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2021-03-31-accounts

SCARFE CHARITABLE TRUST

ACCOUNTS

For the Year Ended

31st March 2021

Registered Charity No. 275535

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SCARFE CHARITABLE TRUST
31ST MARCH 2021
PAGE
TRUSTEES' REPORT 1 to 3
INDEPENDENT EXAMINER'S REPORT 4
STATEMENT OF FINANCIAL ACTIVITIES 5
BALANCE SHEET 6
NOTES TO THE ACCOUNTS 7 to 9
SCHEDULES OF GRANTS 10 to 11
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SCARFE CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2021

The trustees have pleasure in presenting their report and the accounts of the charity for the year ended 31st March 2021.

Legal Status

The Trust was formed by Deed on the 21st February 1978 by W S N Scarfe and registered as a charity (number 275535).

Trustees

The Trustees who served during the year were as follows:E E Maule J P McCarthy S F McTernan F H Thomas S Denny-Hodson

Principal Address

The principal address of the Charity is: 2 The Clubhouse Melton Park Melton IP12 1SY

Legal and Administration

Bankers:

CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent, ME19 4JQ. CCLA Investment Management Ltd, COIF Funds, 80 Cheapside, London EC2V 6DZ

Stockbroker:

Charles Stanley and Co Ltd, 33 Lower Brook Street, Ipswich, IP4 1AQ

Solicitor:

Gotelee, 97 Hamilton Road, Felixstowe, IP11 7AH

Independent Examiner: Mrs R Unthank, 15 Thornley Road, Felixstowe IP11 7LA.

History, Objectives and Activities of the Trust

The Trust deed gives the trustees power to apply the income received from the capital invested in such a manner as they think fit for the benefit of any charitable object or purpose. The trustees have a policy of mainly supporting art and musical projects and the restoration of churches in Suffolk.

The trustees identify projects and organisations they wish to support, usually from applications made speculatively by people or organisations. Grants are normally made to other charitable bodies, however, occassionally applications from individuals are considered. The Trust also has a policy of not responding to any correspondence unless it relates to grants is has agreed to make or to the general management of the Trust.

Page 1

SCARFE CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

Management and Governance Arrangements

Three of the trustees have held office for over 10 years. The trustees are responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the governing documents, administrative procedures, the history and philosophical approach of the charity.

The trustees have assessed the risks to which the Trust is exposed. To date these have mainly related to investment management and these have been ameliorated by diversified portfolio management.

Procedures and Policy for Grant Making

The trustees meet quarterly to consider what grants they will make and to review any feedback they have received. Applications for grants are received by letter and e-mail.

The trustees have paid due regard to the guidance on public benefit in deciding who the charity should support.

Achievements and Performance of the Trust

The purpose of the Trust is to distribute the income from the funds. The Trustees can choose to distribute from capital and due to the downturns of the last year have agreed circumstances in which that may be necessary. There is no legal requirement, but the Trustees set allocations within the general brief for Students and Churches.

Local Charities, and charities working within East Anglia who continue to be supported include Happy Days, Listening Books, INK Festival, Revitalise and Spinning Wheel Theatre. New grantees included Depden Care Farm, Haverhill Silver Band, Rural Coffee Project and Wonderful Beast

Financial Review, Investment Policy and Reserves

There was no exceptional income this year, the income being generated primarily from the investment portfolio.

The economic effects of COVID-19 were evident throughout the year both in terms of the more limited income and the range of applications made. The trustees felt that they were able to provide grants to all of the applications that were appropriate.

The trustees aim to spend all net incoming resources of the unrestricted fund in the year in which they are received. Any surplus or deficit is added to or deducted from the reserve brought forward.

There is no requirement for the trustees to hold reserves, but the reserves held in the form of investments enable the trustees to continue to distribute income to charitable organisations.

The small restricted fund continues and is under discussion with the beneficiaries.

The Trust uses a stockbroker to act as investment advisor.

Page 2

SCARFE CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2021 (continued)

Responsibilities of the Trustees

Law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the Trust's financial activities during the year and of its financial position at the end of the year. In preparing Financial Statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Trust and which enable them to ensure that the Financial Statements comply with applicable law, regulations and the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on behalf of the Trustees on the 9th June 2021.

……………………………………..

E E Maule

Date

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SCARFE CHARITABLE TRUST

I report on the accounts of theTrust for the year ended 31st March 2021 which are set out on pages 5 to 11.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed.

It is my responsibility to

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no matter has come to my attention:

have not been met; or

Rosemary Unthank Chartered Accountant Felixstowe 13th June 2021

Page 4

SCARFE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted
Restricted
Note
Funds
Funds
Incoming Resources
Investment income
2
40,172
159
Other Income
145
0
Total Incoming Resources
40,317
159
Resources Expended
Charitable Activities:
Charitable donations
see pages 9 to 10
50,053
0
Other Costs
Support and other costs
3
21,707
0
Total Resources Expended
71,760
0
Net Resources
-31,443
159
Other Recognised Gains and Losses
Surplus on disposal of
assets
6,231
1,603
Surplus/(loss) on investment
assets - revaluation
223,098
0
Net Movement in Funds
197,886
1,762
Balances Brought Forward
1,716,731
6,783
Balances Carried Forward
£1,914,617
£8,545		 Total
Funds
2021
40,331
145
40,476
50,053
21,707
71,760
-31,284
7,834
223,098
199,648
1,723,514
£1,923,162		 Total
Funds
2020
66,752
170
66,922
74,164
21,296
95,460
-28,538
1,435
-204,612
-231,715
1,955,229
£1,723,514

Page 5

SCARFE CHARITABLE TRUST

BALANCE SHEET

31ST MARCH 2021

Note
FIXED ASSETS
Tangible Assets
5
Investments
6
CURRENT ASSETS
Debtors
7
Cash at bank
CREDITORS - Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
REPRESENTED BY
Unrestricted
Restricted
9
TOTAL FUNDS		 2021
316,400
1,563,726
1,880,126
1,541
43,905
45,446
2,410
43,036
£1,923,162
1,914,617
8,545
£1,923,162		 2020
316,400
1,391,763
1,708,163
4,061
13,850
17,911
2,560
15,351
£1,723,514
1,716,731
6,783
£1,723,514

These Accounts were approved by the Trustees on the 9th June 2021.

Signed on behalf of the Trustees:

E E Maule

Date:

Page 6

SCARFE CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

Basis of accounting

These Accounts have been prepared under the historical cost convention, with the exception that investments are valued at market value. The accounts are in accordance with applicable accounting standards, the Charities SORP (FRS 102) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.

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 the 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) issued on 16 July 2014 which under section 1A allows small charities exemption from preparing a cashflow statement.

The Charity constitutes a public benefit entity as defined by FRS 102.

Taxation

The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.

Restricted fund

The income arising on the capital invested is recorded on a receivable basis. The income may only be used for the purpose specified when the funds were donated. The capital may be similarly used.

Unrestricted fund

Net incoming resources are used as far as possible in the year in which they are received. Any surplus or deficit is added to or deducted from the reserve brought forward from the previous year.

Expenditure

Expenditure is included in the accounts on an accruals basis, except grants (see policy below).

Grants

Grants are recognised when there is a legal or constructive obligation committing the Trust to pay out resources and there are no conditions to be met relating to the grant.

Investment assets and income

Quoted investments have been valued at market value at the balance sheet date.

Unrealised and realised investment gains and losses are shown net in the statement of financial activities.

Investment income is recorded when receivable.

The cost of managing investments is shown in the statement of financial activities. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments.

The half share in the freehold property and the copyrights received as a legacy have been shown at the valuation at 2nd March 2014, the date of death.

Page 7

SCARFE CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted
Restricted
2. INVESTMENT INCOME
Funds
Funds
UK quoted investments
40,172
156
Interest receivable
0
3
£40,172
£159
3. SUPPORT AND OTHER COSTS
Unrestricted
Restricted
Funds
Funds
Accountancy
1,680
Investment management
15,373
Repairs to freehold property
4,582
Travel and other expenses
72
£21,707
£0		 Total
2021
40,328
3
£40,331
Total
2021
1,680
15,373
4,582
72
£21,707		 Total
2020
66,735
17
£66,752
Total
2020
1,680
16,529
2,961
126
£21,296

4. RELATED PARTY TRANSACTIONS

No expenses were paid to trustees for administration and travel costs (2020 £66 to 1 trustee)

No salaries or wages have been paid to the trustees during the year (2020 nil).

5. TANGIBLE ASSETS

Freehold property
1/2 share in freehold property valued at acquistion March 2014
Other tangible assets
Copyrights
At 31st March 2021
At 31st March 2020		 £315,000
£1,400
£316,400
£316,400

Page 8

SCARFE CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST MARCH 2021

6. INVESTMENTS 2021 2020
Movement in market value
Quoted investments
Market value at 1st April 2020 1,391,763 1,470,673
Acquisitions at cost 470,272 636,282
Disposals at opening value -521,407 -510,580
Change in value in the year 223,098 -204,612
Market value at 31st March 2021 £1,563,726 £1,391,763
Historical cost at 31st March 2021 £1,367,594 £1,423,490
7. DEBTORS
Accrued income 1,541 4,061
£1,541 £4,061
8. CREDITORS - Amounts falling due within one year
Other creditors 2,410 2,560
£2,410 £2,560
9. RESTRICTED FUNDS
Income from the restricted fund is retained primarily for the restoration and conservation of
paintings known as the Leathes Collection donated to Ipswich Museum.
10. ANALYSIS OF NET ASSETS BY FUND Net current
Unrestricted fund Investments
1,880,126		 assets
34,491		 Total
1,914,617
Restricted fund 0 8,545 8,545
£1,880,126 £43,036 £1,923,162

Page 9

SCARFE CHARITABLE TRUST

DONATIONS

FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted fund

Action on Hearing Loss
Art Station
Avenue East
Barnado's
Benhall History
Blaxhall Common Trust
Britten Pears Arts
Cancer Campaign in Suffolk
Cauldwell Children
Clock House
Deafblind U K
Depden Care Farm
Disability Advice Service
Drama@themix
East Anglian Traditional Music Trust
Excelsior Trust
Enigma
Framlingham Area Youth Action Partnership
Halesworth Library
Happy Days
Haverhill Silver Band
Hour Community
INK Festival
Ipswich Chamber Choir
Ipswich Community Media
Listening Books
Melton War Memorial
NARA
National Youth Choir
PACT
Quay Theatre
REACT
Revitalise
RSPB
Rural Coffee Project
Salvation Army
SCOPE
Selig Trust
Spinning Wheel Theatre
Strongbones Trust
Suffolk Building Preservation Trust
Suffolk Sight		 600
1,000
750
600
250
500
9,500
500
750
250
1,000
500
1,000
500
500
500
500
500
750
1,000
500
1,000
1,000
500
750
1,000
500
500
1,000
750
750
500
1,500
500
1,000
600
600
750
1,000
500
500
750
37,900

Page 10

SCARFE CHARITABLE TRUST

DONATIONS

FOR THE YEAR ENDED 31ST MARCH 2021

Brought forward
Sutton Hoo Ship Co
Waldringfield History
Wonderful Beast
Woodbridge Choral Society
Students
Francis Miall
Guildhall School of Music - Gaia Rogers
Royal Academy of Music - Florence Redmonds
Royal College of Music - Jonathan Quinton
Sebastian Williams
Churches
All Saints Great Glenham
All Saints Stuston
All Saints Sudbourne
Rickinghall Inferior Church
St Gregory's Hemingstone
St Mary le Tower Ipswich
St Mary's Combs
St Mary's Elms
St Mary's Ickworth
St Mary's Market Weston
Total donations		 37,900
500
500
1,500
250
40,650
350
1,000
303
750
500
2,903
750
500
750
750
500
750
500
500
750
750
6,500
£50,053

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