From the Treasurer

Trust Funds

The Morrell Trust

A history will follow in due course. The principle sum left to the Parish was £5,000 several years ago. The capital sum was not invested but placed in an interest-bearing deposit account in London, with CCLA Central Board of Finance.  It’s purpose is to provide funds for the Churchyard costs.

Over the years good interest has been earned, but the capital value has of course eroded due to the effects of inflation. Now that we are seeing record low rates of interest, only minimal interest is being earned. Recently, the Standing Committee took the decision to a long-term investment with CCLA, split between Global Equity Income Shares and Fixed Interest Shares. We anticipate receiving returns in 2010 in the region of 4% - 5% instead of just ½% on Deposit Account.

The Ismay Charity

Histories will follow in due course. Although not registered with the Charity Commission, this was the largest of four very small charities, the other three being registered until 2008. The funds have been amalgamated into the Ismay Charity and total £2,491.

The three smaller charities were the Lucy Brown Charity, Whitmore & Cow Charity, Mary Ainsdale Charity. The oldest was the Mary Ainsdale Charity, where the beneficiary died in 1723.  

All four charitable funds had lain dormant for well over 10 years. All had similar objectives to assist to the relief of poverty in the parish, with funds held in the gift of the Rector of the day.

The PCC recently authorised £2,200 to be invested with the CCLA Central Board of Finance Global Equity Income Shares, with the balance held on a Restricted Account under the control of the Rector to be used at her discretion, for the poor and needy in the parish.

The Eilleen Shaw Trust

Created in 1948. This is by far the largest Trust which, because of its nature, has a Custodian Trustee appointed. Also, because the Managing Trustees are the Rector and Churchwardens, and not the PCC, the value of the Trust does not form part of the permanent endowment of the PCC. This means that the value does not form part of the church accounts, even though the entire income is paid to the PCC for the upkeep of St Bartholomew’s and its churchyard. The Churchwardens are charged to spend £7 per annum keeping the family grave tidy and re-gild the inscription as required.

The Custodian Trustee is currently HSBC Trust Company (UK) Ltd. HSBC have expressed the wish to discontinue as Trustee, and steps have been taken this year to try and modernise the Trust. The Charity Commission have no objections, but the Diocesan solicitors advise that the original Will created a Permanent Endowment Trust which must be vested in a trust corporation. We are therefore negotiating to have Chester Diocesan Board of Finance become the Custodian Trustee.

The investments are a complex mix of UK and foreign unit trusts and shares. Unfortunately, tax is deducted from dividends and cannot be recovered from the taxman. Without the specialist knowledge of HSBC Trust Managers it is intended to reinvest in CCLA Funds when the transfer of custodian trustee has taken place.

Income in 2009 from the Eilleen Shaw Trust was £2,255 in 2009.

There are three Trust Funds, two of which form part of the Permanent Endowment of the PCC, as follows:-