2022-06-30-accounts

Charity Number

206480

THE SOUTHWOLD TRUST

ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022

THE SOUTHWOLD TRUST

CONTENTS FOR THE YEAR ENDED 30 JUNE 2022

	Page
Legal and administrative information	1
Trustees' Annual Report	2 - 3
Report of the Independent Examiner	4
Receipts and Payments Account	5
Statement of Assets and Liabilities	6
Notes to the accounts	7

THE SOUTHWOLD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 JUNE 2022

Constitution

The Southwold Trust, 21 Field Stile Road, Southwold, Suffolk, IP18 6LD is a Charity registered with the Charity Commission (No: 206480) constituted by a Deed of Trust.

Trustees

The current Trustees of the Trust are:

Chairman	-	Sir Richard Dales
Treasurer	-	D J Gaffney
Other Trustees	-	R Lee, A L M O'Hare, B T Segrave-Daly (resigned 1 April 2022),
		M Mayhew, R D Temple, J Fuller, N Johnson, J L Hursell and T Clifford
Independent Examiners
		Larking Gowen LLP
		1 Claydon Business Park
		Great Blakenham
		Ipswich
		IP6 0NL
Bankers
		Barclays Bank PLC
		Waveney Valley
		Leicestershire
		LE87 2BB
Investment Managers
		Sarasin & Partners LLP
		Juxon House
		100 St Paul's Churchyard
		London
		EC4M 8BU

1

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022

THE SOUTHWOLD TRUST

The Trustees are pleased to present their annual report together with the financial statements of the Charity for the year ended 30 June 2022.

The legal and administrative information set out on page 1 forms part of this report. The financial statements comply with the requirements of the Charities Act 2011 and the trust deed.

Objectives

The object of the Trust is to benefit by any charitable means the inhabitants for the time being of Southwold as defined by the Trust Deed. Under the terms of the Trust Deed the existing Trustees have power to appoint new Trustees. New Trustees are recruited by aiming to ensure all skill requirements are represented.

During the year the Trustees have had due regard to the guidance published by the Charity Commission on public benefit.

Financial Review

The Trust has made donations during the year of £201,144 (2021 - £63,321) which varied in size to various organisations. The cash funds at the end of the year were £27,872 (2021 - £146,278) . The value of the investments fund was £1,763,184 (2021 - £1,907,651) .

The net deficit in the year was £118,406 ( 2021 - deficit of £9,414 ). A payment of £110,750 was made to the Southwold Millennium Foundation in January 2022 and a payment of £60,000 made to Southgen, a charity which is refurbishing the old hospotal and converting it into a library.

Funds continue to be held to support future projects. A sum of £50,000 was committed for a period of two years to upgrade the clubhouse at the Southwold Tennis Club.

Reserves policy

The Trustees aim to maintain the capital value of reserves to generate future income and to donate current funds as they see fit. As a large part of expenditure relates to grants paid by the Trustees to worthy organisations within the Southwold area, the Trustees can reduce the amount of grants paid out to help maintain funds for future use. This would leave sufficient funds to cover all support and governance costs.

In accordance with the Trust Deed, the Trustees may at any time expend all or part of the capital of the Trust Fund for the purposes and in the manner authorised by the governing document, but this would only be in exceptional circumstances. The Trustees are also not bound to expend in any year the whole of the income but may retain funds for applications at a later time. Therefore the free reserves of the charity consist of the total value of the monetary and investment assets.

Grant making policy

The Trustees as before have concentrated on making grants to small local charities where need has been established. During the year the Trust made grants totalling £201,144, a breakdown of which is included in note 2.

2

THE SOUTHWOLD TRUST

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2022

Investment policy

The Trustees review the investment performance at each of their half yearly meetings. They intend that income covers the normal annual outgoings of the Trust and consider that the performance of investments managed by Sarasin & Partners LLP has been satisfactory during the current year.

Approved by the Trustees and signed on their behalf by:

D J GAFFNEY Treasurer Date:

3

THE SOUTHWOLD TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOUTHWOLD TRUST FOR THE YEAR ENDED 30 JUNE 2022

I report on the accounts of the Trust for the year ended 30 June 2022 which are set out on pages 5 to 8.

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 2011 Act and in carrying out my examination I have followed all the 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.

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.

Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accountants 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL Date: 21 February 2023

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THE SOUTHWOLD TRUST

RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 30 JUNE 2022

RECEIPTS Note Income: From voluntary sources: Donations Investment income: Investment income 1 Investment account interest Bank interest Disposal of investments Total receipts PAYMENTS Direct Charitable Expenditure: Grants paid 2 Other Expenditure: Administrative expenses 3 Total payments Net (deficit)/surplus for the year Cash funds at 30 June 2021 Cash funds at 30 June 2022	2022 £ Unrestricted 1,450 1,450 51,713 81 6 30,609 82,409 83,859 201,144 1,121 202,265 (118,406) 146,278 27,872	2021 £ Unrestricted -
		-
		56,138 97 3 -
		56,238
		56,238
		63,321 2,351
		65,672
		(9,434) 155,712
		146,278

5

THE SOUTHWOLD TRUST

STATEMENT OF ASSETS AND LIABILITIES YEAR ENDED 30 JUNE 2022

Monetary Assets Unrestricted Funds Bank deposit account Bank current account Investment manager's account Total per Receipts and Payments Account	2022 £ 15,445 100 12,327 27,872	2021 £ 7,710 100 138,468
		146,278

Other Assets

Held for investment purposes - quoted securities:

Holding	Security Sarasin Endowments Fund Revaluation Sarasin Income and Reserves Fund Revaluation Disposals Brought forward Purchase Carried forward Brought forward Purchase Carried forward	2022 Book Value £ 1,166,000 - - 1,166,000 30,000 - - (30,000) -	Market Value £ 1,907,651 - (144,467)
			1,763,184
			32,564 - (1,944) (30,620)
			-

Approved by the Trustees and signed on their behalf by:

D J Gaffney Treasurer Date:

6

THE SOUTHWOLD TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 30 JUNE 2022

1. DIVIDENDS RECEIVED

Holding Company 1,550,344 Sarasin Endowments Fund 28,195 Sarasin Income and Reserves Fund Total per Receipts and Payments Account 2. GRANTS MADE Recipient St Barnabas Southwold Millenium Foundation SouthGen Reydon Playing Fields Charity Voluntary Help Centre Sole Bay Arts Alfred Corry Lifeboat Museum Trust Southwold and Reydon Society Southwold and Reydon Recreational 3. ADMINISTRATIVE EXPENSES Payee Larking Gowen - accounts and independent examination Investment fund charges Admin expenses	2022 £ 51,006 707 51,713 2022 £ 5,394 110,750 60,000 25,000 - - - - - 201,144 2022 £ - 1,025 96 1,121	2021 £ 55,192 946
		56,138
		2021 £ - - - - 1,000 40,895 10,000 2,426 9,000
		63,321
		2021 £ 1,170 1,161 20
		2,351

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