CHARITY COMMISSION FOR ENGIAND AND WALES Trustees, Annual Report for the period From 1st April 2023 To 31st March 2024 Charity name: Charity of Sidney Paige Adams for Improvement of Borough Charity registration number: 211049 Objectives and Activities SORP reference Summary of the purposes of the charity as set oul in its governing documenl 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 improvement of the said Borough or Ihe reduction of the rales of the said Borough as shall be determined by the said Mayor and Iwo thirds majority of Ihe Members of the Cor oration. Investment oflhe Bequest and use of the income in accordance with the objectives. Management of the Totnes Civic Hall lettings to provide a community facility with subsidised rates for local groups and charities who are providing events Ihat are of benefit to the communil The Trustees have had regard to the guidance issued by Ihe 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 ServI￿S identified in the accounts. statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit Para 1.17 and 1.19 Para 1.18 Additional information (optional) You ma choose to include further slalements where relevant about.. SORP reference A grant is paid annually to Totnes Town Council towards the cosls of carelakinglmaintenance 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 totalling lo £16690 have been made to local organisalions who have supported the community in the cost of living crisis. In addition, this year a grant of £133500 was paid to Totnes Town Council to reduce the Prece Ire uest for the town. Para 1.38 Policy on grant making The grants are made up from annual interest received from the capital sum and the amount of any award is at the discretion of the Trustees. Policy on social investment including program related investment Para 1.38 NIA Contribution made by volunteers NIA Para 1.38 Other Achievements and Performance SORP r8f&rente The Trustees awarded two grants to Tolnes Town Council. One to assist with the Garetakinglmaintenance and leltings administration costs of the Totnes Civic Hall, and the second to enable the Precept request lo be lower. Summary of the main achievements ofthe 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 have awarded designated user stalus lo 9 local groupslchariliesl organisalions giving them a 50°/0 discount on the hire costs of the Totnes Civic Hall. This enables Ihem to 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 interest earned on the invested capital. The Trustees also offer a 50°A discount inlroduclory offer for new regular hirers of the hall lo encourage more local groups and organisalion to offer classes to the local community. The cost of this subsidy is to be covered by the annual interest earned on the invesled capital. The Trustees awarded £16190 in grants to 7 local organisations who were providing services that supported the community in the cost of living crisis as well as a £500 rant to TTC for the Easter Festival. Additional Information (optional) You ma choose to 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 aulhoril Achievements against ob'ectives sel Para 1.41 and the money is therefore spent on the immediate area for the benefit of residents. Performance of fundraising activities against objectives set There are no objectives relating to fundraising and no fundraising activities are undertaken other than managing the letlings of the Civic Hall. Para 1.41 Investment performance against objectives No objectives have been set in relation to investment performance. Para 1.41 Other Financial Review Review of the charity's financial position at the end of the period Para 1.21 The charity's financial position is good with a closing current account balance of £41586. The accounls for the year show a nel Ios5 of £114872. This was due to the grant paid to Totnes Town Council lo reduce the rates burden on the town. Also Trustees chose to pay out more in Cost of Living support grants than was received as investment income as it was fell there was an urgent need to support the community through the crisis. Income from leltings this year was a Ihird up on lasi year as a result of the recovery of confidence after the COVID pandemic and improvements made lo the facilities to attract more hirers. Statement explaining Ihe policy for holding reserves stating why they are held Para 1.22 The origina5 Bequest has been determined as £50000. The Trustees take the view that the remaining 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 £41586.52. The Trustees do not have an agreed policy on reserves but simply retain sufficient funds to be able to meel 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 concern Para 1.22 NIA Para 1.24 NIA Para 1.23 There are no uncertainlies about the charity continuing as a 90ing concern. Additional information (optional) You ma choose lo include further statements where relevanl about.. 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 caulious attitude to investment risk in the immediate term and a moderately adventurous attitude in the short, medium and long terrn. They have selected the CCLA Charities Ethical Investment Fund to invest the capital funds because it follows an Ethical and Responsible Policy. Investment policy and objectives including any social investment policy adopted Para 1.46 The only risks facing the charity are those associated with Ihe investment of the capital funds which are Gonsidered 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 lo Tolnes Town Council. A description of the principal risks facing the charity Para 1.46 Other Structure, Governance and Management Description of charity's trusts.. Type of governing document Ilriisl cleed. I'o al charter How is the charity constiluled? le.g unincorporated association CIO Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled lo appoint one or more Irustees Para 1.25 Trust deed Para 1.25 Charitable Trust Para 1.25 All Se￿ing Totnes Town Councillors are automatically appointed as Trustees. Additional Information (optional) You ma choose to include further statements where relevant about= Policies and prO￿dureS adopted for the induction and training of trustees Para 1.51 The charity's organisalional structure and any wider network with which the charity works Para 1.51 Relationship with any related parties Para 1.51 Other Reference and Administrative details Charit name other name the charil uses islered charil number Charity's principal address Charit of Sidne Pai Pai e Adams Trust 211049 The Guildhall Offices, 5 Ramparts Walk, Tolnes. 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 namè Office lif any) Name of person lor body) entitled oint trusteg if an Marion Adams Town Councillor Town Councillor 114123-915123 114123-915123 Philip Paine Ben Piper Jacqi Hodgson Ray Hendriksen Emily Pri Georgina Allen Louise Webberley John Cummings Jill Hannam Town Councillor Town Councillor Tawn Councillor 114123-1113124 114123-915123 Town Councillor Town Councillor Town Councillor 114123-2813124 114123-915123 Town Councillor Town Councillor Town Councillor 10 Sarah Collinson Sarah Skinner Darren Peters Lisa Smallridge Tim Bennett Luisa Auletla 12 Town Councillor 114123-915123 Town Councillor 14 Town Councillor Town Councillor 15 16 Town Councillor 915123-3113124 17 Tom Cooper Anna Presswell Chris Beavis Town Councillor Town Councillor 915123-3113124 915123-3113124 18 19 Town Councillor 1515123-3113124 20 Jeff Chinnock Town Councillor 1515123-3113124 21 Nick Roberts Town Councillor 1515123-3113124 Cor orale Iruslees - names of the directors at the date th8 re Director name ortwasa roved Name of trustees holding title lo property belonging to the charity Trustee name Dates acted if not for whole 8ar Funds held as custodian trustees on behalf of others Description of the assets held in this capacity Name and objects of the charily on whose behalf the assels are held and how this falls within the custodian charily's objects Details of arrangements for safe custody and segregation of such assets from the charity's own assels Additional Information (optionall Names and addresses of advisers (Optional information) Type of Name Address adviser Name of chief executive or names of senior staff members (Optional inlormationl Exemptions from disclosure Reason for non-disclosure of key personnel details other op.tional information Declarations The trustees declare that they have approved the trustees, report above. Signed on behalf of the ch rity's trustees Signature{s) Full name{s) Position leg Secretary. Chair, etc) Catherine Marlton Secretary Date 4&11111+ ## **Paige Adams Bequest Charity Summary Receipts and Payment account for 2023-24** |**_Receipts_**
Investment Income
Hirings
Markets
Banner advertisements
Grants received
**Total**
**_Payments_**
Grants
Administrative Expenditure
Misc Expenses
Market expenses
Bank Charges
Legal & Professional Fees
**Total**
**Profit/Loss**
**Balances brought forward 31/3/2023**
**Balances carried forward at 31/3/2024 (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 2024:-**
Current
**Total bank balances**|7598.64
25316.19
2730.00
63.00
0.00| |---|---| ||**35707.83**| ||116689.74
33500.00
0.00
0.00
102.50
288.00| ||**150580.24**| ||**-114872.41**| ||156458.93
41586.52
41586.52| ||**41586.52**| Additionally, the Charity has Investment funds with CCLA valued at £273365.34 as at 31st March 2024. ## **Independent examiner's report on the accounts** **Section A Independent Examiner’s Report** **Report to the trustees/** Charity Name **members of** Charity of Sidney Paige Adams **On accounts for the year** 31[st] March 2024 **Charity no** 211049 **ended (if any)** ## **Set out on pages** (remember to include the page numbers of additional sheets) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended **DD / MM / YYYY** . - **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 (“the Act”). I report in respect 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. **Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention (other than that disclosed below *) 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 Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. * _Please delete the words in the brackets if they do not apply._ **Signed: Date:** 21/11/2024 **Name:** Laura Shearer **Relevant professional** Member of the Association of Accounting Technicians **qualification(s) or body (if any): Address:** 21 New Park Road, Lee Mill, Ivybridge, PL21 9EB **October 2018** 1 **IER** **Section B Disclosure** Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). **Give here brief details of any items that the examiner wishes to disclose** . **October 2018** 2 **IER**