Registered Charity No. 255375
Carew Pole Charitable Trust Financial Statements for the year ended 5 April 2021
Carew Pole Charitable Trust
Financial Statements
Year ended 5 April 2021
| Contents | Page |
|---|---|
| Trustees' Report | 1 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 - 14 |
Page 1
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report
Year ended 5 April 2021
The Trustees present their Annual Report and the financial statements for the year ended 5 April 2021. They are satisfied that the financial statements comply with the requirements of the Charities Act 2011, the Trust Deed and the recommendations of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (charities - SORP 2019 – FRS102)).
Objectives and Activities
In planning our activity for the year, we kept in mind the Charity Commission guidance on public benefit. The object of the Charity is to support such charitable purposes both nationally and locally but, in particular, those in Cornwall or with a connection with that County. The Trustees do not support applications from individuals for full time education. Applications from churches and village halls are not supported, unless they are in the immediate vicinity of Antony House, Torpoint, Cornwall or have an historical connection with the Carew Pole Baronetcy.
The Trustees consider and approve major donations in March each year, while other smaller appeals are considered, and donations made, throughout the year.
The Charity plans to continue in its current form in forthcoming years, subject to maintaining satisfactory funding.
Achievements and Performance
During the year ended 5 April 2021, the trustees made separate grants to good causes. Individual grants ranged from £250 to £5,000 and the total donated was £34,366.
The charity incurred investment fees of £9,832, property expenses of £29,768 and other costs of £5,112.
Financial Review
During the year, the charity received income of £32,977 from its portfolio of investments and £42,546 rental income from its investment properties.
The Trustees are generally satisfied with the extent to which they have been able to assist various organisations during the year, bearing in mind the limitations of their investment and property income. Grants totalling £34,366 were made during the year under review, a decrease of £15,634 from the previous year.
There was a surplus of £282,432 for the year (2020: deficit £112,050). The Investment portfolio contributed gains of £286,758 overall (2020: losses of £106,524).
The Charity’s cash balances amounted to £73,381 at the balance sheet date (2020: £74,484).
Page 2
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report (Continued)
Year ended 5 April 2021
Reserves Policy
The Trustees continually monitor the level of unrestricted income funds. Whilst the charity had unrestricted funds of £2,322,215 at 5 April 2021 this included an aggregate £2,275,417 in respect of quoted investments and investment property which the Trustees intend to maintain in order to generate income for distribution to future beneficiaries.
This means that the charity had £46,798 free reserves at 5 April 2021. The trustees are satisfied that this level of free reserves is sufficient because the income generated from investments is more than adequate to cover the charity’s administrative expenses, which are minimal and predictable in nature.
From September 2018 it was agreed to introduce a reserve policy whereby the trust ensures that it is maintained at the equivalent of six months revenue reserve.
The Trustees consider and approve major donations in March / April each year, while other smaller appeals are considered, and donations made, throughout the year.
Structure, Governance and Management
The Charity is constituted by a Deed of Trust dated 20 February 1968 created by the late Sir John Carew Pole Bt.
The Trustees who have served during the year and since the year end are set out on page 3. Following the death in 1993 of Sir John Carew Pole, the power of appointing new Trustees is vested in the Trustees from time to time.
The Trustees take strategic decisions about the charity jointly. Day to day investment decisions are taken by the appointed advisers.
Any new Trustees would be given an introduction to the Charity and would be given sufficient training to ensure that they are properly able to fulfil their responsibilities.
Page 3
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report (Continued)
Year ended 5 April 2021
Reference and Administrative Details
Trustees
Charity Number
Principal Address
Legal Advisers
Independent Examiner
Investment Advisers
Bankers
T J Carew Pole C Coode J P Williams 255375 Antony House Torpoint Cornwall PL11 3AB
Boodle Hatfield LLP 240 Blackfriars Road London SE1 8NW
Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
Ruffer LLP 80 Victoria Street London SW1E 5JL Cazenove Capital Schroder & Co Limited 1 London Wall Place GB-London EC2Y 5AU
Lloyds Bank plc Royal Parade Plymouth PL1 1DS
Page 4
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report (Continued)
Year ended 5 April 2021
Trustees’ Responsibilities in Relation to the Financial Statements
The charity trustees are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgements and estimates that are reasonable and prudent;
d) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
e) prepare the financial statements on the ongoing basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Declaration
We approve the attached accounts set out on pages 6 to 14 for the year ended 5 April 2021 and confirm that we have made available all the relevant records and information required for their preparation.
Tremayne Carew Pole For and on behalf of the Trustees
Date:
Page 5
Carew Pole Charitable Trust
Registered Charity number 255375
Independent Examiner's Report to the Trustees
Year ended 5 April 2021
I report to the trustees on my examination of the accounts of the Carew Pole Charitable Trust (the Trust) for the year ended 5 April 2021.
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
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning 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 fair view which is not a matter considered as part of an independent
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.
Signed:
Name of principal:
Neil Hitchings FCA
Name of firm:
Francis Clark LLP
Relevant professional qualification or body:
Address:
ICAEW
Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE
Date:
Page 6
Carew Pole Charitable Trust
Statement of Financial Activities
Year ended 5 April 2021
| Year ended 5 April 2021 | |||||
|---|---|---|---|---|---|
| Unrestricted Funds | Unrestricted Funds | ||||
| 2021 | 2020 | ||||
| Note | £ | £ | £ | £ | |
| Income | |||||
| Investments | |||||
| Dividends and other investment income | 32,977 | 48,073 | |||
| Income from property | 42,546 | 44,478 | |||
| Property dilapidations | - | 5,000 | |||
| Total Income | 75,523 | 97,551 | |||
| Expenditure | |||||
| Costs of raising funds | |||||
| Investment management fees | 9,832 | 9,132 | |||
| Property expenses | 8 | 29,768 | 38,923 | ||
| Expenditure on charitable activities | |||||
| Donations to charitable institutions | 12 | 34,366 | 50,000 | ||
| Other costs | 9 | 5,112 | 5,022 | ||
| Total expenditure | (79,078) | (103,077) | |||
| Net expenditure before gains/(losses) on investments | (3,555) | (5,526) | |||
| Net gains / (losses) on investments | 4 | 295,458 | (111,814) | ||
| Realised losses on investments | 4 | (13,424) | - | ||
| Realised gains / (losses) on foreign currency holdings | 4,398 | 5,290 | |||
| Net income / (expenditure) | 282,877 | (112,050) | |||
| Reconciliation of Funds | |||||
| Total fund balance brought forward at 6 April 2020 | 2,039,338 | 2,151,388 | |||
| Total fund balance | |||||
| carried forward at 5 April 2021 | 2,322,215 | 2,039,338 | |||
| The notes on pages 8 to 14 form part of these financial statements. |
Page 7
Carew Pole Charitable Trust
Balance Sheet
5 April 2021
| Note Fixed Assets Investment Property 3 Quoted Investments 4 Current Assets Debtors 5 Cash at bank 6 Creditors: Amounts falling due within one year 7 Net Current Assets Net Assets Funds of the Charity Unrestricted funds |
£ £ £ £ 795,144 783,687 1,480,273 1,233,900 2,275,417 2,017,587 7,102 1,605 73,381 74,484 80,483 76,089 (33,685) (54,338) 46,798 21,751 2,322,215 2,039,338 2,322,215 2,039,338 2021 2020 |
£ £ £ £ 795,144 783,687 1,480,273 1,233,900 2,275,417 2,017,587 7,102 1,605 73,381 74,484 80,483 76,089 (33,685) (54,338) 46,798 21,751 2,322,215 2,039,338 2,322,215 2,039,338 2021 2020 |
|---|---|---|
| 2,039,338 | ||
| 2,039,338 |
The financial statements on pages 6 to 14 were approved by the Trustees on and signed on their behalf by:
______ Tremayne Carew Pole (Trustee)
The notes on pages 8 to 14 form part of these financial statements.
Page 8
Carew Pole Charitable Trust
Notes to the Financial Statements
Year ended 5 April 2021
1 General Information
Carew Pole Charitable Trust is an unincorporated charitable trust registered as a charity in England and Wales. Details of the charity, including the Principal Address, are included in Reference and Administrative details in the Trustees' Report.
2 Accounting Policies
General
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance 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 statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.
Carew Pole Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern.
The presentational currency of Carew Pole Charitable Trust is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.
Fund Accounting
The Trust maintains a general unrestricted fund which is expendable at the Trustees’ discretion in furtherance of the objects of the Charity.
Investment Income
Income from quoted securities and bank deposits is accounted for in the period in which the Charity is entitled to receipt.
Income from Property
Property income is accounted for on an accruals basis.
Expenditure
Expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation to pay the expenditure. Charitable donations are accounted for when there is a binding commitment on the Trustees to make the payment. Property costs and investment management fees are directly related to those sources of income. Other costs comprise costs of running the Charity itself as an organisation.
Page 9
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2021
2 Accounting Policies (continued)
Investment Property
Investment property is revalued periodically and is included at the latest valuation - March 2016, plus subsequent additions at cost.
Foreign Currency
Transactions in foreign currencies are recognised at the date of exchange at the date of the transaction. Monetary assets and liabilities are translated at the balance sheet date and all exchange differences are recognised through the Statement of Financial Activities.
Investments
Investments are carried at market value. Gains or losses on disposals and on annual revaluation of investments are credited or charged in the Statement of Financial Activities.
Financial Instruments
The Trust only has financial assets of a kind that qualify as basic financial instruments i.e. cash, investments, short-term debtors and creditors, which are initially recorded at transaction value. Investments are revalued at market value through the statement of financial activities. Details of the financial instruments can be found in notes 4, 5, 6 and 7.
Covid - 19
The trustees of Carew Pole Charitable Trust have considered the impact of COVID-19.
In the opinion of the trustees, the trust has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the accounts have been prepared on a going concern basis.
| 3 Investment Property Balance b/f - At valuation. Property improvements brought forward Property improvements added at cost Balance c/f |
2021 2020 £ £ 720,000 720,000 63,687 - 11,457 63,687 795,144 783,687 |
|---|---|
The various properties were settled on the Trust over many years since its inception and the historical cost records are no longer available.
The properties were professionally valued by Savills in September 2016. The trustees do not consider there to have been any material changes in the valuation of investment properties. Subsequent improvements to the properties are shown separately at cost.
Page 10
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2021
| 4 Quoted Investments Market value at 6 April 2020 Additions Disposals Fair Value Adjustment Realised losses Market value at 5 April 2021 Historical cost Investments held in the UK Investments held outside the UK Split of market value per Portfolio: Ruffer LLP M & G Charifund Cazenove Capital |
2021 £ 1,233,900 714,224 (749,885) 295,458 (13,424) 1,480,273 1,330,104 2021 £ 1,280,915 199,358 1,480,273 998,524 - 481,749 1,480,273 |
2020 £ 1,344,515 305,729 (304,530) (111,814) - |
|---|---|---|
| 1,233,900 | ||
| 1,343,528 | ||
| 2020 £ 1,162,369 71,531 |
||
| 1,233,900 | ||
| 832,794 401,106 - |
||
| 1,233,900 |
The following securities are material individual holdings as they exceed 5% of the the Ruffer LLP
| Holding | Security | Value |
|---|---|---|
| £ | ||
| 15,200 | 1.25% Treasury Index-linked 22/11/55 | 61,554 |
| 99,081 | Ruffer Multi Strategies Fund Limited | 94,429 |
| 1,216 | Ruffer SICAV Fixed Income Z GBP Dis | 159,982 |
Page 11
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2021
| 5 Debtors Rent and service charges receivable Carew Pole Garden Trust loan Other debtors Prepayments Antony Hospitality Holdings Loan 6 Cash at Bank Lloyds TSB Bank plc Ruffer LLP Cazenove Capital 7 Creditors: Amounts falling due within one year Rent in advance Professional fees Tenants' deposits Investment management fees Charitable donations Sundry creditors |
2021 £ 2,274 3,405 - 1,323 100 7,102 2021 £ 16,763 46,965 9,653 73,381 2021 £ 2,710 4,657 2,625 2,720 18,250 2,723 33,685 |
2020 £ 2 1,259 75 169 100 |
|---|---|---|
| 1,605 | ||
| 2020 £ 49,107 25,377 - |
||
| 74,484 | ||
| 2020 £ 2,255 4,555 - 2,190 37,550 7,788 |
||
| 54,338 |
Page 12
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2021
| 8 Property Expenses Repairs Management Insurance Heat and light Rates and water Sundries Legal and professional fees 9 Other Costs Accountancy - Independent examination - Other services provided by independent examiner - Bookkeeping Bank Charges Subscriptions |
2021 £ 5,795 9,933 1,156 535 4,962 452 6,935 29,768 2021 £ 750 3,782 100 162 318 5,112 |
2020 £ 13,658 14,235 1,004 471 5,388 1,361 2,806 |
|---|---|---|
| 38,923 | ||
| 2020 £ 750 3,682 125 164 301 |
||
| 5,022 |
10 Support Costs
All support costs are incurred in managing the investments of the Charity or on running the legal structure of the entity and are shown in notes 8 and 9.
11 Trustees' Remuneration
No Trustees have received any remuneration or been reimbursed any expenses during the year.
The Trustees consider that the Board of Trustees comprise the key management personnel.
Page 13
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2021
| 12 Donations to Charitable Institutions Acorn Theatre Antony Parish Church Art UK Bipolar UK CHICKS Childrens Hospice SW Clean Cornwall CLEAR Crafts Council Devon & Cornwall Refugee Service Fishermens Mission Food For Heroes Forest Pathways Future Trees Trust IMS Prussia Cove Kidz R Us Community Kreslu Maryfield Church Mencap QEF RNLI Royal Academy of Arts Royal Cornwall Hospital Royal Marsden Cancer Charity 2021 Royal Marsden Hospital Royal West of England Sailors Children's Charity Sheviock Parochial St Johns Church St Lukes Hospice St Petrocs St Stephens Church Sterts Arts & Environmental Centre The Garden Museum Wallace and Gromit Wild Young Parents Project Young & Talented Cornwall - Lord Lieutenant Fund |
2021 £ 1,000 1,000 250 500 1,066 1,000 500 2,000 250 2,000 250 500 750 1,000 1,000 1,000 750 1,000 250 250 250 1,000 1,000 250 250 500 1,000 1,300 500 1,000 1,000 500 2,000 500 1,000 5,000 1,000 |
|---|---|
| 34,366 |
Page 14
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2021
13 Related Party Transactions
Lynher Valley Partnership
Lynher Valley Partnership is a partnership in which Tremayne Carew Pole, a Trustee of the charity, has a substantial interest. During the year it paid the following expenditure on behalf of the charity (2020: nil):
| Property expenses Management Insurance |
£ 9,933 1,304 |
|---|---|
| 11,237 |
At the year end the amount due to Lynher Valley Partnership was £860 (2020: nil). No interest has been incurred on this creditor balance.
Antony Hospitality Holdings Ltd
Antony Hospitality Holdings Ltd is a company under the control of Tremayne Carew Pole, a Trustee of the charity. At the year end the company owed £100 (2020: £100) to the charity. No interest has been charged on this debtor balance.
14 Financial Commitments
The Trustees are not committed to making any future donations.