Rty18ternl number: 112174K? Charity number. 1177527 HARBORNE AND SMETHWICK CHARITABLE TRUST ( A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 HARBORNE AND SMETHWICK CHARITABLE TRUST {A company Ilnthd by guarantse) REFeRENCE AND ADMINISTRATIVE DEfAIL8 OF THE CHARrrY. ITS TRUSTEES AND ADVI8ER8 FOR THE YEAR ENDED 30 JUNE 2024 Reforence and Admlnl8tratlon Infomiatlon Charity Na Hart>ome and Sn*t￿￿Ck Charitable Trust Charity Regi8tration Number 1177527 Ctynp8ny Registered Numter Principal OffKe 11217433 Hollingw￿h House 109 Court Oak Road Harborne Birniingham B17 9A4 Board of Trustse Th8Truslee8 and Directors olthe Hart)orna and SmethwKk Chwitable Trust at the date this ￿portwaS approved are.. Mrs B Ch8tryawardana Mr G Hvwitt BA IHfThl Mr D Jeffery {Chaimian) Mrs P Leadbeler Cllr R Muflihi {appoinled 1c￿ January 2024) Mrs R Silber Mrv Sifvester M8E Mr N Thompson Mr F Wayt Mr G A B Taylor {apwinted 23rd November 2023) MrA Bostan {resigned 5 Octc4)er 2023) Chiof Ex•cutlve Mr S J Stmpson BA Cvowa LLP Blxk Country House Rtyjnds Green Road Oklbury West Mfralands 869 2DG Extfrrnal Audlto 8•nk•rn National Wostmlnster Bank plc 4th FkTr)r 2 St Philip's Place Bim)ingham 832RB HARBORNE AND SMEfHWICK CHARITABLE TRUST IA comp8ny limltod by guarante•l REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARrrY, rrs TRUSTEE8 AND ADVISERS Iconllnu•d} FOR THE YEAR ENDED 30 JUNE 2024 Sollcilor8 Anthony Colllns 134 Edmund Street Birmingham B3 2ES. Tyndalwoods 29 Woodboume Road Edgbaston B17 8BY. Higgs and Sons 3 Waterfront Busines5 Park Brierfgy Hill West MKlland$ DY5 1 LX. SuNeyorn Commerckgl Portfol￿.. Cottons Chartered Surv•yors Cavendish House 3591261 Hagty Road Edgba8ton B17 8DL. Re8ldential Portfdio.. Rob8rt Powell Chartered SuThtyors 7 Church Road Edgb88ton Binningham B15 3SH. Inv•sbn•nt adv150r& Evelyn Partnern 14tr Flc#)r 103 Colmore R(y Binningha BN3 3AG. Int•rrial audltorn V•lldgra Unit 3 Crompton Court Atlwood Road Stafford8hire V¥E7 3GG. HARBORNE AND SMEfHWICK CFL4RITABLE TRUST (A company limlted by guarnntsel TRUSTEES. REF￿RT FOR THE YEAR ENDED 30 JUNE 2024 Foreword by Davld Jeflery Chalr of the Board of Trust•O8 This lime last year I was refiecting on a year of great polth'cal tunnoil - tha last I￿TrIe mnths were a Irtue calrner although we now have a new government, and rf( remains to be seen what irnpact their policies will have on our sector. Next year is a very unknown quantity wrth the chang8 of President ' the United States of America- his impact on the World Order threatens to be seismic. How thFS will impact on us nobody knowsl The past year has, nonetheless. thrown up the usual frustrating and unexpected issues and prol lems that divert attention. time and skills and create extra pressure on our staff. Many of these seem to stern from the ever-increasing computertsation and bureaucracy 8mployed by the major institu- tions with whom we deal daily whether that be banks. local authorities or service providers. l am con- stantly amazed at the time and effort that has to be expended on relatively trivial issues. At the tmne of wtiting, we have been joined by 2 new memb8rs of staff - an Activities and Wellbeing Officer who is busy getting to know our residents at a115 locations and, in the last week, a new Hous- ing Officer to assist CarO￿n Amold Head of Operations tearn. We are blessed with a very ¢0￿mitted and well qualified staff. We meèt them all regularty after the 5 Annual Board Meetings. This report is also an annual opportunty to say thank you to them for their hard work and congratulats them on their dedication and loyalty to the Charity. Steven Simpson, the Chief Executive continues to antlcip8te problems and prepare for them before thèy arise. I hope that during the coming year he ￿￿11 be able to devote more of his time to strategy. and, with the extra staff. spend less of it on issues °beneath his pay grade.. We are fortunate that he has great nebNorking sknlis and a w6alth of experience in our sector. We remain 2 Truste88 short of the dozen. During the year we welcomed Adrian Taylor as a new opted Trustee, as a previous Investment Manager to the Charity his skills and kn￿￿Odge are very welcome. We await Sandwell and Birmingham Cty nominating one each. The 10 of us are all com mitted to the Charity and have a range of skills and experi&nee. Attendance at meetings is good and we also tske part in other activities- training, grant vists. coffee mornings and other social events. There follows in this report a detailed ana￿sIS of all of our adivrties including reports from the 4 co mittees that deal with- Finance, Propety, Charitable Activities & Alrnshouses.. There are a few key issues Ihat arise from them:. Grants - we are con¢emed that those in need. who would qualify for our financial help, are not being referred to us. Last year we had a budget underspend on individual grants- a re duction of £25,431 over the previous year and of 101 actual indivM%uals. However, we know that the need is there and increasing. We are looking at a￿ernatIVe ways of contading those who need our help. Sadly, many of the agències who used to mak8 referrals no longer exist. Alm3hou$os - we have been able to renew our Ffogramme of improvements to our estate, which was effectively halted by the pandemic. to continue to provide an enhanced sepiice that go@s above and beyond that of standard sheltered accomrnodation. HARBORNE AND SMETHMCK CHARITABLE TRUST (A cornp•ny1knttod by guarant•• TRUSTEE8' REPORT FOR THE YEAR ENDED 30 JUNE 2024 Property- we have now completed the pwchase of 2 new residential investment proFerties. Flnance- the posttion wtth our investment portfolio remains volatile and will continue to be. with the political situation both nationally and, more particularly, intemationalEy. We spent a lot of time in the last year discussing ethical investment and our views are reflected in the management of our portfolio. Complalnts - the new Complaints Procedure 18 fvlty implemented and the one complaint r ceNed dealt with in a timely manner- with appropriate measures having been taken. IT- we lost the services of Maitin &'rd during this last year- he had been a brilliant adviser for us In d8aling with all our IT issues. We have now secured the serviw6 of Technical Drive, a local company and with their help we have recently upgraded all of our IT systems and in- vested in new kit whith everyone involved has been trained to use. l am pleasad to be able to close by reporting that all of the Truste8s stsff are now talk¥vJ about how the Charlty will develop over th8 comirvJ years rather than constanuy worrylng about the pr sentl Thank you again to all our staff and to my fellow Trustees- particularly to Rachel Srlber. Vic Sil- vester. Nigel Thompson and Frank Wayt, who chair the committees. Davld Jeffe Date: .(?'zt HARBORNE AND SMErH￿cK CHARITABIE TRUST {A ¢¢)mpany Ilmlted by guaranto•) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 1.0 Objectlves and Actl¥itlos Harborne and srneth￿ck Charitable Trust is linked to and is the $018 Iruslee of the Harbome Parish Lands Charty and pre8enlty uses the resources and staff of that charty to delNer 11$ shared objectives. HarboTne and Sm8thwic* Charrtable Tm81 13 a registered charity and a company limited by guarantee. Harborne and Smethwck Charitable Trust prowdes a corporate trustee to the much older Harbome Parish Lands Ch8rity. Th9 origins of the Ha[￿rne Parish Lands Charty are108t in the mi8t8 of trm8, but r( was mentioned in a documgnl dated 1640 and mgy date from a bequ851 by Mr8 EIvz8beth Cowper {alias Piddockl in 1576. TL¥day the tharity owns varrous investmènts togelherwith five almshous8 properties wh￿h were part fvrKled by the then Housing Cryation. The area of benefft 18 th8 Ancient Parish of Harbome, rKw in the County ofwest Midlands and the benaficiaries are the almspeople and those in need wrthin Ihe parish. The crgation of the Harbome and srnethw￿k Charitable Trn$t enabled the staff and trustees of the Harbome Parish Larwjs Charrty to modernise their govern￿ce arrange￿￿nts whil$l still hohjing tru8 to the values and aims of the original gift8. Throughout the Ttustees. ReFQrt hereafter, all comm8ntary regarding the actwitie8. Perfom￿nce and poBition of the group relate to the ongoing activities of the Harborne Parish Lands Charity. 1.1 ObJectlv8s The Harbome Parish Lands Charity {HPLC) ha8 primary 0￿.ectiV&s.. To relieve need through the provision of almshouses to pw18 who cannot meet theirown housing need in the 8ncienl parish.. and To relieve n88d through the provfsion of grants to indNiduaL8 and oTganisations that support those in The area of benefbt eAinsi5ts ofthe 12 p￿IsheS. which truether make up the Anclent Pari6h of Harborne. These are.. st Bonrfa¢e Quinton Road West (Bimiingham) Sl Faith and St Laurence (Hathma) Sl John [Ha￿Orne) St Patar IH8rbome) St Albans {Smethwick) St Chad (Sr￿thWlCk) Sl Mary ISmgthwid() Sl Matthew lSmethv￿ckl St Michael and All Angel8 (Srnethw￿) St stephen8 ISmethwK*I St Paul (smethv￿k) Old Church {Smethwickl This gecgraphical area comprises rr•xt of Harbome and some of Quinton in the City of Birmingham a8 well as nM)st of Srnethw￿ and a small part of Bea￿D0d in Sandwell Metropolitan Borough Council. 1.2 AGtlvMies and structure To achieve these objeclw8s tho Charty C￿￿enIty omploys a team of 12 people. The Tru8te88 have appointed ch￿ Exgcutive lo Nn the charity. They in tum SUPFQrted by a He8d of Operat￿)n6 who is ￿SPOnSibL9 for the delNering tha charity's day40-day tharitable activty and a Finance Manager who managars the charity's finance team. The charty is aèout to recruit a Head of Central Servi¢es who will manage the charity's back-of- offu supwt includirwJ the Finance Team. HARBORNE AND SMEfHMCK CHARITABLE TRU8T (A ¢ompany Ilmlted by guarant8•1 TRU8TEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024 The charity deliver8 SUPPOrt to thosa in neeAI through three 8pproa¢hes'. 1) The provisron of high quality sheltered almshouse a¢¢cfflmodatlon 21 A programme of grants to organi8*io 3) A programme of grants to indrviduals Al use The charity cperates 99 almshouses in five schem lo provkle a¢¢ommodalion to those ¢annot meet their housing needs. Each almshouse is a self-conlained one bedroom {or one case b8droom) flat or cottage in a shetter&g housing scheme. Al 8¢hemes have cornmunal controllod entrances to ensure our r8si- dents foel saf& and 8ecure end pull cns are asked to dgtail thp group they wish to work with. the outcomes Ihgy are expecting to ach￿ and why this r8 to the benefft ofthe public as a who￿. After months lor $0)ner ff the prO1￿t shorter) the charity condurt¥ a post grant inonrtoring exercise to anSU￿ the money wa8 spent on the staled purp)Be and the expected rgsutt8 were achieved. The charity aims to use grant funding to organisatKJns to address k)ng-temi societal i58U6 that cause or r8su* from p)verty wi Ihe wKient parish of Harborne. Finalty, the charity runs an indmdual grants prc*Jr8mme for th¢)se in immediate pov8ty and crfsh. Referrals for Ihls seNce predcminantty come through third paty agenc￿ engaged with indwiduals such as h8atth workers, famity support WDrkers and housing offkers. Individual grant8 wll not nomialty exceed £800 por household and coukj be for a d[We￿8 tange of items that reli￿ need and canThX be easity funded elsewhere. Examplas include the purchase of white goods crf essential fumrture. The sYanl$ programme8 are the responsbility of the Head of Operations. The chafrty empknys a Grants Officer to manage and monitor grants to o￿anISat￿)nS delNer our indNKlual grarts programme. The chanty lo use its indmdual grant programm6 lo address fw more acute and immediate, indNidudk%&J effects of poverty. These ¢)peralions are 8UPPOrtod by a cw)tral Se￿￿$ team COn8￿ting of an Office Administrator and Finar oirKer report to the He&J of Financ8. These staff keep the charrty's Off￿ operating, ensuring that all of the unseen, vital ￿tK)n8 requirgd to support the del￿ry of the chanty'5 Charitab￿ obiective8 is ¢omplgted such as ordering staionery. answering the tolephones and making payments. HARBORNE AND SMETHWICK CHARITABLE TRUST IA company Ilmtted by guarnnto8 TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 an ntPe nel The organisatfrjn's key management person￿1 are.. Stevon Slmpson, Ch￿1 ExeLUtNts Steven join8d the charity in January 2014 haviThJ preV￿U$￿ vrtjrked in senior national role$ with Remploy Ltd and the J￿ICh) Foundation. Steven has an honours degree in history and a member of tha Chartered Instituts of Housiro. As Chief Executive Steven is responsible for working with the toard lo set the strategic direction of thechartty, realisingthis strategy as an operational plan and th8n gnsuring it8 delwery. Steven is also responsible for liaising with the charty's inveslm8nt management partners to deliver maximum rgtums from the ¢hariVs investment p¢ytrolio. Steven also works with the ¢harity's IT provider, Ttthnl¢al Drive. to ensure the charty's IT infrastructur8 is safe, robust and fvnctK)nal. Carolyn Arnold, Head of Oper8tion8 Carotynjoined the charity in 2007 and has served in a numberof roles beft>re being appointed Housing Managgr in 2016 and later Head of Operations in 2023. Carotyn 1$ a rrEmber of the Charter8d Institute of Housing and trK￿d$ a ￿rt￿¢ale in HousSng Management. Carolyn is aLso respon8ible for deltvering the charty's charit8ble IM. C*n ro9nages the alMshc￿SeS and grants tearrts. Gllllan Rlgby, Irrformation and Poky OFfKer Gill joined the charity in 2013. Gill has over 20 years of housing manggement experbence and holds d&Jrees in Political Scierte and Housing Management. Gill is also a member of the Chartered Institute of Housing. Gill manage8 the eharity'8 data. translates govemmenl policy and guidance in practical actwiltes and wr*es the charity's policres and procedu￿. Tony Whltohou69. SeTr￿r Building Manager Tory has over 30 years of building trade experience induejed over 20 years spent malntaining HPLC properti8s on behaff of one oflhe chaiity's contractors. Havingjoined the charity in 2012 Tony was appointed to the position of Senw Building Manager in 2016. Tony is responsible for the lechnul a8peci of managing the char*￿$ hous- IrNJ stock induding pLgnned maintenance and prciect managew*nt of major refurbishmant. Nlck Wallace, Head of Finance Nick joingd the thanty in May 2017 aftar the retirem8nl of the ¢hariVs previou8 Finance Manager Alan Porter. N￿k has over 17 years of exFerience working with charrti8s across the West Midlands and is 8180 the Finance Manager for the Birmingham based Jgricho Foundation. Nick is r8spDnsible for preparrng financ*1 rep(xts, help- ing Chief ExeculNg, Senior Management Team and trustee8 to anatyse those reports. preparing annual budgets, drafting finan¢RI rules and regulat￿nS and fomiuL8tlng finarKral policKg8. These key managoment Fersonnel fomi a Senior Management Team ISMT) that fewjs the charity through the- matiG responsibilty for the charity's objectNe8 and suppjrt OPgr8lK)n8. They meet weekly to mnitor financial and ￿n-fInancial Fwfonnance. kgislatNe changes. pcdicy, direct￿n. staff development, str*gy. health and safety, ICT, data management and arry other matteTr arisirvJ. 1.3 Govomance Govemi UrKler a scheme of the Charity ConwnissvJners dated 16 November 1990'The Harbom8 Parish Lands Charity. and 'Grice Memorial Homes. are administered and managed as one charity under the name of The Harborne l>arish Lands Chariv, subiectto. and ￿ accordance wth, tho Schemes dated 21 May 1979 and 9 Octobw 1986. The charity regislrntion nunthr is 219031 and the HCA Tegkstralion number is A2993. In June 2019 arKI a new charty w88 inwrated as. the Hathme and Ch￿table Trust {registration No. 1177527) which bacame th& scle trustee'of Harborne Paiish Land8 Charity. HARBORNE AND sMETH￿CK CHARrrABLE TRUST (A company Ilmlted by guarantsè) TRUSTEES, REF￿l￿r FOR TPIE YEAR ENDED 30 JUNE 2024 Harbome Pari8h Lands Charity's CO￿rate trustee is the Harbome and s￿￿thWick Charitable Trust (No. 1177527) Harbome and SmelhwKk charitab￿ Tru51 has 12 trustee p08rtions. of whom ale nominated by Sandwell MBC and ￿ by the City of Bimiingham under imported nomination rights from the Harbome Parish Lands Charty. N¢)minatwe trustees $eNe for a tami of four yeais. The remaining eight trnstees are COwOPted onto the tr>J8rd arKI servefora five-y&artem. Cfyopted trustees must knowlhe area of benefftthrough residence, empbyment, or another Special knowledge. The trustees have formed fcwjr committees to 9ovem each aspect ofthe charity's &tivity. The Afmshouse Com- mittee is fom*d of the almoners Itru8tegs who are appointed to be adv. The Finaru and Audr( Cormiittee monitor the charity's management xcounts. th8 perfomiance of the ¢harty'$ investmnt manager, our intemal arrangements for value for money, weekty maintenanc& charyes and ensur8 that the charity's iesource8 are man4ed wBety. The Charitab18 ActNity Committee reviwo the annual grants strategy, indwidual grant apP￿vaL￿ and reviews post gran1-monitc￿ ng r8F#)rt8. Each c¢)mmittee meets fourtimes each year and the full Board of Trustees meet five times a year to revithv the work of the committegs and make any non4evofvad decisions. emen The Chief Executive and Chairperson OLrtline the responsibilitie5 of trustees lo all nv•¥ applicants al a one-t¢> one intervi￿. During this intsrview they assess an applicanvs eligibility lo serve as • trustee using the charty's intemal d￿laratIon fomi and the Charity Commission's gurdanco on eligibility lo serve. Once digibilfty has been confirmed the trustee8 Vote al the noxt board meeting as lo whether to accept or decline the nomination or submrssion. Once.acceptad the trustee is presented wlh a copy of the charity's policips and prLxedur£s, im- KKJrtant contact information. the charrty's business plan, schedule of m8eting5 and th& Charrty Commis8ron'8 dccument'CC3 the Essential Trustee,. They are notified of the n8Xt full board meeting and invited to attend. Aftertheir attendancg at the next board rneeting twstees are offered a one-to-one session with eithgrthe Chair- person or the Chief Executive lo dis¢uss ary questions they may have and lo tour ona or more of the charity'8 alm8house6. Trustees arè erwur8g8d to think ab￿t wh￿h sulFcommittees they may wish to join the folknying February. nd Rern Trustees ofthe Harbomo Pa￿h Lands Charity we not P8id hvwever tlw may clalm expen8es. The charity has d¢xumented policy for the cjaiming of tru8tees' expon8e6 detailiw what may b& ¢laim8d and what eviderKa is required to substantiate a Glaim. The trustees review Staff pay and Condit￿)nS annually al Ihg February meeting of the Finance and Audrt Com- mittee who then make recommendat￿n3 to the bJ8rd regarding cost of livtng increases, pensi￿ contributions arKI additional benefits. The annual wiew of pay and ¢ondition8 is applied equalty to all staff and is implemented the folkwiing April. In 2024 the Trustees awarded a 4% c08t of kving increasg to the basic pay d all staff. All staff are paKI ThKJre than the national liv#ig wage as defined by the LiviThJ Wage FOUndat￿n. The chariy has a d(xum8nted pay scakq. The pay 8C81e d&ails six key band8.' staff, officer. senior officer man- agar, he￿1 ofdepartment and eX￿1Ve. These bands correspond to the level of management respon$ibiltty and acc￿nIabIl￿ each post ￿[d￿. Exh band has a pay lev81 set in relation to the ¢)ther band5. Ihlthin each barKI there are four in￿MentS. Normally, all new staff are appointed on tho lowe8t increment and progreB$ion lo tha next in¢remenl takes place at the discretwjn of Ihe trustees in reward for a member of staff HARBORNE AND SMErH￿cK CHARITABLE TRUST (A company Ilmlted by guarantse) TRUSTEE8' REPORT FOR THE YEAR ENDED 30 JUNE 2024 either significantty increasing t￿1r skills level, or undertaking addlional re8ponsibli ities that are still commensu rate with their banding. All elgiblg staff are enrolled in en autO-enrolm6nl compliant pensK)n sch8m& and the charity contributes 5% of staff eamirvJs to thes8 schemes. The Charity aL80 matches staff contsibutions up to a fijrther 5%. The charity offers a number of additronal beneffts lo all Staff including participation in a cycle2work scheme. salary-8aErifice car purchase scheme, BHSF heatthcare cashbxk schem. and a death in servtce in8uran¢e scheme. The charity provides ￿mpetr(Ne death in service and crrbcal illne88 cover forall staff who have servod continuousty the charity for three month8 or mor8. Staff gxpenBes are pa￿￿ in arrears and on the projuctsn ofeMd8n¢e of expenditure. Th8 charity has a polw for the payment of staff expen88S. Two members ofstaff have a remunerntion package that exce8ds £60,000 including one member of8taff whos8 total remunaration and beneffts exceed £80,000. The total amount of money spent on senior staff in the year £211,052 (£197.764 in 2022r23). inWI The charity is ongaged Ni a variety of ￿e￿￿rkS and subscribes to a number of sery1￿ and publications lo support both strategic and operational decision-making. Trustees have access to Personnel, Governance, Third Seclor and Charity Finance magazines, $ubs¢riptK)ns whil&, HABM and As%)ciatK)n of Charitable Foundation8 IACF) publications ale available at our Hollingworth House offus. The Sen￿r Management Team have acces8 to rips Advice Personnel, Tip$ and Advic£ Heaf(h and Safety and Tips and Adv￿ EnwN)nment. To ensure up4tsdate Hmian ReSOLKce (HR) and He8￿h and Safety (H&SI a¢fvi¢e the charity contracis Cilalion Ltd. to provide heatth and safety, audits, reports, od¥￿e and protectlon. This yaarfs site insp￿10n$ We￿ com pleted on the 12th and 13th of Seplemberand the 11t Octotser 2024. This year the charity wa8 inspected by a new ass8ssor who was very impre8sed with the charit￿8 attitude to H&S staling in the reports tha( 'It was de8rto seg th8tm8nagement andstaff are ded￿ated fo man8ging health andsafetyeffec- tively in line with cuffent legislation and t￿stp1￿1Ge. Th8ir ab￿rtY to do thi8 is emphasis8d by the Gompli8ncg identrfied witlNn th&8 rnport." N8verthele88, the in$pethn dkl Nlentfy a number of areas for deVelOp￿nt induding finally resolving the i88ue of Per80nal Emergency Evacuation Plans (PEEPS) by recomfftnding that the charty ¢ompkte PEEPS for all residents and recommending that the ch8rty water rf8k assessments are urthted in 2024r25. To en3ur8 coMeclNty with best practices acr085 th8 grant%ivTng 88ctor the Charity r& a member of thé We81 Mldlands Fundets N8ts¥ork IMIFN) and the AsSociat￿n d Charitable Foundations (ACF). VthIFN i8 an organis*ion established to provide an exchange of int91￿genCe, inf0m￿tKIn best practice across all funding organisatK)n$ in the West Mid18nds. In 2023f24 staff from the charity attendad 88s8ion8 on.. Member8. pro9￿8 on sust8inability and t*ling climate change Impact of the pandem￿ years. what have we leamed? ONS Data & implicat*)ns for fundeTS and Service prKJrrties in the West MId￿ndS Participatory Grant MakintyPrincipl88 in Funding Approaches Four general roundta>le di8cussion$ of indwidual organisation8 progress and challeng88 These meetings 8150 provided ￿ellent cpportunitM netsvothng. HARBORNE AND SMEfHMCK CHARITABLE TRUST IA company Ilmlted by guarnntse) TRusfEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024 ACF is a national umbrella bc¥* for twsts and ftwndalion$ that donate rrnn8y, gocds or services. ACF publish series of magazines and online bulletins that hwjhlight tr&nds end best pract￿ within Ihg sector. The charity has made littla use of its ACF sub$¢riplion during 2023124 and will lik&ty cancel rts subscription in 2025. To 8nsure L))nneGtions lo best pract￿ acr055 the housing sector. the ch81ity is a member of the National ￿s- ing Federation (NHF) and at a more kral levd. the Bimingham Sockql Housing Partnership IBSHPI and the West Midlands Small Housing A8socIat￿rffj Benchmarkiry Group IWMSHABGI wkich is run by AcU￿y. NHF is a membetship organisation that represanls tha vws of its memb8rs to govemment to help sha￿ pol while also sharing best praCt￿e acros8 its trembers to increase the quality of housing services in the UK. The charty has adopted the NHF code of conduct and using the NHF'S guwje to service ¢harges to prepare the annual increase to the almshouse reBKlents service charges. BSHP 18 an organisatron that acts 88 an umbrella for all registsred 8orAal L9ndk)rds in Birmingham that aims to work ttrjether to infiuenc8 housing policy in the city. BSHP 18 Bimiingham City Council's preferred conduit for the rel8•89 of Snfom)atbn. WMSHABG CLYnprises 14 1¢)¢al provider8 wlth le￿ than 1.000 units of 80cial housing and work5 t(sether to compare perfomance data, share intelligence ragarding contract￿. 8ector trends and market condbti¢)rn, r ting and where po88ibk jointly prcture gc¢)ds or setvi¢es. The ch￿lty 15 also a member of the Almshouse A83ociation and 18 regystered with the Rggulator forsocial Hous ing. All of the charitys housing stock is registered as supported exempt accommodatN)n wrth Birmingham Cly Council or Sans*MII Metropolitan Borough Counol dependmig on ft g￿ra[￿l¢4 location. The cw tskes an acti￿ approach lo managing risk. Key risks are iJen*ffiad, rated and mitigation 8trat8gie8 devised using the char￿$ risk register. The tru8tee$ rev￿ the risk regk%ter a year. Financial risks are stress tested to understand v•hat bvel of financi81 management is requiTed, what impact the risk will have and how $eveTe the Situat￿jn would hava to kcome before the risk (>)uld no longer be managed. On the risk registsr the likelihc(Il of all risk5 is rated using a simple numerk scale Whe￿ 1 is unlikety and 3 ks Probab￿. The impact of all risks 18 then assessed. again using a numeric Sca￿ where 11$ lthy IM￿ and 3 is hvJh impact. Each number is Mu￿1plIed by the èther to give a rating Bcore bethen 1 and 9, where 1 b a iisk of Ichv priority and 9 is a fundamental risk. Al r￿kS 8coring 6 or MO￿ are reported t)ek)w. In the 2023r24 financid year, the primary rths to the charity have been.. Almshc￿88S l•WC arrears Changes in r8nl regulations and the welfare b8nefts system Incurring Bubstantial non4JLKlgeted expendrture Lack of attendance at trnsl80 meetlngs Loss of key members o* staff Serious damage lo prop Ongoing uncertainty resulting the Unrted lfjngdom's (lecrwin to ￿ve the European Union 10 L4RBORNE AND sm￿HWICK CHARITABLE TRUST {A ￿mPaThy Ilmlted by guarJnteo TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 These risks were represented on the risk regist8r as folk)ws.' Rlsk Current Control New Mftlgatlng Actlon6 Ac¢ountablg Almshouses WMC arwrs Rogulgr monitoring and reporting Increa8e fr quenry of account rTh)nitoring from every month lo Chief Executive. SenTh Management Team SupFb)rt for residerrts to claim b8ngfts Fortnightly Support OffKgr surgeri88 w￿h res- idents KP18 8urrounding collectlon8 arrearyJ and baJ debts monitored at senior manag8ment team and boardlgvel Targeted support session wrth re8 dents in arrears A¥k resid￿1 lo pay VVMC ong week in ad- vance on sign up Established arrears r))ntrol processes that govern communication wlh rgsidents in ar- rears and encourage payment plan8 to clear Where necessary tske legal action to recover debts Changes lo the beneffts 5yS tem impact IMAC collec- Lk4ison with Housing Benefft sections Monitor new Gov- emment policy re- garding housing arKI ben8ffts closety and assess implicatlon8 onc poly 18 cbar Chief ExecutNg & Housing Manager Netwthing and keeping abreast ofdgYel(p mnts Make use of specialist advice where required Informath)n and Poly Officer to trnd( policy chwge8 in poly at local and national level Finance te￿ to undertake stress testiig to assgss the Chari￿9 critKal d￿l$lon p￿nts Long tenn loss of key mem- bers of staff Gctsj terms and conditKJns which are regu- laty reviewed along with saLaries. Use Cit tion to ensure gcod practre li employment nRtter5 Review saLgry of frontline posts dur- ing the 2024r25 saL9ry review cyclg to ensure salar remain competitNe Chief Executive Use of agency staff to cover g4)8 and ensure continuty of sery￿e Devek)pm8nl the Senior Management Team 8ec(Nne a LNlng Wdge Employer HARBORNE AND SMETHMCK CHARITABLE TRUST IA company Ilmtted by guarantoe) TRUSTEES. REPORT FOR THE YEAR ENDeD 30 JUNE 2024 Use of apprais* to anlictpate problem Become a Lpiing Pen$ron Employer succession strategy and 'peoplg pl￿, as part of the 202&30 business plan Increased'number of 80oial events and events that rthyard succ85s. Greater ¢ommu. nulion b8tween trustees and all staff at P08t board meeting lunches elc. Ir￿reaSed number of social events and event5 that reward succe88. G￿al8[ cLJnrnu- nication between In￿lee8 arKI all staff at posl*o¥d nwling lunches etc. Rwular remews of pay and coThlitions to en- sur8 a reasonable and competitwo resp¢￿Se to Ihe cost-of-living crKsis Restructure of the managerrEnt team to pr¢> vhle qU￿kOr, r￿[e devolved and more rObL￿t de￿$￿n-Makin9 across the organis*ioD and promtion opportunikne8 for 8xtsting Incurring su slanlial non budgeted ex- pendiiure Completing regular stock condition Surveys to asses8 and pL8n repairs and impThements to the charty's estste None- Risk un- changed 8ince18St year Housing Manager d Chief ExeculNe Compbte and work to a compr8hensNe busi ness pLqn lo piedrct income and axpgnditure recwir8trents Y￿r5 in advance Earmark fvnd5 for ERFICMF a8 a reslri¢ted reserye to cash back bng-temi capital pr Monitor cost of lorpJ duTation capital proj cb8ety to ensure Completi￿ within original estimates Revi8w all CmF￿RF commitments during the budget prcrtes5 to ensure estimatss are rat8 and incorporats likely cost uplffts L* of attand. ance at meet- ing$ AtterKJan¢e monitoring reporting Carefvl planning of m*ing calendar to avoKI known confl None- Risk un- chang8d since last l Trustees 12 HARBORNE AND SMEfHWICK CHARITA8LE TRUST IA company Ilmlted by guarantm) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 Serious DanF age to Propety Insured risk limits review None- Risk ur ehang8d since188t Chief Executwe and Finance Manager Regukqr propety insFections Review insurance arrangemnt after 2025 re newal point Insurers notffied ol new acquisitions before completion data lo ensure immediate cover Disruption caused by the United Kin d￿1,5 e>it from the European Union Assume k)nger lead times With all import&J ccfflponents None- Risk un changed since last Chief EXecUtT￿ arKI SMT Manage Resident expectation regarding r pairtimes reducing essential repairs to infr8- structure components like lifts and wardèn call sy8tems from 6 hours to 4 week8 In 2023r24 the charity has d￿graded many of the Tisks that have pwiousty Scored above 6 on the register. The long overdue T9p￿ceMent of the charty's data servers has reduc8d the rating of many of the charl￿S ICT risks whilp the extensive work of the charty's ¢ommercial property agents ar*d the effective depkjyment of pre- vK)us risk management plans has r&Juced the rating of the risks assock*ed with the charity's histori¢ leases. However, a more cha118nging ￿nOrn￿ environment has led to an increas8 in the number of resid8nls in arrea and the charity expects th￿ trend will increase over the winter of 2024r25. As such this ri8k has increased in rt5 ratirvJ and the charty has devek*Fa new mftigation to manage any $itL￿t￿n th81 arises. nan The charity uses the National Housmig F8dgration's Code ofGDvemance. The charity a180 measures rtsellevery vo years against the Charity c￿MmISs￿￿ Gr¥Jd Govemance Code. Th8 chwty is rtyistored with the Fundraising Regulator ho•vover, the charity drd not undartake any lundraising aCtiVrt￿ in 2023124 eitherdirectly orthrough a 3nl party organisation. The charity dhy notemploy any professional fundr8i8&rs and the charrty has not received any complaints al)out its fundratsing a"ctNitigs. In this ¢¢ntext the charity has not needed to lake any 8Ction lo protect vulnerable people however should fundraisiro bgcome a priority in the fLrture the Ch￿ ¥￿11 en￿re it has robust m*hods for protecting wlnerable people within the ¢onlext of fundrai8ing. The tnjslees have overall responsbility for the chaiity's SyBtems of intem81 control and Finance and Aud* C￿lm111ee rovtgw the effectiveness of these syslgm8 annual￿. The charliy'8 Inlemal control systems we d taiw in the charty's finanual rules and regulations and con8lSt ot. A deaty defined structure which delegates autlty, responsibilty and xcountabilty for financial &- tivity inthding resFLin8ibilty for intemal c￿ntrol. A clear and effectwe procass for budgeting and reporting, budgets arthJ perfo￿nanCe against them. is monitored through bc4h the Finance and Audit Commiitee and the fijll tKMrd of trustee'8 meeting8. Investmnt evaluatrjn process with c*r perfomtsnce b￿ChmarkS and indutors. Regubar riBk review processes that detail the area of ri8k and the steps the charity and ts trustees hav8 taken to mitigate thr￿6 ￿ks. 13 HARBORNe AND SMETHWICK GHARITABLE TRLIST IA ¢ome Parish Lands Charty ensures thal all decisions are made in ￿darKe with the charity's purpose. ¥e for publK benefft. t8ke into con5id&ration the Charity Commissmin's guidance on publi¢ benefft and arg in accordance with the Charity Commission's general framework for trustee deci5K)n making. The tharity makes deGi5ion8 wi way8 that manage risks or ham lo the charity and its b8neficiaries ¢on$istenl with the purpose of the charity mak88 decisions to ensure that, outside of the individual grant programme, no per80nal banofrt more than incidenlal. The obvicws exceptton is the chty'8 individual grant programme cl £45.025 which providod reL*f to p￿pIe in povety and crists in Ancient Parish of Hathme. ￿l11st grants ore for the individual's benefit. * meots the publK benefft criteria as they are avaikble lo the wider publ￿ ￿￿etIng eligibilty. 14 HARBORNE AND SMEniwicK CHARITABLE TRUST (A company lknltod by guarnntsel TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 2.0 Achlgv•m•nts, Perfornwnc• and Plans for th• FU￿re 2.1 A Rgport from the Almshous•s Commlit•e ments an The Almshouse Committeg continue to proMd8 gocKI qu81ty accommodation lo 118 benef￿lar￿ in th& fNe schemes that we have.. Harbom• PIou8e. Hart￿rne t)ore How, Harbome Firs C108e, SmelhwKk Hart>ome Cottages, Smethwick Labtsfield, Sm8thwid In the la81 year we have let 11 fiats to new applicants and still have 39 people on the woiting list. The averagè length of lim8 from the application beirvJ approvad lo an offer being rr￿d9 Is 242 days or 35 week5 (An in- ctea8e over last yearfs figure of 156 days or 22 weeks). From the lime a void becomes available we endeavour lo re4et it within 21 working days, the ￿let time is at present Is 20 d8y8. Current arrear5 are 0.86% (0.￿ ￿5t yearl of annual Charges against 8 target figure of less than 2.5%. W)ile arrears have incr8ase slightly it is pkasing that these increases are contained within tsvo accounts and that on the whole arr8*s are still well managed. Void losses and bad debts are 0.71% ag•in8t a t8rget of less than 4%10.6% last year). Void losse8 have in- cwsed in4ine with thg increase in r&let limes and a￿ I￿J1c8tT￿ of the Shcrftsgg of avallabllty of contrac ther than an internal process al the chaTty. 2023r24 has bagn a very exp8nsNe year for the almshouses with a numbar of projects that had been delayed b￿use of the COVID-19 pandemic and the cost-of4iwng crisis being ¢(￿pleted al the same lime. During the last finan¢ral year. the chaty has spent £433,070 imprcving th8 81m8houses, sn lrtr&qse of 277% oftha p ous year. At Fir8 Cbse we hove- Fitt8d new fire doors to all ffats wlthin the sch Pointed, ￿hIpped and repl￿&￿ ridga tiles on the roof Fitted new flooring in Ihg18undry TLYJM Refurbk%hed th8 kundry rc¥)m. and ReplaGed the carwy 8tanch&?ns al the front entran At DcKe House we have- Replaced all Plast￿ cabb fixings with more durab￿ mètal ones Ren8w&J all fire compartmenlalrzation Frtted CCTV cameras. and Painted and refuthkghed two sws At Harb)me House w8 hav8- Fittgd nthv fire doors to am flats at the scheme Fitted communal carpets throughoLrt the 8Gheme Replaced the suspendad ceiling in the meter cupboards Replated all plasti¢ cable fixings with ￿￿ durable matsl one8 Renewed all fi￿ ¢omp8rtmentalizalion Resurfaced the car park. ond Fitt￿ a garden irrig*ion systern 15 HARBORNe AND SMETHWICK CHARITABLE TRU8T (A ¢wany Ilmlt•d by guarnnt••) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 At Harbome Cottage5 we have- Decor8ted the communal k>ung8 Decorated the laundry rooms Instal￿ néw heating in the Laundry rL Refurbi8hed and decorated the windows across the 8chem& Fenced the nature gar(len, and Carried out an extensive progr8m of roof maintenance that included re-beddlNJ ridge8 and hips as w811 a8 renovating th8 gab￿ repkcing any wom tiles At Larkftekl we havo- Frtted new fire do0￿ to all flats Upgrnded the comrThJn81 healing, and Fitted a new. wtrjer, r9ar entry dcor In addition to repairs tmpToverrÈrts and buikjing works the charity also competed a $elf-ass9ss￿nt against the RSH'8 April 2024 Consumer Standards and found that il was compliant in all area5. The charty h88 made some minor changas to its OP8raling prathe$ to better accommodate th9 8tandard8 and has also established pr¢xes5 to ensure that any areas of f￿Ure nOn￿PIla￿ce are seff-refeffed lo th8 regulator in the line with the Standa￿8. In June 2024 the charity assessed its complaints procedu￿5 against the Housing Ombud8man'8 new com- plaints code. The charity complaints prctesses wera adapted to fit the new code and the Almshous85 Comm*- tee appointed Pat Leadbeter as the board'8 complaints champion. Pal will be meeting with the Head of Opera- Iv)ns, Information and Pcdi¢y Officer and Chièf Ex8cutrve regulaty to T8iriew complaints perfonrance. The charity has al80 recruited an Actsvitses and Wdlbeing Offw and Houslng OfficerT*thich bring$ th& Alffl8• houses team up to full strgngth. Plans for the futu TheAlmshouse Committee continue to make improvemènts lo the various schemes in Harborne and SmethwKk and have the folk￿#79 plans forth8 future.. Harbome HoU￿- Fit air condkloning in the communal k*unge to create a safe'￿01 space, that resid8nts can use as a refuge during heatwa¥as and extreme warm periodg Refvrbish 4 sh￿r rooms Convert the communal batlYff4n into a muKilunctKJn $paGe Harbome Cottages. Upwade exlemal lighting throughcArt the scheme Replaca all wwden fite exit dctn with new composite doo Fm air conditioning in the communal lounge to create a 5afe.cool spaca. that reshdents ¢an use 88 a refuge during heatsvaves and extreme wam periodB Firn Ckxe- Install new glazing throughout the scheffle Refurbish and replace infill panels in the communal corridors Fit new blinds in commlrnal area8 Refvrbish the guest flot Fit new timer clocks to heating systems 16 HARBORNE AND SMETHWICK CHARITABLE TRUST IA eompany Ilmltod by guarantee) TRUSTEE5' REPORT FOR THE YEAR EMDED 30 JUNE 2024 Fit air conditioning in the ￿nM￿nal lounge to (xaate a safe'cool $pa¢e' that resKlents can use as a refuge during heatsvaves and extreme warm periods. Replace 1 washer and dryer in the communal Lqundry r¢4)m Dore House- Fil fire dcors thrtyjghout th8 scheme A8se85 Stone work and Carry (Krt any subsequent ropwrs In addit￿n the charty ¥￿11 compete five-year fixed main8 testing on all propertigs a8 well as develop plans to rr￿8 any propety an anwgy rating befv)w'C' to'c, or abové. Outside of the maintenance of the building the commrtt80 hopes that the newly appointed ActNities and Well- being OffJBer wil be able to plan and deliver a drverse range of actNities for re$￿ents and looks forward to launching a resident engagament and voice strategy in 2024rds a5 w911. 2.2 A Rgport from tho Charftable Actlvlty Commlttee rman In 2023124 the chanty committed £325,182 to 6,053 benef￿1￿88. This was significantly higher than originalty bu&deted however. upon discijvering the 8e¢ond grant round was srgnfficantty over gubs¢ribed the trustees made an addit￿nal £S0.000 available for organisation81 grants. Grants totalling £286,603 were mad8 to organi- Sations split across the folbwing grant prioritEs'. £132.728 was spent in 13 grants 8UPPOrting 8eNces for okler peo￿. £53,626 was spent on 7 gran18 8UPPOrting 1￿24-Year-ok15 either NEEf (Not in Educatron, Employment or Training) or at risk of becoming NEET. £56.944 was sp8nl in 4 grants on programmes th* d￿tributed fcxxl or household goods. £43.305 was 8P8nt in 4 grants supporting debt and money man4emenl servic88. £41,864 was spent on thg ¢harity's individual grant prograrnme.. £17,526 gUPPOrted 71 beneficiaries with 28 grants in Birmingh8m', and £21.053 SUPPOrt￿ 79 benefickgries with 35 grants in Smethwick. The ftyjr largest grants made by the charty in 2023124 account￿ for £84,469 (26%) of the GhaTWs grant spend and 2595142%) of the beneficiaries teached. The8e grants are d8tsiled ￿11>￿. Focus Blrnilngh•m Focus Birmingham requ8sled 8 grant to continue ts work of the Community Workerwho covers the HPLC area. This vairker carries out home assessments ￿thin 72 hour8 of a referral to establish what help can be offered, such as benefrt8 aBSiqtance orenrolment onto an eye contxt infonnation course. The Community Wotker also runs weekty social groups in Har￿rne for the visually impaired land thos8 with dual sen80ry10ss, where h8aring is en issue Iw), who attend coffee momings and enjoy a var*ty of activrtw such as singing, quizzes, gentle exercise, as well as the opp(￿nitY for peopkg with similar conditrons to socHlise with thelr Smethwick Church A¢tlon Networft {Smethwick CAN SmBthwi¢k CAN requested a grant to help support th8 costs of a part4Nne Fwd A￿￿)n Worfrer and Fo￿￿ Ac- ti¢)n C¢>ordinalor. These part-time staff worked toward8 t¥kling the issues surrounding food povety and tho impact this h89 on peoples. Iwe8 (such as sewosleem, s￿101 isolatK)nl rather than just distributing fc￿1 packs. They further developed fts)dbank logist￿6, furKlrai5ing and partnerships. arKI ￿ Smethwick CAN Foodslore {8 Sew•le￿ slep away from the focdbankl. wh919 Use￿ c¥Jming out of absolute povarty ore invited to pay a nominal cost for the fotrj they laka, ond Shop for t￿tr $p#ific f(*)d need8, as opposed to 17 HARBORNE AND SMEfHMCK CHARfTABLE TRUST (A ¢(xnpany Ilmlt•d by guaranlge) TRU8TEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024 simply taking a forxl parcel. The Food Action Worker also managed the SmethwKk CAN Grow ¢¢)mmunty al- lotment $¢heme. en￿uragIng users lo gr￿￿ their food, boDstirKJ health, wellbeing and xtial indu- sion in the prcL8S$. Aslan Famlly Counsdllng SeNi¢o (AFCS) They applied for a contribution l(A¥ard8 the ¢osts of providing the famity, couple and individual ￿￿nsel1ng in the HPLC catchment area. AFCS empioy Asian counsellors who undarsland the cuttural and religious beliets ol seN¢e users, 8P8ak a number of c￿nmUnitY langu4es, and Bhare a common ground. AFCS state that the most common reason for counselling i8 anX￿ty1depress1O￿nt¢ attxks often linked to the strass of pwrfy managed finances, ultimalety having a negative impact on their se￿￿e users, r91atKJnBhips. Their usual rgfer- ral$ arp mad8 through GP suryeries, CAMHS and health care agencies. They ai$0 directly outreach to Ic¢al IrbrarreB, communty c8ntre8 and faith-ba88d support networks. Qulnbome Communlty Centr• (QCC> QCC requested funding lo ttffltinue to support their Frtend8hiplLuncheon Club, geared to tacklirwJ loneliness and i501ation in the older population of the Quinton and Harborne area, parbcuL3rty since thg pandemic crisi8 passed. This vrrill continue to be a gateway servrce for directing those older cgntre users who need support with de￿ntIa and as8ocialgd problems t(Mards QCC'8 in-house SUPFQrt ne￿Ork who can then help service Us￿5 IcwArds outside stslulory and VSO supwt. For thks round, this seNi¢e is enhanc￿ to include". a meal8-on- wheel8 outreach lattach&S to the Luncheon Club), a 1￿hVgen￿e exercise programme. an ITfintem8t liter- acylawarenes8 group, a communty craft octivitres club, plu8 a number of day trips. re Plans In 2024r25 the chaity pkns to.. Spend £215,000 on grants to organisationg Spend £55,OCKI on grants to indiwduals In¢￿a$8 the cAMnmunty inVo￿ement in the Fxeparation of the grant strategy Develop a plan fvtur9 part￿1patOry grarrt making. 13 A Report from the Property Commlttefr an 2023r24 has be8n 8 mre stable year for the ajmmittee. The ch8rty'5 nthy propgrty manager8 are fiJlty embedded and the tran8f(ion has had a POBrtsve impact on the property portfol￿.8 financial performonce. Income incr&86ed lo £590.443 (£543,443 in 2022r23) whila c08ts have reduced by 28% 10 £239,710. Two major factors have led to this cost reduction.. 1} Work on long le￿ voids has been completed. 21 The initial wave ol assential repairs identified by the new propety manager8 havg been ￿mpleted. Voids and r8lets have been well h8ndW with no long4emi void8 during t1￿ period in question. The charity has pressed ahead wfth the strategy lo purchase iwo now re8Klential propert￿8 and Whi￿ this was not achieved in the 2023124 financial year al the time of writing ￿ new properties have been acquired. Tha charity ha% made gocKI progress tacking the htstoric le83e issues ldentrf￿￿ by the naw propty managers and at the end of the year On￿ h¥0 is8ues were outs18ndkng. Hawng completed a threepyear pr￿lertY strategy with acquisit￿n of two new properties the ¢ommittee will ncj demse a nthv 8tsat&3y that wll likety indude the dispos81 of the chwity's poor8sl perfomiing residential propel- tie8 r81gasiNJ fvI￿ for fuiure rerK>valKJn5. 18 HARBORNE AND SMETIWIICK CHARITABLE TRUST company Ilmlted by guarant••) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 2.4 A Report from the Flnance and Audlt Commlttee an Perfo In Februwy the committee revithv&l the I￿￿c rates p8kl by alm8house8 residents and th8 proptsB&Y increa80 prepared by the ¢harity management team. The commttee recomm8nded a policy that capped all re8rdent'8 ulihty charge ￿crease to 8 nwimum of£10.00 per week and re¢omm8fMled increase in the M￿agement and maitenance to charge lo the maximum pemi85ibl8 7.7%. In the year the committee has received an intem81 ￿dIt Tewt from the ch8rty's intemal audit firm Validera whKh examined ICT and data management at the charity. The report gave the charity an adequate 888urancè rating but highlighted the vulnerability of the charty lo the bss of key personnel involv8d in the management of ICT. The committee noted the charity would be migrating lo a new providw on the retirement of the charrty'8 ext8ting provider a￿j that tlw woukl provide more r8dundancy although not n￿eSsarity as rn￿h fiexiblty. The commtttee has 8crutini88d Ihe actr¥itie8 of the charity's investment managers including recor￿n9 4 written quarterty rgPOrt8 and meeting with the charity's appoint8d investrr*nt manager8, Evelyn Partners, in Febwary and Septemberto discuss perfomance and strategy. The ccfflmittee has worked with the investrrEnt managers lo wew the charity's mandate. instructions and apptita for ri8k. This activty rBsutted in the committee sgrocting a medium-ri5k strategy for the invgstment pthIK) wth the followir¥ objeclive8'. The cre8tw)n of a 8uftient financial return to anabb the Charity to carry out ts pUT￿)Se$ effectprfe and without interruption. The maintenance and enhancement of tha investmnt fvnds ¢)verthe long temi. To obtain a raasonable balance bett￿rt capital gr￿rth and income so that the Charty can med fi tur& as w811 a5 current needs. The truste8s' poI￿Y i8 to invest in an oppropri8te mix of real assets i.&. equities, fixed interest securltles, aMer- native assets and monetary assets. Trustees re¢trJni5e that th& relums on equities. Whi￿ expected to be greater over the longer lem than those of fixed interest and monetary assfrts, are likety lo be mor8 volatile. Investment in a mix of asset dasses 8houkl nevertP*less prowde the levels of r8tum required Ic¢ the Trust to achk?ve lis objthes. whilst mitigating volatilty. On 3(yh Jun8 2024 the charlty's investment portfolio was worth £5,929.384 an increase of £760,727 from its June 2023 value of £5,168,656 on the back of a £250k cash injection into the portfolio, revalualK)n gains of £529k and M￿aY9m8nt foes of£18k 19 HARBORNE AND SMEfHWICK CHARITABLE TRUST {A company Ilmltod by guarantée) TRU5TEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024 AS at 30th June the portk)lio was invested a5 fotbyw8'. UK Equities Overseas Equities 18.7% 48.6% 18.6% 6.5% 3.1% 6.0% 1.9% 12.6% 17.7% 8.5% 1.9% 2.5% North America Europe (Exduding the U.K.) Japan Pacif¢ Basin {Excluding Jap8nl Emerging Marf(ets Gk>bal Bonds UK G0￿Mm8nt UK INl8x Linked UK Corporate UK Propèty 5.6% In 2023r24 the portfdio generated £193.459 a yield of 3.3%. Perforrnance against benchmatk 18 inyrovirvj with annuali8ed ￿rfOrnIanCe exceeding ber￿hMoth at the month interval12.8% against a benchmark of 1.7%) and matching benchmark al 6 r￿nthS (6.8%0. Perfor- mance than falls behin¢J at 1 year {13.8% against a ben¢hmark of 14%} and 3 years13.1% against a b8nc mark of4.3%). Performance mat¢hes the benchmark when considering 5-y8ar times¢a￿ls.2%I and im- proves a lrtlle since the portfolio's inceptson (8.5% against a benchmark f¥ure of 8.2%) uch ofthe underperformance 4 one- and th￿Ye￿ interya18 has been driven by the ¢haiity'8 larger than average prcpaty and infrastructure holding$ that ware negalivety impacted by the COVID-19 parxlemic. Mo recentty competition from bond5 ha8 ¢ontinued to drive propety fund pri¢es down by offering iNeT risk atter- nalprn5 with g1>￿ income prospects. In light of these d6velopments th8 charty has reduced it5 ahemative and UK propety albcation8 and ir creased its bonds hokling wh￿h has drivon more positrve perf0m￿nCe in the latter half of tha year. Fut re Pla Sn 2024r25 the committee is looking foiward to roming ￿teMal audit reiM)rt8 on grant making and finan- cial contr¢b. The commrttee will continue to monitor the perfomiance of the charity invesbnent managors and will recoNe r8POrts and ￿TategY update8 in September 2024 and Fobruary 2025. In Febwary 2025 th8 charity wll revivN th8 weekty Maintenan￿ charge proposal to ensure the charlty is b* ancing the financial capabili￿ of the ￿$¥jents against the long-term flnanci81 vtabilty of th8 ¢harity. Finalty, the committee wll work wfth Charity's 8taff team and lfrjal wdessionafs to finalty complete the often slallgd prcKe5s of incorporation ensuring that the charity's regi8lr*ion with the Regulator for Social HousirvJ is novated to the nthv ccrtporale tru8lees, TUPE transfer3 are made for axiting staff and finalty requested a de&J of united threctK>n fiom the charty commission. 20 HARBORNE AND SMETHWICK CHARITABLE TRUST (A company Ilmltod by guaranta•} TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 2.5 Complalnts The charity has CLYnplet&J fts first annual complaints report since adopting th8 Housing Ombud$man'5 riew complaints standard and is pthed that in the peri¢)d to 30th June 2024 there was onty one ¢omplaint about the charfty. Thi8 complairt wa8 made by a ￿sidenv8 family member who was unhappy that they to remove item8 from a flat after the reswjent had pa88ed away and felt that staff had been unsympathetic and unhelpful when dea ing with the i88ue. On reviewrng the complalnt, the charty has Klenlffied that atthough the obl(gation$ regarding resident belorvJ- ing8 are highlighted lo the resident and therr next-of-kin in the sign-up pack gnd licence agreement for clarity dedical&d 'Belonging$ Left in Properties, polw has bgen developed. The Commun￿at￿)n$ asp8ct of the com- pkint has been addressed by deBJgnating the Heèd of Operations the single point of contact in future 8itu& t*)ns S￿h a$ this. Tho conylaint W88 dea* with ¥￿thin the timeseales detailed in the charity's complaint8 policy. 3.0 Flnan¢lal Revlew 3.1 Flnanclal Posltlon The Charity's Income In ived 2023-24 The Charity's Exponditure H¢)w the inc ewas nl In 2023-24 FI￿claI Investment Income Income from Investment Proper- £193.459 £690,389 Grants Housing Activit £389.644 £1.420,803 Hou81ng Athf( Other £1,1)88,551 £529 Govemance Investmrt prop8ty manag ment Finan¢ial investment man ment £78.607 £239.710 £31.726 £1872 928 £2,180 287 Balance Sheet The value of assets {195s liabilit￿) of the chaiity is shuwn belv Housing Propertie8 Land, fixtures & ffttings Irwestmgnts (stocks and shares) Investment properbes 3,085,368 652,218 5,929,384 11,152,001 &AJtotai 21,318.972 Current 888els fess current Iiabirrt￿3 Creditors (due over more than one yw) 1.506,557 (63,796) 22,761.733 21 HARBORNE AND SMETHWICK CHARITABLE TRUST (A company Ilmked ty guarante•l TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 3.2 Commentary on the Accounts 2023r24 h88 been a ¢hallenging year for the ch8rity, and the fact that th8 chanenges w8re all planned and budg8ted for ha8 made them no bss ehallenging. The charity's income has In¢￿ased s19nrf￿antty, up 12.￿% from £1.863,970 in 2022r23 to £1.872,928 in 2023r24 however, Clxls hav8 I￿rease by an even larger 17.97% to f2,160,287 in 2023r24 from £1,831,189 in 2022fd3. The charty's Kicome has grtrHn acros8 the board and 18 rgfiectwe of infpationary incmes to management and maintsnance, service and Lrtilty charges., generalty more p￿ltiVe financial market perfonna￿e and Ihg imp of new property managers in maximising inve8tmenl property retums. The charity's expenditu￿ in¢tsaseB are predominanty contained Y￿thin the almshouses bthere many prqects delay•J by COVID-19 and thg cost-of-living crrsis have teen completed but have 81s0 coincrded wtth the in$la latbn of new fire dwrs across the gnlire eslale. This had led lo a £330,470 defKil in the charity's almshouses op&raliDn in the year. lthile IhI8 is naturalty conceming it Should be noted that this deficit was budgeted and that the undertying position of the almshou8e$ service when exceptional c0518 are removed remains posittve. Despite the88 planned challenges. increase8 in the value ofth8 charty's investment portFolio have kgd lo ovwall wnprovement of the charity's total funds by £263,827. 3.3 Res•rves It is the charity's pollcy to hold 6 months. operating expenditure1£1,079.35318nd 12 months, mainienarKe ex- penditure1£221,8C61 in re88Ne in the fomi of cash. As of 30th June 2024 the ¢harity wa¥ Ih)kling £1.723,935 in cash and a total of £7.653.319 In eriher cash or easily IiqLAdated investments. The charity hokls £221.806 of Ihiq cash and £221.8￿ of these easity liquidated invgstments as a de8tgnatad planrnd manil8nance fund. While the charty'6 reseThes w)1￿Y and p￿nned maintenance funds onty call8 for £1.301,159 cAca8h and a fvr- ther £221.8CE of easity liquidated investments the tru$lees are currerrtly holding mor8 in anticipat￿n ot. Pur¢hasing add￿onal res￿entIal prcperties as detailed in the report frDm the propety committeg {£600,0001 Provision for risks identified on the risk register, specificalty w8ilar6 reform and historic leaBg eff¢vs 1É200,000) Taken together these provi8rms come lo £2,322.￿. In Ivjht of these f&toTr the charity'$ cash r85eNe does not Seem excessive yet in th8 very unlikely event that all provisions b￿me nece88ary simultarwjusfy the charity will onty need to IKJurdate £599,030 of easity liquida￿ investments. 22 HARBORNE AND SMETHWICK CHAR￿ABLE TRUST (A company Ilmlt•d by guaffaTrteo1 TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 4.0 Value for Money Value for Money (VFM) Is aknys at the ftyefront when managing the delwery of our charitable missh)n and objectives. For HPLC VFM is maximi%ing our value to.. enabl8 our ￿[dents to INe Inde￿rKIentIY in an en¥ironm8nt that inproves their health and bbellbeing, thus lessening the burden on Ihe'NHS by reducing th& need for GP and hospital viiit8 arKI admissions to care homes. supp(xt our IndivNJual grant recipients through provision of n8C8SSiti8S 8uch 88 whitegoLwJs and b8by assist kxal organi8alions in their attempts to Improv8 the heatth. welfare and ewyloymenl opwtunitie8 of the inhabitants of the ancient parish and help them reach Iheirfull potenlkql. 4.1 Arrnngements to Ensure VFM VFM drives our strategic objectrves of ri8k. assets, people and procurement. As such it runs through dl aspect of our stralegiG plans. Progr￿.1& rIg￿81Y mon*ored at ¢omm*teg meeting8 and by the fijl board cm a quar- tsdy basis. Th Fina udit mitt scrutini59 all a8pects of firianci91 perfomiance and ensures we hav8 sound financial rules and regulations. Our returns on investrnent are benchmarked so th81 we can be certain that our Stocks and Shares are approprFale and perfomiing well. Expgndiiur& against bLrdget for 011 aspects d the char- ity is ch&¢ked monthly by the Senior Man4em9nl Team. Its￿￿￿￿Iltee monitors the Ferfmance of our non40cial housing and investment pnJpertEs to en. sure a healthy balance of income and bng4emi grovrth. Investment ￿Um5 are monitored year-on-year at a property level to ensurg the charity Can di8pcw ol any underperfomiry assets and generate maxNnum retum$ on its portfolio. e Almshous8 monitors void k>ss, wrear8 and Yepairs and maSnlenance in ￿lat￿)n to our frrfe alrrr8house5. W8 undertoc* our lale8t five-year slock corHlition survey in 2019 and this has enabled the charity to carry out maIntenar￿e and improvem8nt work8 to the almshousas in a planned and Strategic manngr. it is now lo update the st(￿k conditw survey to ensura the charity continues to stay '8head of the game. and that unforeseen repair costs do not creep up. We Gontinue to t8k8 a balancgd view of maintenance, realising thg importan¢e of keeping our properties at a high standard, 80 that they remain desirabl8 arKI ansure low voij ral88. wtthout caryir4J out work before it is n￿sSary. The almBhouse comrrMtt88 also revivws large tenderfng &tivli ies to ensure that contract we compstitwdy ten- dw8d and that the charity is getbng the bgst qualty for the money spending. The chaity Is 8 menknr of the SPBM Benchma￿1Thg Group a8S05ses OUT perfom18n¢e against that of similar organMtvJns and enabbs u8 10 share g￿d practice. ctivitie8 C oversee5 our programmg of offJani8ationai and indiwdual grants lo ensure we ar8 adhering to the charity's gran15 Stratsgy. wh￿h outlines our key priorilies for the year. These pr￿rit￿$ are fegularty and attered over tim8 according to KIentIf￿d pattems of need established from IrKal r Sources s￿h 88 ONS data and neKJhbourh¢xd plans. Any applicatKJn8 mada lo the charity are asse5s8d against these prvJiti8s and onty app[￿li0n$ that damonstrate an abilty to evidence th8s8 needs are funded. The committ8e will receive reP￿ts on the achievement8 each award made and compared the costs of each InterVenth￿ against tha number of benef￿￿7r￿ r( supported and the IM￿ it a¢hieved. HAR80RNE AND s￿ETH￿ICK CHARITABLE TRUST IA company Ilmlted by guarante•) 4.2 Benchmarklng Ranklng Tha charity Ims c(ynpared its perfom)anca agalnst l¢xal hou8ing charlres that fom) the SPBM ISm8Uer Provid- ers Benchmarking) Benchmarking group. The charity has a combination of mandatory Thtric8 from the Regu l*or for S¢xial Housiig IRSH) and other metrics shaTed across thi5 group to assess it8 reiative p8rfornanc8. The results of this comparison are dats1￿ in the table below showing how this year's perfO￿nanCe compares to laBt ￿rf8. and giwrvJ 8 8hort narrative explanation of vthat the metric means and why the charitiP3 Ferkrf- man¢e is what it 15. FNialty. the charity ha5 ￿cluded its rank out of the 14 SPBM memb8rs: 8PB Ronk lo￿01 thè Rggulator HOU￿￿0) lllll Iiiii The total SI￿8[ st￿kMa aged ty Ihe ¢hartty r)85 rernanèj U[tha￿ed sirth 201711& ￿ ¥AII carÈ*Jlty Jr￿j￿t0l IhÈ wgovem- ment's 5trakw ?rKI 88- 40ssvththrthe 0￿ra￿￿ en￿. r¢ThnErt tec£*r￿S ¢￿dUC￿e to th8 gru*th ofthe hr￿￿4 WA 11 11 11 11 11 The pwc8nt•Jè oflnrknwn Ic*tto Vokl Ic•• i¢neth& Oft￿ Incr88#e In rfrlet ihw h85 treen ITh ofth¢ nJnberofff*8 requ￿1￿3 02 0.38 0.48% 0.71% Abwage hwle Irbro￿￿ psrt beca￿ oflhe amourt or r bishrnent requlred14 dtspropor- tkinate nth)erof lh8 ¥0￿& **re $mDkersl andlhè rnmbeTofvo ats that had not alrèadyhad %%pt ¥wm wrrrion5. De8pts Ihb in. tyea5e charlty ￿ th4nc•J In Av. r&letth al￿ rB.tets Iday41 17 18 18 20 R•nt iMICl as a F¢r. centsge du8 ha• I rAeas•Y $ibyty. Thefiwre ¢*sth8tthe chwty rent thanls due. TN8 cal¢6 thHt TW resldents are theMIC kn ad¥4Th R•nt cole(IwJ 10J.29 99.37 11>J.8% rerrtlenoTrtarrepJ8 I￿¥￿￿r various reason8, ha¥e to pay all charg&s d￿. 8r>yJur have pa￿￿ni ￿an3 kn the. De. spltptlds Increaselhe thwity swt has c*58 Wing orrears mwi•J 37 arrewd (%} 1st tknl yrat. trg mwgin fAI IRSH 101) 03.13 41.52% gln ha8 slgrlftcanty. TNS Ls rellth* oflhe sh3rtt*# -30 36% thré >wr. 24 HARBORNE AND SMEfHWICK CHARITABLE TRUST company Ilmll•d by guarantsel TrUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024 • by th• R¢gulqtor for Soc H¢￿Ing} 201Val Rank (Out 14) Srxtal hjusl 1111 irYJ margirs IH5 decre¥Aed. Ls ref£cltYe ofthe rdn%*st. rr*r# Inthe c(*t 018taff Ihatare rK)t chrydto sk18ntstsLK*bos th8 Swrt or. -6.81 .927% .1626% (RSH 102) 11 EBITDA MRI la• a wrcent- EBIT￿l MRI rthJ h8$ demE•d ￿U98 oftlE in- I46.￿* 41.8VIJ 104.ge% -28.9tsh chatty It￿lI￿1n5 suffidw)t Iw reJeThE6 In 8x¢eu of£1.7￿￿ IRSH 103) 11 11 The clkirity rJ bwggw*J. Th• tharity 48 Wryd off its roan Mdlhe outstatK¥ng bol8t￿ de¢re85es fromyearto yoar. The tharltyhas loctsj **0 pawrYJ IhE Dff aarfy but rtr Gearfffj (RSH arAI Scorecard rnÈa5WBI 9.16% 4A -57.U4% 46.2VA NIA (RSH 203 r￿C￿l. Nw $wJ* of r￿sL￿181 hwlw th15 year. The Ike to th¥dop uth ixrt re- greaierdarity 1st Un￿ holj c&Tr7IL Thp ranklry 1$ e•tsblis ) the b88b unlls (RSH 2041 tharliy h* Tr)t deH¥wed any newrbWo1 Lmrts In 2￿3r24 Ihfr chwty h&% N*4 dB1￿￿ed In(Tr scthl 11111 11 Ilal purchase8 tsfvyear8ThJ and VAI rwrIiht￿ ￿ th* tsble 2024125. ThE r8nW Ls based recenty norwci81 urats re •Jded to ￿rP￿￿oI￿]. ( ran￿￿j $tpM the r*Arfty •Jr*d unit8 mst ofour NIA MIA 1st 11 25 HARBORNE AND SMETHMCK CHARITABLE TRUST {A company Ilmlted by guarantse) TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 s d•fflned ty th• Regul•ior 201W20 20211ra1 2022123 20231241 ijiiii Rank (Qutof for 80¢*1 HOU￿￿) and￿Re lh* may seem cOL￿teri gwen hrwl much the charity 5P6nt ImprowN4 &m8house6 a $rnal Per¢￿tage ofthe48 2.75 IRSH 304 up lThB. In addwt. ¢h•ty t dear8d artyftlty d8p[ed￿ed os. 8elstrthm th8 fixed assèt regL%ter hfig akno had the bnpad ol IMrfryJ th15 score. 11 Th8 rettm th) eapttal emrADyed15 KlditlyXnk8d lothe perfNmanc of lh8 inve5trTrert% aThJ tl* Jntts L*arfty SF¢TrJs. IROCE) % 0.19% 4.12% 2.9% (RSH 4011 The lola h08th￿t•s1 wr8￿81 h(wlny I￿￿OSey s￿n￿. cty. Thb L8 ref•thE ofthe I croo$ed ofcarA¢al Spend Ur￿ertAken as*￿1 48 cant In rthracts SLKh aB IM M8lnt*￿r￿ or tr. arws colts ote often wh*) u)rrp3red lo because of the addffjonal cost cffjtosupp¢rt And thdè 8(kn- es to (w re8thrts. TrsEc<*ts are Trjt passed on to re8lderts and we not H8 Èkuibk Ih8 ¢harW5 WMC rernalns compet. ye￿ ts r8St of owsectrf vAth an aVerag&tr￿ Ch￿ uf £216.01. mw aknJ)8t4k5cfibe Our5d￿ 85 pfoL*I to be expensh* rB Bj we I￿ uttl*lrvJ the¢harfV$ luThJs to kThwJe antt an ertsncad serts that gces and Ihat of a $iaTra¥d SC¥Jal hfAJsino ccot £10.146 10.057 £11W 13.863 IRSH ￿)1) 26 HARBORNE AND SMETHWICK CHARITABLE TRUST IA Company lkntted by guarnnte• TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 6.0 R8sident Satlsfaction In 2024 the charity carried oui a re8klent satisfaction 8uN8y based on the Tenant Perception Meagures (rpm) reltrased by the RSH in 2023. The suNey was d￿ributed to all residents by hand. To encourage residents to respond, all respondents were entered into a prize draw for £100. Out of 106 rasidents, 83 responded {a re sponse rnte of 78.3%) which 1$ considered excel￿nt. The survey w88 conducted using a papar questionnaire. with an electronic version ffladg available upon request. Once resident details had be8n removed and entered into the draw the retums were anatysed ￿ony￿b)U5ty. The key questhJns covered tenant S8ti8factb)n with overall s8Nu8, repalrs, safety, arKI resident engagement. Each question was rated on a scale of 1 to 5 {1 = very dissatisfied, 5 - vary sati8fied). Foll0Y￿ng the guidance of th8 Regulalor of S￿181 Housing, 8atisfactK)n was calculated by combining the'5s' (very satisfied) and the '4s' If8irty satisfied). The r8sults were as follows: 5atlsfacUon Mea#urn Sallsfactlon Score 99% TP01.' Overall Salisfactton witti SeThtce Provided TP02.' Satisfaction with Repairs TP03'. Salisfxtion with time taken to complete most rewt repair TP04.' Satisfaction that your hc*n8 is w811 mainlain& TP05: Satisfaction that your hom8 is safe TP06'. Sal￿￿1n that the landlord I￿ten9 to residant and acts upon them. TP07.. Satisf&tion that the larKlkJrd keeps residents infomied about things that matw to them. TP08: Agreement that the landk>rd tr8818 resid8nls fairty and with r8speca TPCQ.. Satisfaction with HPLC'S approach to handling compl8inl$ TP10'. Satisfaction that HPLC keep8 D)nvnunal areas clean wellwmaintained. TP11.. satthclK￿ that HPLC mak05 a posIt￿ eontribution to ngighbourhcxxls TP12'. Satisfxtion wth the ￿ndknrd, 94% 96% 1CrfJ% 95% 98% 100Q 99% roath to harKllin anti-8￿la1 behaviour Areas residents are le88 satisfied with NIC1￿le the approach the charity t&k86 to antlsocial behavrour and thB time tsken to comp18tg the M$￿ recent repairs. The charity has investigated and found that all repairs c(x pleled in the 6 months preceding the i88ue of the que81iDnnairg were c£Jmpthd within the tim85cales identffjed in the charfty's repalr8 pOI￿y, hctwever, d8arfy the charity needs to work wrth residents to ensure the lime- scales in the policy are ￿fl￿t￿e of r8sidenl aSpIr*￿n$ and under¥tood by residents. Residents are1885 confident Ihal the ch8rrty makes a positrve c4Jnlributnn to neighbourhoods. tt should be not&J thet at 85% satisfied this area does $¢ore particulady low in L*>jeclwe h¢Y￿r. it merits s cral ITeatmant a5 the lowe8t ￿oring question. We believe that the question wa5 not well und8rsto(*J and that residents 1nterpreted'ne￿hbourh0Od" a5 the wider getraraphrcal area rather than IhB community within the chanty's control. It is also possible that the chartty's wider communty initHtiveg such as the charity's grant pr gramm8 or its partKipatK)n li W8sl M￿JIan￿ Funder Network was not well urwjerstood by residents. The charity win publicisa these activitie6 over the noxt 12 months. 27 HARBORNE AND SMETHMCK CHARITABLE TRUST IA company I￿￿ted by guarantee) TRUSTEES, REPOFrr FOR THE YEAR ENDED 30 JUNE 2024 Hc¢*6ver. overall leedbad( has been very positwe with residents particulaty liking that they feel safe in their homes. the way th8 charity handles complaints. the Charity's repairs service, th8 general C￿an11ne￿8 and tid ne88 of the schemes and the over811 service provKlad by Charty. We look forward lo next yearwhere these rosutts can be contrasted with our peers and expect to compare very favourabty. It is clearfrcffn this f8edback that re8idents at HPLC propertie8 live happy, sale and ojntented lives and while there is ahways r(￿M for imFwvement the resutts refloct tho hard work of the charity 8taff I￿rI. Dlsclogura of InfOrnia￿On to audltor Each of the per8ons who are Trustees at the tim8 when this Tru$lees' rewt is appToved has confimied that.. so far a5 that Tn￿te98 are aware, Ih8r8 Is no rel&vant audit infomiation of wh￿h the ¢h8rity'8 audiior un￿re. ?￿d the Tru8tee8 have tsken all th& s18ps that ought to have been taken a8 Tru51ees in order to be aware of any relevant audrt irrfomithn and to estsbli8h Ihat the charity's audltor is aware d th81 1nfonr￿tI0n. AudFtor The auditors, Crowe U.K. LLP, have indicated their willingn888 to continue in off￿. The designated Tn￿e8 will propose a motion reappointing the auditor al a meeting d the Trust￿. The Trustee8' report. i￿rporatI1g a strategic reFth. wa8 approved by order of th8 Board of Trustees and on the tx)ard's behaLI by.. MrD Chairnan 28 HARBORNE AND SMEfHWICK CHARrrABLE TRUST (A Company Ilmlled by guaranteo) 8TATEMEKf OF TRUSTEES. RESPON81BILITIES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees are re8ponsible for preparing th& Trustee8' rewrt and the financHI stalemerrts in accordance with applT¢*le law and United Kingdom Accounting Standards (United Kingdom Ganerally ALxepted Account- ing PraGtKe). Th6 law applthl8 to charitres in England and Wales roquires the Trustees to prepare financial statements for e&h financral year which gwe a true arKI fair v￿W of the state of affair8 of the Charity and of rts incoming re- sources and application of resourc8s, licluding Is income and expenditure, for that period. In preparing the88 financial statements, the Trustees are requir8d to.. select suitable a¢coLmting ￿￿￿1?5 and then appty them Consistent￿.. observe the m8th¢xls and principle8 of the Charitiès SORP (FRS 1021,. make judgements and aC￿)Unting estimates that are r&qsonable and prudenL Stsle whether applrcable UK Accountiro Standa￿8 IFRS 1021 have been follow￿, Subject to any ma teri81 departures disctosed and explained in the finarKial state￿nIg,. prepare the financial 8tatemenls on the going concgrn basis unless it18 Inappropriate to presume that the Charity will continue in bu8in88S. The Truste8s are r8spon5ible for keeping adequate accounting records that a￿ 8uffident to show and explain the Chanty's trans8clions and disclose with reasonable accuracy at ary time the financial p08itton of th& Char- ity and enable them to ensure that the financial ststements Comply with thg Charili8s Act 2011, the Charity (A¢- counts and R8POrt81 RegulatKJn$ 2008 and the provi8ions of th8 Trust ¢Yeed. TW ar& also responsible for safeguarding the assets of the ch￿ and hence fortsking rea80n8ble steps for the prevention and d&ectr of fraud and otlkr Approved by order of the memb8r8 ofthe boa￿ ofTrustees and signèy on ts beh8W by.. MrDJ Chaimian Date: )f. IZ.71t 29 HARBORNE & SMETFfMcK CHARITABLE TRUST {A company Ilmltod ty guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARBORNE & 8METHWJCK CHARITABLE TRUST Opinlon We have audited the fin8ncial statements of Hathrne & Smelhwick Charil8ble Trust (the 'parent charitable companl) and ils subsidiaries (the 'group'l for the year ended 30 June 2024 whi¢h ¢crfnprisa the Con¥olidated statement of financk81 &tNities, the Consolidated balance 8heet. the Charity sheet, the .￿nSOl1d8Itry stat￿ent of cash fiows and the related notes. including 8 8ummary of significant accounting policies. The fin8nckal reporting framework that has been appli*J in their preparalK>n is appI￿able law and Unf(ed Kingdom Accwnling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK Republ￿ of Ireland, {Unit8d Kingdom Generally Accepted Accounting Practice). In our opinKJn the fin8n¢ial statements.. gtve 8 true and fair wew of the slate ofthe Group's and of the parent eharTtabk8 eompanls affairs a$ al 30 Jun6 2024 and of the Group's incoming resources and applicsti¢)n of resources. including its incom8 and e>penditure for the year Ihgn ended. have been property prepared in accordance with Unitod lQrvddom Generalty A¢*pted Accounting Prxtlc8,' and haNE been prepared in &cordance with the requirements of the Charitie8 Act 2011. Bas15 for oplnk+n We conductwj our a￿lIt in accord8nce wtth Intematicjnal Standards on Au(ffting (UK) (ISAS IUTrQI and applicable 18w. Our ￿sponSIbl1rt1e3 under those standards are further described in the Auditorfs responsibilities for the audr( of the financial 8tatemerrts section of our report. We are independent of the Group in accordance Imth the ethical r￿uirements that are relevant to our audit of th8 financial $latsments in the United Kingdom, including the Finan￿al Reporting Council's Ethical Standard, and we have fulfil￿￿ our other ethical responsibilities in acCOrdar￿ with these requirements. We beligve that the audr( ewderKe we hav8 obtained is suffKrant and approyiate to prowde a basis lor our opinion. Con¢luslon8 r•latlng to golng ¢oncgrn In audilrng thg financial $latem8nt8, we have con¢luded that the Trustee8' U8e of the going Co￿@M basis of accounting in the prepatalion of th8 financial statements is appropriate. Bas8d on the w¢)Tk we have perfotm&J, we have not identified any m*erial u￿tsin11eS relating to events or condition8 that, indrvhlualty or cofiectivety, may cast signfficant doubt on the Group's or the parent charitable ¢cmpany's abilty to Continue as a going concem for a period of at 18ast hvefve months from when the financial statgmenl8 are authorised for bSSUe. Our responsibilities and the responsibiliti85 of the Trustees respect to goiry (￿)nG9M are de8Crit*d in the relevant SeCt￿an5 of this report. Page 30 HARBORNE & SMEfHWICK CHARtTABLE TRUST l>.=ompany limited guarantsg) INDepENDENT AUDrroR'S REPORT TO THE MEMBERS OF HARBORNE & SMEfHbllCK CHARJTAgLE TRUST (CONTINUED) Other Inforniatlon The other infomiation cC￿PriSes th8 infonmation inGlutsd in the Annual report other than the financial statements and our Auditorfs report ther￿n. The Trustees are responsibl8 for the other information o)ntainad within the Annual report. our opinion on the financ￿1 $lat8m8nls does not cover the other information and, except to th8 extent otherwise wJlI￿tty stated in our repor¢ we do nat expr8ss anyfomi of assurance conclusion Ihereon. Our respon8ibilty is to read the other inftjrynation and. in doing so. ¢onsider whethor the other infomtstion ks materialty inconsistent with the financial statemBnts or our knC￿l&dgQ obtained in the course of th8 audit. or othenvise appears lo be materially misstated. If ￿ identfy Such material inconsis1gn￿eS OT apparent material mssstalemenls, V￿ are required to determine vthether this givas rise to a material misslatemant in the finawal statements themsefve8. If, based on the work we have perfomied. wg conclude that there is a malorial mis8￿¢ment d thi8 other lnfom)ati￿. wè are required to teport that fact. We have nothing to r8POrt in thi8 regard. Matters on whlch we ar• rwulred lo report by 0￿PtIOn We have nothing to report in resp8Ct of the following matters where the Charitie8 {A￿oUnt8 and Reports) Reguk7tNJns 2008 requir8s u8 to report to you rf, in our opinion.. the infornietion given in the Trustees, report is inconsistent in any mthal respect the ffinancial statements.. or the parent charitable cunpany has not kepl sufficient ar￿untIng records." or the parent charitable company financi81 ststements are not in agreement wlh the accounting r￿ordS and ratums., or we hava not r8c8ived all the information and explanation$ ￿ reqLwre for our aud Responslbilitles of tru8tg6s AS explained more fvlty in the Trustees, responsibiliti88 ststemgn( the Trustees {*tho are also the directors of the charitabk8 ccrfnpany for the purposes of ¢(￿panY are re8ponsible for the preparation of the financ ststements arld for Eeing sati8f*d that they give a tnje and fair vi8￿, and for $u¢h irrtemal control as the Trusl8e$ detemiine is necessary to gnable the PreParat￿n of finonci&l 8tatements that are free from material misstatement, wh8thgr due to fraud or errry. In preparing the ￿n￿)cial statemgni8. th8 TnJstee8 We rasp)nsible for assessing the Group's and the parent ¢haritabb companrfs abilty to continug as a going concem. disdosing, as appI￿le, matters relatad to goirffJ concem and using the going conc8m ba818 of a¢¢ounling unless the fnJ81ees either intend lo liquidate the Group orthe parent charitable company orto ￿0$e opgraion8. or have no realistic alematr¥e but to do so. Page 31 HARBORNE & SMEfHWICK CHARITABLE TRU8T (A company Ilmlt•d by guarante•) INDEPEMDEMT AUDITOR'S REPORT TO THE MEMBERS OF HARBORNE & 8METHWICK CHARITABLE TRUST {coKfiNUEDI Audltorfs r•sponslbllltiM lor the audlt of the flnanclal statsments We have b8an 8pOnted as auditor und8[ sectron 151 cl the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effe¢t thereundor. Our objective8 are to obtain Teasonable aSSUTancg about whether the fironcial statements as a whole are free frorn material missta18ment, whethèr due lo fraud or error. and to issue an Auditors re￿t thal includes our opinion. Reasonable assurance 1$ a hwJh thl of 88surance, bul is not a guarantee that an audit conduct9d in accordance with ISAS IUK) will ahvayE detect a material misstatement when it e￿sts. Misstatsments can ali88 from fraud or error and a￿ considered material rf, indrwdually or in the aggregate, they could reasonabty be expected to inlluen¢e the Konomic dausion$ of useTS taken on the basis of thesg financial state￿nts. Irregularities. W￿lUdIng fraud. are inslancgs of non-CLNnpliance ￿th law5 and 1ggulalion8. We design procedures in Ine wilh our r95pon8ibilrties, ¢)uUined above. to detect malorial mr6slatements in respe¢t of irregularitm, inchJdiThJ fraud. The extent to wthich our procedur8$ are Capable of detecting irregularities, including fraud is detsiled b910w'. Obtaining arKI undgrslanding of the kgal and regulatory frameworks that the Charity operdles in. focusing on th08e laws ond regulations that havo a direct eff&t on the fvian¢ial statements,. Enquirrng of managemerrt and Trustees arourKI known or SU8p￿ted instances of non-corrpliance of laws and regulations and fraud,. Discussing amro the ervJ8gemant 18am regarding how ￿ere fraud M￿aht occur In the fin￿¢181 statemen18 and any potentkql in(l¢ation5 of fraud.. Remewing minut8¥ of meetings otth08e Gharged wlh govemaKe' Revp4ving Financ￿1 Statanent disclo8Utes and testing to SUP[￿ing document*ion lo assess complance vAth applic￿)18 I￿3 and regulaknns" and P8rfomiiig in relation lo the risk of mar)agement overrido. including testlng of loumal entries and other adjusknents for appropriateness and review￿n9 accounting gslimates for tAa5. Because ol the inherent I￿ltatiOnS of an audit, there is a risk that vm wll not detect all kregulariti88. including thosg le&Jing to a malerial misslalemonl in the Tinancid stat8men18 or nonw¢ompliance wf(h T8gu￿1￿jn. ThiB risk iruea888 the more that complianc8 wrth a law or regulation is remov8d from the events and transa¢t*￿S reflected in the financial Statements, as will bg less likely to b￿Ome aware of instances of non-compliance. The risk is also greater regarding irregularities o¢¢urring due to fraud rather than error. as fraud int?ntK￿al concealmenl, forgery, collusion. omissh?n or misreprw8entation. A further description of our respon8tbrfitses for the audit of the financtal sts18ments 15 located on the Fiian(xal Reporting Coun¢il's website at.. www.frc.o This dO￿riptIOn form part of our A￿￿rt0￿8 report. HARBORNE & SMErH￿cK CHARITABLE TRUST (A compw Ilmlt•d by guarante•) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARBORNE & SMEfHWICK CHARITABLE TRUST ICONTINUEDI Use of our roport Thr8 Teport is made 5018ty to tThe Charitys trustegs, as a boty, in aC￿rdanCe y￿th Part 4 of the Charthes (Accounts and Reports) Regulatic￿8 2￿8. Our audit work has been undertaken 80 that we might slal8 to the Chakivs trustees thosa matters we are required to state to them in 8n Audrtorfs report and for no other purpose. To the fijllgst extonl pemiitted by law. we do or assume responsibility to anyone other than the Ch8rWs and ts Iwstees. as a body. for our audit wort(, forthi8 rep¢Nt, or for the ¢)pinrons we have formed. cr￿ U.IC LLP Statutory Auditor Blad( Country House Rounds Green Road Oldbury West MKllands B69 2DG 19 December 2024 Crowe U.K. LLP are eligible to act as auditors in temis of section 1212 of the Corrwnie8 Act 2006. P8ge 33 HARBORNE & SMETFfMcK CHARITABLE TRUST IA Gompany Ilmitea ty guarantse) CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIE8 {INCORPORATING INCOME EXPENDITURE ACCOUN FOR THE YEAR ENDED 30 JUNE 2024 Unrostrfcted Endovm)ent funds funds 2024 2024 Total funds 2024 Tolal fvnds 2023 Incom• and endowments from: Charit*k activities Investments Other income 1.088.551 783 1,088,551 783,848 95&530 707,079 361 529 Total Income and •ndoYhinwts 1,872.928 1,872,928 1.663.970 ExP￿dttura on: Raising funds Ch￿table actlvlti8s'. Housing activit￿5 Grants in reliel in r)8ed G0￿ManCe costs 26.006 271,435 375,358 1.281,739 389,643 78.60S 138.864 IA20,603 389.643 78.606 1,032,030 355,446 64355 Total 8xp8ndilure 1.775.993 2,180,287 1.831. 189 Not Incomel{expondlturo} bofore net gains on Investsnents Nel gains on inveslmgnts 96.936 321￿17 (384294 229.669 1287.369) 051.186 {167.219J 858, 162 Not movement in funds 418h52 (1¥625) 263,827 690,943 R8conciliatlon of funds." Total funds brougm forward Net mvement in funds 6,60S,206 10,992.700 418,462 115<626) 22A97.908 21,806,963 690.943 Totsl funds carrled fomard 6,923,668 15,838,075 22,761,733 22.497,906 Th6 c￿$0￿dated Statement of Financid Activibes includes all gains and105ses rec¢¥nised in the yw. The note8 on pages 3910 61 lomi part of these finanu81 statements. Page 34 HARBORNE & SMEfHWICK CHARITABLE TRUST (A company Ilmlted by guarant•• REGISTERED NUMBER.. 11217433 CONSOLIDATED BALANCE SHEEr AS AT 30 JUNE 2024 2024 23 Nol• Flxed 48¥Ots Tangible assèts Investments Invéstment property 12 14 13 4,237.687 0.929,384 11.152￿01 4,308,&15 4 168,657 11, t43.QQf 21,31&972 20,620. 163 D8btor8 Cash at bank and in hand 16 196.977 1.723,934 166. 156 2, 14&863 1,920,911 2,312,019 credi￿.. arrrf)unts falling due wthin on8 17 14143541 (369,557) Not current a580t8 1.506,SS7 1,942.462 T*)ial 488gts10gs currgnt Ilabi1tt188 22.825,529 22,562.625 CT8ditors: amounts falling due after mcKe than one year 18 {64796) (64, T19J Tothi net ass•ts 22.761,733 22.497.%16 Charfty fvndj Endowment fund8 14838.076 6,923,658 14992.7 Unrestrictad fund8 19 6.594206 Totsl fund8 22.761,n3 22,497,906 Page 35 HARBORNE & SMETHWICK CHARITABLE TRUST (n company Ilmlled ￿ guarante•) REGISTERED NUMBER". 11217433 CONSOUDATED BALANCE SHEET (CONTINUED) ASAT 30 JUNE 2024 The Ch8rtywa8 entitled lo exemptKJn from aLKlrt under s￿li0n 477 of the Ccrfnpanie8 Act 20(￿. The mernb8rs have r)ot require(I the entity to obtain an oudit for the btar in queslioo in acwdance h￿th sectton 476 ofthe Cunpani8s Acl 2006. Hmvgr, an autht 18 required in accordance v4iÈh sectK)n 151 of the ChaTtss Act 2011. The Tnjstees ￿kn￿¥ledge their respon8ibilhie5 for compfw'ng Imth the requirement8 of the Act wlth respeGt to accounting record8 and Preparati￿ of financial 8t*ement8. The financial statements h8ve been prepared in accordance with the provisions applicable to entities subject to the small companies rggime. The financial slatemnts were approved and authoti5gd for Issue by the Truslges and $lgned cm their behalf ty. MrDJ IChaimwn} I¥. IZ.4 The nth$ on p4e$ 39 10 61 fomi part ofthes9 finan¢ial Stat￿￿ents. Page 36 L4RBORNE & SMETHWICK CHARThA8LE TRUST IA company Ilmlted by guarantee) REGISTERED NUMBER: 11217433 CHARITY BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Net ¢urrert a88ets Total net assets charlty lundB Endcswment fvnd8 Unr8slricted funds Total funds Charivs net movement in funds for the year was £ThIL (2023- £NIL). The Charity wa$ errtttled to exemption from audit under section 477 ofthe Companies Act 2006. The members have ncl requir&J th8 entity to d)tain an a￿lt for the ￿r.in question in accordance sa¢tion 476 of the Companies Act 2006. H￿￿er, an audlt 1$ required in accord8nce with section 1 $1 of the Chariliès Act 2011. The Tru5te8s their responsibilili8s for cownptying ￿ the raqulrements of the Act with respect lo a¢¢ountiNJ records and preparation of financial staements. The finan¢ial statements have been F*epared in xctydance with the prnM$p)ns applicabb to enlliies subject to Ihe small companies regime. The thancial statemerts were approved and airthorised for B8u8 by thé Trustees and stgned on their belwlF by.. MrD (Choirman) Dat8.. I*.IE2f Tho notes on pages 39 to 61 fom part of these fmancial statemnts. Page 37 HARBORNE & SMETHWICK CHARITABLE TRUST 1.4 company limitod ¥. gu•rants•l CONSOUDATED STATEMENT OF CASH FLOWS FOR ThE YEAR ENDED 30 JUNE 2024 2024 2023 Cash fi¢>￿ Irom operatlng activltle8 Net cash used in oporaling actNitEs 21 (895,31JO} (6T7,498) Ca8h flows from Investing actlvkkns Dmdonds. interests and rerrts from Mivestments Purchase of tangible fixed assets Pnxe8ds from sale of invesknents and investment property Purchase of investrnents and investrnent property 783,848 707.079 177.928) <1￿.524) 886.591 444.5J6 1984.947) (436. 719) Net provlded by Inve8tlng •ctivltle8 607,566 614.342 Cash flows from financlTrg actlvi11os RePa￿ents of bcYr¢y•41NJ (835) Net cash used In finan¢ing a¢tlvltles 1923 {835) Change In cash and cagh oqulval•nts In the year Cash arbtl cash aquwknts at the b89'nning ofthe year 1288.667) 2.173,011 163,9911 2.237,Q12 Cash and cash •qulvo1gnts at tho end oftho y￿r 1,884.354 2,173.011 The nrth on pages 39 to 61 form part Oft￿Se financial slaterronts Page 38 HARBORNE & SMEfHWICK CHARITABLE TRUST IA company lknlted ty guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 G&neral Informthn The Harbome 8nd smet1w￿( Charitable TnJ8t is a private company limited by guarantee wistered with the Charty ComMi￿10n and Companies House in EngLqnd and Wales. Its registered offi¢e is 109 Court Oak Road, Harbome, Br￿Ingh￿, B17 9AA. The natur& of the operation8 and prinopal a¢tNilie8 a￿ ffjlwing need in the an¢*nt parish of Harbtyne. A¢¢ountlng pollcles 2.1 BaBls of pr•paratlon of financlal stst•m•nts The fin*cial staternents be8n prepared in accordar￿8 with the ch￿tiO8 SORP {FRS 1021- A¢¢ounling and Reporting by Charit*.' Statement of RecommerKled Practi¢e applicable to ¢haritie5 preparing their accounts in accordance wrth the Finanor￿ ReportirwJ Standard applKablo in the UK and Republ￿ of IreIar￿ (FRS 102) leffectwe 1 January 20191. the Financial Reporting Standard applic*le in the UK and Republic ol IreLqnd {FRS 102) and the Companie8 Act 2()x. Harbome & Smethwick Charitable Trust meets the d8finthon of a publrc b8nefrt entity under FRS 102. Assets and liabil￿e$ are inilialty rerngnised at historical cost or transaction value unles5 otherwise stated in the relgvant accounting policy. The Consolidated 8t*ement of financial acbvibes (SOFA) and Consolbjated balance sheet cxjnsolidate the financAal slalemgnts of the Charty and ts subsidiory undertaking. Thg re$￿t5 of tho $ubsidiary ale consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Compani&s Act 20C6 and has not presgnted ts own Statement of financial activthes in these financial slalgmgnls. 2.2 Golng ¢on¢em After rev￿￿ng the Chartys forecasts and projection8. the Trustee8 con8ider that the charity is placed lo manage the business risks it fa¢e$. This positron 1$ supported by Strong ¢ash bak2n¢e$ and Suffici￿1 level of rBservas. The Trustees therefore have 8 reasonable expectation that tne charity ha8 sufficiènt re80urces to continue in operational ￿$ten¢e for the foreseeable fvture and believe that there are no matsiial un¢ertaint*s that call irtts doubt the ability of the charttyto continue as a going concem. The charty therefore conlinue8 to &Jopl the going concem basi8 in preparing its financial statements. Th8 char￿S pL*nniny processes, induding financial proieL*KJns. take into conspjeration the current 8tsJnomic climats arKI its pcéential imp8Ct on various source5 of incryne P￿nrth WAP8nditu Page 39 HARBORNE & SMETHWICK CHARITABLE TRU8T {A ¢ompany iimrtea" Dy guarnnth• NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles (continued) 2.3 I￿orne All is recogni8ed once th8 Charity ha5 entitlemgnl to the inccfft&, tt is probabl8 that the irKom8 ¥￿11 be reC￿j and the amount of income ￿1Vable can be rnasu￿ relk8bty. Income from housing 8¢tMtss represerrts rental and serrfrce chaffdes income weN&*le in the nel of rent and Serv￿ charges bsses from voids. Inv8strnent IncC￿e from invgstmenl properties is recognised as il falls due. Dividends and interest income 18 re¢ognised as the Charills right lo recetve payment is established. Rental income from Inv68tment propgrties 1$ recognised on a re¢eiv*Jl8 basis. Pagg 40 IARBORNE & 8MEfHVIICK CHARITABLE TRUST IA Comp￿ Ilmlted by guarnntso) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcl8s (contlnued) 14 Expendlturg EXpendItL￿ IS reGognised once there18 818gal or eon8tNctNe obfigatwjn to transfer economic tenefit to a third party, it 18 protabkg that a transfer of economK beneffts wll b? required in 8ettl8menl and the amount of the obligation can be rwsured reliably. Exp8rKlf(ure is dassffi&J by activity. Th8 costs of each acttvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each actimty. Direct costs attributable to a single actiwty are all¢xalgd directly to that activty. Sha￿￿ costs whth contribute to mor& than one actmty and support COSts which are r￿￿ attributable to a single actwty ar8 apportioned tetsveen those activities on a basis consistonl with the u88 of resources. Central staff costs are allocated on the basis of time spent, and depreaat charge8 all￿ted on the portion of the assefB Usa. Support ￿ are those costs incurred directly in support of exp8rhYiture on th& objeth of Ihe Chartty. Governance costs are those incurr9d in connection with administraion of the Chaiity and coryliance th consitubonal arKI ststutory requirements. Costs ofg?ner8ting fund8 are costs incurred in mnaging Investm￿ assets. Investment man33emanl costs are apFQrth)ned funds based on tha percentage of the re￿vant as¥ets held in the fund. Charitable activities and govemnce costs are costs incurred in Ihe Charivs operati?ns. includlng support Costs and costs relating lo the governanc8 of the Charity apportioned to charitable actwitw. Grants payabl8 ara ¢harged in the yew when the offer i¥ made except In those cases Whe￿ th8 offer 18 eondrtional, such grants being recogni58d as expenditure when the condf(ions attaching are fulfilled. Grants offered subject to conditions whrch have not been met at thg year end are nobl as a cnmmithent, but not arKwed as exFenditure. l expenditur6 1$ in¢lu$i¥e of irrecoverdble VAT. IG Tanglbh flxod a88ets and d•prn¢latlon Tangible fixed assets (induding 80cial housing properties) are carried at cost (or deemed costl, net of d8pieciation and any provisKin for any impaimEnt. Cost includes costs directy attribLrtabfe to making the asset capable of operating a$ intended such as the cost of acquiring lond and buildings, devekjpmenl costs, interest chaw on loans during the devebpment and expenditure on improvamenls. EyperKlrture on improvements will LMly be capitali￿￿ when it resutt8 in in¢remental future b8nefil$ such as incr￿Ing rent81 incune, reducing m￿ntenanCe c08ts or rosuming in signifiwt &xt8nsion of the u8eful economic lrfe of the propety. Housing properties In the course of ¢on$lruction are inc1￿￿ed st costs incurred to dat& D8pr&iation on thgse a88ets is Mt ¢hargod unti they are brought into use. Major c1)M￿nents of housiThJ properties. such as lifts and warden alam) systems have been accounted for and deprecthd sep8ratety from the connected hou8ing prcperty, ovBr their expecteA uB8lul aconomic liv88. The (tsefvl e¢OnC￿l¢ IbV8S cl18ngible f￿1 assets are rev1w￿l annualty. Page41 HARBORNE & SM￿HWICK CHARrrABLE TRUST (A Gompany Nmlted by guaranteo) NOTES TO THE FINANCIAL 5TATEMENT8 FOR THE YEAR ENDED 30 JUNE 2024 Accountlng poll¢ie* {continued) 2.5 Tanglblg Ilxed assets and depreclatlon {contlnuedl Depreoation is charged so as to albcate the cost of tanglbla fixed a88ets their residual value ¢)ver their estimat8d useful lives. Depre¢iatp)n is rKowded on the following base8: Land Offica bulldirwj Fixiure8 and fittirvjs Ccwnpuler equipffEnl Roof stNctur8 and covering - 70- years Wlndows external dcinion. market value5, adual ￿CUpancY and knowledge of the local aiea. Critical areas of I￿eme Permanent end¢>vment fijnds - due to the age of tho Charlty and changes In mc¥Jem day regulatlon, the Trus18es are 8ware that it 18 difficult to ascertain with certainty the absolute values and ¢¢mponenls of the Pern￿nent 8nd¢￿ment funds. They have appl￿ judgement to th8 split of assets arKI 8llctation and ap￿1¢)nment of eligible costs lo those fund8 based on hi¥torK evidence and prxtice. Valuation of investrnerrt properties - the Trusta8s consider the assessment of the valuatfvjn of investment properties to be 8 key area of judgement, wth the factors impacting upon this assessment being outlined Page 44 HARBORNE & SMEfHWICK CHARITABLE TRUST IA Gompany Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDeD 30 JUNE 2024 Inc¢)m• from charltable acllvltles Unrestvjcted funds 2024 Total fund5 2024 Weokty maintenance eonlrilyjtion SeThi￿ charges receivable Utilit￿8 recharges 612,654 322,350 153,547 612,654 322,350 153A47 Total 2024 1,088,551 1.088.551 Unrnstsicted funds 2023 fvn(ts 2023 Weekty m8inlenance contribution Service charges receivable Utilitie8 ￿hargeS 561,900 284,499 110. 131 561,9L 284.499 110, 131 Tot812023 956,530 956,530 P4e 45 HARBORNE & SMETHWICK CHARITABLE TRUST IA Ctxnpany Ilmllea by guarantsel NOTE8 TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 30 JUNE 2024 Investment Income Unrestrlcted fund8 2024 T¢>tsl funds 2024 Rental iwme from Investh￿l1 prepertie8 Dmdgnds 8nd interest ￿e[vable 590,389 193.459 690,389 193N59 Total 2024 783,848 783,848 Unwlricted funds 2023 fund8 2tr23 Rental Incsts PremiBaS and offi￿ Nnning expens8S Ww and 8al¥ies National insurance Pension cost 24,804 23,820 23.820 23.816 23,816 Total 2024 80.191 80,191 Audrto¢s reM￿erat￿an contain8 £3,204 (2023.. £3.LiXI) of non-audit fees. Unrnsfricted funds 2023 Tolal 2023 Auditorfs remuneration (Xh&r ¢08ts Premi5e8 and office running expenses Wages and Sal￿105 Nats'onal insurarKe Pension cost 24. 162 14, 196 2,692 r2.496 2.561 2,248 24,162 14, 196 2,692 22,496 2.561 2.248 Total 2023 68,355 HARBORNE & SMETHWICK CHARITABLE TRUST im ¢ompany limltsd vy guarantso) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11. Staff costs Group 2024 Group 2023 Wages and salar Social Securty costs Cxher pension costs 347A92 28,632 31,889 328. 749 27,611 31,143 40B,013 387.503 The avewe number of persons 8mploy&J by th8 Charity during the year was as follchv8'. Group 2024 Gffjup 2023 No. Employed wholty on housing aG*Mt Employed ￿ h￿sIng actmties, grant making and wvemanc8 11 The number of empbye85 whose empw beneffts (excluthng employer pension costs) exce8dad £60,000 was: Group 2024 Group 2023 No. In the band £70.001- £80.OLKJ Aggre9ate rernunerat￿n ben6frts rK8ived by Key Management PersorThl (induding ￿￿p￿)Yer pension contributions. nali)nal insuranee and benaffls) amounby to £211.052. {2023.. £197,764). Key Management Pe￿Onna1 comprise5 the Truste8s. ch￿ Executive, Housing Manager. Senior Buiklings Manager and 1nfornat￿n and PoI￿Y Officer. TnBt8es rece￿ no r￿unerat￿n or b8nefits. Pagg 53 HAR8ORNE & SMETHWICK CHARITABLE TRUST Ir• wOmPany Ilmited guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 12. Tabglble flxe(l as8•ts Group Freehold Flxture8 and prop•rty Housing ffttlng5 propgrt Total Cost or valuation At 1 July 2023 AdditK)n8 Dky)osa15 667,493 1H036 31M67 (53,109) 6,055,164 6M76.693 77,926 153,109) At 30 Jure 2024 607.493 142.394 6.101.623 6,901,510 Dopreclthn At 1 Juty 2023 Charge for ye On disposals 54.281 118,799 21,172 153.1091 2.395,128 121.126 2.56&188 148,844 (63.1091 At 30 June 2024 86,862 2,516354 2￿63,923 Net book value At30 Jung2024 596M6 65,532 3.585.369 4.237,587 At 30 June 2023 603,232 45,237 1660.036 4,308,595 HARBORNE & SMETHWICK CHARITABLE TRUST mpany Ilmlted gu•r•ntg0) NOTES TO THE FIMANCIAL STATEMENT8 FOR THE YEAR ENDED 30 JUNE 2024 13. Inv¢slrnent propgrty Gnwp Frgehold Inv•stment property Valuallon At 1 Juty2023 Revaluation gain 11,143,001 At 30 June 2024 11.162,001 Invesknent property c(Ynprise commercial properties 8n¢J residentsal propertie9 With fair values of £5.7m and £5.5m re8peclivety on 30 June 2023. The Charitys investment properties were ftjmialty valued a5 al 30 June 2023. ccynmercial prop8rti&s were valued by Richarfl D LoNJden (MRICSI of Cottons Chartered Surveyors and residential prcpertie5 valued by James Peel (MRICS) of Cart8fs Chart8r8d Surveyors, on an ¢¥en market valua. Th8 Trustees consider the relevant assumptions applied by the surveyors appropriate as at 30 June 2024. The majority of t￿e properties wwe t£queathed to thg Charity many years ago and the historical cost of the8e properties is not kr￿￿Tr. 14. FLYed a8Set Inve8th)w Cash held Llstod Inveslment Investments managor Total Group Cost or valuatlon At 1 Juty2023 Additions DK%posals Revaluations Management fees 6,141,509 9M947 1886.591) 27.148 (734,947) 886,591 5.168.6fl 250,OIJD 529,099 (18.372) 118.3721 At 30 June 2024 5,768.964 160A20 5.929,384 Page 55 HARBORNE & SMETHWICK CHARITABLE TRUST ompany Ilmlt•d guarant09 NOTES TO THE FINANCIAL STATEMENTS. FOR THE YEAR ENDED 30 JUNE 2024 15. SUbsid￿ry untortaklng8 The HarbLYne Parish Lands Charty Icharfty number 2190311. an unincorporated registered charity 18 the subsKliary und9rt8king of Harbome and SmthwKk Charrt8ble TN8t ￿1¢h is the 501e Trustee. Its principal activity ￿ the relief of n*J in the anc￿nt parish of Hartjorne through thg provisiM of almshouses and provision of grants to irKlividual8 and organisations that support those in need. As Harbome and Smethwith Charitable Trust was dOm￿nI IhrougFh)ut the year, the resvlts presertsd in the Statement of Financial Actimties. Balance 8he8t, Stslement of cashfiow8 and the ￿lated notes lo the nancial Stat￿nents are those of Harbome Parish Lands Charty. 16. D•btorn Group 2024 2023 Du• withln one year Trade debtors Rents held by managing agent Prepa￿ents and accnjed inc 18,765 88.325 89.887 18.324 IC#J,675 47,157 196,9TI 166. 156 Page 56 HARBORNE & SMETHWICK CHARITABLE TRUST 'A ¢ompany Ilmited by guarnntoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 17. Cr￿lt0￿. Amounts falllng wlthln one year Group 2024 Gmup 2023 Bar* It>* Trade creditors Other taxation and soc4al Sgcurity Other creditors Accruals and dgfeThed income Grants payable 17.7S3 8.503 8,449 146,926 232,163 9.231 1,336 132.575 151.355 414354 369,S57 Induded within accnJa18 and deferred income 18 Mtal inco￿￿ invoiced in advan¢e of £83.176 (2023.. £70,883). 18. CredltOf5: Amounts falllng due aftor moro than one year Group 2024 Group 23 Bank loans 63.796 64,719 The above loan Ir￿Uded in creditor8 wrthin an(1 8fter on& year 1$ se¢ured by a charge over Harbom8 House, one of the Charitys housing properties. The loan is r£payable in instalments over a term of 60 ye9rs ending on 31 Juty 2044. The Inte￿8t accru8s at a rate of 10.25%.. The loan represents 6.4% (2023.. 6.3%) of the book value of the property. Pape 57 HARBORNE & SMETHWICK CHARITABLE TRUST IA Gompany1Smliad uy guaran￿1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 19. Stat•mgnt of funds Statemont of funds- currant y￿r Balance 01 30 Jun• 2024 Balance at 1 July 2023 Galn Incom• Exp•ndlture (Losses) Unrestrlctsd fvnds General Fund6 6.605,206 1.872,928 (I,TTO,993) 321,617 6,923,658 Endowment fund• Endrhvmonl Funds 15,992,71)0 <384,294 229,669 15,838,075 Total of funds 21497,906 1071928 (2,160.287) $61,186 22,761,733 stst•mont of funds- prlor yaar Bal&nce 81 30 June 2023 Balance al l Juty 2022 G8in (L{￿Se3) Ino)me Expefftliture Unr08trkted funds General Funds 6,242,778 1,663,970 (1,36&203) (33,339) 6,￿,206 Endo￿Thent fund ErKlcA¥ment Funds 15.564. 185 (462,986) 891,￿)1 1&992,7 Total of fvnds 21,806,963 1,663,970 {1.831,189) 858, 162 22,497.9Q6 Page 58 HARBORNE & SMEfHWICK CHARITABLE TRUST company limitgd .￿ guarnntso NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 30 JUNE 2024 Anal￿18 of net assots beiween funds Anatysh of n•t assets bot￿Tr funds . current Porlod Unr6strl¢ted Endowment funds fvnds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment prepety Current assets Crediiors due within one year Creditors du& in MO￿ than one year Loan btheen funds 55.531 4,182,058 4,237.587 3.766,125 2,163,259 5.929.384 529,999 10,622,0￿ 11,162.001 1,920,911 1,920,911 (413.794) 1560} 1414,3541 163.7981 163,7961 1,064,886 11,064,886) Total 6,923,858 15,838,075 22.761,733 Analysls of net a880ts bthv¢¥n funds- prlor period Unrnsfvy¢ted EndOw￿rt ds funds 2023 2023 2023 Tangible fixed assets asset investments Investment property Current assets Crgditors due wilhin one year Creditors due in MO￿ than C￿e year Loan beknveen fvnds 45,235 4.263.270 4.308,595 3,065.014 2103.643 5. 16a657 530.¢￿ 10.613.001 11, 143,CV1 2,312.019 2,312,019 f368,997) (369.557) 12.805 (64,719) 909. 130 (560J 177.524) (909. 130) Total 6,SJ5,206 14992, 7C4) 22,497,906 Page 59 HARBORNE & SMETHWICK CHARITABLE TRUST (A CoM￿nY lim¥(￿1 by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 21. Roconclllauon of ￿t movement In funds to not wh flow from operallng activities Group 2024 G￿p 2023 Net income forthe peric¥l las per Statem8nt of Financial Actpiitses) 283,827 Adjustments for: DepT￿I8tkjn charge5 Losses on investments Diwdends, iitewts and rents from inv881ments Increase in debtors Increase in creditors 148,844 134 750 1638.099) f854,ff22) 1783,848) (707.079J 130.821 (42781) 99,691 Net cash used In owatlng acllvltles 1896,3(KI) (677.498) 22. Analy818 of ¢a$h and cash equlvalents Group 2024 Gmup 2023 Ca8h in harKI Cash h8ld at investment managèr 1.723.934 160,420 2, 144863 27. 148 Total cash Ind cash •qulval•nts 1,8W354 2, 173,011 Analygls of changes in nol debt At 1 July 2023 C•8h flows At 30 June Cash at and in h￿d Debt du8 within 1 yaar Oebt due after 1 year 2.145.863 (060) {64719) 1421,929) 1,74934 (5601 (63.796) 923 1080,584 I421.006} 1,669,$78 Pag8 80 HAR8ORNE & SMETHWICK CHARITABLE TRUST IA company iimlteo ty waranteo) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 30 JUNE 2024 Cap*al commltments Group 2024 Group 2023 Contracted for but not provlded In flnanclal ￿t•Monts Acquisition of intangible assets 409,336 191,625 P•nsion commllments The Charity oper81¢$ a d￿ned D)ntr*Jutions pension scheme. The a88ets of the 8ch8n* are held Separately from Ihosg of the Charity in an independentty administered fund. The pension cost charge presents contributions payabl8 by the Charity to the fund and amounted to £31.889 (2023.. £31. 143). Conlribubons totalling £4,079 (2023." £4,018) ￿re payable to the fund at the balan￿ sheet date and a in¢iuded within creditorn. Related party transactions None of the TnJ8tee$ or any porsons connecaed them re¢eN&J any rnmwratron during thg year {2023- £Nil). The lotal amount of exp8n5e8 reimbur￿1 to Trus188s or third ybos in relatron lo Trustees expe￿88 vrds £Nil during th8 year12023'. £Nil). Thwe were no further trans&tvJn8 y￿th relaw parti6s durKig the year (2023.. £Nil). P&38 61