## METCALFE SMITH TRUST CIO
Registered Charity number 1164280
# **TRUSTEES’ ANNUAL REPORT**
**Year ending 30th June 2024**
## **Making a difference**
**Grants made by Trustees during the year included:**
£518 towards a reclining riser chair for person with osteoarthritis and prosthetic hip following a road traffic accident £559 for a cooker and washing machine for someone fleeing domestic violence who had to abandon all their belongings £650 for musical instruments for Mental Health Service Users, so they can undertake live performances for their peers £300 for house repairs to make home safe for single parent with two young children
## **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, 101 grants were offered and taken up (26 Full Grants and 75 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 £11,253. Sadly, the number of applicants for Emergency Grants was oversubscribed and a little over half of applicants received a grant.
||White British|46|
|---|---|---|
||White European 4||
||Iranian|2|
||Colombian|1|
||India|1|
||Nigerian|4|
||African|1|
||Filipino|1|
||WB/Caribbean|2|
|Disabilty|Sensory|1|
||Physical|12|
||Long illness|22|
||Mental Heath|55|
||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 2024, the value of the Trust’s investment portfolio was £691,997. The Trust’s income for the year was £36,050, a little more than last year when income was £34,323.
26 Grants totalling £12,445 were made and taken up. In addition, 75 ‘Emergency Fund’ grants - all to individuals, were made totalling £11,253. .
## **Future plans**
The Trust gathers monitoring data from all successful applicants, and uses this data to improve its accessibility and performance.
69 Monitoring forms were returned: Like last year, more Grants were made to males rather than females.
|Female|31|Male|38|
|---|---|---|---|
|19-60
|61|Over 60|14|
|Born UK|53|||
|Ethnicity||Pakistani|4|
|||Afro Caribbean|2|
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.
**----- Start of picture text -----**
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) Jessica Morgan
Ruth Fawcett Lucy Vernon
Victoria Witter
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
**----- End of picture text -----**
**----- Start of picture text -----**
Grants made – 2023 - 2024*
**----- End of picture text -----**
**----- Start of picture text -----**
Total Grants to 23 individuals £11,795
1 Grant to an organisation £650
75 grants, totalling £11,253, 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 2024**
## **METCALFE SMITH TRUST CIO**
## **REPORT AND FINANCIAL STATEMENTS 2024**
## **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 1 INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
**Page**
Report to the trustees of Metcalfe Smith Trust CIO (charity number 1164280) on the accounts for the year ended 30 June 2024 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.
2024
**METCALFE SMITH TRUST CIO**
## **Page 2**
## **TRUSTEES' REPORT**
**Year ended 30 June 2024**
## **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 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 2024**
## **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 2024 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 £36,050 (page 5) was received in the unrestricted fund, during the year to 30 June 2024. 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 2024**
## **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
2024
**METCALFE SMITH TRUST CIO Page 5**
**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024**
|**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**
-
-
-
-
-
-
-
-
34,105
-
34,105
33,410
1,945
-
1,945
962|
|---|---|
||36,050
-
36,050
34,372|
||-
6,206
6,206
6,485
12,445
-
12,445
11,157
10,779
-
10,779
11,463
4,842
-
4,842
4,784
2,607
-
2,607
2,576
700
-
700
680
60
-
60
60
470
-
470
150
-
-
-
88
99
-
99
90
-
-
-
113
15
-
15
18|
||32,017
6,206
38,223
37,664|
||4,033
(6,206)
(2,173)
(3,292)
-
-
-
-
29,115
29,115
(39,196)|
||4,033
22,909
26,942
(42,488)
56,199
669,088
725,287
767,775|
||60,232
691,997
752,229
725,287|
**METCALFE SMITH TRUST CIO Page 6 BALANCE SHEET AT 30 JUNE 2024**
|**Note**
**Fixed assets**
Fixed asset investments
4
Managed portfolio – cash awaiting investment
**Current assets**
Investments
4
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**|**£**
5,834
7,221
47,802
75|**2024**
**£**
691,997
-
691,997
60,232
752,229
691,997
60,232
752,229|**£**
-
10,212
46,517
150|
|---|---|---|---|
||60,932||56,879|
||-
700||-
680|
||700||680|
|||||
Approved by the trustees on 2024 and signed on their behalf by:
Barbara Combe Victoria Witter Trustee Trustee
## **METCALFE SMITH TRUST CIO**
**Page 7**
**STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024**
|**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/(decrease) in cash and cash equivalents
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|**£**
36,050
699,577|**2024**
**£**
(31,922)
(23,900)
(55,822)
110,845
55,023
47,802
-
7,221
55,023|**£**
34,372
516,605|
|---|---|---|---|
||735,627||550,977|
||753,321
6,206||477,303
6,485|
||759,527||483,788|
|||||
## **METCALFE SMITH TRUST CIO**
**Page 8**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024**
## **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 2024**
|**3. INVESTMENT INCOME**
**Managed portfolios:**
Interest on treasury stock, corporate bonds, and
fixed interest unit trusts, and deposits
Dividends
**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
Being:
Capital fund
Income fund
Comprising:
UK fixed interest
Equity investments, listed on UK stock exchange
Global equities
Total|**2024**
**2023**
**£**
**£**
3,193
3,390
30,912
30,020|
|---|---|
||34,105
33,410|
||**2024**
**2023**
**£**
**£**
614,972
693,470
753,321
477,303
(699,577)
(516,605)
29,115
(39,196)|
||697,831
614,972|
||691,997
614,972
5,834
-|
||697,831
614,972|
||101,449
71,881
528,551
479,428
67,831
63,663|
||697,831
614,972|
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 2024**
|**5.**
**TEMPORARY DEPOSITS AND CASH**
COIF Charities deposit account
Bank account|**At**
**30 June**
**2024**
**At**
**30 June**
**2023**
**£**
**£**
38,314
36,439
9,488
10,078|
|---|---|
||47,802
46,517|
## 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**
**Endowment**
**2023**
£
£
£
£
599,071
70,017
669,088
714,769
(5,556)
( 650)
( 6,206)
( 6,485)
26,069
3,046
29,115
(39,196)|
|---|---|
||619,584
72,413
691,997
669,088|
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 2024**
## **7. GRANTS**
|**7.**
**GRANTS**|||
|---|---|---|
|**7.1 Grants made for the relief, in cases of need, of persons who are**
**sick, convalescent, or disabled**
Lovell Park Hub (musical instruments)
A total of 25 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 75 individuals
Grants refunded||**2024**
£
650
11,795|
|||12,445|
|||**2024**
£
11,253
( 474 )|
|||10,779|
|**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
Deduct investment income shown in investing activities
Increase (decrease) in creditors
(Increase) decrease in debtors
**Net cash used in operating activities**|**2024**
£
**2023**
£
4,033
3,193
(36,050)
(34,372)
20
( 720)
75
-|
|---|---|
||(31,922)
(31,899)|
**Charity number 1164280**
**Financial Statements For the year ended 30 June 2024**
## **METCALFE SMITH TRUST CIO**
## **REPORT AND FINANCIAL STATEMENTS 2024**
## **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 1 INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
**Page**
Report to the trustees of Metcalfe Smith Trust CIO (charity number 1164280) on the accounts for the year ended 30 June 2024 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.
2024
**METCALFE SMITH TRUST CIO**
## **Page 2**
## **TRUSTEES' REPORT**
**Year ended 30 June 2024**
## **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 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 2024**
## **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 2024 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 £36,050 (page 5) was received in the unrestricted fund, during the year to 30 June 2024. 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 2024**
## **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
2024
**METCALFE SMITH TRUST CIO Page 5**
**STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024**
|**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**
-
-
-
-
-
-
-
-
34,105
-
34,105
33,410
1,945
-
1,945
962|
|---|---|
||36,050
-
36,050
34,372|
||-
6,206
6,206
6,485
12,445
-
12,445
11,157
10,779
-
10,779
11,463
4,842
-
4,842
4,784
2,607
-
2,607
2,576
700
-
700
680
60
-
60
60
470
-
470
150
-
-
-
88
99
-
99
90
-
-
-
113
15
-
15
18|
||32,017
6,206
38,223
37,664|
||4,033
(6,206)
(2,173)
(3,292)
-
-
-
-
29,115
29,115
(39,196)|
||4,033
22,909
26,942
(42,488)
56,199
669,088
725,287
767,775|
||60,232
691,997
752,229
725,287|
**METCALFE SMITH TRUST CIO Page 6 BALANCE SHEET AT 30 JUNE 2024**
|**Note**
**Fixed assets**
Fixed asset investments
4
Managed portfolio – cash awaiting investment
**Current assets**
Investments
4
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**|**£**
5,834
7,221
47,802
75|**2024**
**£**
691,997
-
691,997
60,232
752,229
691,997
60,232
752,229|**£**
-
10,212
46,517
150|
|---|---|---|---|
||60,932||56,879|
||-
700||-
680|
||700||680|
|||||
Approved by the trustees on 2024 and signed on their behalf by:
Barbara Combe Victoria Witter Trustee Trustee
## **METCALFE SMITH TRUST CIO**
**Page 7**
**STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024**
|**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/(decrease) in cash and cash equivalents
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|**£**
36,050
699,577|**2024**
**£**
(31,922)
(23,900)
(55,822)
110,845
55,023
47,802
-
7,221
55,023|**£**
34,372
516,605|
|---|---|---|---|
||735,627||550,977|
||753,321
6,206||477,303
6,485|
||759,527||483,788|
|||||
## **METCALFE SMITH TRUST CIO**
**Page 8**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024**
## **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 2024**
|**3. INVESTMENT INCOME**
**Managed portfolios:**
Interest on treasury stock, corporate bonds, and
fixed interest unit trusts, and deposits
Dividends
**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
Being:
Capital fund
Income fund
Comprising:
UK fixed interest
Equity investments, listed on UK stock exchange
Global equities
Total|**2024**
**2023**
**£**
**£**
3,193
3,390
30,912
30,020|
|---|---|
||34,105
33,410|
||**2024**
**2023**
**£**
**£**
614,972
693,470
753,321
477,303
(699,577)
(516,605)
29,115
(39,196)|
||697,831
614,972|
||691,997
614,972
5,834
-|
||697,831
614,972|
||101,449
71,881
528,551
479,428
67,831
63,663|
||697,831
614,972|
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 2024**
|**5.**
**TEMPORARY DEPOSITS AND CASH**
COIF Charities deposit account
Bank account|**At**
**30 June**
**2024**
**At**
**30 June**
**2023**
**£**
**£**
38,314
36,439
9,488
10,078|
|---|---|
||47,802
46,517|
## 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**
**Endowment**
**2023**
£
£
£
£
599,071
70,017
669,088
714,769
(5,556)
( 650)
( 6,206)
( 6,485)
26,069
3,046
29,115
(39,196)|
|---|---|
||619,584
72,413
691,997
669,088|
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 2024**
## **7. GRANTS**
|**7.**
**GRANTS**|||
|---|---|---|
|**7.1 Grants made for the relief, in cases of need, of persons who are**
**sick, convalescent, or disabled**
Lovell Park Hub (musical instruments)
A total of 25 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 75 individuals
Grants refunded||**2024**
£
650
11,795|
|||12,445|
|||**2024**
£
11,253
( 474 )|
|||10,779|
|**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
Deduct investment income shown in investing activities
Increase (decrease) in creditors
(Increase) decrease in debtors
**Net cash used in operating activities**|**2024**
£
**2023**
£
4,033
3,193
(36,050)
(34,372)
20
( 720)
75
-|
|---|---|
||(31,922)
(31,899)|