2023-04-05-accounts

Registered Charity No. 255375

Carew Pole Charitable Trust Financial Statements for the year ended 5 April 2023

Carew Pole Charitable Trust

Financial Statements

Year ended 5 April 2023

Contents	Page
Trustees' Report	1 - 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8 - 15

Page 1

Carew Pole Charitable Trust

Registered Charity number 255375

Trustees’ Report

Year ended 5 April 2023

The Trustees present their Annual Report and the financial statements for the year ended 5 April 2023. 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 consider and approve major donations in March each year, while other smaller appeals are considered, and donations made, throughout the year. During the most recent year, donations were focussed on supporting local charities and volunteer led organisations, often quite small, normally located in the south eastern part of Cornwall. These covered such areas as community support, homelessness, mental health, and natural regeneration.

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 2023, the trustees made 36 separate grants to good causes. Individual grants ranged from £250 to £14,000 and the total donated was £57,826.

The charity incurred investment fees of £13,139, property expenses of £19,403 and other costs of £6,064.

Financial Review

During the year, the charity received income of £36,418 from its portfolio of investments and £61,838 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. Donations totalling £57,826 were made during the year under review, a decrease of £5,352 from the previous year.

There was a deficit of £99,180 for the year (2022: £36,098 surplus). The Investment portfolio contributed losses of £101,546 overall (2022: £53,037 gain).

The Charity’s cash balances amounted to £167,621 at the balance sheet date (2022: £97,487).

Page 2

Carew Pole Charitable Trust

Registered Charity number 255375

Trustees’ Report (continued)

Year ended 5 April 2023

Reserves Policy

The Trustees continually monitor the level of unrestricted income funds. Whilst the charity had unrestricted funds of £2,333,965 at 5 April 2023 this included an aggregate £2,205,615 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 £128,350 free reserves at 5 April 2023. 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 2023

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 2023

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 15 for the year ended 5 April 2023 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 2023

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 2023.

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; or

3. 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

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: ICAEW

Address:

Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE

Date:

Page 6

Carew Pole Charitable Trust

Statement of Financial Activities

Year ended 5 April 2023

Note £ £ Income Investments Dividends and other investment income 36,418 Income from property 61,838 Total income 98,256 Expenditure Costs of raising funds Investment management fees 13,139 Property expenses 7 19,403 Expenditure on charitable activities Donations to charitable institutions 13 57,826 Other costs 8 6,064 Total expenditure (96,432) Net expenditure before gains/(losses) on investments 1,824 Net (losses) / gains on investments 4 (26,172) Realised (losses) / gains on foreign currency holdings - (26,172) Net (deficit) / income and net movement in funds (24,348) Reconciliation of Funds Total fund balance brought forward at 6 April 2022 2,358,313 Total fund balance carried forward at 5 April 2023 2,333,965 Unrestricted Funds The notes on pages 8 to 15 form part of these financial statements. 2023

£ £ 32,771 52,255 85,026 12,059 20,863 63,178 5,865 (101,965) (16,939) 57,900 (4,863) 53,037 36,098 2,322,215 2,358,313 Unrestricted Funds 2022

Page 7

Carew Pole Charitable Trust

Balance Sheet

5 April 2023

----- Start of picture text -----
2023 2022
Note £ £ £ £
Fixed Assets
Investment Property 3 795,144 795,144
Quoted Investments 4 1,410,471 1,507,860
2,205,615 2,303,004
Current Assets
Debtors 5 7,061 9,675
Cash at bank 167,621 97,487
174,682 107,162
Creditors : Amounts falling due within one year 6 (46,332) (51,853)
Net Current Assets 128,350 55,309
Net Assets 2,333,965 2,358,313
Funds of the Charity
Unrestricted funds 2,333,965 2,358,313
----- End of picture text -----

The financial statements on pages 6 to 15 were approved by the Trustees on and signed on their behalf by:

______ Tremayne Carew Pole (Trustee)

The notes on pages 8 to 15 form part of these financial statements.

Page 8

Carew Pole Charitable Trust

Notes to the Financial Statements

Year ended 5 April 2023

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.

Figures in the accounts have been rounded to the nearest whole pound sterling.

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 2023

2 Accounting Policies (continued)

Investment Property

Investment property is revalued periodically and is included at the latest valuation, 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.

Going Concern

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	2023 £ 720,000 75,144 - 795,144	2022 £ 720,000 75,144 - 795,144

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.

An employee of the Lynher Valley Partnership (related party to Carew Pole Charitable Trust) is a qualified chartered surveyor and has confirmed that the value of the properties as at 5 April 2023 has not changed since 2016.

Page 10

Notes to the Financial Statements (continued)

Year ended 5 April 2023

4 Quoted Investments Market value at 6 April 2022 Additions Disposals Equalisation Fair Value Adjustment Market value at 5 April 2023 Book cost Split of market value per Portfolio: Ruffer LLP Cazenove Capital	2023 £ 1,507,860 968,493 (1,039,710) - (26,172) 1,410,471 1,359,561 932,948 477,523 1,410,471	2022 £ 1,480,273 384,787 (414,780) (320) 57,900 1,507,860 1,382,017 1,000,683 507,177 1,507,860

The following securities are material individual holdings as they exceed 5% of the Ruffer LLP portfolio:

Holding	Security	Value
		£
224,106	Ruffer SICAV Fixed Income Z GBP Dis	302,005
1,972	Wisdom Tree Brent Crude Oil ETC	75,749
8,546	Ruffer Protection Strategies International Z GBP	76,111

Page 11

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

5 Debtors Rent and service charges receivable Carew Pole Garden Trust Loan Prepayments Antony Hospitality Holdings Loan 6 Creditors: Amounts falling due within one year Rent in advance Accrued professional fees Tenants' deposits Accrued investment management fees Charitable donations Sundry creditors Lynher Valley Partnership Loan	2023 £ 1,281 3,954 1,726 100 7,061 2023 £ 9,978 5,271 2,625 2,741 15,050 8,870 1,797 46,332	2022 £ 5,512 3,405 658 100 9,675 2022 £ 6,047 5,170 2,625 2,803 31,708 3,500 - 51,853

Page 12

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

7 Property Expenses Repairs Management Insurance Heat and light Rates and water Sundries Legal and professional fees 8 Other Costs Governance costs - Independent examination - Accountancy services provided by independent examiner - Bookkeeping Bank Charges Subscriptions	2023 £ 5,134 8,124 1,908 388 1,025 259 2,565 19,403 2023 £ 750 4,464 265 255 330 6,064	2022 £ 7,118 8,482 1,283 218 1,315 - 2,447 20,863 2022 £ 750 4,436 100 251 328 5,865

9 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 7 and 8 plus investment management fees per the Statement of Financial Activities.

10 Trustees' Remuneration

No Trustees have received any remuneration or been reimbursed any expenses during the current or prior 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 2023

11 Related Party Transactions

Carew Pole Garden Trust

The Carew Pole Garden Trust is a trust in which Tremayne Carew Pole is a Trustee. During the year, the Carew Pole Garden Trust paid a nominal rent of £3 for renting 45, 47 and 49 Trevithick Avenue (2022: £4). This arrangement came to an end in December 2022, resulting in an decrease in commercial rental income earned by the Carew Pole Garden Trust. However, to offset the loss in income, the Carew Pole Charitable Trust made a donation to the Carew Pole Garden Trust of £11,676 (2022: £Nil).

At the year end the amount due from Carew Pole Garden Trust was £3,954 (2022: £3,405).

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 (2022: £8,690), which the charity has repaid / is repaying:

Property expenses Management Postage	£ 8,124 9 8,133

At the year end the amount due to Lynher Valley Partnership was £1,797 (2022: £1,626). 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 (2022: £100) to the charity. No interest has been charged on this debtor balance.

12 Financial Commitments

The Trustees are not committed to making any future donations.

Page 14

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

13 Donations to Charitable Institutions Action for Children Antony Church 2023 Bipolar UK (2023) Blind Veterans UK (2023) Bolghen Tree Nursery Carew Pole Garden Trust Cornwall Climate Carew Cornwall Wildlife Trust CrimeStoppers Trust ECCABI Falmouth Food Co-op CIC Family Foraging Kitchen CIC Happy Days Children's Charity LGB Alliance Living Paintings Maryfield Church 2023 Merlin MS Centre MHA Communities Cornwall Millbrook Skatepark Mylor Sailability Passmore Edward Bicentenary Festival Pendeen Community Heritage Penhaligon's Friends Regenerative Food & Farming CIC incorporating Cornwall Gleaning RNLI Royal Institute of Cornwall Saltash Foodbank Sensory Trust St John's Church 2023 St Martins Church St Mary's Sheviock Church 2023 St Petrocs St Stephen's Church 2023 The Oasis Centre Veterans Outdoors (2023) Wave Project

2023 £ 500 1,000 1,000 1,000 500 11,676 1,000 1,000 1,000 3,000 2,000 2,000 500 3,000 500 1,000 2,000 1,000 5,000 2,000 500 900 1,000 2,000 250 3,000 1,000 1,000 500 500 1,000 2,500 500 500 1,000 1,000 57,826

Page 15

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

14 Prior year donations to Charitable Instituitions 2nd Bude & Jacobstow Scout Group Carefree Fostering Independence Cornwall Children's Sailing Trust Cornwall Rural Community Charity (Clean Cornwall) Deviock Activities Group Drama Express East Looe Town Trust Happy Days Children's Charity Home Farm Trust Holy Trinity Parish Church, St Austell IMS Prussia Cove 2022 LEAF (Linking Environment & Farming) Lighthouse Community Centre CIC Liskerrett Centre PBC Foundation (UK) Ltd RVS Neighbours Together St James Torpoint Parochial Church Council The Brainwave Centre Limited Torpoint & Rame Community Sports Centre (managed by the YMCA) Wallace & Gromit's Grand Appeal 2022 Wells Cathedral 15 Donations to Charitable Institutions to be paid next year Bipolar UK (2023) Blind Veterans UK (2023) Bolghen Tree Nursery British Red Cross Cornwall Wildlife Trust CrimeStoppers Trust Family Foraging Kitchen CIC Happy Days Children's Charity Mylor Sailability Royal Institute of Cornwall Veterans Outdoors (2023)

2022 £ 500 2,000 1,184 500 1,000 1,000 1,000 1,509 765 2,000 1,000 1,000 1,000 1,500 500 2,000 1,000 1,000 1,200 1,000 5,000 27,658 2023 £ 1,000 1,000 500 2,050 1,000 1,000 2,000 500 2,000 3,000 1,000 15,050