Charity Number
206480
THE SOUTHWOLD TRUST
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024
CONTENTS FOR THE YEAR ENDED 30 JUNE 2024
THE SOUTHWOLD TRUST
| 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 2024
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 | - | D J Gaffney |
|---|---|---|
| Treasurer | - | T Clifford |
| Other Trustees | - | R Lee |
| M Mayhew | ||
| R D Temple | ||
| R Dales | ||
| J Fuller | ||
| N Johnson | ||
| J L Hursell | ||
| C Clark | ||
| 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
THE SOUTHWOLD TRUST
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
The Trustees are pleased to present their annual report together with the financial statements of the Charity for the year ended 30 June 2024.
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 £177,227 (2023 - £37,790) which varied in size to various organisations. The cash funds at the end of the year were £19,948 (2023 - £78,912) . The value of the investments fund was £1,970,300 (2023 - £1,775,143) .
The net deficit in the year was £58,964 ( 2023 - surplus of £51,040 ). The final installment of a legacy was received during the year of £82,013.
Funds continue to be held to support future projects.
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 could, should the need occur, reduce the amount of grants paid out to help maintain funds for future use. This would leave sufficient funds to cover all support and
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. However, 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 £177,227, a breakdown of which is included in note 2.
2
THE SOUTHWOLD TRUST
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024
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:
T Clifford Treasurer Date:
3
THE SOUTHWOLD TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOUTHWOLD TRUST FOR THE YEAR ENDED 30 JUNE 2024
I report on the accounts of the Trust for the year ended 30 June 2023 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:
- 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: 4 April 2025
4
THE SOUTHWOLD TRUST
RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 30 JUNE 2024
| RECEIPTS Note Income: From voluntary sources: Donations & legacies Investment income: Investment income 1 Investment account interest Bank interest Disposal of investments Total receipts PAYMENTS Direct Charitable Expenditure: Grants paid 2 Capital additions Other Expenditure: Administrative expenses 3 Total payments Net (deficit)/surplus for the year Cash funds at 30 June 2023 Cash funds at 30 June 2024 |
2024 £ Unrestricted 82,313 82,313 54,214 782 552 - 55,548 137,861 177,227 18,000 1,598 196,825 (58,964) 78,912 19,948 |
2023 £ Unrestricted 40,000 |
|---|---|---|
| 40,000 | ||
| 51,006 482 75 |
||
| 51,563 | ||
| 91,563 | ||
| 37,790 2,733 |
||
| 40,523 | ||
| 51,040 27,872 |
||
| 78,912 |
5
THE SOUTHWOLD TRUST
STATEMENT OF ASSETS AND LIABILITIES YEAR ENDED 30 JUNE 2024
| Monetary Assets Unrestricted Funds Bank deposit account Bank current account Investment manager's account Total per Receipts and Payments Account |
2024 £ 6,335 100 13,513 19,948 |
2023 £ 55,137 100 23,675 |
|---|---|---|
| 78,912 |
Other Assets
Held for investment purposes - quoted securities:
| Holding | Security Sarasin Endowments Fund Revaluation Brought forward Capital additions Carried forward |
2024 Cost £ 1,166,000 18,000 - 1,184,000 |
2024 Market Value £ 1,775,143 18,000 177,157 |
|---|---|---|---|
| 1,970,300 |
Approved by the Trustees and signed on their behalf by:
T Clifford Treasurer Date:
6
THE SOUTHWOLD TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 30 JUNE 2024
1. INVESTMENT INCOME
| Holding Company 1,566,217 Sarasin Endowments Fund Total per Receipts and Payments Account 2. GRANTS MADE Recipient Southwold P.C.C. Arts Centre Sole Bay Care Fund St Edmunds Church Arts Society Southwold Music Trust Southwold Common trust Beccles Lions SRRDC Re: Golf club Southwold Rotary Club SRRDC Klondyke Skatepark donation Southwold Millennium Foundation Notice Board Southwold Food bank Southwold Gen Southwold Museum Reydon Parochial - Holocaust Memorial day Southwold Trust and District Tennis Club Southwold Sailors Reading Room 3. ADMINISTRATIVE EXPENSES Payee Larking Gowen - accounts and independent examination Investment fund charges |
2024 £ 54,214 54,214 2024 £ 500 50,000 450 50,000 4,650 2,195 2,682 13,500 250 50,000 3,000 177,227 2024 £ 1,440 158 1,598 |
2023 £ 51,006 |
|---|---|---|
| 51,006 | ||
| 2023 £ 3,000 4,300 1,000 23,000 1,500 700 4,290 |
||
| 37,790 | ||
| 2023 £ 2,603 130 |
||
| 2,733 |
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