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2022-03-31-accounts

Registered Charity No 221356

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Chairman’s Report

This is my last report as the Chair of The Talbot Trusts. During my time as chair it has been my priority to ensure that the Board became a more representative and inclusive body with strong links to Sheffield and South Yorkshire and the voluntary organisations that support it. For a funding charity to be effective it is essential that the people who manage it reflect the diversity of the local population and can respond to its changing social needs.

I believe that The Talbot Trusts have evolved markedly in the last few years. We have improved our ways of working to make ourselves better known and more accessible to the organisations that benefit from the funds we hold in trust for the community. We have reviewed our policies and practices in respect of diversity and inclusion and will continue to give this our attention in the future. In particular we will recruit more trustees who reflect the whole of our community.

As a result, while there is still a long way to go, we are now much better placed to support smaller and more marginal organisations, particularly those working with minoritised people. Our funding programmes are more flexible and responsive and we can work with organisations to help them make effective bids to us.

The impact of COVID has, of course, been profound but I think we responded effectively, making ourselves more reachable through better use of social media and the Internet and adopting flexible and supportive ways for voluntary groups to apply to our programmes. Because we recognised the pressures the voluntary sector was under at the peak of the Lockdown, we decided to release some of our lower yielding capital funds to make them available to a small number of organisations to invest in long term development schemes.

I became Chair in 2016 and had been a trustee for several years before that. The world of voluntary sector funding has changed profoundly over this period. Our income, drawn from our investment portfolio, has yet to fully recover from the Banking Crash of 2008 and we have had to learn ways of distributing a smaller amount of money as effectively as possible. The continuing reductions in public expenditure, especially in respect of local authorities and the NHS, the operation of Universal Credit and other benefits, and the increase in economic and social inequalities, have all had a major impact on our work. Many of the voluntary organisations we fund are providing services that were once routinely provided by the public sector. In particular we are providing funds to food banks and related services addressing food poverty and the provision of the most basic needs to the people of Sheffield.

Black Lives Matter, the LGBTQIA+ community and other social movements have required us to renew our thinking about social need, care and support. This is often challenging, especially for older, whiter, wealthier men, like me, who abound as trustees and directors in the charitable sector, and who sometimes struggle to realise that these changes are not a threat to our identity but are a real opportunity to develop both as people and organisations.

A further priority for the future will be to consider our investment portfolio and ensure that we are not drawing resources from enterprises that harm the environment, damage the lives and livelihoods of other people, or facilitate oppressive regimes.

The future will continue to be challenging; climate change will remain our great existential threat but immediately we are faced with the huge rise in energy costs and inflation which will set our agenda and priorities for the next several years. However, I am confident that the Board of Trustees ably assisted by our secretary will continue the Talbot Trusts tradition of growing and changing to support the people who are working in the front line to support the people of Sheffield and South Yorkshire.

Tim Plant

Chairman of the Trusts

June 2022

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:

  4. (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 2022 was £64,507

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.

7 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 2022:

Nominated Trustees:

Dr Z McMurray Dr M Sawkins Mr S Caldwell

Co-opted Trustees:

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

8 CORRESPONDENCE

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

Analysis of Grants 201/18 to 2021/22

Beneficiary 2017/18
£		 2018/19
£		 2019/20
£		 2020/21
£		 2021/22 Total
£
Grants to Charities, CICs, Social Enterprises
Adult Health & Social Care
Total
+Me Positive About Change
African Women's Health Group
Age UK Sheffield
Ashgate Hospice
Asperger’s Children and Carers Together
Asperger's Children & Carers Together Sheffield
Aspiring Communities Together
Assoc. For Spina Bifida & Hydrocephalus (SHINE)
Back Up
Bags of Taste
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
Clifton Learning Partnership
Community Education Adult Disabilities CIC
Cruse Bereavement Care
Darnall Dementia Group
Deaf Charity for Children
Deafblind UK
Disability Sheffield
Disability Sheffield Centre for Independent Living
Firvale Community Hub
Framework
Framework Housing Association
Freedom Community Project
Golddigger Trust
Hadfield Institute
Handicapped Childrens Action Group
Happy Days Children's Charity
Heeley City Farm
Hope Charity
Huntington's Disease Association
Ileostomy Association
Israac Somali Community Association
Just Works
Just Works, Part of Cathedral Archer Project
Kickback Recovery Community CIO
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
Montgomery Theatre & Arts
Mums In Need
MumsIn Need		 84,425
10,000		 102,108
5,000		 82,338
5,000		 113,518
5,000		 94,854
5,000		 477,243
30,000
94,425 107,108 87,338 118,518 99,854 507,243
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		 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		 5,000
0
2,285
0
0
1,000
0
0
0
1,533
5,000
0
0
0
0
1,580
0
0
0
0
0
0
0
2,500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
500
2,500		 1,500
10,000
1,500
1,500
13,750
1,500		 5,000
2,000
4,992
2,782
3,000
750
5,000
1,000
3,000
1,800
5,000
4,600
2,000
3,830
5,000		 5,000
5,000
0
2,755
2,000
1,000
4,992
0
1,000
2,782
1,000
2,500
1,000
10,000
1,533
12,500
0
4,400
7,475
5,000
2,580
2,500
3,000
750
0
2,000
0
0
5,000
5,000
4,000
2,500
1,000
3,000
5,000
13,750
450
8,000
2,500
1,800
2,000
2,000
5,000
4,600
10,000
2,000
1,000
4,000
2,000
0
3,894
3,000
1,000
5,000
500
3,830
4,000
5,000

Analysis of Grants 2017/18 to 2021/22 (cont'd)

Beneficiary 2017/18
£		 2018/19
£		 2019/20
£		 2020/21
£		 2021/22 Total
£
Music In Hospitals
No Panic Sheffield
Nomad Opening Doors
North Sheffield Federation for the Disabled
Paces Sheffield
Park Community Action
Parson Cross Community Development Forum
PBC Foundation
Prader-Willi Syndrome Association UK
React
Rethink Mental Illness
Riding for Smiles
RivelinCo Creative
Roots and Bloom
Roshni Sheffield Asian Women's Resource Centre
Rotherham Abuse Counselling Service
Rotherham Cancer Care Centre
Rotherham Holiday Aid
Roundabout
Ruskin Mill Trust Ltd
SADACCA (Sheffield and District African Caribbean Community Association)
Saffron Sheffield
SHARE Psychotherapy
SHARE Psychotherapy & Cavendish Cancer Care
Sheffield & Rotherham Wildlife Trust
Sheffield African Caribbean Mental Health Association
Sheffield Aspergers Group
Sheffield Association for the Voluntary Teaching of English
Sheffield Churches Council for Community Care
Sheffield Dial-a-ride
Sheffield Family Holiday
Sheffield Family Holiday Fund
Sheffield Flourish
Sheffield Live at Home Scheme
Sheffield Mencap
Sheffield MENCAP & Gateway
Sheffield MIND
Sheffield Samaritans
Sheffield Steelers Wheelchair Basketball Club
Sheffield Stroke Survivors
Sheffield Wildlife Trust
Sheffield Women's Counselling & Therapy Service
Sheffield Yoga for ME/CFS
Sheffield Yoga for ME/CFS
Shopmobility - Sheffield
South Yorkshire Community Foundation
South Yorkshire Eating Disorders
South Yorkshire Eating Disorders Association
Speakup Self Advocacy Ltd
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
The Bare Project
The Snowdrop Project
Thurgoland Village Welfare Association
Tickets for Good Foundation Ltd
Wellchild
Weston Park Cancer Charity
Westwood 2015 Ltd
Westwood 2015 Ltd
Woodthorpe Development Trust - All About You
Young Dementia UK
Your Future Education CIO
Grants to Charities, CICs, Social Enterprises - Sub Total		 3,000
2,500
1,000
1,000
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		 1,390
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		 0
2,000
0
0
0
0
1,445
0
1,000
5,000
5,000
2,000
0
0
0
2,000
1,400
0
0
0
0
5,000
0
2,000
0
0
0
0
0
0
2,000
0
0
0
5,000
2,500
2,500
0
2,500
0
5,000
0
5,000
0
1,000
2,000
0
1,600
1,995
0
2,500		 1,500
15,000
15,000
1,500
14,768
1,500
15,000
15,000
1,500
1,500
1,500		 2,500
3,000
5,000
5,000
2,500
2,000
1,000
5,000
3,000
2,000
5,000
3,500
2,000
3,600		 1,390
2,000
2,500
0
0
3,000
2,500
1,445
1,000
2,000
6,500
5,000
3,000
5,000
2,000
5,000
0
1,000
15,000
2,000
5,000
2,500
23,840
2,500
2,500
2,630
2,000
1,970
12,500
3,000
1,000
4,000
7,220
6,880
5,000
5,000
18,182
4,500
1,000
2,000
3,000
20,000
2,000
0
2,400
20,000
5,000
9,000
3,500
2,500
1,000
6,000
2,500
1,500
5,000
1,000
2,000
5,000
1,500
1,000
2,000
1,500
1,600
3,600
1,995
5,000
2,500
84,425 102,108 82,338 113,518 94,854 477,243

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 2022

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 2022

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

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 2022

The trustees annual report was approved by the trustees on 2022 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 2022 which are set out on pages 4 to 12.

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

2022

3

The Talbot Trusts

Statement of financial activities

For the year ended 31st March 2022

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 gains/(losses)
- Unrealised gains
- Investment management charges
Net movement in funds
Fund balances brought forward at
1st April 2021
Fund balances carried forward at
31st March 2022		 Total funds
2022
£
78,184
-
78,184
99,854
7,116
106,970
(28,786)
9,776
92,782
(16,297)
86,261
2,113,056
2,170,531		 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

4

The Talbot Trusts

Balance sheet as at 31st March 2022

Note
Quoted investments
4
Current assets
Cash at bank and in hand
Cash at stockbroker
Liabilities– Amounts falling due within one year
Accruals
6
Net current assets
Net assets
Funds
Talbot Trust Funds		 Total funds
2022
£
2,105,850
64,507
2,190
66,697
2016
64,681
2,170,531
2,170,531		 Total funds
2021
£
1,984,957
93,197
36,822
130,019
1,920
128,099
2,113,056
2,113,056

Approved by the Board of Trustees on 2022 and signed on its behalf by:

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

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

5

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2022

1. Accounting policies

2.
Direct charitable expenditure
Grants paid (page 12)
3.
Management and administration of the charity
Fee of Trustees’ Clerk
Independent examiner’s fee
Bank charges
Office Stationery
Subscriptions		 2022
£
99,584
2022
£
4,600
2016
-
83
417
7,116		 2021
£
118,518
2021
£
4,600
1,980
60
369
170
7,179

4. Quoted investments

Quoted investments
Market value at 1st April 2021
Additions
Disposals
Net unrealised investment gains
Market value at 31st March 2022		 Total
£
1,984,957
131,665
(103,554)
92,782
2,105,850

Historical cost at 31st March 2022 1,613,774

6

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2022 (continued)

5.
Debtors
Income tax recoverable
6.
Creditors
Hawsons		 2022
2021
£
£
-
-
2,016
1,920

7

The Talbot Trusts

Schedule of investments at 31st March 2022 and income received thereon for the year ended on that date

TALBOT TRUST FUND
M&G Charibond
120,000 Income units
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
Diverse Income Tru Ord
25,000
GCP Infrastructure
31,738 shares Ord £0.01
BP
11,080 US$0.25 Ord shares
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
250 shares (sold 250 18.02.2022)
Astrazeneca
375 US$0.25 Ord Shares (sold 375 11.03.2022)
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
5,673
10,485

548,019		 Market
Value
£
141,636
62,920
42,440
193,257
26,875
35,102
41,586
52,098
45,611
38,638
43,200
14,581
37,999

775,943		 Interest and
dividends
received
£
-
2,893
1,702
6,708
950
2,222
1,839
4,829
5,673
740
1,825
437
788
30,606

8

The Talbot Trusts

Schedule of investments at 31st March 2022

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

TALBOT TRUST FUND
Brought forward
Glaxosmithkline
3,000 £0.25 Ord shares
BMO Commercial Prop Tst
65,000
Franklin Tmpltn Fd UK Mid Cap S GBP Dis
35,356.287 Income units
Vodafone Group
10,000 $0.11428571 Ord
SSE Plc
2,825 £0.50 Ord shares
Link Fund Sol Ltd Capita Trojan X Dis
35,000
Legal & General Group Plc
10,000 £0.025 Ord shares (purchased 11.3.22)
Prudential
1,500 £0.05 Ord shares (sold 23.04.2021)
Warehouse Reit Plc
22,293 Ord GBP 0.01
Carried forward		 Cost
£
548,019
38,969
73,216
13,049
21,067
34,721
35,539
20,164
-
22,885

807,629		 Market
Value
£
775,943
49,428
75,075
38,347
12,485
49,402
45,245
27,205
-
38,723

1,111,853		 Interest and
Dividends
Received
£
30,606
2,400
2,925
771
759
2,319
45
1,845
-
1,382
43,052

9

The Talbot Trusts

Schedule of investments at 31st March 2022

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
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
£
807,629
20,506
185,869
90,405
66,852
38,049
72,825
20,025
36,882
20,890
10,806
17,057
1,387,795		 Market
Value
£
1,111,853
33,101
181,305
106,041
90,043
43,275
155,626
26,600
58,786
34,880
14,246
18,581
1,874,337		 Interest and
Dividends
Received
£
43,052
371
6,691
3,943
2,808
1,888
2,666
1,020
2,402
1,496
427
702
67,466

10

The Talbot Trusts

Schedule of investments at 31st March 2022 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 (sold 24.12.2021)
HICL Infrastructure
32,000 (purchased 14.9.21)
Civitas Social Housing
16,109 (sold 03.09.2021)
M&G Plc Ord GBP0.05
1,500
Smith & Nephew Ord USD0.20
400 (sold 15.02.2022)
Murray Intl Trust Ord GBP0.25
2,000
Eaton Vance Mgmt EMG Mkts Debt Opps S GBP
4,000
Bellevue Healthcare Redeemable Ord GBP 0.01 Sett
25,000 (purchased 23.04.2021 and 15.02.2022)
Hipgnosis Songs Fu Ord Npv
20,000 (purchased 07.07.2021)
Aviva Ord GBP0.25
6,000 (purchased 11.03.2022)
Schroders Plc Non VTG Ord GBP1
750 (purchased 18.02.2022)		 Cost
£
1,387,795
-
52,102
-
1,518
-
20,516
41,315
46,517
24,235
24,702
15,074

1,613,774		 Market
Value
£
1,874,337
-
56,992
-
3,319
-
25,180
34,720
45,725
24,120
27,117
14,340

2,105,850		 Interest and
Dividends
Received
£
67,466
-
2,640
-
275
-
1,100
2,545
1,508
1,050
1,324
915
78,823

11

The Talbot Trusts

Schedule of grants

For the year ended 31st March 2022

Blend, Cook, Eat, Share
South Yorkshire Eating Disorders Association
Hadfield Institute
Roundabout
Sheffield African Caribbean Mental Health Association
Sheffield Samaritans
SHARE Psychotherapy
Sheffield Women’s Counselling & Therapy Service
Suit Works
Mums in Need
Rethink Mental Illness
St Wilfred’s Centre
Cavendish Cancer Care
Firvale Community Hub
South Yorkshire Community Foundation
Sheffield MIND
Barnsley Food Bank Partnership
Sheffield City Council
African Women’s Health Group
Asperger’s Children and Carers Together
Aspiring Communities Together
Bags of Taste
Clifton Learning Partnership
Community Education Adult Disabilities CIC
Disability Sheffield
Framework Housing Association
Freedom Community Project
Hope Charity
Israac Somali Community Association
Just Works
Kickback Recovery Community CIO
Montgomery Theatre and Arts
Nomad Opening Doors
Rivelin Co Creative
Roots and Bloom
Sheffield & District African Caribbean Community Association
Saffron Sheffield
Sheffield Aspergers Group
Sheffield Family Holiday
Sheffield Mencap
Sheffield Wildlife Trust
Sheffield Yoga for ME/CFS
Speakup Self Advocacy Ltd
The Bare Project
Westwood 2015 Ltd		 2022
£
-
5,000
-
-
-
-
-
-
-
5,000
-
-
-
-
-
-
-
5,000
5,000
2,000
4,992
2,782
3,000
750
5,000
1,000
3,000
1,800
5,000
4,600
2,000
3,830
2,500
3,000
5,000
5,000
2,500
2,000
1,000
5,000
3,000
2,000
3,500
2,000
3,600
99,854		 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

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 2022

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 2022

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

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 2022

The trustees annual report was approved by the trustees on 2022 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 2022 which are set out on pages 4 to 12.

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

2022

3

The Talbot Trusts

Statement of financial activities

For the year ended 31st March 2022

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 gains/(losses)
- Unrealised gains
- Investment management charges
Net movement in funds
Fund balances brought forward at
1st April 2021
Fund balances carried forward at
31st March 2022		 Total funds
2022
£
78,184
-
78,184
99,854
7,116
106,970
(28,786)
9,776
92,782
(16,297)
86,261
2,113,056
2,170,531		 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

4

The Talbot Trusts

Balance sheet as at 31st March 2022

Note
Quoted investments
4
Current assets
Cash at bank and in hand
Cash at stockbroker
Liabilities– Amounts falling due within one year
Accruals
6
Net current assets
Net assets
Funds
Talbot Trust Funds		 Total funds
2022
£
2,105,850
64,507
2,190
66,697
2016
64,681
2,170,531
2,170,531		 Total funds
2021
£
1,984,957
93,197
36,822
130,019
1,920
128,099
2,113,056
2,113,056

Approved by the Board of Trustees on 2022 and signed on its behalf by:

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

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

5

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2022

1. Accounting policies

2.
Direct charitable expenditure
Grants paid (page 12)
3.
Management and administration of the charity
Fee of Trustees’ Clerk
Independent examiner’s fee
Bank charges
Office Stationery
Subscriptions		 2022
£
99,584
2022
£
4,600
2016
-
83
417
7,116		 2021
£
118,518
2021
£
4,600
1,980
60
369
170
7,179

4. Quoted investments

Quoted investments
Market value at 1st April 2021
Additions
Disposals
Net unrealised investment gains
Market value at 31st March 2022		 Total
£
1,984,957
131,665
(103,554)
92,782
2,105,850

Historical cost at 31st March 2022 1,613,774

6

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2022 (continued)

5.
Debtors
Income tax recoverable
6.
Creditors
Hawsons		 2022
2021
£
£
-
-
2,016
1,920

7

The Talbot Trusts

Schedule of investments at 31st March 2022 and income received thereon for the year ended on that date

TALBOT TRUST FUND
M&G Charibond
120,000 Income units
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
Diverse Income Tru Ord
25,000
GCP Infrastructure
31,738 shares Ord £0.01
BP
11,080 US$0.25 Ord shares
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
250 shares (sold 250 18.02.2022)
Astrazeneca
375 US$0.25 Ord Shares (sold 375 11.03.2022)
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
5,673
10,485

548,019		 Market
Value
£
141,636
62,920
42,440
193,257
26,875
35,102
41,586
52,098
45,611
38,638
43,200
14,581
37,999

775,943		 Interest and
dividends
received
£
-
2,893
1,702
6,708
950
2,222
1,839
4,829
5,673
740
1,825
437
788
30,606

8

The Talbot Trusts

Schedule of investments at 31st March 2022

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

TALBOT TRUST FUND
Brought forward
Glaxosmithkline
3,000 £0.25 Ord shares
BMO Commercial Prop Tst
65,000
Franklin Tmpltn Fd UK Mid Cap S GBP Dis
35,356.287 Income units
Vodafone Group
10,000 $0.11428571 Ord
SSE Plc
2,825 £0.50 Ord shares
Link Fund Sol Ltd Capita Trojan X Dis
35,000
Legal & General Group Plc
10,000 £0.025 Ord shares (purchased 11.3.22)
Prudential
1,500 £0.05 Ord shares (sold 23.04.2021)
Warehouse Reit Plc
22,293 Ord GBP 0.01
Carried forward		 Cost
£
548,019
38,969
73,216
13,049
21,067
34,721
35,539
20,164
-
22,885

807,629		 Market
Value
£
775,943
49,428
75,075
38,347
12,485
49,402
45,245
27,205
-
38,723

1,111,853		 Interest and
Dividends
Received
£
30,606
2,400
2,925
771
759
2,319
45
1,845
-
1,382
43,052

9

The Talbot Trusts

Schedule of investments at 31st March 2022

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
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
£
807,629
20,506
185,869
90,405
66,852
38,049
72,825
20,025
36,882
20,890
10,806
17,057
1,387,795		 Market
Value
£
1,111,853
33,101
181,305
106,041
90,043
43,275
155,626
26,600
58,786
34,880
14,246
18,581
1,874,337		 Interest and
Dividends
Received
£
43,052
371
6,691
3,943
2,808
1,888
2,666
1,020
2,402
1,496
427
702
67,466

10

The Talbot Trusts

Schedule of investments at 31st March 2022 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 (sold 24.12.2021)
HICL Infrastructure
32,000 (purchased 14.9.21)
Civitas Social Housing
16,109 (sold 03.09.2021)
M&G Plc Ord GBP0.05
1,500
Smith & Nephew Ord USD0.20
400 (sold 15.02.2022)
Murray Intl Trust Ord GBP0.25
2,000
Eaton Vance Mgmt EMG Mkts Debt Opps S GBP
4,000
Bellevue Healthcare Redeemable Ord GBP 0.01 Sett
25,000 (purchased 23.04.2021 and 15.02.2022)
Hipgnosis Songs Fu Ord Npv
20,000 (purchased 07.07.2021)
Aviva Ord GBP0.25
6,000 (purchased 11.03.2022)
Schroders Plc Non VTG Ord GBP1
750 (purchased 18.02.2022)		 Cost
£
1,387,795
-
52,102
-
1,518
-
20,516
41,315
46,517
24,235
24,702
15,074

1,613,774		 Market
Value
£
1,874,337
-
56,992
-
3,319
-
25,180
34,720
45,725
24,120
27,117
14,340

2,105,850		 Interest and
Dividends
Received
£
67,466
-
2,640
-
275
-
1,100
2,545
1,508
1,050
1,324
915
78,823

11

The Talbot Trusts

Schedule of grants

For the year ended 31st March 2022

Blend, Cook, Eat, Share
South Yorkshire Eating Disorders Association
Hadfield Institute
Roundabout
Sheffield African Caribbean Mental Health Association
Sheffield Samaritans
SHARE Psychotherapy
Sheffield Women’s Counselling & Therapy Service
Suit Works
Mums in Need
Rethink Mental Illness
St Wilfred’s Centre
Cavendish Cancer Care
Firvale Community Hub
South Yorkshire Community Foundation
Sheffield MIND
Barnsley Food Bank Partnership
Sheffield City Council
African Women’s Health Group
Asperger’s Children and Carers Together
Aspiring Communities Together
Bags of Taste
Clifton Learning Partnership
Community Education Adult Disabilities CIC
Disability Sheffield
Framework Housing Association
Freedom Community Project
Hope Charity
Israac Somali Community Association
Just Works
Kickback Recovery Community CIO
Montgomery Theatre and Arts
Nomad Opening Doors
Rivelin Co Creative
Roots and Bloom
Sheffield & District African Caribbean Community Association
Saffron Sheffield
Sheffield Aspergers Group
Sheffield Family Holiday
Sheffield Mencap
Sheffield Wildlife Trust
Sheffield Yoga for ME/CFS
Speakup Self Advocacy Ltd
The Bare Project
Westwood 2015 Ltd		 2022
£
-
5,000
-
-
-
-
-
-
-
5,000
-
-
-
-
-
-
-
5,000
5,000
2,000
4,992
2,782
3,000
750
5,000
1,000
3,000
1,800
5,000
4,600
2,000
3,830
2,500
3,000
5,000
5,000
2,500
2,000
1,000
5,000
3,000
2,000
3,500
2,000
3,600
99,854		 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

12