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2024-03-31-accounts

Registered Charity No 221356

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Chair’s Report

We know that the communities we serve are diverse and some groups of people within them face significant and unfair disadvantages when it comes to their health. In 2023-24, we adopted an overarching focus on health inequalities in all of our grant making and prioritised those applications that showed clearly how they would target the most disadvantaged and marginalised people in our communities. We funded 24 projects from charitable organisations seeking to:

Despite extremely challenging financial circumstances, we were able to increase the value of grants we made in 2023-24 compared to the previous year (from £67,533 to £71,627). Even more pleasingly, we anticipate this rising further in the current year. This means more money going to fantastic organisations making a real difference in the lives of local people.

But this is not the only thing which made 2023-24 a successful year for us. Over the last few years we have done a lot of work to transform the Trusts, with three key goals:

We have made significant progress towards these goals in a number of different ways, but I would like to highlight just a couple in this report.

To broaden our reach and support a more diverse range of organisations (and therefore beneficiaries)

We have worked really hard over the last few years to spread the word of the Trusts and our work further and wider. We are active members of the South Yorkshire Funders Group and Yorkshire Funders, we have established a LinkedIn page to supplement our Facebook profile and we have attended a number of charity networking events both in person and online. We also engage much more actively with the organisations we fund, to help publicise our funding rounds for instance.

I am pleased to say that this effort is beginning to pay off. Of the 24 organisations we funded in 2023-24, 88% had not received funding in the previous year. This is a marked difference to when I first joined the Trusts in 2017, when we often funded the same organisations and projects year after year.

To ensure that everything we do is aligned to our values and objectives

Charities like The Talbot Trusts have an obvious responsibility to ensure that our grants go to worthy charities making a positive impact in our communities. What is perhaps less obvious is that we have the potential to do real good, or harm, through where we choose to invest our funds.

On the one hand, we have a duty to raise as much money as possible through our investments, which we can then distribute as grants to benefit local people and fulfil our specific charitable aims. On the other hand, we also have a moral duty to invest responsibly and, in particular, to not hold shares in companies or industries that do significant harm to communities in the UK or other parts of the world. Meeting both of these competing priorities is a real challenge but we have now adopted a new ethical investing framework which we are confident strikes the right balance.

Our approach is based on the UN’s Sustainable Development Goals, with a particular focus on those which are most relevant to our aims and priorities as a funder, namely:

Our investments are scored both individually and collectively in terms of the positive or negative contribution they make towards these goals. Over time, our aim is to increase the overall score of our portfolio i.e. to improve its ethical credentials. We do expect this to lead to a fall in our income so whilst we firmly believe it is the right thing to do, we will keep our approach under constant review to ensure that the cost does not outweigh the benefits. We would be happy to discuss our approach with any applicants or fellow funders who are interested to know more.

I was extremely proud to become Chair of The Talbot Trusts in September 2023 and I want to take this opportunity to thank my predecessor, Mel Russell. In her time as a Trustee and particularly as Chair, she gave incredible drive and direction to our efforts to do and be better and led us to all the successes I have outlined above. I will do my absolute best to live up to the standard she set and continue the work she has started, alongside my fellow Trustees of course.

We were sorry towards the end of 2023-24 to say goodbye to Shasta Ashraf and Zak McMurray as they stepped down from the Board. Zak had been with the Trusts for over a decade and provided hugely valuable insights from his work as a GP and NHS commissioner. Although Shasta had only been with us for a short time, she also made a real impact during her time with us. All three of them - Shasta, Zak and Mel - will be sorely missed. My heartfelt thanks go to each of them for their energy and commitment, and I wish them all the best for whatever their futures may hold.

I would also like to thank Gill Newman, who is the most incredible asset and support to us as Trustees. She goes above and beyond not just to help us and make our lives easier but also to ensure we do what’s best for the organisations which apply to us and, most importantly, for local people. Nothing we do as a charity would be possible without Gill’s tireless efforts.

We have made real progress in transforming The Talbot Trusts, but we are not complacent and we know that there is so much more to do. We will keep working hard to ensure that our funding ultimately goes to the people who need it most and that we are as supportive as we can be of the organisations they depend on.

Mike Sawkins

Chair of the Trusts

July 2024

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”

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

  2. All proposals eligible for a grant must address our priorities.

  3. Eligible organisations Applications are invited from the following types of organisations and groups

  4. Registered charities

  5. Non-profit-making organisations

  6. Community groups

  7. Grass roots organisations (maximum income of less than £10k per annum)

  8. Branches of National organisations who are financially independent

  9. Social Workers

Grants are not normally made to the following types of applicants:

Applications should fit the following criteria:

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.

• 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.

• 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.

4. 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 2024 was £86,267.

5. 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 developing a policy and framework to support ethical investing which will be based on UN Sustainability Development Goals which are relevant to The Talbot Trusts’ objects and priorities.

  5. The Trusts' Investment Manager is Investec Wealth & Investment Ltd, part of Rathbones Group.

6. EQUITY, DIVERSITY AND INCLUSION

Principles:

  1. To demonstrate our commitment to EDI, 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 provide grant funding to organisations whose beneficiaries collectively reflect the makeup of the communities we serve. To achieve this by actively working to attract applications from a diverse range of organisations and by prioritising those applications which specifically target people who are disadvantaged, marginalised, minoritised and discriminated against.

  5. To work in inclusive ways in developing an organisational culture that proactively promotes EDI.

  6. To consider EDI when setting and reviewing all other policies which have the potential to impact on our EDI work and/or disproportionately impact one particular group of people. This includes, but is not limited to, our Grants Policy/Funding Strategy and our investment policy, as part of a wider approach to ethical investing.

  7. To ensure the Trustees and Clerk are supported and trained in knowledge and skills to deliver our policy on EDI.

7. TRUSTEES

The Trusts are administered and managed by eight Trustees. The Trustees are coopted 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 31st March 2024:

Co-opted Trustees:

Dr M Sawkins (Chair) (appointed as Chair 07/09/2023)

Ms M Ashmore Mr J Farmer Mr S Caldwell Mrs S Poulter Dr J Stephenson (appointed 28/03/2024)

We have vacancies for two Trustees as at the end of March 2024.

7. CORRESPONDENCE

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

Analysis of Grants 2019/20 to 2023/24

Beneficiary 2019/20
£		 2020/21
£		 2021/22
£		 2022/23
£		 2023/24
£		 Total
£
Grants to Charities, CICs, Social Enterprises 82,338 113,518 94,854 67,533 66,627 358,243
Adult Health & Social Care 5,000 5,000 5,000 0 5,000 15,000
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 Food Bank Partnership
B Friend
Blend, Cook, Eat, Share
Bloom Sheffield
British Blind Sport
British Refugee Council
Cavendish Cancer Care
Children with Cystic Fybrosis Dream Holidays
Choice Housing Ltd
Clifton Learning Partnership
Community Education Adult Disabilities CIC
Darnall Dementia Trust
Darnall Wellbeing
Disability Sheffield
Dragons Academy cic
Family Voice Sheffield C.I.C.
Firvale Community Hub
Framework
Framework Housing Association
Freedom Community Project
Friends of Firth Park Community Allotments
Hadfield Institute
Homeless and Rootless at Christmas Sheffield
Hope Charity
Ignite Imaginations
Israac Somali Community Association
Just Works
Kickback Recovery Community CIO
Lansdowne TARA
LGBT Sheffield
Longley 4 Greens Association Ltd
Manor Community Transport
Meadowhead Christian Fellowship
MHA Communities South Yorkshire and Bassetlaw
Mobility Trust
Montgomery Theatre & Arts
Mums In Need
Mums United
New Hope Community Church
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 Opportunities College
Roundabout
Ruskin Mill TrustLtd
87,338 118,518 99,854 67,533 71,627 373,243
5,000
2,285
1,000
1,533
5,000
1,580
2,500
500
2,500
2,000
1,445
1,000
5,000
5,000
2,000
2,000		 1,500
10,000
1,500
1,500
13,750
1,500
1,500
15,000		 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
5,000
2,500
3,000
5,000		 0
2,500
0
0
0
2,500
0
0
0
2,500
0
0
2,500
2,500
1,978
2,500
195
2,500
2,500
1,000
2,500
2,000
2,500
500
2,000
2,500
2,500
2,500		 3,000
2,798
2,500
3,000
2,966
2,987
3,000
1,920
3,000
3,000
3,000
3,000
3,000
2,520		 5,000
5,000
2,500
2,285
2,000
4,992
5,500
1,000
5,580
1,500
5,000
10,000
3,000
1,533
5,000
4,466
1,580
2,987
3,000
750
3,000
2,500
5,000
1,920
3,000
4,000
2,500
1,000
3,000
1,978
13,750
2,500
1,800
3,000
5,000
4,600
2,000
195
2,500
2,500
1,000
2,500
3,000
500
3,830
12,000
2,000
3,000
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
2,520
15,000
2,000

Analysis of Grants 2019/20 to 2023/24 (cont'd)

Beneficiary 2019/20
£		 2020/21
£		 2021/22
£		 2022/23
£		 2023/24
£		 Total
£
S20 Food Bank
SADACCA (Sheffield and District African Caribbean Community Association)
Saffron Sheffield
SAGE Support Arts Gardening Education
SHARE Psychotherapy
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 Fund
Sheffield Flourish
Sheffield Mencap
Sheffield MIND
Sheffield Samaritans
Sheffield Stroke Survivors
Sheffield Wildlife Trust
Sheffield Working Womens Opportunities Project
Sheffield Yoga for ME/CFS
South Yorkshire Chaplaincy and Listening Service (SYCLS)
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
Sunday Centre
Survive, Strive, Thrive
The Bare Project
The Blanket Fort Club
The Family Works
The Forest Academy
The Reconnect Education Project CIC
The Snowdrop Project
Tickets for Good Foundation Ltd
Together for Sheffield
United Women Affiliation Charity
Vida Sheffield
Wellchild
Westwood 2015 Ltd
Woodthorpe Development Trust - All About You
Your Future Education CIO
Grants to Charities, CICs, Social Enterprises - Total		 5,000
1,400
5,000
2,000
2,000
5,000
2,500
2,500
2,500
5,000
1,000
2,000
1,600
1,995
2,500		 15,000
15,000
1,500
14,768
1,500
15,000
1,500
1,500
1,500		 5,000
2,500
2,000
1,000
5,000
3,000
2,000
5,000
3,500
2,000
3,600		 2,000
2,500
2,500
2,500
2,400
2,500
2,500
2,500
1,960
1,000
2,500
2,500		 3,000
2,996
3,000
3,000
2,940
3,000
3,000
3,000
3,000		 2,000
5,000
17,500
10,500
16,400
1,500
2,000
2,500
5,000
3,000
2,500
5,000
14,768
1,500
2,000
3,000
2,400
2,000
2,996
20,000
5,000
4,000
2,500
3,500
2,500
2,500
9,500
1,500
3,000
1,960
2,000
2,940
3,000
1,000
3,000
8,000
1,000
2,500
2,500
3,000
2,000
5,200
1,995
2,500
82,338 113,518 94,854 67,533 66,627 424,870

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 2024

Charity Commission Number : 221356

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 2024

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: Dr M Sawkins – Chair Mr S Caldwell Mrs M Ashmore Mr J Farmer Mrs S Poulter Dr J Stephenson

Bankers

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

Independent examiner

S L Bladen 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 2024

The trustees annual report was approved by the trustees on 1 July 2024 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 2024 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.

S L Bladen Partner Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD

1 July 2024

3

The Talbot Trusts

Statement of financial activities

For the year ended 31st March 2024


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
Other recognised gains/(losses)
- Realised (losses)/gains
- Unrealised (losses)
- Investment management charges
Net movement in funds
Fund balances brought forward at 1st April 2023
Fund balances carried forward at 31st March 2024		 Unrestricted
Total funds
2024
£
83,631
921
84,552
71,627
9,207
80,834
3,718
(26,075)
(15,580)
(14,327)
(52,264)
1,997,462
1,945,198		 Unrestricted
Total funds
2023
£
90,183
59
90,242
67,533
7,336
74,869
15,373
4,777
(177,620)
(15,599)
(173,069)
2,170,531
1,997,462

4

The Talbot Trusts

Balance sheet as at 31st March 2024

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
2024
£
1,826,845
86,267
42,831
129,098
10,745
118,353
1,945,198
1,945,198		 Total funds
2023
£
1,918,975
74,024
6,683
80,707
2,220
78,487
1,997,462
1,997,462

Approved by the Board of Trustees on 1 July 2024 and signed on its behalf by:

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

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

5

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2024

1. Accounting policies

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
Travel and Conference Fees		 2024
£
71,627
2024
£
6,000
2,280
10
648
189
80
9,207		 2023
£
67,533
2023
£
4,600
2,220
5
221
290
-
7,336

3. Management and administration of the charity

4. Quoted investments

Quoted investments
Market value at 1st April 2023
Additions
Disposals
Net unrealised investment losses
Market value at 31st March 2024
Historical cost at 31st March 2024		 Total
£
1,918,975
673,229
(749,779)
(15,580)
1,826,845
1,605,194

6

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2024 (continued)

5.
Debtors
Income tax recoverable
6.
Creditors
Accruals		 2024
2023
£
£
-
-
10,745
2,220

7

The Talbot Trusts

Schedule of investments at 31st March 2024

and income received thereon for the year ended on that date

TALBOT TRUST FUND
M&G Charibond
0 (sold 120000 income units 23.11.23)
Jupiter UT Gbl Dynamic
0 (sold 6500 23.11.23)
Premier Portfolio PM UK Mlti Cap Inc B Instl
20,000
Blackrock Fm Ltd Charities UK Bond A GBP
0 (111,801.60 Income Units sold 23.11.23)
Diverse Income Tru Ord
25,000
BP
7,000 US$0.25 Ord shares (sold 4,080 13.09.23)
Rio Tinto
750 £0.10 Ord shares
Diageo
1,000 £0.28 £1.01/£1.08 Ord shares
Unilever Plc
1000 Ord Shares (sold 250 13.09.23)
Astrazeneca
275 US$0.25 Ord Shares
BMO Commercial Prop Tst
65,000
Vodafone Group
10,000 $0.11428571 Ord
SSE Plc
2,000 £0.50 Ord shares (sold 825 13.09.23)
Link Fund Sol Ltd Capita Trojan X Dis
35,000
Carried forward		 Cost
£
-
-
32,593
-
16,024
40,161
20,649
6,557
15,829
7,689
73,216
21,067
24,581
35,539

293,905		 Market
Value
£
-
-
34,600
-
21,400
34,701
37,631
29,273
39,753
29,373
52,878
7,046
33,005
44,926

364,586		 Interest and
dividends
received
£
3,600
2,195
1,831
5,031
1,038
1,573
2,561
802
1,485
626
3,432
771
1,754
534
27,233

8

The Talbot Trusts

Schedule of investments at 31st March 2024

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

TALBOT TRUST FUND
Brought forward
Legal & General Group Plc
10,000 £0.025 Ord shares
Anglo American
700 USD (purchased 350 14.09.23)
Warehouse Reit Plc
22,293 Ord GBP 0.01
Vanguard Funds Plc S&P 500 Ucits Etf USD
Dis
500
Royal London Utm Sterl Credt Instl Inc Z GBP
0 (sold 135,000 23.11.23)
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
MI Chelverton UK Equity Inc
50,000 shares
Bbgi Sicav S.a.
20,000
Carried forward		 Cost
£
293,905
20,164
18,292
22,885
20,506
-
90,405
66,852
38,049
72,825
20,025
36,882
20,890

721,680		 Market
Value
£
364,586
25,435
13,663
18,425
39,359
-
100,561
97,165
31,025
164,514
26,150
50,039
25,960

956,882		 Interest and
Dividends
Received
£
27,233
2,034
532
1,427
445
6,246
4,237
3,659
2,033
3,727
1,060
2,907
1,680
57,220

9

The Talbot Trusts

Schedule of investments at 31st March 2024 and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
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
Aberdeen Oeic Glb Link
0 (purchased 45,000 14.09.23, sold 75,000 23.11.23)
HICL Infrastructure
32,000
Murray Intl Trust Ord GBP0.25
15,000 (sold 5,000 13.9.23)
Morgan Stanley Mgmt EMG Mkts Debt Opps S GBP
4,000
Bellevue Healthcare Redeemable Ord
40,000 (sold 15.12.23)
Hipgnosis Songs Fu Ord Npv
20,000
Aviva Ord GBP0.25
Gemcap Investment Ahfm Structured Products
65,000(purchased 14.09.23)
M&G Global Div Fd
32,000 (purchased 15.12.23)
Carried forward		 Cost
£
721,680
10,806
32,130
26,411
-
52,102
34,179
41,315

-
24,235
24,660
75,279
41,325

1,084,122		 Market
Value
£
956,882
13,964
26,856
26,150
-
40,384
37,313
34,800
-
13,790
29,790
78,332
43,795

1,302,056		 Interest and
Dividends
Received
£
57,220
1,060
1,688
2,615
615
1,835
1,725
3,050
2,492
526
2,004
1,530
1,340
77,700

10

The Talbot Trusts

Schedule of investments at 31st March 2024 and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
UK (Govt of) 4.125% Bds
130,000 (purchased 27.11.23)
UK (Govt of) 4.25% Snr
130,000 (purchased 27.11.23)
UK (Govt of) 4.5% Snr
130,000 (purchased 27.11.23)
UK (Govt of) 5% Snr
130,000 (purchased 27.11.23)		 Cost
£
1,084,122
129,221
130,184
131,271
130,396
1,605,194		 Market
Value
£
1,302,056
130,059
131,530
132,867
130,333
1,826,845		 Interest and
Dividends
Received
£
77,700
2,681
-
-
3,250
83,631

11

The Talbot Trusts

Schedule of grants

For the year ended 31st March 2024

Survive, Strive, Thrive
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
Bags of Taste
Bloom Sheffield
Cavendish Cancer Care
Choice Housing Ltd
Darnall Dementia Trust
Dragons Academy C.I.C
Family Voice Sheffield C.I.C
Ignite Imaginations
MHA Communities South Yorkshire and Bassetlaw
New Hope Community Church
Rotherham Opportunities College
South Yorkshire Chaplaincy and Listening Service (SYCLS)
Sunday Centre
The Blanket Fort Club
The Family Works
The Reconnect Education Project CIC
The Snowdrop Project
Vida Sheffield
Manor Community Transport
S20 Food Bank
The Forest Academy
PACES
Open Kitchen Social Club
LGBT Sheffield
B Friend
SAVTE
Rationale Arts
Together for Sheffield		 2024
£
-
-
3,000
-
-
-
-
-
3,000
-
-
-
3,000
-
-
3,000
2,798
3,000
2,966
2,987
3,000
1,920
3,000
3,000
3,000
3,000
2,520
2,996
3,000
2,940
3,000
3,000
3,000
3,000
-
-
-
-
-
-
2,500
-
-
-
66,627		 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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,000
2,000
1,000
2,000
2,500
2,500
2,500
2,500
2,500
2,500
54,938

12

The Talbot Trusts

Schedule of grants (continued)

For the year ended 31st March 2024

Brought forward
ROSHNI
Longley 4 Greens Association
SWWOP
Firvale Community Hub
Lansdowne TARA
Sheffield Flourish
Sheffield City Council		 2024
£
66,627
-
-
-
-
-
-
5,000
71,627		 2023
£
54,938
2,500
2,500
2,400
2,500
195
2,500
67,533

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 2024

Charity Commission Number : 221356

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 2024

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: Dr M Sawkins – Chair Mr S Caldwell Mrs M Ashmore Mr J Farmer Mrs S Poulter Dr J Stephenson

Bankers

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

Independent examiner

S L Bladen 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 2024

The trustees annual report was approved by the trustees on 1 July 2024 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 2024 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.

S L Bladen Partner Hawsons Chartered Accountants Pegasus House 463a Glossop Road Sheffield S10 2QD

1 July 2024

3

The Talbot Trusts

Statement of financial activities

For the year ended 31st March 2024


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
Other recognised gains/(losses)
- Realised (losses)/gains
- Unrealised (losses)
- Investment management charges
Net movement in funds
Fund balances brought forward at 1st April 2023
Fund balances carried forward at 31st March 2024		 Unrestricted
Total funds
2024
£
83,631
921
84,552
71,627
9,207
80,834
3,718
(26,075)
(15,580)
(14,327)
(52,264)
1,997,462
1,945,198		 Unrestricted
Total funds
2023
£
90,183
59
90,242
67,533
7,336
74,869
15,373
4,777
(177,620)
(15,599)
(173,069)
2,170,531
1,997,462

4

The Talbot Trusts

Balance sheet as at 31st March 2024

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
2024
£
1,826,845
86,267
42,831
129,098
10,745
118,353
1,945,198
1,945,198		 Total funds
2023
£
1,918,975
74,024
6,683
80,707
2,220
78,487
1,997,462
1,997,462

Approved by the Board of Trustees on 1 July 2024 and signed on its behalf by:

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

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

5

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2024

1. Accounting policies

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
Travel and Conference Fees		 2024
£
71,627
2024
£
6,000
2,280
10
648
189
80
9,207		 2023
£
67,533
2023
£
4,600
2,220
5
221
290
-
7,336

3. Management and administration of the charity

4. Quoted investments

Quoted investments
Market value at 1st April 2023
Additions
Disposals
Net unrealised investment losses
Market value at 31st March 2024
Historical cost at 31st March 2024		 Total
£
1,918,975
673,229
(749,779)
(15,580)
1,826,845
1,605,194

6

The Talbot Trusts

Notes to the accounts

For the year ended 31st March 2024 (continued)

5.
Debtors
Income tax recoverable
6.
Creditors
Accruals		 2024
2023
£
£
-
-
10,745
2,220

7

The Talbot Trusts

Schedule of investments at 31st March 2024

and income received thereon for the year ended on that date

TALBOT TRUST FUND
M&G Charibond
0 (sold 120000 income units 23.11.23)
Jupiter UT Gbl Dynamic
0 (sold 6500 23.11.23)
Premier Portfolio PM UK Mlti Cap Inc B Instl
20,000
Blackrock Fm Ltd Charities UK Bond A GBP
0 (111,801.60 Income Units sold 23.11.23)
Diverse Income Tru Ord
25,000
BP
7,000 US$0.25 Ord shares (sold 4,080 13.09.23)
Rio Tinto
750 £0.10 Ord shares
Diageo
1,000 £0.28 £1.01/£1.08 Ord shares
Unilever Plc
1000 Ord Shares (sold 250 13.09.23)
Astrazeneca
275 US$0.25 Ord Shares
BMO Commercial Prop Tst
65,000
Vodafone Group
10,000 $0.11428571 Ord
SSE Plc
2,000 £0.50 Ord shares (sold 825 13.09.23)
Link Fund Sol Ltd Capita Trojan X Dis
35,000
Carried forward		 Cost
£
-
-
32,593
-
16,024
40,161
20,649
6,557
15,829
7,689
73,216
21,067
24,581
35,539

293,905		 Market
Value
£
-
-
34,600
-
21,400
34,701
37,631
29,273
39,753
29,373
52,878
7,046
33,005
44,926

364,586		 Interest and
dividends
received
£
3,600
2,195
1,831
5,031
1,038
1,573
2,561
802
1,485
626
3,432
771
1,754
534
27,233

8

The Talbot Trusts

Schedule of investments at 31st March 2024

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

TALBOT TRUST FUND
Brought forward
Legal & General Group Plc
10,000 £0.025 Ord shares
Anglo American
700 USD (purchased 350 14.09.23)
Warehouse Reit Plc
22,293 Ord GBP 0.01
Vanguard Funds Plc S&P 500 Ucits Etf USD
Dis
500
Royal London Utm Sterl Credt Instl Inc Z GBP
0 (sold 135,000 23.11.23)
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
MI Chelverton UK Equity Inc
50,000 shares
Bbgi Sicav S.a.
20,000
Carried forward		 Cost
£
293,905
20,164
18,292
22,885
20,506
-
90,405
66,852
38,049
72,825
20,025
36,882
20,890

721,680		 Market
Value
£
364,586
25,435
13,663
18,425
39,359
-
100,561
97,165
31,025
164,514
26,150
50,039
25,960

956,882		 Interest and
Dividends
Received
£
27,233
2,034
532
1,427
445
6,246
4,237
3,659
2,033
3,727
1,060
2,907
1,680
57,220

9

The Talbot Trusts

Schedule of investments at 31st March 2024 and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
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
Aberdeen Oeic Glb Link
0 (purchased 45,000 14.09.23, sold 75,000 23.11.23)
HICL Infrastructure
32,000
Murray Intl Trust Ord GBP0.25
15,000 (sold 5,000 13.9.23)
Morgan Stanley Mgmt EMG Mkts Debt Opps S GBP
4,000
Bellevue Healthcare Redeemable Ord
40,000 (sold 15.12.23)
Hipgnosis Songs Fu Ord Npv
20,000
Aviva Ord GBP0.25
Gemcap Investment Ahfm Structured Products
65,000(purchased 14.09.23)
M&G Global Div Fd
32,000 (purchased 15.12.23)
Carried forward		 Cost
£
721,680
10,806
32,130
26,411
-
52,102
34,179
41,315

-
24,235
24,660
75,279
41,325

1,084,122		 Market
Value
£
956,882
13,964
26,856
26,150
-
40,384
37,313
34,800
-
13,790
29,790
78,332
43,795

1,302,056		 Interest and
Dividends
Received
£
57,220
1,060
1,688
2,615
615
1,835
1,725
3,050
2,492
526
2,004
1,530
1,340
77,700

10

The Talbot Trusts

Schedule of investments at 31st March 2024 and income received thereon for the year ended on that date (continued)

TALBOT TRUST FUND
Brought forward
UK (Govt of) 4.125% Bds
130,000 (purchased 27.11.23)
UK (Govt of) 4.25% Snr
130,000 (purchased 27.11.23)
UK (Govt of) 4.5% Snr
130,000 (purchased 27.11.23)
UK (Govt of) 5% Snr
130,000 (purchased 27.11.23)		 Cost
£
1,084,122
129,221
130,184
131,271
130,396
1,605,194		 Market
Value
£
1,302,056
130,059
131,530
132,867
130,333
1,826,845		 Interest and
Dividends
Received
£
77,700
2,681
-
-
3,250
83,631

11

The Talbot Trusts

Schedule of grants

For the year ended 31st March 2024

Survive, Strive, Thrive
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
Bags of Taste
Bloom Sheffield
Cavendish Cancer Care
Choice Housing Ltd
Darnall Dementia Trust
Dragons Academy C.I.C
Family Voice Sheffield C.I.C
Ignite Imaginations
MHA Communities South Yorkshire and Bassetlaw
New Hope Community Church
Rotherham Opportunities College
South Yorkshire Chaplaincy and Listening Service (SYCLS)
Sunday Centre
The Blanket Fort Club
The Family Works
The Reconnect Education Project CIC
The Snowdrop Project
Vida Sheffield
Manor Community Transport
S20 Food Bank
The Forest Academy
PACES
Open Kitchen Social Club
LGBT Sheffield
B Friend
SAVTE
Rationale Arts
Together for Sheffield		 2024
£
-
-
3,000
-
-
-
-
-
3,000
-
-
-
3,000
-
-
3,000
2,798
3,000
2,966
2,987
3,000
1,920
3,000
3,000
3,000
3,000
2,520
2,996
3,000
2,940
3,000
3,000
3,000
3,000
-
-
-
-
-
-
2,500
-
-
-
66,627		 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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,000
2,000
1,000
2,000
2,500
2,500
2,500
2,500
2,500
2,500
54,938

12

The Talbot Trusts

Schedule of grants (continued)

For the year ended 31st March 2024

Brought forward
ROSHNI
Longley 4 Greens Association
SWWOP
Firvale Community Hub
Lansdowne TARA
Sheffield Flourish
Sheffield City Council		 2024
£
66,627
-
-
-
-
-
-
5,000
71,627		 2023
£
54,938
2,500
2,500
2,400
2,500
195
2,500
67,533

13