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..Ilv￿￿I.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 v￿th 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 CoMpan￿S 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 inCu￿ed 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

r¢fjW
J 75
e441

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