2024-04-05-accounts

Registered Charity No. 255375

Carew Pole Charitable Trust Financial Statements for the year ended 5 April 2024

Carew Pole Charitable Trust

Financial Statements

Year ended 5 April 2024

Contents	Page
Trustees' Report	1 - 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8 - 16

Page 1

Carew Pole Charitable Trust

Registered Charity number 255375

Trustees’ Report

Year ended 5 April 2024

The Trustees present their Annual Report and the financial statements for the year ended 5 April 2024. 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 2024, the trustees made 18 separate grants to good causes. Individual grants ranged from £250 to £7,000 and the total donated was £62,547.

The charity incurred investment fees of £1,929, property expenses of £20,450 and other costs of £6,199.

Financial Review

During the year, the charity received income of £46,816 from its portfolio of investments and £86,827 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 £62,547 were made during the year under review, an increase of £4,721 from the previous year.

There was a deficit of £35,591 for the year (2023: £24,348). The Investment portfolio contributed losses of £78,237 overall (2023: £26,172).

The Charity’s cash balances amounted to £82,876 at the balance sheet date (2023: £167,621).

Page 2

Carew Pole Charitable Trust

Registered Charity number 255375

Trustees’ Report (continued)

Year ended 5 April 2024

Reserves Policy

The Trustees continually monitor the level of unrestricted income funds. Whilst the charity had unrestricted funds of £2,298,374 at 5 April 2024 this included an aggregate £2,235,486 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 £62,888 free reserves at 5 April 2024. 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.

At a trustees meeting on 9 April 2024 the trustees agreed immediate payment of further donations of £54,932. This was decided due to the availability of cash reserves in the investment portfolios and the operating surplus expected. The list of donations is set out in note 12.

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 2024

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 2024

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 2024 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 2024

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 2024.

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 2024

Note £ £ Income Investments Dividends and other investment income 46,816 Income from property 86,827 Miscellaneous Income 128 Total income 133,771 Expenditure Costs of raising funds Investment management fees 1,929 Property expenses 7 20,450 Expenditure on charitable activities Donations to charitable institutions 13 62,547 Other costs 8 6,199 Total expenditure (91,125) Net income before gains/(losses) on investments 42,646 Net (losses) on investments 4 (82,534) Realised gains on foreign currency holdings 4,297 (78,237) Net deficit and net movement in funds (35,591) Reconciliation of Funds Total fund balance brought forward at 6 April 2023 2,333,965 Total fund balance carried forward at 5 April 2024 2,298,374 Unrestricted Funds The notes on pages 8 to 16 form part of these financial statements. 2024

£ £ 36,418 61,838 - 98,256 13,139 19,403 57,826 6,064 (96,432) 1,824 (26,172) - (26,172) (24,348) 2,358,313 2,333,965 Unrestricted Funds 2023

Page 7

Carew Pole Charitable Trust

Balance Sheet

Year ended 5 April 2024

Note £ £ Fixed Assets Investment Property 3 795,144 Quoted Investments 4 1,440,342 2,235,486 Current Assets Debtors 5 8,217 Cash at bank 82,876 91,093 Creditors: Amounts falling due within one year 6 (28,205) Net Current Assets 62,888 Net Assets 2,298,374 Funds of the Charity Unrestricted funds 2,298,374 2024	£ £ 795,144 1,410,471 2,205,615 7,061 167,621 174,682 (46,332) 128,350 2,333,965 2,333,965 2023

The financial statements on pages 6 to 16 were approved by the Trustees on and signed on their behalf by:

______ Tremayne Carew Pole (Trustee)

The notes on pages 8 to 16 form part of these financial statements.

Page 8

Carew Pole Charitable Trust

Notes to the Financial Statements

Year ended 5 April 2024

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.

Year End Date

Although nominally described as 5 April 2024, these accounts have been prepared with an effective cutoff date of 31 March 2024.

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 2024

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	2024 £ 720,000 75,144 - 795,144	2023 £ 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 2024 has not changed since 2016.

Page 10

Notes to the Financial Statements (continued)

Year ended 5 April 2024

4	Quoted Investments	Quoted Investments		2024	2023
				£	£
	Market value at 6 April 2023			1,410,471	1,507,860
	Additions			651,944	968,493
	Disposals			(539,539)	(1,039,710)
	Fair Value	Adjustment		(82,534)	(26,172)
	Market value at 5 April 2024			1,440,342	1,410,471
	Book cost			1,513,238	1,359,561
	Split of market value per Portfolio:
	Ruffer LLP			941,277	932,948
	Cazenove Capital			499,065	477,523
				1,440,342	1,410,471
	The following securities are material individual holdings as they exceed			5% of their	respective
	portfolio:
	Portfolio	Holding	Security	Value
				£
	Ruffer LLP	700,511	Charity Assets Trust C Inc	941,277
	Cazenove	901,327	SUTL Cazenove Charity Sustainable	499,065

Page 11

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2024

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 Trade Creditors Charitable donations Rent in advance Accruals Tenants' Deposits	2024 £ 2,857 3,405 1,855 100 8,217 2024 £ 3,304 7,000 8,726 6,550 2,625 28,205	2023 £ 1,281 3,954 1,726 100 7,061 2023 £ 10,487 15,050 9,978 8,192 2,625 46,332

Page 12

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2024

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	2024 £ 6,970 5,640 1,759 901 1,131 - 4,049 20,450 2024 £ 788 4,585 135 249 442 6,199	2023 £ 5,134 8,124 1,908 388 1,025 259 2,565 19,403 2023 £ 750 4,464 265 255 330 6,064

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 2024

11 Related Party Transactions

Carew Pole Garden Trust

The Carew Pole Garden Trust is a trust in which Tremayne Carew Pole is a Trustee. Up until December 2022, the Carew Pole Garden Trust paid a nominal rent of £3 for renting 45, 47 and 49 Trevithick Avenue. This arrangement coming to an end resulted in a loss of commercial rental income earned by Carew Pole Garden Trust. To offset the loss in income, the Carew Pole Charitable Trust made a donation to the Carew Pole Garden Trust of £27,625 (2023: £11,676).

At the year end the amount due from Carew Pole Garden Trust was £3,405 (2023: £3,954).

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 (2023: £8,133), which the charity has repaid / is repaying:

Property expenses Management	£ 5,640 5,640

At the year end the amount due to Lynher Valley Partnership was £1,760 (2023: £1,797). No interest has been accrued 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 (2023: £100) to the charity. No interest has been charged on this debtor balance.

Page 14

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2024

12 Post Balance Sheet Events

At a trustees meeting on 9 April 2024 the trustees agreed immediate payment of further donations of £54,932. This was decided due to the availability of cash reserves in the investment portfolios and the operating surplus expected.

Bodmin Town Football Club Carbeile Junior School East Cornwall Bach Choir Edward Hain Centre Living Paintings Zion Community Church Caudwell Children Go Beyond Happy Days Children's Charity Hidden Help Refuge4Pets Thousand Year Trust Cornwall Community Foundation	£ 500 12,000 500 1,000 1,000 500 1,000 1,108 1,000 3,000 3,000 2,000 28,324 54,932

Page 15

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2024

13 Donations to Charitable Institutions Antony Church 2023 Antony Church 2024 Antony Parish Carew Pole Garden Trust Cornwall Community Foundation Cornwall Garde Society Family Holiday Charity Farm Cornwall 2023 Maker with Rame Community Hall Maryfield Church 2024 Millbrook Preschool 2023 Operation Encompass RNLI 2024 St John's Church 2024 St Mary's Sheviock Church 2024 St Stephen's Church 2024 SW Community Chaplaincy The Groundwork South Trust 14 Prior year donations to Charitable Instituitions 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

2024 £ 5,000 2,000 1,000 27,625 4,000 1,000 672 3,000 2,500 1,000 5,500 4,000 250 500 1,000 500 2,000 1,000 62,547 2023 £ 500 1,000 1,000 1,000 500 11,676 1,000 1,000 1,000 3,000 2,000 2,000 500 26,176

Page 16

Carew Pole Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2024

14 Prior year donations to Charitable Instituitions continued Carried forward 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 15 Donations to Charitable Institutions to be paid next year Antony Church 2023 SW Community Chaplaincy

2023 £ 26,176 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 2024 £ 5,000 2,000 7,000