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2020-12-31-accounts

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

ACCOUNTS FOR THE YEAR ENDED

31ST DECEMBER 2020

CHARITY NUMBER : 1061643

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

Page 1

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

CONTENTS PAGE
Income and Expenditure Account 2
Balance Sheet 3
Notes to the Financial Statements 4,5 & 6
Trustees Annual Report 7, 8 & 9
Independent Examiner's Report 10

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

Page 2

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2020

INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2020
RECEIPTS
Bank Interest
Investment Income
Grazing, Rents and Wayleave
TOTAL RECEIPTS
PAYMENTS
Buildings Insurance
Property Repairs
Property and Grazing Letting Fees
Trustee Expenses
Property and Grazing Advertising
Accountancy Charges
Rates, Water and Electricity
Sundries
Legal and Professional Fees
SURPLUS AVAILABLE
FOR DISTRIBUTION
Grants and Doles Distributed
Transfer to Endowment Fund
SURPLUS OF RECEIPTS
OVER PAYMENTS
Gains/(Losses) on Investments (See note 4)
Transfer to Revenue Fund		 2088
9589
2839
0
0
900
0
13
0
8516
1000		 2020
532
3389
21771
25692
15429
10263
9516
747
7075
7822		 2019
773
3321
21833		 2019
25927
2025
7603
2712
31
0
1014
0
0
66
13451
12476
9000
1000
10000
2476
16782
19258

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

Page 3

BALANCE SHEET
AS AT 31ST DECEMBER 2020
FIXED TANGIBLE ASSETS
Land and Buildings per valuation
Investments at market value
CURRENT ASSETS
Community Account - Barclays Bank
High Interest Account - Barclays Bank
Santander Bond
Debtors and Prepayments
Cash in Hand
CURRENT LIABILITIES
Creditors and Accruals
TOTAL NET ASSETS
FUNDS
CAPITAL FUND
Balance at 1st January 2020
Less:
Loan from Capital Fund to Revenue Fund
Add:
Repaid in the Year
Balance at 31st December 2020
REVENUE FUND
Balance at 1st January 2020
Add: Surplus of Receipts over payments
Balance at 31st December 2020
Approved by the Trustees on 10th March 2021.
TRUSTEE
Mrs G.A. Brierley
TRUSTEE
Mrs M.A.E.T. Clitheroe
TRUSTEE
Mr J.E. Brierley		 NOTES
3
4
 43042
131477
50000
-
-
224519
4894
506415
(16970)
489445
1000
554313
7822

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

Page 4

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

1 PRINCIPAL ACCOUNTING POLICIES

a) Accounting Convention

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with Charity Commission guidance

b) Investment Income

Investment Income consists of income received in the year.

c) Resources Expended

Expenditure is included on an accruals basis

Grants payable are charged in the year when the offer is conveyed to the recipient.

d) Fixed Asset Investments

Investments are valued at the middle market price at the close of business on 31st December 2020.

Land and Buildings were valued by Messrs Harrison Coward Auctioneers, Valuers and Estate Agents of Ulverston, Cumbria on 24th July 2012.

Gains/(Losses) arising on revaluation are credited/charged to the Income and Expenditure Account.

Page 5

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020 (Continued)

3 LAND AND BUILDINGS

The land and buildings owned by the Trust at 31st December 2020 are as follows:-

Myles Taylor Charity Trust

a) Skinner Hill Fields:-

Lot Number
Location
1.00
Hollow Lane
2.00
Windermere Road
3.00
Poor Lindale
4.00
Skinner Hill Paddock
5.00
Back o' the Fell
Total
b)
Allotments Field
c)
Skinner Hill Farmhouse
d)
Skinner Hill Barn and Shippon
Formerly Myles Taylor Charity Trust
Lawrence Newton Charity Trust
Blue Cross Field
Poor Closes
Ornamental Ground
Formerly Lawrence Newton Charity Trust		 Area (Acres)
3.64
5.40
1.40
0.66
13.07
24.17
0.76
1.73
3.00
0.22
4.95		 Valuation
25500.00
38000.00
11250.00
7500.00
90000.00
172250.00
4500.00
210000.00
320000.00
706750.00
1500.00
4500.00
2500.00
8500.00
715250.00

The land and property was valued by Messrs Harrison Coward Auctioneers, Valuers and Estate Agents of Ulverston, Cumbria on 24th July 2012. The previous valuation, carried out on 31st December 2001 was £377,700

Page 6

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020 (Continued)

4 INVESTMENTS

Investments are all held by The Charities Official Investment Fund. The funds are invested in the COIF Income Shares.

the COIF Income Shares. the COIF Income Shares.

Myles Taylor Charity Trust
2027
Income Shares
80
Income Shares
2107
Income Shares at Cost
Lawrence Newton Charity Trust
327
Income Shares
172
Income Shares
499
Income Shares at Cost
Lindale Sick and Poor Fund
1222
Income Shares at Cost
Taylor Newton and Hibbert Charity Trust		 Cost
£2,027.00
£3,175.00
£1,222.00
£25,000.00		 Market Value
31/12/2020
36509
1441
37950
5890
3098
8988
22010
48757
117705		 Market Value
31/12/2019
34315
1354
35669
5536
2912
8448
20687
45826
110630		 34315
1354
35669
5536
2912
8448
20687		 5536
2912
8448
45826

Total
2707
Income Shares
6535
Income Shares at Cost
£31,424.00

The increase in market value of £7075 is shown in the Income and Expenditure Account for the year ended 31st December 2020.

5 CAPITAL FUND

Refurbishment of Skinner Hill Farmhouse and the development of Skinner Hill Barn and Shippon into two residential units, was financed by authorised borrowing from the Capital Fund, repayable at the rate of £1000 per year from annual income.

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

Page 7

ANNUAL REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2020

AIMS AND OBJECTIVES

This report covers the period from 1st January 2020 to 31st December 2020. It is the twenty fourth annual report of the Charity which was set up by a Scheme sealed by Order of the Charity Commissioners on 23rd October 1996. The objects of the Charity are to apply the income of the Charity in relieving either generally or individually persons resident in the Parish of Lindale and Newton-in-Cartmel who are in conditions of need, hardship or distress, by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons. If and insofar as income is not required in any year for this purpose it is applied for such charitable purposes for the general or individual benefit of the inhabitants of the Parish of Lindale and Newton-in- Cartmel as the Trustees shall think fit.

APPLICATION OF INCOME

Having defrayed the cost of maintaining the Charity properties and of the administration of the Charity, donations were made to local causes. Assistance was given to the following local causes for charitiable purposes and for the general benefit of the inhabitants of the area of benefit. Grants were made towards the cutting of grass at Lindale churchyard for the general benefit of parishioners, to Lindale School for replacement defibrillator pads, to High Newton Village Hall for roof repairs, to Leven Valley School for a consortium (which includes Lindale School) sports event. Donations to bodies outside the parish but for the potential benefit of parishioners as follows: Rosemere Cancer Foundation; St Mary's Hospice; North West Air Ambulance; Springfield Women's Refuge and North West Blood Bikes;

MANGEMENT OF CHARITY LAND AND BUILDINGS

The Trustees continued to instruct Harrison Coward of Ulverston as agents for letting and managing the land and properties owned by the Charity, the Trustees were consulted regularly. The grazing land continued to be let on 3-year grazing agreements. The three letting properties at Skinner Hill were occupied on assured shorthold tenancies during 2020. The Trustees met with a representative of Electricity Northwest on 5th December 2019 to discuss wayleave agreements and a substation lease held by the trust. New agreements and rents are being negotiated but still have not been completed. A number of repairs on the properties were completed during the year. 1 Myles Taylor Barn required a replacement door and windows, 2 Myles Taylor Barn had replacement doors and windows, kitchen painted and part of the lounge painted. All of the allotments owned by the Charity were eventually occupied for the year. All property and land is now registered with the Land Registry and email alerts in place. When the routine maintenance was carried out on the septic tank it was noted that it's condition is deteriorating. The Trustees are investigating the way forward which may mean installing a treatment plant to comply with new legislation. The ongoing maintenance and upgrading of the properties has been affected by the retrictions that were in place due to the covid pandemic.

INVESTMENTS

The development of the Skinner Hill properties, completed by the Trustees in 1996, produced a regular income in 2020 to meet the charity's objectives. It is unlikely that the capital value of these properties increased through the year. Cash is invested in a number of sound financial institutions. The Trustees agreed to rent reductions during the lockdown period as tenants were unable to work.

Page 8

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

ANNUAL REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2020 (Continued)

MEETING OF THE TRUSTEES

There were five Trustees at the beginning and end of the reporting period, as follows:Mrs G.A. Brierley Co-opted Trustee until 09/2022 - Chairman Mrs M.A.E.T. Clitheroe Co-opted Trustee until 12/2021 - Treasurer Mr J.E. Brierley Co-opted Trustee until 09/2022 - Secretary Mrs L. McClure Trustee nominated by Lindale and Newton in Cartmel PC until 05/2020 Rev'd G.T. Wilson Ex-officio Trustee, as replacement for Team Rector for the Cartmel Peninsula Team Ministry, which includes the Parish of St Paul, Lindale.

The Trustees manged to meet in person three times during the year and conducted a fourth meeting by email/telephone consultation because of the covid 19 restrictions.

The Chairman is elected annually by the Trustees. Mrs G. Brierley was re-elected to be Chairman. Mr J. Brierley acts as Secretary/Correspondent. Mrs A. Clitheroe acts as Treasurer.

TRUST ADVISORS

Bankers: Solicitors: Accountants: Barclays Bank plc Hart Jackson and Sons CWR Chartered Accountants Kendal - South Lakeland Group PO Box No 2 20 Mannin Way PO Box No 25 8-10 New Market Street Lancaster Business Park 9 Highgate Ulverston Caton Road Kendal Cumbria LA12 7LW Lancaster Cumbria LA9 4DF Lancashire LA1 3SW

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

Page 9

ANNUAL REPORT

FOR THE YEAR ENDED 31ST DECEMBER 2020 (Continued)

TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Law applicable to Charities in England and 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 those 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 accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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 Trustees on 10th March 2021 and signed on their behalf by:-

Mrs G.A. Brierley CHAIRMAN

Page 10

TAYLOR NEWTON AND HIBBERT CHARITY TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF TAYLOR NEWTON AND HIBBERT CHARITY TRUST

We report on the accounts of the Trust for the year ended 31st December 2020, which are set out on Pages 1 to 6

Respective Responsibilities of Trustees and Examiner

As the charity's trustees, you are responsible for the preparation of the accounts; you consider that the audit requirement of Section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply and that an independent examination is needed. The Charity is preparing accrued accounts, and we are qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales.

It is our responsibility to examine the accounts under Section 145 of the Charities 2011 Act and to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under Section 145(5)(b) of the Act, whether particular matters have come to our attention.

Basis of Independent Examiner's Report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with our examination, no matter has come to our attention:-

have not been met; or

CWR CHARTERED ACCOUNTANTS 20 MANNIN WAY LANCASTER BUSINESS PARK CATON ROAD LANCASTER LA1 3SW

16th March 2021