EDWARD SMART CHARITABLE TRUST REGISTERED CHARITY NO: 1126892 ACCOiINTS FOR THE YEAJI ENDED 5 APRIL 2024
EDWARD SMART cHA[TABLE TRUST CONTENTS Page Trustees. Report Independent Examinerfs Report Slalemenl of Financial Activitie5 Balance Sheet Notes to the Fln8ncial Stslements 7-12
EDWARD SMART CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 Charity Name The Edward Smart Charitsble Trust Registered Charity No 1126892 Governlng Instrument Will of Edward Kenneth Smart. who died on 13 July 2007 Trusto9$ Mr Oavid Swdnson SG Kleinwort Hambros Trusl Company IUKI Limited Rachel Iles George Ryan David Bromley Delyth Richards Directors of SG Kleinwort Hambros Trust Company (UK) Ltd Prlnclpal Offlce One Bank Street, Canary Wharf, London E14 4SG Bankers and Investmont Managers SG Kleinwort Hambros Trust Company IUKI Limited One Bank Street. Canary Wharf. London E14 4SG Independent Examlners Samantha Rouse FCCA DChA. Kreslon Reeves LLP 37 Si Margarefs Street. Canlerbury. Kenl CT1 2TU Consltltutlon and obJ•¢ts The Edward Smart Charitable Trust is consliluled under the Will of Edward Kenneth Smart and is a registered charity under Charity Commission reference number 1126892. Mr Edward Smart died on 13 July 2007 ané the residue of his Estsle was applied to the Charitable Trust. The objects of the charity are to apply the income and all or such parts of the capital for such excluswely charitable objects and purposes in any part of the world as the Trustees may in their discrelion think fit. Organisation The Trustees assess grant applications and consider the making of appropriate grants once a year. Appolntment of Trustees The power to appoint new Trustees rests collectively wth the Trustees. Trustees are selected for their expertise and experience. New Trustees receive copies of Ihe governing drKument and details of the administrative procedures, history and polieS of the charity. In addition, all new Trustees are given guidance material published by the Charity Commission on the responsibilities of being a Trustee. The Trustees are kept informed about the Trust and relevant developments in the charity sector when appropriate. The maximum number of Trustees is four. Grant Maklng Pollcy Whilst retaining its general scope, il is intended that the charity will give grants lo support the education of disadvantaged young women in the UK and India. Financial Review The expendable endovllnent fund generates income which is used towdrds satisfw.ng the grant making policy inaccordance wth the objects of the charity. As at 5 April 2024 the expendable endowment fvnd stood at £929,326.4812023= £941,404_101
EDWARD SMART CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The income in the year was £39,192 3512023: £37.029.99) and the expenditu was £55,104.06 {2023.' £45,800.15). The charity also recognised a gain on the market value of its investments of £3.570.5712023.' loss of £92,834.09) Achievements of the Trust The Charity's aims were carried out for the public benefit. This year the charity was able to make grants tolalling £23.320.00 lo five charitable causes {2023 .. £10.882.95 10 one charitable cause). The Trustees have not entered into any commitments which would affect the financial position of the charity. Investment policy and performance The charity has power lo invest in such assets as il sees fit. The Trustees have appointed SG laeinwort Hambros Bank Limited as investment managers to manage the majority of the charity assets and have been provided with an overall policy statement. The Trustees will review the investment strategy every 12 months. Rosorves Pollcy The charity has 10181 reserves 01 £929,326.4812023.. £941.404.10} of which £929,326.4812023.. £941,404.10) were expendable endowment funds and £nil12023". £nill were unreslricled funds. The Trust's reserves are primarily investments which are held lo generate income and capiial grovrth which provide funds lo make grants in accordance with the Trust's objects. The Trustees consider that the level of reserves is appropriate to meet current activities. Rl8k Management The Trustees have examined the major strategic. business and operational risks that the charity faces and confim) that systems have been estsblished lo enable regular reports to be produced so that necessary steps can be taken to lessen these risks. The Trustees have identified the following risks.. Risk identified Action tsken lo mili ale the risk Investments 11 drop In value - TnJslee's have appointed a professional lo manage the investments Donations made wll not be spent how tho Iruslee's would like Truslee's aclively review the donations and ask for updates and reports Key Management Personnel The Trustees consider the Board of Trustees to be the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day lo day basis. Details of trustees, expenses and related party transactions are disclosed in note 10 to the accounts. Publlc Beneflt Statement The Trustees have referred lo the Charity Commission's guidance on Public Benefrt ¥then reviewing their aims and objectives and planning their future activities. The Trustees believe that their strategic grant making activities meet the objective of benefiting a wde CTOSS-section of the community. The Trustees ensure that a robust monitoring system is in place to establish the benefit derived from each grant, in order lo be confident of meeting their public benefit obligations. Going Concem The Trustees are of the opinion that the charity has adequate $OUrceS to continue in 0rational existence for the foreseeable future and there are no material uncertainties regarding the Charitys ability to do so.
EDWARD SMART CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 Fundraising The trust doe5 not undertake any fu[raIsIng activities. Trustees. Responsibilities Statement The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and United Kingdom Accountsng Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the Trustees to prepare financial slalemenls for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the chanty for that period. In preparing Ihese financial statements, the Trusle85 are required to.. sele¢l suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the charities SORP. make judgements and estimates that are reasonable and prudent-, slate whether applicable accounting standards and statements of reeornrnended pr8elice have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concem basis unless it is inappropriale to presume that the charity will continue lo operate. The Trustees are responsible for keeping proper a¢Uting records 1¢h disclose with reasonable accuracy al any lime the financial position of the charity and to enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAceounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also sponSible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularitses. Approved by the Trustees and slgned on behalf of the Trustees by. Digitally signed by Bradley WALDEN Date: 2025.01.17 09'.34.'51 Z Dlgitally signed by Scgtt RICE Date.. 2025.01.17 lTra7..26 Z Dated: ................................................................................
EDWARD SMART CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT I report on the Trustees on my examination of the accounts of The Edward Smart Charitable Twst for the year ended 5 April 2024 which are sel out on pages 5 to 12. Respective responsibilities of Trustees and Examiner The Iruslees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the 2011 Act"). The Iruslees are satisfied that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination. I report in respect of my examination of the Trusfs accounts as carried out under section 44 111 I cl of the 2005 Act and section 145 of the 2011 Act. In carryng out my examination I have followed the requirements of tha applicablè Directions given by thè Charity CommiSsn under section 145(5llbl of the 2011 Act. Indepèndent examlntr's statement I have completed my examination. I confim that no matters have me lo my attenllon in connectlon ¥th the examination giving me cause lo believ&: the accounting records wer& nol k8pl in spect of Ihe Charity as required by sects'on 130 of the 2011 Act., or the accounts do not accord with those records: or the accounts do not comply with the applicable requirements coneeming the form and conlenl of accounts sel out in the Charities (Accounls and Reports) Regulations 2008 other than any requirèm8nl that the accounts give 8 'lnJe and fair view which is not a matter consideied as part of an independent examination. I have no concems and have come across no other matters in conneclion with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Samantha Rouse FCCA DChA Kreslon Reeves LLP Chartered Accountants 37 Sl Margaret's Street Canterbury Kent CT12TU Dale ..17..J.anuary.202&
EDWARD SMART CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note Unrestricted Fund Expendable Endowment Total 2024 Total 2023 Income and Endowments Inveslmenls.. Investment Income 39.192.35 39,192.35 37,029.99 Total Incorne and Endowments 39,192.35 39,192.35 37,029.99 Expendlture Cost of raising funds.. SGKH Investment Management Fee Expendilure on charitable acts'vities: Donations Support Costs 16,364.06 16,364.06 17,437.20 23.320.00 2.100.00 23.320.00 15,420.00 10.882.95 17,480.00 13.320.00 Total Exwndlture 125.420.00) I29.684.) 155.104.061 145.800.151 Not Expendltur• 13,772.35 129,684.061 {15,911.711 18,770.161 Transfer between funds {13.772.35} 13.772.35 Expendlture before galnslllosses) on Inveslmonts 115.911.711 115.911.711 18.770.161 Galn8llLo8s931 on Investments Realised Loss Unrealised GainsllLosses} ProfilllLossesl on Foreign Exchange 1258.861 3,829.43 263.52 1258.861 116.854.381 3,829.43 175.979.711 263.52 126.86 3.834.09 3,834.09 192,707.231 Net Movement In Funds In the Year 112,077.621 (12,077.621 (101,477.391 Funds Al S April 2023 941.404.10 941,404.10 1,042,881.49 Nel Movement of Resour5 in the Year 112.077.621 {12.077.621 (101.477.391 At 5 April 2024 929.326.48 929.326.48 941.404.10 All operats'ons are continuing. The Statement of Financial Activitie5 includes all gains and losses recL¥Jnised in the year. All income and expenditure derives from continuing activities.
EDWARD SMART cHATABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 2023 Fixed Assets Investments 919.944.44 931,734.91 Current Assets Debtors Cash al Bank 643.19 51.604.64 411.08 30.453.12 52.247.83 30,864.20 Current Llabllltles Creditors, amounts falling due within one year 42.865.79 21,195.01 Not Current Assets 9.382.04 9,669.19 As#ets18s¥ Currènt Llabllltl•8 929,326.48 941,404.10 Capltal Fund Expendable Endowment 12 929,326.48 941,404.10 Incorne Fund Unrgslricted Fund 12 929,326.48 941,404.10 Approved by the Trustees and signed on behalf of the Trustees by.. Digitally signed by Bradley WALDEN Date: 2025.01.17 09.'35:20 Z Digitally signed by Scott RICE Date- 2025.01.17 10:28:00 Z Dated= SG Kleinwort Hambros Trust Company {UKI Limited
EDWARD SMART CHAlTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1 Principal Accounting Policies The principal accounting policies adopted, judgements and key sources of eslimalion uncertainly in the preparation of the financial slalemenls are as follo= Basls of accountlng The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable UK and Republic of Ireland IFRS1021- (Charities SORP IFRS102 Isecond Editionll. The Edward Smart Charitable Trust meets lo definition of a public entity under FRS 102. Assets and liabilities are initially recognised al hislorieal cost or transaction value unless otherwise staled in the relevant accounting policy notes. Golng Concern The Truslees are of the opinion that the charity has adequat8 resources lo conlinue in operational existence for the foreseeablg future and there are no material uncertainlies regarding the Charilyt's ability lo do so. Invostment Incom• Income arising from investments is accounted for vthen il 1$ receivable. Expendlture Expenditure is included on an accruals basis. Grants payable are charged in the year which the offer is nVeyed to the recipignt ex¢gpl whoro the grant is conditional, such grants being recognised as expenditure when the conditions allached are fulfilled. Grants offered subjeel lo conditions that have not been met al the yearénd are noleé as a commitment bul not accrued expenditure. Support costs comprise management and adminislralion costs for the running of the charity itself as an organisalion. Govemance costs comprise costs associated th complying wlh conslitulional and stalulory requirements. Flxod asset Investrnonts Investments are a form of basic finanal instruments and are initially shown in the financial statements at market value. Profits and losses on the realisalion of investrnenls are shown as realised gains and losses in the Statement of Financial Activities. Re81ised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value al the year end and their carrwng value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Assets {SOFAI. Foreign currency translation The charities functional and presentstion currency is pound sterling. Monelary assets and liabilities denominated in foreign currencies are Iranslale(J into stetling al the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at Ihe rate ruling at the date of the transaction. All dIfferenS are recognised in the SOFA.
EDWARD SMART CHAlTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Unr¢strl¢ted Funds These comprise those funds which the Trustees are free lo use in accordance wth the charitable objects. Expendable Endowment Fund The expendable endowment fund is a fund that must be invested to produce income bul the Trustees have a power lo convert all or part of il into an income ftAnd 1¢h can then be spent. Cash and cash gqulvalents Cash and cash equivalents include5 cash and short term highly liquid inveslrnents with short term maturity of three months or less from the dale of 8CqLbbsilion or onIng of th8 deposit or similar account. Credltors and provlslons 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 lo a third party and the amounl due to sellle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any Irade di$nIS due. Estlmates and ludgemonts Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectslions of fvture events that are believed lo be reasonable under the circumstances. Although Ihese eslimales are based on the Trustee's best knovAedge of the amount, events or actions, actual results ultimately differ from these eslimales. The Trustees do not cKJnsider there lo be any material eslimales and judgements. Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including deblors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. 2 Investment Income 2024 2023 Income from UK Listed Securities Bank Interest Tax Reclaimable 38,028.91 931 33 232.11 36,515.7S 266.58 247.66 39,192.35 37,029.99
EDWARD SMART CHAlTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 3 Grant$ Mado During the year lo 5 April 2024 the charity made grants lolalling £23,320.0012023- £10,882.95). Grants are listed below. 2024 2023 Frank Water HOPE Community Village Just Kidding Royal Masonic School for Gids The Hope Foundation The Outward Bound Twsl 2,500.00 5,000.00 5.ClOO.00 10.882.95 5.lJOO.00 5,820.00 23,320.1)0 10,882.95 4 Support Costs 2024 2023 Corporate Trustee's Fee 13,320.00 13,320.00 13,320.00 13,320.00 5 RaS8lng Fund8 SG Kleinwort Hlmbros Investmént Management Fe6s 16.364.06 17,437.20 16,364.06 17,437.20 6 Governance Costs Independent Examination 8DO LLP 2,100.00 1,860.00 2,300.00 2,100.00 4,160.00
EDWARD SMART CHAlTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 7 InstMents 2024 2023 Markel Value Brought Forward Purchases Disposals 896,530.48 222,630.53 1230.774.101 990,305.48 404,960.61 1405,901.521 888,386.91 1258.861 3,829.43 989,364.57 116,854.381 175,979.711 Realised Loss Unrealised GainsllLossesl Market Value 891.957.48 896.530.4B Cash on SG Kleinwort Hambros Account 27,986 96 35.204.43 Total Invostrnents 919.944.44 931,734.91 8 Debtors 2024 2023 Tax Repayment Oue- HM Revenue & Cvsloms 643.19 411.08 643.19 411.08 9 Crèdltor$, amounts falllng duè wlthln on• ar 2024 2023 SGKH Trustee Fees Independent Examinerfs fees SGKH Bank Limited Charitable Donations 13,320.00 2,100 00 4,125.79 23.320.00 13,320.00 3,660.00 4,215.01 42,865.79 21,195.01 10 Related party transactlons and trustee. expenses and remunerallon SG Kleinwort Harnbros Trust Company IUKI Limited, a trustee, is responsible for the general administration and accountancy for the charity. In the year to 5 April 2024 fees were charged in the accounts for the companls services of £13,32012023= £13.320}. No Trustees were reimbursed expenses in respect of the year lo 5 April 2024 {2023'. £ Nill. There were no other related party transactions during the year. 10-
EDWARD SMART CHAlTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11 Cornparative Statement of Financial Activities Unrestricted Expendable Fund Endowment Total 2023 Income and Endowments Inveslmenls.. Investment Income 37.029.99 37,029.99 Total Income 37.029.99 37,029.99 ExpgndSture Cost of raising funds.. SGKH Investment Management Fee 117.437.201 117,437.201 Expenditure on charitable adivilies= Donations Support Costs 110.882.951 14,160.C4)1 110,882.951 117,480.001 113.320.001 Total Expendlture 115.042.951 130.757.201 145,800.151 Net Expendlture before galns on Investmenls 21,987.04 130,757.201 18,770.161 Nel Ilossesl on investments Unrealised Losses Foreign exchange gain 116,854.381 175,979.711 126.86 116,854.381 175,979.711 126.86 Net Expenditure 21,987.04 (123,464.431 1101,477.391 Transfer between funds 121,987.041 21,987.04 Net Movement In Funds In the Year 1101.477.391 1101,477.391 Funds At 5 April 2022 1,042,881.49 1,042,881.49 Net Movement of Resources in the Year 1101,477.391 1101,477.391 Al 5 April 2023 941,404.10 941,404.10 11
EDWARD SMART CHAlTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12 Analysls of N•t Ass•ts Betwe•n Funds Unrestrlct¢d Expendable Fund Endowment Fund Total 2024 Investments Current assets Current liabilities 919,944.44 26.827.83 117,445.791 919,944.44 52,247.83 142,865.79 25,420. 25,420.)1 929.326.48 929.326.48 2023 Investments Current asset$ Current liabilities 931,734.91 27,204.20 117,535.011 931.734.91 30,864.20 121,195.01 3.660. 13,660.(K)I 941,404.10 941,404.10 12-