Sea Meadow Trust Annual Report and Financial Statements Year Ended 31 March 2023 Charity registration number.. 1159913
Sea Meadow Trust Contents (continued) Trustees, Report 1 to4 Reference and Adminislralive Details Statement of Trustees. Responsibilities Independent Examiner's Report ststement of Financial Acb'vities Balance Sheet Notes to the Financial Statements 91015
Sea Meadow Trust Trustees, Report The Iruslees present the annual report together with the financial statements of the charity for the year ended 31 March 2023. Objectivos and activitie$ Objects and alms The objectives of the ¢harity are to.. To advance such charitable purposes according to the law of England and Wales as the trustees see fil from lime lo time in particular but not limited to the relief of mental and physical distress amongst those persons suffering from bereavement by providing gonls and accommodation. Public benefit We have ref&rred to the guidance contsined in the Charity Commis5ion'5 general guidance on public benefit when reviewing our aims and objective5 and in planning our future activities. In particular, the Trustees always consider how planned activities and donations will contribute to the aims and objectives they have sel. The Sea Meadow Trustees are committed lo ensuring equality of opportunity for people who we work with and who come lo us, and we seek to be as inclusive as possible. Achievements and performance Following a period of review of the aims of the trust and a review of its granl-making activities. a new series of donations lo registered charities that correspond with the objects of Sea Meadow Trust was made in this year. This year the trust continued to support Sands (Registered Charity 299679. https".IIwwN.sands.org.ukl with two grants lotalling £25,000. The grants to Sands were unreslricled, bul the charity reported back that the funding has continued lo help to support resources for bereavement support for siblings. The Trust supported The Campaign Against Living Miserably ICALMI IRegislered Charity 1110621, https'.Ilww.Ihecalmzone.neUI with two grants tolalling £20,000. The trustees were keen to support CALM'S work. taking a sland against Suicide. CALM offers advice, confidential chats online or on the phone to anyone who is struggling or who needs support or advice. The trust also supported The David Nott Foundation (Registered Charity 1162537, https.'Ildavidnottfoundalion.comll with grants tolalling £20,000. The trustees were keen lo support this foundation s work training SUTgeons to save lives in countries affected by conflict and catsslmphe. The foundation reported that early in 2023 they had already run five courses in Ukraine, Moldova and Dijbouti this year. In total the trust donated £65,000 lo registered charities. The trustees will continue to take an active role in the granl-making undertaking the appropriate research and seeking advi where needed. Contact is initiated by the trustees and they are keen to learn more about organisalions whose work fils with Sea Meadow Trust- unsolicited funding requests are not encouraged and are unlikely lo be suceessful. Paga 1
Sea Meadow Trust Trustees, Report (continued) Flnancial rovigw The financial results of the charity for the year are set out on pa9e 7. These Show a nel movement in fund of1£100,332}. after a loss on investment of1£62,1391. All the charitys funds are unreslricled and carried forward stsnds al £1,842,967. The principal funding source for the charity is investment income, which lotalled £40,576. There were no fundraising activities in the year. Poli¢y on reserves The reserves are held to fund the future of the charity. The Charity holds reseNes within its savings bank account of approximately £35,000. This reserve is able lo cover the ongoing costs of the charity and contribute towards donations. In this financial year donations exceeded income due to the accumulation of income from the previous year in which no donations were made. In gross terms, the investment portfolio produced £40.130 of income in 2022123. The Iruslees are aware that the investment income is variable and not guaranteed. Therefore, it maintains a cash reserve that could cover the unforeseen charity running costs al all times. Investment policy and objectives The trustees have the responsibility for the investment policy of the trust and they have a Slalement of Investment Policy IIPSI which is reviewed on an annual basis. The Iruslees seek advice in relation to investments when appropriate. The current primary objective of the investment portfolio is capital growth in order to fund future charitsble donations. The trustees continue to be comfortable with the Brewin Dolphin Risk Category 6 (moderate investment risk) as this is the most likely mandate lo achieve the charity's objectives whilst undertaking an acceptable level of risk with ils benchmark portfolio invested in 63.50/0 equities, 150/D bonds, 20Dk alternative assets and 1.50/0 cash. The trustees are comfortable that this is the level of risk that the charity can afford lo lake in relation to ils capacity for loss. The trustees have kept in close contact with their investment manager and the portfolio has continued to be structured appropriately in relation to the unsettled financial situation. In the event of the portfolio not performing as expected the charity has sufficient capacity for loss for the risk posed by Risk Category 6. The charity has no planned capital expenditure projects and nobody is reliant on ils capitsl or income. The charity is able to invest for the longer lemi and with no expected changes to these circumstances. The trustees consider Risk Level 6 with an Income and Growth mandate is suitable to meet the Charity's objectives of getting natural income from the portfolio and at the same lime maintaining the real value of underlying funds. The Iruslees continue to monitor the current financial crisis and remain comfortable with the the risk level, although this is regularly reviewed. Page 2
Sea Meadow Trust Trustees, Report (continued) Plans for future periods Structure, governance and management Nature of governing documgnt The Charity is governed by its Constitution, and is a Charitsble Incorporated Organisation ICIOI. The Board of Trustees manages the business of the charity. Apart from the first trustees, every trustee is appointed for a term of three years by a resolution passed at a properfy convened meeting of the trustees. Induction and training of trustees The trustees follow Charity Commission guidelines in relation lo trustee induction and training. Trustees receive no remuneration and the charity does not employ any staff. It has no plans to lake on any employees and aims to remain 8 small charity with very low overheads. 11 should be noted that Callum Macdonald ICMI is Angle Butterfield's son and this is declared at the start of all meetings. Orgonisation81 structure The charity's registered address is clo Francis Clark LLP, Lowin House, Tregolls Road. Truro, Cornwall, TR1 2NA. The Sea Meadow Trust is a registered charity Ino. 11599131. Trustees serving during the year were.. Mrs Angela Helen Butterfield Mrs Jacqueline Mary Mccoan Croslhwaite Mr Callum Charles Macdonald Major risks and managemgnt of those riTsks The Board of Trustees annually reviews the major risks lo which the charity is exposed. in particular those related lo the operations and finances, and is satisfied that systems are in place to mitigate the charity's exposure to such risks and that procedures have been designed to minimise any potential impact on the charity should any of them materialise. The annual report was approved by the Iruslees of the charity on 2 5 11124 behalf by.. and signed on it5 Mrs J M ThAcCoan Croslhwaite Trustee Pag6 3
Sea Meadow Trust Trustees, Report (continued) Reference and Administrative Details Trustees Mrs A Bullerfield Mrs J M Mccoan Crosthwaite Mr C Macdonald Charlty Registration Number 1159913 Principal Office Lowin House Tregolls Road Truro Cornwall TR12NA Independent examlner Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR12NA P8ge 4
Sea Meadow Trust Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, rep)rt and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Poeti) and applicable law and wulalions. The law applicable to charities requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and applIcaton of resources of the charity for that period. In preparing these financial slatemenls, the trustees are required lo.. select suitable accounting policies and then apply them consislenuy., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reason8ble and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls,. and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose wlh reasonable accuracy al any lime the financial posits'on of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports} Regulations 2008, and the provisions of the constitution. The trustees 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 2.5./.11.2 4 and signed on rts behalf by". Mr5 J M'mccoan Crosthw31te Trustee Page 5
Sea Meadow Trust Independent Examiner's Report to the Trustees of Sea Meadow Trust I report on the accounts of the charity for the year ended 31 March 2023 which are $el out on pages 7 to 15. Responsibilities and basls of report As the charity Iruslees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'i. I report in respect of my examinats.on of the Trusvs accounts cairied out under section 145 of the 2011 Act and in carrying out my examination I have followed 811 the applicable Direcb'ons given by the Charity Commission under section 145{51{bl of the Act. Indepgndent examinerfs statement I have completed my examination. I confirm that no material matters have come lo 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 requried by seelion 130 of the Act., or the accounts do not accord with those record5', or the accounts do not comply with applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any quirement that the accounts give a 'lrue and faiV view which is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Darren Perry BAjHonsj ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA Dale.. 2611124 Page6
Sea Meadow Trust Statement of Financial Activities Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2023 Unrestricted Note Income and Endowments from,. Investment income 40,576 40,576 Expenditure on: Raising funds CharitabSe activities {11,6221 67,147 111.6221 67.147 Total Expenditure Gainsllosses on investsmenl assets 78,7691 162,139 178,769} 62,139 Net movement in funds 1100,332} 1100,3321 Reconciliation of funds Total funds brought forward Total funds carried forward 1,9113,299 1,943,299 11 1,842,967 1,842.967 Total 2022 Unrestricted Note Income and Endowments from: Investment income 34,931 34.931 Expenditure on: Raising funds Charitable activities 112,7211 1,969 {12,7211 1,969 Total Expenditure Gainsllosses on investment assets 14,690 95,613 14,690 95,613 Nel movement in funds 115.854 115.854 Reconciliation of funds Total funds brought forward Total funds ¢arried forward 1,827,445 1,827,445 1,943,299 1,943,299 All of the charity's activities derive from continuing operab'ons during the above periods. The noles on pages 9 to 15 fom an integral part of these financial statements, Page 7
Sea Meadow Trust Balance Sheet 31 March 2023 2023 2022 Note Fixed assets Investments 1,758,124 1,783,464 Current assets Debtors Cash al bank and in hand 3,876 86,031 89,907 1,498 163,526 165,024 Creditors: Amounts falling due within one year 10 5,(64 5,189 Net current a$$ets 84,843 159,835 Net assets 1,842,967 1,943,299 Funds of the charity: Unrestricted income funds Unreslricled 1,842,967 1,943,299 Total funds 1,842,967 1,943,299 The financial statements on pages 7 to 15 were approved by the trustees, and aulhorised for issue on 2511/.24 and signed on their behalf by.. Mrs J mccoan Crosthwaite Trustee The notes on pages 9 to 15 form an inlegial part of these financial slaternents. Page 8
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2023 1 Accounting policies statement of compllance The financial statements have been prepared in accordanee with 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 IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Sea Meadow Trust meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The main risk is the portfolio not perforrlling as expected. However, the trustees have evaluated that il has sufficient capacity for Ios5 at this lime and has no planned capital expenditure projects or any indiviuals reliant on ils income due lo the nature of grant giving. Income and endowments Investment income Investment income is recognised on a receivable basis. Expenditure All expenditure is reoognised once there is a legal or constructive obligab'on to that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed lo particular headings they have been allocated on a basis consi51enl with the use of resources. Ralslng funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of ils activities and services for 115 beneficiaries. 11 includes both costs that can be allocated direcuy lo such activities and those costs of an indirect nature necessary lo support them. Page 9
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2023 {continued) Taxation The charity is considered to pass the tests sel out in P8ragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt trom taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fixed asset investments Fixed asset investments, other than programme related inveslmenls, are included at market value al the balance sheet date. Realised gains and losses on investrnents are calculated as the difference beeen sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movernent in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value al the year end. Fund structure Unreslricled income funds are geneml funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity Further details of each fund are disclosed in note 11. Page 10
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2023 (continued) 2 Investment Income Unrestrlcted Funds Total 2023 Total 2022 Interest receivable 8nd similar income., Interest receivable on bank deposits Other income from fixed asset investments 446 40,130 446 40,130 34,922 34,931 40,576 40,576 3 Expenditure on raising funds Unre¥tri¢ted funds Total 2023 Total 2022 Investment management costs 11,622 11.622 12,721 12,721 11,622 11,622 4 Expenditure on charitable activttie5 Actlvlty undertaken dlrectly Total 2023 Total 2022 Independent examination fee Accounts fee5 Donations Bank charges 300 1.775 65,000 72 300 1,775 65,000 72 300 1,573 67,147 67,147 1,969 5 Trustegs remuneratlon and expenses No trustees, nor any persons connected wfth them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. The trustees have considered the key management personnel of the charity and consider it to be themselves only. Hence remuneration paid to key management personnel in the period was £nil. Pago11
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2023 (continued) 6 Taxation The charity is 8 registered charity and is therefore exempt from taxation. 7 Fixed asset investments 2023 2022 Other investments 1,758.124 1,783,464 othor investments Listed Investmonts Total Cost or Valuation At 1 April 2022 Revaluation Additions Disposals At 31 March 2023 1,783,464 1,783,4e4 139,1691 139,1691 166.044 166,044 152,2151 1152,2151 1.758,124 1,758.124 Net book value At 31 March 2023 1.758,124 1,758.124 At 31 March 2022 1,783.464 1,783,464 The listed investments are on a recognised stock exchange and have an original cost of £1.457.536 12022. £1,385,097). 8 Dgbtors 2023 2022 Other debtor5 3,876 1,498 Page 12
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2023 (continued) 9 Cash and cash equlvalents 2023 2022 Cash al bank Short-term deposits 649 85,382 4,955 158,571 86,031 163,526 10 Credltors: amounts falling duo within one year 2023 2022 Accruals 5,064 5,189 Page 13
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Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2023 (continued) 12 Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2023 Fixed asset investments Current assets Current liabilities 1.758,124 89,907 5,064 1,758.124 89,907 5,064 Total nel assets 1,842,967 1,842,967 Unrestricted funds General Total funds at 31 March 2022 Fixed asset investments Current assets Current liabilities 1,783,464 165,024 15,189 1,783.464 165,024 15,189 1,943,299 Total net assets 1,943,299 All funds in the current and previous year are unre51ricled. 13 Related party transactions There were no related party transactions in the year. Page15