The Scarr-Hall Memorial Trust
REPORT AND FINANCIAL STATEMENTS
for the year ended 31 March 2024
UNAUDITED
Registered charity number: 328105
UNAUDITED
The Scarr-Hall Memorial Trust
CONTENTS
| LEGAL AND ADMINISTRATIVE INFORMATION | 1 |
|---|---|
| REPORT OF THE TRUSTEES | 2 - 4 |
| INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF | |
| THE SCARR-HALL MEMORIAL TRUST | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 6 |
| BALANCE SHEET | 7 |
| NOTES TO THE FINANCIAL STATEMENTS | 8 - 13 |
UNAUDITED
LEGAL AND ADMINISTRATIVE INFORMATION
The Scarr-Hall Memorial Trust
| TRUSTEES | I Scarr-Hall |
|---|---|
| R Scarr-Hall | |
| Rev MM Hall | |
| RA Scarr-Hall | |
| REGISTERED ADDRESS | Amhuinnsuidhe Castle |
| Amhuinnsuidhe | |
| Harris | |
| HS3 3AS | |
| CHARITY NUMBER | 328105 |
| INDEPENDENT EXAMINER | RSM UKTax and Accounting Limited |
| Chartered Accountants | |
| Davidson House | |
| Forbury Square | |
| Reading | |
| RG1 3EU | |
| BANKERS | Barclays Bank plc |
| 36 Town Road | |
| Hanley | |
| Stoke-on-Trent | |
| Staffordshire | |
| ST1 2JQ | |
| SOLICITORS | Freeths LLP |
| Federation House | |
| Station Road | |
| Stoke-on-Trent | |
| Staffordshire | |
| ST4 2SA | |
| INVESTMENT BROKERS | Charles Stanley and Co Limited |
| 55 Bishopsgate | |
| London | |
| EC2N 3AS | |
| GOVERNING INSTRUMENT | Trust Deed dated 5 December 1988 |
Page 1
The Scarr-Hall Memorial Trust REPORT OF THE TRUSTEES
UNAUDITED
The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and 9, the charity’s Trust Deed, 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 October 2019), (Charities SORP (FRS102)) and the Charities Act 2011.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Trust is an unincorporated entity, constituted under a Trust Deed dated 5 December 1988 and is a registered charity, number 328105.
Recruitment and Appointment of Trustees
The Trust is maintained by the Trustees who number not less than three and no more than five. New Trustees are appointed by a resolution of the existing Trustees which must be recorded in the minutes.
The names of the present Trustees are set out on page 1.
Trustee Induction and Training
New Trustees are supplied with the Charity Commission publication, ‘The Essential Trustee: What You Need to Know’, along with the Memorandum and Articles and the latest financial statements.
RISK MANAGEMENT
The Trustees have considered in detail the risks facing the Charity, the controls in place to mitigate those risks and action plans to deal with those areas where controls could be enhanced, particularly concerning grant giving. The Trustees believe that they have appropriate controls in place, commensurate with the size of the organisation and their cost effectiveness, to mitigate the risks identified. The Trustees review and update the assessment of the risks facing the Charity annually, together with an assessment of the controls on a regular basis.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The principal activities of the Trust are:
-
To provide grants and make donations or otherwise to assist in the education and training of students;
-
To carry out other charitable purposes which are exclusively charitable according to the laws of England and Wales.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
ACHIEVEMENTS AND PERFORMANCE
The Trustees consider that the grants given during the year were in accordance with the grant giving policy to provide grants and make donations to assist in the education and training of students from the receipt of applications.
Page 2
The Scarr-Hall Memorial Trust REPORT OF THE TRUSTEES
UNAUDITED
FINANCIAL REVIEW
The Trustees consider the financial situation of the Trust to be satisfactory.
- (a) Income
The Trust is reliant on the income from its investments, the income from which was £44,281 (2023: £47,540). The Trust had net income in the year of £12,185 (2023: £14,376). After realised and unrealised gains in investments of £68,017 (2023: losses of £167,621), the total movement in funds for the year was an increase of £80,202 (2023: decrease of 153,245). This has increased unrestricted funds in the year and total unrestricted funds at the year end were £1,488,363 (2023: £1,408,161). The Trust did not hold any restricted funds.
- (b) Grants
Grants of £7,000 (2023: £11,000) were made during the year (see note 4).
(c) Investments
Details of movements in investments are set out in note 8. The fair value at 31 March 2024 is £1,479,965 (2023: £1,402,335).
INVESTMENT POLICY AND PERFORMANCE
Trust monies may be invested in whatever way the Trustees, in their absolute discretion, think fit. It is the current policy of the Trust to use the services of a recognised and reputable investment manager to oversee the Trust’s investments. The Trust currently uses the services of Charles Stanley to oversee its portfolio management.
RESERVES POLICY
It is the policy of the charity to maintain sufficient free reserves to generate sufficient investment income to fund their annual grants programme, and to cover the annual management and administration costs. Unrestricted funds were maintained at this level throughout the year.
PLANS FOR THE FUTURE
The Trust will continue to undertake its charitable objectives to provide grants to individuals for the furtherance of educational advancement.
TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
Page 3
UNAUDITED
The Scarr-Hall Memorial Trust REPORT OF THE TRUSTEES
TRUSTEES’ RESPONSIBILITIES (Continued)
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees’ report was approved by the Board of Trustees and signed on its behalf by: Ian Scarr-Hall
I Scarr-Hall
Trustee
29/01/25
Page 4
UNAUDITED
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SCARR-HALL MEMORIAL TRUST
I report to the trustees on my examination of the accounts of The Scarr-Hall Memorial Trust (‘the charity’) for the year ended 31 March 2024, which are set out on pages 6 to 13.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Kerry Gallagher
Name: Kerry Gallagher FCA DchA
Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: Chartered Accountant
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED
Chartered Accountants Davidson House Forbury Square Reading RG1 3EU
29/01/25
Page 5
The Scarr-Hall Memorial Trust STATEMENT OF FINANCIAL ACTIVITIES
UNAUDITED
for the year ended 31 March 2024
| Unrestricted Funds | Unrestricted Funds | ||
|---|---|---|---|
| Restated | |||
| 2024 | 2023 | ||
| Note | £ | £ | |
| INCOME AND ENDOWMENTS | |||
| Investment income | 3 | 44,281 |
47,540 |
| TOTAL INCOME | 44,281 |
47,540 | |
| EXPENDITURE | |||
| Charitable activities | 4 | 15,504 | 16,190 |
| Costs of raising funds | 6 | 16,592 |
16,974 |
| TOTAL EXPENDITURE | 32,096 |
33,164 | |
| NET INCOME BEFORE GAINS/(LOSSES) ON | |||
| INVESTMENTS | 12,185 | 14,376 | |
| Realised/unrealised gains/(losses) on investments | 9 | 68,017 |
(167,621) |
| NET INCOME AND MOVEMENT IN FUNDS | 80,202 | (153,245) | |
| Total funds brought forward | 1,408,161 |
1,561,406 | |
| TOTAL FUNDS CARRIED FORWARD | 1,488,363 |
1,408,161 |
Page 6
The Scarr-Hall Memorial Trust BALANCE SHEET
UNAUDITED
at 31 March 2024
| Note FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank 10 CURRENT LIABILITIES Creditors: Amounts falling due within one year 11 NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY Unrestricted funds 12 |
Unrestricted funds 2024 2023 £ £ 1,479,965 1,402,335 19,672 14,376 (11,274) (8,550) 8,398 5,826 1,488,363 1,408,161 1,488,363 1,408,161 |
|---|---|
These financial statements on pages 6 to 13 were approved by the board of trustees and authorised for issue on and were signed on its behalf by: 29/01/25
Ian Scarr-Hall
I Scarr-Hall
Trustee
Registered charity number: 328105
Page 7
The Scarr-Hall Memorial Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
UNAUDITED
1 ACCOUNTING POLICIES
CHARITY INFORMATION
The Scarr-Hall Memorial Trust was created by a Trust Deed dated 5 December 1988 and is registered as a charity under the Charities Act 2011, Registration Number 328105. The registered office is Amhuinnsuidhe Castle, Amhuinnsuidhe, Harris, HS3 3AS. Under the terms of the deed the trustees are directed to hold the Trust Fund and the income thereof for such charitable purposes as the trustees in their absolute discretion think fit.
BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice; Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The trust constitutes a public benefit entity as defined by FRS 102.
GOING CONCERN
The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for the foreseeable future. For this reason, the Trustees have adopted the going concern basis in preparing the financial statements.
INCOME RECOGNITION
All income, which is mainly dividend income, is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
EXPENDITURE RECOGNITION
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.
Page 8
The Scarr-Hall Memorial Trust NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED
for the year ended 31 March 2024
1 ACCOUNTING POLICIES (continued)
FIXED ASSET INVESTMENTS
Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire or use put options, derivatives or other complex financial instruments.
REALISED AND UNREALISED GAINS AND LOSSES
All gains and losses are taken to the statement of financial activities as they arise. Unrealised gains are calculated as the difference between the fair value at the year end and their carrying value. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
TAXATION
As a registered charity the Trust is generally exempt from liability to taxation and no provision for taxation is therefore required.
FUND ACCOUNTING
The unrestricted fund comprises those funds which the Trustees are free to use in accordance with the charitable objectives.
FINANCIAL INSTRUMENTS
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, with the exception of fixed asset investments, are initially recognised at transaction value and subsequently measured at their settlement value.
2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No critical accounting estimates and judgments have been made in preparing these financial statements.
Page 9
The Scarr-Hall Memorial Trust NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED
for the year ended 31 March 2024
| 3 INVESTMENT INCOME Charles Stanley portfolio: Deposit interest Dividends Property income distributions Bank interest received 4 CHARITABLE ACTIVITIES Direct charitable expenditure: Grants to individuals – 7 (2023: 13) Grants to institutions – 0 (2023: 1) Contribution to grant presentation ceremony Governance costs |
2024 £ 17 42,343 1,852 69 44,281 2024 £ 7,000 - 7,000 500 8,004 15,504 |
2023 £ - 46,483 1,037 20 |
|---|---|---|
| 47,540 | ||
| 2023 £ 10,500 500 |
||
| 11,000 - 5,190 |
||
| 16,190 |
All the above grants/donations to individuals were made to assist in education and training, and were payable in furtherance of the charity’s objects for the public benefit.
5 GOVERNANCE COSTS
| Accountancy fees Independent examination |
2024 £ 4,104 3,900 8,004 |
2023 £ 1,890 3,300 |
|---|---|---|
| 5,190 |
Page 10
The Scarr-Hall Memorial Trust NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED
for the year ended 31 March 2024
6 COSTS OF RAISING FUNDS
| Bank charges Travel and subsistence Investment broker fees |
2024 £ 517 197 15,878 16,592 |
2023 £ 523 193 16,258 |
|---|---|---|
| 16,974 |
7 STAFF COSTS
No staff were employed by the trust during the year (2023: nil).
8 PAYMENTS TO TRUSTEES
No remuneration was paid and expenses totalling £197 (2023: £193) were reimbursed to the Trustees during the year. At the year end, trustees were owed £3,774 (2023: £3,774).
9 FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Movement in fixed asset investments | ||
| Fair value brought forward at 1 April 2023 | 1,402,335 | 1,529,782 |
| Additions to investments at cost | 60,077 | 186,799 |
| Disposal proceeds | (50,464) | (146,625) |
| Net gains/(losses) on investments | 68,017 |
(167,621) |
| Fair value as at 31 March 2024 | 1,479,965 |
1,402,335 |
| Market | Market value | |
| Value 31 | 31 March | |
| March 2024 | 2023 | |
| £ | £ | |
| Listed investments: | ||
| Quoted investments | 1,479,965 |
1,402,335 |
Page 11
The Scarr-Hall Memorial Trust NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED
for the year ended 31 March 2024
| 10 CASH AT BANK AND IN HAND Barclays Bank plc SIT Savings account Charles Stanley account 11 CREDITORS: Amounts falling due within one year Accruals Loan |
2024 £ 4,174 (8) 15,506 19,672 2024 £ 7,500 3,774 11,274 |
2023 £ 5,081 (8) 9,303 14,376 2023 £ 4,776 3,774 8,550 |
|---|---|---|
12 MOVEMENT IN FUNDS
| Brought forward Income Expenditure Gains/(Losses) Carried forward |
Unrestricted Funds General Fund 2024 £ 2023 £ 1,408,161 1,561,406 44,281 47,540 (32,096) (33,164) 68,017 (167,621) 1,488,363 1,408,161 |
|---|---|
Page 12
The Scarr-Hall Memorial Trust NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED
for the year ended 31 March 2024
13 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | |
|---|---|
| Unrestricted | |
| Funds | |
| General Fund | |
| £ | |
| Total 2024 | |
| Fund balances at 31 March 2024 are represented by: | |
| Fixed assets | 1,479,965 |
| Current assets | 19,672 |
| Creditors: Amounts falling due within one year | (11,274) |
| 1,488,363 | |
| Total 2023 | |
| Fund balances at 31 March 2023 are represented by: | |
| Fixed assets | 1,402,335 |
| Current assets | 14,376 |
| Creditors: Amounts falling due within one year | (8,550) |
| 1,408,161 |
14 RELATED PARTY TRANSACTIONS
In a prior year, one of the trustees, loaned funds into the Trust. No interest is charged on the loan. At the year end the amount owed to the trustee was £3,774 (2023: £3,774).
15 PRIOR PERIOD ADJUSTMENT
The classification of certain expenses in the prior period financial statements have been reviewed and the following reclassifications have been made:
Bank charges, travel expenses and investment broker fees totalling £16,974 have been reclassified as Costs of Raising Funds. These were shown as Charitable Activities in the prior period.
This has no effect on the previously reported net income or the net assets of the charity in the prior period, as the adjustments are solely reclassifications.
Page 13