Village Trust

Posted January 2022

HALSTOCK VILLAGE SHOP AND HALSTOCK VILLAGE TRUST

It is some time since Halstock Village Shop Limited (HVSL)  and Halstock Village Trust (HVT) were set up and many people are not familiar with the basis upon which they operate. The following provides an outline. 

In setting up the two entities they were intended to operate in a linked manner. The net profit from the HVSL operation was to be given to HVT so as to avoid paying corporation tax and HVT, as a charity, secured grants for and on behalf of HVSL when the current shop and community room were built. In addition, HVT is able to make grants to HVSL as and when needed for the benefit of the ongoing business. 

Over the years since establishment this arrangement has worked well with HVSL net profit being passed to HVT and used to fund village projects that are of benefit to the village as a whole. 

Halstock Village Shop Limited (Company Number 2615929) was incorporated on 30 May 1991. The Memorandum and Articles of Association are general in nature and relate to the operation of a generic business. They have been amended from time to time by agreement at a General Meeting. The key points are:

• The company’s name is HALSTOCK VILLAGE SHOP LIMITED
• The Object of the Company is to provide and maintain a village shop and community facility in the village of Halstock for the benefit of the inhabitants of that village and the surrounding area.
• The net profit of the Company after payment of all outstanding debts shall be covenanted to Halstock Village 
• The liability of the members is limited
• The Company’s issued share capital is £960 divided into shares of £1 each
• The shares are associated with debentures – each investment of £50 (as a non-interest bearing debenture) entitles the investor to one share.
• The Directors shall not be entitled to any remuneration
• If the Company is wound up, the liquidator shall transfer the surplus assets of the Company to the Halstock Village Trust (the Charity) registered number 1031807 for its general purposes but the Charity may not be compelled to accept assets upon which there is a liability. Should the Charity cease to exist then such assets shall be transferred to the Corscombe, Halstock and District Parish Council or its successor body to be used for charitable purposes, such purposes to be similar to those of the Charity wherever possible.

The current Directors are: Richard Fry (Chairman), John Bright, Tony Woodroffe and David Warner.

Halstock Village Trust (Registered Charity Number 1031807) was established on 6^th December 1993. The Trust Deed is again generic in nature. The key points are:

• The Trust shall be known as HALSTOCK VILLAGE TRUST
• The Objects of the Trust are for such charitable purposes for persons resident in the village of Halstock as the Trustees shall in their absolute discretion determine. Note: it is the current policy of the Trustees that any grant made by the Trust should be for the benefit of the village as a whole and not individual residents.
• Trustees may be appointed by a resolution of the Trustees recorded in the minutes. (By custom and practice, one Trustee is required to stand for re-appointment each year. Nominations for trustees are invited at the Halstock Annual Village Meeting. These nominations are considered by the Trustees who are responsible for making an appointment.)
• The Trustees stand possessed of all money,  property or investments which may be paid or transferred to them for pursuance of the Objects (the Trust Fund) upon trust either to retain or sell them and invest the proceeds in any investments that are in line with the rules and regulations of the Charities Commission with power from time to time to change such investments for others of a like nature upon trust that both the income and the capital thereof shall be applied at the discretion of the Trustees  in pursuance of the Objects

• If the Trustees at any time unanimously decide that it is expedient to discontinue the Trust any assets remaining after the satisfaction of all its debts and liabilities shall not be paid to or distributed among the Trustees but shall be given to such other charitable institution or institutions having similar objects to the Trust as the Trustees shall with the approval of the Charities Commission decide. 

The Annual General Meeting of the Trust is normally held as part of the Halstock Annual Village Meeting. A report of the activities of the Trust is given at the meeting and that report published in the Chimes and on the village website.

Applications for a grant from the Trust may be made in writing at any time. Any significant proposals for expenditure may be the subject of consultation at a village meeting.

The Current Trustees are: Martin Manning (Chairman), Bardy Griffiths, David Wright, Alison Rees and Chris Chambers.

The funds currently held by the Trust are in:

• Bank deposit (cash)                                         
• Churches, Charities and local Authority (CCLA) Investment Fund (deposit and investment)
• The trust also currently holds 444 shares in HVSL which have been donated or bequeathed over the years. 

posted 2019 

Trust Objectives 

The Halstock Village Trust holds village money to help fund village projects and amenities for the Village  - as determined by the trustees who are

Martin Manning (chairman and Treasurer)  891394

Bardy Griffiths  891736

Peter Lemmey 891377

Allison Rees  891782

Dave Wright  891449

Thus, HVT donates to meet village needs, hold the residual mortgage on Halstock Village Shop Ltd and has acted as banker for the Halstock Community Room (HCR), which is managed by Tony Hill and the Committee.

Trust resources are increasing. Now that the mortgage on the shop has been paid off to Triodos Bank or transferred to the Trust, the shop and flat profits will come to the Village Trust.  The usable reserve stands at £33000 and HVT holds the Village Shop mortgage of £59500.

The reserve is held at a high enough level in case a major expense is required which needs significant funds - such as a playground or similar requirement.

Donations must be for the benefit of all or a large part of the village and are not available for individual projects or for maintenance of items which are properly the role of the County or District Councils.

As has been promulgated every year at the Annual Village Meeting (AVM) - which is also the AGM for the HVT - if anyone has a village project which needs funding, then contact one of the trustees as above.

Money Distributed in last 5 years

(apart from money paid to/for Community Room running)

Up until 2017 there was limited income, but since 2017 the shop and flat profits now come to the HVT so receipts and distributions have risen.

Future expenses might be:

Help with Village Hall loo refurbishment and replacements

Assistance with the football club

Childrens’ playground (if a site could be found)

Items to improve the looks of the village

Repairs not the responsibility of The Councils

Possible help with mobile phone signal

Trustees:

                                   Martin Manning (Chair and secretary 891 394)

                                   Peter Lemmey
                                   Bardy Griffiths                         

Allison Rees 

David Wright