Sea Meadow Trust Annual Report and Financial Statements Year Ended 31 March 2024 Charity registration number.. 1159913
Sea Meadow Trust Contents (continued) Trustees, Report 1 to4 Reference and Administrative Details Statement of Trustees, Responsibilities Independent Examiners Report ststemenl of Financial Activities Balance Sheet Notes to the Financial Statements 9t015
Sea Meadow Trust Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024. Objectives and activities Objects and aims The objectives of the Charity are to: To advance such charitable purposes according to the law of England and Wales as the trustees see fit from time to time in particular but not limited to the relief of mental and physical distress amongst those persons suffering from bereavement by providing grants and accommodation. Public benefit We have referred to the guidan wntsined in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees always consider how planned activities and donab'ons will contribute to the aims and objectives they have set. The Sea Meadow Trustees are committed to ensuring equality of opportunty for people who we work with and who come to us, and we seek to be as inclusive as possible. Achievements and perfomiance Following a period of review of the aims of the trust and a review of tts grant-making activities, a new series of donations to registered charities that correspond with the objects of Sea Meadow was made in this year. This year the trust continued to support Sands (Registered Charity 299679, https..IlvI.Sands.0rg.Uk) with a further grant of £10,000. The grant to Sands was unrestricted, and provides funds for their core bereavement services ensuring that Sands is accessible to all those impacted by the loss of a pregnancy or a baby. Sands supported over 2 million people in 2023 via support services, monitored online communities, social media and specialist training. The Trust continued to support The Campaign Against Living Miserably (CALM) (Registered Charity 1110621, https'.Ilww.thecalmzone.neU) with a further grant of £10.000. The donatson has helped directly towards CALM'S work, taking a stand against loneliness and suicide. CALM offers advice, confidential chats online or on the phone to anyone who is struggling or who needs support or advice and their helpline staff answered more than 160,000 calls in 2023. The trust also continued their support of The David Nott Foundation {Registered Charity 1162537, https'.Ildavidnottfoundation.coml) with a further grant of £15,000 supporting the training of medical professionals to provide safe, skilled medical care in areas of conflict and catastrophe. In 2023 the Foundation trained 433 surgeons and anaesthetists in Moldova. Yemen, Ukraine, Djibouti and northwest Syria. In total the trust donated £35,000 to registered charities. The trustees will continue to take an active role in the grant-making undertaking the appropriate research and seeking advice where needed. Contact is initiated by the tnjstees, and they are keen to learn more about organisations whose work fits vth Sea Meadow unsolicited fvnding requests are not encouraged and are unlikely to be successful. Page 1
Sea Meadow Trust Trustees, Report (continued) Financial review The financial results of the charity for the year are set out on page 7. These show a net movement in funds of £121,301, after a gain on investment of £127,598. All the charity's funds are unrestricted and carried forward stands at £1.964,268. The principal funding source for the charity is investment income, which totalled £42,977. There were no fundraising activities in the year. Pollcy on reserves The reserves are held to fund the future of the chartty. The Charity holds reserves within its sawngs bank account of approximately £40.000 per annum. This reserve can cover the ongoing costs of the charity and contribute towards donations. In this financial year, donations and expenses exceeded income and therefore accumulated reserves from prior years were used to cover this. In gross terms, the investment portfolio produced £42,035 income in 2023124. The trustees 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 at all times. Investment policy and objectives The trustees have the responsibility for the investment policy of the trust, and they have a Statement of Investment Policy (IPS) which is reviewed on an annual basis. The trustees seek advice in relation to investments when appropriate. The current primary objective of the investment portfolio is capital growth to fund future charitable donations. The trustees continue to be comfortable with the Brewin Dolphin Risk Category 6 (moderate investment risk) as this is the most likely mandate to achieve the charity's objectives whilst undertaking an acceptable level of risk with its benchmark portfolio invested in 64.7 % equities, 12.6 /0 bonds, 20.1 OA alternative assets and 2.6 % cash. The trustees are comfortable that this is the level of risk that the charity can afford to take in relation to tts capacity for loss. The trustees have kept in close contact with their investment manager and the portfolio has continued to be structured appropriately. Overall, the portfolio has performed well both in terms of income and capital growth. 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 its capital or income. The charity can invest for the longer term 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 time maintaining the real value of underlying funds. The trustees continue to monitor the current financial situation and remain comfortable with the the risk level, although this is regularly reviewed. Page 2
Sea Meadow Trust Trustees, Report (continued) Plans for future period5 Structure, governance and management Nature of goveming document The Charity is govemed by ils Constitution, and is a Charitable Incorporated Organisation (CIO). Th8 Board of Tnjstees manages the business of the charity. Apart from the first trustees, every trustee is appointed for a tenm of three years by a resolution passed al a properly convened meeting of th& trustees. Induction and tralnlng of trustees The trustees follow Charity Commission guidelines in relation to trustee induction and training. Truslees receive no remuneration and the charity does not employ any slaff. It has no plans to take on any employees and aims to remain a small charity viith very low overheads. It should be noted that Gallum Macdonald (CM) is Angle Butterfield's son and this is declared at the start of all meetings. Oryanisational structure The charitys registered address is cjo Francis Clark LLP, Lowin House. Tregolls Road. Truro, Comwall, TR1 2NA. The Sea Meadow Trust is a registered charity (no. 1159913). Trustees serving during the year were: Mrs Angela Helen Butterfield Mrs Jacqueline Mary Mccoan Crosthwaite Mr Callum Chades Macdonald Major risks and management of those risks The Board of Trustees annually reviews the major risks to which the charity is exposed, in particular those related to 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 trustees of the charity on behalf by. signed on its MrsJM Trustee Coan Crosthwaite Page 3
Sea Meadow Trust Trustees, Report (continued) Reference and Administrative Details Trustees Mrs A Butterfield Mrs J M Mccoan Crosthwaite Mr C Macdonald Charlty Reglstration Number 1159913 Principal Office Lowin House Tregolls Road Truro Comwall TRI 2NA Independent examlner Franas Clark LLP Lowin House Tregolls Road Tnjro Comwall TR12NA Page 4
Sea Meadow Trust Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees. report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the tnjstees to prepare financial statements for each financial year which give a Iwe and fair view of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparirig these financial statements, the trustees are required to- select suitable accounting polia8s and then apply them consistently, observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and pruden( state whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the financial statements: and prepare the financial slatements on the going concem basis unless st is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial staternents 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 rnaintenance and integrity of the corporate and financial information included on the charitable CoMpanS website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the truslees of the charity on . and signed on tts behalf by: MrsJM Trustee ccoan Crosthwaite Page 5
Sea Meadow Trust Independent Examinerfs Report to the Trustees of Sea Meadow Trust I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 7 to 15. Responsibllities 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 Tnjst's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(b) of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have corne to my attention in connection wrth 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 section 130 of the Act: or the accounts do not accord with those records: or the accounts do not comply with applicable requirements conceming 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 fairf 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 aGwunts lo be reached. Darren Perry BAjHonsj ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR12NA Date: 619124 Page 6
Sea Meadow Trust Statement of Financial Activities Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2024 Unrestrlcted Note Income and Endowments from: Investment income 42,977 42,977 Expenditure on: Raising funds Charitable activities (11.954) 37,320) (11,954) 37,320) Total Expenditure Gainsllosses on investment assets 49,274 127,598 49,274 127,598 Net movement in funds 121,301 121.301 Reconclllatlon of funds Total funds brought forward 1,842.967 1.842.967 Total funds carried forward 1,964,268 1.964,268 Total 2023 Unrestricted Note Income and Endowments from: Investment income 40.576 40.576 Expenditure on: Raising funds Charitable aclivities (11,622) 67.147 (11.622) 67.147 Total Expenditure Gainsllosses on investment assets 78,769 (62.139 78,769 {62,139) Net movement in funds (100.332> {100.332) Reconclllation of funds Total funds brought for4vard Total funds carried forward 1,943,299 1,943,299 1,842,967 1,842.967 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 9 to 15 fom an integral part of these financial statements. Page 7
Sea Meadow Trust Balance Sheet 31 March 2024 2024 2023 Note Fixed assets Investments 1.881.346 1.758,124 Current assets Debtors Cash at bank and in hand 3.563 84,614 3,876 86,031 88.177 89,907 Creditors: Amounts falllng due withln one year Net current assets 10 (5.255) 5,064 82.922 84.843 Net assets 1,964,268 1,842,967 Funds of the charity: Unrestricted income funds Unrestrided 1.964,268 1.842,967 Total funds 1,964,268 1,842.967 Thefi cial ststements on pages 7 to 15 were approved by the trustees, and authorised for issue on and signed on their behalf by. MrsJ Trustee ccoan Crosthwaite The notes on pages 9 to 15 forn an integral part ofthese financial statements. Page 8
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2024 1 Accounting policies Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in aGcordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019) {Charities SORP (FRS 102)}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011. Sea Meadow Trust meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transacb'on value unless otherwise staled in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charitys ability to continue as a going concern. The main risk is the portfolio not perfomiing as expected. However, the trustees have evaluated that it has sufficient capacity for loss at this time and has no planned capital expenditure projects or any individuals reliant on its income due to the nature of grant giving. Income and endowments Investment income Investment income is recognised on a receivable basis. Expenditure All expenditure is recognised once there is a legal or constructive obligation lo that expendilure, 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 to particular headings they have been allocated on a basis consistent with the use of resources. Raising funds These are costs incurred in attracting voluntary income, the management of investments and thosa incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs inCued by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Page 9
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) Taxation The charity is considered to pass the tests set oul in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respecl of income or capital gains received wthin categories covered by Chapter 3 Parl 11 of the Corporalion Tax Acl 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 investrnents, are included at market value al the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year. or their subsequent CA)St, and are charged or credited to the Statement of Financial Aclivities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Fund structure Unrestricted income funds are general fvnds that a 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 2024 (continued) 2 Investment income Unrestricted Funds Total 2024 Total 2023 Interest receivable and similar income: Interest receivable on bank deposits Other income from fixed asset investments 1,255 41,722 1,255 41,722 446 40.130 42,977 42,977 40,576 3 Expenditure on raising funds Unrestricted funds Total 2024 Total 2023 Investment management costs 11,954 11,954 11,622 11,954 11,954 11.622 4 Expenditure on charitable actlvlties Activity undertaken directly Total 2024 Total 2023 Independent examination fee Accounts fees Donations Bank charges 325 1,935 35,000 60 325 1,935 35,000 60 300 1,775 65,000 72 37.320 37,320 67,147 5 Trustees remuneration and expenses No trustees, nor any persons connected wilh 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 charty and consider it to be themselves only. Hen remuneration paid to key management personnel in the period was £nil. Pag811
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 6 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 7 Fixed asset investments 2024 2023 Other investments 1,881.346 1.758,124 Other investments Llsted investments Total Cost or Valuation At 1 April 2023 Revaluation Additions Disposals 1,758,124 1,758,124 147,236 147,236 279.791 279.791 (303,805) 303,805) At 31 March 2024 1,881.346 1.881,346 Net book value At 31 March 2024 1,881,346 1,881,346 Al 31 March 2023 1,758,124 1.758.124 The listed investments are on a recognised stock exchange and have an original cost of £1.502,996 (2023.. £1.457,536). 8 Debtors 2024 2023 other debtors 3,563 3.876 Page 12
Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 9 Cash and cash equivalents 2024 2023 Cash at bank Short-temi deposits 261 84,353 649 85,382 84.614 86,031 10 Creditors: amounts falling due withln one year 2024 2023 Accruals 5.255 5,064 Page 13
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Sea Meadow Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 12 Analysis of net assets between funds Unreslricted funds General Total funds at 31 March 2024 Fixed asset investments Current assets Current liabilities 1.881,346 88,177 5,255 1,881,346 88,177 (5,255 1.964,268 Total net assets 1.964,268 Unrestrlcted 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 net assets 1,842,967 1,842,967 All funds in the current and previous year are unrestrict8d. 13 Related party transa¢lions There were no related paty transactions in the year. Page 15