**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.
Page 2
**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.
Page 3
**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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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...
Page 8
**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...
Page 9
**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...
Page 10
**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...
Page 11
**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.
Page 12
**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
Page 13