Talbot Village Trust Financial Statements Year Ended 31 December 2021
Charity registration number: 249349
Talbot Village Trust
Financial Statements
Year Ended 31 December 2021
| Contents | |
|---|---|
| Page | |
| Charity Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2 - 9 |
| Independent Auditor’s Report | 10 - 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 - 31 |
Talbot Village Trust
Charity Reference and Administrative Details
Year Ended 31 December 2021
| Charity registration number | 249349 | |
|---|---|---|
| Trustees | The 12thEarl of Shaftesbury, | Chairman |
| Sir Christopher James Lees Bart | ||
| Sir Thomas Michael John Salt Bart (resigned 11 November 2021) | ||
| Cecilia Bufton (appointed 6 March 2022) | ||
| James Randolf Gibson Fleming Esq | ||
| Mary Riall (appointed 11 November 2021) | ||
| Russell Lucas Rowe Esq (resigned 26 February 2022) | ||
| Sir George William Owen Tapps Gervis Meyrick Bart | ||
| Auditor | Daniel Tout FCA | |
| PKF Francis Clark | ||
| Towngate House | ||
| 2 – 8 Parkstone Road | ||
| Poole | ||
| BH15 2PW | ||
| Clerk | Ms L Watson-Cook | |
| Lester Aldridge LLP | ||
| Russell House | ||
| Oxford Road | ||
| Bournemouth | ||
| BH8 8EX | ||
| Head of Philanthropy | Caroline Cooban (appointed | 21 March 2022) |
| Solicitor | Lester Aldridge | |
| Russell House | ||
| Oxford Road | ||
| Bournemouth | ||
| BH8 8EX | ||
| Bankers | Barclays Bank Plc | |
| Lloyds Bank Plc | ||
| Investment managers | Rathbone Investment Management Ltd | |
| 1 Curzon Street | ||
| London | ||
| W1J 5FB | ||
| Other Advisors | Savills (UK) Limited | |
| Website | www.talbotvillagetrust.org.uk |
1
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
Chair’s Statement
Talbot Village Trust is the legacy of two sisters – Misses Georgina Charlotte and Mary Anne Talbot and today is a major benefactor in south east Dorset. The Trustees are committed to helping make a better life for all in the local community but focus their support on disadvantaged and vulnerable people, across disability issues, educational & employment opportunities and societal challenges.
The Talbot sisters’ legacy originated with the development of Talbot Village in the nineteenth century – a community of alms houses, cottages, school and land which remain in full use today, with common areas including woodland and Talbot Heath open and maintained for the public to enjoy.
The Trust has maintained a range of community support initiatives throughout the year, including maintenance of the heathland and woodland for public access and safety, support for St Mark’s Church, St Mark’s School and the University Chaplaincy service.
The Trust achieved its aim of awarding over £1m towards charitable causes during the year under the headings of church, community, education and youth. In total, 66 organisations were granted over £1.25m helping to address the range of needs across our area of benefit. The challenges of the ongoing Covid19 pandemic continued to disrupt many frontline services with a number of the awardees having to adjust their services or plans in the short term, temporarily delaying a drawdown of funds.
The Trustees have carried forward their plans to clarify and consolidate their strategy for charitable giving. Completing the work commenced in 2020, Ten Years’ Time , an independent specialist in philanthropy, reported on the outcomes of their review into the issues facing the region looking ahead to Dorset 2050, to better understand evolving local needs and how the Trust’s giving can be more impactful. This has led to a number of exciting developments for the Trust including (i) a commitment to invest £300K in more strategic projects as a way to develop more ambitious and bolder forms of giving (ii) broadening the skills base of the Board by recruiting trustees with expertise in charitable giving (iii) the appointment of a new Head of Philanthropy in March 2022 to help shape strategy and work in closer partnership with stakeholders to maximise the impact of grants for beneficiaries.
Objectives and activities
The Trust’s powers are set out in a Scheme approved by the Charity Commissioners on 14th November 1995. The Charity is grant making with grants being made to suitable organisations in accordance with the Trust's objectives. Funds are distributed to other charitable bodies, churches, schools and related groups for projects which support youth, the elderly and the disadvantaged. The Trust’s objects restrict giving to what is now the historic Boroughs of Bournemouth, Christchurch and Poole and the Districts of East Dorset and Purbeck.
The Trustees have prepared a five-year rolling plan which is annually reviewed, through which they keep under review their constitutional and administrative structures and responsibilities. The main elements of this plan are the Charity's ongoing objective to maintain a consistent level of giving, taking into account their annual income and other financial commitments. The current aim is to make grants amounting to an average of £1,000,000 per annum in addition to the regular charitable support of St. Mark's Church, St. Mark's School, the University Chaplaincy and others.
The Trust will continue to explore ways in which its assets can be used to expand its charitable activities including active participation in the Talbot Project, an initiative to develop the land assets adjacent to the conservation area of the historic Talbot Village to provide a significant positive impact. The Talbot Project offers the potential to deliver long term economic and employment benefits for the region as well as protecting the Talbot heathland.
All of the Trust’s donations are financed from income reserves.
2
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
The Trustees are mindful of the need to adopt a prudent approach to both investment policy and grant making to ensure the charity prospers in the longer term and seeks to achieve a balance of appropriate reserves and impactful giving. The Trust has significant restricted funds which the Trustees will deploy on suitable projects when these can be identified.
The Trustees prepare an annual Risk Assessment and they, and the Trust’s advisers, are monitoring closely the impact of ongoing market uncertainty on the Trust’s income, both rental and dividend income. Presently the Trustees believe the short to medium term impact on liquidity will not affect the ability of the Trust to fulfil its aims and commitments.
Achievements and performance
The Trust continues to own and manage land and cottages at Talbot Village, Bournemouth which was part of the original endowment. It is the Trust’s policy to maintain and preserve the Village to a good standard. The cottages are allocated to those on a waiting list on a ‘needs based’ approach. The Trust’s policy is to let the cottages at 80% of market rental.
The rollout of a Planned Preventative Maintenance programme ensures that properties receive appropriate levels of maintenance and are kept in good repair.
The Trust owns a significant acreage of development land neighbouring the conservation area of the historic Talbot Village. In consultation with local stakeholders the Trustees have participated in a process which has led to the adoption of a Master Plan, which will form the basis of future planning and development.
Apart from planning and development matters the focus of the Trust’s deliberations continues to be the work it undertakes as one of the principal grant giving charities in South East Dorset.
During the course of 2021 the Trustees donated £1,254,733 (2020: £2,113,058), there were lapsed donations and prior year amendments of (£277,649) (2020: £60,362), to local charitable causes in accordance with their objectives and policies, referred to in Trust Objectives and activities on pages 2-3.
A total of £300k was committed to three new initiatives to address key societal issues, as identified through the Ten Years’ Time report, specifically around mental health provision, tackling educational exclusion and promoting climate action.
The case studies below show the breadth of charitable ventures which the Trust supports:-
Planet Purbeck
The core aim of Planet Purbeck is to raise awareness and support actions to improve the environment. The Planet Purbeck Festival launched in September 2021. It is run by the community for the community. Over the course of the week more than 209 individual events/activities were hosted by the supporters across 9 locations in Purbeck including Wareham, Swanage and Corfe. Over 2,000+ people attended festival events attracting more than 3,000 followers on social media and a mailing list. An initial survey of attendees reported that 85% of people said that attending the festival inspired them to make a change to their own behaviour or lifestyle that will positively impact the planet.
3
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
The Trustees were delighted to support the inaugural festival with a donation of £23k allowing the organisers to run an event of this scale. The aim is for the community to build on projects that were generated through the festival e.g. pledges to recycle more, reduce carbon footprint, plant trees and rewild areas.
Somerford Youth and Community Centre, Christchurch
The trustees were delighted to support Somerford Youth and Community Centre, Christchurch, towards the costs of converting a disused garage in the carpark into a new unit to run workshops and training programmes for young people. The grant of £45k will allow the Centre to accommodate existing work but also open up further income generating opportunities.
4
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
Crumbs
The charity provides disability training for adults with learning difficulties to gain catering and other preemployment skills. Traditionally all teaching has been classroom-based but this had to move online due to the pandemic. A donation of £5k was made to upgrade the existing IT equipment to support both classroom and online training, permitting training for up to 40 people rather than the existing 30 at any one session.
Dorset Children’s Foundation
The charity is dedicated to improving the lives of local children with disabilities. A grant of £28k was provided towards the costs of purchase of up to 50 buggies for use by families when visiting off-road locations such as beaches and parks. The scheme works on a loan basis so that families can return the buggy for re-use when the child outgrows it.
Faithworks’ Wessex
The Trust donated £8k as a contribution to repair a leaking roof and undertake key electrical and heating work on the annex of the Destiny Life Church in West Howe. The church annex is key component of the Faithworks’ ‘Storehouse’ project, part of the ‘Stay off the Streets’ campaign supporting the charity’s homelessness work.
Grounded Community
Grounded Community and volunteers have been working in Boscombe as a community entity for over 6 years, with the aim of giving community access to healthy, nutritious food. The Trust offered a grant of £14k to support improvements to one of their areas - a hub garden behind a local church, to provide a community classroom, undercover space with kitchen, pizza oven, irrigation & pond filtering and a solar power upgrade. In addition to providing education on growing produce and food preparation skills, this work provides a major opportunity for the community to learn about their local environment.
Poole Hospital Charity (Gully’s Place)
The Trust granted £12.5k towards the cost of an upgrade of ‘Gully’s Place’ which is a dedicated suite at the hospital offering a safe and private place for children (usually up to age 16) and families to receive treatment and be together with specialist support on hand. The suites have kitchen and bathroom facilities. Patients typically have received a diagnosis of a life limiting illness and will be moving to ‘step down’ care. The grant has been used to maintain the ‘home from home’ feel.
5
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
Winton Primary School
Winton Primary School was awarded £10k to purchase new playground equipment. The school has around 20% of the 823 children on the school roll with English as an additional language. The trustees were delighted to make this donation as play represents a great way for children to learn and socialise with each other.
Trustees of the charity
The Trustees who have served during the year and since the year end were as follows:
The 12[th] Earl of Shaftesbury, Chairman Sir Christopher James Lees Bart Sir Thomas Michael John Salt Bart (resigned 11 November 2021) Cecilia Bufton (appointed 6 March 2022) James Randolf Gibson Fleming Esq Mary Riall (appointed 11 November 2021) Russell Lucas Rowe Esq (resigned 26 February 2022) Sir George William Owen Tapps Gervis Meyrick Bart
The Trustees act in an entirely voluntary capacity and their roles are unpaid. The Trustees of the charity are also Trustees of The Talbot Village Almshouses Trust.
Public benefit statement
The Trustees have had due regard to public benefit when planning the charity's activities, in accordance with the Charity Commission's Guidance on Public Benefit.
The paragraphs above set out the Trust’s activities, achievements and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through the making of grants to appropriate charities and institutions, and by the provision of housing for the elderly, disabled and needy, including students. These benefits are directly related to the aims of the charity and are fully compliant with the Charity Commission Principles on Public Benefit.
6
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
Financial review (including reserves policy)
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: 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.
During 2021 the Trust’s financial advisers continued to actively manage the Trust's invested funds in accordance with the Trust’s policy of trying to achieve a fair balance between capital growth and income.
Day to day management of the investments is delegated by the Trustees to the Trust's brokers, Rathbone Investment Management Limited, and their performance is monitored by the Investment Committee noted below.
The capital value of the Trust’s invested securities increased from £53,690,955 to £60,951,854 which reflects the additional investments made and an improvement in world stock markets during the course of the year.
Total income for the year was £2,819,181 (2020: £3,016,793). Of the total income, £1,088,534 (2020: £1,057,558) was generated from the Trust’s invested funds.
Within the remaining balance of £1,730,647 (2020: £1,959,235) the sum of £1,727,602 (2020: £1,914,176) is attributable to rental income from, in particular, schemes which the Trust has jointly undertaken with Bournemouth University, Anchor Hanover Housing Association and Ability (in each case, in furtherance of the Trust’s charitable objects).
The Trust's investments have achieved an average yield of 1.90% in 2021 (2020: 2.04%) which is consistent with the policy adopted by the Trustees at their meeting in May 2005 and updated annually at the May Trustees’ meeting.
The Trustees' policy is to regard their accumulated income fund as a reserve to finance any infrastructure it might decide to install on the land in its possession, and to act as a cushion for any fluctuations in income in order to maintain a consistent level of giving and to meet any exceptional requests for charitable assistance. Unrestricted undesignated reserves were £14,018,814 at the year-end which the Trustees consider is more than sufficient.
Designated funds as detailed in note 16 were £11,078,060 at the year end and the permanent endowment fund which is linked to a specific investment portfolio was £49,625,080. Total funds at the year-end were £74,721,954 (2020: £67,460,018).
The Trustees are satisfied that the charity’s assets attributable to each of its individual funds are adequate and available to fulfil its obligations.
7
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
Structure, governance and management
The Chairman is responsible for overseeing the day to day management and administration undertaken by the Executive.
As part of an ongoing review process, the Trustees undertook a number of key actions during 2021 to clarify and enhance governance and assurance processes. This included: (i) the Trust scheme was updated providing for a modern set of powers including a clear set of delegations; (ii) plans to establish a broader Committee structure were agreed, adding two new Committees to the current Finance and Investment Committee and Planning Committee structure; (iii) new policies have been set in place (iv) expanded the Board up to 8 members in addition to refining the terms of office.
There are two general meetings of the Trust each year. Special meetings are arranged when appropriate.
Trustees undertake an annual review of the major risks to which the Trust is exposed and the procedures currently in place to mitigate these. The management of these and any other risks will be kept under annual review.
The Trustees have a strategy which comprises:
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An annual review of the principal risks and uncertainty that the charity faces;
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The establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and
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The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
This work has identified financial, management and compliance as areas of risk however due to the Trustees’ conservative investment policy and use of specialist external advisors it is felt that these risks can be effectively managed.
The Talbot Village Almshouses Trust and the Talbot Village Educational Foundation are connected charities by virtue of the fact that they are supported by Talbot Village Trust. The Trustees of Talbot Village Trust are also Trustees of the Talbot Village Almshouses Trust and the Talbot Village Educational Foundation (unregistered charity).
The Trustees keep under review any gaps in the range of skill sets present on the Board and recruit for specific areas of experience and expertise keeping in mind the need to meet diversity in all its forms. All new Trustees are provided with the Trustees Handbook, which includes the Charity Commission Schemes and policy documents, together with other important documents including the Charity Commission publication "The Essential Trustee". New trustees are also invited to tour Talbot village and its environs as part of their induction.
The Trustees are kept up to date of their responsibilities by the Clerk to the Trust and other professional advisers as appropriate.
Pay Policy
The Trustees give their time freely and receive no remuneration and details of any Trustees’ expenses are disclosed in the notes to the accounts.
Staff pay is reviewed annually at the Trustees’ discretion and is based on factors such as inflation and comparable pay levels within the marketplace.
Investment powers
The Trust is subject to the provisions of the Trustee Act 2000.
8
Talbot Village Trust
Trustees’ Annual Report
Year Ended 31 December 2021
Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board
The 12[th] Earl of Shaftesbury, Chairman
Date: 13 May 2022
9
Talbot Village Trust
Independent Auditor’s Report
Year Ended 31 December 2021
Independent Auditor’s Report to the Trustees of Talbot Village Trust
Opinion
We have audited the financial statements of Talbot Village Trust for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its results for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
10
Talbot Village Trust
Independent Auditor’s Report
Year Ended 31 December 2021
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the financial statements.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 9, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.
11
Talbot Village Trust
Independent Auditor’s Report
Year Ended 31 December 2021
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
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Enquiries of management and trustees regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
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Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
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Discussed with management if any health and safety incidents have been recorded during the year.
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Review of the GDPR policy and enquiries to management as to the occurrence of any reportable breaches.
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Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
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Reviewed Board minutes.
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Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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Reviewed estimates and judgements made in the accounts for any indication of bias.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the Trustees those matters we are required to state to Trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
PKF Francis Clark, Statutory Auditor Towngate House 2 – 8 Parkstone Road Poole BH15 2PW
Date: 24 May 2022
PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
12
Talbot Village Trust
Statement of Financial Activities
Year Ended 31 December 2021
| Note Income and endowments from: Investments 2 Other 3 Total income and endowments Expenditure on: Charitable activities 4 Total expenditure Net gains / (losses) on investments 12 Net income / (expenditure) Transfers between funds 16 Net movement in funds 16 Reconciliation of funds: Total funds brought forward 16 Total funds carried forward 16 |
Unrestricted funds Endowment funds 2021 Total 2020 Total £ £ £ £ 2,816,139 - 2,816,139 2,971,733 3,042 - 3,042 45,060 |
|---|---|
| 2,819,181 - 2,819,181 3,016,793 2,793,508 - 2,793,508 3,781,919 |
|
| 2,793,508 - 2,793,508 3,781,919 2,909,463 4,326,800 7,236,263 2,222,045 |
|
| 2,935,136 4,326,800 7,261,936 1,456,919 (256,394) 256,394 - - |
|
| 2,678,742 4,583,194 7,261,936 1,456,919 22,418,132 45,041,886 67,460,018 66,003,099 |
|
| 25,096,874 49,625,080 74,721,954 67,460,018 |
All income and expenditure derive from continuing activities.
The notes on pages 16 to 31 form part of these financial statements.
13
Talbot Village Trust
Balance Sheet
Year Ended 31 December 2021
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Concessionary loans 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Net assets Charity Funds Permanent endowment fund 16 Unrestricted general fund 16 Unrestricted designated fund 16 Total charity funds 16 |
2021 £ 12,235,240 60,951,854 73,187,094 1,022,000 140,085 2,205,692 3,367,777 1,832,917 1,534,860 74,721,954 49,625,080 14,018,814 11,078,060 74,721,954 |
2020 £ 12,235,240 53,690,955 |
|---|---|---|
| 65,926,195 1,047,000 325,785 1,944,431 |
||
| 3,317,216 1,783,393 |
||
| 1,533,823 | ||
| 67,460,018 | ||
| 45,041,886 12,803,818 9,614,314 |
||
| 67,460,018 |
The financial statements were approved and authorised for issue by the Board.
Signed on behalf of the board of Trustees
The 12[th] Earl of Shaftesbury, Chairman
Date: 13 May 2022
The notes on pages 16 to 31 form part of these financial statements.
14
Talbot Village Trust
Statement of Cash Flows
Year Ended 31 December 2021
| Note Cash flow from operating activities 18 Cash flow from investing activities Net (payments to acquire)/receipts from sales of tangible fixed assets Net (payments to acquire)/ receipts from sales of investments Net cash flow from investing activities Cash flow from financing activities Receipts from repayment of concessionary loans Net cash flow from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Cash and cash equivalents consists of: Cash at bank and in hand Short term deposits Cash and cash equivalents at 31 December The notes on pages 16 to 31 form part of these financial statements. |
2021 £ 260,897 - (109,636) (109,636) 110,000 110,000 261,261 1,944,431 2,205,692 1,594,576 611,116 2,205,692 |
2020 £ (748,937) |
|---|---|---|
| (2,000) (2,320,059) |
||
| (2,322,059) | ||
| 269,501 | ||
| 269,501 | ||
| (2,801,495) 4,745,926 |
||
| 1,944,431 | ||
| 1,527,455 416,976 |
||
| 1,944,431 | ||
15
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
1 Summary of significant accounting policies
(a) General information and basis of preparation
Talbot Village Trust is a registered charity, registration number 249349, registered in the United Kingdom. The address of the clerk is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are described in the Trustees annual report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity, principally fixed assets, tangible and investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
16
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent.
Dividend income comprises dividends declared during the accounting period. Income from short term deposits is accounted for by reference to the amount receivable, calculated on a daily basis. Rental income is accounted for on the basis of the amount receivable for the financial year on an accruals basis. Rental income from Charitable Housing is received after any deductions for authorised management and maintenance expenses incurred by Hanover Housing Association and Ability. Rental income from student letting is based on the assured rental as detailed in the lease.
Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Other income includes the conversion of endowment funds into income which arises when capital funds are released to an income fund from expendable endowments or when a charity has authority to adopt a total return approach to its permanent endowment fund. It also includes other income such as gains on disposals of tangible fixed assets.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities includes investment managers fees, governance costs, grants payable and support costs.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out by advisors. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 5.
17
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Freehold land and buildings were originally donated to the Trust on its creation including the Talbot Village Alms Houses which relate to the connected charity (see the Trustees report) and are included in these financial statements at existing use value as determined at 31 December 2000. This valuation has been treated as deemed cost at the transition date. The Trust’s policy is not to revalue its tangible fixed assets. No depreciation is provided on freehold buildings as it is the Trust’s policy to maintain its assets in a continual state of sound repair. The useful economic lives of these assets are thus so long and residual values so high that any depreciation would not be material. Any permanent diminution in value is provided for in the statement of financial activities.
(g) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
(h) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(i) Concessionary loans
Concessionary loans include those receivable from third parties which are interest free or below market interest rates and are made to advance charitable purposes. All loans are measured at cost, less impairment as permitted by section 34 of FRS 102.
(j) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
(k) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
18
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
(l) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
(m) Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.
2 Income from investments
| Dividends – equities Interest – deposits Rental income |
2021 £ 1,088,362 172 1,727,602 2,816,139 |
2020 £ 1,045,195 12,362 1,914,176 |
|---|---|---|
| 2,971,733 |
Income from investments was £2,816,139 (2020 - £2,971,733) all of which was attributable to unrestricted funds.
3 Other income
| Grants Donations Overage 2018 Stipend costs refund |
2021 £ 3,042 - - - 3,042 |
2020 £ 6,084 2,000 21,477 15,499 |
|---|---|---|
| 45,060 |
Other income was £3,042 (2020 - £45,060) all of which was attributable to unrestricted funds.
19
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
4 Analysis of expenditure on charitable activities
| Charitable activities | Activities undertaken directly Grant funding of activities Support costs Total 2021 Total 2020 £ £ £ £ £ 1,749,479 977,084 66,945 2,793,508 3,781,919 |
|---|---|
| 1,749,479 977,084 66,945 2,793,508 3,781,919 |
£2,873,084 (2020 - £3,781,919) of the above costs were attributable to unrestricted funds.
5 Allocation of support costs and activities undertaken directly
| Support cost Basis of allocation Governance Per note 6 Project resourcing 100% Insurance 100% Accountancy fees 100% Total Activities undertaken directly Office expenses Wages and NI Pension Costs Directors expenses Portfolio management costs Bad debts College chaplain St Mark’s church expenses Repairs, maintenance and contractors fees St Mark’s School (Educational Foundation) Almshouses Trust transfers Almshouses Trust donations Solicitors and clerks fees Planning fees Property agents Other professional Irrecoverable VAT Total |
Total 2021 Total 2020 £ £ 37,116 26,124 2,760 5,190 9,938 16,920 17,131 15,835 |
|---|---|
| 66,945 64,069 |
|
| Total 2021 Total 2020 £ £ 2,603 2,342 115,307 79,882 5,634 3,785 4,053 5,865 246,775 226,166 3 4,589 35,748 191 27,192 22,501 482,374 497,138 11,350 20,073 27,712 27,712 36,000 - 50,916 95,770 458,538 393,351 162,438 97,638 56,229 49,344 26,607 18,083 1,749,479 1,544,430 |
20
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
6 Governance costs
| Preparation of financial statements Auditor’s remuneration – audit Professional indemnity insurance Auditor’s remuneration – other Cost of Trustee meetings |
2021 £ 4,620 11,430 3,601 14,980 2,485 37,116 |
2020 £ 4,500 11,100 3,601 6,841 82 26,124 |
|---|---|---|
7 Staff costs and employee benefits
The average number of persons employed by the charity during the year, analysed by category, was as follows:
| Administration he total staff costs were as follows: Salaries and NIC Pension Directors expenses |
2021 No. 1 |
2020 No. 1 |
|
|---|---|---|---|
| 1 | 1 | ||
| 2021 £ 115,307 5,634 4,053 124,994 |
2020 £ 79,882 3,785 5,865 |
||
| 89,532 |
The total staff costs were as follows:
The number of employees who received total employee benefits (excluding employer pension costs of more than £60,000) is as follows:
| £70,001 - £80,000 | 2021 Number 1 1 |
2020 Number 1 |
|---|---|---|
| 1 |
The total employee benefits of the key management personnel of the Charity were £111,407 (2020 - £79,490).
21
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £5,634 (2020 - £3,785).
Contributions totalling £0 (2020 - £556) were payable to the scheme at the end of the year and are included in creditors.
8 Analysis of grants
| Charitable activities | Grants to institutions Total 2021 Total 2020 £ £ £ 977,084 977,084 2,173,420 |
|---|---|
| 977,084 977,084 2,173,420 |
Recipients of grants to institutions:
| ecipients of grants to institutions: | |
|---|---|
| Total | |
| £ | |
| Grants authorised and paid | |
| Southbourne Tennis Club | 2,000 |
| Routes to Roots | 20,000 |
| 360 Skills for Life | 50,000 |
| Lewis Manning | 35,000 |
| St Mary's Lytchett Matravers | 10,000 |
| Creative Kids | 17,500 |
| Dorset Healthcare Trust | 10,000 |
| Faithworks Wessex | 11,308 |
| Grounded Community | 14,325 |
| Hinton Martell VH | 20,000 |
| Horse Course | 1,434 |
| LUBCA | 7,700 |
| Poole Hospital Charity – Gully’s Place | 12,500 |
| SEDCAT | 3,850 |
| Somerford YCC (COAC) | 45,000 |
| Tiny Tots Mudewood Wood CC | 450 |
| Will Does | 12,000 |
| Youth Cancer Trust | 20,000 |
| WillDoes | 10,000 |
| Bournemouth BMX Club | 2,800 |
| Communibox (BCP area) | 2,600 |
| Crumbs | 5,000 |
| Dorset Children's Foundation | 28,200 |
| Lansdown Church | 25,000 |
| Dorset Community Foundation | 25,000 |
| Dorset Mental Health Forum | 67,744 |
22
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
| 8 Analysis of grants continued Planet Purbeck Planet Purbeck Prama Foundation The Bus Stop Club The Difference University Hospitals Dorset NHS Charity Total grants authorised and paid Grants authorised and unpaid St Peter’s Bournemouth Faithworks Wessex Royal Bournemouth Hospital Safe and Sound Dorset Elm Academy Langside School Winton Primary School Julia's House Bournemouth Youth Marching Band YMCA, Townsend Youth Centre Ambitions Academies Trust Livability School (Victoria School) Poole Grammar School (Sports Eq.) Anchor Hanover, Talbot House As One, BCP area Boscombe Aspire Bournemouth Electric Bowls Club Bundles that Love Bus Stop Club CODA Music Trust Courage to Thrive (Poverty Truth Comm) Diverse Abilities Helping Homeless Veterans Hope Housing Poole Museum Foundation Poole Waste Not Want Not Rotary Club of Westbourne Routes to Roots Stable Family Home Trust Breath of Life Church, Boscombe Christ Church, Creekmoor St Andrew's Church, Kinson Wimborne Minster URC Dorset Mental Health Forum The Difference University Hospitals Dorset NHS Charity BCP – adjustment as approved 2019 Total grants authorised and unpaid |
Total £ 5,040 18,000 8,000 1,500 10,000 20,000 |
|---|---|
| 521,951 | |
| Total £ 40,000 8,184 10,000 6,000 7,500 30,000 10,000 20,000 5,250 10,000 25,000 50,000 15,000 5,923 8,000 5,000 7,500 2,000 1,500 50,000 25,000 10,000 30,000 20,000 50,000 10,000 10,000 40,000 29,473 10,000 10,000 20,000 5,000 31,952 90,000 12,500 12,000 |
|
| 732,782 |
23
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
| 8 Analysis of grants continued |
Total |
|---|---|
| £ | |
| Lapsed grants | |
| St Peter's Catholic School | (15,000) |
| Christchurch Lifesaving Club | (25,000) |
| The Canford Heath Residents & Community Association | (20,000) |
| Fernheath Community Sports Association | (50,000) |
| Fernheath Play | (4,500) |
| Moordown Community Association | (630) |
| Poole Community Exchange | (10,000) |
| St James Church of England Primary Academy | (10,000) |
| Inclusive Community Church | (15,000) |
| Dorset Mind | 305 |
| Burton Primary School | (3,082) |
| Jewell Academy | (1,667) |
| 22 Christchurch (Hurn) Air Scout Group | (3,150) |
| St Marks CE Primary School | (50,000) |
| Life Education Wessex | (10,000) |
| Steve Bernard Foundation | (5,000) |
| Footprints | (22,600) |
| Woodcutts Scouts | (10,000) |
| Poole Deanery | (5,000) |
| Prior year and other grant amendments (see notes | below) |
| 2020 Grant repaid - Crumbs | (17,325) |
| 2020 cheque correction St Swithuns Church | (15,000) |
| 2020 cheque correction return of loan Broadstone baptist | (50,000) |
| 2020 cheque correction loan repayment | 100,000 |
| 2020 payment miss-allocation St Saviours Church Wallisdown | (15,000) |
| 2020 payment miss-allocation Bournemouth 2026 | (20,000) |
| (277,649) | |
| Net grants awarded for 2021 | 977,084 |
| Net grants awarded for 2020 | 2,173,420 |
9 Auditor’s remuneration
The auditor’s remuneration amounts to an audit fee of £11,430 (2020 - £11,100) and other services of £14,980 (2020 - £6,841).
10 Trustees' and key management personnel remuneration and expenses
The Trustees neither received nor waived any remuneration during the year (2020: £Nil).
The Trustees did not have any expenses reimbursed during the year (2020: £Nil).
During the year the trust had one employee who was deemed as key management personnel.
24
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
11 Tangible fixed assets
| Cost or valuation: At 1 January 2021 Additions Disposals At 31 December 2021 Net book value: At 31 December 2021 At 31 December 2020 |
Freehold land and buildings £ 12,235,240 - - |
|---|---|
| 12,235,240 | |
| 12,235,240 | |
| 12,235,240 |
Inalienable assets
The Trust owns assets which are described as inalienable assets, such that they form part of the original permanent endowment, and are held for continuing use and not for disposal. These consist of Talbot Village and estate cottages and Projects 1, 3, 7 and 11 relating to charitable housing and the University. These assets are included in these financial statements at existing use value as determined at 31 December 2000. This valuation has been treated as deemed cost at the FRS102 SORP transition date. The Trust’s policy is not to revalue its tangible fixed assets. No depreciation is provided on freehold buildings as it is the Trust’s policy to maintain its assets in a continual state of sound repair. The useful economic lives of these assets are thus so long and residual values so high that any depreciation would not be material. Any permanent diminution in value is provided for in the statement of financial activities.
25
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
12 Fixed asset investments
| Cost or valuation At 1 January 2021 Additions Disposals Revaluation At 31 December 2021 Impairment At 1 January 2021 Written off Written back Eliminated on disposals At 31 December 2021 Carrying amount: At 31 December 2021 At 31 December 2020 Investments at fair value compromise: Equities |
Listed investments £ 53,690,955 14,023,666 (13,347,567) 6,584,800 60,951,854 - - - - - 60,951,854 53,690,955 |
2021 £ 60,951,854 60,951,854 |
2020 £ 53,690,955 |
|---|---|---|---|
| 53,690,955 |
Realised profit/ (loss)
The realised gain on sales of investments during the year compared to market value at 31 December 2021 was £651,463 (2020: £1,756,059). The unrealised gain on revaluation of investments in the year was £6,584,800 (2020: £3,978,104).
26
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
13 Concessionary loans
Loans committed and paid:
| Borrower Repayment date/ security Amounts due within one year: Lansdowne Baptist Church 13/10/2021 Amounts due after more than one year Diverse Abilities Plus Charge on 119 Upper Road Hope Housing Training & Support Ltd Sale of premises/ end of charitable use Salisbury Diocesan Board of Finance Sale of premises, see note below Westcliff Baptist Church Minister ceasing to occupy property St Philip’s Church 16/08/2023 St Philip’s Church 2098 Sports Forum for the Disabled 12/07/2023 Autism Wessex Sale of premises Routes to Roots Sale of premises Lewis Manning Sale of premises Sturts Community Trust Sale of premises Total loans committed and paid |
2021 £ - - 60,000 55,000 115,000 32,000 70,000 30,000 - 100,000 150,000 100,000 200,000 912,000 912,000 |
2020 £ 100,000 |
|---|---|---|
| 100,000 | ||
| 60,000 55,000 115,000 32,000 70,000 30,000 10,000 100,000 150,000 100,000 200,000 |
||
| 922,000 | ||
| 1,022,000 |
Security held over the Salisbury Diocesan Board of Finance loan is in respect of Oakley Gardens for £90,000, Bearwood for £10,000 and Hillside for £15,000.
Loans committed and unpaid
| Borrower Lovechurch Hope Housing Fernheath Community Sports Association Godfirst Total loans |
2021 £ 15,000 45,000 50,000 - 110,000 1,022,000 |
2020 £ - - - 25,000 |
|---|---|---|
| 25,000 | ||
| 1,047,000 |
27
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
14 Debtors
| Dividend income accrued Prepayments VAT Rent receivable Project 11 Cottage rents (net of provision) Ability Housing Association Hanover Housing Association Debtors include £nil (2020 - £nil) falling due after one year. 15 Creditors: amounts falling due within one year Donations committed unpaid Loans committed unpaid (see note 12) Accruals and deferred income Other VAT |
2021 £ 53,428 11,490 4,271 9,885 25,515 35,496 140,085 2021 £ 1,284,302 110,000 161,256 277,359 - 1,832,917 |
2020 £ 79,159 4,374 - 60,181 47,083 47,176 87,812 325,785 2020 £ 1,511,251 25,000 123,705 106,944 16,493 |
|---|---|---|
| 1,783,393 |
28
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
16 Fund reconciliation
Unrestricted funds
| Unrestricted Designated |
Balance at 1 January 2021 Income Expenditure Transfers Gains / (losses) Balance at 31 December 2021 £ £ £ £ £ £ 12,803,818 2,819,181 (2,793,508) (467,224) 1,656,547 14,018,814 9,614,314 - - 210,830 1,252,916 11,078,060 |
|---|---|
| 22,418,132 2,819,181 (2,793,508) (256,394) 2,909,463 25,096,874 |
Endowment funds
| Permanent endowment |
Balance at 1 January 2021 Income Expenditure Transfers Gains / (losses) Balance at 31 December 2021 £ £ £ £ £ £ 45,041,886 - - 256,394 4,326,800 49,625,080 |
|---|---|
| 45,041,886 - - 256,394 4,326,800 49,625,080 |
Transfers
The capital recoupment relates to past expenditure on various projects from capital funds, which is now being recovered from income and is made up of the following:
Charity Commission order 12 October 1987 for project 1 charitable housing. Charity Commission order April 1990 for project 3 student accommodation.
Charity Commission order 6 November 1992 for project 5b and 7 mixed scheme of social housing.
The capital recoupment is split between the projects as follows:
| Project 1 Project 3 Project 5b Project 7 |
2021 £ 63,383 104,069 27,275 61,667 256,394 |
2020 £ 61,565 121,716 27,275 61,667 |
|---|---|---|
| 272,303 |
29
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
16 Fund reconciliation continued
Fund descriptions
a) Unrestricted funds
Unrestricted funds are for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
b) Designated unrestricted funds
Designated fund set up in 2015 represents compensation claim monies received and ringfenced. Designated funds are held in the 'capital unrestricted investment fund' and the closing balance is equal to the closing valuation plus/ less any debtors or creditors.
c) Endowment funds
Endowment funds represent fixed assets held permanently by the charity, freehold property and investments. Income arising on the endowment funds is used in accordance with the objects of the charity.
17 Analysis of net assets between funds
| Investments Fixed assets Cash Other current assets/(liabilities) Total |
Unrestricted funds Designated funds Endowment funds Total 2021 £ £ £ £ 12,349,228 10,816,818 37,785,808 60,951,854 1,896,460 - 10,338,780 12,235,240 438,830 261,242 1,505,620 2,205,692 (665,704) - (5,128) (670,832) |
|---|---|
| 14,018,814 11,078,060 49,625,080 74,721,954 |
18 Reconciliation of net income to net cash flow from operating activities
| Net income for year (Gains) / losses on investments (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash flow from operating activities |
2021 £ 7,261,936 (7,236,263) 185,700 49,524 260,897 |
2020 £ 1,456,919 (2,222,045) (129,295) 145,484 (748,937) |
|---|---|---|
30
Talbot Village Trust
Notes to the Financial Statements
Year Ended 31 December 2021
19 Related party transactions
Talbot Village Trust supports its connected charities (see the Trustees report), The Talbot Village Almshouses Trust by way of a grant and donations and the Talbot Village Educational Foundation by way of a grant. The grants and donations for the year amounted to £63,712 and £11,350 respectively (2020: £27,712 and £20,073).
At the year-end an amount of £10,180 (2020: £10,180) was due to the Talbot Village Almshouses Trust from Talbot Village Trust in respect of transfers of Almshouses occupational charges.
James Randolf Gibson Fleming Esq is a director of Wessex Internet Limited, during the prior year a supply of £10,800 was made to Talbot Village Trust from Wessex Internet Limited. Mr Gibson Fleming contributed a storage cabin to Talbot Village Trust at nil consideration. Neither of these items are required to be disclosed but are noted for reasons of transparent governance’
20 Capital Commitments
At the year end, the Talbot Village Trust had £62,361 of outstanding expenditure committed regarding expenditure at its Georgina Talbot House site.
31