## **Talbot Village Trust Financial Statements Year Ended 31 December 2023**
Charity registration number: 249349
|**Contents**||
|---|---|
||**Page**|
|Charity Reference and Administrative Details|1|
|Trustees’ Annual Report|2 - 8|
|Independent Auditor’s Report|9 - 11|
|Statement of Financial Activities|12|
|Balance Sheet|13|
|Statement of Cash Flows|14|
|Notes to the Financial Statements|15 - 29|
**Talbot Village Trust**
## **Charity Reference and Administrative Details**
## **Year Ended 31 December 2023**
|**Charity registration number**|249349|
|---|---|
|**Address**|c/o Savills|
||Wessex House|
||Priors Walk|
||Wimborne|
||BH21 1PB|
|**Trustees**|Nicholas Ashley-Cooper, The 12thEarl of Shaftesbury|
||Sir Christopher James Lees Bart, Chair|
||Cecilia Mary Bufton|
||James Randolf Gibson Fleming Esq|
||Mary Elizabeth Riall|
||Sir George William Owen Tapps Gervis Meyrick Bart|
||Richard Anthony Cutler|
|**Auditor**|Daniel Tout FCA|
||PKF Francis Clark|
||Towngate House|
||2 – 8 Parkstone Road|
||Poole|
||BH15 2PW|
|**Chief Executive**|Caroline Cooban|
|**Solicitor**|Lester Aldridge|
||Russell House|
||Oxford Road|
||Bournemouth|
||BH8 8EX|
|**Bankers**|Barclays 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 2023**
## **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 Talbot sisters’ legacy originated with the creation of Talbot Village in the nineteenth century. The village consists of a set of almshouses, cottages, St Mark’s School, St Mark’s Church and woodland. The Trust also owns surrounding land and part of Talbot Heath which is protected and maintained for the public to enjoy.
The Trustees are committed to supporting communities in south-east Dorset to live well. We do this by donating funds to charities and organisations of equivalent status located within our area of benefit, and by using the Trust’s land assets to provide opportunities for wider public benefit.
The Trust achieved its aim of awarding over £1m towards charitable causes during the year under the headings of community, education, faith and youth. In total, 73 organisations were awarded over £1.009m; in addition £674k was paid out during the year to organisations for grants awarded in previous years. This ensured that the Trust helped to address a range of local needs. Many frontline organisations have had to tailor their services to support the most vulnerable amid the ongoing cost of living crisis.
The Trust also operates a programme of annual giving to support St Mark’s Church and St Mark’s School in the historic Talbot Village, together with the University Chaplaincy service. The University Chaplaincy operates across the local universities and supports people of all faiths or none.
## **Objectives and activities**
The Trust’s powers are set out in a Scheme approved by the Charity Commissioners on 14th November 1995 and has an incorporated trustee body, as amended on 11[th] November 2021. The Charity is grant making with awards being made to suitable organisations in accordance with the Trust's objectives. Funds are distributed to charitable bodies, schools, faith-based organisations and related groups for projects which support youth, the elderly and the disadvantaged. The Trust’s objects restrict giving to a specific area of benefit, which covers 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, and the University Chaplaincy.
The Trust will continue to meet its obligations around permanent endowment, to ensure that land and properties are properly maintained and being correctly used, that residents and others coming into contact with the charity are protected from harm, and that risks are properly managed.
The Trust has been involved in the Talbot Project, an initiative to develop the land assets south of the Talbot campuses of Bournemouth University and Arts University Bournemouth to provide a significant positive impact locally and regionally. The proposed 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.
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 market uncertainty on the Trust’s income, both rental and dividend income. Presently the
2
**Talbot Village Trust**
## **Trustees’ Annual Report**
## **Year Ended 31 December 2023**
Trustees believe the short to medium term impact on liquidity will not affect the ability of the Trust to fulfil its aims and commitments.
During 2023, the Trust recruited a new staff team (increasing to 4.8fte) to provide operational support in realising the Trust’s objectives. The positions were used to support grant giving, community engagement and improving internal processes.
## _Grant making_
The Trust considers applications for funding of projects and appeals from charitable bodies registered with the UK Charity Commission or bodies with equivalent status. Applicants are asked to provide a summary of the project providing evidence of need together with costings and details of fundraising activities. Applicants are asked to submit their most recent accounts and safeguarding policy where activities involve children, young people or vulnerable adults. All applications are initially reviewed by staff, and shortlisted applications are agreed by the Trust’s Philanthropy Committee. Those shortlisted are subject to further review often including a site visit, with assessments being submitted to the Philanthropy Committee. Recommendations from the Philanthropy Committee are presented to the Board of Trustees in Spring and Autumn each year, where final decisions are made. All awards are carefully monitored in relation to impact and financial draw down.
The Trust requests reports on the progress of each project which it supports.
The Trustees have carried forward a pilot programme under three Strategic Priorities: Mental Health support; Climate Action; and tackling Educational Exclusion. The programme was initiated in 2021 and we will review the impact of the work with beneficiary organisations and lessons learned from this multi-year trial which will conclude in 2025.
No grants are made to individuals.
## _Community and Engagement_
The Trust has strengthened its focus as a community connector and a volunteering hub as part of meeting public benefit. The Trust launched a winter conservation volunteering scheme in December 2023 focusing on the historic village and woodlands situated at the heart of the Trust’s estate, as well as offering communitybased events.
The activities have provided a source of engagement with staff and students from degree courses at both universities and the wider community. The feedback has been overwhelmingly positive. Working closely with the Parks Foundation, a local charity, the Trust has received requests for further engagement activities on the Trust’s lands from local schools.
As a result, we have been welcoming new links to nature connection and wellbeing practitioners who value the work of the Trust and want to engage in our diverse habitats.
## **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 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 south of the universities’ Talbot campuses in addition to the conservation area of the historic Talbot Village. In consultation with local stakeholders the Trustees have participated in the submission of a planning application for a new Talbot Innovation Quarter, together with a heathland support area to protect Talbot Heath. A public inquiry was held in May 2024 and the Inspector’s decision to allow the appeal with planning permission granted was issued in July 2024.
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.
3
**Talbot Village Trust**
## **Trustees’ Annual Report**
## **Year Ended 31 December 2023**
The case studies below show the breadth of charitable ventures which the Trust supports:
## **The Shine Project**
The Shine Project is a local Dorset charity committed to supporting young people to improve their physical and mental health.
The Shine Course is an 8-week early intervention physical and mental health course developed for those who identify as female/non-binary and The Thrive Initiative has been specifically designed for young people who identify as male/non-binary. Both course covers areas in building self-acceptance, identifying the flaws of the media, creating and managing healthy relationships, positive communication, showing respect for self and others, social media uses and abuse etc.
The Charity was awarded by Talbot Village Trust £9,128 for the delivery of 8 wellbeing courses in schools within our area of benefit: 4 x Shine Course 4 x Thrive Initiative for 12 months.
## **CRUMBS**
Crumbs changes the lives of adults aged 18-70 with disabilities, mental health conditions, stabilised addictions or acquired brain injuries. Through their training programmes they educate and support adults to develop professional skills for working in the Hospitality industry, and the personal skills to live more independently.
Talbot Village Trust awarded CRUMBS £30,000 per year for two years (£60,000 in total) to support the provision of the Traineeship Programme over two years.
## **Safe Families UK**
Safe Families is a charity offering hope, belonging and support to children, families and care leavers primarily, but not exclusively, with and through local churches. They support isolated or struggling families by matching them with volunteers. Family Friends provide emotional support, activities for families, practical support and advice, Host Families provide overnight stays for children and Resource Friends provide basic goods and services to support family life.
The charity was awarded £30,000 by the Talbot Village Trust towards their support for an intended 40 families across the BCP conurbation.
## **Poverty Truth Commission / Courage to Thrive**
The Poverty Truth Commission for BCP is being hosted by Courage to Thrive CIC. The Commission aims to challenge the status quo and is led by those who have direct experience of poverty (Community Commissioners). It brings local people who have struggled against poverty together with local leaders and people in positions of power to share their experience, explore persistent problems and work together to unlock creative solutions.
The Poverty Truth Commission has embarked on an Art of Hosting project (the practice of hosting and harvesting conversations that matter) supporting people across Dorset who are leading and seeking change in their communities.
Talbot Village Trust was able to offer funding of £10,000 towards the Art of Hosting training programme.
## **Diverse City**
Diverse City is a performing arts company creating ambitious and challenging work, where social justice and culture meet. For the arts to fairly reflect and shape society, they believe all voices must be heard and all audiences welcomed.
4
**Talbot Village Trust**
## **Trustees’ Annual Report**
## **Year Ended 31 December 2023**
The Diverse City’s project will provide high quality inclusive performing arts and aerial circus training for disadvantaged and disabled young people aged 16-30 through their flagship training company Extraordinary Bodies Young Artists.
Talbot Village Trust awarded Diverse City with a grant of £16,700 to support the provision of performing arts and aerial circus training to young people in the BCP and Purbeck area who are learning disabled, have physical and sensory impairments and who experience long term mental health conditions.
## **International Care Network (ICN)**
International Care Network (ICN) helps individuals and families who have left everything behind to find a safe place to live. ICN enables refugees and asylum seekers to integrate and settle in the UK by providing them with the skills, support and advice they need when they are confused and vulnerable.
ICN offers newly arrived refugees and asylum seekers English lessons through our ESOL (English for Speakers of Other Languages) programme.
Talbot Village Trust was able to offer funding of £29,812 towards ESOL classes offering newly arrived refugees and asylum seekers English lessons.
## **Water Lily Project**
The Water Lily Project is a Christian charity that is passionate about supporting and empowering women across BCP areas and helping them back to independent living. They are committed to providing practical and emotional support to women in crisis, with a focus on those who are escaping domestic abuse or struggling with mental health issues.
Talbot Village Trust was able to offer funding of £10,000 towards the employment costs for a General Support Worker to increase support hours and reduce the waiting list for services.
## **Trustees of the charity**
The Trustees who have served during the year and since the year end were as follows:
Nicholas Ashley-Cooper, The 12[th] Earl of Shaftesbury, Chairman Sir Christopher James Lees Bart Cecilia Mary Bufton James Randolf Gibson Fleming Esq Mary Elizabeth Riall Sir George William Owen Tapps Gervis Meyrick Bart Richard Anthony Cutler
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.
5
**Talbot Village Trust**
## **Trustees’ Annual Report**
## **Year Ended 31 December 2023**
## **Financial review (including reserves policy)**
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2023. 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 2023 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 Trustees.
The capital value of the Trust’s invested securities increased from £52,621,641 to £54,420,492 to which reflects changes in the economy and world stock markets.
Total income for the year was £3,592,573 (2022: £3,122,611). Of the total income, £1,799,250 (2022: £1,338,375) was generated from the Trust’s invested funds.
Within the remaining balance of £1,793,323 (2022: £1,784,236) the sum of £1,569,685 (2022: £1,745,164) is attributable to rental income from, in particular, schemes which the Trust has jointly undertaken with Bournemouth University, Anchor Hanover Housing Association and Ability Housing (in each case, in furtherance of the Trust’s charitable objects).
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 to maintain a consistent level of giving and to meet any exceptional requests for charitable assistance. Unrestricted undesignated reserves were £11,740,760 at the year-end which the Trustees consider is more than sufficient.
Designated funds as detailed in note 16 were £10,191,549 at the year end and the permanent endowment fund which is linked to a specific investment portfolio was £45,901,080. Total funds at the year-end were £67,833,389 (2022: £66,596,858).
The Trustees are satisfied that the charity’s assets attributable to each of its individual funds are adequate and available to fulfil its obligations.
## **Structure, governance and management**
The Chairman is responsible for overseeing the management and administration undertaken by the Executive and which is directed by the Trustees.
There are two general meetings of the Trust each year. Special meetings are arranged when appropriate.
As part of an ongoing review process, the Trustees undertook several key actions during 2023 to strengthen governance and reporting. This included: (i) implementing a broader Committee structure comprising four committees which meet quarterly: Philanthropy, Communications, Estate & Finance, and Development (ii) Appointed a new staff team in Spring 2023 under a Chief Executive to increase the Trust’s ability to achieve greater impact by strengthening the Trust’s work with local charities and not-for-profit organisations across the area (iii) launched a pilot community engagement programme to strengthen local partnership working.
Trustees undertake an annual review of the major risks to which the Trust is exposed and the controls currently in place to mitigate these. The management of these and any other risks is kept under annual review.
6
**Talbot Village Trust**
## **Trustees’ Annual Report**
## **Year Ended 31 December 2023**
The Trustees have a strategy which comprises:
- An annual review of the principal risks and uncertainty that the charity faces;
- The establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and
- 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 solicitor and 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.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
7
**Talbot Village Trust**
## **Trustees’ Annual Report**
## **Year Ended 31 December 2023**
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
Nicholas Ashley-Cooper, The 12[th] Earl of Shaftesbury, Chairman
Date: 12 August 2024
8
**Talbot Village Trust**
## **Independent Auditor’s Report**
## **Year Ended 31 December 2023**
## **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 2023 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:
- give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its results for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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.
9
**Talbot Village Trust**
## **Independent Auditor’s Report**
## **Year Ended 31 December 2023**
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- 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 7, 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 and employment law. 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.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- 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.
10
**Talbot Village Trust**
## **Independent Auditor’s Report**
## **Year Ended 31 December 2023**
- Reviewed filings with the Charity Commission and whether there were any serious incident reports made during the year.
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Reviewed Board minutes.
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
- 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: 16 September 2024_
_PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
11
**Talbot Village Trust**
## **Statement of Financial Activities**
## **Year Ended 31 December 2023**
|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
2023
Total
2022
Total
£
£
£
£
3,368,935
-
3,368,935
3,083,539
223,638
-
223,638
39,072|
|---|---|
||3,592,573
3,592,573
3,122,611
3,288,880
-
3,288,880
3,346,836|
||3,288,880
-
3,288,880
3,346,836
582,516
350,322
932,838
(7,900,871)|
||886,209
350,322
1,236,531
(8,125,096)
(272,943)
272,943
-
-|
||613,266
623,265
1,236,531
(8,125,096)
21,319,043
45,277,815
66,596,858
74,721,954|
||21,932,309
45,901,080
67,833,389
66,596,858|
All income and expenditure derive from continuing activities.
The notes on pages 15 to 29 form part of these financial statements.
12
**Talbot Village Trust**
## **Balance Sheet**
## **Year Ended 31 December 2023**
|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|2023
£
12,234,440
54,420,492
66,654932
1,249,500
148,375
2,122,767
3,520,642
2,342,185
1,178,457
67,833,389
45,901,080
11,740,760
10,191,549
67,833,389|2022
£
12,234,840
52,621,641|
|---|---|---|
|||64,856,481
1,007,000
192,239
2,403,955|
|||3,603,194
1,862,817|
|||1,740,377|
|||66,596,858|
|||45,277,815
11,291,215
10,027,828|
|||66,596,858|
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: 12 August 2024
The notes on pages 15 to 29 form part of these financial statements.
13
**Talbot Village Trust**
## **Statement of Cash Flows**
## **Year Ended 31 December 2023**
|Note
**Cash flow from operating activities**
18
**Cash flow from investing activities**
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
Payment 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 15 to 29 form part of these financial statements.|2023
£
2,935,001
(3,216,232)
(281,231)
-
-
-
(281,231)
2,403,995
2,122,764
1,038,028
1,084,736
2,122,764|2022
£
103,921|
|---|---|---|
|||144,342|
|||144,342|
|||-
(50,000)|
|||(50,000)|
|||198,263
2,205,692|
|||2,403,955|
|||1,073,222
1,330,733|
|||2,403,955|
||||
14
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **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 charity 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.
15
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **(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.
16
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **(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.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Cabin 10% straight line
## **(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.
17
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **(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.
## **(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|2023
£
1,779,698
19,552
1,569,685
3,368,935|2022
£
1,313,748
24,627
1,745,164|
|---|---|---|
|||3,083,539|
Income from investments was £3,368,935 (2022 - £3,083,539) all of which was attributable to unrestricted funds.
## **3 Other income**
|Grants
Other income|2023
£
-
223,638
223,638|2022
£
3,030
36,042|
|---|---|---|
|||39,072|
Other income was £223,638 (2022 - £39,072) all of which was attributable to unrestricted funds.
18
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **4 Analysis of expenditure on charitable activities**
|Charitable activities|Activities
undertaken
directly
Grant
funding of
activities
Support
costs
Total
2023
Total
2022
£
£
£
£
£
2,233,404
998,119
57,357
3,288,880
3,346,836|
|---|---|
||2,233,404
998,119
57,357
3,288,880
3,346,836|
£3,288,880 (2022 - £3,346,836) 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
Depreciation
Total|Total
2023
Total
2022
£
£
21,470
35,665
-
6,416
20,337
18,722
15,550
11,961|
|---|---|
||57,357
72,764|
||Total
2023
Total
2022
£
£
6,733
3,355
221,473
102,886
8,163
2,767
-
4,804
257,854
241,080
-
2
42,443
53,871
30,600
29,950
232,671
402,403
29,526
30,600
27,712
27,712
5,000
-
89,048
193,775
962,433
790,397
263,541
248,737
55,672
57,106
135
25,093
400
400
2,233,404
2,214,938|
19
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
|**6**
**Governance costs**
Preparation of financial statements
Auditor’s remuneration – audit
Professional indemnity insurance
Auditor’s remuneration – other
Cost of Trustee meetings|2023
£
-
13,100
3,945
-
4,425
21,470|2022
£
4,800
10,475
5,306
11,361
3,723
35,665|
|---|---|---|
## **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||2023
No.
6|2022
No.
2|
|---|---|---|---|
|||6|1|
|||2023
£
221,473
8,163
-
229,636|2022
£
102,886
2,767
4,804|
||||110,457|
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:
|£60,001 - £70,000
£70,001 - £80,000|2023
Number
-
1
1|2022
Number
1
-|
|---|---|---|
|||1|
The total employee benefits of the key management personnel of the Charity were £78,750 (2022 - £94,507).
20
**Talbot Village Trust**
## **Notes to the Financial Statements**
**Year Ended 31 December 2023**
## **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 £8,163 (2022 - £2,767).
Contributions totalling £1,537 (2022 - £563) were payable to the scheme at the end of the year and are included in creditors.
## **8 Analysis of grants**
|Charitable activities
**Recipients of grants to institutions:**
**Grants authorised and unpaid**
AIM Community
Amelia's Rainbow
Carer Support Dorset
Cornerstone Church
CRUMBS
Dorset Mind
Dudsbury Guide Camp / Bournemouth Guide
Camp Association
Jewell Academy
Livability
Manorside Academy
Mosaic - Supporting Bereaved Children
Oakhurst Community Hub
People First Forum
Poole Old Town Community Association
Sexual Trauma Recovery Services (STARS)
Stormbreak
Verwood Family Church
Water Lily Project
Absolute Music Trust
BH Support (Affordable Family Law Group)
Broadstone Scout Group
Community Alliances Limited
Dentaid
Dorpip
Dorset Demons Wheelchair Basketball Club
FAB (Families and Babies) - Dorset branch
Friends of Twynham
Healthbus
Home Start Wessex
Hope for Food|Grants to
institutions
Total
2023
Total
2022
£
£
£
998,119
998,119
1,059,134|
|---|---|
||998,119
998,119
1,059,134|
||Total
£
10,000
5,000
10,000
3,000
60,000
7,000
3,000
10,000
10,000
7,500
7,000
2,000
10,000
10,000
15,000
15,000
6,200
10,000
10,201
15,000
5,000
5,000
6,000
3,297
3,500
827
15,600
50,000
22,500
10,840|
21
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
|**8**
**Analysis of grants continued**
Hope Housing
In Jolly Good Company
International Care Network
Life Education Wessex
Livability
Lytchett Minster and Upton Town Council
Maddie's Miracle
Parks Foundation (previously Bournemouth Parks
Foundation)
Parkstone United Reformed Church
Parley Community Pre School
Rainbow Makers
Recreate Dorset
Relate Bournemouth, Poole & Christchurch
Routes to Roots
St Nicholas Church
Swanage and Purbeck Development Trust
Swanage and Purbeck Development Trust
The Listening Ear
The Mowlem Institute
The Shine Project
Vita Nova
Whizz Kidz
Winton Salvation Army
Dorset Community Foundation
Planet Purbeck
Bournemouth Churches Housing Association
Grounded Community
Wareham Choral Society
Christ the King PTFA Bournemouth
Total grants authorised and unpaid
**Grants authorised and paid**
Activate Performing Arts
Bourne Academy
Bournemouth Churches Housing Association
Bournemouth Spear Trust
Creative Kids
Diverse Abilities
Diverse City
Faithworks
Grounded Community
Hope Community Church, Winton
Poole Arts Trust (Lighthouse)
Safe Families UK
Verwood Concert Brass
Wareham Choral Society
Young Enterprise
Christ the King PTFA Bournemouth
Poverty Truth Commission / Courage to Thrive
Planet Purbeck
Total grants authorised and paid|20,000
6,140
29,812
7,560
10,238
5,500
7,600
5,000
33,000
10,000
8,000
27,000
18,750
10,500
14,134
6,780
24,000
7,755
19,600
9,128
28,404
3,549
20,000
5,000
1,700
882
20,000
500
2,670|
|---|---|
||711,667|
||8,000
10,000
34,118
30,000
10,000
3,000
16,700
10,000
30,000
10,000
15,000
30,000
10,000
500
7,000
8,230
25,000
40,000|
||297,548|
22
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
|**Lapsed grants, prior year and other grant**
**amendments**
**Net grants awarded for 2023**
Net grants awarded for 2022|(11,096)|
|---|---|
||**998,119**|
||1,059,134|
## **9 Auditor’s remuneration**
The auditor’s remuneration amounts to an audit fee of £13,100 (2022 - £10,475) and other services of £nil (2022 - £16,161).
## **10 Trustees' and key management personnel remuneration and expenses**
The Trustees neither received nor waived any remuneration during the year (2022: £Nil).
The Trustees did not have any expenses reimbursed during the year (2022: £Nil).
During the year the trust had 6 employees 1 who was deemed as key management personnel (2022: 2).
## **11 Tangible fixed assets**
|Cost or valuation:
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for year
At 31 December 2023
Net book value:
At 31 December 2023
At 31 December 2022|Freehold
land and
buildings
Cabin
(donated
asset)
Total
£
£
£
12,233,240
2,000
12,235,240
-
-
-
-
-
-|
|---|---|
||12,233,240
2,000
12,235,240|
||400
400
-
400
400|
||-
800
800|
||12,233,240
1,200
12,234,440|
||12,233,240
1,600
12,234,840|
23
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **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.
## **12 Fixed asset investments**
|Cost or valuation
At 1 January 2023
Additions
Disposals
Revaluation
At 31 December 2023
Impairment
At 1 January 2023
Written off
Written back
Eliminated on disposals
At 31 December 2023
Carrying amount:
At 31 December 2023
At 31 December 2022|Listed
investments
£
52,621,641
31,417,934
(30,789,535)
1,170,452|
|---|---|
||54,420,492|
||-
-
-
-|
||-|
||54,420,492|
||52,621,641|
Investments at fair value compromise:
|Equities|2023
£
54,420,492
54,420,492|2022
£
52,621,641|
|---|---|---|
|||52,621,641|
## **Realised profit/(loss)**
The realised gain/(loss) on sales of investments during the year compared to market value at 31 December 2023 was £(237,614) (2022: £(4,987,590)). The unrealised gain/(loss) on revaluation of investments in the year was £1,170,452 (2021: £(2,913,281)).
24
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **13 Concessionary loans**
## **Loans committed and paid:**
|**Borrower**
**Repayment date/ security**
**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 (House)
Minister ceasing to occupy property
St Philip’s Church
Sale of premises or end of use
St Philip’s Church
2098
Autism Wessex
Sale of premises
Routes to Roots
Sale of premises
Lewis Manning
Sale of premises
Sturts Community Trust
Sale of premises
Fernheath
Community
Sports
Association
Sale of premises
**Total loans committed and paid**|2023
£
60,000
55,000
115,000
32,000
70,000
30,000
100,000
150,000
100,000
200,000
50,000
962,000
962,000|2022
£
60,000
55,000
115,000
32,000
70,000
30,000
100,000
150,000
100,000
200,000
50,000|
|---|---|---|
|||962,000|
||||
|||962,000|
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**
Hope Housing
Lewis Manning
Connie Rothman Trust
**Total loans**|2023
£
45,000
192,500
50,000
287,500
1,249,500|2022
£
45,000|
|---|---|---|
|||45,000|
||||
|||1,007,000|
25
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **14 Debtors**
|Dividend income accrued
Prepayments
VAT
**Rent receivable**
Ability Housing Association
Hanover Housing Association|2023
£
61,221
14,419
-
18,084
54,651
-
148,375|2022
£
55,228
19,755
2,234
16,208
6,685
92,129|
|---|---|---|
|||192,239|
Debtors include £nil (2022 - £nil) falling due after one year.
## **15 Creditors: amounts falling due within one year**
|Donations committed unpaid
Loans committed unpaid (see note 13)
Accruals and deferred income
Other
VAT
Hanover Housing|2023
£
1,541,328
287,500
186,525
184,369
1,927
140,535
2,342,184|2022
£
1,514,797
45,000
217,018
86,002
-
-|
|---|---|---|
|||1,862,817|
26
**Talbot Village Trust**
## **Notes to the Financial Statements**
**Year Ended 31 December 2023**
## **16 Fund reconciliation**
## **Unrestricted funds**
|Unrestricted
Designated|Balance at
1 January
2023
Income
Expenditure
Transfers
Gains /
(losses)
Balance at
31
December
2023
£
£
£
£
£
£
11,291,215
3,592,573
(3,288,880)
(535,701)
681,553
11,740,760
10,027,828
-
-
262,758
(99,037)
10,191,549|
|---|---|
||21,319,043
3,592,573
(3,288,880)
(272,943)
582,516
21,932,309|
## **Endowment funds**
|Permanent
endowment|Balance at
1 January
2023
Income
Expenditure
Transfers
Gains /
(losses)
Balance at
31
December
2023
£
£
£
£
£
£
45,277,815
-
-
272,943
350,322
45,901,080|
|---|---|
||45,277,815
-
-
272,943
350,322
45,901,080|
## **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|2023
£
52,998
131,004
27,275
61,667
272,943|2022
£
64,199
126,981
27,275
61,667|
|---|---|---|
|||280,122|
27
**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **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
2023
£
£
£
£
10,782,063
10,099,839
33,538,590
54,420,492
1,895,660
-
10,338,780
12,234,440
8,131
91,710
2,022,926
2,122,767
(945,094)
-
784
(944,310)|
|---|---|
||11,740,760
10,191,549
45,901,080
67,833,389|
## **18 Reconciliation of net income to net cash flow from operating activities**
|Net income for year
Depreciation – non cash expense
(Gains) / losses on investments
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities|2022
£
1,236,531
400
932,838
43,864
721,368
2,935,001|2023
£
(8,125,096)
400
7,900,871
(52,154)
379,900
103,921|
|---|---|---|
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**Talbot Village Trust**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2023**
## **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 £5,000 and £nil respectively (2022: £27,712 and £ni).
At the year-end an amount of £7,735 (2022: £7,735) was due to the Talbot Village Almshouses Trust from Talbot Village Trust in respect of transfers of Almshouses occupational charges.
## **20 Capital Commitments**
At the year end, the Talbot Village Trust had £nil (2022: £181,727) of outstanding expenditure committed regarding planned works at a number of properties including Georgina Talbot House and 2 residential sites.
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