RUTH SMART FOUNDATION ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 HUNTERS Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN KKS.WVM.35490-1
RUTH SMART FOUNDATION ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Statement of the Trustees, Responsibilities Trustees. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Notes to the Accounts 11-15
RUTH SMART FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBLITIES IN RESPECT OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 In accordance with the Charity Cornmission's Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)), Accounting for Charities, The Foundation trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Foundation trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources. of the charity for that period. In preparing the financial staternents, the trustees are required to- •,select suitsble accounting policies and apply them conslstently., obseNe the methods and principles in the applicable Charities SORP., make suitable judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed in the accounts., and prepare the financial statemenls on the going concem basis unless it Is inappropriate to presume that this basis applies. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and tsking reasonable steps for the prevention and detection of fraud and other irregularities. Th8 trustees are responsible for the maintenance and integrity of the charity and financial information in accordan with legislation in the United Kingdom goveming the preparatlon and dissemination of financial ststements.
RUTH SMART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and Administrative Detalls Charlty ragistration number 1080021 Principal addres8 9 New Square Lincoln's Inn London WC2A 3QN Trustee8 Wilfrid Edward Vernor-miles John Crosfield Vernor-miles Indepond6nt Examlners Burgess Hodgson Limited Chartered Accountants 27 New Dover Road Canterbury Kent CT1 3DN Solicitors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Investment managers Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Pictet et Cie Route des Acacias 60 1211 Geneva 73 Switzerland Evelyn Partners Group Limited 45 Gresham Street London EC2V 7BG
RUTH SMART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Structure Governance and Mana ement Goveming document The Trust (hereinafter called the "Foundation") was established by the Will dated 1 Ith October 1994 and Codicil dated 13th October 1997 of Ruth Elizabeth Smart (herelnafter called the 'Testatrix ) who died on 16th March 1999 and whose said Will and Codicil were proved in the Principal Registry of the Family Division of the High Court of Justice on 2nd June 1999. The trusts of the Foundation were amended by a Charity Commission Scheme (hereinafter called "the Scheme") which came into effect on 11th August 2000. Method of appolntment of new trustees The power of appointing new trustees is vested in the trustees. Organlsatlonal structure of the charity The trustees manage the Foundation generally and meet at least four tlmes each year to take all decisions necessary jointly with regard to the review of the Foundation's activities and achievement of objectives. Certain day-to-day administrative tasks are delegated to the charity's legal and investment advisers and to Wilfrid Vernor-miles who acts as Chairman of the Board of Trustees. Volunteers Aside from the trustees the Foundation receives no assistance from volunteers. Wldar Network The Foundation acts independently and is not part of a wider network. Donation8 The Foundation is not involved in fundraising or publicity and rarely receives donatlons, other than from the Kinnoull Foundation with which the Ruth Smart Foundation shares an interest in certain charitable beneficiaries. Related Parties The Foundation has no subsidiaries and is not connected with any other Foundation. Rlsk policy The trustees have a duty to identify and review the risks to which the Foundation is exposed and to ensure appropriate controls are in pla to provide reasonable assuran against fraud and error. At each trustees, meeting any significant risks of the Foundation are discussed. Where appropriate, risks are reported on and discussed in subsequent meetings. The trustees have reviewed the risks to which the Foundation is exposed and consider that they have established sufficient Systems and procedures to mitigate those risks.
RUTH SMART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Ob"ectlves and Activlties for thè Publlc Benefit Objects and signlflcant activities The Foundation maintains an investment portfolio and operates as a grant making Foundation. The Foundation is not involved in fundraising. The Foundation's governing documents provide that the trustee5 shall apply "the income and all or such part or parts of the capital for ar towards such charitable purposes for the relief of the suffering of animals of any species who are in need of carp. and attention and towards the maintenance of refuges, rescue homes, animal hospitals, sanctuaries and other facilitie5 for the reception and care of unwanted animals and the treatment of sick or ill-treated animals and to make donations to such charitable institution or institutions whose purposes include any of the foregoing at such time or times and in such manner as my Trustees may in their absolute discretion think fit provided that my Trustees may in their absolute discretion for the period of twenty one years from the date of my death instead of applying the income of the Trust Fund in the year accumulate all or any part of such income at compound interest by investing the same and the resulting income In any authorised investment and hold the same as an 8ccretion to and as part of the capital of the Trust Fund without preJudlce to thelr right to apply the whole or any part of such accumulated income in any subsequent year as If the same were income of the Trust Fund arising In the then current yearf,. The Foundation's governing documents state that "Monies liable to be invested under the trusts hereof may be applied or invested in the purchase of or at interest upon the security of such share5, Stock, funds, securities, land, buildings, chattels or other investments or property of whatsoever nature or wheresoever (including the purchase of and making improvements, alterations, repairs and decorations to premises for use in connection with the charitable purposes of these trusts) wlieLher producing income or not and whether involving liabilitl8s or not or upon such personal credit with or without securlty as my Trustees shall in their absolute discretion think fit to the intent that my Trustees shall have the same powers in all respects as rf they were absolute owners beneficially entitled" The Testatrix was an American lady who married an Englishman. The Foundation's governing documents record that, without fettering the trustees, absolute discretion, the Teststrix and her late husband were primarily interested in those animals accustomed to the companionshlp of, and dependent for their welfare upon, human beings. The trustees, policy is therefore to CLJncentrate upon charitable organisations which directly benefit domeslic animals in the United Kingdom and the United States of America. However, the trustees do not limit support to these two countries or to domestic animals but are also interested in domestic animal, conservation and wildlife organisations throughout the world. It is the policy of the trustees to respond to every appeal received. However, the trustees support a number of charities on a regular basis and in practice find that their income is fully committed and there is little, if any, surplus income available for distribution in response to unsolicited appeals. As well as the geographical location and the charitable objectives of an applicant, when considering applications for funding the trustees concentrate on the following factors: (a)At existing levels of expenditure, how many years. reserves the applicant's balance sheet shows. (b) The long term prospects of success of the applicant's proposals.
RUTH SMART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (c) The dependence of the appllcant upon any single source (induding the Foundation) of future funding. (d) The proportionate costs of administration and fundraising of the applicant. (e) The degree of relevant information disclosed in appeals and accounts material. (n The degree to which the trustees have been informed of progress made since, and the use of Foundation funds from, previous grants. Public Benefit Statement The trustees consider that the Foundation's activities, as set out in its Objectives and Activities detailed above, are for the public benefit, The trustees conflrm that they have complied wlth their duty under s17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission for England and Wales. Achievem¢nts and Performance Charltable actlvitles During the year to 31st December 2024 the Foundation recelved Income from its investments of £110,888.81 (£102,742.99 in 2023) and a donation of £60,217.41 (£56,306.31 in 2023).The trustees made charitable donations totalling £170,922.11 (£159,546.98 in 2023). The largest donation was £20,333.15 and the smallest was £2,000. Investment ParformanGo The Foundation has professlonal investment advisers and brokers who generally manage the charity's investments during the year, subject to the review of the trustees. After accounting for all investments sold and purchased during the year, the value of the Foundation increased during the year by £389.718.16 (it increased by £332,180.54 in 2023). Therefore, having spent £107,992.51 (£114,418.40 in 2023) more than the lotsl income received during the year, the charity increased in value during the year by +60/9 (it increased by +5.399/0 in 2023) to £6,887,066.47 (£6,497,348.31 in 2023). Without accounting for total expenditure (including donations). the total return on the Foundation's investments during the year (including income and realised and unrealised gains and losses) was a credit of £608,683.48 (increase of £549.341.93 in 2023). This equates to an overall increase in the value of the Foundation of +9.370/9 (increase of +8.91OA in 2023) which is less favourable compared to the first of the following relevant indices (being the one most relevant to the Foundation's portfolio structure): 1.1.2024 to 31.12.2024 MSCI PIMFA Private Investor Growth MSCI UK Large companies MSCI UK Large and Medium companies +13.7Yo +9.50 +9.1yo Calculation of Realised gains and Losses The average cost method has been used to calculate realised gains or losses on investment sales.
RUTH SMART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Financial Review Reserv•s pollcy The trustees consider it prudent that unrestricted reserves should be retained to produce an overall return (including income and long-term capital appreciation) sufficient to maintain the current level of expenditure, including donations and all expenses. The trustees are currently holding a reserve of £6,887,066.47. Principal fundlng sources The Foundation's income is derived mainly from its investment portfolios. All investment income is accounted for when received. All income is reiVed gross. Investment policy and objectives The Foundation's governing document places no restrictions on the discretion of the trustees in investing the Foundation's assets. 11 is the policy of the trustees to invest its fund5 in a mixture of bonds (Government-issued or corporate) and worldwide equilies (including collective investments) to achieve a balanced return in the long term beeen accumulaled income and capital appreciation. Aside from cash on deposit, the Foundation's financial investments are held by the Foundation's investment advisers. The trustees take advi from their investment advisers on their investment strategy and on all investment declsions. The trustees must exercise care and skill when making investment decisions and select investments that are right for the Foundation, induding the need to diversSfy the Foundation's investments. The investments are reviewed by Corresponden at least four times a year and at each trustees, meeting. Each review of the Foundation's investments includes a review of the investment advisorfs advice. how the Foundation's investments are performing and of the service provided by the Foundation's investrnent advisors. The Foundation does not follow an ethical investment policy. Future develo ments The Trustees expect to be able to continue at approximately the same level of activity in 2025 as in previous years. The Foundation will continue to operate solely as a grant-making charity.
RUTH SMART FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We dedare that in our capacity as the charlvs trustees, that we have approved the report above. frid E Vernor-miles fie d Vernor-miles
Independent Examiners Report to the Trustees of Ruth Smart Foundation I report on the accounts of the Trust for the year ended 31 December 2024 Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees considerthat an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention. Basis of independent examineffs report My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a Irue and fair view, and the report is limited to those matters set out in the statement below. Independent examinerfs statement In connection with my examination, no matter has come to my attention: which gives me reasonable cause to believe that, in any material respect, the requirements: (a) (b) to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord wrth the accounting records and to comply with the accounting requirements of the 2011 Act have not been met", or to which, in my opinion, attention should be dravm in order to enable a proper understanding of the accounts to be reached. Colin Reid FCA Burgess Hodgson Limited Chartered Accountants 27 New Dover Road Canterbury Kent CT13DN September 2025
RUTH SMART FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes InGoming resourcos Incomlng rosources from generated funds Investment Income 110,888.81 102,742.99 Donatlons Recelved 60,217.41 56,306.3q Total Incomlng resources 171.106.22 159,049.30 Resources Expended Investment Management cost 47,172.59 44,829.07 Charltable actlvities Governance costs Other resources expended 170,922.11 59,257.78 1.830.25 159,546.98 67,801.40 1,290.25 Total resources expended 279,182.73 273,467.70 Net incomlngl(outgolng) resource5 before other recognlsed gainsl(losses) (108,076.51) (114,418.40) Realised and Unrealised Gains Currency Exchange Gainsl(Losses) 509,776.76 (11,982,09) 441,205.51 5,393.43 Net movement In funds 389,718.16 332, 180.54 Total funds brought forward 6,497,348.31 6,165,167.77 Total funds carried fonNard 6,887,066.47 6,497,348.31 Please note that there are no Restricted or Endowment Funds
RUTH SMART FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Quoted stocks and shares 6,716,306.62 6,175, 765. 78 Total flxfrd assets 6,716,306.62 6, 175, 765. 78 Current assets Cash at bank Debtors and prepayments 195,070.65 355,475.33 72.00 Total current assets 195,070.65 355,547.33 Creditors: amounts falllng due within one year (24,310.80) (33,964.80) Net current assetsl (liabllltles) 170,759.85 321,582.53 Net assets Unrestricted Funds (Page 9) 6,887,066.47 7,348.31 -10-
RUTH SMART FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Goneral Information The charity is a public benefll entity and gIStered Charity in England and Wales and is unincorporated. The addsS ofthe principal office is g New Square, Lincoln's Inn, London, WC2A 3QN. Basis of Preparatlon Basls of Accounll The accounts lflnancial statements) have been prepared under the historic81 cost convention with items recognised at cost or transaction value unless otherwise stated In the relevant nole(s) to these accoLJnts. The financi81 statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charitles preparing their accounts In accordance with the Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014 and the Financial Reportlng Standard appllcable In the United Kingdom and Republic of Irelend (FRS 102) and the Charlties Act 2011. The flnancial slaternents ar8 prepared in sterllng. vthich is the functional currency of the entity. e in Ba8lS f Accoun There has been no change to the accounting pollcles (valuation rules and methods of accounting) since last year. Chan revious A nts No Changes have been made lo accounts for previous years. Accountlng Pollcleg Incoming resources are include(J in the Statement of Financial ActivitSes (SOFA) when.. - the charity becomes entitled lo the resources- the truste&s are virtually certain they VAII receive the resources., and the monetary value can be measured th 5ufficSent rellabilily. Whore IncoTning resources have related 8xpendllure, the Incoming $oUrCeS and related expenditure ar8 reported gross In the SOFA. Grants and donations are only included Sn the SOFA wthen the charity has unconditional entiuemenl to the resources. Incoming r&sources from tax reclaims are included in the SOFA 8t the Same time as Ihe income to which they late. Investment income 15 included in the accounts when receivable. Investment gains andlosses Include any gain or loss on the Sale of investments and any gain or loss resulting from revaluing the investments to market value at the end of the year. Liabilities are recognised as soon as there is a legal or constructive obligation mmIttIng the charity io pay out resources. Govemance costs include Ihe c05t of the preparation and examlnation of statutory accounts, the cost of trustee meetings and cost of any legal advi to the trustees on govemance or (x)n$b'lutional matters.
RUTH SMART FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they wlll receive the grant, or any condition attaching to the granl is outside the control of the tnjst. 3.10 Investments quoted on a recognised stock exchange are valued at market value at the year end. 3.11 The preparation of Ihe financial Ststements requires management to make judgements. estimates and assumptions that affect the amount reported. Accounting estimates and assumptions are made conceming the future and. by their nature. wll rarely equal the related actual oulcome. These estimates and judgements are continually reviewed and are based on experience and other faGtors. including expectations of future 8vents that are believed lo be reasonable undor the CIrmStanceS. 3.12 Financial IlabS1Sties and equlty instruments are classlfied accordSng to the substance of th8 Contractual arrangement ent8r8d Into. Debtors and eredltors with no slated interest rate and receivable or payable Wlthln one year are recorded at Iransactlon price. Any losses arising from Impairment are recognised in the profrt and loss account in othor administrative expenses. Loans and borrowngs are Inltially recognised 8t transactlon price including transaction costs. Subsequenlty, they are measured at amrtised cost using the effective interest rate method. less Impairmenl. If an arrangement constitutes a finance transactlon it18 measured at present value. Invutm8nt Asset 2024 2023 Quoted Invogtments Market value brought fornvard Addltlons Disposals Nel realisedlunrealised Investment gainsl (losses) 6.175,765.78 982,769.56 {952,005.48) 509,776.76 5,913,457.05 538,602.30 (717,499.08) 441,205.51 Invostments Ll•tod on a rècognlsed stock oxchango 6,716,306.62 6, 175, T65.78 Inve8tments at MaTk•t Valu• Comprlsed:. 2024 2023 Equities Fixed Interest securities 5,948,829.61 767.477.01 5.333,845.04 841.920.74 6.716.306.62 6, 175,765. 78 All Investments are carried al their fair value. Investment in equities and fixed Interest securities are all traded in quoted public mafkels, primarily the London Stock Exchange. Holdings in common investment funds. unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent lo the market value. using the bid price. Asset sales and purchases are recognised at the date of trade al cosl (that is Iheir transaction value). -12-
RUTH SMART FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Cash account balances 2024 2023 Pictet Euro account Pictd US Dollar account Pi¢tet GBP account Pictet CHF account Evelyn account Quilter Cheviot Capital accounl Hunters client account 1.813.13 68.771.89 2,755.70 7,158.67 7,485.45 76.341.97 30,743.84 195.070.65 20,616.05 11,365.50 1,309.77 177,747.67 65.376.45 76.376. 77 2 683.12 355,475.33 D•btors and Pr•paym•nt8 2024 2023 LSE - LEI Renewal fe8 (2024) Dividend5 Receivable 72.00 72.00 Cr•dltor8: Amounts Falllng Due Wlthln On• Yoar 2024 2023 Legal, Secretarl81 and Administration Fees Independent Examination Fees 23,140.80 1.170.00 32,974.80 990.00 Tran8acllon8 Wlth Trustees No Trustee is or has been entltled to 8ny fee or salary (2023 - NIL). No Trustees incurred or Ire relmbursad for travel expenses (2023 - NIL). Wilfrfd Vemor-miles was reimbursed expenses of £325.18 (2023 - £148) for a Tru8t8es' rneetlng held during the year . There were no transactlons vèith Trustees or nnected persons (2023- NIL). WlffrSd Vernor-miles Is a Tru$t8e of the Foundatlon and also a profit sharlng Member of Huntérs Law LLP. Provislon is Included in the accounts for Hunters to r8c8lve fees of £48,055.50 plus VAT (2023 - £55,457 plus VAT) for legal. secretarial and administration servlces. -1&
RUTH SMART FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of Incoming Resources 2024 2023 Investrnent Income - Interest on Bonds, Gilts & Loan Notes Dividends on UK Equities Forelgn Savings Interest Dividends on European Equities Dividends on US Equities Interest on Bank Deposits 7,895.41 52,356.24 1,095.42 30,698.41 16.303.51 2,539.82 8,571.19 50.496.78 1,085.21 25,377. 74 15,193.49 2,018.58 110 888.81 102 742.99 2024 2023 Donatlon• Rac•lv•d Kinnoull Foundation 60 217.41 56 306.31 Analy818 of R•sourceB Expond•d 2024 2023 Investment Managemgnt fee8 Pictet Qullter Cheviot Evelyn 14,988.79 17,955.78 14,228.02 14,254.89 16,666.68 13,907.50 47.172.59 44,829.07 Charltablo Actlvttlés 2024 2023 Anlmals Asla Foundatlon Belize Zoo Blue Marine Foundatlon Brooke Hospltal for Animals Clearwaler Marine Aquarium David Shepherd Wildlrfe Durrell Wildlife ConseThation Endangered Speeieg Protection Agency Fauna & Flora Inlemalional Free the Bears UK Friends of Community Animal Service5 Hugs Foundalion International Animal Rescue 4.000.00 4,000.00 1,608.75 4,000.00 2,000.00 4,021.88 5.000.00 5,(M)O.00 2.000.00 4,692.27 5,000.00 2,000.00 5,000.00 8,000.00 2.000.00 4,000.00 10,000.00 3,217.50 2,000.00 2,000.00 2,000.00 -14-
RUTH SMART FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Marine Conservation Society Mauritian Wildlife Foundation Middlebury Institute of Intemallonal Studies Monterey County SPCA Mutfville Peace of Mind Dog Rescue Pine Ridge Dog Sanctuary Royal Veterinary College San Francisco Zoo Spay Neuter Imperative Project The Shanti Proiecl Ventana Wildlife Society Wildfowl & Wetlands Trust Wildlife Conservation Soclety Worfdwide V8t8rfnary Service 2.(MJ).00 14,000.00 10,948.62 19,551.11 5.474.31 8,602.49 2,000.00 q2.000.00 9.652.51 20. 109.40 4.021.88 7,239.38 2,000.00 4,000.00 16.087.52 2.413.13 6,435.01 18,500.64 3,000.00 7,239.38 3,000.00 159,546.98 6,IXKI.00 17,204.97 3,910.22 7,820.44 20,333.15 3,000.00 9.384.53 3,0(K).00 170,922.11 Governan Co•ts 2024 2023 Independent Examination Fees Legal, Secretarial and Adminislratlon Fees Trustae Meeting Expenses 1.266.00 57.666.60 325.18 59.257.78 1,105.00 66.548.40 148.00 67 801.40 The Independent Examination Fees Mnsist of the fee charged for the year of £975 plus VAT {2023- £905 plus VAT) along vlth an adjustment of £98 in relation to the under provision for the prevlous year. Other R•8our¢o• Expondod 2024 2023 Bank Charges Foreign Custody Charges 235.13 1.595.12 1,830.25 292.11 998.14 1,290.25 The Trust employed no staff during the year ended 31 December 2024 (2023- none). -15-