Trust Funds

The PCC manages two trust funds, where only the Income can be spent.  In addition, we have the Eilleen Shaw Trust, which by the legal way it was established, is treated quite differently, as shown below.

The Morrell Trust

The principle sum left to the Parish was £5,000 several years ago. The capital sum was not invested but originally placed in an interest-bearing deposit account in London, with CCLA Central Board of Finance.  Its purpose is to provide income for the Churchyard and St Bartholomew's in general.

 
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.
 
In November 2009 the Standing Committee took the decision to a long-term investment with CCLA, split between Global Equity Income Shares and Fixed Interest Shares. Income in 2011 was £272 .  The value of the Morrell Trust at 31 December 2011 was £5,081.
 
 
The Ismay Charity
 
Although never registered with the Charity Commission, this was the largest of four very small charities, the other three being registered until 2008. A fund total of £2,491 was amalgamated into the Ismay Charity.
 
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.
 
In November 2009 PCC 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.
 
In 2011 Income was £117 but the capital value fell by £221 due to adverse market conditions.  No discretionary grants were made in 2011. The total value of the Charity as at 31 December 2011 stood at £2,594.  
 
 
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 changed to the Chester Diocesan Board of Finance in February 2010, following complex legal negotiations in which the Diocesan solicitors advised that the original Will created a Permanent Endowment Trust which must be vested in a trust corporation. 
 
The investments are now held across five UK and global Church of England funds administered by CCLA.  All income is now paid gross whereas with the previous custodian, tax was deducted which could not be recovered.
 
Income in 2009 from the Eilleen Shaw Trust was £2,255. in 2011 we earned £3,614 representing a 60% increase from the days of our previous Custodian.
 
 
Tudor Trust

Maureen Tudor left us a legacy of £25000 in 2015.  This is to be used for the maintenance of the churchyard at St Bartholomew's Church.  It is now invested in 3 CCLA equity funds and hopefully should produce an income of about £1550 per annum.