## METCALFE SMITH TRUST CIO
Registered Charity number 1164280
## **TRUSTEES’ ANNUAL REPORT**
**Year ending 30th June 2022**
## **Making a difference**
## **Grants made by Trustees during the year included:**
£500 to Listening Books to provide an audiobook lending service in Leeds. £500 to Guide Dogs for the Blind, to provide starter packs which include harness and safety aids. £270 to SNAPS towards family activities. £1000 to Friends of Temple Newsome towards the cost of a high terrain disability scooter.. £400 the The Principle Trust towards respite breaks. £1150 to the Afghanistan and Central Asian Association towards supporting 50 newly arrived refugees. .
## **History, objectives and activities of the Trust**
Metcalfe Smith Trust CIO was registered with the Charity Commission in November 2015 following the merger of two of Leeds’s oldest charities, Metcalfe Smith Trust and Leeds District Aid in Sickness Fund, both dating from the nineteenth century. Its Objects are: to ‘advance health by the promotion and protection of the physical and mental health of people residing permanently or temporarily in Leeds’; to ‘provide relief for those in need by reason of poverty and illhealth or disability and to provide convalescence for such persons residing permanently or temporarily in the area of benefit’.
The Metcalfe Smith Trust was established, in 1867, by a Victorian banker and benefactor, John Metcalfe Smith, who built Cookridge Convalescent Hospital, in memory of his father, for the benefit of people living and working in the Borough (as it then was) of Leeds.
Following the establishment of the National Health Service, the Trust sold the land connected with the Hospital, and with the money thus realised, ran its own Convalescent Home in Harrogate for some years. When this was closed and sold in the late 1960's, the Charity Commissioners approved a new Scheme for the Trust. Since 1971 it has made grants, from the income of the invested sale proceeds, for the relief of hardship connected with sickness, ill-health or disability.
Leeds District Aid in Sickness Fund was set up in 1958 'for the benefit of the sick poor of the City of Leeds' with proceeds from the sale of nurses’ homes owned by Leeds District Nursing Association which was established in the 1870s, along with investments from the Leeds House of Recovery and the Leeds Trained Nurses Institute Fund
The Trust is able to make grants to individuals and to organisations. It aims to make grants only where the grant will make a significant difference to the recipient. In the light of recent technological advances in the design and manufacture of equipment, Trustees believe that assistance with purchase of equipment for people with disability is often the most effective use of the Trust’s resources.
The Trustees give grants **only** for applicants from the area of benefit. Grants are usually between £250 and £2,500. National organisations are supported only for projects specific to Leeds. The Trustees do not support general appeals, research costs, or fund-raising initiatives.
The Secretary has discretion to make small (up to £150) emergency grants to individuals, between meetings of the Trustees.
## **Management and procedures for grant-making**
The constitution provides for between 3 and 12 Trustees. Following the adoption of its Equal Opportunities Policy, the Trust now recruits new Trustees using appropriate advertising. The Trustees aim to have at least one Trustee with financial, one with legal, and one with medical backgrounds, and one with specialised housing experience.
Trustees serve for periods of five years, but may be re-appointed for further five-year terms, without a maximum number of terms. During the year, two Trustees resigned. Although not specified in the constitution, Trustees have determined that the maximum period for a Trustee to serve as Chair of the Trustees will be five years.
Trustees meet twice a year, in May and October. Applications for grants, which must be on the Trust’s Application Form, are considered at these meetings. Trustees require all
beneficiaries to complete a Monitoring Form, which enables the Trust to review its effectiveness in grant-making, and also requires the submission of a report on how the grant was used. No application is considered unless the applicant has submitted a report on the use of any previous grant
The Trust has a Finance & General Purposes Committee, which meets between Trustees’ meetings to facilitate the smooth running of the Trust. It has very limited delegated powers.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant-making policies. Trustees have adopted written policies on Equal Opportunities; on Reserves; and on Risk Management. These are reviewed on a regular basis.
## **Achievements and performance of the Trust**
The Trust continues to explore innovative approaches to using ‘social media’ both in terms of appointing trustees and attracting grant applications.
In total, 131 grants were offered and taken up (31 Full Grants and 100 Emergency Grant). In the previous financial year, funds had been adversely affected by the Pandemic. There was slight increase this year, but still below pre-Pandemic levels. Please contact the Secretary for a breakdown of Emergency Grants.
The Trust was still able to make Full Grants to a lot of the eligible individuals who applied, but it was unable to make grants to some of the organisations. Unsuccessful organisations included those operating outside the Leeds area and national organisations submitting standard fundraising requests.
100 Emergency Grants were made totalling £14,050 – an improvement on last year when £12,243 was distributed to 86 individuals. Sadly, the number of applicants for Emergency Grants was oversubscribed and less than half of applicants received a grant.
The Trust gathers monitoring data from all successful applicants, and uses this data to improve its accessibility and performance.
79 Monitoring forms were returned: For the first time, more Grants were made to males rather than females.
|Female|32
Male||47|
|---|---|---|---|
|19-60 96|Over 60|15||
|Born UK 62||||
|Ethnicity|Pakistani|2||
||Afro Caribbean||4|
||White British|59||
||White European 3|||
||Iranian|2||
||Bangladesh|2||
||Asian|2||
||Afghanistan|3||
||Black other|2||
|Disabilty|Sensory|3||
||Physical|11||
||Long illness|22||
||Mental Heath|64||
||Learning|14||
## **Financial review, investment policy and reserves**
As a means of managing risk in relation to investments, the Trustees have appointed investment advisers - IM Asset Management Limited from 2013 to manage the investment portfolio on a ‘discretionary’ basis. Trustees have resolved that the Managers should not invest in any company, a significant proportion of whose revenue derives from tobacco and armaments. They are reviewing risk and ethical investment criteria
At the 30[th] June 2022, the value of the Trust’s investment portfolio was £714,769. The Trust’s income for the
year was £37,006, a significant improvement on the previous year when income was £26,901.
Grants of £15,106 were made and taken up. £7,140 to 8 organisations and £7,966 for 23 grants to individuals. In addition, 100 ‘Emergency Fund’ grants - all to individuals, were made totalling £14,050. .
## **Future plans**
the recent past, aiming to concentrate further on grants that make a significant difference.
Trustees hope to recruit more Trustees, in particular individuals with a Finance or Legal background.
Trustees will continue to review the investment policy. They will continue to keep accountancy, banking and investment management arrangements under review.
The Trustees intend to continue providing grants in a similar way to
## **Metcalfe Smith Trust – Legal information**
## **Charity Name and Number**
Metcalfe Smith Trust CIO - Registered Charity number 1164280
## **Correspondence Address and website**
c/o Voluntary Action-Leeds, 34 Lupton Street, Leeds LS10 2QW. www.metcalfesmithtrust.org.uk
## **Trustees**
Ms. Barbara Combe (Chair) Paul Smith Ruth Fawcett Lucy Vernon Sonny Garewal Victoria Witter Jessica Morgan
## **Professional Advisers**
Bankers –. Triodos Bank NV Investment Advisers – IM Asset Management Limited and Cardale Asset Management Limited Independent Examiner - Mr. R. Jackson A.C.A.
## **Secretary**
Barbara Siedlecki, who can be contacted by email at metcalfesmithbs@gmail.com
## **Grants made – 2021 - 2022***
Total Grants to individuals £7966 Total grants to 8 organisations £7140 100 grants, totalling £14.050, were made from the Emergency Fund for the benefit of specific individuals and one organisation.
## **Charity number 1164280**
**Financial Statements For the year ended 30 June 2022**
## **METCALFE SMITH TRUST CIO**
## **REPORT AND FINANCIAL STATEMENTS 2022**
## **CONTENTS**
||Page||
|---|---|---|
|Independent examiner’s report||1|
|Trustees’ report||2|
|Statement of fnancial activities||5|
|Balance sheet||6|
|Statement of cash fows||7|
|Notes to the accounts||8|
**METCALFE SMITH TRUST CIO Page 1 INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
Report to the trustees of Metcalfe Smith Trust CIO (charity number 1164280) on the accounts for the year ended 30 June 2022 set out on pages 5 to 11.
## **Respective responsibilities of the trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility:
- to examine the accounts under section 145 of the Charities Act
- to follow the procedures laid down in the general Directions given by the Charity Commission
- (under section 145 (5) (b) of the Charities Act), and
- to state whether particular matters have come to my attention
## **Basis of independent examiner's statement**
My examination was carried out in accordance with the general Directions given by the Charity Commission. 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 seeking explanations from the 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 'true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of
the accounts to be reached.
R. Jackson, Accountant, 18 Plane Tree Croft, Leeds LS17 8UQ.
2022
## **METCALFE SMITH TRUST CIO**
**Page 2**
## **TRUSTEES' REPORT**
## **Year ended 30 June 2022**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## **Constitution**
Metcalfe Smith Trust CIO was formed as a charitable incorporated organisation under a constitution dated 12 May 2015.
## **The trustees acting during the financial period and up to the date**
the report was approved were:
Ms B. Combe - chair Ms L. Vernon Ms V. Witter Mr P. Smith Mr B.S. Garewal Ms R Fawcett Ms J Morgan – appointed 17 May 2021
## **Charity number**
Number 1164280, registered 6 November 2015.
## **Registered and principal address**
Ms B. Siedlecki Metcalfe Smith Trust, C/o Voluntary Action Leeds, Stringer House 34 Lupton Street, Hunslet, Leeds, LS10 2QW.
## **External examiner**
Mr R Jackson 18 Plane Tree Croft, Leeds, LS17 8UQ.
## **Bankers**
Triodos Bank NV, Deanery Road, Bristol, BS1 5AS.
## **Investment managers**
IM Asset Management Ltd, Riverside East, 2 Millsands, Sheffield, S3 8DT.
**METCALFE SMITH TRUST CIO Page 3**
## **TRUSTEES' REPORT (continued)**
**Year ended 30 June 2022**
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
Metcalfe Smith Trust CIO was established on 12 May 2015 and registered as a charity on 6 November 2015.
On 1 January 2016, the assets and undertaking of two other charities (Metcalfe Smith Trust, and Leeds District Aid in Sickness Fund) were transferred into Metcalfe Smith Trust CIO, and from this date the activities of these two charities have been undertaken by Metcalfe Smith Trust CIO.
Metcalfe Smith Trust CIO is managed by its trustees, in accordance with its constitution dated 12 May 2015. The trustees receive no remuneration.
The financial position as at 30 June 2022 is shown on page 6 and the balance sheet shows that the main asset of the CIO is its investment portfolio, which provided the income to enable the CIO to distribute grants to eligible parties. The investment portfolio is managed independently by appropriately qualified investment managers.
Metcalfe Smith Trust CIO has no employees.
## **FINANCIAL REVIEW**
Investment income of £37,074 (page 5) was received in the unrestricted fund, during the year to 30 June 2022. Grants from this income have been made at appropriate levels.
## **RESERVES POLICY**
The policy of the CIO is to maintain the capital fund intact, and to distribute the income fund as fully as possible.
## **OBJECTIVES AND ACTIVITIES**
The income of the CIO is to be applied for the public benefit:
- a) to advance health by the promotion and protection of the physical and mental health of people residing permanently or temporarily in the Metropolitan District of Leeds (‘the area of benefit’) or
- b) to provide relief for those in need by reason of poverty and ill-health or disability and to provide convalescence for such persons residing permanently or temporarily in the area of benefit.
## **METCALFE SMITH TRUST CIO Page 4**
## **TRUSTEES' REPORT (continued) Year ended 30 June 2022**
## **ACHIEVEMENTS AND PERFORMANCE**
The objectives of the CIO have been followed, with grants being made during the year to various persons, and to various organisations for the benefit of specific individuals, as more fully set out on page 11 of the accounts.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
Charity Law requires the trustees to:
- prepare financial statements which show a true and fair view;
- select suitable accounting policies and apply them on a consistent basis;
- make judgements and estimates that are prudent and reasonable;
- prepare the accounts in accordance with the methods and principle set out in the Charities SORP.
Trustees are further required to:
- keep proper accounting records
- safeguard the assets of the charity and take reasonable steps for the prevention of fraud and other irregularities.
Signed on behalf of the trustees:
Barbara Combe
Trustee
Victoria Witter
Trustee
2022
**METCALFE SMITH TRUST CIO Page 5 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022**
|**Not**
**e**
**Income**
Charitable activities
Donation
Income from investments:
Managed portfolios
3
Bank deposit interest
**Total income**
**Expenditure on:**
Fundraising costs:
Investment managers' fees
Charitable activities:
Grants expended
7.1
Emergency fund grants
7.2
Brook House grants
Grant-making costs
**Governance costs**
Secretarial costs
Independent examiner's
fees
Legal entity identifer costs
Website costs
Laptop costs
Sundry costs
Bank charges
**Total expenditure**
**Net income**
Transfer between funds
**Other recognised**
**gains/losses**
Gains (losses) on investment
assets: Managed portfolios
4
**Net movement in funds**
**Reconciliation of funds:**
Funds brought forward at the
start of the year
Total funds carried forward|**Unrestric**
**ted**
**Endowme**
**nt**
**Total**
**Total**
**funds**
**Funds**
**Funds**
**Funds**
**(note 6)**
**2022**
**2021**
-
-
-
-
-
-
-
500
37,006
-
37,006
26,901
68
-
68
23|
|---|---|
||37,074
-
37,074
27,424|
||-
6.848
6,848
6,226
15,106
-
15,106
10,792
14,050
-
14,050
11,183
-
-
-
6,060
4,567
-
4,567
5,034
2,459
-
2,459
2,387
650
-
650
615
78
-
78
78
150
-
150
150
-
-
-
295
67
-
67
39
17
-
17
15|
||37,144
6,848
43,992
42,874|
||(70)
(6848)
(6,918)
(15,450)
-
-
-
-
(26,232)
(26,23
2)
71,182|
||(70)
(33,080)
(33,15
0)
55,732
53,076
747,849
800,92
5
745,193|
||53,
006
714,769
767,77
5
£800,92
5|
**METCALFE SMITH TRUST CIO Page 6**
## **BALANCE SHEET AT 30 JUNE 2022**
|**Not**
**e**
**£**
**2022**
**£**
**£**
**2021**
**£**
**Fixed assets**
Fixed asset investments
4
693,470
687,217
Managed portfolio – cash awaiting
21,299
60,632
714,769
747,849
**Current assets**
Managed portfolios – cash
9,876
8,437
Temporary deposits and cash
5
44,380
45,896
Debtors
150
-
54,406
54,333
**Creditors: Amounts falling due within**
Accrued grants
750
642
Accrued independent examiner’s fees
650
615
1,400
1,257
**Net current assets**
53,006
53,076
**Net assets**
767,775
800,925
Capital fund - endowment
714,769
747,849
Income fund (unrestricted)
53,006
53,076
**Total charity funds**
767,775
800,92
Approved by the trustees on 2022 and signed on their behalf by:
Barbara Combe
Victoria Witter
Trustee
Trustee|**£**
8,437
45,896
-|**2021**
**£**
687,217
60,632|
|---|---|---|
|||747,849
53,076|
||54,333||
||642
615||
||1,257||
|||800,925|
|||747,849
53,076|
|||800,92|
## **METCALFE SMITH TRUST CIO Page 7**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022**
|**Not**
**e**
**Cash used in operating activities**
8
**Cash**
**fows**
**from**
**investing**
Investment income
Sale of tangible fxed asset
Less:
Purchase of tangible fxed asset
Investment management costs
**Net cash provided by investing**
Increase in cash and cash equivalents
Cash and cash equivalents at the
beginning of the year
**Total cash and cash equivalents at**
**end of the year**
Being:
Cash in bank current account
Cash on deposit
Cash with stockbroker
Managed fund cash|**£**
37,074
370,998|**2022**
**£**
(37,151
(2,259)
(39,410
114,965
75,555
8,883
35,497
21,299
9,876
75,555|**£**
26,924
273,533|**2021**
**£**
(35,501
47,457|
|---|---|---|---|---|
||408,072||300,457||
||403,483
6,848||246,774
6,226||
||410,331||253,000||
||||||
|||||11,956
103,009|
|||||114,965|
|||||10,465
35,431
60,632
8,437|
|||||114,965|
## **METCALFE SMITH TRUST CIO Page 8**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
## **1. ACCOUNTING POLICIES**
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and in accordance with applicable charity law. The particular accounting policies adopted are described below:
- The accounts are prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value.
- Investment income is included in the statement of financial activities when it is received.
- Investments are stated in the balance sheet at market value, and the gain or loss is taken to the statement of financial activities.
- Resources expended are recognised on the accruals basis, and include attributable VAT which cannot be recovered.
The trustees consider that the charity is a going concern.
## **2. TAXATION**
As a registered charity, the income of the trust is exempt from taxation.
**METCALFE SMITH TRUST CIO Page 9**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
|**3. INVESTMENT INCOME**
**Managed portfolios:**
Interest on treasury stock, corporate bonds, and
fxed interest unit trusts
Dividends
**4. INVESTMENTS**
Market value at start of year
Additions to investments at cost
Disposals at market value
Net (loss)proft on revaluation (page 5)
Market value at end of year
Comprising:
UK fxed interest
Equity investments, listed on UK stock exchange
Alternative investment fund
Global equities
Total|**2022**
**2021**
**£**
**£**
2,904
2,858
34,102
24,043|
|---|---|
||37,006
26,901|
||**2022**
**2021**
**£**
**£**
687,217
642,794
403,483
246,774
(370,998) (273,533)
(26,232)
71,182|
||693,470 £687,217|
||74,328
92,709
535,749
498,787
20,034
20,232
63,359
75,489|
||693,470
687,217|
The portfolios are managed on behalf of the trustees by professional investment managers, authorised and regulated by the Financial Conduct Authority.
**METCALFE SMITH TRUST Page 10**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
## **5. TEMPORARY DEPOSITS AND CASH**
|COIF Charities deposit account
Bank account|**At**
**30 June**
**2022**
**At**
**30 June**
**2021**
**£**
**£**
35,497
35,431
8,883
10,465|
|---|---|
||44,380
45,896|
## 6. ENDOWMENT FUNDS
|**Not**
**e**
Funds brought forward
**Expenditure:**
Investment managers' fees
**Recognised gains**
Proft on investment assets:
Managed portfolios
4
Total funds carried forward|**Endowme**
**nt**
**Endowme**
**nt**
**Total**
**Total**
**funds**
**Funds**
**Funds**
**Funds**
**Metcalfe**
**Smith**
**Trust**
**Leeds**
**District**
**Aid in**
**Sickness**
**Fund**
**Endowme**
**nt**
**2022**
**Endowme**
**nt 2021**
£
£
£
£
669,591
78,258
747,849
682,893
( 6,132)
( 716)
( 6,848)
( 6,226)
(23,488)
(2,744)
(26,232)
71,182|
|---|---|
||639,971
74,798
714,769
747,849|
The endowment funds have a pooled portfolio of investments, shared pro rata.
## **METCALFE SMITH TRUST Page 11**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
|**7.**
**GRANTS**
**7.1 Grants made for the relief, in cases of need, of persons**
**who are**
**sick, convalescent, or disabled**
Afghanistan and Central Asian Association
Candlelighters
East SILC Roger Cannon School
Friends of Temple Newsham
Guide Dogs for the Blind
Listening Books
The Principal Trust Children’s Charity
SNAPS (Special needs and Parent Support)
A total of 23 other grants either to organisations for the beneft of
specifc
individuals, or in some cases to individuals direct
**7.2 Emergency Fund**
Grants for the beneft of 101 individuals
Grants for the beneft of 1 individuals refunded|**2022**
£
1,150
1,800
1,520
1,000
500
500
400
270
7,966|
|---|---|
||15,106|
||**2022**
£
14,200
(150)|
||14,050|
|**8. RECONCILIATION OF NET INCOME TO NET**|**2022**|**2021**|
|---|---|---|
|**CASH FLOW FROM OPERATING ACTIVITIES**|£|£|
|Net income for the year as per the statement of fnancial|||
|-
Unrestricted funds|( 70|( 3,934|
|-
Restricted funds|-|( 5,29|
|Deduct investment income shown in investing activities|(37,07|(26,924|
|Increase (decrease) in creditors|1|6|
(Increase) decrease in debtors (15 - **Net cash used in operating activities** (37,15 ~~1)~~
## **Charity number 1164280**
**Financial Statements For the year ended 30 June 2022**
## **METCALFE SMITH TRUST CIO**
## **REPORT AND FINANCIAL STATEMENTS 2022**
## **CONTENTS**
||Page||
|---|---|---|
|Independent examiner’s report||1|
|Trustees’ report||2|
|Statement of fnancial activities||5|
|Balance sheet||6|
|Statement of cash fows||7|
|Notes to the accounts||8|
**METCALFE SMITH TRUST CIO Page 1 INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
Report to the trustees of Metcalfe Smith Trust CIO (charity number 1164280) on the accounts for the year ended 30 June 2022 set out on pages 5 to 11.
## **Respective responsibilities of the trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility:
- to examine the accounts under section 145 of the Charities Act
- to follow the procedures laid down in the general Directions given by the Charity Commission
- (under section 145 (5) (b) of the Charities Act), and
- to state whether particular matters have come to my attention
## **Basis of independent examiner's statement**
My examination was carried out in accordance with the general Directions given by the Charity Commission. 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 seeking explanations from the 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 'true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of
the accounts to be reached.
R. Jackson, Accountant, 18 Plane Tree Croft, Leeds LS17 8UQ.
2022
## **METCALFE SMITH TRUST CIO**
**Page 2**
## **TRUSTEES' REPORT**
## **Year ended 30 June 2022**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## **Constitution**
Metcalfe Smith Trust CIO was formed as a charitable incorporated organisation under a constitution dated 12 May 2015.
## **The trustees acting during the financial period and up to the date**
the report was approved were:
Ms B. Combe - chair Ms L. Vernon Ms V. Witter Mr P. Smith Mr B.S. Garewal Ms R Fawcett Ms J Morgan – appointed 17 May 2021
## **Charity number**
Number 1164280, registered 6 November 2015.
## **Registered and principal address**
Ms B. Siedlecki Metcalfe Smith Trust, C/o Voluntary Action Leeds, Stringer House 34 Lupton Street, Hunslet, Leeds, LS10 2QW.
## **External examiner**
Mr R Jackson 18 Plane Tree Croft, Leeds, LS17 8UQ.
## **Bankers**
Triodos Bank NV, Deanery Road, Bristol, BS1 5AS.
## **Investment managers**
IM Asset Management Ltd, Riverside East, 2 Millsands, Sheffield, S3 8DT.
**METCALFE SMITH TRUST CIO Page 3**
## **TRUSTEES' REPORT (continued)**
**Year ended 30 June 2022**
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
Metcalfe Smith Trust CIO was established on 12 May 2015 and registered as a charity on 6 November 2015.
On 1 January 2016, the assets and undertaking of two other charities (Metcalfe Smith Trust, and Leeds District Aid in Sickness Fund) were transferred into Metcalfe Smith Trust CIO, and from this date the activities of these two charities have been undertaken by Metcalfe Smith Trust CIO.
Metcalfe Smith Trust CIO is managed by its trustees, in accordance with its constitution dated 12 May 2015. The trustees receive no remuneration.
The financial position as at 30 June 2022 is shown on page 6 and the balance sheet shows that the main asset of the CIO is its investment portfolio, which provided the income to enable the CIO to distribute grants to eligible parties. The investment portfolio is managed independently by appropriately qualified investment managers.
Metcalfe Smith Trust CIO has no employees.
## **FINANCIAL REVIEW**
Investment income of £37,074 (page 5) was received in the unrestricted fund, during the year to 30 June 2022. Grants from this income have been made at appropriate levels.
## **RESERVES POLICY**
The policy of the CIO is to maintain the capital fund intact, and to distribute the income fund as fully as possible.
## **OBJECTIVES AND ACTIVITIES**
The income of the CIO is to be applied for the public benefit:
- a) to advance health by the promotion and protection of the physical and mental health of people residing permanently or temporarily in the Metropolitan District of Leeds (‘the area of benefit’) or
- b) to provide relief for those in need by reason of poverty and ill-health or disability and to provide convalescence for such persons residing permanently or temporarily in the area of benefit.
## **METCALFE SMITH TRUST CIO Page 4**
## **TRUSTEES' REPORT (continued) Year ended 30 June 2022**
## **ACHIEVEMENTS AND PERFORMANCE**
The objectives of the CIO have been followed, with grants being made during the year to various persons, and to various organisations for the benefit of specific individuals, as more fully set out on page 11 of the accounts.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
Charity Law requires the trustees to:
- prepare financial statements which show a true and fair view;
- select suitable accounting policies and apply them on a consistent basis;
- make judgements and estimates that are prudent and reasonable;
- prepare the accounts in accordance with the methods and principle set out in the Charities SORP.
Trustees are further required to:
- keep proper accounting records
- safeguard the assets of the charity and take reasonable steps for the prevention of fraud and other irregularities.
Signed on behalf of the trustees:
Barbara Combe
Trustee
Victoria Witter
Trustee
2022
**METCALFE SMITH TRUST CIO Page 5 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022**
|**Not**
**e**
**Income**
Charitable activities
Donation
Income from investments:
Managed portfolios
3
Bank deposit interest
**Total income**
**Expenditure on:**
Fundraising costs:
Investment managers' fees
Charitable activities:
Grants expended
7.1
Emergency fund grants
7.2
Brook House grants
Grant-making costs
**Governance costs**
Secretarial costs
Independent examiner's
fees
Legal entity identifer costs
Website costs
Laptop costs
Sundry costs
Bank charges
**Total expenditure**
**Net income**
Transfer between funds
**Other recognised**
**gains/losses**
Gains (losses) on investment
assets: Managed portfolios
4
**Net movement in funds**
**Reconciliation of funds:**
Funds brought forward at the
start of the year
Total funds carried forward|**Unrestric**
**ted**
**Endowme**
**nt**
**Total**
**Total**
**funds**
**Funds**
**Funds**
**Funds**
**(note 6)**
**2022**
**2021**
-
-
-
-
-
-
-
500
37,006
-
37,006
26,901
68
-
68
23|
|---|---|
||37,074
-
37,074
27,424|
||-
6.848
6,848
6,226
15,106
-
15,106
10,792
14,050
-
14,050
11,183
-
-
-
6,060
4,567
-
4,567
5,034
2,459
-
2,459
2,387
650
-
650
615
78
-
78
78
150
-
150
150
-
-
-
295
67
-
67
39
17
-
17
15|
||37,144
6,848
43,992
42,874|
||(70)
(6848)
(6,918)
(15,450)
-
-
-
-
(26,232)
(26,23
2)
71,182|
||(70)
(33,080)
(33,15
0)
55,732
53,076
747,849
800,92
5
745,193|
||53,
006
714,769
767,77
5
£800,92
5|
**METCALFE SMITH TRUST CIO Page 6**
## **BALANCE SHEET AT 30 JUNE 2022**
|**Not**
**e**
**£**
**2022**
**£**
**£**
**2021**
**£**
**Fixed assets**
Fixed asset investments
4
693,470
687,217
Managed portfolio – cash awaiting
21,299
60,632
714,769
747,849
**Current assets**
Managed portfolios – cash
9,876
8,437
Temporary deposits and cash
5
44,380
45,896
Debtors
150
-
54,406
54,333
**Creditors: Amounts falling due within**
Accrued grants
750
642
Accrued independent examiner’s fees
650
615
1,400
1,257
**Net current assets**
53,006
53,076
**Net assets**
767,775
800,925
Capital fund - endowment
714,769
747,849
Income fund (unrestricted)
53,006
53,076
**Total charity funds**
767,775
800,92
Approved by the trustees on 2022 and signed on their behalf by:
Barbara Combe
Victoria Witter
Trustee
Trustee|**£**
8,437
45,896
-|**2021**
**£**
687,217
60,632|
|---|---|---|
|||747,849
53,076|
||54,333||
||642
615||
||1,257||
|||800,925|
|||747,849
53,076|
|||800,92|
## **METCALFE SMITH TRUST CIO Page 7**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022**
|**Not**
**e**
**Cash used in operating activities**
8
**Cash**
**fows**
**from**
**investing**
Investment income
Sale of tangible fxed asset
Less:
Purchase of tangible fxed asset
Investment management costs
**Net cash provided by investing**
Increase in cash and cash equivalents
Cash and cash equivalents at the
beginning of the year
**Total cash and cash equivalents at**
**end of the year**
Being:
Cash in bank current account
Cash on deposit
Cash with stockbroker
Managed fund cash|**£**
37,074
370,998|**2022**
**£**
(37,151
(2,259)
(39,410
114,965
75,555
8,883
35,497
21,299
9,876
75,555|**£**
26,924
273,533|**2021**
**£**
(35,501
47,457|
|---|---|---|---|---|
||408,072||300,457||
||403,483
6,848||246,774
6,226||
||410,331||253,000||
||||||
|||||11,956
103,009|
|||||114,965|
|||||10,465
35,431
60,632
8,437|
|||||114,965|
## **METCALFE SMITH TRUST CIO Page 8**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
## **1. ACCOUNTING POLICIES**
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and in accordance with applicable charity law. The particular accounting policies adopted are described below:
- The accounts are prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value.
- Investment income is included in the statement of financial activities when it is received.
- Investments are stated in the balance sheet at market value, and the gain or loss is taken to the statement of financial activities.
- Resources expended are recognised on the accruals basis, and include attributable VAT which cannot be recovered.
The trustees consider that the charity is a going concern.
## **2. TAXATION**
As a registered charity, the income of the trust is exempt from taxation.
**METCALFE SMITH TRUST CIO Page 9**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
|**3. INVESTMENT INCOME**
**Managed portfolios:**
Interest on treasury stock, corporate bonds, and
fxed interest unit trusts
Dividends
**4. INVESTMENTS**
Market value at start of year
Additions to investments at cost
Disposals at market value
Net (loss)proft on revaluation (page 5)
Market value at end of year
Comprising:
UK fxed interest
Equity investments, listed on UK stock exchange
Alternative investment fund
Global equities
Total|**2022**
**2021**
**£**
**£**
2,904
2,858
34,102
24,043|
|---|---|
||37,006
26,901|
||**2022**
**2021**
**£**
**£**
687,217
642,794
403,483
246,774
(370,998) (273,533)
(26,232)
71,182|
||693,470 £687,217|
||74,328
92,709
535,749
498,787
20,034
20,232
63,359
75,489|
||693,470
687,217|
The portfolios are managed on behalf of the trustees by professional investment managers, authorised and regulated by the Financial Conduct Authority.
**METCALFE SMITH TRUST Page 10**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
## **5. TEMPORARY DEPOSITS AND CASH**
|COIF Charities deposit account
Bank account|**At**
**30 June**
**2022**
**At**
**30 June**
**2021**
**£**
**£**
35,497
35,431
8,883
10,465|
|---|---|
||44,380
45,896|
## 6. ENDOWMENT FUNDS
|**Not**
**e**
Funds brought forward
**Expenditure:**
Investment managers' fees
**Recognised gains**
Proft on investment assets:
Managed portfolios
4
Total funds carried forward|**Endowme**
**nt**
**Endowme**
**nt**
**Total**
**Total**
**funds**
**Funds**
**Funds**
**Funds**
**Metcalfe**
**Smith**
**Trust**
**Leeds**
**District**
**Aid in**
**Sickness**
**Fund**
**Endowme**
**nt**
**2022**
**Endowme**
**nt 2021**
£
£
£
£
669,591
78,258
747,849
682,893
( 6,132)
( 716)
( 6,848)
( 6,226)
(23,488)
(2,744)
(26,232)
71,182|
|---|---|
||639,971
74,798
714,769
747,849|
The endowment funds have a pooled portfolio of investments, shared pro rata.
## **METCALFE SMITH TRUST Page 11**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022**
|**7.**
**GRANTS**
**7.1 Grants made for the relief, in cases of need, of persons**
**who are**
**sick, convalescent, or disabled**
Afghanistan and Central Asian Association
Candlelighters
East SILC Roger Cannon School
Friends of Temple Newsham
Guide Dogs for the Blind
Listening Books
The Principal Trust Children’s Charity
SNAPS (Special needs and Parent Support)
A total of 23 other grants either to organisations for the beneft of
specifc
individuals, or in some cases to individuals direct
**7.2 Emergency Fund**
Grants for the beneft of 101 individuals
Grants for the beneft of 1 individuals refunded|**2022**
£
1,150
1,800
1,520
1,000
500
500
400
270
7,966|
|---|---|
||15,106|
||**2022**
£
14,200
(150)|
||14,050|
|**8. RECONCILIATION OF NET INCOME TO NET**|**2022**|**2021**|
|---|---|---|
|**CASH FLOW FROM OPERATING ACTIVITIES**|£|£|
|Net income for the year as per the statement of fnancial|||
|-
Unrestricted funds|( 70|( 3,934|
|-
Restricted funds|-|( 5,29|
|Deduct investment income shown in investing activities|(37,07|(26,924|
|Increase (decrease) in creditors|1|6|
(Increase) decrease in debtors (15 - **Net cash used in operating activities** (37,15 ~~1)~~