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2022-01-31-accounts

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022 REGISTERED CHARITY NO: 1009718

The Mrs Smith & Mount Trust

6 Trull Farm Buildings, Tetbury, Gloucestershire GL8 8SQ

THE MRS SMITH & MOUNT TRUST

CONTENTS

Page
Legal and Administrative Information 1
Annual Report of the Trustees 2
Independent Examiners Report 9
Statement of Financial Activities 10
Balance Sheet 11
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THE MRS SMITH & MOUNT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES:

T B Warren - Chairman G M Gorell Barnes S W Shepley A Winter H Whitehead (retired 19/11/2021) C Mckenzie

CORRESPONDENT:

Mrs S Worster The Trust Partnership 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ

BANKERS:

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

PRINCIPAL OFFICE:

The Trust Partnership 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ

INVESTMENT MANAGERS:

Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

INDEPENDENT EXAMINER:

Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

REGISTERED CHARITY NUMBER : 1009718

1

Trustees Report Updated 20220922 THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022

MISSION STATEMENT

“Assisting disadvantaged people towards greater independence or a better quality of life”

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022

The Trustees present the annual report and financial statements of the charity for the year ended 31 January 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Mrs Smith & Mount Trust was formed by deed on the 31[st] January 1992, and registered with the Charity Commission on 11[th] March 1992, as the result of the amalgamation of two trusts, namely The Mrs Smith Fund and The Mount Trust. The Trustees have the power to spend or retain both capital and income and so the funds of the Trust are classed as expendable endowment. The Trust does not actively fundraise and seeks to continue its charitable work through careful stewardship of its existing resources.

Appointment of new Trustees is by invitation of the existing Trustees and subject to a satisfactory interview. Prospective new Trustees are invited to attend Trustee Meetings prior to formal appointment for induction and training purposes. The Trustees regularly review the skills required by the board in order to carry out the objects of the Trust to best effect. They are hoping to expand the board in the coming years to ensure the Trust is equipped to meet increased needs of their beneficiaries in the future.

One conflict of interest arose in the year. Hannah Whitehead was also a Trustee of All People All Places who received a grant of £5,000 from The Mrs Smith And Mount Trust (2021:£0).

During the year Hannah Whitehead resigned from being a Trustee in November 2021, due to starting new employment, but then found it was possible to continue and the Trustees were therefore pleased to re-appoint her at their March 2022 meeting.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of the Trust are for such charitable purposes as shall from time to time be determined by the Trustees. In accordance with their ‘Mission Statement’ the Trustees achieve these objects by making grants to other registered charities. In setting their grant making policy and when reviewing the Trust’s aims and objectives the Trustees confirm that they have had regard to the guidance provided by the Charity Commission on public benefit. The Trustees seek to provide funding to charities working in their priority areas to deliver services to their target beneficiaries. The Trustees are particularly keen to support small local charities and encourage applications from those working in rural areas. They are also interested in applications for core funding where a good case can be made for this type of funding. The Trustees carry out vigorous monitoring of funding provided by review of bespoke reports. This helps the Trustees to ensure their funding is being utilised to the best effect. Also, by ensuring the Trustee board has a broad range of skills and knowledge of the priority areas of the Trust, the Trustees are confident they are able to direct their funding where it is needed most.

Grant Making Policy

The Trustees have established their grant making policy to achieve their objects for the public benefit and in accordance with the ‘Mission Statement’ above. The grant making policy is reviewed regularly by the Trustees to ensure that it continues to meet the objects of the Trust and thereby advances public benefit. The Trustees have proposed changes to their criteria which will come into effect during the financial year ending 31 January 2023 to ensure that their grants are used well. The Trustees also wish to focus on assisting grant recipients in developing their work. The Trustees allocate a portion of their unrestricted income fund annually to be distributed in accordance with the criteria of the Mrs Smith Fund with the balance being distributed in accordance with the criteria of the Mount Fund as set out below. In recent years there has also been an unrestricted designated fund originating from a legacy from the Estate of Mrs P A Spanoghe. The final instalment of a three-year grant from this fund was paid in May 2021 and the final report for this grant will be due in the financial year ending January 2023.

2

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022 (continued)

The Mrs Smith Fund

The Mrs Smith Fund provision is distributed by way of block grants to be allocated by the recipients in accordance with the criteria of the Mrs Smith Fund which provided that small grants be made for the benefit of young people leaving care; individuals returning to the community after a long stay in residential or hospital care; individuals on state benefits or low income who were being re-housed or; for those not eligible for help from Government funded grants, with the purchase of household furnishings and equipment, baby equipment and clothing. Reports are provided annually by recipients on the utilisation of the funding provided which are considered by the Trustees before further funding is authorised. The Trustees keep the criteria of the Mrs Smith Fund under review and make changes as required to ensure grants continue to be used effectively and in meeting the aims of the Fund.

The Mount Trust

The funding provided during the year was agreed in line with the current criteria as set out below. The Trustees accepted applications in line with their expenditure budget through their online application form. Applications were considered from registered charities whose beneficiaries are in Norfolk, Suffolk, Cambridgeshire, Hertfordshire, Essex, Kent, Surrey and London, who are working in the following areas:-

With effect from July 2022, a new category of Community Youth Services has taken the place of Health in the Community.

All charities applying must be registered with the Charity Commission and have an income of under £1,000,000 except for the Health in the Community category which has a maximum income limit of £500,000.

The Trustees have focused the funding under the Health in the Community category for supporting core costs of charities which meet the financial criteria of this category (i.e. with an income of less than £500,000) and that are working primarily in rural communities.

The Trustees also considered appeals for project costs as well as for general running costs and salaries for all categories.

The Trustees do not fund building costs but will consider appeals for refurbishments or alterations necessary to bring a building up to standard to meet legislative requirements. National organisations are only considered at branch level where separate accounts are available. Applications from individuals are not considered.

Applications for grants are only considered if submitted via the Trust’s online application form which is available from the Trust’s webpage www.mrssmithandmounttrust.org. All applications are initially assessed by the Trust Administrator and further information is requested as necessary. During the year more than 190 organisations accessed the online eligibility quiz which resulted in 98 online applications.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE

The benefit of the Trust’s work was a better quality of life and/or greater independence for disadvantaged people. The Trustees met three times in the year and authorised grants of £392,014 (2021: £305,750) for payment during the financial year as set out below.

The Mrs Smith Fund

Grants totalling £18,750 (2021: £18,750) were authorised from The Mrs Smith Fund in the year, paid to three separate charities.

The Mount Trust

Grants from the Mount Trust were made under the current criteria during the financial year.

Grants totalling £353,264 (2021: £287,000) were authorised to 81 (2021: 78) separate charities in accordance with the criteria of The Mount Trust in the following categories:-

3

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022 (continued)

Mental Health

46 (2021: 24) grants were authorised under this category totalling £202,559 (2021: £105,700). This included 12 grants that will be paid in two annual instalments. Of the grants authorised under this category, 15 were to charities who had previously applied to the Trust. The Trustees have recognised the growing need for mental health services and 57% of grants were awarded within the priority area of mental health.

Homelessness

21 (2021: 24) grants were authorised under this category totalling £94,750 (2021: £128,300). This included three grants that will be paid in two annual instalments. Of the grants authorised under this category, 13 were to charities who had previously applied to the Trust.

Health in the Community

14 (2021: 13) grants were authorised under this category totalling £55,955 (2021: £53,000). This included six grants that will be paid in two annual instalments. Of the grants authorised under this category, six were to charities who had previously applied to the Trust.

4

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022 (continued)

Additional Grants

In addition to the above, there was one grant paid as a Trustees’ Discretionary Grant to The Lantern Trust amounting to £5,000. The charity provides mental health support and housing advice but is situated outside of the Trust’s geographical areas listed above (2021: £nil).

As allowed by the objects of the Trust, (“for such charitable purposes as shall from time to time be determined by the Trustees”), the Trustees occasionally make grants made in response to international disasters. There were no such grants made in the year (2021: £nil).

The Spanoghe Grants Programme (from a legacy from the estate of the late Mrs PA Spanoghe)

The final instalment of £15,000 (2021: £nil) was paid during the financial year. This fund is now spent out and no further grants will be awarded.

Impact of grants from the Mount Fund

The Trustees authorised 81 (2021: 78) grants throughout their target geographical area. 32 (2021: 26) grants were paid to charities working in London and 49 (2021: 52) grants were paid to charities outside of London, of which 14 (2021: 12) were charities working in rural communities.

£216,258 (£179,050) was distributed to charities working across the South-East, excluding London. £60,000 (2021: £79,800) of this was distributed to charities working in rural communities. £137,006 (£107,950) was distributed to charities working in London.

The Trustees welcome applications for a number of purposes, including core costs. Of the 81 (2021: 78) grants awarded, 25 (2021: 15) were for project funding, 17 (2021: 17) were towards core costs exluding salaries and 15 (2021: 24) grants were awarded towards salary costs.

5

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022 (continued)

Monitoring

Monitoring is carried out one year after the date of payment of a grant or at the end of a project, whichever is soonest. Therefore, the results below mostly relate to grant funding authorised in the previous financial year, i.e year ending 31 January 2021.

All successful applicants are required to provide a report on the use of the funding provided, how it had benefited the target groups and any difficulties experienced. An online form is completed and returned to the Trust. Monitoring forms are sent to Trustees on a regular basis and graded. The grade is included in the meeting papers for all Trustees to view and comment on.

During the year 94 reports were due of which 90 were received. Of the reports received 26 were graded extremely successful, 58 were graded successful, 5 were graded partially successful and 1 had been graded unsuccessful. The grant recipients who were unsuccessful had mainly failed to reach their intended outcomes due to various Covid-19 restrictions. Overall, the Trustees were satisfied that the grants awarded during the year were well spent and had made a positive impact on beneficiaries.

Mental Health Homelessness Learning
Disabilities		 Health in the
Community		 Mrs Smith
Fund
Monitoringreports due 40 25 6 20 3
Monitoringreports received 37 25 6 19 3
Performance
ExtremelySuccessful 11 11 4
Successful 25 10 5 15 3
Partiallysuccessful 1 3 1
Unsuccessful 1

6

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022 (continued)

FINANCIAL REVIEW

The Trust’s work is dependent on income from its investments. The capital fund of the Trust is an expendable endowment and whilst the Trust is not operating on a total return basis the Trustees are able to transfer funds when need exceeds income. During the year, £194,489 was transferred for grant making (2021: £242,000).

The Trustees set an annual expenditure target based on a percentage of the average value of the portfolio over the previous three years as at 31 January. After deduction of administration costs and other liabilities the balance is then allocated for grant making. The percentage amount is reviewed annually and was set at 5% for the financial year ended 31 January 2022.

Investment Policy and Performance

The Trustees have considered the ethical implications of their investments and have resolved that they should not hold investments in companies where a substantial part of the earnings is derived from activity that the Trustees view as being inappropriate, primarily manufacture or sale of tobacco, arms, alcohol and gambling. The Trustees review the investments held by the Trust at their meetings in conjunction with their investment managers and work closely in reviewing their ethical policy with consideration to the effect on the value of the investment portfolio. Subsequently, the Trustees agreed to invest 10% of the Trust’s portfolio in companies whose activities assist in the reduction of global warming. During the financial year, the Trustees agreed to sell their shares in the Charities Property Fund. These funds have now been reinvested as part of this ethical approach to investments.

The investment portfolio has been structured to provide increased funding for grant making whilst protecting the capital element of the portfolio. The agreed strategy provides for the expenditure target in the short and longer term. The Trust continues to hold a diverse portfolio of fixed interest, equities, property and other investments in the UK and overseas.

Risk Management

The Trustees have considered the risks to which the Trust is exposed and have implemented procedures to manage and where possible, reduce, those risks.

The primary financial risk to the Trust is the underperformance of investments. This is mitigated by retaining and meeting regularly with expert investment managers, having a diversified portfolio and, by structuring the investment portfolio in a way to ensure short term expenditure requirements are available in easily liquidated investments.

The primary operational risk faced by the Trust is the misuse of grant funding by recipients. The Trustees have implemented procedures to manage this risk by ensuring due diligence checks are carried out on applicants. In addition, that the Trustee board has sufficient skill and expertise within the funding priorities to identify suitable grant recipients and effective monitoring and review of grants made.

Reserves Policy

The Trustees have given consideration as to how best to benefit those groups and individuals which the Trustees’ policies are targeted to help in the short and longer term, and how this impacts on the balance of making grants out of income or capital. The Trustees anticipate increasing needs in the areas they support in future years and have restructured their investments to provide capital growth and the availability of funds for future grant making. The Trustees’ policy is to set an expenditure target which, after deduction of administration expenses and other liabilities, will be distributed by way of grants. The Trustees will keep this policy under review when capital investment growth or the charitable needs in the Trustees’ core areas of grant giving change.

The balance held as unrestricted funds at 31 January 2022 was £9,697,350 (2021: £8,890,945), of which £9,773,630 (2021: £8,878,555) was regarded as a capital fund. The capital fund is held in investments as detailed in Note 8 of the financial statements. The income fund was in deficit at the year-end by £76,280 (2021: £12,390). The balance of funds held in the unrestricted income fund includes commitments made prior to the year end. Any additional balance is carried forward for grant making in the next financial year and will contribute to providing the funds to meet the expenditure target set by the Trustees annually. The designated fund was fully expended in the previous financial year but there was one grant instalment outstanding at the year end. In line with the Trustees’ investment policy, a transfer will be made from the capital fund to the income fund to facilitate budgeted grant expenditure for the year. This will be made from investments in fixed interest securities held specifically for this purpose.

7

THE MRS SMITH & MOUNT TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2022 {continued) PLANS FOR THE FUTURE The Trustee5 have reviewed the Charty Code of Govemance12020 edrtionl for Small Charit￿$ and have identified areas of improvement. The Trust￿ plan fc¢using their aliention to these matters over Ibe next year. One area of part￿ular interest is Drversty and I￿lusIon, in Part￿￿lar how the Trustees can deffK)nslrate inclusion. There were no signrfKanl posrtNe or rwatNe fa(#ors affecting hieven￿l of the Trust's objectives in the year. The Trustees reviewed Iheir crf(eria duiing the yeaf ended 31 January 2022 and a ne•¥ set of criteria wa5 agreed lo be pul in place from July 2022. wrth the rerrK)val of the Heatth in the Communty category and the Inclusvjn of Communty Youth SeNices. Mental Health and Homelessness are remaining as priorty aws offunding. The Trustees wll keep the changes urthr reve to ensure that they continue to fu￿11 their mtssion stslemenl. -Assisling disadvantaged pw>te ltrwards greater indeper￿nCe or a better quality of life." The Trustees will be continuing to ￿¥1￿•¥ their posiiion on eth￿al inveslment dunng the year to ensure that whilst maintaining good stewardship of the Trust's funds they conlinue to be aware of the impact their investments may have on their intended beneficiaries and the wKJer environment. The Trustees continue lo carry c%rt skill$ revivws during the year to ensure that they a￿ able lo adequately assess and rnonrtor their grant makiThJ and that they have a bro￿ range of skills and background$ on the boaid of Trustees. In the next months the Trustees anlKipate continuing demand on the TrLt51's resources, so the Tnjslees aim lo.. continue to make grants from the Mrs Smrth Fund at the Current levd keep the crilerha ofthe Mount Fund under revwi lo en$￿￿ that il remains relevant lothe aims of the Trust move towards a fr£us on gran15 which 8SSlSt in the development of seThKes Improve awareness of the number of diverse beneficiarie5 5UPW)rted Moni(or their investments to ensure these are providing an inciease in the amount available for grant making urKler the MLXJrtt Fund. whilst protecting the capilal in times of increased volatilty on global markets. TRUSTEES. RESPONS181UTIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsibb for keeping proper accounting records that disdose with reasonable accuracy 81 any time the financial positron of the charty and lo enable them to ensure that the financial statements comply with the Charrts Act 2011. tha appluble Chariti'es (Accounting and Reporb"ngl Regulations. and the provisions of the Trust deed. They are also responsible for safeguarding the as5et5 of the charty and taking reasonable steps lor the pfevenknon and detection of fraud and other irregularities. The Trustees are responsible forthe maintenance arKI integrty of the chanty and finanual Information included on the charty's websrte in accordance *iSlat￿n m the Unrted Kingdom goveming the preparation and disseminathJn of finaneial statements. Approved by the Tru51ees on 2022 arKI 5yned on their behaLf by.. T B Warren Esq

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THE MRS SMITH & MOUNT TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022

Unrestricted Unrestricted Unrestricted
Unrestricted
Income
Designated
Capital
Funds
Fund
Fund
Fund
2022
Note
£
£
£
£
INCOME AND ENDOWMENTS
Donations and legacies
2
-
-
-
-
Investments
3
150,293
-
-
150,293
TOTAL INCOME
150,293
-
-
150,293
EXPENDITURE
Raising funds
4
-
-
26,519
26,519
Charitable Activities
5
433,452
-
-
433,452
Cost of grant making
433,452
-
-
433,452
TOTAL EXPENDITURE
433,452
-
26,519
459,971
Net gains on investments
-
-
1,116,083
1,116,083
Net (Expenditure) / Income
(283,159)
-
1,089,564
806,405
Transfer between funds
7
194,489
-
(194,489)
-
Net movement in funds
(88,670)
-
895,075
806,405
Fund balances brought foward
12,390
-
8,878,555
8,890,945
FUND BALANCES CARRIED
FORWARD AT 31 JANUARY 2022
11
(76,280)
-
9,773,630
9,697,350		 Total
2021
£
70,811
154,783
225,594
23,427
340,067
340,067
363,494
558,300
420,400
-
420,400
8,470,545
8,890,945

The figures above relate to the continuing activities of the Trust

There are no recognised gains and losses in 2022 or 2021 other than those disclosed above.

The notes on pages 12 to 23 form part of these accounts.

A breakdown of prior year comparative SOFA figures is shown on page 22 of the notes.

10

THE MRS SMITH & MOUNT TRUST BALANCE SHEET AT 31 JANUARY 2022 Unrestricted Unrestricted UnTestri¢ted Income Designat8d Capital Fund Fund Fund Total 2022 Totsl 2021 FIXED ASSET SNVESTMENTS Listed investments Unlisted investments Cash 9,768.276 9.768.276 8,635.740 239.410 3.405 5,354 5,354 TOTAL FIXED ASSETS 9,773.630 9,773.630 8,878,555 CURRENT ASSETS Debtors Current Asset Investments Cash Al Bank and In Hand 6,367 1.070 23,800 85.842 1,070 24.368 1.070 23.800 TOTAL CURRENT ASSETS 31.237 31.237 111,280 CURRENT UABILITIES Credbtors Due Wrthin One Year 10 107.517 107.517 98,890 Net current (liabilities) or assets 176.2801 176.2801 12,390 NET ASSETS BEING TOTAL FUNDS OF THE CHARITY (76.280) 9,T13,630 9,697,350 8,890,945 Approved by thè Tntstees on 2022 and signed on their behaw by". T B Warrgn Esq Trusteo The notes on pages 12 to 23 fom part ofthese accounts. A breakdown of prior year c(xnparative Balance Sheel fvJures is shuwn on page 23. 11

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

1 ACCOUNTING POLICIES

Accounting convention and standards

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective for accounting periods commencing on or after 1 January 2019.

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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The accounts are presented in pound sterling which is the functional currency of the charity.

The charity is unincorporated and is registered in England, United Kingdom. The registered office is given on page 1 of the financial statements.

Going Concern

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant area of uncertainty is the level of return and performance of investment markets. The income fund was in deficit at the year end due to the level of commitments made prior to the year end. These commitments have been included in the budget for the current year. The Trustees set a spending budget for the year based on the average value of the portfolio as at the 31 January from the three previous financial years. This expenditure is funded by income from the portfolio and fixed asset investments held for the purpose of providing for any shortfall between income and expenditure. The Trustees will monitor cash flow and arrange for transfers from the capital fund as required throughout the year.

Fund structure

The charity funds are wholly unrestricted and comprise an income, designated and capital fund. The capital fund is an expendable endowment which is invested to provide income which the Trustees are free to use in furtherance of the charitable objects. The designated fund comprised income from a legacy from the estate of Mrs P Spanoghe which the Trustees set aside for use in accordance with the interests of the testatrix. This fund has now been fully expended.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Income from Government Securities is recognised when it is received.

12

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made or; when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Expenditure

Expenditure is included on an accruals basis.

Costs of raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Where grants are payable by instalment, payment of subsequent instalments is conditional on satisfactory interim progress reports. The Trustees consider it probable that satisfactory reports will be received and subsequent instalments are not, therefore, treated as conditional.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 5.

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at the transaction value and subsequently measured at their fair value as at the balance sheet date using the mid-market quoted price (the difference between mid-market and bid price is deemed not to be material). The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment sentiment concerning equities and within particular sectors or sub sectors.

Taxation

The Trust, being a charity, is not liable for income tax or corporation tax. Tax deducted from interest received is reclaimed. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses.

Debtors

Sundry debtors are recognised at the settlement amount due. Prepayments are valued at the amount repaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investment with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

13

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Investments are valued at fair value as at the Balance Sheet date, as detailed on page 15. All other debtors, cash and creditors are stated at cost which is their fair value.

Key sources of judgement and estimation uncertainty

No significant judgements, accounting policies or assumptions have been made by management in applying the charity’s accounting policies. The Trustees were advised of a legacy in the year and the estimate for this is based on information received from the Estate administrators.

2 DONATIONS AND LEGACIES

ONATIONS AND LEGACIES
Legacy 2022
£
-
-		 2021
£
70,811
70,811

During the 2021 the Trustees were advised of a settlement from The Dorothy Margaret Maggi Discretionary Trust in the sum of £70,811. The funds were received by the Trust in March 2021.

3 INVESTMENT INCOME

INVESTMENT INCOME
Listed investments
Interest on short term deposits
Unlisted investment – The Charities Property Fund
Charity tax reclaim
RAISING FUNDS
Investment management fees		 2022
£
133,844
5
10,063
6,381
150,293
2022
£
26,519		 2021
£
140,015
173
9,148
5,447
154,783
2021
£
23,427

14

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

26,519 23,427

5 EXPENDITURE ON CHARITABLE ACTIVITIES

The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.

EXPENDITURE - CURRENT YEAR
Programme
The Mrs Smith Fund
The Mount Fund
EXPENDITURE - PRIOR YEAR
Programme
The Mrs Smith Fund
The Mount Fund		 Institutional
grants
£
18,750
386,264
405,014
Institutional
grants
£
18,750
287,000
305,750		 Support &
governance
costs
£
1,015
27,423
28,438
Support &
governance
costs
£
2,093
32,224
34,317		 Total
2022
£
19,765
413,687
433,452
Total
2021
£
20,843
319,224
340,067

Support costs are allocated between the Mrs Smith Fund and the Mount Fund programmes proportionally based on the value of grants made apart from those directly attributable to the Spanoghe Grants Programme.

GRANTS PAYABLE
Commitments made in the year
Grants payable in the year
Commitments at 31 January 2021
Grants paid during the year
Commitments at 31 January 2022
Commitments at 31 January are payable as follows:
Payable within one year
Commitments as at 31 January 2022		 2022
£
405,014
405,014
86,250
(392,014)
99,250
2022
£
99,250
99,250		 2021
£
305,750
305,750
186,297
(405,797)
86,250
2021
£
86,250
86,250

15

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

GRANTS PAYABLE (continued)

Commitments

In addition to the amounts committed and accrued noted above, the Trustees sometimes authorise certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 31 January 2022 was nil (2021, £0).

The commitments made in the year comprise:

The Mrs Smith Fund:

Housing the Homeless Central Fund
St Mungo’s
Independence at Home		 2022
2021
£
£
6,250
6,250
6,250
6,250
6,250
6,250
18,750
18,750

The Mount Fund

Mental Health

2022 2021
£ £
Abigail's Footsteps - 6,000
Action for Family Carers - 3,000
Alternatives Watford Pregnancy Crisis and Support Centre - 4,750
Arts and Minds 5,000 -
Ascension Community Trust 5,000 -
Aylsham & District Care 6,000 -
Blooming Blossoms 2,220 -
Blue Elephant Theatre - 4,000
Brent Centre for Young People 5,000 -
Bromley Community Counselling Service - 2,400
Cambridge Acorn Project 5,000 -
Care in Mind - 3,000
Cornergate Foundation - 8,000
Creative Futures 5,000 -
Drama Expressions for Children 5,000 -
Essex Respite & Care Association 3,000 -
Evolve Counselling 3,000 -
Family First 10,000 -
Fight Against Blindness 10,000 -
Fresh Start New Beginnings - 8,000
Guild of Psychotherapists - 4,750
Headway Hertfordshire - 3,000
Headway West London 5,000 -
Help Counselling Centre - 3,000
Home-Start Cambridgeshire - 4,000
Home-Start Camden 4,500 -
Home Start Elmbridge 4,600 -
Jigsaw (South East) - 3,000
Lewisham, Greenwich and Southwark Samaritans - 3,000
Off The Record Twickenham - 3,000
Outside Edge Theatre Company - 4,750

16

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022
Pear Tree
Refugee Support Network
GRANTS PAYABLE (continued)
Mental Health Cont.
Richmond Fellowship
Rubicon Cares
Safe Steps
Shapeshifter Productions
Sing Your Heart Out
Somerville Youth
Stand-By-Me
STARS
Sue Lambert Special Trust
St. Peters Community Wellbeing Projects
Suffolk Sight
Sycamore Trust
Tavistock and Portman
The Blackthorn Trust
The Empowerment Group
The Kids Network
The Purple Elephant Project
The Shaw Mind Foundation
The Stuart Low Trust
The Tunbridge Wells Counselling Centre Limited
Time Norfolk
Trust Links Ltd
Turning Corners
Vietnamese Mental Health
Voluntary Action Epping Forest
Waltham Abbey Youth 2000 (WAY2000)
Walworth Garden Ltd
Wish
Woking Mind
Yesu
You Raise Me Up
Young & Inspired
Youth Talk		 3,000
-
5,000
-
4,980
-
4,928
-
5,000
-
2,500
-
5,000
-
10,000
-
10,000
-

15,000
-
3,000
-
-
1,500

5,000
-
9,500
-
5,000
-
5,000
-
8,000
-
-
9,500
4,680
-
3,000
-
-
1,800
-
3,000
7,000
-
-
4,750
2,500
-
3,901
-
3,000
-
-
3,000
2,500
-
-
5,000
10,000
-

10,000
-
5,000
-
5,000
-
-
9,500
235,809
105,700

Homelessness

2022 2021
£ £
Abbey Community Association - 1,500
All People All Places 5,000 12,000
Barons Court Project Ltd 5,000 -
BCHA LATCH - 6,400
Beyond Food Foundation - 4,750
Bonny Downs Community Association - 5,000
Bosnia and Herz Comm Advice Centre 3,000 -
Brent Private Tenants' Rights Group (t/a Advice4Renters) - 3,000
Bridging the Gap Islington - 3,500
Canterbury Housing Advice Centre 7,000 -
CARIS Haringey - 5,000
Crisis UK 5,000 2,500
Dartford Churches Winter Shelter - New Avenues - 3,000
Emmaus Dover - 3,000

17

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022
GASP Motor Project
Hackney Migrant Centre
GRANTS PAYABLE (continued)
Homelessness Cont.
Healthy Living Projects Ltd
Helping Hands Essex
Housing Justice
Light Project Peterborough
Medway District CAB
Newway
Reach Community Project
Renewed Hope Trust - East Surrey
Resolve
Room to Heal
Sanctus
Spelthorne Rentstart
St Martins in the Fields
The 999 Club and Lady Florence Trust
The Hope Hub
The Spires Centre
This is GrowTH Ltd
Treasures Foundation		 10,000
-
5,000
-
-
8,000
10,000
-
-
20,000
-
8,000
5,000
-
5,000
-
5,000
-
-
4,750
-
8,000
10,000
-
-
1,900
-
5,000
5,000
-
-
3,000
-
6,000
-
4,000
-
5,000
-
5,000
80,000
128,300

Health in the Community

Braintree Area Foodbank Ltd
Chelmsford & Districts - The Stroke Club for Mid Essex
Crossroads Care Braintree
Dhiverse
Disability Advice Service
Domestic Abuse Volunteer Support Services
Essex Dementia Care
Herts Area Rape Crisis and Sexual Abuse Centre
Home-Start South West Kent
Hub Community Project
Hypo Hounds
It's On The Ball
Medway Asthma Self-Help (MASH)
My Home Life Essex
Norfolk Deaf Association
Our Special Friends
Pandora Project
Samson Centre for MS
Selig Suffolk Trust
South London Special League
Support 4 Sight
The Brigitte Trust
Voluntary Action Epping Forest
Discretionary grant- Lantern Trust
Total grant making from the Mount Fund		 2022
2021
£
£
-
8,000
-
1,800
10,000
-
5,000
-
3,000
-
-
10,000
-
3,000
-
3,000
-
6,000
-
4,200
10,000
-
2,500
-
-
1,800
5,000
-
10,000
-
-
1,800
10,000
-
-
4,400
-
3,000
3,955
-
-
3,000
-
3,000
6,000
-
65,455
53,000
5,000
-
386,264
287,000

18

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

Occasionally, if funding allows, the Trustees will make grants in response to national and international disasters. Whilst the Trustees made no such grants in this financial year (previous financial year - £nil) they were mindful of the Coronavirus pandemic in the UK, and the impact on charities, when considering their grant making.

6 ANALYSIS OF SUPPORT COSTS

The breakdown of support costs and how these were allocated between The Mrs Smith Fund and The Mount Fund is shown in the table below.

SUPPORT COSTS - CURRENT YEAR

SUPPORT COSTS - CURRENT YEAR
Administration fees
Governance costs
Membership subscription (2 years)
Governance costs:
Accountancy fees
Independent Examination fees
Professional fees
Other costs
SUPPORT COSTS - PRIOR YEAR
Administration fees
Governance costs
Membership subscription
Governance costs:
Accountancy fees
Independent Examination fees
Professional fees
Other costs		 Mrs
Smith
Fund
£
1,015
-
-
1,015
Mrs
Smith
Fund
£
2,093
-
-
2,093		 The
Mount
Fund
£
20,905
5,530
988
27,423
The
Mount
Fund
£
23,180
7,129
1,915
32,224		 Total
2022
£
21,920
5,530
988
28,438
2,724
1,140
190
1,476
5,530
Total
2021
£
25,273
7,129
1,915
34,317
2,945
1,665
190
2,329
7,129

19

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

ANALYSIS OF SUPPORT COSTS (continued)

Support costs and governance costs are allocated on the basis of the actual costs incurred on each type of activity.

Included within governance costs is trustee expenses of £nil (2021 £0). No Trustee received any remuneration from the Trust. The trustees are considered key management personnel.

7 TRANSFERS BETWEEN FUNDS

There was a transfer from the Unrestricted Capital Fund to the Unrestricted Income Fund of £194,489 (2021, £242,200) for grant making in the year. The Trustees set a spending target at the beginning of each financial year. Any shortfall between anticipated income and expenditure is funded by transfers from the capital fund to the income fund.

8

FIXED ASSET INVESTMENTS
Market value at 1 February 2021
Additions
Disposals at opening market value
Unrealised and realised gains and losses		 2022
£
8,878,555
851,089
(1,037,637)
1,116,083
(1,072,097)		 2022
£
8,878,555
851,089
(1,037,637)
1,116,083
(1,072,097)		 2021
£
8,585,882
1,465,154
(1,730,822)
558,300
-

Transfer to cash		 (34,460) -
Market value at 31 January 2022
Historical cost as at 31 January 2022
BREAKDOWN OF INVESTMENTS – CURRENT YEAR
Listed investments:
Equities
Fixed interest
Alternatives
Unlisted investments:
Cash
 UK
£
1,101,978
2,434,648
269,987
5,354
3,811,967		 9,773,630
7,362,238
Overseas
£
5,961,663
-
-
-
5,961,663
8,878,555
6,982,605
2022
Total
£
7,063,641
2,434,648
269,987
5,354
9,773,630

20

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

FIXED ASSET INVESTMENTS (continued)

BREAKDOWN OF INVESTMENTS – PRIOR YEAR

Listed investments:
Equities
Fixed interest
Alternatives
Unlisted investments:
Charities Property Fund
Cash
9
DEBTORS
Tax reclaimable
Other Debtors
Accrued Income
10
CREDITORS FALLING DUE WITHIN ONE YEAR
Grants payable (note 5)
Accruals		 UK
£
929,158
2,151,712
236,651
239,410
3,405
3,560,336		 Overseas
£
5,318,219
-
-
-
-
5,318,219
2022
£
6,367
-
-
6,367
2022
£
99,250
8,267
107,517		 2021
Total
£
6,247,377
2,151,712
236,651
239,410
3,405
8,878,555
2021
£
10,579
4,452
70,811
85,842
2021
£
86,250
12,640
98,890

11 FUNDS

The Trust Fund is wholly unrestricted. For management purposes, the Trustees have designated that the Trust’s capital and capital profits will be retained and carried forward in a Capital Fund except for specific occasions when a transfer from the capital fund to income fund will be made to utilise some of the investment portfolio’s capital gains for grant making. The Income Fund and income profits are utilised for making annual grants.

21

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

The Trustees Report identifies that the Trustees split income into two funds for grant making purposes, the Mrs Smith Fund and The Mount Fund. The designated fund, which was known as The Spanoghe Grants Programme was fully expended during the year.

FUNDS (continued)

SUMMARY OF FUNDS – CURRENT YEAR

Brought
forward
Income
£
£
Unrestricted
capital fund
8,878,555
-
Unrestricted
designated fund
-
-
Unrestricted
income fund
12,390
150,293
8,890,945
150,293
SUMMARY OF FUNDS – PRIOR YEAR
Brought
forward
Income
£
£
Unrestricted
capital fund
8,585,882
-
Unrestricted
designated fund
-
-
Unrestricted
income fund
(115,337)
225,594
8,470,545
225,594		 Expenditure
£
(26,519)
-
(433,452)
(459,971)
Expenditure
£
(23,427)
-
(340,067)
(363,494)		 Gains/
(losses)
£
1,116,083
-
-		 Transfers
£
(194,489)
-
194,489
-
Transfers
£
(242,200)
-
242,200
-		 Carried
forward
£
9,773,630
-
(76,280)
1,116,083 9,697,350
Gains/
(losses)
£
558,300
-
-
558,300		 Carried
forward
£
8,878,555
-
12,390
8,890,945

12 RELATED PARTY TRANSACTIONS

There was one related party transaction during the year. All People All Places, where Hannah Whitehead was a Trustee at the time of transaction, received a grant of £5,000 towards their Winter Night Shelter project (2021: none).

22

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

13 PRIOR YEAR COMPARATIVE FIGURES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2021

**Unrestricted ** Unrestricted Unrestricted Unrestricted
Income Designated Capital Funds
Fund Fund Fund 2021
Note
£ £ £ £
INCOME AND ENDOWMENTS
Donations and legacies 2 70,811 - - 70,811
Investments 3 154,783 - - 154,783
TOTAL INCOME 225,594 - - 225,594
EXPENDITURE
Raising funds 4 - - 23,427 23,427
Charitable Activities 5 340,067 - - 340,067
Cost of grant making 340,067 - - 340,067
TOTAL EXPENDITURE 340,067 - 23,427 363,494
Net gains/(losses) on investments - - 558,300 558,300
Net (Expenditure)/Income (114,473) - 534,873 420,400
Transfer between funds 7 242,200 - (242,200) -
Net movement in funds 127,727 - 292,673 420,400
Fund balances brought foward (115,337) - 8,585,882 8,470,545
FUND BALANCES CARRIED
FORWARD AT 31 JANUARY 2021 11 12,390 - 8,878,555 8,890,945

23

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022

BALANCE SHEET
AT 31 JANUARY 2021		 BALANCE SHEET
AT 31 JANUARY 2021
Unrestricted
Income
Fund
£
Note
FIXED ASSET INVESTMENTS
8
Listed investments
-
Unlisted investments
-
Cash
-
TOTAL FIXED ASSETS
-
CURRENT ASSETS
Debtors
9
85,842
Current Asset Investments
1,070
Cash At Bank and In Hand
9,368
TOTAL CURRENT ASSETS
96,280
CURRENT LIABILITIES
Creditors Due Within One Year
10
83,890
Total net (liabilities) or assets
12,390
TOTAL FUNDS OF THE CHARITY
11
12,390		 Unrestricted
Designated
Fund
£
-
-
-		 Unrestricted
Capital
Fund
Total 2021
£
£
8,635,740
8,635,740
239,410
239,410
3,405
3,405
8,878,555
8,878,555
-
85,842
-
1,070
-
24,368
-
111,280
-
98,890
-
12,390
8,878,555
8,890,945
-
85,842
1,070
9,368		 -
-
-
15,000
96,280
83,890		 15,000
15,000
12,390 -
12,390 -

24