SCARFE CHARITABLE TRUST
ACCOUNTS
For the Year Ended
31st March 2024
Registered Charity No. 275535
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SCARFE CHARITABLE TRUST
31ST MARCH 2024
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 2024
The trustees have pleasure in presenting their report and the accounts of the charity for the year ended 31st March 2024.
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 J R Fison (appointed 23/5/23)
Principal Address
The principal address of the Charity is: 2 The Clubhouse Melton Park Melton IP12 1SY
Legal and Administration
Bank:
CAF Bank Ltd, 25 Kings Hill Avenue, West Malling, Kent, ME19 4JQ.
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.
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SCARFE CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2024 (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 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 Britten Pears Arts, Dance East, INK Festival, Ipswich Chamber Choir and Shingle Street Settlement. New grantees included Alfred Corry Lifeboat, Roja Arts and SPILL Festival.
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.
The Trust uses a stockbroker to act as investment advisor.
Other Matters
Grants of £10,000 were promised at 31st March 2024. £5,000 is payable in 2024 and £5,000 in 2025.
No provision for these has been made in the financial statements for the year ended 31st March 2024 as there is no legal or constructive obligation committing the trustees to pay.
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SCARFE CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2024 (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:
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Select suitable accounting policies and then apply them consistently
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Make judgements and estimates that are reasonable and prudent
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the Financial Statements; - Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume the Trust will continue in operation.
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 18th June 2024.
……………………………………..
E E Maule
Date
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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 2024 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
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examine the accounts under section 145 of the Charities Act
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
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:
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1) which give me reasonable cause to believe that in, any material respect, the requirements:
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to keep proper accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Rosemary Unthank Chartered Accountant Felixstowe 2nd August 2024
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SCARFE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2024
| Unrestricted Funds Note 2024 Incoming Resources Investment income 2 55,091 Other Income 202 Total Incoming Resources 55,293 Resources Expended Charitable Activities: Charitable donations see pages 9 to 10 37,700 Other Costs Support and other costs 3 19,131 Total Resources Expended 56,831 Net Resources -1,538 Other Recognised Gains and Losses (Deficit) on disposal of assets -7,437 Surplus/(Deficit) on investment assets - revaluation 61,071 Net Movement in Funds 52,096 Balance Brought Forward 1,830,324 Balance Carried Forward £1,882,420 |
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 |
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SCARFE CHARITABLE TRUST
BALANCE SHEET
31ST MARCH 2024
| 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 fund TOTAL FUNDS |
2024 316,400 1,477,810 1,794,210 1,741 88,269 90,010 1,800 88,210 £1,882,420 1,882,420 £1,882,420 |
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 £1,830,324 |
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These Accounts were approved by the Trustees on the 18th June 2024.
Signed on behalf of the Trustees:
----------------------------------------------E E Maule
Date:
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SCARFE CHARITABLE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH 2024
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.
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 2024
| 2. INVESTMENT INCOME UK quoted investments Interest receivable 3. SUPPORT AND OTHER COSTS Accountancy Investment management Repairs to freehold property Other expenses |
Total 2024 55,091 0 £55,091 Total 2024 1,560 15,210 1,507 854 £19,131 |
Total 2023 45,150 38 £45,188 Total 2023 1,920 15,947 852 1,215 £19,934 |
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4. RELATED PARTY TRANSACTIONS
Expenses paid to trustees for administration and travel costs were £31 (2023 nil).
No salaries or wages have been paid to the trustees during the year (2023 nil).
5. TANGIBLE ASSETS
| Freehold property 1/2 share in freehold property valued at acquistion March 2014 Other tangible assets Copyrights At 31st March 2024 At 31st March 2023 |
£315,000 £1,400 £316,400 £316,400 |
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SCARFE CHARITABLE TRUST
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31ST MARCH 2024
| 6. INVESTMENTS Movement in market value Quoted investments Market value at 1st April 2023 Acquisitions at cost Disposals at opening value Change in value in the year Market value at 31st March 2024 Historical cost at 31st March 2024 7. DEBTORS Accrued income 8. CREDITORS - Amounts falling due within one year Other creditors 9. ANALYSIS OF NET ASSETS BY FUND Investments Unrestricted fund 1,794,210 £1,794,210 |
2024 1,401,135 237,332 -221,728 61,071 £1,477,810 £1,352,418 1,741 £1,741 1,800 £1,800 Net current assets 88,210 £88,210 |
2023 1,618,111 344,331 -479,031 -82,276 £1,401,135 £1,317,279 1,830 £1,830 2,800 £2,800 Total 1,882,420 £1,882,420 |
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SCARFE CHARITABLE TRUST
DONATIONS
FOR THE YEAR ENDED 31ST MARCH 2024
Unrestricted fund
| Alfred Corry Lifeboat Art Station Barnado's British Wireless for the Blind Britten Pears Arts CRUSE Bereavement Supprt Dance East Deafblind U K Disability Advice Service FAYAP Happy Days Hour Community INK Festival Ipswich Chamber Choir Listening Books NARA National Youth Choir Revitalise RNI:D Roja Arts Rotary Club Woodbridge Salvation Army SCOPE Shine Shingle Street Settlement SPILL Festival Strongbones Trust Sudbourne Park Printmaker Suffolk Queer Voices Woodbridge Choral Society Students UEA - Williamson-Scull Carried forward |
500 750 600 500 9,500 500 1,000 1,000 750 500 750 1,000 750 600 500 500 500 2,000 600 500 750 600 600 600 500 750 500 500 500 500 29,100 500 29,600 |
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SCARFE CHARITABLE TRUST
DONATIONS
FOR THE YEAR ENDED 31ST MARCH 2024
| Brought forward Churches All Saints Brandeston All Saints Fornham St Martin All Saints Gazeley All Saints Hitcham All Saints Little Cornard St Andrew Weybread St John the Baptist Stoke by Clare St Mary's St Mary's Stoke by Nayland St Mary le Tower Ipswich St Nicholas Little Saxham Total donations |
29,600 500 750 500 1,000 1,000 500 500 1,000 750 600 1,000 8,100 £37,700 |
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