Annual Report 2015
Trustees Report for the year ending 31 December 2015
Aims and Purposes
The aims of the Barton under Needwood & Dunstall Key Trust (‘the Trust’) are to distribute the income derived from investments, including rent from land, in accordance with the Trust Deed , whilst maintaining adequate reserves in line with future planned commitments.
Objects and Activities
The objects of the Trust are to meet the needs of the
residents in the area of benefit as laid down in the Trust Deed,
including:
- contributing to the upkeep and maintenance of the Parish
Church in Barton under Needwood,
- relief of persons who are in need, hardship or distress, and
- for the general benefit in such charitable ways as the
trustees think fit.
Achievement and Performance
Clerk
Trustees are very fortunate to have secured the services of Mrs Firth as their Clerk whose attention to detail, efficiency and deep interest in our activities is outstanding. Her enjoyment of this role and involvement within our communities is plain to see and brings great benefit to the Trust.
Combined with our Trustees wide ranging knowledge of our community, commercial acumen and experience of managing charitable organisations we are well placed to continue the development and successful operation of the Trust.
During the year three nominated Trustees, whose four year terms had expired, were re-appointed by their Local Authorities and two co-opted Trustees were re-appointed. I thank them, our special advisers and our Clerk for their dedication to making this Trust a major force in Barton & Dunstall.
Finance & Investments
Following extensive negotiations between Land & Mineral Management, a specialist professional consultancy engaged by the Trust, and Aggregate Industries our small field at Breach Close was sold for minerals extraction at the best value that could be obtained from the only potential purchaser.
As reported previously Nigel Davis Solicitors, the Trust's specialist agricultural legal advisers, had served Notice on our tenant and to the business to whom he had sub-let the land without our consent. Our tenant contested that and insisted on going to Arbitration. As we had no choice but to defend our position we incurred substantial legal fees that we are unable to recover.
Throughout the protracted sale process the Trustees took professional advice seeking to maximise the value of our property asset and obtain the best price for this small field previously rented at agricultural value.
The proceeds of this capital sale have been invested to obtain income for our beneficiaries. That, and an updated valuation of £80,000 for the remaining land, including the allotments, results in a surplus of £71,073 which has increased the reserves of the Trust.
Rents for our remaining land holdings were uplifted to reflect current values and new agreements signed specifying the terms for annual reviews. Land registry details were brought up to date. All the Trust's allotments were occupied throughout the year.
Aggregate Industries are expecting to begin extracting and selling minerals from the extension of their local pit by mid-2016. Under the terms of a legally binding Community Fund Agreement this will provide additional income to the Trust for investment to support beneficiaries as defined by our Trust Deed.
We remain content with the service and performance of Investec, our investment managers, but will continue reviewing their appointment.
Administration costs, excluding exceptional legal fees associated with the disposal of Breach Close, were 15.2% of net investment income.
Grants
During the year 10 grants have been awarded to individuals and 6 to local organisations totalling £21,800. Additionally our Christmas voucher distribution cost £3,962. These together with the grants and £3,348 paid to St James’ Church represent 73% of our net investment income for the year.
We continue to receive a good variety of applications from individuals and community organisations and are ready to support more, particularly as other sources of grant aid are reducing.
Marketing
Encouraging young people with extra-curricular activities is a significant objective for the Trust. The Barton & Dunstall Key Trust Award for Leadership at John Taylor High School is very well received, attracting outstanding candidates and considerable positive publicity for the Trust.
www.bartondunstallkeytrust.co.uk showing examples of projects we have supported and enabling potential applicants to download our Terms & Conditions and our Application Form is a valuable source of current information and promotion of the Trust. It is updated regularly.
We continue promoting the Trust by distributing promotional posters and taking free or low cost closely targeted advertisements in local magazines and guides as well as requiring sponsored projects to promote the Trust in their literature and by plaques on buildings.
Despite the relatively small area of benefit and tightness of our communities it is evident that some people & local organisations are unaware of how we might assist. In addition to our poster and advertising campaigns we secure substantial free coverage of our activities in the local Press and the Barton Chime Parish magazine that circulates widely in our community.
Public Benefit Requirement
The Trustees feel that the performance in the year demonstrates that the Trust continues to meet the Public Benefit criteria whilst complying with the Trust Deed.
Approved on behalf of the Trustees on 5 February 2016 and signed on
their behalf by:
Adrian Wedgwood, Chairman