## **Registered Charity No 221356**
## **ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023**
## **The Chair’s Report**
It’s been another excellent year for The Talbot Trusts. We have awarded grants to 30 local charities, CICs and Social Enterprises that support and give a lifeline to many people including refugees, LGBTQIA+, those with physical and learning disabilities, older people, victims of abuse, users of food banks, those that are homeless and those that struggle with their mental health.
The Board has grown from 7 trustees to 8 and also evolved to include a Chair and Vice Chair, Mike Sawkins. We welcomed two new trustees, Shasta Ashraf and Sarah Poulter to the team, and also said goodbye to Tim Plant, who retired after 12 years on the board. We’re so thankful for Tim’s knowledge, experience and contributions during his time with the charity.
Some of my personal highlights from our activity this year include:
- Our commitment and ongoing work on equality, diversity and inclusion, including appointee a trustee to lead on this. The impact of this has shown already in the diversity of the grants awarded.
- Our commitment to continue to fund work to reduce the impact of poverty, with a particular focus on homelessness. This is a key priority for the City of Sheffield and I’m proud that we’re able to help address this inequality alongside many other voluntary and charitable organisations across the city.
As a charity we’re always looking at ways we can improve to ensure we’re more representative and accessible to the communities we serve. As part of this we became part of the Yorkshire Common Application Form initiative which aims to make the application process for grant applicants easier and faster.
As the cost of living crisis continues to impact communities and charities alike, our own charitable funds having been affected and we have reduced funds to distribute. As a Board we have an obligation to ensure that any funding we do award has the most benefit and impact on the communities we serve. To help with this, we have recently started work on overhauling our feedback forms so they are simple and not a chore to complete, but we can see the difference funding has made to people and the communities the charities work with and ultimately support. The feedback forms will be a valuable future tool and resource in helping to shape and pinpoint our future funding priorities.
I would like to personally thank all of the Board for their hard work, energy, commitment and dedication. I would particularly like to thank Gill Newman, Secretary, for her experience and support. I have been on the Board for 6 years and during this time I have seen The Talbot Trusts break down barriers, welcome change and, most importantly, make a significant difference to the lives of many individuals and communities. Although I am standing down as Chair and Trustee, I remain immensely proud of what The Talbot Trusts has achieved and I know it will continue to do wonderful
things and continue to support the people of Sheffield and South Yorkshire to the best of its ability.
## **Mel Russell Chair of the Trusts**
## **July 2023**
## **1. HISTORY OF THE TRUSTS**
**Photo of Sarah Talbot**
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 below, per the objects of the charity:
_“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”_
3. The Trustees expect the receivers of grants to operate a policy of equal opportunities.
4. All proposals eligible for a grant must address our priorities.
5. Eligible organisations
Applications are invited from the following types of organisations and groups
- Registered charities
- Non-profit-making organisations
- Community groups
- Grass roots organisations (maximum income of less than £10k per annum)
- Branches of National organisations who are financially independent
- Social Workers
Grants are not normally made to the following types of applicants:
- Profit-making organisations
- Individuals
- National Organisations
## 6. Key criteria for grants
Applications should fit the following criteria:
- Cover a wide geographical area (within Sheffield and the surrounding boundaries)
- Address inequalities
- Target marginalised communities
- Target areas of high deprivation
- Show long term sustainability/impact
- Aim to create a new service/contribute to getting a new service up and running
- Show evidence of partnership arrangements/collaboration with other groups
- Look for matched funding opportunities
## 7. General criteria for grants
• Applications cannot be considered if an organisation has over 12 months of operating costs in their unrestricted reserves, unless an explanation is provided that is acceptable.
- Applications need to include all costs relevant to the application
• There is no lower limit to the size of grants which may be applied for, we typically fund applications of around £3,000 and, in exceptional circumstances, we would consider grants up to £5,000.
• Applicants will be requested to provide financial information and consideration will be given to evidence of ongoing planning beyond project completion, including evidence of financial viability in the longer term. We will have discretion to take account of applicants’ other sources of funding, such as other grants secured and/or pledged. • Applicants may be asked to submit further information as appropriate. • For all applications, we may, at our discretion, give priority to applicants who have not received funds before or who offer new benefits that meet our priorities.
• All grant awards are made at the discretion of The Talbot Trusts and the decision of the Trustees in each case is final.
8. The Trustees are unable to commit themselves to approving recurrent grants.
## **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 Trustees are investigating the use of Sustainability Development Goals to aid with investment decisions.
5. 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.
3. The accumulated surplus of unspent income at the end of March 2023 was £74,024
## **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. The Trustees are co-opted and hold office for a term of four years. Trustees are invited to serve the Trusts so that there is a spread of knowledge of the Trusts areas of interest. The following Trustees were in post as at 31[st] March 2023:
## **Co-opted Trustees:**
Ms M Russell (Chair) (appointed 20/05/22) Dr M Sawkins (Vice Chair) (appointed 20/05/22)
Dr Z McMurray Mr S Caldwell Ms M Flude Mr J Farmer Mrs S Ashraf (appointed 29/09/22) Mrs S Poulter (appointed 29/09/22)
## 8. **CORRESPONDENCE**
All correspondence should be addressed to Ms G Newman, 3 Willow Tree Drive, Clowne, Chesterfield. N Derbyshire. S43 4UP.
## **Analysis of Grants 2018/19 to 2022/23**
|**Beneficiary**|**2018/19**
**£**|**2019/20**
**£**|**2020/21**
**£**|**2021/22**
**£**|**2022/23**
**£**|**Total**
**£**|
|---|---|---|---|---|---|---|
|Grants to Charities, CICs, Social Enterprises
Adult Health & Social Care
**Total**
+Me Positive About Change
African Women's Health Group
Agency for Culture and Change Management
Ashgate Hospice
Asperger’s Children and Carers Together
Aspiring Communities Together
ASSIST Sheffield
Back Up
Bags of Taste
Barnsley Churches Drop In
Barnsley Food Bank Partnership
B Friend
Blend, Cook, Eat, Share
British Blind Sport
British Refugee Council
Care in Crosspool
Cavendish Cancer Care
Cemetery Road Baptist Church
Children with Cystic Fybrosis Dream Holidays
Clifton Learning Partnership
Community Education Adult Disabilities CIC
Darnall Dementia Group
Darnall Wellbeing
Disability Sheffield
Disability Sheffield Centre for Independent Living
Firvale Community Hub
Framework
Framework Housing Association
Freedom Community Project
Friends of Firth Park Community Allotments
Golddigger Trust
Hadfield Institute
Handicapped Childrens Action Group
Happy Days Children's Charity
Homeless and Rootless at Christmas Sheffield
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
Lane End Farm Trust
Lansdowne TARA
LGBT Sheffield
Longley 4 Greens Association Ltd
Manor & Castle Development Trust
Manor Community Transport
Meadowhead Christian Fellowship
Mobility Trust
Montgomery Theatre & Arts
Mums In Need
Mums United|102,108
5,000|82,338
5,000|113,518
5,000|94,854
5,000|65,573
0|458,391
20,000|
||**107,108**|**87,338**|**118,518**|**99,854**|**65,573**|**478,391**|
||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
2,285
1,000
0
0
1,533
5,000
0
0
0
1,580
0
0
0
2,500
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|0
2,500
0
0
0
2,500
0
0
0
0
2,500
0
0
0
0
0
0
0
0
0
0
2,500
0
0
2,500
0
0
0
1,978
0
0
0
0
2,500
0
0
0
0
0
0
0
0
195
2,500
2,500
0
1,000
2,500
0
0
0
2,000|5,000
5,000
2,500
2,285
2,000
4,992
2,500
1,000
2,782
1,000
2,500
2,500
10,000
1,533
7,500
2,200
3,500
5,000
1,580
3,000
750
2,000
2,500
5,000
5,000
6,500
2,500
1,000
3,000
1,978
5,000
13,750
450
3,000
2,500
1,800
2,000
1,000
5,000
4,600
5,000
2,000
4,000
195
2,500
4,500
3,894
1,000
2,500
500
3,830
9,000
2,000|
## **Analysis of Grants 2018/19 to 2022/23 (cont'd)**
|**Beneficiary**|**2018/19**
**£**|**2019/20**
**£**|**2020/21**
**£**|**2021/22**
**£**|**2022/23**
**£**|**Total**
**£**|
|---|---|---|---|---|---|---|
|Music In Hospitals
No Panic Sheffield
Nomad Opening Doors
Open Kitchen Social Club
Oughtibridge and District Lunch Club
Paces
Park Community Action
PBC Foundation
Rationale Arts
React
Rethink Mental Illness
Riding for Smiles
RivelinCo Creative
Roots and Bloom
Roshni Sheffield Asian Women's Resource Centre
Rotherham Abuse Counselling Service
Rotherham Holiday Aid
Roundabout
Ruskin Mill Trust Ltd
S20 Food Bank
SADACCA (Sheffield and District African Caribbean Community Association)
Saffron Sheffield
Sage Greenfingers
SHARE Psychotherapy
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 Family Holiday
Sheffield Family Holiday Fund
Sheffield Flourish
Sheffield Live at Home Scheme
Sheffield Mencap
Sheffield MIND
Sheffield Samaritans
Sheffield Stroke Survivors
Sheffield Wildlife Trust
Sheffield Women's Counselling & Therapy Service
Sheffield Working Womens Opportunities Project
Sheffield Yoga for ME/CFS
South Yorkshire Community Foundation
South Yorkshire Eating Disorders
South Yorkshire Eating Disorders Association
Sparkle Sheffield
Speakup Self Advocacy Ltd
Sporting Penistone
St Mary’s Community Centre
St Wilfrid's Centre
Suit Works
Support Arts Gardening Education (SAGE)
The Bare Project
The Forest Academy
The Snowdrop Project
Thurgoland Village Welfare Association
Tickets for Good Foundation Ltd
Together for Sheffield
United Women Affiliation Charity
Wellchild
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**|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
1,445
1,000
5,000
5,000
2,000
0
0
2,000
1,400
0
0
0
5,000
2,000
0
0
0
0
2,000
0
5,000
2,500
2,500
2,500
5,000
5,000
0
1,000
2,000
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|0
0
0
2,500
500
2,000
2,500
0
2,500
0
0
0
0
0
2,500
0
0
0
0
2,000
0
0
2,500
0
0
0
0
2,500
0
0
0
2,500
0
0
0
0
0
0
0
2,400
0
0
0
0
2,500
0
0
2,500
2,500
0
0
0
1,000
0
0
0
2,500
2,500
0
0
0
0
0
0|1,390
2,000
2,500
2,500
500
2,000
2,500
1,445
2,500
1,000
6,500
5,000
3,000
5,000
4,500
5,000
1,000
15,000
2,000
2,000
5,000
2,500
2,500
20,840
2,500
2,630
2,000
4,470
7,500
1,000
3,000
7,220
2,000
5,000
18,182
4,500
2,000
3,000
20,000
2,400
2,000
20,000
5,000
9,000
2,500
3,500
2,500
2,500
8,500
1,500
5,000
2,000
1,000
5,000
1,500
1,000
2,500
2,500
2,000
1,600
3,600
1,995
5,000
2,500|
||**102,108**|**82,338**|**113,518**|**94,854**|**65,573**|**458,391**|
||||||||
**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 2023**
## **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 2023**
|**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 – 13|
**The Talbot Trusts**
## **General information**
## **Charity Commission registration number** 221356
## **Trustees**
Co-opted Trustees: Ms M Russell – Chair Dr M Sawkins – Vice Chair Dr Z McMurray Mr S Caldwell Ms M Flude Mr J Farmer Mrs S Ashraf Mrs S Poulter
## **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 2023**
The trustees annual report was approved by the trustees on 13 July 2023 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 2023 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
13 th July 2023
3
## **The Talbot Trusts**
## **Statement of financial activities**
## **For the year ended 31st March 2023**
|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 income (expenditure)**
**Other recognised gains/(losses)**
- Realised gains
- Unrealised (losses)/gains
- Investment management charges
**Net movement in funds**
Fund balances brought forward at 1st April 2022
Fund balances carried forward at 31st March 2023|Total funds
2023
£
90,183
59
90,242
67,533
7,336
74,869
15,373
4,777
(177,620)
(15,599)
(188,442)
2,170,531
1,997,462|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|
4
## **The Talbot Trusts**
## **Balance sheet as at 31st March 2023**
|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
2023
£
1,918,975
74,024
6,683
80,707
2,220
78,487
1,997,462
1,997,462|Total funds
2022
£
2,105,850
64,507
2,190|
|---|---|---|
|||66,697
2,016|
|||64,681|
|||2,170,531|
|||2,170,531|
Approved by the Board of Trustees on 13 th July 2023 and signed on its behalf by:
.......................................................... Trustees' Chairman
.......................................................... Trustees' Clerk
5
## **The Talbot Trusts**
## **Notes to the accounts**
## **For the year ended 31st March 2023**
## 1. **Accounting policies**
- a) The accounts have been prepared in accordance with Accounting and Reporting by Charities: the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
- b) The accounts have been prepared on the historical cost basis as modified by the revaluation of investments.
- c) Investments are stated at their market value at the balance sheet date. Realised and unrealised gains are recognised in the statement of financial activities.
- d) Investment income is recognised when it is received.
## 2. **Direct charitable expenditure**
|**Direct charitable expenditure**
Grants paid (page 13)
**Management and administration of the charity**
Fee of Trustees’ Clerk
Independent examiner’s fee
Bank charges
Office Stationery
Subscriptions|2023
£
67,533
2023
£
4,600
2,220
5
221
290
7,336|2022
£
99,584|
|---|---|---|
|||2022
£
4,600
2,016
-
83
417|
|||7,116|
## 3. **Management and administration of the charity**
## 4. **Quoted investments**
|||
|---|---|
|**Quoted investments**
Market value at 1st April 2022
Additions
Disposals
Net unrealised investment losses
Market value at 31st March 2023|Total
£
2,105,850
112,286
(121,541)
(177,620)|
||1,918,975|
Historical cost at 31st March 2023
1,628,394
6
**The Talbot Trusts**
## **Notes to the accounts**
## **For the year ended 31st March 2023 (continued)**
|5.
**Debtors**
Income tax recoverable
6.
**Creditors**
Hawsons|2023
2022
£
£
-
-
2,220
2,016|
|---|---|
7
**The Talbot Trusts**
## **Schedule of investments at 31st March 2023 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 (sold 19.05.22)
BP
11,080 US$0.25 Ord shares
BHP Billiton Plc
1,765 US $0.50 (sold 318 woodside 13.06.22)
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 28.03.2023)
Astrazeneca
275 US$0.25 Ord Shares (sold 100 29.07.2022)
Carried forward|Cost
£
128,640
67,960
32,593
122,792
16,024
-
63,569
18,738
20,649
6,557
19,786
-
7,689
504,997|Market
Value
£
131,460
55,640
36,400
165,600
22,200
-
56,602
45,171
41,081
36,138
52,372
-
30,891
673,555|Interest and
dividends
received
£
3,180
2,964
1,691
6,708
1,000
585
2,158
9,826
3,052
777
1,845
437
658|
|---|---|---|---|
||||34,881|
8
## **The Talbot Trusts**
## **Schedule of investments at 31st March 2023**
## **and income received thereon for the year ended on that date (continued)**
|**TALBOT TRUST FUND**
Brought forward
Glaxosmithkline
3,000 £0.25 Ord shares (sold 27.06.22)
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
Anglo American
350 USD (purchased 29.07.22)
Warehouse Reit Plc
22,293 Ord GBP 0.01
Carried forward|Cost
£
504,997
-
73,216
13,049
21,067
34,721
35,539
20,164
10,405
22,885
736,043|Market
Value
£
673,555
-
53,528
35,427
8,931
50,956
43,932
23,895
9,374
22,806
922,404|Interest and
Dividends
Received
£
34,881
-
3,120
921
774
2,520
177
1,937
561
1,460|
|---|---|---|---|
||||46,351|
9
**The Talbot Trusts**
## **Schedule of investments at 31st March 2023 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 Plc
7,132
Twenty Four Income Ord Red
25,000 (purchased 25.05.22)
Carried forward|Cost
£
736,043
20,506
185,869
90,405
66,852
38,049
72,825
20,025
36,882
20,890
10,806
32,130
26,411
1,357,694|Market
Value
£
922,404
31,253
155,925
99,723
91,085
36,175
148,860
25,950
51,648
30,200
13,295
32,800
25,250
1,664,568|Interest and
Dividends
Received
£
46,351
431
7,146
4,824
3,168
1,983
3,454
1,040
2,857
1,496
515
1,518
1,688|
|---|---|---|---|
||||76,471|
10
## **The Talbot Trusts**
## **Schedule of investments at 31st March 2023 and income received thereon for the year ended on that date (continued)**
|**TALBOT TRUST FUND**
Brought forward
Aberdeen Oeic Glb Link
30,000 (purchased 29.03.23)
HICL Infrastructure
32,000
M&G Plc Ord GBP0.05
1,500
Murray Intl Trust Ord GBP0.25
4,000 (purchased 2,000 27.06.22)
Eaton Vance Mgmt EMG Mkts Debt Opps S GBP
4,000
Bellevue Healthcare Redeemable Ord GBP 0.01 Sett
40,000 (purchased 15,000 27.06.2022)
Hipgnosis Songs Fu Ord Npv
20,000
Aviva Ord GBP0.25|Cost
£
1,357,694
15,212
52,102
1,518
45,572
41,315
69,463
24,235
24,660
1,631,771|Market
Value
£
1,664,568
15,189
49,440
2,973
53,560
32,120
60,640
16,230
24,255
1,918,975|Interest and
Dividends
Received
£
76,471
609
2,640
294
2,240
2,623
2,396
1,050
1,860|
|---|---|---|---|
||||90,183|
11
## **The Talbot Trusts**
## **Schedule of grants**
## **For the year ended 31st March 2023**
|Survive, Strive, Thrive
South Yorkshire Eating Disorders Association
Agency for Culture
Assist Sheffield
Sparkle Sheffield
Park Community Action
Oughtibridge and District
United Women’s Affiliation
Meadowhead Christian
Mums in Need
Friends of Firth Park
Homeless and Rootless
Darnall Well Being
St Wilfreds
Mums United
St Mary’s Community Centre
Sage Green Fingers
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|2023
£
1,960
-
2,500
2,500
2,500
2,500
500
2,500
2,500
-
1,978
2,500
2,500
2,500
2,000
2,500
2,500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,938|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|
12
## **The Talbot Trusts**
## **Schedule of grants (continued)**
## **For the year ended 31st March 2023**
|Brought forward
Manor Community Transport
S20 Food Bank
The Forest Academy
PACES
Open Kitchen Social Club
LGBT Sheffield
B Friend
SAVTE
Rationale Arts
Together for Sheffield
ROSHNI
Longley 4 Greens Association
SWWOP
Firvale Community Hub
Lansdowne TARA
Sheffield Flourish|2023
£
33,938
1,000
2,000
1,000
2,000
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,400
2,500
195
2,500
67,533|2022
£
99,854
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|
|||99,854|
13
**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 2023**
## **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 2023**
|**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 – 13|
**The Talbot Trusts**
## **General information**
## **Charity Commission registration number** 221356
## **Trustees**
Co-opted Trustees: Ms M Russell – Chair Dr M Sawkins – Vice Chair Dr Z McMurray Mr S Caldwell Ms M Flude Mr J Farmer Mrs S Ashraf Mrs S Poulter
## **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 2023**
The trustees annual report was approved by the trustees on 13 July 2023 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 2023 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
13 th July 2023
3
## **The Talbot Trusts**
## **Statement of financial activities**
## **For the year ended 31st March 2023**
|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 income (expenditure)**
**Other recognised gains/(losses)**
- Realised gains
- Unrealised (losses)/gains
- Investment management charges
**Net movement in funds**
Fund balances brought forward at 1st April 2022
Fund balances carried forward at 31st March 2023|Total funds
2023
£
90,183
59
90,242
67,533
7,336
74,869
15,373
4,777
(177,620)
(15,599)
(188,442)
2,170,531
1,997,462|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|
4
## **The Talbot Trusts**
## **Balance sheet as at 31st March 2023**
|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
2023
£
1,918,975
74,024
6,683
80,707
2,220
78,487
1,997,462
1,997,462|Total funds
2022
£
2,105,850
64,507
2,190|
|---|---|---|
|||66,697
2,016|
|||64,681|
|||2,170,531|
|||2,170,531|
Approved by the Board of Trustees on 13 th July 2023 and signed on its behalf by:
.......................................................... Trustees' Chairman
.......................................................... Trustees' Clerk
5
## **The Talbot Trusts**
## **Notes to the accounts**
## **For the year ended 31st March 2023**
## 1. **Accounting policies**
- a) The accounts have been prepared in accordance with Accounting and Reporting by Charities: the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
- b) The accounts have been prepared on the historical cost basis as modified by the revaluation of investments.
- c) Investments are stated at their market value at the balance sheet date. Realised and unrealised gains are recognised in the statement of financial activities.
- d) Investment income is recognised when it is received.
## 2. **Direct charitable expenditure**
|**Direct charitable expenditure**
Grants paid (page 13)
**Management and administration of the charity**
Fee of Trustees’ Clerk
Independent examiner’s fee
Bank charges
Office Stationery
Subscriptions|2023
£
67,533
2023
£
4,600
2,220
5
221
290
7,336|2022
£
99,584|
|---|---|---|
|||2022
£
4,600
2,016
-
83
417|
|||7,116|
## 3. **Management and administration of the charity**
## 4. **Quoted investments**
|||
|---|---|
|**Quoted investments**
Market value at 1st April 2022
Additions
Disposals
Net unrealised investment losses
Market value at 31st March 2023|Total
£
2,105,850
112,286
(121,541)
(177,620)|
||1,918,975|
Historical cost at 31st March 2023
1,628,394
6
**The Talbot Trusts**
## **Notes to the accounts**
## **For the year ended 31st March 2023 (continued)**
|5.
**Debtors**
Income tax recoverable
6.
**Creditors**
Hawsons|2023
2022
£
£
-
-
2,220
2,016|
|---|---|
7
**The Talbot Trusts**
## **Schedule of investments at 31st March 2023 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 (sold 19.05.22)
BP
11,080 US$0.25 Ord shares
BHP Billiton Plc
1,765 US $0.50 (sold 318 woodside 13.06.22)
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 28.03.2023)
Astrazeneca
275 US$0.25 Ord Shares (sold 100 29.07.2022)
Carried forward|Cost
£
128,640
67,960
32,593
122,792
16,024
-
63,569
18,738
20,649
6,557
19,786
-
7,689
504,997|Market
Value
£
131,460
55,640
36,400
165,600
22,200
-
56,602
45,171
41,081
36,138
52,372
-
30,891
673,555|Interest and
dividends
received
£
3,180
2,964
1,691
6,708
1,000
585
2,158
9,826
3,052
777
1,845
437
658|
|---|---|---|---|
||||34,881|
8
## **The Talbot Trusts**
## **Schedule of investments at 31st March 2023**
## **and income received thereon for the year ended on that date (continued)**
|**TALBOT TRUST FUND**
Brought forward
Glaxosmithkline
3,000 £0.25 Ord shares (sold 27.06.22)
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
Anglo American
350 USD (purchased 29.07.22)
Warehouse Reit Plc
22,293 Ord GBP 0.01
Carried forward|Cost
£
504,997
-
73,216
13,049
21,067
34,721
35,539
20,164
10,405
22,885
736,043|Market
Value
£
673,555
-
53,528
35,427
8,931
50,956
43,932
23,895
9,374
22,806
922,404|Interest and
Dividends
Received
£
34,881
-
3,120
921
774
2,520
177
1,937
561
1,460|
|---|---|---|---|
||||46,351|
9
**The Talbot Trusts**
## **Schedule of investments at 31st March 2023 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 Plc
7,132
Twenty Four Income Ord Red
25,000 (purchased 25.05.22)
Carried forward|Cost
£
736,043
20,506
185,869
90,405
66,852
38,049
72,825
20,025
36,882
20,890
10,806
32,130
26,411
1,357,694|Market
Value
£
922,404
31,253
155,925
99,723
91,085
36,175
148,860
25,950
51,648
30,200
13,295
32,800
25,250
1,664,568|Interest and
Dividends
Received
£
46,351
431
7,146
4,824
3,168
1,983
3,454
1,040
2,857
1,496
515
1,518
1,688|
|---|---|---|---|
||||76,471|
10
## **The Talbot Trusts**
## **Schedule of investments at 31st March 2023 and income received thereon for the year ended on that date (continued)**
|**TALBOT TRUST FUND**
Brought forward
Aberdeen Oeic Glb Link
30,000 (purchased 29.03.23)
HICL Infrastructure
32,000
M&G Plc Ord GBP0.05
1,500
Murray Intl Trust Ord GBP0.25
4,000 (purchased 2,000 27.06.22)
Eaton Vance Mgmt EMG Mkts Debt Opps S GBP
4,000
Bellevue Healthcare Redeemable Ord GBP 0.01 Sett
40,000 (purchased 15,000 27.06.2022)
Hipgnosis Songs Fu Ord Npv
20,000
Aviva Ord GBP0.25|Cost
£
1,357,694
15,212
52,102
1,518
45,572
41,315
69,463
24,235
24,660
1,631,771|Market
Value
£
1,664,568
15,189
49,440
2,973
53,560
32,120
60,640
16,230
24,255
1,918,975|Interest and
Dividends
Received
£
76,471
609
2,640
294
2,240
2,623
2,396
1,050
1,860|
|---|---|---|---|
||||90,183|
11
## **The Talbot Trusts**
## **Schedule of grants**
## **For the year ended 31st March 2023**
|Survive, Strive, Thrive
South Yorkshire Eating Disorders Association
Agency for Culture
Assist Sheffield
Sparkle Sheffield
Park Community Action
Oughtibridge and District
United Women’s Affiliation
Meadowhead Christian
Mums in Need
Friends of Firth Park
Homeless and Rootless
Darnall Well Being
St Wilfreds
Mums United
St Mary’s Community Centre
Sage Green Fingers
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|2023
£
1,960
-
2,500
2,500
2,500
2,500
500
2,500
2,500
-
1,978
2,500
2,500
2,500
2,000
2,500
2,500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,938|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|
12
## **The Talbot Trusts**
## **Schedule of grants (continued)**
## **For the year ended 31st March 2023**
|Brought forward
Manor Community Transport
S20 Food Bank
The Forest Academy
PACES
Open Kitchen Social Club
LGBT Sheffield
B Friend
SAVTE
Rationale Arts
Together for Sheffield
ROSHNI
Longley 4 Greens Association
SWWOP
Firvale Community Hub
Lansdowne TARA
Sheffield Flourish|2023
£
33,938
1,000
2,000
1,000
2,000
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,400
2,500
195
2,500
67,533|2022
£
99,854
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|
|||99,854|
13