2021-04-05-accounts - The Turney Trust

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Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year 06 APRIL 2020 To 05 APRIL 2021

From

Section A Reference and administration details

Charity name THE TURNEY TRUST

Other names charity is known by

Registered charity number (if any) 1097415 Charity's principal address TEES

JOHN STREET

ROYSTON HERTFORDSHIRE Postcode SG8 9BG

Names of the charity trustees who manage the charity

Trustee name Office (if any) PAMELA
1 ELIZABETH ROSINA PARKER ROBERT GEORGE
2 CHAMBERS JEREMY
3 WHITTONSPRIGGS LETITIA PAMELA
4 CAMPBEL GLAISTER
5 6 7 8 9

Name of person (or body) Dates acted if not for entitled to appoint trustee whole year (if any)

10
11
12
13
14
15
16
17 18

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Names of the trustees for the charity, if any, (for example, any custodian trustees)

Name Dates acted if not for whole year

Names and addresses of advisers (Optional information)

----- Start of picture text -----
Type of adviser Name Address
SOLICITOR Natalie Lisa Ruth TEES JOHN STREET ROYSTON HERTFORDSHIRE SG8
Liversidge 9BG
----- End of picture text -----

Name of chief executive or names of senior staff members (Optional information)

Section B Structure, governance and management

Description of the charity’s trusts

Type of governing document WILL TRUST

(eg. trust deed, constitution)

How the charity is TRUST constituted

(eg. trust, association, company)

Trustee selection methods

(eg. appointed by, elected by)[APPOINTED BY TRUSTEE GROUP]

Additional governance issues (Optional information)

You may choose to include additional information, where relevant, about:

policies and procedures adopted for the induction and training of trustees;
the charity’s organisational structure and any wider network with which the charity works;
relationship with any related parties;
trustees’ consideration of major risks and the system

The Charity was set up by the Will of the late John Morris Turney who died on 23[rd] June 2002.

The balance of his residuary Estate was held with a view to the acquisition of properties for the provision of accommodation for needy persons. Priority was to be given to individuals who had been resident in the Parishes of either Reed or Therfield for a minimum of four years and with preference to ex employees of the late John Morris Turney.

To acquire dwellings and improve and maintain them.

To construct dwellings and maintain them.

To appoint income and 25% of the Capital for the following charities: The Royal Agricultural Benevolent Fund, Letchworth Garden Hospice, The Turney Village Trust, The St John Ambulance

April 2009

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and procedures to manage them.

(Royston Branch), The Red Cross (Royston Branch).

Section C Objectives and activities

See above

Summary of the objects of the charity set out in its governing document

Properties acquired and maintained

24 Reed End, Therfield, Royston, Hertfordshire SG8 9RL 25 Reed End, Therfield, Royston, Hertfordshire SG8 9RL 26 Reed End, Therfield, Royston, Hertfordshire SG8 9RL 27 Reed End, Therfield, Royston, Hertfordshire SG8 9RL 28 Reed End, Therfield, Royston, Hertfordshire SG8 9RL 29 Reed End, Therfield, Royston, Hertfordshire SG8 9RL 13 Blacksmiths Lane, Reed, Royston, Hertfordshire SG8 8AX

Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)

April 2009

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Additional details of objectives and activities (Optional information)

Grants made on the basis of actual needs by charity.

You may choose to include further statements, where relevant, about:

policy on grantmaking;
policy programme related investment;
contribution made by volunteers.

Section D Achievements and performance

April 2009

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Section D Achievements and performance

Summary of the main achievements of the charity during the year

Refurbishment and upgrade of properties and ongoing rentals

Section E Financial review

April 2009

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Brief statement of the charity’s policy on reserves

Adequate reserves to:

Fund improvement projects possibly develop retained land

Details of any funds materially in deficit

None

Further financial review details (Optional information)

You may choose to include additional information, where relevant about:

the charity’s principal sources of funds (including any fundraising);
how expenditure has supported the key objectives of the charity;
investment policy and objectives including any ethical investment policy adopted.

Section F Other optional information

Section G Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Natalie Lisa Ruth Liversidge Position (eg Secretary, Solicitor Chair, etc) Date 17/05/2022

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The Turney Trust Accounts to 5 April 2021

The Turney Trust
		page 3
Capital account for the year ended 5 April 2021
	£	£
Value of fund brought forward		818,880.21
Profit on sale of investments		7,121.39
		826,001.60
Less
Tees costs re capital	24,600.00
Smith & Williamson - portfolio review fees	6,924.48
Land Registry fees	6.00
Compensation relating to FX transaction	(73.28)
		31,457.20
Value of fund carried forward		794,544.40
Made Up
Shares and securities		841,629.48
24 Reed End Therfield
25 Reed End Therfield
26 Reed End Therfield
27 Reed End Therfield
28 Reed End Therfield
29 Reed End Therfield
13 Blacksmiths Lane Reed		220,000.00
Land at Reed known as "Rabbit Field" Title no. HD420573
Loan from income account		(267,085.08)
		794, 544.40

	£	F-
Property Income
Rent - 24 Reed End	5,292.00
Rent - 25 Reed End	6,600.00
Rent - 26 Reed End	6,768.00
Rent - 27 Reed End	6,840.00
Rent - 28 Reed End	7,800.00
Rent - 29 Reed End	14,580.00
Rent - 13 Blacksmiths Lane	8,500.00
		56,380.00
Property expenses
Boiler services	2,011.16
Insurances	2,763.53
Inventory fees	456.20
Repairs and replacements	10,341.25
Information Commissioner - Data Protection fee	40.00
Council tax	310.99
		15,923.13
Carried forward to page 5
		40,456.87

	£	£
Brought forward from page 4		40,456.87
Investment Income
Dividends received	9,404.48
Unit trust dividends	8,486.73
Treasury stock interest	250.24
UK property income	2,374.85
Dividends - overseas companies	1,357.65
		21,873.95
Interest and Other Income
Saffron Building Society interest	69.45
S&W deposit interest	11.31
UK unit trust interest	1,763.66
Overseas unit trust interest	1,837.80
		3,682.22
Net income for the year		66,013.04
Add income brought forward		125,942.13
Less
Income loaned to capital		31,672.59
Income in hand		160,282.58

ear ended 5th April 2021
	Holding	Book ValueAdditions		Disposals		Profit	Holding	Book Value	Market Value	Net Income
06/04/2020		06/04/2020 Quantity	Cost	Quantity Proceeds		(Loss)	05/04/2021	05/04/2021	05/04/2021
		£	£		£	£		£	£	£
Aberdeen Standard Fund Managers Ltd
European Equity Income Instl Dis
18,500.00000		14,140.20								66.73
										254.62
										172.36
							18, 500.00000	14,140.20	19, 036.50	107.45
Astra Zeneca
Ordinary US$0.25	300	8,360.32								208.80
							300	8,360.32	21,516.00	412.20
Aviva Investors UK Svcs Ltd
US Equity Income Ii 2 Inc Nav
30,000.00000		31,986.55								409.86
										401.67
										402.72
							30,000.00000	31,986.55	52,863.00	346.14
BAE Systems
Ordinary GBP0.025	1,700	3,052.00								234.60
							1,700	3,052.00	8,676.80	159.80
Baillie Gifford
Baillie Gifford Strategic Bond B Dis
31,000.00000		28,298.08								62.00
										62.00
										62.00
										62.00
										62.00
										62.00
										300.70
										62.00
										62.00
										62.00
										62.00
							31,000.00000	28,298.08	28,414.60	62.00
Barclays Plc
Ordinary GBP0.25	1,500	4,117.94					1,500	4,117.94	2,760.00	15.00
										Page 6

earended 5thApril 2021
	Holding	BookValue	Additions		Disposals		Profit Holding	Book Value	Market Value	Net Income
06/04/2020		06/04/2020	Quantity	Cost	Quantity Proceeds		(Loss) 05/04/2021	05/04/2021	05/04/2021
		E		£		£	£	E	£	£
Beazley Plc (Uk)
Ordinary GBP0.05	2,100	8,031.80					2,100	8,031.80	7,341.60
Bh Global Ltd
Ordinary GBP No Par Value
	1,400	19,898.90	600	10,844.41			2,000	30,743.31	38,200.00
Bhp Group Plc
Ordinary USD0.50	580	3,296.86								244.23
							580	3,296.86	11,994.40	423.33
Blackrock Fund Managers Ltd
Continental European Income D	Units Inc
13, 000.00000		16, 793.00								77.82
										306.02
										115.05
							13,000.00000	16,793.00	22,659.00	104.07
Blackrock Fund Managers Ltd
Corporate Bond S Inc 29,132.80000		32,502.59								197.88
										209.08
										190.13
							29,132.80000	32,502.59	34,172.77	183.87
Bny Mellon Fund Managers Limited
Global Income W Net Instl Inc
16,110.00000		24,272.94		(67.18)						125.06
										244.89
										163.51
							16,110.00000	24,205.76	29,671.40	177.20
BP plc
Ordinary USD0.25	2,500	11,072.92								208.55
										101.08
										97.92
							2,500	11,072.92	7,245.00	94.21
British American Tobacco
Ordinary GBP0.25	210	4,025.61								110.46
										110.46
										Page 7

ear ended 5th April 2021	ear ended 5th April 2021	ear ended 5th April 2021
Holding Book ValueAdditions			Disposals		Profit	Holding	Book Value	Market Value	Net Income
06/04/2020 06/04/2020 Quantity		Cost	Quantity	Proceeds	(Loss)	05/04/2021	05/04/2021	05/04/2021
British American Tobacco
Ordinary GBP0.25
									110.46
						210	4,025.61	5,702.55	110.46
Brown Advisory Funds
Us Smaller Companies Sterling B H Gbp Ac
2,684.34000 34,762.31			1,441.69000	20,630.58	1,960.64	1,242.65000	16,092.37	22,454.69
Compass Group Pic
Ordinary GBP0.1105	769 4,926.42					769	4,926.42	11,496.55
Diageo
Ordinary 28 101/108p	380 8,433.83								104.16
						380	8,433.83	11,426.60	161.39
Fil Investment Services(Uk)limited
South East Asia W Ace Nav
	1,210.00000	21,005.60				1,210.00000	21,005.60	23,582.90
First Sentier Invrs (Uk) Fds Ltd
Stewart Invrs Asia P Ldrs Sust B GBP
Changed from Stewart Investors Asia	Pacific Leaders B Nav on 22/09/2020
	2,150.00000	16,986.51							83.43
	450.00000	3,630.33							10.40
		83.43
		10.40				2,600.00000	20,710.67	25,029.42
Franklin Templeton Fund Mgmt Ltd
UK Mid Cap S GBP Dis 22,843.76000 23,879.70 22,846.76000		(45.98)							92.49
						45,690.52000	23,833.72	52,114.61	12.68
Fundsmith Lip
Equity I Inc Nav12,500.00000 21,124.25									175.85
						12,500.00000	21,124.25	63,550.00	85.49
Glaxosmithkline
Ordinary GBP0.25	550 7,044.50								126.50
									104.50
									104.50
									Page 8

ear ended 5th April 2021
	Holding Book ValueAdditions			Disposals		Profit Holding	Book Value	Market Value	Net Income
06/04/2020 06/04/2020 Quantity			Cost	Quantity	Proceeds	(Loss) 05/04/2021	05/04/2021	05/04/2021
		£	£		£	£	£	£	£
Glaxosmithkline
Ordinary GBP0.25
						550	7,044.50	7,026.80	104.50
Henderson Global Investors
UK Absolute Return I Acc Nav
12,500.00000 18,133.57						12,500.00000	18,133.57	22,100.00
HSBC Hldgs
Ordinary USD0.50	1,700 13,818.82					1,700	13,818.82	7,194.40
Icg Enterprise Trust Plc
Ordinary GBP0.10	2,250 17,077.50								180.00
									112.50
									112.50
						2,250	17,077.50	22,950.00	112.50
Imperial Brands Plc
GBP0.10		200 7,530.85		200	2,586.42	(4,944.43)			41.70
Johnson Matthey
Ordinary GBP1.109245		188 2,928.35		188	3,584.22	655.87
JPMorgan Asset Management UK	Ltd
US Equity Income C Inc Nav
16,000.00000 35,352.00									344.00
									324.80
									321.60
						16,000.00000	35,352.00	59,760.00	292.80
Jupiter Unit Trust Managers
Japan Income Z GBP Dis
		26,300.00000	26,857.56						149.65
			(186.89)			26,300.00000	26,670.67	29,758.45	320.07
Kkv Secured Loan Fund Ltd
C Shs No Par Value
Changed from Sqn Asset Finance Income Fund Ltd C Shs No Par Value on 20/07/2020
	15,437 16,261.50				1,852.44	15,437	14,409.06	5,487.85
									Page 9

ear ended 5th April 2021
	Holding	Book Value	Additions	Disposals		Profit	Holding	Book Value	Market Value	Net Income
06/04/2020		06/04/2020	Quantity Cost	Quantity	Proceeds	(Loss)	05/04/2021	05/04/2021	05/04/2021
		£	£		£	£		£	£	£
Link Fund Solutions Ltd
Trojan S Inc Nav8,235.89000		18,966.85								76.26
							8,235.89000	18,966.85	23,530.76	40.84
Lloyds Banking Group
Ordinary GBP0.10	17,400	11,725.96		17,400	4,861.93	(6,864.03)
Lyxor Asset Management Lux
US TIPS DR UCITS ETF Mth Hd
230.00000		22,708.59	75.88							75.88
							230.00000	22,784.47	25,519.65	128.80
M&g Plc
Ordinary GBP0.05	680	541.71		680	874.41	332.70				26.18
										81.06
Man Fund Management UK Limited
Man Glg Jpn Core Alpha Professiona C Acc
17,500.00000		15,881.93	710.93	17,500.00000	26,442.50	9,849.64				710.93
Microsoft Corp
Common USD0.00000625
	70	8,062.58								23.78
										23.50
										25.01
							70	8,062.58	11,932.72	23.63
Mondi Plc
Ordinary EUR0.20	675	7,204.83					675	7,204.83	12,720.38	303.50
Montanaro European Smaller Cos
Montenaro Equity Income Fund GBP
8,000.00000		18,248.00	6,000.00000 11,022.00							77.08
										121.74
										119.41
							14,000.00000	29,270.00	30,534.00	160.23
National Grid
Ordinary GBP0.12431289
	875	4,325.15								280.00
										Page 10

ear ended 5thApril 2021
	Holding	Book Value	Additions	Disposals		Profit	Holding	Book Value	Market Value	Net Income
06/04/2020		06/04/2020	Quantity Cost	Quantity	Proceeds	(Loss)	05/04/2021	05/04/2021	05/04/2021
		£	£		£	£		£	£	£
National Grid
Ordinary GBP0.12431289							875	4,325.15	7,555.63	148.75
Nb Private Equity Partners Limited Class'a'ord Shs	1,725	10,239.94								380.41
							1,725	10,239.94	19,837.50	379.29
NPK Holdings Ltd Ordinary shares	75						75			37.50
Persimmon
Ordinary GBP0.10	330	4,183.90								132.00 231.00
							330	4,183.90	9,979.20	412.50
Phoenix Group Holdings Plc
Ordinary GBP0.10	1,466	9,782.88								343.04
							1,466	9,782.88	10,449.65	343.04
Picton Prop Income
Ordinary No Par Value	22,500	16,265.50								140.63
										140.63
										157.50
							22,500	16,265.50	19,530.00	180.00
Polar Capital Funds
Global Convertible Hedged I Inc	Nav
2,350.00000		21,861.82	595.49							180.72
										595.49
										221.84
										232.89
							2,350.00000	22,457.31	24,111.00	264.61
Prudential
Ordinary 5p	680	3,394.31	320 3,186.56							141.71
							1,000	6,580.87	15,515.00	41.70
Reckitt Benckiser Group Plc
Ordinary GBP0.10	150	5,265.77								152.40
										Page 11

ear ended 5th April 2021
	Holding	Book Value	Additions		Disposals		Profit	Holding	Book Value	Market Value	Net Income
06/04/2020		06/04/2020	Quantity	Cost	Quantity	Proceeds	(Loss)	05/04/2021	05/04/2021	05/04/2021
		£		£		£	£		£	£	£
Reckitt Benckiser Group Plc
Ordinary GBP0.10
								150	5,265.77	9,745.50	109.50
Relx Plc
GBP0.1444	600	9,935.34									192.60
								600	9,935.34	11,010.00	81.60
Rio Tinto Plc
Ordinary 10p(Registered)
	290	9,804.43									514.66
								290	9,804.43	15,892.00	347.25
Royal Dutch Shell 'b'shs EUR0.07	1,108	14,727.00									140.49
											133.96
											138.28
								1,108	14,727.00	14,796.23	132.52
Samarang Asset Management
Asian Prosperity Al GBP	65.00000	14,332.10			65.00000	17,157.40	2,825.30
Schroder Unit Trusts
Asian Income L Inc 23,011.90000		24,796.05	8,988.10000	5,901.59							303.14
				(67.75)				32,000.00000	30,629.89	25,616.00	290.71
Segro Plc Ordinary GBP0.10	1,800	6,022.11						1,800	6,022.11	17,074.80	259.20 124.20
Smith & Williamson Investment Funds
Global Inflation Linked Fund X Inc
25,000.00000		26,414.50		10.00							10.00
											71.51
								25,000.00000	26,424.50	28,920.00	56.06
Smith & Williamson Investment Funds
Mm Cautious Growth B GBP
16,500.00000		19,041.90			16,500.00000	22,347.60	3,305.70				23.57
											Page 12

		Holding	Holding	Book Value	Additions	Disposals	Profit	Holding	Book Value	Market Value	Net Income
	06/04/2020			06/04/2020	Quantity Cost	Quantity Proceeds	(Loss)	05/04/2021	05/04/2021	05/04/2021
				£	£	£	£		£	£	£
T Bailey Fund Services Ltd
Evenlode Global Income F GBP Dis
30,000.00000				35,960.49							250.99
											169.23
											169.29
								30,000.00000	35,960.49	38,685.00	169.41
Tate & Lyle Ordinary 25p		1,500		9,980.08				1,500	9,980.08	11,484.00	312.00 132.00
Unilever Plc
Ordinary GBP0.031111			450	7,991.44							162.63 166.41
											168.57
								450	7,991.44	18,099.00	169.20
United Kingdom (Government Of)
1.25% Idx-Lkd Stk 22/11/2027	GBP100
		13,250.00		20,102.17							124.78
								13,250.00	20,102.17	17,353.53	125.46
Vodafone Group Ordinary USD0.2095238		3,913		5,194.00				3,913	5,194.00	5,230.12	159.64 155.78
Warehouse Reit Plc
Ordinary GBP0.01		23,950		25,434.90							383.20 371.23
											371.23
								23,950	25,434.90	30,895.50	371.23
Worldwide Healthcare Trust Pic
Ordinary GBP0.25			400	4,773.16							74.00
								400	4,773.16	14,900.00	26.00
TOTAL: Securities				834,292.70	100,552.89	100,337.50	7,121.39		841,629.48	1,125,103.06	25,475.41
TOTAL:				834,292.70	100,552.89	100,337.50	7,121.39		841,629.48	1,125,103.06	25,475.41
											Page 13

Year ended: 05/04/2021
Capital in hand
Income in hand		160,282.58
		160,282.58
Debits
Tees account	82,532.40
Tees Stakeholder ledger (matter 2)	1,219.32
Saffron BS account	55,993.56
S&W capital account	40,164.03
S&W income account	4,973.27
Rent in transit	1,215.00
		186,097.58
Credits
Legal fees	24,600.00
Creditor
Deposit held - Mr Goddard 29 Reed End	1,215.00
Suspense
		25,815.00
		160,282.58
Difference

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Sectlon A Independent Examinerfs Report Report to the trusieesl members of THE TURNEY TRUST On accounts for the year ended 05 APRIL 2021 Charity no (if any) 1097415 Set out on pages PAGES 1 AND 2 I report to the trustees on my examination of the accoun15 of the above charity I the Trust") for the year ended 0510412021 Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 fthe Act'l. I report in respect of my examination of the Trusl's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 14515)Ib) of the Act. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. accounting records were not kept in accordance with section 130 of the Ad or the accounts do not accord with the accounting records Independent examiner's statement I have no conGern5 and have come across no other matters in connection with the examination to which attention should be drawn in order lo enable a proper understanding of the accounts to be reached. Signed: Name: IADRIAN GFIAHAM WINTER THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS ACCA Date: 2010412022 Relevant professional qualification(s) or body lif any): Address: THE SYCAMORES 43 KNEESWORTH STREET ROYSTON HERTS SG8 SAB Section B Disclosure Only complete if the examiner needs lo highlight matters of concern (see CC32, Independent examination of charity accounts.. directions and guidance for examiners}. IER October 2018

Give here brief details of any items thal the examiner wishes lo disclose. IER October 2018