THE SEE D FIEL D R T UST
T R USTEES’ R EPO R T AN D FINANCIAL STATE M ENTS
FO R THE YEA R EN D E D 31 D ECE M BE R 2020
R egiste r e d Cha r ity Numbe r : 283463
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THE SEE D FIEL D R T UST
In d ex
| Page | ||
|---|---|---|
| r R r T ustees’ epo t |
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| d d r In epen ent Examine ’s |
R r epo t |
5 |
| R d eceipts an Payments Account |
6 | |
| d Statement of Assets an |
Liabilities |
7 |
| Notes to the Financial Statements | 8 |
THE SEE D FIEL D R T UST
R EPO R T OF THE R T USTEES FO R THE YEA R EN D E D 31 D ECE M BE R 2020
The rT ustees rp esent their report together with the fnancial statements of the charity for the year ended 31 December 2020. The fnancial statements comply with the charity’s Trust Deed and applicable law.
R efe r ence an d d a minist r ative d etails
Cha r ity Numbe r : 283463 P r incipal A ddr ess: PO Box 135 Keswick CA12 9AS T r ustees: D RE yan (Chairman) P Vipond E J P roudfoot (Treasurer) L. Rigg (Secretary) M Hull Banke r s: Cumberland Building Society Cumberland House Castle Street Carlisle CA3 8 RX Fun d M anage r s: Sarasin & Partners LLP Juxon House 100, St. Paul’s Churchyard London EC4M 8BU In d epen d ent Examine r : JA Fox FCA 1 Tintern Avenue Flixton Manchester M41 6FJ
THE SEE D FIEL D R T UST
R EPO R T OF THE R T USTEES FO R THE YEA R EN D E D 31 D ECE M BE R 2020
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St r uctu r e, gove r nance an d management
The Seedfeld rT ust is a charitable rt ust, governed by ra T ust Deed. It exists to apply its income for the beneft of furthering Christian work and relieving poverty, p rincipally through the making of rg ants. New rT ustees ra e appointed by existing rT ustees. The rT ustees have established rp ocedures for the induction and rt aining of new and existing T rustees. Under the Settlement Deed of 11 September 1981, the rT ustees shall pay r o apply the income of the rT ust to r o for the beneft of exclusively charitable purposes with the objectives of furthering Christian work and relieving poverty. Following the Settlor's death on 6 March 1992, assets were rt ansferred rf om Mr Thomas Chadwick's estate into the rT ust in accordance with his will. Following the death of Mrs rF ances Chadwick on 25 December 1994, further assets were rt ansferred into the rT ust in accordance with her will.
The following served as rT ustees during the whole of the period under review, unless otherwise stated:
D RE yan Chairman P Vipond E J P roudfoot T reasurer L Rigg Secretary M Hull
Objectives an d activities
The rT ust is a charity which exists to apply its income for the beneft of furthering Christian work and the relief of sufering and poverty a rising rf om disaster. To achieve this object, the Trust makes g rants to a number of p rojects that fulfl these objectives.
G r ant making policies
The rT ustees consider applications for rg ants towards Christian activities that further the charity’s objectives. The rc iteria for rg ant making is not infexible but in general the Trustees consider that the grant making policy should avoid core funding and other activities that require funding over a number of years. Most rg ants ra e therefore made towards one-of projects that ra e receiving support, either practical r o fnancial, rf om sources other than The Seedfeld rT ust.
In dda ition to the above, the rT ust makes rg ants on ra egular basis to a small number of charities that were supported by the Settlors during their lifetimes.
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THE SEE D FIEL D R T UST
R EPO R T OF THE R T USTEES FO R THE YEA R EN D E D 31 D ECE M BE R 2020
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Financial r eview, achievements an d pe r fo r mance
In dda ition to the funds of £38,555 in the Receipts and Payments Account at 31 December 2020 (2019 - £26,759), the rT ust had funds under management at 31 December 2020 valued at £3,619,589 (2019 - £3,412,297). The income generated rf om the funds enabled the rT ust to make rg ants of £94,700 (2019 - £110,200) during the year, in line with its charitable purposes. A list of the rg ants made during the year is included within the fnancial statements.
COVI D 19
During the fnancial year the global pandemic caused by the virus COVID 19 has resulted in a very signifcant impact on industry and rt ade. However due to an income reserve fund maintained by our fund managers our income receipts during the year were maintained at 2019 levels. The T rustees however expect a drop in investment income in 2021.
Investment policy
The rT ustees have placed the majority of investments in the hands of rp ofessional fund managers, who manage them on da iscretionary basis. Regular meetings ra e held with the fund manager to discuss the most appropriate structure of the portfolio so as to achieve the Trustees’ objectives. In general these objectives ra e to endeavour to maintain the capital in real terms whilst generating the best income commensurate with that. Any funds not placed with the fund managers ra e held in interest-bearing deposit accounts. Performance is monitored in quarterly reports.
Fund manager’s fees ra e rp imarily incurred by the investment fund with only the balance being incurred by way of cash (and thus refected in the receipts and payments account). Total costs were £24,356 (2019 - £23,349).
R ese r ves policy
The rT ustees’ policy is to distribute all income ra ising in the fund, after allowing for operating expenses, but to retain a small rp oportion of income in reserve as cash (at 31 December 2020 £38,555 (2019 £26,759)) to meet ru gent needs in da vance of expected receipts.
Plans fo r futu r e pe r io d s
The rT ustees plan to continue to invest capital in accordance with current policies and use the income ra ising therefrom to continue to make rg ants to charities in fulflment of the charity’s objectives.
Public beneft
The rT ustees ra e aware of the Charity Commission’s guidance on public beneft. The work of the charity and the funds it raises ra e wholly d ri ected towards furthering the aims and objectives set out on page 2 and the rT ustees ra e therefore of the view that the charity satisfes the c riteria laid down for meeting the public beneft test.
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THE SEE D FIEL D R T UST
R EPO R T OF THE R T USTEES FO R THE YEA R EN D E D 31 D ECE M BE R 2020
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T r ustees’ r emune r ation
No rt ustees received any remuneration during the year. No rt ustee received reimbursed expenses during the year (2019 – £0).
T r ustees’ r esponsibilities
In the year ended 31 December 2020 the fnancial statements have been rp epared on a receipts and payments basis. This is in line with guidance provided by the Charity Commission. The rT ustees a re responsible for maintaining rp oper accounting records which disclose with reasonable accuracy at any time the fnancial position of the Seedfeld rT ust and enable them to ensure that the fnancial statements comply with relevant law. They ra e also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the p revention and detection of f raud and other rri egularities.
By o rder of the T rustees
……………… D R E YAN Trustee Date:
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THE SEE D FIEL D R T UST
IN D EPEN D ENT EXA M INE R ’S R EPO R T TO THE R T USTEES OF THE SEE D FIEL D R T UST
I report on the fnancial statements of The Seedfeld rT ust for the year ended 31 December 2020, which a re set out on pages 6 to 8 .
R espective r esponsibilities of r T ustees an d examine r
The charity’s rT ustees ra e responsible for the rp eparation of the fnancial statements. The charity’s T rustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
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It is my responsibility to:
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examine the fnancial statements under section 145 of the 2011 Act;
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follow the rp ocedures laid down in the general D ri ections given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
This report, including my statement, has been rp epared for and only for the charity’s Trustees as a body. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, dI o not accept r o assume responsibility to anyone other than the charity and the charity’s rT ustees as a body for my examination work, for this report, o r for the statements I have made.
Basis of in d epen d ent examine r ’s r epo r t
My examination was carried out in accordance with the general D ri ections given by the Charity Commission. An examination includes ra eview of the accounting records kept by the charity and a comparison of the fnancial statements rp esented with those records. It also includes consideration of any unusual items r do isclosures in the fnancial statements and seeking explanations rf om you as Trustees concerning any such matters. The procedures undertaken do not rp ovide all the evidence that would be required in an audit and consequently no opinion is given as to whether the fnancial statements rp esent a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
In d epen d ent examine r ’s statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of The Seedfeld rT ust in accordance with section 130 of the 2011 Act; o r
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the fnancial statements do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in rdo er to enable ra p oper understanding of the fnancial statements to be reached.
JA Fox FCA
1 Tintern Avenue Flixton Manchester M41 6FJ
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THE SEE D FIEL D R T UST
R ECEIPTS AN D PAY M ENTS ACCOUNT FO R THE YEA R EN D E D 31 D ECE M BE R 2020
| Note | Note | r r d Un est icte |
r r d Un est icte |
r r d Un est icte |
Un | r r d est icte |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||||||||||||||||
| £ | £ | |||||||||||||||||||
| RECEIPTS | ||||||||||||||||||||
| r Investment income eceive |
d | 109,123 | 107,689 | |||||||||||||||||
| r r Othe Income (Cumbe lan |
d | Buil |
d ing Society compensation) |
- | ||||||||||||||||
| 100 | ||||||||||||||||||||
| ─────── | ─────── | |||||||||||||||||||
| r Total eceipts |
109 ,123 |
107,789 | ||||||||||||||||||
| ─────── | ─────── | |||||||||||||||||||
| M PAY ENTS |
||||||||||||||||||||
| r d Costs of gene ating fun s: |
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| Investment :- | 603 | units | Sa | r d asin En owments Fun |
d | Class |
A Inc | . | 707 | - | ||||||||||
| d Fun manage |
r ’s fees |
- | - | |||||||||||||||||
| r Cha itable activities: |
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| r d G ants pai |
1 | 94,700 | ||||||||||||||||||
| 110,200 | ||||||||||||||||||||
| Accountancy an | d | d in epen |
d ent examination costs |
1,500 | ||||||||||||||||
| 1,500 | ||||||||||||||||||||
| r Othe costs |
420 | 593 | ||||||||||||||||||
| ─────── | ────── | |||||||||||||||||||
| Total payments | 97,327 | |||||||||||||||||||
| 112,293 | ||||||||||||||||||||
| ─────── | ────── | |||||||||||||||||||
| r Net eceipts / (payments) |
11,796 | (4,504) | ||||||||||||||||||
| d r Cash fun s b ought fo |
r wa |
rd | 26,759 | 31,263 | ||||||||||||||||
| ─────── | ─────── | |||||||||||||||||||
| d rr Cash fun s ca ie |
d | fo |
r wa |
rd | 38,555 | 26,759 | ||||||||||||||
| ═══════ | ═══════ |
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THE SEE D FIEL D R T UST
STATE M ENT OF ASSETS AN D LIABILITIES AT 31 D ECE M BE R 2020
Unrestricted Unrestricted 2020 2019 £ £ Cash fun d s: Cumberland Building Society – current account 14,101 15,706 Cumberland Building Society – 30 day deposit account 24,454 10,791 Held by Sarasin & Partners fund managers - 262 ─────── ─────── 38,555 26,759 ═══════ ═══════ 2020 2019 £ £ Investment assets – units held in fund managed by Sarasin & Partners – expendable endowment fund 3,034,022 income units - Alpha CIF for endowments Valuation as at 31 December 2020 3,619,589 ═══════ 3,033,420 income units - Alpha CIF for endowments Valuation as at 31 December 2019 3,412,297 ═══════
The fnancial statements were approved by the rT ust on ………………and signed on its behalf by:
E r J P ou d foot Trustee
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THE SEE D FIEL D R T UST
NOTES TO THE FINANCIAL STATE M ENTS YEA R EN D E D 31 D ECE M BE R 2020
| . 1 r d G ants pai |
2020 £ |
|
|---|---|---|
| 2,000 5,000 1,000 1,500 4,000 2,000 2,500 1,000 5,000 1,000 5,000 1,000 3,000 1,000 10,000 5,000 6,000 2,000 1,500 2,000 5,000 5,000 1,000 2,000 9,000 3,000 200 5,000 2,000 1,000 £94,700 |
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| r r Af ican Pasto s’ Fellowship |
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| r D Anglican Inte national evelopment |
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| r M r Ba nabus ancheste |
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| Belfast Bible College | ||
| M r d M B S Wo l ission |
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| r r d Ca ing fo Life Lee s |
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| r r d Chu ch Pasto al Ai Society |
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| r d City Evangelical Chu ch Lee s |
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| R C ESS |
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| D r r aylight P ison T ust |
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| r r M M r r Eu opean Ch istian ission EC (in memo y of K Buckle ) |
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| r r M r Eu opean Ch istian ission in C oatia |
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| d r M d M r MM r E inbu gh e ical issiona y Society E S Inte national |
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| r r r Equipping Nu tu ing Young People No wich ENYP |
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| r d d D r dr r F ien s of Julius an o a Chil en’s Cent e |
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| r Inte national Nepal Fellowship |
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| M r Keswick inist ies |
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| d Ki zKlub |
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| r King's Peoples' Chu ch Bolton |
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| d r r r Lon on institute of Contempo a y Ch istianity LICC |
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| M r M issiona y Aviation Fellowship AF |
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| r M M Ope ation obilisation O |
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| r P oclamation Zambia |
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| R M r r ZI Zacha ias T ust |
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| r dr Safe Families fo Chil en |
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| r SAT-7 UK T ust |
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| r M Sta fsh alawi |
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| r d Tea fun |
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| r r The Bu y P oject |
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| r The Olive B anch |
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