CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period From 1st April 2022 To 315t March 2023 Charity name: Charity of Sidney Paige Adams for Improvement of Borough Charity registration number: 211049 Objectives and Activities SORP refefence Summary of the purposes of the charity as set out in its governing document Para 1.17 The annual income to be expended by the Mayor and Corporation of the Borough (now Town Council) of Totnes upon such objects and in such manner for the benefit wellbeing and impravemenl of the said Borough or the reduction of the rates of the said Borough as shall be determined by Ihe said Mayor and two thirds majority of the Members of the Cor oration. Investment ofthe Bequest and use of the income in accordance with the objectives. Management of the Tolnes Civic Hall leltings lo provide a community facility with subsidised rates for local groups and charities who are providing events that are of benefit lo the communit The Trustees have had regard to the guidance issued by the Charity Commission on public benefit when exercising their powers and duties. Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. Statement confirming whelher the trustees have had regard to the guidance issued by the Charity Commission on public benefit Para 1.17and Para1.18 Addltional information (optional) You ma choose to include further statements where relevant about.. SORP reference A grant is paid annually to Totnes Town Council towards the costs of caretaking1ma1ntenan￿ and lettings administration. Grants are also made to users of the Civic Hall by way of subsidies given on the hire costs of the Totnes Civic Hall for events that will benefit the community. This year grants lotalling to £13071 have been made to local organisations who have been supporting the community in Ihe cost of living crisis. The grants are made up from annual inlerest received from the ca ital sum and Para 1.38 Policy on grant making Ihe amount of any award is at Ihe discretion of the Trustees. PoliGy on social investment including program related investment Para 1.38 NIA Contribution made by volunteers NIA Paia 1.38 Other Achievements and Performance SORP referellce The Trustees awarded a grant to Totnes Town CoLtncil to assist with the caretakinglmaintenance and lettings administration costs of the Totnes Civic Hall. Summary of the main achievements of the charity, identifying the difference the charity's work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. Para 1.20 The Trustees has awarded designated user status to 9 local groupslchariliesl organisations giving them a 50°A discount on the hire costs of the Totnes Civic Hall. This enables them lo pass on saving to the local community at their events and provide events more frequently. The cost of the subsidies is covered by the annual inlerest earned on the invested capital. The Trustees also offer a 50 /0 discount introductory offer for new regular hirers of the hall to encourage more local groups and organisation to offer classes to Ihe local community. The cost of this subsidy is to be covered by the annual interest earned on the invested capital. The Trustees awarded £13071 in grants to 7 local organisations who were providing services that supported the cotnmunity in the cost of living crisis. Additional information {optional} You ma hoose lo include further statements where relevant about- Expenditure on the Civic Hall is in accordance with the original bequest. The Town Council is the town's local authority and the money is therefore spent on the immediate area for the benefit of residents. Achievements against objectives set Para 1.41 Performance of fundraising activities against objectives set There are no objectives relating lo fundraising and no fundraising activities are undertaken other than managing the lettings of the Civic Hall. Para 1.41 Investment performance against objectives Para 1.41 No objectives have been set in relation lo investment performance. Other Financial Review Review of Ihe charity's financial position al the end of the period Para 1.21 The charity's financial position is good with a closing current account balance of £156459. The accounts for the year show a net loss of £27064. This was partly due to grant funding expenditure being paid out this year while the grant funds were received in the previous year. Also Trustees chose to pay out more in Cost of Living support grants than was received as investment income as it was felt there was an urgent need lo support the community through the crisis. Income from letlings this year was down on previous years which has been altribuled to the continuing recovery of the economy following the pandemic. Statement explaining the policy for holding reserves stating why they are held Para 1.22 The original Bequest has been determined as £50000. The Trustees lake the view that the remainir)g value of the Fund is available to use for the objectives as detailed in the Will, as accumulated income. Amount of reserves held Para 1.22 The closing current account balance is £156459.23. The Trustees do not have an agreed policy on reserves bul simply retain sufficient funds lo be able lo meet any future commitments. Reasons for holding zero reserves Details of fund materially in deficit Explanation of any uncertainties about the charity continuing as a going concem Para 1.22 NIA Para 1.24 NIA Para 1.23 There are no uncertainties aboLrt the charity continuing as a going concern. Additlonal information (optional) You ma choose to include further statements where relevant aboul.. The principal funds are from the invested capital sum and income from use of the Civic Hall asset, a community hall. The charity's principal sources of funds (including any fundraising) Para 1.47 The Trustees have a cautious attitude to investment risk in the immediate term and a moder8tely adventurous attitude in the short, medium and long term. They have selected the CCLA Charities Ethical Investment Fund lo invesl the capital funds because it follows an Ethical and Responsible Policy. Inveslment policy and objeclives including any social investment policy adopted Para 1.46 The only risks facing the charity are those associated with the investmenl of the capital funds which are considered to be low. Any reduction in income from the Civic Hall would be accompanied by a reduction in running costs and therefore a reduction of the grant paid to Totnes Town Council. A description of the principal risks facing the charity Para 1.48 Other Structure, Governance and Management Description of charity's Irusts.. Type of governing document trust deed, ro al charter How is the charity conslituted? (e.g uiiincorporaled association, CIO) Trustee selection Methods including details of any constilulional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees Para 1.25 Trust deed Para 1.25 Charitable Trust Para 1.25 All serving Totnes Town Councillors are automatically appointed as Trustees. Additional information {optional} You ma hoose to include further statements where relevanl about.. Policies and procedures adopted for the induction and training of trustees Par8 1.51 The charity's organisational structure and any wider network with which the harily works Para 1.51 Relationship with any related parties Para 1.51 Other Reference and Administrative details Charit name Other name the charity uses Regislered charil number Charity's principal address Charit of Sidne Pai Paige Adams Trust 211049 The Guildhall Offices. 5 Ramparts Walk, Totnes, TQ9 5QH e Adams for Im rovement of Borou Names of the charity trustees who manage the charity Dates acted if not for whole ear Trustee name OfFice lif any) Name of person lor body) entitled loa oint trusteè ifan Marion Adams Town Councillor Philip Paine Ben Piper Jacqi Hodgson Ray Hendriksen Emily Price Georgina Allen Louise Webberley John Cummings Jill Hannam Town Councillor Town Councillor Town Councillor Town Councillar Town Councillor Town Councillor Town Councillor Town Councillor 10 Town Councillor Sarah Collinson Town Councillor 12 Sarah Skinner Town Councillor 13 Victoria Trow Amy Oliver Niall Slopp Darren Peters Lisa Smallridge Town Councillor Town Councillor 114122 - 14112122 14 114122 - 1311123 15 Town Councillor 114122 - 14112122 16 Town Councillor Town Councillor 1111123- 3113123 1611123- 3113123 17 18 19 20 21 Cor orate trustees - names of the directors at the date the re Director name ortwa$8 roved Name of trustees holding title to property belonging to the charity Trustee name Dates acted if not forwhole ear Funds held as custodian trustees on behalf of others Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and hDW this falls within the custodian charity's objects Delails of arrangements for safe custody and segregation of such assets from the charity's own assets Additional information (optlonal) Narnes and addresses of advisers {Optional information) Type of Name Address adviser Name of chief executive or names of senior staff members (Optional information Exemptions from disclosure Reason for non-disclosure of key personnel details Other o tional information Declarations The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Signaturels} niwthfjlk Full namels) Position {eg Secretary* Chair, etc) Catherine Marllon Secretary Date s l.jci 2013 ## **Paige Adams Bequest Charity Summary Receipts and Payment account for 2022-23** |Receipts
Interest
Investment Income
Hirings
Markets
Banner advertisements
Grants received
Total
Payments
Grants
Administrative Expenditure
Misc Expenses - grant funded equipment
Market expenses
Bank Charges
Legal & Professional Fees
Total
**Profit/Loss**
**Balances brought forward 31/3/2022**
**Balances carried forward at 31/3/2023 (i.e. o/bal plus in-year movement)**
**These funds are represented by cash at bank, as reconciled below**
**Bank Reconciliation**
**Balances as at 31st March 2023:-**
Current
**Total bank balances**|0.00
7598.64
20187.65
795.00
58.50
0.00| |---|---| ||**28639.79**| ||13071.00
33500.00
8745.00
0.00
111.77
276.00| ||**55703.77**| ||**-27063.98**| ||183523.21
156459.23
156458.93| ||**156458.93**| Additionally, the Charity has Investment funds with CCLA valued at £245283.06 as at 31st March 2023. CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report R•port to th• tpu•tM• Gharity of sidney Pai0@ Aoams On accounts for the year •nded 3111 March 2023 Charlty no Ilf anyl 211049 Set out on pag I roport to the trustee8 on my examination of the accounts of the above charity (Ihè Trust'l for the year ended Respon$lbllltle8 and basls of report As the charity's trustees, you are responsible for th8 preparydtion of the account8 in accordance with the requirements of the Charities Act 2011 ('the Ac*") I report in respec* of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Oirections given by the Charty Comml8sion under section 145(5){b) of the Art. Indepond8nt I have completed my examination. I confirni that no material matters have oxamln•r'8 •tatsm•nt come to my attention in connection with the examination fetheF d￿188￿. vthlch glves me causè to believe that in, any material respect: the accounling records were not kept in accordance with section 130 of the Charities Act; or the ac¢ounts not accord with the accounting re¢ords', or the accounts did not comply wilh the applicable requirement3 conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view which is not a matter considered as part of an independent examination. I hav8 no conc•m# and have come a¢ros8 no other matters in connection wrth the exarnination to which attention should be drawn in thi3 report In order to en bk a proper understanding of the account8 to be reached. te the in the brackets il they do not apply. Slgned: Dat•: 10th May 2023 Name: S J Pollard for Auditing Solutlons Ltd Relevant professlonal quallfi¢atlon{s) or body (If anyl: Addr•s8: Clackerbrook Farm. 46 The Common. Bromham, Chippenham, Vmlts SN15 2JJ IER Oct 2018 Scction B Disclosure Only complete If the examiner needs lo highlight material matters of con￿rn (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Glve here brlof d8tall• of any Itoms that the examlner wlshes to dlsclos•. Nla IER Oct 2018