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2024-01-31-accounts

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

REGISTERED CHARITY NO: 1009718

6 Trull Farm Buildings, Tetbury, Gloucestershire GL8 8SQ

The Mrs Smith & Mount Trust

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

CONTENTS

Page
Legal and Administrative Information 3
Annual Report of the Trustees 4
Independent Examiners Report 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Accounts 15

2

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES:

T B Warren - Chairman G M Gorell Barnes (retired 9 July 2024) S W Shepley H Brooks-Plunkett (née Whitehead) (retired 19 July 2024) C Mckenzie S Mullings (appointed 25 March 2024)

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:

Dunkley’s Woodland Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY

REGISTERED CHARITY NUMBER : 1009718

3

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

MISSION STATEMENT

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

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2024

The Trustees present the annual report and financial statements of the charity for the year ended 31 January 2024. 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 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.

The appointment of new Trustees follows the procedure set out in the Trustee Recruitment Policy. Prospective new Trustees are invited to apply and attend a Trustee Meeting 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. Trustee recruitment is of a high priority to the Trustees at the current time and 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.

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. When reviewing the Trust’s grant making policy, 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 local charities and encourage applications from those who are supporting beneficiaries living in rural areas, where they may often face additional challenges. Trustees are also particularly interested in applications towards the strategic development of services, where a charity can demonstrate the need for such services. The Trustees carry out annual monitoring of funding provided by review of bespoke reports. During the financial year, Trustees also began to invite a charity which had recently been supported by the Trust to join a board meeting and discuss their work and achievements. This has proved beneficial to the Trustees and has assisted in building stronger relationships between funder and grant recipient. 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 in a good position to direct their funding where it is needed most.

4

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

Grant Making Policy

From 1[st] April 2023, the Trustees made significant changes to their grant criteria and grant making procedures. The Mount Fund now comprises of a small grants programme which awards one-off grants up to the sum of £5,000 and a large grants programme which awards multi-year grants up to the sum of £25,000 per year, over a period of two-three years. These larger grants are specifically for the strategic development of services. The Trustees also expanded their priority areas to include a Refugee and Asylum Seeker category. 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.

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/or London, who are working in the following areas:-

All charities applying must be registered with the Charity Commission and have an income of under £1,000,000 for large grant applications and under £500,000 for small grant applications. Homelessness charities were able to apply where their income is below the above threshold after the deduction of housing benefit/rental income.

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.

5

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

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 a total of £693,242 (2023: £426,649) was committed to charities in the year ending 31 January 2024.

The Mrs Smith Fund

Grants totalling £30,000 (2023: £30,000) were authorised from The Mrs Smith Fund in the year, paid to three (2023: 3) separate charities.

The Mount Trust

During the year, £319,590 (2023: £396,899) was awarded and paid to 55 (2023: 81) charities from The Mount Fund. £129,000 (2023: £99,250) was paid as a multi-year instalment to 23 charities (2023: 23) for grants awarded in previous years. £178,991 (2023: £129,000) is committed for payment during the year ending 31 January 2025, subject to satisfactory reporting, £147,678 in 2026 and £46,983 in 2027.

During the year, the Trustees reviewed and amended their Grant Making Policy. This has seen a decrease in small grants awarded and an increase in the number of larger, strategic grants awarded.

Small grants

48 (2023: 78) small grants were paid during the year, totalling £201,590 (2023: £351,899).

Strategic Developmental Grants

7 (2023: 2) grants were paid under this category totalling £118,000 (2023: £30,000).

The strategic development grants are multi-year grants for a period of two-three years, with subsequent instalments paid the following year and on completion of a satisfactory monitoring report.

6

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

Additional Grants

In addition to the above, and if funds are available, 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 will, where possible, award additional grants. In the year ending 31[st] January 2024, there were no (2023: 2) additional grants awarded. (2023: £15,000). There were no (2023: nil) Trustees’ Discretionary Grants awarded this year (2023: £nil).

Distribution of grants from the Mount Fund

Of the grants paid, 27 (2023: 34) grants totalling £145,655 (2023: £174,575) were paid to charities working in London and 28 (2023: 47) grants totalling £173,935 (2023: £207,324) were paid to charities outside of London. The Trustees welcome applications for a number of purposes, including core costs. 23 (2023: 37) grants were for core costs, including salaries and organisational development. 32 (2023: 25) grants were for project funding.

7

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (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 year ending 31 January 2023.

All successful applicants are required to provide a report on the use of the funding provided, how it has benefited the target groups and any difficulties experienced, plus any general feedback on the application process. The Trust, where appropriate, will make changes to the application process to ensure this is as straight-forward as possible. An online form is completed and returned to the Trust. Monitoring forms for small grants are reviewed and graded by the Trust Administrator. Monitoring reports for large grants are allocated between the Trustees for review. The grades for both types of grants are included in the meeting papers for all Trustees to view and comment on.

During the year, 92 (2023: 73) monitoring reports were received. Of the reports received 20 (2023: 25) were graded extremely successful, 67 (2023: 45) were graded successful, 4 (2023: 3) were graded partially successful and 1 (2023: nil) report was graded unsuccessful. Overall, the Trustees were satisfied that the grants awarded during the year were well spent and had made a positive impact on beneficiaries.

8

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

IMPACT

When completing a monitoring report, the charities often share the feedback they have received from their service users. The feedback below was been received during the year ending 31 January 2024, therefore mostly relates to a grant paid in the year ending 31 January 2023.

Baobab Centre for young survivors in exile

“ To be able to express my feelings in counselling was so freeing. Oakleaf has been an anchor, always there whether face to face, on the phone or zoom. This service is so important as without the counselling through Oakleaf I would never have coped ” Oakleaf Enterprise

“ It has really helped with my confidence. It’s a huge confidence boost. I started doing Angel Shed, meeting new people, and I could be myself. I started coming out of my shell. I was able to be confident not just here, but everywhere ” Angel Shed Theatre

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, £339,308 was transferred for grant making (2023: £322,861).

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 2024.

Investment Policy and Performance

The Trustees have considered the ethical implications of their investments and have resolved that they should not hold investments in any alcohol, armaments, gambling, or tobacco companies, or in oil and mining companies with less than a Level 3 Transition Pathway Initiative Strategy. 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. In the year ending 31 January 2022, Trustees agreed to invest 10% of the Trust’s portfolio in companies whose activities assist in the reduction of global warming. This has been a gradual process and at the end of the year ending 31 January 2024, this goal was achieved and 10% of the portfolio was invested in such companies.

9

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

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, and other investments in the UK and overseas.

Risk Management

The Trustees regularly consider 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. Grants are only awarded to charities registered with the Charity Commission. Trustees have also started to invite grant recipients to present at meetings and develop a better understanding of their work and build stronger relationships with grant recipients.

The primary governance risk is having sufficient Trustees on the board for the Trust to run smoothly and to ensure there is a wide range of skills. Trustee recruitment is a priority for trustees at the current time.

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 their current level of grantgiving will remain the same for the foreseeable future.

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 2024 was £9,012,260 (2023: £9,038,811), of which £9,318,408 (2023: £9,119,679) 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 £306,148 (2023: £80,868). 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. 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.

10

THE MRS SMITH & MOUNT TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (contlnuod) PLANS FOR THE FUTURE The Trustees revlewed their criteria during the year ending 31 January 2023 and this new criteria came into effect during the year ending 31 Bl January 2024. whereby a large grants programme was introduced to support charities to develop their services to meel the need of their beneficiaries. This has been well ceived by grant recipients and Trustees plan to continue with their current grant criteria for the next financial year. In the next hYelv8 months the Trustees anticipate continuing demand on the Trust's resources, so the Trustees aim to.. continue to focus on grants which assist in the strategic development of services keep the criteria of the Mount Fund under review to ensure that il remains relevant to th8 aims of the Trust continue to make grants from the Mr5 Smith Fund at the current levèl monltor their investments to ensure these are providing an increase in the amount available for grant making under the Mount Fund, whilst protecting the capital in times of increased volatility on global markets focus on trustee recruitment and succession planning. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Truslees are responsible for keeping proper accounting records that dis¢lose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply wtlh the Charities Act 2022, the applicable Charities (Accounting and Reporting) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charty and financial inforynation included on the charity's website in accordance with legislation in Ihe United Kingdom goveming the preparation and dissemination of financial statement5. Approvèd by th& Trustees on 2024 and signed on their behalf by.. T B Vvarren Esq Ii

THE MRS SMITH & MOUNT TRUST

ANNUAL REPORT FOR THE YEAR ENDED 31 JANUARY 2024 (continued)

Independent examiner's report to the trustees of The Mrs Smith and Mount Trust

I report to the charity trustees on my examination of the accounts of The Mrs Smith and Mount Trust (the Trust) for the year ended 31st January 2024.

Responsibilities and basis of report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Matthew Dobbins FCA Dunkley's Woodlands Grange Woodlands Lane Bradley Stoke Bristol BS32 4JY

Date: .............................................

12

THE MRS SMITH & MOUNT TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024

Unrestricted Unrestricted
Income
Designated
Fund
Fund
Note
£
£
INCOME AND ENDOWMENTS
Donations and legacies
2
3,799
-
Investments
3
184,035
-
TOTAL INCOME
187,834
-
EXPENDITURE
Raising funds
4
-
-
Charitable Activities
5
752,422
-
Cost of grant making
752,422
-
TOTAL EXPENDITURE
752,422
-
Net gains / (losses) on investments
-
-
Net (Expenditure) / Income
(564,588)
-
Transfer between funds
7
339,308
-
Net movement in funds
(225,280)
-
Fund balances brought foward
(80,868)
-
FUND BALANCES CARRIED
FORWARD AT 31 JANUARY 2024
12
(306,148)
-		 Unrestricted
Capital
Fund
£
-
-
-
25,566
-
-
25,566
563,603
538,037
(339,308)
198,729
9,119,679
9,318,408		 Unrestricted
Funds
2024
£
3,799
184,035
187,834
25,566
752,422
752,422
777,988
563,603
(26,551)
-
(26,551)
9,038,811
9,012,260		 Total
2023
£
-
160,273
160,273
26,108
487,722
487,722
513,830
(304,982)
(658,539)
-
(658,539)
9,697,350
9,038,811

The figures above relate to the continuing activities of the Trust

There are no recognised gains and losses in 2024 or 2023 other than those disclosed above.

The notes on pages 15 to 27 form part of these accounts. A breakdown of prior year comparative SOFA figures is shown on page 26 of the notes.

13

THE MRS SMITH & MOUNT TRUST BALANCE SHEET AT 31 JANUARY 2024 Unre$trl¢ted Unrnstrfcted Unrnstrlctsd Income Deslgnatsd Capltal Fund Fund Fund Totsl 2024 Total 2023 Not• FIXED ASSET INVESTMENTS Listed investrnents Unlisted investments Cash 9,315.862 9.315,862 9,013,388 2,546 2.546 10e,293 TOTAL FIXED ASSETS 9,318.408 9,318,408 9,119.679 CURRENT ASSETS Debtors Current Asset Invesknents Cash At Bank and In Hand 13.870 1.070 64.201 13.870 1,070 64,201 7,599 1.070 50,516 TOTAL CURRENT ASSErs 79.141 79,141 09.185 CURRENT LIABILITIES Cred(tors Due Within Ong Year 1Q 190.628 190,628 140,053 Net currnnt Illabllltl•8) 1111.4871 1111.487} (80,8681 Creditors Due in More Than One Year 11 194.681 194.661 NET ASSEfs BEING TOTAL FUNDS OF THE CHARrrY 12 1306.148) 9.318.408 9,012,280 9,038.811 Approved by the Trustse¥ on IEkJ 2024 and signed on their behalf by.. T B Warren E•q Trustee The notes on pages 15 10 27 form part ofthese a¢xounts. A breakdo￿ of prior year camparative Balan￿ Sheet figures i¥ 3hown on page 27. 14

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

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.

15

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

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.

16

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

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 2024
£
3,799
3,799		 2023
£
-
-

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 and final distribution was received in December 2023.

3 INVESTMENT INCOME

INVESTMENT INCOME
Listed investments
Interest on short term deposits
Other interest
Charity tax reclaim
RAISING FUNDS
Investment management fees		 2024
£
177,640
124
97
6,174
184,035
2024
£
25,566		 2023
£
152,606
62
-
7,605
160,273
2023
£
26,108

17

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

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
£
30,000
693,242
723,242
Institutional
grants
£
30,000
426,649
456,649		 Support &
governance
costs
£
885
28,295
29,180
Support &
governance
costs
£
1,356
29,717
31,073		 Total
2024
£
30,885
721,537
752,422
Total
2023
£
31,356
456,366
487,722

Support costs are allocated between the Mrs Smith Fund and the Mount Fund programmes proportionally based on the value of grants made.

GRANTS PAYABLE
Commitments made in the year
Grants awarded in the year
Commitments at 31 January 2023
Grants paid during the year
Grant released during the year (charity closed)
Commitments at 31 January 2024		 2024
£
723,242
723,242
129,000
(478,590)
-
373,652		 2023
£
456,649
456,649
99,250
(421,899)
(5,000)
129,000

Grants paid during the year includes £129,000 committed in previous years. Of the grants payable in more than one year £147,678 will be paid in 2026 and £46,983 in 2027, subject to satisfactory reporting.

Commitments at 31 January are payable as follows:
Payable within one year
Payable after one year
Commitments as at 31 January 2024		 2024
£
178,991
194,661
373,652		 2023
£
129,000
-
129,000

18

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

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 2024 was nil (2023, £0).

The commitments made in the year comprise:

The Mrs Smith Fund:

The Mrs Smith Fund:
Housing the Homeless Central Fund
St Mungo’s
Independence at Home
The Mount Fund		 2024
2023
£
£
10,000
10,000
10,000
10,000
10,000
10,000
30,000
30,000

Mental Health

ental Health
Committed in Awarded and 2023
2024 to be paid paid in 2024
in future years
£ £ £
Alternatives Trust East London - - 20,000
Baobab Centre - - 35,000
Blue Smile - - 10,000
Central London Samaritans - - 3,000
CRUSE Bereavement Support - - 3,524
CPU-London (Camden Psychotherapy Unit) - - 10,000
Domestic Abuse Volunteer Support Services 37,000 18,500 -
Essex Dementia Care (EDC) - - 5,000
Essex Respite & Care Association - 3,000 3,000
Fight Against Blindness - 3,500 -
Headway Hertfordshire 2,500 2,500 -
Home-Start South West Kent - - 15,000
Home-Start Guildford - 3,500 -
Home-Start Royston - 4,709 -
Home-Start Watford and Three Rivers - 4,000 -
Hounslow Action for Youth Association - - 5,000
Jigsaw (South East) - - 3,000
Kent MS Therapy Centre - - 3,000
Lighthouse Women’s Aid - - 5,000
Lev Echod Cancer Care - - 4,425
Making A Difference to Maidstone 20,000 12,500 -
Mental Fight Club 20,000 40,000 -
Music24 - - 5,000
Mustard Seed Autism Trust - - 3,000
Nelson’s Journey - - 4,935
North London Cares - - 5,000
Oakleaf Enterprise -
 - 5,000
Open Door, Young Person’s Consultation Service -
 - 5,000
Parent Club -
 - 2,500
Refugee Acton Kingston -
 - 4,950
Renew Counselling - 5,000 -
Romney Resource - 5,000 -

19

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

GRANTS PAYABLE (continued)
Mental Health (continued)
Rewrite Your Story (Therapy Partners)
SATEDA
SLOW
South Kent MIND
St. Vincent’s Family Project
Suffolk Rape Crisis
Sydenham Garden
The Bridge at Waterloo
The Deborah Ubee Trust
The Lucy Rayner Foundation
The Purple Elephant Project
The Tunbridge Wells Counselling Centre Limited
Tom’s Trust
Tilehouse Counselling
Tunbridge Wells Mental Health
Turning Corners
Wellspring Family Centre
Welwyn Hatfield Women’s Refuge and Support
Services
Wonderfully Made (Arbury Road Baptist Church)
You Raise Me Up
Young & Inspired
Youth Talk		 Committed in
2024 to be paid
in future years
Awarded and
paid in 2024
2023
£
£
£
-
-
-
-
-
-
10,000
-
6,000

5,000
5,000
-
-
-
5,000
-
18,500
-
-
-
3,000
-
-
5,000
-
-
10,000
-
2,500
-
15,000
15,000
-
-
-
6,000
-
-
5,000
-
5,000
-
-
5,000
-
-
3,000
-
-
5,000
-
-
-
10,000
-
-
5,000
5,000
5,000
-
-
-
5,000
-
-
10,000
143,783
166,209
240,334

Homelessness

ess
Committed in Awarded and 2023
2024 to be paid paid in 2024
in future years
£ £ £
All People All Places 37,000 18,500 -
Barons Court Project Ltd - 5,000 -
Bench Outreach - 5,000 -
Bridging the Gap Islington - 4,950
Canterbury Housing Advice Centre 52,869 - -
Emmaus Dover - 4,969
Forest Churches Emergency Night Shelter 5,000 5,000 -
Fresh Horizons CNB - - 3,000
Hackney Migrant Centre - - 30,000
Hackney Doorways 3,000 -
Helping Hands Essex - - (5,000)
Hope for Southall - 5,200 -
Loves Farm Community Church - - 4,000
Making a Difference to Maidstone - - 5,000
New Leaf Support -
 - 5,000
Norfolk Community Law Service - - 5,000
Off The Streets - 5,000 -
Renewed Hope - 5,000 -
Shepherds Bush Families Project -
 3,000 -
Solo Housing (East Anglia) -
 - 5,000
Streetlight UK - - 10,000
The 999 Club - 5,000 -

20

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

GRANTS PAYABLE (continued)
Homelessness (continued)
The Margins Project
The Upper Room St Saviours
Waltham Forest Churches Night Shelter
Vineyard Community Centre
Health in the Community
The Kite Trust (CIO)
Community Youth Services
21 Together
Activteens
Angel Shed Theatre
Ashford Mediation Service
BIGKID Foundation
Brighter Opportunities for Special People (BOSP)
Bishops Sortford Youth Project
Blooming Blossoms
Caxton Youth Organisation
Community Drug and Alcohol Recovery Services
Dandelion Time
Drama Expressions for Children
E P Youth Ltd
GASP Motor Project
Hackney Shed
Herts Inclusive Theatre
Hope in Tottenham
Let Me Know
Regenerate
Slide Away
Supporting Carers and Families Together
Teen Enterprise
The Ahoy Centre
The Bumblebee Children’s Charity		 Committed in
2024 to be paid
in future years
£
Awarded and
paid in 2024
£
2023
£
-
5,000
-
-
5,000
-
-
-
5,000
-
5,000
-
94,869
74,700
76,919
Committed in
2024 to be paid
in future years
Awarded and
paid in 2024
2023
£
£
£
-
-
10,000
-
-
10,000
Committed in
2024 to be paid
in future years
£
Awarded and
paid in 2024
£
2023
£
-
5,000
-
-
4,925
-

-
-
2,500
-
-
5,000
-
5,000
-
-
3,000
-

-
-
-
-
10,000
4,000
-
-
6,000
45,000
-
5,000
-
-
2,500
-
-
5,000
-
-
4,896
-
3,000
-
-
-
8,000
-
2,500
-
-
-
15,000
30,000
15,000
-
-
5,000
-
-
-
2,000
-
3,000
-
-
2,500
-
-
-
7,000
-
-
5,000

21

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

GRANTS PAYABLE (continued)
Community Youth Services
The Kids Network
The Swan Youth Project
Tools 4 Teens
Waltham Abbey Youth 2000
Waltham Forest Migrant Action
Young People Taking Action
Violence intervention Project
Refugee and Asylum seekers
CARAS
Enfield Somali Community Association
Globe Community Project
Islington Centre for Refugees and Migrants
Kazzum Arts Project
Salusbury World
Discretionary grant-Lantern Trust
Red Cross Ukraine Appeal
Total grant making from the Mount Fund		 Committed in
2024 to be paid
in future years
£
Awarded and
paid in 2024
£
2023
£
-
3,000
-
-
4,000
-
-
4,810
-
-
3,000
-
-
4,000
-
-
4,946
-
-
-
10,000
75,000
75,181
89,396
Committed in
2024 to be paid
in future years
£
Awarded and
paid in 2024
£
2023
£
40,000
-
-
-
5,000
-
-
4,000
-
-
5,000
-
-
4,500
-
-
5,000
-
40,000
23,500
-
-
-
-
-
-
10,000
353,652
339,590
426,649

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

UPPORT COSTS - CURRENT YEAR
Administration fees
Governance costs
Membership subscription
Governance costs:
Accountancy fees
Independent Examination fees
Professional fees
Other costs		 Mrs
Smith
Fund
£
885
-
-
885		 The
Mount
Fund
£
20,462
6,755
1,078
28,295		 Total
2024
£
21,347
6,755
1,078
29,180
3,744
1,800
190
1,021
6,755

22

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

ANALYSIS OF SUPPORT COSTS (continued)

SUPPORT COSTS - PRIOR YEAR

Administration fees
Governance costs
Membership subscription
Governance costs:
Accountancy fees
Independent Examination fees
Professional fees
Other costs		 Mrs
Smith
Fund
£
1,451
-
-
1,451		 The
Mount
Fund
£
19,188
9,397
1,037
29,622		 Total
2023
£
20,639
9,397
1,037
31,073
7,215
1,020
190
972
9,397

Support costs are allocated between the programmes based on the value of grants paid. Governance costs are allocated on the basis of the actual costs incurred on each type of activity.

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 £339,308 (2023, £322,861) 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

IXED ASSET INVESTMENTS
Market value at 1 February 2024
Additions at cost
Disposal proceeds
Unrealised and realised gains and (losses)
Transfer (to) / from cash
Market value at 31 January 2024
Historical cost as at 31 January 2024		 2024
£
9,119,679
1,020,759
(1,282,243)
563,603
(103,390)
9,318,408
7,105,817		 2023
£
9,773,630
769,145
(1,218,885)
(304,982)
100,771
9,119,679
7,213,122

23

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

FIXED ASSET INVESTMENTS (continued)

BREAKDOWN OF INVESTMENTS – CURRENT YEAR

BREAKDOWN OF INVESTMENTS – CURRENT YEAR
Listed investments:
Equities
Fixed interest
Alternatives
Unlisted investments:
Cash

BREAKDOWN OF INVESTMENTS – PRIOR YEAR
Listed investments:
Equities
Fixed interest
Alternatives
Unlisted investments:
Charities Property Fund
Cash
9
DEBTORS
Tax reclaimable
10
CREDITORS FALLING DUE WITHIN ONE YEAR
Grants payable (note 5)
Accruals
11
CREDITORS FALLING AFTER MORE THAN ONE YEAR
Grants payable (note 5)		 UK
£
924,371
2,235,766
733,110
2,546
3,895,793
UK
£
840,967
2,185,609
537,621
-
106,293
3,670,490
 Overseas
£
5,422,615
-
-
-
5,422,615
Overseas
£
5,449,189
-
-
-
-
5,449,189
2024
£
13,870
2024
£
178,991
11,637
190,628
2024
£
194,661		 2024
Total
£
6,346,986
2,235,766
733,110
2,546
9,318,408
2023
Total
£
6,290,156
2,185,621
537,621
-
106,293
9,119,679
2023
£
7,599
2023
£
129,000
11,053
140,053
2023
£
129,000

24

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

12 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.

The Trustees Report identifies that the Trustees split income into two funds for grant making purposes, the Mrs Smith Fund and The Mount Fund.

SUMMARY OF FUNDS – CURRENT YEAR

Unrestricted
capital fund
Unrestricted
designated fund
Unrestricted
income fund		 Brought
forward
£
9,119,679
-
(80,868)
9,038,811		 Income
£
-
-
187,834
187,834		 Expenditure
£
(25,566)
-
(752,422)
(777,988)		 Gains/
(losses)
£
563,603
-
-
563,603		 Transfers
£
(339,308)
-
339,308
-		 Carried
forward
£
9,318,408
-
(306,148)
9,012,260

SUMMARY OF FUNDS – PRIOR YEAR

Unrestricted
capital fund
Unrestricted
designated fund
Unrestricted
income fund		 Brought
forward
£
9,773,630
-
(76,280)
9,697,350		 Income
£
-
-
160,273
160,273		 Expenditure
£
(26,108)
-
(492,722)
(518,830)		 Gains/
(losses)
£
(304,982)
-
-
(304,982)		 Transfers
£
(322,861)
-
322,861
-		 Carried
forward
£
9,119,679
-
(80,868)
9,038,811

13 RELATED PARTY TRANSACTIONS

There was one related party transaction during the year. Hope in Tottenham received the second instalment of their two-year grant, which amounted to £7,500. A trustee, Hannah Brooks-Plunkett (née Whitehead), is an employee of Hope in Tottenham. The grant was awarded in the financial year ending 31[st] January 2023 where standard procedures were followed. (2023: Hope of Tottenham, where Hannah Whitehead is an employee, £15,000).

Expenses amounting £190 were reimbursed to one Trustee (2023: £0).

25

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

14 PRIOR YEAR COMPARATIVE FIGURES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2023

Unrestricted Unrestricted
Income
Designated
Fund
Fund
Note
£
£
INCOME AND ENDOWMENTS
Donations and legacies
2
-
-
Investments
3
160,273
-
TOTAL INCOME
160,273
-
EXPENDITURE
Raising funds
4
-
-
Charitable Activities
5
487,722
-

Cost of grant making
487,722
-
TOTAL EXPENDITURE
487,722
-
Net (losses) / gains on investments
-
-
Net (Expenditure) / Income
(327,449)
-
Transfer between funds
7
322,861
-
Net movement in funds
(4,588)
-
Fund balances brought foward
(76,280)
-
FUND BALANCES CARRIED
FORWARD AT 31 JANUARY 2023
11
(80,868)
-		 Unrestricted
Capital
Fund
£
-
-
-
26,108
-
-
26,108
(304,982)
(331,090)
(322,861)
(653,951)
9,773,630
9,119,679		 Unrestricted
Funds
Total
2023
2022
£
£
-
-
160,273
150,293
160,273
150,293
26,108
26,519
487,722
433,452
487,722
433,452
513,830
459,971
(304,982)
1,116,083
(658,539)
806,405
-
-
(658,539)
806,405
9,697,350
8,890,945
9,038,811
9,697,350

26

THE MRS SMITH & MOUNT TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024

BALANCE SHEET AT 31 JANUARY 2023

Unrestricted
Income
Fund
£
Note
FIXED ASSET INVESTMENTS
8
Listed investments
-
Unlisted investments
-
Cash
-
TOTAL FIXED ASSETS
-
CURRENT ASSETS
Debtors
9
7,599
Current Asset Investments
1,070
Cash At Bank and In Hand
50,516
TOTAL CURRENT ASSETS
59,185
CURRENT LIABILITIES
Creditors Due Within One Year
10
140,053
Net current (liabilities)
(80,868)
NET ASSETS BEING TOTAL FUNDS
OF THE CHARITY
11
(80,868)		 Unrestricted
Income
Fund
£
Note
FIXED ASSET INVESTMENTS
8
Listed investments
-
Unlisted investments
-
Cash
-
TOTAL FIXED ASSETS
-
CURRENT ASSETS
Debtors
9
7,599
Current Asset Investments
1,070
Cash At Bank and In Hand
50,516
TOTAL CURRENT ASSETS
59,185
CURRENT LIABILITIES
Creditors Due Within One Year
10
140,053
Net current (liabilities)
(80,868)
NET ASSETS BEING TOTAL FUNDS
OF THE CHARITY
11
(80,868)		 Unrestricted
Designated
Fund
£
-
-
-		 Unrestricted
Capital
Fund
£
9,013,386
-
106,293		 Total 2023
Total 2022
£
£
9,013,386
9,768,276
-
-
106,293
5,354
9,119,679
9,773,630
7,599
6,367
1,070
1,070
50,516
23,800
59,185
31,237
140,053
107,517
(80,868)
(76,280)
9,038,811
9,697,350
-
7,599
1,070
50,516		 -
-
-
-		 9,119,679
-
-
-
59,185
140,053		 -
-		 -
-
(80,868) - -
(80,868) - 9,119,679

27