
Young Free 1117939 - 10,000
Zoe's Place 1092545 10,000 -
£ 398,200 £ 400,752
Reallocationofunpaidgrantfrom2022 (5,000) -

16