## METCALFE SMITH TRUST CIO
Registered Charity number 1164280
## **TRUSTEES’ ANNUAL REPORT**
**Year ending 30th June 2025**
## **Making a difference**
**Grants made by Trustees during the year included:**
£1000 to Leeds Children’s Diabetes Team for reconditioned mobile phones £1500 towards an adapted wheelchair so someone with mobility issues and chronic pain could take part in sports £300 to Greenmountaineers for benches for a sensory garden £269 for a tumble dryer for someone with mental and physical health issues including incontinence £1500 to Reach Primary Learning Centre for a sensory garden £304 for a washing machine for someone recovering from trauma
## **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 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, 87 grants were offered and taken up (20 Full Grants and 67 Emergency Grant). In previous financial years, funds had been adversely affected by various global events beyond the control of Trustees. In order to preserve the value of the portfolio, Trustees decided to limit the amount of income received every month, so some funds could be reinvested. This is reviewed at every meeting.
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 and organisations who applied. Unsuccessful organisations included those operating outside the Leeds area and national organisations submitting standard fundraising requests.
67 Emergency Grants were made totalling £8736. Sadly, the number of applicants for Emergency Grants was oversubscribed and a little over two thirds of applicants received a grant.
The Trust gathers monitoring data from all successful applicants, and uses this data to improve its accessibility and performance.
57 Monitoring forms were returned:.
Female 31 Male 26 19-60 51 Over 60 6 Born UK 46 Ethnicity Iranian 3 Afro Caribbean 6 White British 44 White European 2
India 1 WB/Caribbean 1 Sensory 5 Physical 20 Long illness 9 Mental Heath 52 Learning 4 (some applicants ticked more than one box)
Disabilty
## **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 2025, the value of the Trust’s investment portfolio was £659,820. The Trust’s income for the year was £28,989, less than last year when income was £36,050.
20 Grants totalling £11,712 were made and taken up. In addition, 67 ‘Emergency Fund’ grants - all to individuals, were made totalling £9,875. .
## **Future plans**
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.
**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
## **Grants made – 2023 - 2024***
Total Grants to 17 individuals £8,912 3 Grants to organisations £2800 67 grants, totalling £9,875, 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 2025**
## **METCALFE SMITH TRUST CIO**
## **REPORT AND FINANCIAL STATEMENTS 2025**
## **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 2025 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.
2025
## **METCALFE SMITH TRUST CIO**
## **Page 2**
## **TRUSTEES' REPORT**
**Year ended 30 June 2025**
## **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 Ms R Fawcett Ms J Morgan Ms A Dixon Ms D Lillya
## **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**
Shackleton, Riverside East, 2 Millsands, Sheffield, S3 8DT.
**METCALFE SMITH TRUST CIO**
**Page 3**
## **TRUSTEES' REPORT (continued)**
## **Year ended 30 June 2025**
## **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 2025 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 £28,989 (page 5) was received in the unrestricted fund, during the year to 30 June 2025. 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 2025**
## **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
2025
**METCALFE SMITH TRUST CIO**
**Page 5**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025**
|**Note**
**Income**
Charitable activities
Donation
Income from investments:
Managed portfolios
3
Bank deposit interest
Sundry income
**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
Conference attendance
Subscription
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)**
**2024**
-
-
-
-
-
-
-
-
26,672
-
26,672
34,105
1,862
-
1,862
1,945
455
-
455
-|
|---|---|
||28,989
-
28,989
36,050|
||-
6,232
6,232
6,206
11,712
-
11,712
12,445
8,736
-
8,736
10,779
4,842
-
4,842
4,842
2,607
-
2,607
2,607
725
-
725
700
60
-
60
60
175
-
175
470
65
-
65
-
105
-
105
99
14
-
14
15|
||29,041
6,232
35,273
38,223|
||(52)
(6,232)
(6,284)
(2,173)
-
-
-
14,535
14,535
29,115|
||(52)
8,303
8,251
26,942
60,232
691,997
752,229
725,287|
||60,180
700,300
760,480
752,229|
**METCALFE SMITH TRUST CIO**
**Page 6**
## **BALANCE SHEET AT 30 JUNE 2025**
|**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 independent examiner’s fees
**Net current assets**
**Net assets**
Capital fund - endowment
6
Income fund (unrestricted)
**Total charity funds**|**£**
-
10,122
50,683
100|**2025**
**£**
659,820
40,480
700,300
60,180
760,480
700,300
60,180
760,480|**£**
5,834
7,221
47,802
75|
|---|---|---|---|
||60,905
725||60,932
700|
|||||
Approved by the trustees on 2025 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 2025**
|**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
Managed fund cash|**£**
28,989
456,729|**2025**
**£**
(29,041)
75,303
46,262
55,023
101,285
50,683
50,602
101,285|**£**
36,050
699,577|
**2024**
**£**
(31,922)
(23,900)|
|---|---|---|---|---|
||485,718||735,627||
||404,183
6,232||753,321
6,206||
||410,415||759,527||
||||||
|||||(55,822)
110,845|
|||||55,023|
|||||47,802
7,221|
|||||55,023|
**METCALFE SMITH TRUST CIO**
**Page 8**
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025**
## **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 2025**
|**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 profit on revaluation (page 5)
Market value at end of year
Being:
Capital fund
Income fund
Comprising:
Fixed income
Equity investments, listed on UK stock exchange
Global equities
Property|**2025**
**2024**
**£**
**£**
8,728
3,193
17,944
30,912|
|---|---|
||26,672
34,105|
||**2025**
**2024**
**£**
**£**
697,831
614,972
404,183
753,321
(456,729)
(699,577)
14,535
29,115|
||659,820
697,831|
||659,820
691,997
-
5,834|
||659,820
697,831|
||133,519
101,449
463,065
528,551
31,635
67,831
31,601
-|
||659,820
697,831|
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 2025**
## **5. TEMPORARY DEPOSITS AND CASH**
|**5.**
**TEMPORARY DEPOSITS AND CASH**||
|---|---|
|COIF Charities deposit account
Bank account|**At**
**30 June**
**2025**
**At**
**30 June**
**2024**
**£**
**£**
40,133
38,314
10,550
9,488|
||50,683
47,802|
## 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**
**2025**
**Endowment**
**2024**
£
£
£
£
619,584
72,413
691,997
669,088
(5,579)
(653)
(6,232)
(6,206)
13,014
1,521
14,535
29,115|
|---|---|
||627,019
73,281
700,300
691,997|
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 2025**
## **7. GRANTS**
|**7.1 Grants made for the relief, in cases of need, of persons who are**
**sick, convalescent, or disabled**
Reach Primary Learning Centre (sensory garden)
Greenmountaineers Community Fund (benches)
Leeds Children’s Diabetes team (mobile phones )
A total of 17 grants to organisations for the benefit of specific individuals.
**7.2 Emergency Fund**
Grants for the benefit of 67 individuals
Grants refunded||**2025**
£
1,500
300
1,000
8,912|
|---|---|---|
|||11,712|
|||**2025**
£
9.875
( 1,139)|
|||8,736|
|**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**|**2025**
£
**2024**
£
(52)
4,033
(28,989)
(36,050)
25
20
(25)
75|
|---|---|
||(29,041)
(31,922)|
**Charity number 1164280**
**Financial Statements For the year ended 30 June 2025**
## **METCALFE SMITH TRUST CIO**
## **REPORT AND FINANCIAL STATEMENTS 2025**
## **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 2025 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.
2025
## **METCALFE SMITH TRUST CIO**
## **Page 2**
## **TRUSTEES' REPORT**
**Year ended 30 June 2025**
## **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 Ms R Fawcett Ms J Morgan Ms A Dixon Ms D Lillya
## **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**
Shackleton, Riverside East, 2 Millsands, Sheffield, S3 8DT.
**METCALFE SMITH TRUST CIO**
**Page 3**
## **TRUSTEES' REPORT (continued)**
## **Year ended 30 June 2025**
## **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 2025 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 £28,989 (page 5) was received in the unrestricted fund, during the year to 30 June 2025. 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 2025**
## **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
2025
**METCALFE SMITH TRUST CIO**
**Page 5**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025**
|**Note**
**Income**
Charitable activities
Donation
Income from investments:
Managed portfolios
3
Bank deposit interest
Sundry income
**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
Conference attendance
Subscription
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)**
**2024**
-
-
-
-
-
-
-
-
26,672
-
26,672
34,105
1,862
-
1,862
1,945
455
-
455
-|
|---|---|
||28,989
-
28,989
36,050|
||-
6,232
6,232
6,206
11,712
-
11,712
12,445
8,736
-
8,736
10,779
4,842
-
4,842
4,842
2,607
-
2,607
2,607
725
-
725
700
60
-
60
60
175
-
175
470
65
-
65
-
105
-
105
99
14
-
14
15|
||29,041
6,232
35,273
38,223|
||(52)
(6,232)
(6,284)
(2,173)
-
-
-
14,535
14,535
29,115|
||(52)
8,303
8,251
26,942
60,232
691,997
752,229
725,287|
||60,180
700,300
760,480
752,229|
**METCALFE SMITH TRUST CIO**
**Page 6**
## **BALANCE SHEET AT 30 JUNE 2025**
|**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 independent examiner’s fees
**Net current assets**
**Net assets**
Capital fund - endowment
6
Income fund (unrestricted)
**Total charity funds**|**£**
-
10,122
50,683
100|**2025**
**£**
659,820
40,480
700,300
60,180
760,480
700,300
60,180
760,480|**£**
5,834
7,221
47,802
75|
|---|---|---|---|
||60,905
725||60,932
700|
|||||
Approved by the trustees on 2025 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 2025**
|**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
Managed fund cash|**£**
28,989
456,729|**2025**
**£**
(29,041)
75,303
46,262
55,023
101,285
50,683
50,602
101,285|**£**
36,050
699,577|
**2024**
**£**
(31,922)
(23,900)|
|---|---|---|---|---|
||485,718||735,627||
||404,183
6,232||753,321
6,206||
||410,415||759,527||
||||||
|||||(55,822)
110,845|
|||||55,023|
|||||47,802
7,221|
|||||55,023|
**METCALFE SMITH TRUST CIO**
**Page 8**
**NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025**
## **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 2025**
|**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 profit on revaluation (page 5)
Market value at end of year
Being:
Capital fund
Income fund
Comprising:
Fixed income
Equity investments, listed on UK stock exchange
Global equities
Property|**2025**
**2024**
**£**
**£**
8,728
3,193
17,944
30,912|
|---|---|
||26,672
34,105|
||**2025**
**2024**
**£**
**£**
697,831
614,972
404,183
753,321
(456,729)
(699,577)
14,535
29,115|
||659,820
697,831|
||659,820
691,997
-
5,834|
||659,820
697,831|
||133,519
101,449
463,065
528,551
31,635
67,831
31,601
-|
||659,820
697,831|
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 2025**
## **5. TEMPORARY DEPOSITS AND CASH**
|**5.**
**TEMPORARY DEPOSITS AND CASH**||
|---|---|
|COIF Charities deposit account
Bank account|**At**
**30 June**
**2025**
**At**
**30 June**
**2024**
**£**
**£**
40,133
38,314
10,550
9,488|
||50,683
47,802|
## 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**
**2025**
**Endowment**
**2024**
£
£
£
£
619,584
72,413
691,997
669,088
(5,579)
(653)
(6,232)
(6,206)
13,014
1,521
14,535
29,115|
|---|---|
||627,019
73,281
700,300
691,997|
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 2025**
## **7. GRANTS**
|**7.1 Grants made for the relief, in cases of need, of persons who are**
**sick, convalescent, or disabled**
Reach Primary Learning Centre (sensory garden)
Greenmountaineers Community Fund (benches)
Leeds Children’s Diabetes team (mobile phones )
A total of 17 grants to organisations for the benefit of specific individuals.
**7.2 Emergency Fund**
Grants for the benefit of 67 individuals
Grants refunded||**2025**
£
1,500
300
1,000
8,912|
|---|---|---|
|||11,712|
|||**2025**
£
9.875
( 1,139)|
|||8,736|
|**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**|**2025**
£
**2024**
£
(52)
4,033
(28,989)
(36,050)
25
20
(25)
75|
|---|---|
||(29,041)
(31,922)|