THE WILLOUGHBY MEMORIAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Willoughby Memorial Trust was founded in 1965 by the Earl of Ancaster as a memorial to his son Timothy Lord Willoughby de Eresby, with the objective of establishing and maintaining in perpetuity a Library and Art Gallery for promoting in the county of Lincolnshire, parts of Kesteven, and City and Borough of Lincoln, study and education and a knowledge of literature and the arts.
The Trust is administered by the Trustees.
Trustees
The Trustees who served during the year were:
| The Baroness Willoughby de Eresby | Chairman – Representing the family |
|---|---|
| Mr J A Kirkman | Representing thefamily |
| Mrs Elaine Wilson | Representing local arts, appointed on 1 January 2017 |
| Mrs S Woolley | Representing County Council Education Services |
Officers
| Mr T P Clarke | Treasurer and Secretary |
|---|---|
| Mr G Underhill | Exhibition Secretary |
Appointment of Trustees
The nominated Trustees must be appointed as follows:
-
(a) Two by the holder for the time being of the Barony of Willoughby de Eresby
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(b) Two by the Trustees appointed in sub-clause (a) from the nominees submitted by Lincolnshire Education Authority, and
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(c) Two by the four Trustees appointed in sub-clauses (a) and (b) above.
The Trustees appointed by clause (c) should have a knowledge of the arts and education within the area of benefit.
Co-opted Trustees – Two co-opted at the Trustees’ discretion.
2.
THE WILLOUGHBY MEMORIAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)
The Trust Property is the former Read’s Grammar School together with the former garden, which has been made into a bowling green by the Countess of Ancaster as part of the memorial to Lord Willoughby and leased to the Corby Glen Bowling Club. The Read & Day Educational Foundation, which provided educational grants for individuals, was merged into the Willoughby Memorial Trust on 20 November 1997. In consultation with the Charity Commissioners the Trust Deed was revised and the new scheme governing the Trust became effective on 31 October 1999.
Revised object for the charity
-
The object of the charity is the establishment and maintenance of a library and art gallery for promoting the study, education and knowledge of literature, art and music amongst the inhabitants of the area of benefit.
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If and in so far as the income or property of the charity cannot be applied towards the object above it may be applied in promoting the study, education and knowledge of the inhabitants of the area of benefit in such ways as the Trustees shall decide. The revised area of benefit is the County of Lincolnshire and those parts of the neighbouring counties within a 25 mile radius of Corby Glen.
In furtherance of its objectives the Trust initially:
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a. carried out, in association with the Countess of Ancaster, extensive restoration of the Trust property, which is a historic Grade 1 listed building
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b. established within the building a reference library with particular emphasis on subjects relating to Lincolnshire
and subsequently
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c. promoted art exhibitions, mainly by local artists
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d. established an annual art competition for Lincolnshire schools and local artists
-
e. established an annual poetry competition for Lincolnshire schools
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f. supported by grants, scholarships and loans a variety of projects, by other organisations and individuals, that were in accordance with the aims of the Trust
3.
THE WILLOUGHBY MEMORIAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)
During 2020 the Trust carried out the following activities:
Exhibitions
The gallery was not able to open on 1[st] April 2020 as planned due to the Covid-19 lock-down restrictions. Opening was permitted in July, subject to restrictions, and a revised programme implemented.
-
15 July – 12 August Take Two – Jo Slone and Janis Mitchell – An exhibition of ceramic sculpture by Jo Slone and geometric abstract paintings by Janis Mitchell. the exhibition was a memorial to the artistic career of Jo Slone who had died earlier in the year. Proceeds from sales of her work (£1618) were donated to a cancer charity. 159 visitors.
-
19 August – 16 September - So’Bosch – Soraya Smithson – Contemporary ceramics and prints inspired by the 15[th] century painter Hieronymus Bosch. The imaginative ceramic pieces were displayed in a very creative way devised by the artist and the show was very popular. 237 visitors.
-
23 September – 21 October - The Joy of Light and Shade – Liz Partridge & Robin Pavett – Paintings that reflected how the two artists were inspired by a love of nature, landscape and travel. This show would have taken place during the Sheep Fair, which was cancelled, but it still managed to attract many visitors. 280 visitors.
-
28 October – 11 December - Clay and Paper – Lyn Lovitt – Recent ceramics, lino-cuts, paintings, drawings and collages. This exhibition was interrupted by another lock-down and was only open for two periods, totalling 7 days, with closure between. 94 visitors.
Events
The Open Art Competition and the Poetry Competition could not be held due to the restrictions in place and the difficult conditions under which schools were operating. The judges have agreed to adjudicate in the future when the competitions can resume.
4.
THE WILLOUGHBY MEMORIAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 (continued)
Grants
The Trust received no requests for grants during the year.
The Library
Access to the library is now available by appointment with the Caretakers.
Work is proceeding with the preparation of a catalogue of the library, to be available on-line, so that potential users are more aware of the library contents.
Staff
Mr and Mrs Bryan Lynch continue as resident caretakers.
Pension Fund
There are no further payments from this fund as the Trusts liabilities have ceased.
The Property
No major maintenance work was undertaken but garden and hedge maintenance continued, and routine repairs were carried out to the building.
The Gallery
The programme of lighting improvements in the gallery was completed and the display plinths repainted.
Reserves Policy
The Trustees aim to maintain cash reserves equivalent to two years operating expenditure.
5.
THE WILLOUGHBY MEMORIAL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 (continued)
Review of Major Risks
The Trustees continue to review the major risks faced by the Charity.
Maximising investment returns continues to be an aim of the Trustees, although investment risk is taken into account in reaching investment decisions. The objective is to produce a sufficient income to meet normal running costs whilst at the same time preserving the real value of the Trust’s capital assets. The investment in two CCLA funds continues to produce adequate income for current needs.
Statement of Trustees’ Responsibilities
Charity law requires the Trustees to prepare financial statements that give a true and fair view of the state of affairs of the Charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make sound judgements and estimates that are reasonable and prudent; and
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Prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will not continue in business.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the requirements of the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
Ms Fiona Hatchman B.A. (Hons), CPFA of Additions Accountancy Grantham Ltd was appointed accountant and independent examiner to the Trust.
……………………………………………. Lady Willoughby de Eresby – Chairman
Date:
THE WILLOUGHBY MEMORIAL TRUST
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 2020
| **A. ** | Note 2 0 2 0 2 0 1 9 £ £ £ £ GENERAL FUND INCOME RECEIPTS Trading Income Sales of Books and Cards 57 0 Rent of Facilities 0 0 57 0 Grant Income SKDC Business Grant 10,000 Investment Income Investment Fund 1 38,737 39,897 Bank Interest 47 80 38,784 39,977 TOTAL RECEIPTS £48,841 £39,977 DIRECT CHARITABLE EXPENDITURE Upkeep Repairs and Maintenance 3,465 4,089 Grounds Maintenance 778 1,772 Light and Heat 1,067 1,092 Caretaking Costs 17,072 16,471 Rates and Water 320 981 Insurance 1,249 0 Cleaning and Sundries 134 157 (24,085) (24,562) Library Books, Magazines and Subscriptions 45 52 Librarian 0 0 (45) (52) Art Gallery Exhibition Expenses and Advertising 321 1,216 Exhibition Secretary and Expenses 5,226 5,219 Art Competition 0 1,136 (5,547) (7,571) carried forward (29,677) (32,185) |
Note 2 0 2 0 2 0 1 9 £ £ £ £ GENERAL FUND INCOME RECEIPTS Trading Income Sales of Books and Cards 57 0 Rent of Facilities 0 0 57 0 Grant Income SKDC Business Grant 10,000 Investment Income Investment Fund 1 38,737 39,897 Bank Interest 47 80 38,784 39,977 TOTAL RECEIPTS £48,841 £39,977 DIRECT CHARITABLE EXPENDITURE Upkeep Repairs and Maintenance 3,465 4,089 Grounds Maintenance 778 1,772 Light and Heat 1,067 1,092 Caretaking Costs 17,072 16,471 Rates and Water 320 981 Insurance 1,249 0 Cleaning and Sundries 134 157 (24,085) (24,562) Library Books, Magazines and Subscriptions 45 52 Librarian 0 0 (45) (52) Art Gallery Exhibition Expenses and Advertising 321 1,216 Exhibition Secretary and Expenses 5,226 5,219 Art Competition 0 1,136 (5,547) (7,571) carried forward (29,677) (32,185) |
|---|---|---|
| £39,977 | ||
(24,562) (52) (7,571) |
||
| (32,185) |
THE WILLOUGHBY MEMORIAL TRUST
| **B. ** | RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 2020 (continued) 2 0 2 0 2 0 1 9 £ £ £ DIRECT CHARITABLE EXPENDITURE (continued) brought forward (29,677) Grants and Other Expenditure Schools Poetry Competition 0 928 Grants and Sponsorship 0 600 0 (29,677) MANAGEMENT EXPENSES Postages and Telephone 804 967 Stationery and Sundries 0 Accountants Fees 400 400 Bank Charges 60 60 Administration services 62 (1,264) TOTAL EXPENDITURE £(30,941) SURPLUS FOR THE YEAR £17,900 2 0 2 0 EDUCATIONAL GRANTS FUND INCOME RECEIPTS Grants and Donations 0 Investment Income Bank Interest 0 0 EXPENDITURE Grant Awarded 0 SURPLUS FOR THE YEAR £0 |
2 0 1 9 | 2 0 1 9 | £ (32,185) (1,528) |
|---|---|---|---|---|
| (33,713) (1,489) |
||||
| £(35,202) | ||||
| £4,775 | ||||
| 2 0 1 9 0 0 |
||||
| 0 0 |
||||
| £0 |
Note: No management expenses have been charged to the Educational Grants Fund
THE WILLOUGHBY MEMORIAL TRUST
FUNDS MOVEMENT STATEMENT FOR THE YEAR TO 31ST DECEMBER 2020
| General | Eductional | Trust | ||
|---|---|---|---|---|
| Fund | Grants Fund | Fund | ||
| £ | £ | £ | ||
| Balance | brought forward | |||
| 1st January 2020 | 88,414 | 37,981 | 1,134,097 | |
| Add: | Surplus for | 17,900 | 0 | 0 |
| the year | ||||
| Profit on | 64,483 | |||
| revaluation of | ||||
| Investments | ||||
| Balance | carried forward | £106,314 | £37,981 | £1,198,580 |
| 31st December 2020 | ||||
| Total Funds | £1,342,875 |
THE WILLOUGHBY MEMORIAL TRUST
| STATEMENT OF | ASSETS | |||||
|---|---|---|---|---|---|---|
| 31ST DECEMBER 2020 | ||||||
| Note | 2 0 2 0 | 2 0 1 9 | ||||
| £ | £ | £ | £ | |||
| Freehold Land and Buildings | ||||||
| At Valuation | 2 | 1 | 1 | |||
| Investments | 3 | |||||
| At Market Value | 1,267,745 | 1,203,262 | ||||
| 1,267,746 | 1,203,263 | |||||
| Cash at Bank & In Hand | ||||||
| Cash at Bank | 4 | 75,129 | 57,229 | |||
| Cash in Hand and In Transit | 0 | |||||
| 75,129 | 57,229 | |||||
| Less: Outstanding Accounts |
||||||
| £1,342,875 | £1,260,492 | |||||
| Represented by: | ||||||
| Trust Fund | ||||||
| Balance brought forward | 1,134,097 | 990,043 | ||||
| Add: Surplus on Investments |
||||||
| - Realised | 0 | 0 | ||||
| - Unrealised | 64,483 | 144,054 | ||||
| 64,483 | 144,054 | |||||
| 1,198,580 | 1,134,097 | |||||
| General Fund | ||||||
| Balance brought forward | 88,414 | 83,638 | ||||
| Add: (Deficit)/Surplus for the |
year | 17,900 | 4,776 | |||
| 106,314 | 88,414 | |||||
| Educational Grants Fund | ||||||
| Balance brought forward | 37,981 | 37,981 | ||||
| Add: Surplus for the year |
0 | 0 | ||||
| 37,981 | 37,981 | |||||
| £1,342,875 | £1,260,492 | |||||
| APPROVED BY THE TRUSTEES | SIGNED ON | BEHALF OF | THE TRUSTEES | |||
| Date: | ………………………………………………… | |||||
| Lady Willoughby de Eresby |
THE WILLOUGHBY MEMORIAL TRUST
| 1) **2) ** |
NOTES TO THE ACCOUNTS Investment Fund Income Temple Bar Investment Trust Ord. Shares of 25p Charities Aid Foundation Fixed Interest B Fund Income Units Responsible UK Income Fund Units COIF Charities Funds Investment Fund Units Property Fund Units Charinco Common Investment Fund Distribution Units Freehold Land and Buildings Willoughby Memorial Trust Library and Art Gallery with Land at Rear, at Valuation on transfer from Read & Day Educational Foundation |
31ST DECEMBER 2020 2 0 2 0 2 0 1 9 £ £ 0 1,157 651 543 334 435 31,483 28,564 6,135 8,944 134 255 38,737 39,898 1 1 |
31ST DECEMBER 2020 2 0 2 0 2 0 1 9 £ £ 0 1,157 651 543 334 435 31,483 28,564 6,135 8,944 134 255 38,737 39,898 1 1 |
31ST DECEMBER 2020 2 0 2 0 2 0 1 9 £ £ 0 1,157 651 543 334 435 31,483 28,564 6,135 8,944 134 255 38,737 39,898 1 1 |
|
|---|---|---|---|---|---|
| 39,898 | |||||
| 1 |
THE WILLOUGHBY MEMORIAL TRUST
NOTES TO THE ACCOUNTS
31ST DECEMBER 2020
| **3) ** | Schedule of Investments Stock Charities Aid Funds Charities Aid Foundation Fixed Interest B. Fund Income Units Charinco Comn. Investment Fund Distribution Units Charities Aid Foundation Responsible UK Income Fund Units Charities Aid Foundation Responsible Global Equity Fund (Acc) COIF Charities Investment Fund Income Units Additional purchase COIF Charities Property Fund Income Units - Sold in 2020 |
Holding 19,574.98 2,124.50 7,125.02 3,096.56 58,514.38 8,798.79 0.00 |
Holding 19,574.98 2,124.50 7,125.02 3,096.56 58,514.38 8,798.79 0.00 |
Cost £ 19,575 3,693 9,286 6,192 570,958 151,663 0 |
2 0 2 0 Market Value £ 20,505 4,185 9,382 23,672 1,051,837 158,164 0 |
2 0 1 9 Market Value £ 20,006 4,049 10,837 19,728 988,343 0 160,299 |
|---|---|---|---|---|---|---|
| 761,367 | 1,267,745 1,203,262 |
THE WILLOUGHBY MEMORIAL TRUST
| **4. ** | NOTES TO THE ACCOUNTS Cash at Bank Lloyds Bank - Treasurers Account CAF Bank - Gold Account Cafcash Account COIF Charities Deposit Fund Scottish Widows Bank CAF 90 day Notice Account |
31ST DECEMBER 2020 2 0 2 0 2 0 1 9 £ £ (598) 226 70,578 52,446 4,818 4,227 331 330 0 0 £75,129 £57,229 |
31ST DECEMBER 2020 2 0 2 0 2 0 1 9 £ £ (598) 226 70,578 52,446 4,818 4,227 331 330 0 0 £75,129 £57,229 |
31ST DECEMBER 2020 2 0 2 0 2 0 1 9 £ £ (598) 226 70,578 52,446 4,818 4,227 331 330 0 0 £75,129 £57,229 |
|
|---|---|---|---|---|---|
| £57,229 |