ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
SEBA TRUST
Paradigm Norton Financial Planning Ltd Paradigm House, Macrae Road, Ham Green, Bristol BS20 0DD
Seba Trust
Report and Financial Statements Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the trustees | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes forming part of the financial statements | 8 - 10 |
| Investment schedule | 11 |
Seba Trust
Legal and Administrative Information
Reference and administrative information
Charity Name: Seba Trust Charity registration number: 1080379 Correspondence address: Four Seasons Charney Well Lane Grange Over Sands Cumbria LA11 6DB
Trustees
W H Oldfield Mrs P M Oldfield D J Newton
Accountants
Paradigm Norton Financial Planning Ltd Paradigm House Macrae Road Ham Green Bristol BS20 0DD
Bankers
Cater Allen Limited 9 Nelson Street Bradford BD1 5AN
Financial advisers
Paradigm Norton Financial Planning Ltd Paradigm House Macrae Road Ham Green Bristol BS20 0DD
1
Seba Trust Trustees' Report
We are pleased to present our report together with the independently examined financial statements of the charity for the year ended 31 March 2023.
Legal and administrative information set out on page 1 forms part of this report.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
History, objectives and activities of the Trust
The Seba Trust was formed by a declaration of trust on 1 March 2000. The Trust was started with an injection of cash from Mr & Mrs W. Oldfield and with smaller amounts since then. Both the initial donation and additional amounts donated since have been under terms which allow the trustees to either retain the amounts as capital or to spend them. No fund raising activity has been carried out by the Trust.
The Trust deed gives the trustees the power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose. The trustees currently have a policy of supporting three types of activity: relief of poverty; alleviating suffering; promotion of Christianity.
The trustees identify projects and organisations they wish to support and the Trust has a policy of not usually making grants to people or organisations who apply speculatively.
Management and governance arrangements
The trust deed provides for 3 trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees.
The chair of trustees is responsible for the induction of any new trustee which involves awareness of a trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year’s annual report and accounts and a copy of the Charity Commission leaflet ‘The Essential Trustee: What You Need to Know’. The existing trustees have all held office since the Trust was founded.
The trustees annually review the risks that the charity faces. To date these have mainly related to investment management and these have been ameliorated by diversified portfolio management and the services of professional financial advisers.
Procedures and policy for grant making
A formal Trust review meeting of all trustees is held once a year. At other times two, or more, trustees hold informal meetings to make decisions on new grants and to review on-going regular grants and their effectiveness. In general these informal meetings occur approximately every other month.
Where ever possible grants are made to organisations working in the appropriate field which themselves hold charitable status and therefore have their own accountability procedures. Grants to other organisations, or to overseas non-profit organisations are made only when the Trust has personal contact and is able to verify the correct accountability for the use of the grant.
The Trust normally makes grants by regular monthly gifts over one, or more, years. Occasional one-off grants are made as needs arise.
2
Objectives and activities for the public benefit
The objects of the Trust are the relief of poverty, to alleviate suffering, and the promotion of Christianity. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives and in planning grant making for the year.
Achievements and performance of the Trust
The trustees aim to give grants that total 4% to 6% of the total invested assets within any one year. However this is not a condition of the governing document and the trustees can change this objective at their own discretion.
The aims of the trustees are to make best use of the funds available to satisfy the objectives locally, nationally and globally. Generally, but not completely, the Trust looks to work with organisations who have a Christian perspective when meeting the first two objectives: relieving poverty; and alleviating suffering.
The beneficiaries of grants from the Seba Trust for this year have been:
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Organisation Amount Benefit
ACET (Uganda) £800 Relieve poverty and suffering
Afrinspire £4,200 Relieve poverty and suffering
Bible Society £960 Promote Christianity
Christians Against Poverty £600 Relieve poverty
CARE £2,400 Relieve poverty and suffering
Christian Blind Mission £2,400 Relieve poverty and suffering
Churches Together Youth Trust £600 Promote Christianity
Concordis International £2,800 Relieve suffering
DEKI £1,200 Relieve poverty
Ethiopiaid £1,200 Relieve suffering
Frank Water £500 Relieve poverty and suffering
GenR8 £2,760 Promote Christianity
Global Commission Partners £720 Promote Christianity
Hope For Justice £1,800 Relieve suffering
Innovista £7,200 Promote Christianity
Kisumu Children's Trust £720 Relieve poverty and suffering
Mission Direct £1,000 Relieve poverty
NISCU £1,800 Promote Christianity
SIM International £1,200 Promote Christianity
Sportsreach £400 Promote Christianity
Springfield Women’s Refuge £1,800 Relieve suffering
UCCF £1,800 Promote Christianity
Yeldall Manor £500 Relieve suffering
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During the Trusts 22/23 financial year the trustees made gifts totalling £39,360. This represents 4.2% of the total assets held at the start of the year and is broadly in line with the current objectives of the Trust.
During the 22/23 financial year the trust benefitted from a £13,450.44 legacy from the estate of the late Patricia Wilmshurst.
3
Financial review
The trusts asset base decreased by £75,937 during the year to £851,832. The Trustees are satisfied with the long term position of the Trust.
Investment policy
Under the Trust Deed, the Trustees have the power to invest in such assets as they see fit, subject to first seeking the advice of a financial expert.
Accordingly, the Trustees have delegated management of the Trust's investments to Paradigm Norton Financial Planning Ltd, defining an investment profile of securing a medium level of return with moderate risk whilst maintaining the capital base.
Reserves policy
The Trust Deed requires the Trustees to use the income of the Trust in promoting its objects. It also gives permission for the capital to be used. The use of the Trust's reserves is therefore wholly at the discretion of the Trustees, with no particular level of reserves required to be maintained.
Future Plans
In the medium term the trustees plan to continue to run the Trust on the same basis of making gifts of 4%-6% of capital.
Statement of trustees' responsibilities
Charity law requires the trustees to prepare financial statements for each financial year, which show a true and fair view of the state of affairs of the charity, and its financial activities for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies that are reasonable and prudent;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice
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have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to
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presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Members of the Trustee Board
Members of the Trustee Board, who served during the year and up to the date of this report are set out on page 1.
We certify that so far as we are aware, the independent examiner has been made aware of all relevant information.
Approved by the trustees and signed on their behalf on 12 September 2023.
W H Oldfield Chairman
4
Seba Trust Independent Examiner's Report for the year ended 31 March 2023
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibilty to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with
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the accounting requirements of the Charities Act have not been met; or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Alison Saunders Chartered Accountant
Date: 12 September 2023
5
Seba Trust
Statement of Financial Activities for the year ended 31 March 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| £ | £ | ||
| Income from: | |||
| Legacies receivable | 13,450 | - | |
| Investment income | 17,200 | 13,826 | |
| Total income | 2 | 30,650 | 13,826 |
| Expenditure on: | |||
| Costs of generating funds | 6,446 | 6,767 | |
| Charitable activities | 40,860 | 39,150 | |
| Total expenditure | 3 | 47,306 | 45,917 |
| Net income/(expenditure) before | |||
| investment gains/(losses) | (16,656) | (32,091) | |
| Investment gains/(losses) | |||
| Realised gains on disposal of investments | 18,345 | 14,743 | |
| Unrealised gains/(losses) on revaluation of | investments | (77,626) | 71,267 |
| Net movement in funds | (75,937) | 53,919 | |
| Total funds brought forward | 927,769 | 873,850 | |
| Total funds carried forward | 851,832 | 927,769 |
6
Seba Trust
Balance Sheet as at 31 March 2023
| Notes Fixed assets Investments 6 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets Funds Unrestricted funds Total Charity funds 8 |
40,876 40,876 2,025 |
2023 £ 812,981 38,851 851,832 851,832 851,832 |
33,226 33,226 2,002 |
2022 £ 896,545 31,224 927,769 927,769 927,769 |
|---|---|---|---|---|
The financial statements were approved by the trustees on 12 September 2023
W H Oldfield Trustee
7
Seba Trust Notes to the Accounts for the year ended 31 March 2023
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the previous year.
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Fund accounting
All funds held by the charity are unrestricted general funds, which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. The movement in the general fund is set out in note 8
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable.
Investment income is included when receivable.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in its grant-making activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the costs linked to the strategic management of the charity.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource.
Fixed asset investments
Investments are included at closing market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
2 Incoming resources
| Legacies receivable - Pat Wilmshurst Legacy (received 5 July 2022) Investment income - Seven Investment Management Portfolio |
2023 2022 13,450 - 17,200 13,826 30,650 13,826 |
|---|---|
8
Seba Trust Notes to the Accounts for the year ended 31 March 2023
| 3 Resources expended Costs directly allocated to activities Donations and grants Investment management fees Support costs allocated to activities Accountancy fees Total resources expended Allocation of support and governance Total Expenditure Prior year comparative Costs directly allocated to activities Donations and grants Investment management fees Support costs allocated to activities Accountancy fees Total resources expended Allocation of support and governance Total Expenditure |
Costs of generating funds £ 6,446 6,446 - 6,446 Costs of generating funds £ 6,767 6,767 - 6,767 |
Grant- making £ 39,360 39,360 1,500 40,860 Grant- making £ 37,710 37,710 1,440 39,150 |
Gover- 2023 nance Total £ £ 39,360 6,446 1,500 1,500 1,500 47,306 (1,500) - 47,306 Gover- 2022 nance Total £ £ 37,710 6,767 1,440 1,440 1,440 45,917 (1,440) - 45,917 |
|---|---|---|---|
4 Key management personnel
The charity did not employ any staff during the year (2022: none).
The key management personnel of the charity comprise the trustees only. The total employee benefits of the key management personnel were £nil (2022: £nil).
9
Seba Trust Notes to the Accounts for the year ended 31 March 2023
5 Taxation
As a registered charity, Seba Trust is exempt from tax on income and gains under Part 10 of the Income Tax Act 2007 to the extent that these are applied to its charitable objects. No tax charges have arisen in the year.
The charity is registered for Gift Aid with HM Revenue & Customs under reference number XR38144
6 Investments
The portfolio of quoted investments is administered on the advice of Paradigm Norton Financial Planning Ltd. The portfolio at 31 March 2023 is summarised as follows:
| Stocks and shares at market values Cash Total investments Listed investments summary: Market value at 1 April 2022 Additions at cost Disposals at market value Gains/(losses) arising in the year Market value at 31 March 2023 Historical cost at 31 March 2023 Unrealised revaluation gains to date 7 Creditors: amounts falling due within one year Accruals 8 Movement in funds At 1 April 2022 £ Unrestricted funds: General funds 927,769 Prior year comparative At 1 April 2021 £ Unrestricted funds: General funds 873,850 |
Incoming resources £ 30,650 Incoming resources £ 13,826 |
Outgoing resources £ (47,306) Outgoing resources £ (45,917) |
2023 2022 £ £ 785,357 873,638 27,624 22,907 812,981 896,545 873,638 829,127 22,500 - (51,500) (41,500) (59,281) 86,011 785,357 873,638 520,286 530,943 265,071 342,695 2023 2022 £ £ 2,025 2,002 Investment At 31 March gains/(losses) 2023 £ £ (59,281) 851,832 Investment At 31 March gains/(losses) 2022 £ £ 86,010 927,769 |
|---|---|---|---|
- 9 There were no related party transactions during the year (2022: none).
10
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SEBA TRUST
INVESTMENTS
YEAR ENDED 31 MARCH 2023
1 April 2022 Acquisitions Disposals 31 March 2023 Income
Dividends Profit/
Description Nominal Cost Date Detail Nominal Purchase re-invested Date Detail Nominal Proceeds (loss) Nominal Cost Value Due date Net
Blackrock Fund Managers Ltd 66658 100,858 04/11/22 Purchase 7140 12,500.00 17/05/2022 Sale 5197.403 10,000.00 2,136 68600.5970 105,494 112,067 29/04/2022 1,219.97
Ishares Gbl Prop Secs Eqty Idx Uk D Dis 31/10/2022 1,792.01
Dimensional Funds 2080 32,043 2080.0000 32,043 39,813 09/06/2022 289.65
Emerging Markets Value Gbp Dis 08/12/2022 1,563.98
Dimensional Funds 4724 63,150 31/05/22 Book Adjustment 45.52 16/05/2022 Sale 80.0960 2,000.00 929 4566.2040 61,086 115,159 13/06/2022 450.22
Global Small Cos Inc Nav 03/11/2022 Sale 77.7000 2,000.00 961 08/12/2022 1,181.22
Dimensional Funds 8737 93,772 31/05/22 Book Adjustment 95.35 16/05/2022 Sale 1058.201 16,000.00 4,643 7550.5070 81,132 114,692 13/06/2022 663.07
Global Value GBP Inc 03/11/2022 Sale 128.452 2,000.00 621 08/12/2022 1,759.26
Vanguard Investment Series 278 41,439 20/05/22 Purchase 53 10,000.00 02/02/2023 Equalisation 0.0000 147.29 - 330.7600 51,292 59,335 02/02/2023 147.29
Emerging Markets Stk Idx Inc Nav GBP 02/02/2023 1,559.52
02/02/2023 150.82
Vanguard Investments UK Ltd 824 179,921 17/05/2022 Sale 26.9673 11,000.00 5,112 776.1626 169,476 319,406 30/12/2022 5,502.37
FTSE Dev World Ex UK Eqty Idx Inc 04/11/2022 Sale 20.8701 8,500.00 3,943
Vanguard Investments UK Ltd 217 19,760 217.0000 19,760 24,885 30/12/2022 875.25
All Share Index Unit Trust A Inc
530,943 22,640.87 0.00 51,647.29 18,345 520,283 785,357 17,154.63
Purchased 22,500.00 Sold 51,500.00 Gross Interest on portfolio cash 18/10/2022 45.51
22,500.00 51,500.00 Credited to dealing a/c 17,200.14
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