REGISTERED CHARITY NUMBER: 1097683
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023
for Scorfen Charitable Trust
Grenfell James Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP
Scorfen Charitable Trust
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
| Detailed Statement of Financial Activities | 13 |
Scorfen Charitable Trust
Report of the Trustees for the Year Ended 31 March 2023
The Trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
In setting the objectives and planning activities, the Trustees have given careful consideration to the guidance provided by the Charity Commission on public benefit.
The objectives of the Charity are:-
(a) To alleviate suffering from poor health and promote health in such ways as may be thought fit and in particular but not exclusively to promote research into the causes and treatment of Spinal Muscular Atrophy. (b) To advance the education of and to benefit the public by the promotion and encouragement of the arts (in particular by assisting young people to pursue any artistic discipline).
(c) To promote the preservation and protection of the countryside for the benefit of the public and to educate the public in the same.
(d) Such other exclusively charitable purposes as the Trustees in their absolute discretion think fit.
Grantmaking
The charity supports charitable causes identified by the Trustees in artistic fields such as music and theatre, in the rural environment, and in health. Also, local charities are occasionally supported. Grantees are monitored on an ongoing basis against criteria set out at the time of the grants.
During the period the following cognizable donations amount to £ 139,400 were agreed:
| The Woodland Trust British Red Cross Fraser's Youth Project (Lisa Bennett) United Purpose Taste of the Country Ltd Shipston Sports & Social Club Ambulance Aid Ltd Prostate Cancer UK Royal Opera House Ups of Downs Sound Waves Grange Park Opera S.M.A UK Longborough Festival Opera Stour Health and Wellbeing Partnership Down Syndrome UK GlobalGiving UK Healing Venezuala Chipping Campden Music Festival Latymer Foundation of Hammersmith St. Paul's Girls School Katherine House Hospice Total |
£ 2,000 2,000 20,000 20,000 5,000 1,250 1,000 1,000 5,250 1,200 3,000 4,000 1,250 8,850 5,000 16,400 1,500 500 30,000 10,000 200 139,400 |
|---|---|
The Trustees are unable to consider unsolicited appeals for funds.
Page 1
Scorfen Charitable Trust
Report of the Trustees for the Year Ended 31 March 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Grants for the year 2022 / 2023 totalled £139,400, a 46% increase on last year's spend. It was agreed by Trustees that this was an appropriate response to increased need across sectors, particularly that of Health.
Arts
This year the Trustees approved donations to the following arts organisations: The Royal Opera House, Longborough Festival Opera, Grange Park Opera, Chipping Campden Music and the Mendelssohn on Mull Festival (Soundwaves).
Education
The third of three £10,000 donations to St Paul's Girl School was made this year. Trustees agreed to make a similar donation as a single payment to Latymer School's 'Headmaster's Bursary Fund' ie £30,000.
Health
There has been continued focus on health donations this year with the second of three payments to Down Syndrome UK (DSUK) being made - £15,000. The Trust continued its response to the war in Ukraine with a £20,000 donation to United Purpose. A £5,000 donation was made to a local charity, The Stour Health and Wellbeing Trust, which works with Shipston Medical Centre to support the community with warm hubs and other initiatives responding to the cost of living crisis. A £20,000 start-up donation was also made to 'Fraser's' - a proposed local youth centre project, aimed specifically at teenagers with a focus on sports activity to support mental health. Smaller donations were made to the British Red Cross, Ambulance Aid Ukraine Ltd, Healing Venezuela, Ups of Downs and Prostate Cancer UK.
Countryside
This year there was one donation to this sector ie £2,000 to The Woodland Trust. The Trustees will continue to review whether to donate funds to CPRE (Campaign to Protect Rural England).
A summary of grants is given below:
| Arts Education Health Countryside Misc Grant Total |
£ 21,600 40,000 54,550 2,000 21,250 139,400 |
% 15.50 28.69 39.13 1.43 15.25 100.00 |
|---|---|---|
FINANCIAL REVIEW
Investment policy and objectives
The financial year started with a balance of £134,071 and in December 2022 a drawdown of £55,000 was made from the charity's investment trust Netwealth.
The end of year balance in April 2023 was £37,079. The Trustees reviewed the investment with Netwealth at both Trustee meetings this year (31 October 2022 and 13 February 2023) and are happy with investment progress with no proposed change to investment ratio.
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Scorfen Charitable Trust
Report of the Trustees for the Year Ended 31 March 2023
FINANCIAL REVIEW
Reserves policy
The Trustees consider that the availability of the expendable endowment fund eliminates the necessity for maintaining free reserves. However, they recognise that the fluctuations in investment income and expenditure, from year to year, may result in levels of free reserves from time to time.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Scorfen Charitable Trust is constituted under a Trust Deed dated 12 May 2003 and as a registered charity No. 1097683.
Organisational structure
(a) The Trustees as the charity Trustees have control of the Trust and its property and funds.
(b) The number of Trustees shall not be less than three and not more that five individuals.
(c) Subject to clause (g) Andrew Stephen Bower Knight, the donor, is entitled to hold office of Trustee for life, and the other Trustees shall each hold office for the following periods:
Marita Georgina Crawley five years from May 2018 Caroline Warren five years from May 2021
Caroline Warren’s trusteeship was reviewed at the May 2021 Trustee meeting and a further term of 5 years was agreed from 1 May 2021 to 30 April 2026
(d) Future Trustees would be appointed for terms of five years by the donor during his lifetime and thereafter by resolution of trustees.
(e) A retiring Trustee must sign a declaration of willingness to act as a Trustee of the Trust before he or she is eligible to vote at any meeting of the Trustees.
(g) A Trustee automatically ceases to be a Trustee if she or he:
(i) is disqualified under Charities Act 2011 from acting as a charity Trustee or Trustee for a charity. (ii) is incapable, whether mentally of physically, of managing his or her own affairs.
(iii) resigns by written notice to the Trustee (but only if at least two Trustees will remain in office).
(h) A retiring Trustee is entitled to an indemnity from the continuing Trustees at the expense of the Trust in respect of any liabilities properly incurred during his or her trusteeship.
(i) A technical defect in the appointment of a Trustee which the Trustees are unaware of at the time does not invalidate decisions taken by the Trustees.
The Trustees must hold at least one meeting each year. Except for the Chairman of the meeting, who has a second or casting vote, each Trustee has one vote on each issue. Except where provided in the Trust Deed, every issue may be determined by a simple majority of votes cast at the meeting.
The Scorfen Trust is administered voluntarily by its Trustees who draw no income or expenses from the charity.
Related parties
Andrew Knight is a Founder Patron of the Spinal Muscular Atrophy Trust(SMAT) Marita Crawley is a Patron of Soundwaves and a Trustee of the Pushkin Bicentennial Trust Caroline Warren is a Trustee of 'The Ups of Downs' and the 'Down Syndrome UKcharities.
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Scorfen Charitable Trust
Report of the Trustees for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1097683
Principal address
Compton Scorpion Manor Shipston On Stour Warwickshire CV36 4PJ
Trustees
Mrs M G Crawley Mr A S B Knight Mrs C Warren
Independent Examiner
David Murphy Grenfell James Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................................ Mr A S B Knight - Trustee
04/03/2024
Page 4
Independent Examiner's Report to the Trustees of Scorfen Charitable Trust
Independent examiner's report to the trustees of Scorfen Charitable Trust
I report to the charity trustees on my examination of the accounts of Scorfen Charitable Trust (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Murphy
Grenfell James Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP
Date: .............................................
Page 5
Scorfen Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Health Arts Countryside Miscellaneous Education Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - - - - - - - - - - - - |
Endowment fund £ 38,591 3,974 54,550 21,600 2,000 21,250 40,000 143,374 97,115 (7,668) 1,500,203 1,492,535 |
2023 Total funds £ 38,591 3,974 54,550 21,600 2,000 21,250 40,000 143,374 97,115 (7,668) 1,500,203 1,492,535 |
2022 Total funds £ 26,799 2,318 38,880 39,180 3,000 - 10,000 93,378 (83,965) (150,544) 1,650,747 1,500,203 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
Scorfen Charitable Trust
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Endowment funds TOTAL FUNDS |
Unrestricted fund £ - - - - - - |
Endowment fund £ 1,457,640 37,079 (2,184) 34,895 1,492,535 1,492,535 |
2023 Total funds £ 1,457,640 37,079 (2,184) 34,895 1,492,535 1,492,535 1,492,535 1,492,535 |
2022 Total funds £ 1,378,172 124,071 (2,040) 122,031 1,500,203 1,500,203 1,500,203 1,500,203 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr A S B Knight - Trustee
04/03/2024
The notes form part of these financial statements
Page 7
Scorfen Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other | fixed asset inv - UnFII | 38,591 | 26,799 |
continued...
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Scorfen Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Portfolio management | 1,238 | 1,238 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income - EXPENDITURE ON Raising funds - Charitable activities Health - Arts - Countryside - Education - Total - Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) - RECONCILIATION OF FUNDS Total funds brought forward - TOTAL FUNDS CARRIED FORWARD - |
Endowment fund £ 26,799 2,318 38,880 39,180 3,000 10,000 93,378 (83,965) (150,544) 1,650,747 1,500,203 |
Total funds £ 26,799 2,318 38,880 39,180 3,000 10,000 93,378 (83,965) (150,544) 1,650,747 1,500,203 |
|---|---|---|
continued...
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Scorfen Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2022 Reclassification/transfer At 31 March 2023 PROVISIONS Revaluation adjustments NET BOOK VALUE At 31 March 2023 At 31 March 2022 There were no investment assets outside the UK. 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 8. MOVEMENT IN FUNDS At 1.4.22 £ Endowment funds Endowment Fund 1,500,203 TOTAL FUNDS 1,500,203 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Endowment funds Endowment Fund 38,591 (143,374) TOTAL FUNDS 38,591 (143,374) |
2023 £ 2,184 Net movement in funds £ (7,668) (7,668) Gains and losses £ 97,115 97,115 |
Listed investments £ 1,378,172 (55,000) 1,323,172 (134,468) 1,457,640 1,378,172 2022 £ 2,040 At 31.3.23 £ 1,492,535 1,492,535 Movement in funds £ (7,668) (7,668) |
|
|---|---|---|---|
continued...
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Scorfen Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Endowment funds Endowment Fund TOTAL FUNDS |
At 1.4.21 £ 1,650,747 1,650,747 |
Net movement in funds £ (150,544) (150,544) |
At 31.3.22 £ 1,500,203 1,500,203 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Endowment funds | Incoming Resources Gains and resources expended losses £ £ £ |
Movement in funds £ |
|---|---|---|
| Endowment Fund | 26,799 (93,378) (83,965) |
(150,544) |
| TOTAL FUNDS | 26,799 (93,378) (83,965) |
(150,544) |
A current year 12 months and prior year 12 months combined position is as follows:
| Endowment funds Endowment Fund TOTAL FUNDS |
At 1.4.21 £ 1,650,747 1,650,747 |
Net movement in funds £ (158,212) (158,212) |
At 31.3.23 £ 1,492,535 1,492,535 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Endowment funds Endowment Fund TOTAL FUNDS |
Incoming resources £ 65,390 65,390 |
Resources expended £ (236,752) (236,752) |
Gains and Movement losses in funds £ £ 13,150 (158,212) 13,150 (158,212) |
|---|---|---|---|
continued...
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Scorfen Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
9. RELATED PARTY DISCLOSURES
Mr A S Knight, a trustee of Scorfen Charitable Trust, is a founder patron of Spinal Muscular Atrophy Trust who were granted £1,250 in the year.
Mrs M G Crawley, a trustee of Scorfen Charitable Trust, is a patron of Soundwaves who were granted £3,000 in the year .
Mrs C Warren, a trustee of Scorfen Charitable Trust, is a trustee of Down Syndrome UK (DSUK) who were granted £16,400 and also a trustee of The Ups of Downs who were granted £ 1,200 in the year.
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Scorfen Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Investment income Other fixed asset inv - UnFII Total incoming resources EXPENDITURE Investment management costs Portfolio management Charitable activities Grants to institutions Support costs Governance costs Accountancy Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2023 £ 38,591 38,591 1,238 139,400 2,736 143,374 (104,783) 97,115 (7,668) |
2022 £ 26,799 26,799 1,238 91,060 1,080 93,378 (66,579) (83,965) (150,544) |
|---|---|---|
This page does not form part of the statutory financial statements
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