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2021-03-31-accounts

Registered Charity No 221356

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Chairman’s Report

During the second year of the Covid epidemic, the Talbot Trusts have worked diligently and imaginatively to respond to both the immediate demands of the lock down and the wider social and health pressures that have continued to impact on the population of Sheffield and its neighbouring communities and the voluntary and charitable organisations that serve them.

We continue to manage and husband our capital funds in order to maximise our funds, within a framework of ethical investment. In this context, and given the unprecedented pressures being experienced within our areas of concern, we decided, with the advice of our financial advisers, to withdraw a sum of £100k from our investment portfolio for distribution to organisations providing responses to the COVID crisis and related priorities. This money was drawn from investments that were not currently yielding significant returns. In order to ensure the most effective use of these funds, we targeted organisations that were making long term structural developments to their services.

We have been working hard to find innovative ways of making our funding resources available to smaller, grass roots organisations operating in areas, geographical or service, that we have not been effective in supporting in the past. We have been particularly concerned to ensure that amongst other priorities we supported, mental health, BAME and food security initiatives.

We have had some success in doing this but we plan further developments to ensure that we are responsive to emerging and changing social and health needs.

The Trustees are a committed group of experienced health, social care and voluntary sector professionals with a wide range of skills but we are conscious of the need to widen the breadth of lived experience and this will be a priority for the next year.

Tim Plant Chairman of the Trusts

July 2021

1 HISTORY OF THE TRUSTS

In 1928 Frederick John Talbot and his wife Sarah Talbot made an anonymous donation to provide funds for convalescent and after care treatment. Frederick John Talbot was the owner of a Sheffield steel works who observed that convalescent and aftercare services were poorly developed for manual workers. Their donation provided resources for this purpose particularly for his employees and other manual workers enabling them to recover properly and reducing the risk of a worker returning to employment too soon and suffering in consequence or by neglecting themselves.

Over the years Mr & Mrs Talbot made further donations, which were held in Trust and known as the Talbot Cuff Convalescent Fund. On their deaths they separately bequeathed a substantial part of their estate for similar aftercare services. For a time these bequests were operated as separate Trusts until a scheme to amalgamate the three funds was approved by the Charity Commissioners in 1955. It was at this date that the Charity became known as The Talbot Trusts.

Until 1980 the Trusts provided assistance solely to the hospitals in Sheffield with grants being distributed by hospital social workers. The level of investment income had increased significantly at this time and exceeded the needs of the social workers. The Trustees, therefore, submitted a request to the Charity Commissioners for a widening of the Trusts' powers. This was granted in 1980 and enabled the Trustees to extend grant disbursements to other organisations and also for persons who were sick, disabled or infirm.

2 APPLICATION OF INCOME

The scheme approved in 1988 included the following objects:

Subject to the payment of any management expenses the Trustees shall apply the income of the Charity for the purpose of relieving persons who are sick, convalescent, disabled or infirm by providing or paying for items, services or facilities which are calculated to relieve the suffering or assist the recovery of such persons in such cases but are not readily available to them from other sources.

The Trustees may make arrangements for such services or facilities to be provided for that purpose by other institutions or organisations in return for donations or subscriptions out of the income of the Charity.

The Trustees shall observe the following restrictions:

They shall not apply any part of the income directly in relief of rates, taxes or other public funds but may apply income in supplementing relief or assistance provided out of public funds.

3 GRANTS POLICY

  1. The Trustees meet on an adhoc basis to consider grant applications.

  2. The Trustees will only approve grants for items, services and facilities that directly benefit the groups of persons set out in the paragraphs below.

  3. Grants are approved for the following applicants: (1) Social workers within Sheffield to assist hospital patients or close relatives who are suffering hardship or need short term emergency support.

(2) Social workers working in Community Care in Sheffield particularly in the fields of mental health, learning disabilities and physical impairments. (3) General practitioners and practice nurses working in primary care within Sheffield.

(4) Registered charities, Community Interest Companies and not for profit organisations who provide operational services, which directly benefit the residents of Sheffield and the surrounding areas.

  1. The Trustees expect the receivers of grants to operate a policy of equal opportunities.

  2. Grants are usually in the range of £500 to £5,000. Only in exceptional cases will the Trustees consider larger amounts.

  3. Support is rarely given for appeal requests, research or educational costs nor are grants given to finance fund raising initiatives.

  4. The Trustees are unable to commit themselves to approving recurrent grants.

The scheme approved in 1988 included the following objects:

Subject to the payment of any management expenses the Trustees shall apply the income of the Charity for the purpose of relieving persons who are sick, convalescent, disabled or infirm by providing or paying for items, services or facilities which are calculated to relieve the suffering or assist the recovery of such persons in such cases but are not readily available to them from other sources.

The Trustees shall observe the following restrictions:

They shall not apply any part of the income directly in relief of rates, taxes or other public funds but may apply income in supplementing relief or assistance provided out of public funds.

Projects which could or should normally be funded from other sources such as statutory authorities will not be supported. However, consideration may be given to contributing towards the funding of appropriate projects in conjunction with statutory or other charitable funders.

Grants will not normally be considered for research, educational projects and major fund-raising and general appeals.

4 INVESTMENT POLICY

  1. The passing of the Trustee Act 2000 has enabled the previous investment restrictions to be removed.

  2. The Act gives wider powers to Trustees including the power to delegate investment management.

  3. The Trustees have agreed that investments should be spread so that the portfolio is more representative of the All Share Index and that income yields are maximised whist preserving the value of the capital base by adopting an investment strategy of moderate risk.

4. The Trusts' Investment Manager is Investec Wealth & Investment Ltd.

5

RESERVES POLICY

  1. Having made proper allowance for the costs of administering the charity, the balance of net income is available each year for grant making.

  2. The policy of the Trustees is to keep sufficient funds in reserves to meet the grants programme.

The accumulated surplus of unspent income at the end of March 2021 was £93,19.

6 EQUALITY AND DIVERSITY

Principles:

  1. To demonstrate our commitment to diversity and equality, working to eliminating all forms of discrimination whether covered in law or not.

  2. To raise awareness, recognise and celebrate our successes, forming a platform for continuous learning and improvement.

  3. To have Board members, staff and members that reflect the makeup of the communities we serve.

  4. To work in inclusive ways in developing an organisational culture that proactively promotes diversity and equality.

  5. To ensure the Trustees and Clerk are supported and trained in knowledge and skills to deliver our policy on diversity and equality.

6 TRUSTEES

The Trusts are administered and managed by eight Trustees. Four Trustees are nominated by NHS Sheffield CCG and are appointed for a term of four years. The other four Trustees are co-opted and hold office for a term of five years. Trustees are invited to serve the Trusts so that there is a spread of knowledge of the Trusts areas of interest. There is a current vacancy for a nominated Trustee. The following Trustees were in post as at 31[st] March 2021:

Nominated Trustees:

Dr Z McMurray Dr M Sawkins Mr S Caldwell (appointed 26 March 2021)

Co-opted Trustees:

Mr T Plant (Chairman) Ms M Russell Ms M Flude Mr J Farmer

7 CORRESPONDENCE

All correspondence should be addressed to Ms G Newman, 3 Willow Tree Drive, Clowne, Chesterfield. N Derbyshire. S43 4UP.

Analysis of Grants 2016/17 to 2020/21

Beneficiary 2016/17
£		 2017/18
£		 2018/19
£		 2019/20
£		 2020/21
£		 Total
£
Grants to Charities, CICs, Social Enterprises
Adult Health & Social Care
Learning Disabilities Services
Total
+Me Positive About Change
Age UK Sheffield
Ashgate Hospice
Asperger's Children & Carers Together Sheffield
Assoc. For Spina Bifida & Hydrocephalus (SHINE)
Back-Up Trust (The)
Barnsley Churches Drop In
Barnsley Food Bank Partnership
Barnsley Hospice
Blend, Cook, Eat, Share
British Blind Sport
British Refugee Council
Calibre Audio Library
Care in Crosspool
Cavendish Cancer Care
Cemetery Road Baptist Church
Children with Cystic Fybrosis Dream Holidays
Churches Together in Broomhill and Broomhall, CTTB
Cruse Bereavement Care
Darnall Dementia Group
Deaf Charity for Children
Deafblind UK
Disability Sheffield Centre for Independent Living
Firvale Community Hub
Framework
Golddigger Trust
Hadfield Institute
Handicapped Childrens Action Group
Happy Days Children's Charity
Heeley City Farm
Huntington's Disease Association
Ileostomy Association
Just Works, Part of Cathedral Archer Project
Lake District Calvert Trust
Lane End Farm Trust
Longley 4G
Lost Chord
Manor & Castle Development Trust
Manor Community Transport
Marie Curie Cancer Care
Mental Health Action Group Sheffield
Mobility Trust
Mums In Need
Music In Hospitals
No Panic Sheffield
North Sheffield Federation for the Disabled
Paces Sheffield
Park Community Action
Parson Cross Community Development Forum
PBC Foundation
Prader-Willi Syndrome Association UK
React		 58,417
3,000
1,000		 84,425
10,000		 102,108
5,000		 82,338
5,000		 113,518
5,000		 440,806
28,000
1,000
62,417 94,425 107,108 87,338 118,518 469,806
2,000
2,500
2,000
1,000
2,200
3,900
1,800
3,000
600
500
3,000
1,000
2,500
2,849
1,390
2,000
1,500
1,000		 470
1,000
1,000
5,000
2,200
3,975
1,000
2,500
5,000
2,500
1,000
5,000
1,000
3,000
1,000
5,000
3,000
2,500
1,000
1,000		 1,000
1,000
2,500
2,200
2,000
5,000
2,000
5,000
2,500
5,000
450
3,000
2,000
1,000
5,000
4,000
2,000
3,894
1,390		 5,000
2,285
1,000
1,533
5,000
1,580
2,500
500
2,500
2,000
1,445
1,000		 1,500
10,000
1,500
1,500
13,750
1,500		 5,000
2,000
5,255
1,000
2,000
1,000
1,000
2,500
1,000
10,000
1,533
12,500
1,000
6,600
11,375
5,000
4,380
2,500
3,000
2,000
600
500
5,000
4,000
2,500
5,000
13,750
450
11,000
2,500
2,000
3,000
10,000
1,000
4,000
2,000
2,500
3,894
3,000
1,000
5,000
3,349
4,000
2,780
2,000
2,000
1,500
3,000
2,500
1,445
1,000
3,000

Analysis of Grants 2016/17 to 2020/21 (cont'd)

Beneficiary 2016/17
£		 2017/18
£		 2018/19
£		 2019/20
£		 2020/21
£		 Total
£
Rethink Mental Illness
Riding for Smiles
Roshni Sheffield Asian Women's Resource Centre
Rotherham Abuse Counselling Service
Rotherham Cancer Care Centre
Rotherham Holiday Aid
Roundabout
Ruskin Mill Trust Ltd
SHARE Psychotherapy
SHARE Psychotherapy & Cavendish Cancer Care
Sheffield & Rotherham Wildlife Trust
Sheffield African Caribbean Mental Health Association
Sheffield Association for the Voluntary Teaching of English
Sheffield Churches Council for Community Care
Sheffield Dial-a-ride
Sheffield Family Holiday Fund
Sheffield Flourish
Sheffield Live at Home Scheme
Sheffield MENCAP & Gateway
Sheffield MIND
Sheffield Samaritans
Sheffield Steelers Wheelchair Basketball Club
Sheffield Stroke Survivors
Sheffield Women's Counselling & Therapy Service
Sheffield Yoga for ME/CFS
Shopmobility - Sheffield
Snowdrop Project
South Yorkshire Community Foundation
South Yorkshire Eating Disorders Association
Sporting Penistone
St Luke's Hospice-Operating Costs
St Wilfrid's Centre
Stocksbridge Community Leisure Centre
Suit Works
Support Arts Gardening Education (SAGE)
Support Dogs
Thurgoland Village Welfare Association
Tickets for Good Foundation Ltd
Wellchild
Weston Park Cancer Charity
Westwood 2015 Ltd
Woodthorpe Development Trust - All About You
Young Dementia UK
Your Future Education CIO
Grants to Charities, CICs, Social Enterprises - Total		 4,384
1,000
3,000
1,850
1,800
2,000
1,000
4,144
3,000
1,500		 3,000
2,500
5,000
3,000
1,000
2,500
4,880
5,000
1,000
2,400
1,000
2,500
1,000
1,500		 5,000
1,000
4,440
2,500
1,130
1,970
2,500
1,000
4,720
2,000
3,414
3,000
5,000
5,000
2,000
1,500
5,000		 5,000
5,000
2,000
2,000
1,400
5,000
2,000
2,000
5,000
5,000
2,500
2,500
2,500
5,000
1,000
2,000
1,600
1,995
2,500		 1,500
15,000
15,000
1,500
14,768
1,500
15,000
15,000
1,500
1,500
1,500		 6,500
5,000
2,000
5,000
4,384
2,000
15,000
2,000
26,840
2,500
2,500
2,630
1,970
12,500
3,000
5,850
7,220
6,880
6,800
18,182
4,500
3,000
2,000
20,000
1,000
2,400
5,000
20,000
9,000
2,500
5,144
6,000
2,500
1,500
8,000
1,000
1,500
1,000
2,000
3,000
1,600
1,995
5,000
2,500
58,417 84,425 102,108 82,338 113,518 440,806

The Talbot Trusts

Comprising the Estate of F J Talbot Deceased, Sarah Talbot Deceased and the Talbot Cuff Convalescent Fund

Reports and financial statements

For the year ended 31st March 2021

The Talbot Trusts

Comprising the Estate of F J Talbot Deceased, Sarah Talbot Deceased and the Talbot Cuff Convalescent Fund

Reports and financial statements

For the year ended 31st March 2021

Contents Page
General information 1
Trustees annual report 2
Independent examiner’s report 3
Statement of financial activities 4
Balance sheet 5
Notes to the accounts 6 – 7
Schedule of investments and income received thereon 8 – 11
Schedule of grants 12

The Talbot Trusts

General information

Charity Commission registration number 221356

Trustees

Nominated Trustees: Dr Z McMurray Dr M Sawkins Mr S Caldwell (appointed 26 March 2021)

Co-opted Trustees: Mr T Plant Ms M Russell Ms M Flude Mr J Farmer

Bankers

The Co-operative Bank 78/82 Pinstone Sttreet Sheffield S1 2HP

Independent examiner

C I Hill Partner Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD

Investment advisers

Investec Wealth and Investment Limited Beech House 61 Napier Street Sheffield S11 8HA

1

The Talbot Trusts

Trustees annual report

For the year ended 31st March 2021

The trustees annual report was approved by the trustees on 2021 and signed on their behalf by:

..................................................

..................................................

Trustees

A copy of this report is attached to these accounts.

2

The Talbot Trusts

Independent examiner’s report to the trustees of the Talbot Trusts

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 4 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning 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 ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

C I Hill Partner Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD

2021

3

The Talbot Trusts

Statement of financial activities

For the year ended 31st March 2021

Note
Income and expenditure
Income
Investment income
Interest
Total incoming resources
Expenditure
Direct charitable expenditure:
Grants paid
2
Management and administration
of the charity
3
Total resources expended
Net (expenditure)
Other recognised gains/(losses)
- Realised (losses)/gains
- Unrealised gains/(losses)
- Investment management charges
Net movement in funds
Fund balances brought forward at
1st April 2020
Fund balances carried forward at
31st March 2021		 Total funds
2021
£
71,639
1,312
72,951
118,518
7,179
125,697
(52,746)
(13,581)
238,713
(15,656)
209,476
1,956,326
2,113,056		 Total
funds
2020
£
85,674
177
85,851
87,338
7,131
94,469
(8,618)
1,294
(282,202)
(17,120)
(298,028)
2,262,972
1,956,326

4

The Talbot Trusts

Balance sheet as at 31st March 2021

Note
Quoted investments
4
Current assets
Cash at bank and in hand
Cash at stockbroker
Debtors
5
Liabilities– Amounts falling due within one year
Accruals
6
Net current assets
Net assets
Funds
Talbot Trust Funds		 Total funds
2021
£
1,984,957
93,197
36,822
-
130,019
1,920
128,099
2,113,056
2,113,056		 Total funds
2020
£
1,880,492
45,705
31,799
130
77,634
1,800
75,834
1,956,326
1,956,326

Approved by the Board of Trustees on 2021 and signed on its behalf by:

.......................................................... Trustees' Chairman

.......................................................... Trustees' Clerk

5

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2021

1. Accounting policies

Direct charitable expenditure
Grants paid (page 12)		 2021
2020
£
£
118,518
87,338

3. Management and administration of the charity

Management and administration of the charity
Fee of Trustees’ Clerk
Independent examiner’s fee
Bank charges
Office Stationery
Subscriptions		 2021
£
4,600
1,980
60
369
170
7,179		 2020
£
4,600
1,800
75
486
170
7,131

4. Quoted investments

Quoted investments
Market value at 1st April 2020
Additions
Disposals
Net unrealised investment gains
Market value at 31st March 2021
Historical cost at 31st March 2021		 Total
£
1,880,492
106,260
(240,508)
238,713
1,984,957
1,542,236

6

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2021 (continued)

5.
Debtors
Income tax recoverable
6.
Creditors
Hawsons		 2021
2020
£
£
-
130
1,920
1,800

7

The Talbot Trusts

Schedule of investments at 31st March 2021 and income received thereon for the year ended on that date

TALBOT TRUST FUND
M&G Charibond
120,000 Income units (sold 30,000 27.08.20)
Jupiter UT Gbl Dynamic
6,500
Premier Portfolio PM UK Mlti Cap Inc B Instl
20,000
Blackrock Fm Ltd Charities UK Bond A GBP
111,801.60 Income units
M&G Securities Gbl
20,016.231 floating rate (sold 02.02.21)
Diverse Income Tru Ord
25,000
GCP Infrastructure
31,738 shares Ord £0.01
BP
11,080 US$0.25 Ord shares
Royal Dutch Shell
3,395 Euro 0.07 (sold 08.10.20)
BHP Billiton Plc
1,765 US $0.50
Rio Tinto
750 £0.10 Ord shares
Diageo
1,000 £0.28 £1.01/£1.08 Ord shares
Unilever Plc
1,250 £0.031111 Ord Shares
Reckitt Benckiser
500 shares
Astrazeneca
750 US$0.25 Ord Shares
Carried forward		 Cost
£
128,640
67,960
32,593
122,792
-
16,024
34,553
63,569
-
18,738
20,649
6,557
19,786
11,346
20,969

564,176		 Market
Value
£
148,224
67,210
43,576
209,516
-
27,875
32,531
32,650
-
36,964
41,629
29,903
50,706
32,495
54,356

807,635		 Interest and
dividends
received
£
4,020
2,624
1,370
7,385
755
925
2,364
2,224
841
2,031
2,229
699
1,852
873
1,553
31,745

8

The Talbot Trusts

Schedule of investments at 31st March 2021

and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
Glaxosmithkline
3,000 £0.25 Ord shares (1,000 purchased
09.10.20)
BMO Commercial Prop Tst
65,000
Franklin Tmpltn Fd UK Mid Cap S GBP Dis
35,356.287 Income units
AXA Investment Man US Sht Dur High Yld
40,000 units (sold 02.02.21)
Vodafone Group
10,000 $0.11428571 Ord
SSE Plc
2,825 £0.50 Ord shares (1,325 purchased
09.10.20)
British Land Co Ord shares
2,000 shares (sold 30.04.20)
Barclays
6,250 £0.25 Ord shares (sold 12.05.20)
HSBC Holdings
8,750 US$0.50 Ord shares (sold 26.08.20)
Link Fund Sol Ltd Capita Trojan X Dis
35,000
Legal & General Group Plc
6,500 £0.025 Ord shares
Prudential
1,500 £0.05 Ord shares
Warehouse Reit Plc
22,293 (5,573 purchased 01.07.20)
Carried forward		 Cost
£
564,176
38,969
73,216
13,049
-
21,067
34,721
-
-
-
35,539
11,089
9,515
22,885

824,226		 Market
Value
£
807,635
38,637
46,020
40,359
-
13,191
41,111
-
-
-
40,110
18,148
23,111
27,922

1,096,244		 Interest and
Dividends
Received
£
31,745
1,790
1,560
234
1,532
806
1,529
-
-
-
247
1,142
375
959
41,919

9

The Talbot Trusts

Schedule of investments at 31st March 2021

and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
Vanguard Funds Plc S&P 500 Ucits Etf USD Dis
500
Royal London Utm Sterl Credt Instl Inc Z GBP
135,000
Schroder Unit Tst Asian Income L Inc
133,000
Jupiter Emerging & Redeemable
25,000 (Sold 12.11.20)
Blackrock FM Ltd CONTL Eurp Inc Dunits Inc
50,000
INT Public Partner
25,000
JP Morgan AM UK Ltd US Equity Income C Inc Nav
100,990.525
JP Morgan Gbl Emerg
20,000 Units
Maitland Instl Services Chelverton UK Equity Inc
50,000 shares
Bbgi Sicav S.a.
20,000
JP Morgan AM UK Ltd EMG Mkts Inc B Net Inc Nav
20,033.924
Schroders VTG Shares
575
Carried forward		 Cost
£
824,226
20,492
185,869
90,405
-
66,852
38,049
72,825
20,025
36,882
20,890
10,806
17,057

1,404,378		 Market
Value
£
1,096,244
27,375
193,185
106,254
-
87,175
41,975
131,591
29,250
58,199
34,460
14,418
20,131

1,840,257		 Interest and
Dividends
Received
£
41,919
370
8,565
3,242
850
2,319
1,818
381
1,020
1,230
1,418
2,813
656
66,601

10

The Talbot Trusts

Schedule of investments at 31st March 2021 and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
GCP Student Living £0.01 Ord Shares
9,106
HICL Infrastructure
25,000
Civitas Social Housing
16,109
Merian Invest Mgmt Merian UK MidCap
25,000 (sold 26.08.20)
M&G Plc Ord GBP0.05
1,500
Smith & Nephew Ord USD0.20
400 (purchased 12.05.20)
Murray Intl Trust Ord GBP0.25
2,000 (purchases 12.11.20)
Eaton Vance Mgmt EMG Mkts Debt Opps S GBP
4,000 (purchased 08.02.21)		 Cost
£
1,404,378
11,695
40,040
16,144
-
1,518
6,630
20,516
41,315

1,542,236		 Market
Value
£
1,840,257
14,123
41,250
17,382
-
3,112
5,513
24,120
39,200

1,984,957		 Interest and
Dividends
Received
£
66,601
318
2,062
866
182
326
44
240
-
70,639

11

The Talbot Trusts

Schedule of grants

For the year ended 31st March 2021

+Me Positive About Change
Blend, Cook, Eat, Share
Back Up
British Blind Support
South Yorkshire Eating Disorders Association
Framework
Hadfield Institute
Mobility Trust
Roundabout
Dream Holidays
Sheffield African Caribbean Mental Health Association
Sheffield Family Holiday Fund
Sheffield Samaritans
SHARE Psychotherapy
Sheffield Women’s Counselling & Therapy Service
Suit Works
Mums in Need
No Panic Sheffield
React
Rethink Mental Illness
St Wilfred’s Centre
British Refugee Council
Riding for Smiles
Sheffield Asian Women’s Resource Centr
Ruskin Mill
Cavendish Cancer Care
Sheffield Stroke Survivors
Firvale Community Hub
South Yorkshire Community Foundation
Sporting Penistone
Support Arts Gardening Education (SAGE)
The PBC Foundation
Sheffield Churches Council for Community Care
Sheffield MIND
The Snowdrop Project
Barnsley Food Bank Partnership
Sheffield City Council
Tickets for Good
Woodthorpe Development Trust – All About You
Ashgate Hospice
Your Future Education CIO
Wellchild
Westwood 2015 Ltd		 2021
£
-
10,000
-
-
1,500
-
13,750
-
15,000
-
1,500
-
1,500
15,000
15,000
1,500
1,500
-
-
1,500
1,500
-
-
-
-
1,500
-
1,500
15,000
-
-
-
-
14,768
-
1,500
5,000
-
-
-
-
-
-

118,518		 2020
£
5,000
-
1,000
1,533
2,500
2,500
-
500
-
1,580
-
2,000
-
1,400
-
-
2,500
2,000
1,000
5,000
2,500
5,000
5,000
2,000
2,000
-
2,000
-
5,000
2,500
5,000
1,445
5,000
-
5,000
-
5,000
1,000
1,995
2,285
2,500
2,000
1,600
87,338

12

The Talbot Trusts

Comprising the Estate of F J Talbot Deceased, Sarah Talbot Deceased and the Talbot Cuff Convalescent Fund

Reports and financial statements

For the year ended 31st March 2021

The Talbot Trusts

Comprising the Estate of F J Talbot Deceased, Sarah Talbot Deceased and the Talbot Cuff Convalescent Fund

Reports and financial statements

For the year ended 31st March 2021

Contents Page
General information 1
Trustees annual report 2
Independent examiner’s report 3
Statement of financial activities 4
Balance sheet 5
Notes to the accounts 6 – 7
Schedule of investments and income received thereon 8 – 11
Schedule of grants 12

The Talbot Trusts

General information

Charity Commission registration number 221356

Trustees

Nominated Trustees: Dr Z McMurray Dr M Sawkins Mr S Caldwell (appointed 26 March 2021)

Co-opted Trustees: Mr T Plant Ms M Russell Ms M Flude Mr J Farmer

Bankers

The Co-operative Bank 78/82 Pinstone Sttreet Sheffield S1 2HP

Independent examiner

C I Hill Partner Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD

Investment advisers

Investec Wealth and Investment Limited Beech House 61 Napier Street Sheffield S11 8HA

1

The Talbot Trusts

Trustees annual report

For the year ended 31st March 2021

The trustees annual report was approved by the trustees on 2021 and signed on their behalf by:

..................................................

..................................................

Trustees

A copy of this report is attached to these accounts.

2

The Talbot Trusts

Independent examiner’s report to the trustees of the Talbot Trusts

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 4 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning 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 ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

C I Hill Partner Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD

2021

3

The Talbot Trusts

Statement of financial activities

For the year ended 31st March 2021

Note
Income and expenditure
Income
Investment income
Interest
Total incoming resources
Expenditure
Direct charitable expenditure:
Grants paid
2
Management and administration
of the charity
3
Total resources expended
Net (expenditure)
Other recognised gains/(losses)
- Realised (losses)/gains
- Unrealised gains/(losses)
- Investment management charges
Net movement in funds
Fund balances brought forward at
1st April 2020
Fund balances carried forward at
31st March 2021		 Total funds
2021
£
71,639
1,312
72,951
118,518
7,179
125,697
(52,746)
(13,581)
238,713
(15,656)
209,476
1,956,326
2,113,056		 Total
funds
2020
£
85,674
177
85,851
87,338
7,131
94,469
(8,618)
1,294
(282,202)
(17,120)
(298,028)
2,262,972
1,956,326

4

The Talbot Trusts

Balance sheet as at 31st March 2021

Note
Quoted investments
4
Current assets
Cash at bank and in hand
Cash at stockbroker
Debtors
5
Liabilities– Amounts falling due within one year
Accruals
6
Net current assets
Net assets
Funds
Talbot Trust Funds		 Total funds
2021
£
1,984,957
93,197
36,822
-
130,019
1,920
128,099
2,113,056
2,113,056		 Total funds
2020
£
1,880,492
45,705
31,799
130
77,634
1,800
75,834
1,956,326
1,956,326

Approved by the Board of Trustees on 2021 and signed on its behalf by:

.......................................................... Trustees' Chairman

.......................................................... Trustees' Clerk

5

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2021

1. Accounting policies

Direct charitable expenditure
Grants paid (page 12)		 2021
2020
£
£
118,518
87,338

3. Management and administration of the charity

Management and administration of the charity
Fee of Trustees’ Clerk
Independent examiner’s fee
Bank charges
Office Stationery
Subscriptions		 2021
£
4,600
1,980
60
369
170
7,179		 2020
£
4,600
1,800
75
486
170
7,131

4. Quoted investments

Quoted investments
Market value at 1st April 2020
Additions
Disposals
Net unrealised investment gains
Market value at 31st March 2021
Historical cost at 31st March 2021		 Total
£
1,880,492
106,260
(240,508)
238,713
1,984,957
1,542,236

6

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2021 (continued)

5.
Debtors
Income tax recoverable
6.
Creditors
Hawsons		 2021
2020
£
£
-
130
1,920
1,800

7

The Talbot Trusts

Schedule of investments at 31st March 2021 and income received thereon for the year ended on that date

TALBOT TRUST FUND
M&G Charibond
120,000 Income units (sold 30,000 27.08.20)
Jupiter UT Gbl Dynamic
6,500
Premier Portfolio PM UK Mlti Cap Inc B Instl
20,000
Blackrock Fm Ltd Charities UK Bond A GBP
111,801.60 Income units
M&G Securities Gbl
20,016.231 floating rate (sold 02.02.21)
Diverse Income Tru Ord
25,000
GCP Infrastructure
31,738 shares Ord £0.01
BP
11,080 US$0.25 Ord shares
Royal Dutch Shell
3,395 Euro 0.07 (sold 08.10.20)
BHP Billiton Plc
1,765 US $0.50
Rio Tinto
750 £0.10 Ord shares
Diageo
1,000 £0.28 £1.01/£1.08 Ord shares
Unilever Plc
1,250 £0.031111 Ord Shares
Reckitt Benckiser
500 shares
Astrazeneca
750 US$0.25 Ord Shares
Carried forward		 Cost
£
128,640
67,960
32,593
122,792
-
16,024
34,553
63,569
-
18,738
20,649
6,557
19,786
11,346
20,969

564,176		 Market
Value
£
148,224
67,210
43,576
209,516
-
27,875
32,531
32,650
-
36,964
41,629
29,903
50,706
32,495
54,356

807,635		 Interest and
dividends
received
£
4,020
2,624
1,370
7,385
755
925
2,364
2,224
841
2,031
2,229
699
1,852
873
1,553
31,745

8

The Talbot Trusts

Schedule of investments at 31st March 2021

and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
Glaxosmithkline
3,000 £0.25 Ord shares (1,000 purchased
09.10.20)
BMO Commercial Prop Tst
65,000
Franklin Tmpltn Fd UK Mid Cap S GBP Dis
35,356.287 Income units
AXA Investment Man US Sht Dur High Yld
40,000 units (sold 02.02.21)
Vodafone Group
10,000 $0.11428571 Ord
SSE Plc
2,825 £0.50 Ord shares (1,325 purchased
09.10.20)
British Land Co Ord shares
2,000 shares (sold 30.04.20)
Barclays
6,250 £0.25 Ord shares (sold 12.05.20)
HSBC Holdings
8,750 US$0.50 Ord shares (sold 26.08.20)
Link Fund Sol Ltd Capita Trojan X Dis
35,000
Legal & General Group Plc
6,500 £0.025 Ord shares
Prudential
1,500 £0.05 Ord shares
Warehouse Reit Plc
22,293 (5,573 purchased 01.07.20)
Carried forward		 Cost
£
564,176
38,969
73,216
13,049
-
21,067
34,721
-
-
-
35,539
11,089
9,515
22,885

824,226		 Market
Value
£
807,635
38,637
46,020
40,359
-
13,191
41,111
-
-
-
40,110
18,148
23,111
27,922

1,096,244		 Interest and
Dividends
Received
£
31,745
1,790
1,560
234
1,532
806
1,529
-
-
-
247
1,142
375
959
41,919

9

The Talbot Trusts

Schedule of investments at 31st March 2021

and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
Vanguard Funds Plc S&P 500 Ucits Etf USD Dis
500
Royal London Utm Sterl Credt Instl Inc Z GBP
135,000
Schroder Unit Tst Asian Income L Inc
133,000
Jupiter Emerging & Redeemable
25,000 (Sold 12.11.20)
Blackrock FM Ltd CONTL Eurp Inc Dunits Inc
50,000
INT Public Partner
25,000
JP Morgan AM UK Ltd US Equity Income C Inc Nav
100,990.525
JP Morgan Gbl Emerg
20,000 Units
Maitland Instl Services Chelverton UK Equity Inc
50,000 shares
Bbgi Sicav S.a.
20,000
JP Morgan AM UK Ltd EMG Mkts Inc B Net Inc Nav
20,033.924
Schroders VTG Shares
575
Carried forward		 Cost
£
824,226
20,492
185,869
90,405
-
66,852
38,049
72,825
20,025
36,882
20,890
10,806
17,057

1,404,378		 Market
Value
£
1,096,244
27,375
193,185
106,254
-
87,175
41,975
131,591
29,250
58,199
34,460
14,418
20,131

1,840,257		 Interest and
Dividends
Received
£
41,919
370
8,565
3,242
850
2,319
1,818
381
1,020
1,230
1,418
2,813
656
66,601

10

The Talbot Trusts

Schedule of investments at 31st March 2021 and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
GCP Student Living £0.01 Ord Shares
9,106
HICL Infrastructure
25,000
Civitas Social Housing
16,109
Merian Invest Mgmt Merian UK MidCap
25,000 (sold 26.08.20)
M&G Plc Ord GBP0.05
1,500
Smith & Nephew Ord USD0.20
400 (purchased 12.05.20)
Murray Intl Trust Ord GBP0.25
2,000 (purchases 12.11.20)
Eaton Vance Mgmt EMG Mkts Debt Opps S GBP
4,000 (purchased 08.02.21)		 Cost
£
1,404,378
11,695
40,040
16,144
-
1,518
6,630
20,516
41,315

1,542,236		 Market
Value
£
1,840,257
14,123
41,250
17,382
-
3,112
5,513
24,120
39,200

1,984,957		 Interest and
Dividends
Received
£
66,601
318
2,062
866
182
326
44
240
-
70,639

11

The Talbot Trusts

Schedule of grants

For the year ended 31st March 2021

+Me Positive About Change
Blend, Cook, Eat, Share
Back Up
British Blind Support
South Yorkshire Eating Disorders Association
Framework
Hadfield Institute
Mobility Trust
Roundabout
Dream Holidays
Sheffield African Caribbean Mental Health Association
Sheffield Family Holiday Fund
Sheffield Samaritans
SHARE Psychotherapy
Sheffield Women’s Counselling & Therapy Service
Suit Works
Mums in Need
No Panic Sheffield
React
Rethink Mental Illness
St Wilfred’s Centre
British Refugee Council
Riding for Smiles
Sheffield Asian Women’s Resource Centr
Ruskin Mill
Cavendish Cancer Care
Sheffield Stroke Survivors
Firvale Community Hub
South Yorkshire Community Foundation
Sporting Penistone
Support Arts Gardening Education (SAGE)
The PBC Foundation
Sheffield Churches Council for Community Care
Sheffield MIND
The Snowdrop Project
Barnsley Food Bank Partnership
Sheffield City Council
Tickets for Good
Woodthorpe Development Trust – All About You
Ashgate Hospice
Your Future Education CIO
Wellchild
Westwood 2015 Ltd		 2021
£
-
10,000
-
-
1,500
-
13,750
-
15,000
-
1,500
-
1,500
15,000
15,000
1,500
1,500
-
-
1,500
1,500
-
-
-
-
1,500
-
1,500
15,000
-
-
-
-
14,768
-
1,500
5,000
-
-
-
-
-
-

118,518		 2020
£
5,000
-
1,000
1,533
2,500
2,500
-
500
-
1,580
-
2,000
-
1,400
-
-
2,500
2,000
1,000
5,000
2,500
5,000
5,000
2,000
2,000
-
2,000
-
5,000
2,500
5,000
1,445
5,000
-
5,000
-
5,000
1,000
1,995
2,285
2,500
2,000
1,600
87,338

12