THE SEEDFIELD TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity Number: 283463 THE SEEDFIELD TRUST Index Page Trustees, Report Independent Exarninerf5 Report Receipts and Payinenls Account Statement of Assets and Liabilities Notes lo the Financial Statements THE SEEDFIELD TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The TnJslees present their report Icgetherwf(h the financial sialemenls of the charity for Ihe year ended 31 0e¢ember 2024. The financial stslemenls cornply with the charty's Trust Deed and applicable law Reforonco and admintstrativo details Charity Number: 283463 PrlnGipal Addre￿- PO Box 142 Keswick CA12 98A Trustees: O E Ryan Ichaimian) P Vipond E J Proudfool ITreasurer) M Hull Bankorg: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME194JQ. Fund Managèrg: Sarasin & Partners LLP Juxon House 100. St. Paul's Churchyard London EC4M 88U Independent Examlner: JA Fox FCA 1 Tinlem Avenue Flixiork Man¢he$ler M41 6FJ THE SEEDFIELD TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Continued Structure, governance and management The Seedfield Trust is a charrtable trust. governed by a Tnjsl Deed. It exists to apply ils Income for Ihe benefit of furthering Christian work and Telieving povety, principally through the making of grants New Tiuslees are appointed by existing Trustees. The Trustees have eslablished procedures foi the induction and trainirsg of new and existin9 Trustees. Under the Selllemenl Deed of 11 September 1981. the Trustees shall pay or apply the income of the Trust lo or for the benefit of ex¢lLJsively chantable purposes wrth the objectives of furthenng Christian work and relievin9 povety. Following the Selllor's death on 6 March 1992. assets were transferred from Mr Thomas Chadwi¢k's eslale Into the Trust in accordance with his will. Following the dealh of Mrs Frances Chadwick on 25 December 1994. luriher assets were Iransferred into the Trust in a¢coTdan¢e with her will. The following served as Truslees during the whole of the period under review, unless othe￿1$e staled.. D E Ryan Ichaimianl P Vipond E J Proudfoot ttreasurerl L Rigg S@Cfetary (resigned) M Hull Objectives and activities The Trust is a charity which exists lo apply ils income for the benefit of furthering Christian work and the relief of suffering and poverty. To achieve this object, the Tru51 make5 grants to a number of projects that futfil these objectives. Grant maklng polScles The TIu5tees consider applicalions for gfanls towards Chrislian activities that further the charity's objectives. The criteria for grant making is not inflexible bul in general the Trustees consider that the grant making policy 5hoLsld avoid core funding and other activities that require f4Jnding over a number ol years Most grants are therefore made towards one-off projects Ihal are re￿1vIng support. either practical or financial. from sources other than The Seedfield Trust. In addition lo the above, the Trust makes grants on a regular basis lo a small number of chanb'es that were supported by the Selllors during Iheir lifetimes. THE SEEDFIELD TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Continued Financial review, achievements and performance In addition lo the funds of £17,065 in the Receipts and Payments Account at 31 Dec4mber 202412023 £21,228), the Trust ha¢J funds under management at 31 December 2024 valued at £3,902,42212023 £3.591.6421. The income generated Irom Ihe fund5 enabled the Trusl lo make grants of £110.000 12023 £105,000) during the year, in line with ils charitable p¥Jrposes. A list of the grants made during the year is included within the financial slalemenls. Income Ou( income receipts during the year have increased from £101.179 in 2023 lo £109.051 In 2024. The Trustees expect 3 further increase in investment income in 2025. Investment pollcy The Tru51ees have placed the majority of investments in the hands of professional fund managers. who manage them on a discrelionary basis in Iheir Sar3sin Endowment Fund Class A IMC fund. Regular meetings are held with the fund manager lo discuss the most appropriate structure of the portfolio so as lo achieve the Truslees, ethical and financial objeclives. In general, these financial objectives are lo endeavour lo maintain the capital in real terms whilsi generating Ihe best income commensurate with that and ethical investment principles Any funds not placed with the fund managers are held in inteiest-bearin9 depDsII accounts. Perfonnance is monitored in quarterly feports. Fund manager's fees are primarily incurred by the investsnenl fund with only the balance being incurred by way of cash land thus refieeled in the receipts and payments account) Tol?1 costs were £26,455 {2023- £25,162). Reserves policy The Trust holds unfeslricted reserves of £3,919,487 (2023 - £3,612,870) of which £3,902,42212023 - £3,591,642) are held in long lemi inveslmenls. The Tru51ees' policy 15 to invest the endoymienl funds with the long term objective of maintaining the economic value of grants made from income. In addition, the Tru51ees policy is lo distribute all income arising in the fund, after allowing for operating expenses. but to retain a small proportion of income in reseNe as cash lal 31 December 2024 £17,06512023 £21,228>) to rneel urgent needs in advance cf expected receipts. Plans for future periods The Trustees plan to continue to invest capital in accordance with current policies and use the income arising therefrom to conts.nue to make grants to charities in fulfilmenl of the charity's objectives, Publ1¢ bonofit The Trustees are aware of the Charity Commission's guidance on public benefit. The work of Ihe charity and the lunds it raises are wholly directed towards furthering Ihe aims and objectives set out on page 2 and the Trustees are therefore of the wew that the charity satisfies the ¢rileria laid down for meeting the public benefit lest. THE SEEDFIELD TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Continued Trust8os' remuneration No trustees ieceived any remuneralion during the year. No Iruslee received reimbursed expenses durit)g the year12023 ~ £0). There have been no relaled party Iiansaclions_ Trust895' re8ponsibilittes In Ihe year endeil 31 Decembei 2024 the financial slalemenls have been prepared on a re￿ip1S and payments basis. This is in line with guidance provided by the Charity Commission. The Tiustees are responsible for maintaining propel accounting records which dlsclose with reasonable accuracy al any lime the financial position of the Seedfield Trust and enable them to ensure that the rinanoial slaternenls comply with relevant law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the p￿VentiOn and detection of fiaud and other irregularities. By order of the Tru51ees DERYAN Tfuslee Date.. THE SEEDFIELD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SEEDFIELD TRUST I report on the financial statements of The Seedfiel(S Trust for the year ended 31 December 2024, which are set out on pages 6 10 8. R•$peetivo r•sponsibilities of Trustees and examiner The charily's Trustees are responsible for the preparation of the financial slatemenls, The Charity's Triislees consider that an audil is not required for this year under section 14412> of the Charrties Act 2011 {l*e 2011 Act} and that an independent examinalion is needed. It is my responsibility lo., examine the financial st3temenl5 under section 145 of the 2011 Act., follow the procedures laid down in the general Directions given by Ihe Charity Commission under section 14515llbl of the 2011 Act.. and slate whether partjcular matters have come lo my attention. Thi5 report, including my statement, ha5 been prepared for and only for the Charity's Trustees as a body. My work has been undertaken so that I might slate lo the Charity's Trustees those matters l am required to stale lo them in an independent examiner's report and for no olher purpose To the fullesl extent pertnitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body for my examinalion work, for this report, or for the statements I have made. Basi8 of indopendentexaminerfs rgport My examination was carried out in accordance wf(h the general Directions given by the Charity Commission. An examination Includes a review of the accounting ￿CordS kepl by the ehanty and a compari50n of the financial statements presented with those records. 11 also includes corhsideralion of any unusual items or disclosures in the financial slalemenls and seeking explanah.ons from you as Trustees conce¥ning any Such matters The procedures undertaken do not provide all the evidence thal would be requifed in an audit and consequently llo opinion is given as lo whether the financial slaternents present a 'true and fair view, and the report is limited to those mallers set out in the slatewnenl below. Independent examiner's statement In connection wth my examination. which is complele, no matters have come 10 my attention which give me reasonable cause to believe that in any material fespecl.. accounting reeords were not kepl in respect of The Seedfield Trusl in accordance with section 130 of the 2011 Act., or the financial slalemenls do not accord with those records. I have no concerns and have come across no other matters in connection wtth the examination lo whicfr. in my opinion. allenlion should be drawn In order lo enable a proper understanding of the financial statements lo be reached. JAFOXF 1 Tintern Avenu Flixton Manchester M416FJ 11 bz THE SEEDFIELD TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Note Unrestricted 2024 UnTeslricled 2023 RECEIPTS Investment income rèeéived 109,051 101,179 Total receipts 109,051 101,179 PAYMENTS Costs of generating funds". Inveslmenl - 859 units Sarnsin Endowments Fund Class A Inc. Fund managerfs fees Charrtable a¢tivilies', Grants paicl Accoijnlancy and independent examination ¢0s1s Other costs 1,122 488 110.000 1,550 542 105.000 1,550 456 Total payments 113.214 107,494 Net payments 14, 1631 16.315) Cash funds brought forward 21.228 27,$43 Cash funds carried forward 17.065 21,228 THE SEEDFIELD TRUST STATEMENT OF ASSETS ANO LIABILITIES AT 31 DECEMBER 2024 Unresiri¢ted 2024 Unrestricted 2023 Cash fund?: Cufflberland Building Society- cuttelll account Cumberland Building Society- 30 day deposit account Charities Aid Foundation Current account Charities Aid FoundalTron - Gold savin98 account CCLA Hekl by Sarasin & Partners fund managers 15,5611 26,595 3.846 12,980 205 34 194 17.065 21,228 2024 023 lfivè¥tmgnt a$$gts- units held in fund marnaged by Sara5in & Partners- expendable endowment fund 3,036.904 income units- Sarasin Endowmerbl Fund Class A INC Valuation as at 31 December 2024 3,902,422 3.036.045 income units - Sarasin Endowment Fund Class A INC V31Ltalion as al 310ecember 2023 3,591,642 The financial statements were approved by the Trust on and signed on ils behalf by.. E J Proudfoot Trustee THE SEEDFIELD TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1. Grants paid 2024 AcliotT Through Enterprise BMS World Mission Bridge The Gap Football Care foi the Family Child of Hope Christians against Poverty ICAPI Cfess UK Daylight Christian P(Ison Trusl ECMI Benjamin B611 Five Talents Friends of the Holy Land International Heahh Partners International Needs UK International Nepal Fellowship Kidz Klub Mercy Sh1PS Mission India Missionary Aviation Fellowship Mothers, Union Nicodemus Niscu Off the Fence Trusl Oxford Churches Debt Centre Papua Partners Prison Fellowship Safe Families SASFIA SAT-7 UK Source of Hope Sportsreach Sportsreach - Tim Slatef Tearfund The Bury Project The Junction 42 Foundation The Leprosy Mission Greai Britsin The Message Trust The PAIS Project The Turning Point Trust Wycliffe Zambia Orphans Aid UK IZOA) £1.000 £2.000 £5.000 £1,200 £1.300 £1,000 £5,000 £1.000 £1.000 £3.000 £2.000 £2,500 £4.000 £4,000 £2,000 £3.000 £1.200 £5.000 £5,000 £2.000 £2.000 £3.800 £2.000 £1,000 £1,000 £5,000 £3.000 £4,000 £3,000 £1,000 £500 £5,000 £1,000 £5,000 £4,000 £5.000 £3.000 £5.000 £2.000 £1.500 £110,000