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2023-03-31-accounts

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SCARFE CHARITABLE TRUST
31ST MARCH 2023
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 2023

The trustees have pleasure in presenting their report and the accounts of the charity for the year ended 31st March 2023.

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

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 2023 (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 East Anglia's Children's Hospices, Dance East, Rural Coffee Project and Wonderful Beast. New grantees included Britten Pears Arts, Prometheus Orchestra and the Marina Theatre.

Financial Review, Investment Policy and Reserves

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

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.

It was agreed in the year to distribute the small restricted fund to the Suffolk Napoleonic Volunteers Painting Trust in connection with the art restoration they are involved in.

The Trust uses a stockbroker to act as investment advisor.

Other Matters

A grant of £9,500 was promised at 31st March 2023 but was payable in the following year.

No provision for these has been made in the financial statements for the year ended 31st March 2023 as there is no legal or constructive obligation committing the trustees to pay.

Page 2

SCARFE CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2023 (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 5th June 2023.

……………………………………..

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 2023 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 12th June 2023

Page 4

SCARFE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2023

Unrestricted
Restricted
Note
Funds
Funds
Incoming Resources
Investment income
2
45,171
17
Other Income
121
0
Total Incoming Resources
45,292
17
Resources Expended
Charitable Activities:
Charitable donations
see pages 9 to 10
43,300
7,290
Other Costs
Support and other costs
3
19,934
0
Total Resources Expended
63,234
7,290
Net Resources
-17,942
-7,273
Other Recognised Gains and Losses
(Deficit)/Surplus on disposal of
assets
-25,444
-1,102
(Deficit)/Surplus on investment
assets - revaluation
-82,276
0
Net Movement in Funds
-125,662
-8,375
Balances Brought Forward
1,955,986
8,375
Balances Carried Forward
£1,830,324
£0		 Total
Funds
2023
45,188
121
45,309
50,590
19,934
70,524
-25,215
-26,546
-82,276
-134,037
1,964,361
£1,830,324		 Total
Funds
2022
43,075
673
43,748
44,300
19,587
63,887
-20,139
1,632
59,706
41,199
1,923,162
£1,964,361

Page 5

SCARFE CHARITABLE TRUST

BALANCE SHEET

31ST MARCH 2023

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		 2023
316,400
1,401,135
1,717,535
1,830
113,759
115,589
2,800
112,789
£1,830,324
1,830,324
0
£1,830,324		 2022
316,400
1,618,111
1,934,511
1,466
31,294
32,760
2,910
29,850
£1,964,361
1,955,986
8,375
£1,964,361

These Accounts were approved by the Trustees on the 5th June 2023.

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 2023

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.

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SCARFE CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST MARCH 2023

Unrestricted
Restricted
2. INVESTMENT INCOME
Funds
Funds
UK quoted investments
45,150
0
Interest receivable
21
17
£45,171
£17
3. SUPPORT AND OTHER COSTS
Unrestricted
Restricted
Funds
Funds
Accountancy
1,920
Investment management
15,947
Repairs to freehold property
852
Other expenses
1,215
£19,934
£0		 Total
2023
45,150
38
£45,188
Total
2023
1,920
15,947
852
1,215
£19,934		 Total
2022
43,074
1
£43,075
Total
2022
1,680
16,931
852
124
£19,587

4. RELATED PARTY TRANSACTIONS

No expenses were paid to trustees for administration and travel costs (2022 nil)

No salaries or wages have been paid to the trustees during the year (2022 nil).

5. TANGIBLE ASSETS

Freehold property
1/2 share in freehold property valued at acquistion March 2014
Other tangible assets
Copyrights
At 31st March 2023
At 31st March 2022		 £315,000
£1,400
£316,400
£316,400

Page 8

SCARFE CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31ST MARCH 2023

6. INVESTMENTS 2023 2022
Movement in market value
Quoted investments
Market value at 1st April 2022 1,618,111 1,563,726
Acquisitions at cost 344,331 483,705
Disposals at opening value -479,031 -489,026
Change in value in the year -82,276 59,706
Market value at 31st March 2023 £1,401,135 £1,618,111
Historical cost at 31st March 2023 £1,317,279 £1,419,086
7. DEBTORS
Accrued income 1,830 1,466
£1,830 £1,466
8. CREDITORS - Amounts falling due within one year
Other creditors 2,800 2,910
£2,800 £2,910
9. RESTRICTED FUNDS
Income from the restricted fund was retained primarily for the restoration and conservation of
paintings known as the Leathes Collection donated to Ipswich Museum. However it was
agreed with Ipswich Museum to donate the fund to the Suffolk Napoleonic Volunteers
Painting Trust to restore a painting owned by Ipswich Borough Council.
10. ANALYSIS OF NET ASSETS BY FUND Net current
Unrestricted fund Investments
1,717,535		 assets
112,138		 Total
1,829,673
Restricted fund 0 651 651
£1,717,535 £112,789 £1,830,324

Page 9

SCARFE CHARITABLE TRUST

DONATIONS

FOR THE YEAR ENDED 31ST MARCH 2023

Unrestricted fund

Barnado's
British Wireless for the Blind
Britten Pears Arts
Caudwell Children
Clock House Arts
Concerts at Cratfield
Dance East
Deafblind U K
Disability Advice Service
East Anglia's Children's Hospices
Excelsior Trust
FAYAP
Frozen Light
Handicapped Children Action Group
Happy Days
High Tide Festival
INK Festival
Ipswich Chamber Choir
Jubilee Opera Trust
Listening Books
Macmillan Cancer Support
Marina Theatre
Michael Cuddigan Trust
NARA
National Youth Choir
PACT
Paddington Children's Holiday Scheme
PBC Foundation
Prometheus Orchestra
React
RNI:D
Rural Coffee Project
Salvation Army
SCOPE
Shine
Shingle Street Settlement
Spinning Wheel Theatre
Strongbones Trust
The Mix
Wonderful Beast
Woodbridge Choral Society		 600
500
10,500
500
750
500
1,000
1,000
750
1,500
750
500
500
500
750
750
1,000
500
500
500
1,000
1,000
100
500
500
750
2,100
500
500
1,000
600
1,000
600
600
500
500
750
500
1,000
800
500
39,150

Page 10

SCARFE CHARITABLE TRUST

DONATIONS

FOR THE YEAR ENDED 31ST MARCH 2023

Brought forward
Students
Royal College of Organists - Logan Williamson
Lapsed grants
Churches
All Saints Fornham St Martin
St Margaret Somerton
St Mary's Newbourne
St Mary's Stoke by Nayland
St Mary le Tower Ipswich
St Nicholas Bredfield
Donations from unrestricted fund
Donation restricted fund
Suffolk Napoleonic Volunteers Painting Trust
Total donations		 39,150
500
-850
-350
750
750
750
1,000
250
1,000
4,500
43,300
7,290
£50,590

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