Sir John Priestman Charity Trust
The objects of the Trust are: (a) The feeding of poor in the County Borough of Sunderland in times of distress. (b) The payment of annuities to old aged and infirm poor persons residing in the County of Durham. (c) The provision of education at any English University of young men as candidates for Holy Orders in the Church of England who are resident in the County of Durham at the time of their assistance. (d) The establishment or maintenance of any hospital or convalescent home in the County of Durham for the benefit of the poor of the County. (e) The employment and payment of nurses for the sick and infirm in the County of Durham. (f) The making of donations to any charitable institution for the benefit of any persons inhabitants of the County of Durham and in particular of the County Borough of Sunderland. (g) For the benefit of members of the Church of England: (1) Building, maintaining and furnishing (including provision of organs) churches, mission halls and schools in the Counties of Durham and York. (2) The relief, if in necessitous circumstances, of ministers of the Church of England who have worked or may be working in the Counties of Durham or York and the relief of widows or families of any such persons who may be in necessitous circumstances. (h) Any special case for any purpose similar to the foregoing in any part of England and for such other charitable purposes as the Trustees may decide.
R W Farr (Chairman), T R P S Norton, P W Taylor (Correspondent), R J Heslop, A W Coates
The Trust is an endowed charity with permanent endowment only and is dependent solely on income from its investments. The Trustees investment objective is therefore to maintain and enhance the value of the fixed assets over the long term in order to maintain and if possible increase the income available for the purposes of the Trust. Investments and projected income are reviewed quarterly and performance compared with appropriate indices. Taking into account market fluctuations investment performance has been satisfactory. This policy has, over a number of years, led to an increase in the Trusts investment income. In the year to 31 December 2007 there was a decrease of 6%. The value of the Trust's investments has decreased by £72,9k over the previous year and total funds have decreased by £16,4k. The decrease in the value of investments is due purely to market factors and could fluctuate both upwards and downwards in the coming year.
The objects of the Trust are furthered by the making of grants from the income of the Trust. The Trust normally only makes grants to other United Kingdom Registered Charities which benefit persons in Sunderland and the County of Durham and Church of England Churches in the Counties of Durham and York. Only in special cases are grants made outside these geographical areas or to individuals. Grants to churches are for construction or maintenance of buildings and the provision or repair of organs. The Trustees are particularly concerned to establish that projects for which grants are sought are viable. Accordingly grants are awarded subject to such conditions as to funding or otherwise as the Trustees consider appropriate and payment thereof deferred until the conditions are satisfied. If these cannot be fulfilled the grant is cancelled. In addition to making grants for particular projects, the Trust supports a number of charities by way of annual grants. Save in the case of annual grants the Trust does not usually make grants in respect of general running costs or salaries as opposed to specific capital projects. The Trustees' policy is generally to award modest grants to a relatively large number of bodies rather than a few large grants. There is no fixed apportionment of grants between the various Trust objects; each application is dealt with on its merits. If a grant is for a specific project, the recipient is asked to confirm when the project is completed.
The Trustees meet quarterly and make all decisions regarding investments and payment of grants. Accounting records are maintained on behalf of the Trustees by Messrs Stephenson Coates, Chartered Accountants who present quarterly management accounts to the Trustees. All other administration including the processing of grant applications prior to consideration by the Trustees is carried out by McKenzie Bell, Solicitors under the supervision of Mr P W Taylor, a Trustee, who is a partner in that firm.
The Trustees plan to continue the policy of maintaining and enhancing the value of the capital in order to preserve and increase the income available to fulfil the objects of the Trust.
19 John Street
Tyne and Wear
Tel: 0191 567 4857
CC number: 209397
|total voluntary income||-||-|
|activities, furtherance of charities objects||-||-|
|activities for generating funds||-||-|
|sales and fees from operating activities||-||-|
|total listed investments||0.36||-|
|income from subsidiaries||-||-|
|interest on cash & short term inv||0.01||-|
|total investment income||0.37||-|
|TOTAL INCOMING RESOURCES||0.37||0.37|
|investment management costs||-||-|
|cost of generating funds||-||-|
|activities, furtherance of charities objects||0.01||-|
|management and admin||0.03||-|
|total charitable expenditure||0.31||-|
|TOTAL RESOURCES EXPENDED||0.31||0.31|
|other fixed assets||-||-|
|total fixed assets||9.56||-|
|bank loans & overdrafts||-||-|
|trade & other creditors, accruals||0.00||-|
|creditors falling due within one year||0.00||-|
|net current assets||0.67||-|
|future long-term grant commitments||0.04||-|
|subsidiary & associated undertakings||-||-|
|creditors falling due after one year||0.04||-|
|provisions for liabilities and charges||-||-|