METCALFE SMITH TRUST CIO
Registered Charity number 1164280
TRUSTEES’ ANNUAL REPORT
Year ending 30th June 2023
Making a difference
Grants made by Trustees during the year included:
£1500 for a scooter to someone fleeing domestic violence. Back injuries had left the person in chronic pain £340 for carpets for someone with a brain injury who was moving into sheltered accommodation. £250 plant pots, soil, seeds and plants for someone with depression, anxiety and childhood trauma. £320 for a shed for someone with multiple health issues to store a mobility scooter.
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 ill-health 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 fiveyear 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 grantmaking 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, 116 grants were offered and taken up (23 Full Grants and 93 Emergency Grant). In previous financial years, 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 the organisations which applied. Unsuccessful organisations included those operating outside the Leeds area and national organisations submitting standard fundraising requests.
93 Emergency Grants were made totalling £11,463 – a little less than last year when £14,463 was distributed to 100 individuals. Sadly, the number of applicants for Emergency Grants was oversubscribed and a little over half of applicants received a grant.
| Ethnicity | Pakistani | 6 |
|---|---|---|
| Afro Caribbean | 3 | |
| White British | 53 | |
| White European 3 | ||
| Iranian | 1 | |
| Syria | 2 | |
| India | 1 | |
| Afghanistan | 4 | |
| African | 1 | |
| Vietnam | 1 | |
| Disabilty | Sensory | 3 |
| Physical | 11 | |
| Long illness | 26 | |
| Mental Heath | 62 | |
| Learning | 4 |
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 2023, the value of the Trust’s investment portfolio was £669,088. The Trust’s income for the year was £34,372, a little less than last year when income was £37,006.
23 Grants totalling £11,157 were made and taken up, all to individuals. In addition, 93 ‘Emergency Fund’ grants - all to individuals, were made totalling £11,463. .
Future plans
The Trust gathers monitoring data from all successful applicants, and uses this data to improve its accessibility and performance.
75 Monitoring forms were returned: Like last year, more Grants were made to males rather than females.
| Female | 33 | Male | 42 |
|---|---|---|---|
| 19-60 |
61 | Over 60 | 14 |
| Born UK | 57 |
The Trustees intend to continue providing grants in a similar way to 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, IT or Legal background.
Trustees will continue to review the investment policy. They will continue to keep accountancy, banking and investment management arrangements under review.
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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
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Grants made – 2021 - 2022*
----- Start of picture text -----
Total Grants to 23 individuals £11,157
No grants were made to organisations
93 grants, totalling £11,463, were made from the Emergency Fund for
the benefit of specific individuals and one organisation.
----- End of picture text -----
Charity number 1164280
Financial Statements For the year ended 30 June 2023
METCALFE SMITH TRUST CIO
REPORT AND FINANCIAL STATEMENTS 2023
CONTENTS
| Page | |
|---|---|
| Independent examiner’s report | 1 |
| Trustees’ report | 2 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 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 2023 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.
2023
METCALFE SMITH TRUST CIO
Page 2
TRUSTEES' REPORT
Year ended 30 June 2023
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 - resigned 21.10.2022 Mr B.S. Garewal Ms R Fawcett Ms J Morgan
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 2023
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 2023 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 £34,372 (page 5) was received in the unrestricted fund, during the year to 30 June 2023. 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 2023
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 Victoria Witter Trustee Trustee
2023
METCALFE SMITH TRUST CIO
Page 5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| Note 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 Grant-making costs Governance costs Secretarial costs Independent examiner's fees Legal entity identifier costs Website costs Training Subscription 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 |
Unrestricted Endowment Total Total funds Funds Funds Funds (note 6) 2023 2022 - - - - - - - - 33,410 - 33,410 37,006 962 - 962 68 |
|---|---|
| 34,372 - 34,372 37,074 |
|
| - 6.485 6,485 6,848 11,157 - 11,157 15,106 11,463 - 11,463 14,050 4,784 - 4,784 4,567 2,576 - 2,576 2,459 680 - 680 650 60 - 60 78 150 - 150 150 88 - 88 - 90 - 90 - 113 - 113 67 18 - 18 17 |
|
| 31,179 6,485 37,664 43,992 |
|
| 3,193 (6,485) (3,292) (6,918) - - - - (39,196) (39,196) (26,232) |
|
| 3,193 (45,681) (42,488) (33,150) 53,006 714,769 767,775 800,925 |
|
| 56,199 669,088 725,287 767,775 |
Page
6
METCALFE SMITH TRUST CIO
BALANCE SHEET AT 30 JUNE 2023
| Note Fixed assets Fixed asset investments 4 Managed portfolio – cash awaiting investment Current assets Managed portfolios – cash Temporary deposits and cash 5 Debtors Creditors: Amounts falling due within one year Accrued grants Accrued independent examiner’s fees Net current assets Net assets Capital fund - endowment 6 Income fund (unrestricted) Total charity funds |
£ 10,212 46,517 150 |
2023 £ 614,972 54,116 669,088 56,199 725,287 669,088 56,199 725,287 |
£ 9,876 44,380 150 |
|---|---|---|---|
| 56,879 | 54,406 | ||
| - 680 |
750 650 |
||
| 680 | 1,400 | ||
Approved by the trustees on 2023 and signed on their behalf by:
Barbara Combe
Trustee
Victoria Witter
Trustee
METCALFE SMITH TRUST CIO
Page 7
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023
| Note Cash used in operating activities 8 Cash flows from investing activities Investment income Sale of tangible fixed asset investments Less: Purchase of tangible fixed asset investments Investment management costs Net cash provided by investing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year Being: Temporary cash and deposits 5 Cash with stockbroker Managed fund cash |
£ 34,372 516,605 |
2023 £ (31,899) 67,189 35,290 75,555 110,845 46,517 54,116 10,212 110,845 |
£ 37,074 370,998 |
|---|---|---|---|
| 550,977 | 408,072 | ||
| 477,303 6,485 |
403,483 6,848 |
||
| 483,788 | 410,331 | ||
METCALFE SMITH TRUST CIO
Page 8
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
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 2023
3. INVESTMENT INCOME
| 3. INVESTMENT INCOME | |
|---|---|
| Managed portfolios: Interest on treasury stock, corporate bonds, and fixed interest unit trusts Dividends |
2023 2022 £ £ 3,390 2,904 30,020 34,102 |
| 33,410 37,006 |
| 4. INVESTMENTS Market value at start of year Additions to investments at cost Disposals at market value Net (loss)profit on revaluation (page 5) Market value at end of year Comprising: UK fixed interest Equity investments, listed on UK stock exchange Alternative investment fund Global equities Total |
2023 2022 £ £ 693,470 687,217 477,303 403,483 (516,605) (370,998) (39,196) (26,232) |
|---|---|
| 614,972 693,470 |
|
| 71,881 74,328 479,428 535,749 - 20,034 63,663 63,359 |
|
| 614,972 693,470 |
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 2023
5. TEMPORARY DEPOSITS AND CASH
| 5. TEMPORARY DEPOSITS AND CASH |
|
|---|---|
| COIF Charities deposit account Bank account |
At 30 June 2023 At 30 June 2022 £ £ 36,439 35,497 10,078 8,883 |
| 46,517 44,380 |
6. ENDOWMENT FUNDS
| Note Funds brought forward Expenditure: Investment managers' fees Recognised gains Profit on investment assets: Managed portfolios 4 Total funds carried forward |
Endowment Endowment Total Total funds Funds Funds Funds Metcalfe Smith Trust Leeds District Aid in Sickness Fund Endowment 2023 Endowment 2022 £ £ £ £ 639,971 74,798 714,769 747,849 (5,806 ) (679 ) ( 6,485) ( 6,848) (35,094) (4,102) (39,196) (26,232) |
|---|---|
| 599,071 70,017 669,088 714,769 |
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 2023
7. GRANTS
| 7.1 Grants made for the relief, in cases of need, of persons who are sick, convalescent, or disabled A total of 23 grants either to organisations for the benefit of specific individuals, or in some cases to individuals direct 7.2 Emergency Fund Grants for the benefit of 93 individuals Grants refunded |
2023 £ 11,157 |
|---|---|
| 2023 £ 12,922 ( 1,459) |
|
| 11,463 |
| 8. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the year as per the statement of financial activities on page 5. - Unrestricted funds - Restricted funds Deduct investment income shown in investing activities Increase (decrease) in creditors (Increase) decrease in debtors Net cash used in operating activities |
2023 £ 2022 £ 3,193 ( 70) - - (34,372) (37,074) ( 720) 143 - (150) |
|---|---|
| (31,899) (37,151) |
Charity number 1164280
Financial Statements For the year ended 30 June 2023
METCALFE SMITH TRUST CIO
REPORT AND FINANCIAL STATEMENTS 2023
CONTENTS
| Page | |
|---|---|
| Independent examiner’s report | 1 |
| Trustees’ report | 2 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 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 2023 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.
2023
METCALFE SMITH TRUST CIO
Page 2
TRUSTEES' REPORT
Year ended 30 June 2023
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 - resigned 21.10.2022 Mr B.S. Garewal Ms R Fawcett Ms J Morgan
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 2023
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 2023 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 £34,372 (page 5) was received in the unrestricted fund, during the year to 30 June 2023. 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 2023
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 Victoria Witter Trustee Trustee
2023
METCALFE SMITH TRUST CIO
Page 5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| Note 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 Grant-making costs Governance costs Secretarial costs Independent examiner's fees Legal entity identifier costs Website costs Training Subscription 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 |
Unrestricted Endowment Total Total funds Funds Funds Funds (note 6) 2023 2022 - - - - - - - - 33,410 - 33,410 37,006 962 - 962 68 |
|---|---|
| 34,372 - 34,372 37,074 |
|
| - 6.485 6,485 6,848 11,157 - 11,157 15,106 11,463 - 11,463 14,050 4,784 - 4,784 4,567 2,576 - 2,576 2,459 680 - 680 650 60 - 60 78 150 - 150 150 88 - 88 - 90 - 90 - 113 - 113 67 18 - 18 17 |
|
| 31,179 6,485 37,664 43,992 |
|
| 3,193 (6,485) (3,292) (6,918) - - - - (39,196) (39,196) (26,232) |
|
| 3,193 (45,681) (42,488) (33,150) 53,006 714,769 767,775 800,925 |
|
| 56,199 669,088 725,287 767,775 |
Page
6
METCALFE SMITH TRUST CIO
BALANCE SHEET AT 30 JUNE 2023
| Note Fixed assets Fixed asset investments 4 Managed portfolio – cash awaiting investment Current assets Managed portfolios – cash Temporary deposits and cash 5 Debtors Creditors: Amounts falling due within one year Accrued grants Accrued independent examiner’s fees Net current assets Net assets Capital fund - endowment 6 Income fund (unrestricted) Total charity funds |
£ 10,212 46,517 150 |
2023 £ 614,972 54,116 669,088 56,199 725,287 669,088 56,199 725,287 |
£ 9,876 44,380 150 |
|---|---|---|---|
| 56,879 | 54,406 | ||
| - 680 |
750 650 |
||
| 680 | 1,400 | ||
Approved by the trustees on 2023 and signed on their behalf by:
Barbara Combe
Trustee
Victoria Witter
Trustee
METCALFE SMITH TRUST CIO
Page 7
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023
| Note Cash used in operating activities 8 Cash flows from investing activities Investment income Sale of tangible fixed asset investments Less: Purchase of tangible fixed asset investments Investment management costs Net cash provided by investing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year Being: Temporary cash and deposits 5 Cash with stockbroker Managed fund cash |
£ 34,372 516,605 |
2023 £ (31,899) 67,189 35,290 75,555 110,845 46,517 54,116 10,212 110,845 |
£ 37,074 370,998 |
|---|---|---|---|
| 550,977 | 408,072 | ||
| 477,303 6,485 |
403,483 6,848 |
||
| 483,788 | 410,331 | ||
METCALFE SMITH TRUST CIO
Page 8
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
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 2023
3. INVESTMENT INCOME
| 3. INVESTMENT INCOME | |
|---|---|
| Managed portfolios: Interest on treasury stock, corporate bonds, and fixed interest unit trusts Dividends |
2023 2022 £ £ 3,390 2,904 30,020 34,102 |
| 33,410 37,006 |
| 4. INVESTMENTS Market value at start of year Additions to investments at cost Disposals at market value Net (loss)profit on revaluation (page 5) Market value at end of year Comprising: UK fixed interest Equity investments, listed on UK stock exchange Alternative investment fund Global equities Total |
2023 2022 £ £ 693,470 687,217 477,303 403,483 (516,605) (370,998) (39,196) (26,232) |
|---|---|
| 614,972 693,470 |
|
| 71,881 74,328 479,428 535,749 - 20,034 63,663 63,359 |
|
| 614,972 693,470 |
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 2023
5. TEMPORARY DEPOSITS AND CASH
| 5. TEMPORARY DEPOSITS AND CASH |
|
|---|---|
| COIF Charities deposit account Bank account |
At 30 June 2023 At 30 June 2022 £ £ 36,439 35,497 10,078 8,883 |
| 46,517 44,380 |
6. ENDOWMENT FUNDS
| Note Funds brought forward Expenditure: Investment managers' fees Recognised gains Profit on investment assets: Managed portfolios 4 Total funds carried forward |
Endowment Endowment Total Total funds Funds Funds Funds Metcalfe Smith Trust Leeds District Aid in Sickness Fund Endowment 2023 Endowment 2022 £ £ £ £ 639,971 74,798 714,769 747,849 (5,806 ) (679 ) ( 6,485) ( 6,848) (35,094) (4,102) (39,196) (26,232) |
|---|---|
| 599,071 70,017 669,088 714,769 |
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 2023
7. GRANTS
| 7.1 Grants made for the relief, in cases of need, of persons who are sick, convalescent, or disabled A total of 23 grants either to organisations for the benefit of specific individuals, or in some cases to individuals direct 7.2 Emergency Fund Grants for the benefit of 93 individuals Grants refunded |
2023 £ 11,157 |
|---|---|
| 2023 £ 12,922 ( 1,459) |
|
| 11,463 |
| 8. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the year as per the statement of financial activities on page 5. - Unrestricted funds - Restricted funds Deduct investment income shown in investing activities Increase (decrease) in creditors (Increase) decrease in debtors Net cash used in operating activities |
2023 £ 2022 £ 3,193 ( 70) - - (34,372) (37,074) ( 720) 143 - (150) |
|---|---|
| (31,899) (37,151) |