## **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.
**2.**
## **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**
1. 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.
2. 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
**3.**
## **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).
**4.**
## **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.
##
#
##
##
##
**6.**
## **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
7.
## **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||
8.
## **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
9.
## **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|
10.
## **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**|**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|
11
## **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|
12
## **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|
13.
## **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|