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 4 ## **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| 7