2021-12-31-accounts - Willoughby Memorial Trust

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THE WILLOUGHBY MEMORIAL TRUST

TRUSTEES’ REPORT

and

A C C O U N T S

for the year ended 31st December 2021

Registered Charity No. 527647

Library and Art Gallery Moreley's Lane Corby Glen GRANTHAM Lincs. NG33 4NL

THE WILLOUGHBY MEMORIAL TRUST

I N D E X

Page

1 - 5	Trustees’ Report
6	Independent Examiner’s Report
7 – 8	Receipts and Payments Account
	for the Year
9	Funds Movement Statement
10	Statement of Assets at
	31st December 2021
11 – 13	Notes to the Accounts
	oooooooo0oooooooo

Accountant/Independent Examiner:

F.C. Hatchman, CPFA, Additions Accountancy Grantham Ltd, Barn End, Skillington GRANTHAM, Lincs. NG33 5EA

Investment Advisers: Gerrard Limited, Old Mutual Place, 2 Lambeth Hill, LONDON. EC4V 4GG Bankers: Lloyds Bank plc., 8 North Street, Bourne, Lincs. PE10 9ED

THE WILLOUGHBY MEMORIAL TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

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
Mrs S Woolley	Representing County Council Education Services
Rev. M Barton	A co-opted trustee
Mrs T Lamming	A co-opted trustee
Mr C Housego	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
(b) Two by the Trustees appointed in sub-clause (a) from the nominees submitted by Lincolnshire Education Authority, and
(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.

THE WILLOUGHBY MEMORIAL TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (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.
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:

a. carried out, in association with the Countess of Ancaster, extensive restoration of the Trust property, which is a historic Grade 1 listed building
b. established within the building a reference library with particular emphasis on subjects relating to Lincolnshire

and subsequently

c. promoted art exhibitions, mainly by local artists
d. established an annual art competition for Lincolnshire schools and local artists
e. established an annual poetry competition for Lincolnshire schools
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

THE WILLOUGHBY MEMORIAL TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (continued)

During 2021 the Trust carried out the following activities:

Exhibitions

After restricted opening in 2020 due to the Covid-19 lock-down restrictions, the gallery opened for a full season in 2021. The exhibitions were:

13 April – 7 May Paintings – Claire Carrington – a range of images in high key colour using mixed media, paints and pencils and inspired the artist’s love of the natural world. 191 visitors, sales £1050.
12 May – 4 June Painting for Pleasure 2021 - The Swayfield Art Group - recent work from the local art group with a passion for drawing and painting that meets once a week in Swayfield Village Hall. 212 visitors, sales £336.
10 June – 7 July Reconnect - Jeudis - the Leicestershire based group of mixed media and textile artists worked to the theme of ‘Reconnect’ in response to the strange, distressing, and difficult Covid year. 203 visitors, sales £759.50.
14 July – 11 August Abstracting Reality & Nature’s Bounty – Doreen Bright – works in oils, pastel and acrylic concerned with the environment, including global warming, pollution and nature. 159 visitors, sales £463.00.
18 August – 15 September Paintings – Jean Allen, Desmond Avery, Jackie Shaw - a show of, mostly small scale, colourful work in a variety of painted media with a wide range of imagery by three members of the Leadenham Art Group. 279 visitors, sales £700.
22 September – 20 October Prospero's Cave - recent works by Stephen Jon – a popular and exceptionally high qualty exhibition of masks, sculptures, very large drawings and smaller studies by a professional theatre artist. The exhibition design was memorable and innovative. 366 visitors, sales nil.

Events

27 October – 26 November The Open Art Competition - Judged on 22 October by Shelley Livingstone and Beverley Wrigley Pheasant. 5 Primary (9 in 2019) and 8 Secondary Schools (10 in 2019) entered. There were a total of 174 entries for Classes 1 – 5 (264 in 2019) and in Class 6 there were 58 entries (61 in 2019).

THE WILLOUGHBY MEMORIAL TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (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 sufficient reserves in an accessible form to be equivalent to two years operating expenditure.

THE WILLOUGHBY MEMORIAL TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE

TRUSTEES OF THE WILLOUGHBY MEMORIAL TRUST

I report on the Accounts of the Trust for the year ended 31st December 2021, which are set out on pages 7 to 13.

Respective Responsibilities of Trustees and Examiner

The Charity's Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

Basis of Independent Examiners’ Report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the Accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent Examiners’ Statement

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act 2011; and - to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.

F.C. Hatchman B.A. (Hons), CPFA

Date:

Additions Accountancy (Grantham)Ltd., Barn End, Skillington Grantham, Lincs. NG33 5EA

THE WILLOUGHBY MEMORIAL TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 2021

A.	Note £ GENERAL FUND INCOME RECEIPTS Trading Income Sales of Books and Cards 0 Rent of Facilities 0 Grant Income SKDC Business Grant 0 Investment Income Investment Fund 1 36,609 Bank Interest 7 TOTAL RECEIPTS DIRECT CHARITABLE EXPENDITURE Upkeep Repairs and Maintenance 3,733 Grounds Maintenance 1,324 Light and Heat 1,411 Caretaking Costs 18,847 Rates and Water 813 Insurance 683 Cleaning and Sundries 161 Library Books, Magazines and Subscriptions 95 Librarian 0 Art Gallery Exhibition Expenses and Advertising 136 Exhibition Secretary and Expenses 5,496 Art Competition 738 carried forward 2 0	£ 0 0 2 0	£ 0 36,616 2 1
		0 36,609 7
		3,733 1,324 1,411 18,847 813 683 161
			£36,616

		95 0
		136 5,496 738

THE WILLOUGHBY MEMORIAL TRUST

B.	RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 2021 (continued) 2 0 2 1 2 0 2 0 £ £ £ DIRECT CHARITABLE EXPENDITURE (continued) brought forward (33,437) Grants and Other Expenditure Schools Poetry Competition 973 0 Grants and Sponsorship 0 0 (973) (34,410) MANAGEMENT EXPENSES Postages and Telephone 894 804 Stationery and Sundries 5 0 Accountants Fees 400 400 Bank Charges 96 60 Administration services (1,395) TOTAL EXPENDITURE £(35,805) SURPLUS FOR THE YEAR £811 2 0 2 1 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 2 0	2 0 2 0	£ (29,677) 0
		0 0
				(29,677) (1,264)
				£(30,941)
				£17,900
				2 0 2 0 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 2021

		General	Eductional	Trust
		Fund	Grants Fund	Fund
		£	£	£
Balance	brought forward
1st January 2021		106,314	37,981	1,198,580
Add:	Surplus for	811	0	0
	the year
	Profit on			230,076
	revaluation of
	Investments
Balance	carried forward	£107,125	£37,981	£1,428,656
31st December 2021
			Total Funds	£1,573,762

THE WILLOUGHBY MEMORIAL TRUST

STATEMENT OF ASSETS 31ST DECEMBER 2021 Note 2 0 2 £ £ £ Freehold Land and Buildings At Valuation 2 1 Investments 3 At Market Value 1,497,821 1,497,822 Cash at Bank & In Hand Cash at Bank 4 25,520 75,129 Cash in Hand and In Transit 0 25,520 Add: Outstanding Interest 420 £1,523,762 Represented by: Trust Fund Balance brought forward 1,198,580 Add: Surplus on Investments - Realised 0 0 - Unrealised 230,076 64,483 230,076 1,428,656 General Fund Balance brought forward 106,314 88,414 Add: Transfer (to)/from Trust Fund (50,000) 0 Add: (Deficit)/Surplus for the year 811 17,900 57,125 Educational Grants Fund Balance brought forward 37,981 37,981 Add: Surplus for the year 0 0 37,981 £1,523,762 2 0 2 1	STATEMENT OF ASSETS 31ST DECEMBER 2021 Note 2 0 2 £ £ £ Freehold Land and Buildings At Valuation 2 1 Investments 3 At Market Value 1,497,821 1,497,822 Cash at Bank & In Hand Cash at Bank 4 25,520 75,129 Cash in Hand and In Transit 0 25,520 Add: Outstanding Interest 420 £1,523,762 Represented by: Trust Fund Balance brought forward 1,198,580 Add: Surplus on Investments - Realised 0 0 - Unrealised 230,076 64,483 230,076 1,428,656 General Fund Balance brought forward 106,314 88,414 Add: Transfer (to)/from Trust Fund (50,000) 0 Add: (Deficit)/Surplus for the year 811 17,900 57,125 Educational Grants Fund Balance brought forward 37,981 37,981 Add: Surplus for the year 0 0 37,981 £1,523,762 2 0 2 1	STATEMENT OF ASSETS 31ST DECEMBER 2021 Note 2 0 2 £ £ £ Freehold Land and Buildings At Valuation 2 1 Investments 3 At Market Value 1,497,821 1,497,822 Cash at Bank & In Hand Cash at Bank 4 25,520 75,129 Cash in Hand and In Transit 0 25,520 Add: Outstanding Interest 420 £1,523,762 Represented by: Trust Fund Balance brought forward 1,198,580 Add: Surplus on Investments - Realised 0 0 - Unrealised 230,076 64,483 230,076 1,428,656 General Fund Balance brought forward 106,314 88,414 Add: Transfer (to)/from Trust Fund (50,000) 0 Add: (Deficit)/Surplus for the year 811 17,900 57,125 Educational Grants Fund Balance brought forward 37,981 37,981 Add: Surplus for the year 0 0 37,981 £1,523,762 2 0 2 1	2 0 2 £ 75,129 0	0 £ 1 1,267,745
Note 2 3 4
				1,267,746 75,129
				£1,342,875
				1,134,097 64,483
			88,414 0 17,900
				1,198,580 106,314 37,981
	37,981 0		37,981 0


		£1,523,762		£1,342,875

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 2021 2 0 2 1 2 0 2 0 £ £ 0 0 567 651 320 334 35,595 31,483 0 6,135 127 134 36,609 38,737 1 1	31ST DECEMBER 2021 2 0 2 1 2 0 2 0 £ £ 0 0 567 651 320 334 35,595 31,483 0 6,135 127 134 36,609 38,737 1 1	31ST DECEMBER 2021 2 0 2 1 2 0 2 0 £ £ 0 0 567 651 320 334 35,595 31,483 0 6,135 127 134 36,609 38,737 1 1

					38,737
					1

THE WILLOUGHBY MEMORIAL TRUST

NOTES TO THE ACCOUNTS

31ST DECEMBER 2021

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 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 2,473.24 0.00	Holding 19,574.98 2,124.50 7,125.02 3,096.56 58,514.38 8,798.79 2,473.24 0.00	Cost £ 19,575 3,693 9,286 6,192 570,958 151,663 50,000 0	2 0 2 1 2 0 2 0 Market Market Value Value £ £ 19,551 20,505 3,903 4,185 10,637 9,382 28,475 23,672 1,051,837 158,164 1,435,255 0 0
				811,367	1,497,821 1,267,745

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		2 0 2 1 2 0 2 0 £ £ (2,307) (598) 22,627 70,578 4,869 4,818 331 331 0 0 £25,520 £75,129 31ST DECEMBER 2021	2 0 2 1 2 0 2 0 £ £ (2,307) (598) 22,627 70,578 4,869 4,818 331 331 0 0 £25,520 £75,129 31ST DECEMBER 2021	2 0 2 1 2 0 2 0 £ £ (2,307) (598) 22,627 70,578 4,869 4,818 331 331 0 0 £25,520 £75,129 31ST DECEMBER 2021

					£75,129