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2021-04-05-accounts

The Graham and Diane Smith Charitable Trust Registered No. 1115178

THE TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDING 05.04.2021

1. The Trustees

The Trustees who served for the whole period were:-

Graham Smith, Diane Smith, Mark Graham Anthony Smith

2 Advisers

Solicitors

Ward Hadaway 5 Wellington Place

Leeds LS1 4 AP

Bank Virgin Money 32 Town Street Horsforth LS18 4RJ

Accountants Walker Broadbent Associates Chartered Accountants 45 Boroughgate Otley, LS21 AG

Stockbroker Charles Stanley & Co 25 Luke Street London EC2A 4AR

3 Structure, Governance and Management

The is constituted as a Trust and is governed by a trust deed dated 27.12.05

Contd…

Page 2

4 Objectives and Activities

The two organisations that the charity has provided substantial support to in previous years, Ilkley Community Enterprise Ltd (ICE) and Yeadon Town Hall Community Interest Company Ltd (YTHCIC) have both experienced difficulties in the last 12 months as a result of the Covid pandemic.

ICE had to close its successful community café but was able to generate some income from providing on line training and support to its members. It also managed to generate a surplus in its domiciliary care business which provides support for young people with learning disabilities and the elderly. During 2020 work commenced on refurbishing the Arcade which ICE acquired in 2019 to expand its café offering. The timing of the acquisition was unfortunate, but through a combination of grants and donations the project is now nearing completion and the expected commercial benefits of being in bigger and more centrally located premises, means that the organisation can look forward to the future with confidence.

The impact of Covid on YTHCIC has been much more problematic. Basically, the venue has been closed for over 15 months and has only recently been open for limited public access. The uncertainty over when lockdown will be fully lifted has meant that it has been very difficult to plan future events. A new business plan has been developed to reduce the operational risks going forward by focusing on dry hire of the venue rather than taking the risk of promoting and producing shows.

The one big positive to report is that during the last 12 months Leeds City Council have honoured their commitment to refurbish the outside of the Building to compliment the internal refurbishment funded by YTHCIC. The Organisation now has an excellent property which once the country returns to normality will be a first class venue for a wide range of events and shows.

Contd..

Page 3

6 Reserves

The charity intends to maintain sufficient reserves to generate a regular investment income in excess of £10,000 per annum.

7 Financial Information

In the year to April 2020 the charity received another donation from Mr Graham Smith. The charity can expect to receive further donations in future years although the amounts will vary from year to year.

Until other major projects have been identified the trust’s surplus assets have been invested in the portfolio of ordinary shares quoted on the London Stock Exchange in order to provide, in the Trustees’ opinion, a better level of income than is available from bank deposits.

8 The trustees declare that they have approved the Trustees’ Annual Report as set out above.

GRAHAM SMITH DIANE SMITH TRUSTEE TRUSTEE DATED………………………….. DATED…………………………..

GRAHAM & DIANE SMITH CHARITABLE TRUST YEAR ENDED 5 APRIL 2021

STATEMENT OF FINANCIAL ACTIVITIES

Incoming resources
Donations received
HMRC Gift Aid
Dividends received
Interest received
Surplus/(deficit) on rental income
Total incoming resources
Resources expended
Charitable activities
Support & governance costs
Total resources expended
Net incoming resources
Realied (losses) on quoted investments
Unrealised gains/(losses) on
quoted investments
Loan provision
Net movement in funds
Total funds brought forward
Total funds carried forward		 2021
2020
£
£
180,000
50,000
-
12,500
9,951
19,020
-
7,875
7,096
6,740
197,047
96,135
1,700
22,550
3,106
5,253
4,806
27,803
192,241
68,332
30,461
(6,600)
35,487
(101,590)
(100,000)
-
158,189
(39,858)
807,858
847,716
966,047
807,858

GRAHAM & DIANE SMITH CHARITABLE TRUST YEAR ENDED 5 APRIL 2021 BALANCE SHEET

Fixed assets
Freehold property
Quoted investments
Unquoted investments
Loans net of provisions
Current assets
Depost account
Current account
Cash held by investment managers
Creditors
Loan from Trustee
Accruals
Net current assets
Net assets
Represented by
Unrestricted funds		 £
-
101,924
457		 2021
£
£
446,903
219,663
1,497,713
200,200
2,364,479
-
125,614
1,221
126,836
-
(3,100)
(1,398,432)
966,047
966,047		 2020
£
173,358
210,564
-
300,200
684,122
123,736
102,381
(1,497,713)
(3,100)
807,858
807,858

On 8 December 2020 Mr G Smith, a trustee of the charity, sold his interest in the Solingen Private Equity Partnership (SPEP) to the Charity for £1,497,713.

The consideration was funded by means of an unsecured interest free loan from Mr G Smith which is only repayable on the realisation of the underlying investments held by SPEP. If any of the loan is outstanding at the time of the death of Mr G Smith he has instructed his executors to donate the balance to the Charity.

Approved by the trustees on ______ and signed on their behalf by

G Smith

Mrs D Smith

The Graham & Diane Smith Charitable Trust Independent Examiners’ Report For the year ended 5 April 2021

I report to the Trustees on the Accounts of the Graham & Diane Smith Charitable Trust for the year ended 5 April 2021.

Responsibilities and basis of report

As the Trust’s Trustees 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of Independent Examiner's Report

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

Malcolm V Walker B Mus FCA CTA

Walker Broadbent Associates Limited Chartered Accountants Lencett House 45 Boroughgate Otley LS21 1AG

21 July 2021