Charity registration number 1191346 ompany registration number 12750793 IEngland and Wales) SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION TrustÈes Mr S S Stimlei Mi M Stimlei Mrs P L Stimler Charity number 1191346 Company number 12750793 Registered office Honeypot House 56a Crewys Road London NW2 2AD Indep•nd¢nt examingr David Finn FCA RDP Newman5 LLP Lynwood House Harrow Middlesex SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustèes, report Statement of Trustees, responsibilities Independent exarninei's report Statement of financial a¢tivilies Balance sheet Notes to the financial slaternents 8-14 SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report and financial statements lor the year ended 31 July 2024. The financial statements have been prepared In accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's Memoiandum and Articles of Association. the Cotnpanies Act 2006 and Accounting and Reporting by Charilies. Statement of Recommended Practice applicable to charities preparing their aGcounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191" Objectives and a¢tiviti•s The Charity's obiects are to advance the Jewish religion. advance Jewish religious education and the alleviation of poverty among the Jewish community throughout the world. SMS Foundation operates wilh the aim ol raising lunds in order lo advance such charitable purposes laccording to the law ol England and Wales) as the Iruslees see fit. The Charity primarily makes grants to Jewish causes but can also choose to make grants lo general charities if they feel that this would be an appiopiiate and effeEtive way uf advancing the charity's objectives. In this context the Trustees have complied with their duly in section 17 of the Charities Act 2011 to have due regard lo the guidance published by the Chaiity Cotllmission In relation to the activities being lor the public benefit, as well as, the Equalities Act 2010 when reviewing the Charity's aims and objeGtives and in planning future activities. Strafeg185 for ach18Vlllg èlm5 and objectives The charity has power to do anything whi¢h Is calculated to further its objects or Is condLJcive or Incidental to doing so. The charily has investrnenls in Limited Partnerships and the purpose of these Investments Is to create income. then distnbute these as charitable donations. The trustees believe the long lemi quarterly InGome rèceived Irom these investments will give longevity to the donations in the future. Throvgh grants lo organisalions or individuals the primary work of the charity is grants to UK registered charities. In some instances, grants may be made to overseas enlilie5. which would 8150 be registered charities in their respective jurisdictions. Publi¢ benefit The Trustees have paid due regard lo guidance issued by the Ch3fily Comrnission in deciding what activities the ¢harity should undertake. Grant making policy Grant making policy Grants above £5,000 can be made only 8fter a meeting at which at lea51 two of the trustees are present and at which minules have been laken proposing the award ol a grant and indi¢8ling the Iruslee5' joiril agreement thereon. Grants are to be made after considering the finite level of funding available and how closely the iecipienl'5 objectives are In line with those ol the charity. All applications for grants are to be made either ifl Wfltin9 or In per$¢)n to one or rnore trustees. Tru51e&s will kèep a written record of grants awarded and the considerations undertaken Grants could be one-off payrnents or commitments to ongoing payments. The trustees will ensure an appropriate Contract Is In place for ongoing grants which will Include clawback provisions and inslalment payments as relevant. Grant recipients will primarily be organisations registered with the Charity Cornmission who can provide evidence of full cotnplianee with the reporting requirements, thereby enabling the trustees lo place reliance as to the cornpetence 2nd integrity ol Ihe organisation. In the less likely event that grants will be made overseas, the Iruslees will in such cases require simi18r and sufficient evidence of compliance with the local reporting requirements for registered charities In that iijrisdiclion. In the rare event Ihal a grant Is made lo an individual, the Iruslees will be personally familiar with the silualion so as to be reliably sure that the cause Is genuine. and will, when relevant. require proof of financial standing and other relevant infortnation. SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and perfomiance Significant activili&s and achi&vemeKits against objectives The iesults for the year are set out In the Statement of Financi81 Activities on page 6. The Tiuslees collected donations of £14,650 12023.. £65.0001, distribution Income from investments amounting to £123,39612C>23. £121.2741 and share ol incotne from investment property afflovnling lo £4.46012023." £6,560). Surplus inoome frtsTn the inve$lfnen15 held by Ihe charity is distributed as charitable donations in the foim of grants to fulfil the ch8ril8ble objects. During the year, the charity made charitable granls of £137,50012023.' £166,045). Financial review The distribution Income received by SMS foundation totalled £123.39612023." £121,27418nd Share ol income from investtnenl property totalled £4.46012023 £6.5601 SMS Foundation has a healthy financial position, with closing fund balances amounting to £1.588.504 12023.. £1,591.2701. ol which no funds relate to restricted funds. An amount of £1.392,97512023" £1.392,9751 within Ihe closing unrestrictecl fund balance is held as investments in Limited Partnerships and £111.188 12023 £111.1881 is held In Investment property. These proportions of the fund can only be realised by disposing of the Investments Any income Irotn the Inveslments Is used for chaiitable purposes. The principal funding source was the distribution and share ol income from the Investment portlolio. ReseN&s p¢>licy Reserves policy and going concem It is the polity of the charity that unrestricted funds which have not been designated lor a specific use should be maintained al a level equivalent lo bebNeen three and 51x month'5 expenditure. The Ttustee5 ¢0n51der that reserve5 al this level will ensure that, in the event of a gignificant drop in funding, they will be able lo continue the Gharity's Iienl activities while Gonsideralion is given lo ways in which additional funds may be raised. This level of reserves ha5 been maintained Ihroughoul the year. Inveslment policy Investment policy In accordance with the Trust Deed, the Trustees have the power to invest in such assets as they see fit. fvfajorrTsks The Tiuslees have 855e55ed the major risks to which the Gharrty 15 exposed. and are satisfied that systems are in place to mitigate exposure lo the rnaior risks. Plans for future period5 Subsequent to the year end the eharity has continued to make distributions from the surplus funds. The charity will continue to make charitable donation5 going lotward which will be made from the Income distributed fvom the investments held by the charity. Structure, governance and management The charity is a company limited by guarantee and Is govemed by ils Memorandum of Association and Articles ol Association adopted 17 July 2020 and registered al Char11ies Commission on 18 September 2020. The Cha11ty was established under ils Articles of As50¢ialion. which established the objects and powers of the Charily. The Charity'5 reference and administrative details are as set out within these financial statements. History SMS Foundation is a registered charity Icharily number." 11913481. with the purpos6 to advance such charitable PUIP05e5 (according to the law ol Erlgland and Wale51 the Ttustees see fit from titme lo time particulady bul not limited lo advancing the Jewish ieligion. advancing Jewish ieligious edU￿tIOn and the 3llevialion of poverty among the Jewish cornmunily throughout the worfd. SMS FOUNDATION {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 JUL Y 2024 The Trustees, who ale also the directors for the purpose of company law, and who served during the year and up lo the dale of signature of the financial statements were.. Mr S S Stim181 Mi M Stimler Mrs P L Slimler R8cruilni8nl appoifjlmgiit of triisl2es Rècruitment, appointmènt and t•mis of office of Trustees Trustees are appointed in accordan￿ with the Articles olAssociation. The Charity has the power to appoint addttional Trustees as il sees fit. None ol the Tru51ees has any beneficial Interest in the company. All ol the Trustèes are members of the company and guarantee lo contribute £1 In the event of a winding up. Operations and stafffng The Trustees collectively manage the charity with all executive decisions being made by the Trustees. Risk management The Trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks ale iegularly Invoked. particularly those relaling to the operations and finance ol the charity. The Trustees are satisfied that these syslerns and prc>cedu￿s miligale any perceived risks. Induction and training of trusl68S Introduction and training of Trustees All Trustee5 ale now already lamiliar with the practical work of the charity. Induction procedures are In place lor new Trustees with mechanisms in pla￿ lo keep all the Trustees abreast ol developments in the sector. Remuneralion policy Fundraising The Board of Tiuslees supports raising funds from the public in relation to the cole activities. No professional fundraisers or Ihird party commercial participators are used. Related p3rti None of the Trustees lor any persons connected with them) received any remuneration or benefits from the ch8rity during the period. During the year, donations of £Nil12023' £10,000) were received from Barrow. Lane & Ba113rd Limited, A company that is related by viriue ol one ol the trustees. Mr S S Stirnler. being a director. The Tru es, report was approved by the Board ol Trustees. Mi S S Stimler Trustoe Mr M Slimler TnJ$tee Date 0510312025 SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JUL Y 2024 The Trustees. who are also the directors of SMS Foundation for the purpose of cornpany law. are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the Trustees lo prepare finan￿al slalements for each financial year which give a Irue and fair view ol Ihe stale ol affairs ol the charity and ol the InGoTning resouiGes and application of resources, including thè Income and expenditure. of the charitable company for that year. In preparing these financial slatements, the Trustees are required to.. seled suitable accounting policies and then apply them consistently., observe the methods and principles In the Charities SORP". make judgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Slandards have been followed, subject lo any material departures disclosed ar)d explained in the financial stalernenls, and prepare the financial statements on the going concern basis unless il is Inappropriate lo presurne that IhÈ charity will continue In operation. The Trustees are responsible for keeping adequale acGouriling rewrds that disG105e with reasonable accuracy al any lime the fiTrancial posilion ol the charity and enable them lo ensure tha+ the financial slaletnents comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charily and hence for taking reasonable steps for the pievenlion and detection ol fraud and other irregLJlarilies. SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SMS FOUNDATION I report to the trustees (who are also Directors for the purpose of company lawl on my examination of the financial statements ol SMS Foundation I'lhe charitable cornpany I lor the year ended 31 July 2024 which comprise the Slalemenl ol Financial Activities, the Balance Sheet and related notes. This report Is made solely to the charity's trustees, as a body. in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might slate lo the charity's Iru51ees those matters l am ieqLJiied to slate to thÈm In this report and for no other purpose. To the fullest extenl perrnitted by law, I do not accept or assume responsibility to anyone olher than the charity and the chafily's Irustees as a body. lor my work. foi this report, or for the opinions I have formed. Responsibilities and basis of report As the Trustees of the charity land also ils directors lor the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements ol the Companies Act 2006 Ilhe 2006 Act). Having sat15fied myself that the financial 5talemen15 of the Gharity are not required to be au6ilpd under Part 16 Df the 2006 Act arid ale eligible for independent examination I report in respect of my examination of the charity's finanual statetnen15 carried out under section 145 01 the Chaiities Ael 2011 Ithe 2011 Act). In carrying Out my examinètion I have followed all the applicable Directions given by thè Charity Commission under seelion 14515llbl ol the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audil and cons?quently does not cover all the matters that an aijditor considers In giving their opinion on the financial slatemenls. The planning and conduct ol an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the linaneial statements present a 'lrue and f2ir' view and tny report is litniled to those specific mattels set out in the independent examiner's statement. Indèpèndent examiner's statement I have completed my examination. I confim) that no material matters have come to my attention in connection with the exarninalion giving tne cause to believe that in any Thaterial respect accounting records were not kept in respect ol the charilable company as required by section 386 of the 2006 Act", or the financial statements do not accord wilh those records., or the Iinancial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than 3ny requirement that the financial slalements give a 'lrue and fair view which Is not a matter con51dered as part of an Independent examination.. or th¢ Iinancial stalcmcnls havc not boen prepared in accordance with the methods and principles of the Slalement of Recommended Practice lor accounling and reporting by charilies applicable lo ch8ritie5 preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic ol Iraland IFRS 1021. I have no concern5 and have come acioss no other mattels in connection with Ihe examination lo whiGh attenlion should be drawn in this report in order lo enable a proper understanding of the financial statements lo be reached. David Finn FCA RDP Newman5 LLP LynwoDd House 373-375 Station Road Harrow Middlesex HA12AW D31ed'. 0510312025 SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unrèstritted funds 2024 Unrestricted funds 2023 Notes Income from- Donation5 and legacie5 Charitable activities Investments 14.650 4.460 123,396 65.000 6,560 121,274 Total income 142.506 192,834 Expendlture on.. Raising funds Charitable activities Other expenditure 2,818 137,500 4,954 3.527 166.045 4,812 11 Totsl expènditurè 145.272 174,384 Net incomellexpenditurel and movement in funds 12,7661 18.450 RÈ¢t>n¢ilialitsn of fund$'. Fund balance5 at 1 August 2023 1,591,270 1,572,820 Fund balances at 31 July 2024 1,588,504 1.591,270 The statement ol financial activities includes all gains and losses recognised in the year. All IncoTne and Èxpendttu derive from continuing aGtivities. SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT31 JULY 2024 2024 2023 Notes Fixed assèts Investment property Investments 13 14 111,188 1.392,975 111 188 1.392,975 1.504.163 1.504.183 Current assets Debtors Cash al bank and in hand 15 9,258 142,883 31 796 123.111 152.141 154,907 Creditors.. amounts falling due within one year 17 14.8001 14,8001 Net eurrent 233ets 147,341 150,107 Total assets less current liabilities 1,651.504 1.654,270 Creditors.. amounts falllng due after more than one year 18 163.0001 163.0001 Net 8$$ets 1,588,504 1,591.270 The funds of the charity Unrestricted funds 1.588,5C14 1.591,270 1.588,504 1.591,270 The company Is entitled lo the exemption from the audit requirement contained In section 477 of the Companies Act 2006. lor the year ended 31 July 2024. The directors acknowledge their responsibilities for cornplying with the requirements ol the Companies Act 2006 wilh respect to accounting records and the preparation ol financial statements. The members have not required the cornp8riy lo obtain an audit of Ils financial statements for the year In question in accordance with section 476. These financial slalements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The Iinan Ltaternents were apprtsved by the Tiuste85 on . 0510312025 Mr S S Slimler Trustee Mr M Slimler Trustee Company registration number 12750793 (England and Wales) SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Charity infomiation SMS Foundation is a private company limited by guarantee incorpoiated in Eng12nd and Wales. The regislered office is Honeypot House, 56a Crewys Road. London. MVQ 2AD. Th& Chaiity 15 iègistered al Charities Commission with registration number 1191346. 1.1 Accounting convention The financial statements have been prepared in accorclance wilh the charity's Memorandum and Articles of Assooation, the Cotnpanies Act 2006 and "Accounting and Reporting by Charities. Slalement of Recommended Piaclice applieable to charilies preparing their 3ccounls in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective l January 20191 The ¢harity Is a Public Benefit Enlily 85 defined by FRS 102. The charily has taken advantage of the provisions In the SORP for charities applying FRS 102 Updale Bulletin 1 nol lo prepare a Stalernent of Cash Flows. The financial slaternents are prepared in steding, which is the funclional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial 5taternents have been prepared under the historical cost convention, mo(Jified to include the revaluation ol investments and certain financial instiumenls at lair value. The principal accounting policies adopted are sel out below. 1.2 Going ¢on¢ern At the time ol appioving the financial slatetnenls, the Trustees have a reasonable expectatlon that the charity has adequate resources lo continue in operational existence lor the foreseeable lulure. Thu5 the Trustees continue lo adopt the going concern basis ol accounting in prepaiing the financial slalements. 1.3 Charrtsble funds UnieslriGled funds are available lor use at the discretion of the Trustees in furtheran￿ of their charitable obieclives. 1.4 Income Income is recognised when the chaiily is legally entitled lo it after any performance conditiolls have been met, the amounts c3n be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unles5 performance conditions require deferral ol the amount. Income lax recoverable in relation lo donations received under Gift Aid oi deeds ol Govenanl is recognised al the time of the Ilonation. Distribution Incorne Is recognised on a receivable basis. 1.5 Expènditurè Costs of generating funds are those costs In¢uired In attractin9 and administering voluntary income. Expenditure on charitable activities include both diiecl costs and Ih05e costs incuried in 5UPPOrt of the chaiilable expenditure and have been allocated to the sole charitable activity. Othei expenditure includes the costs of any leg318dvice to the trustees on governance or conslilulional matters, ex1ernal accountancy and audit cosls. The charity Is not registered for VAT so all expen5e8 shown in the Statement Of Finanoal Activilies and notes lo the accounts are shown gross li.e inclusive of VATI SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Accounting poli¢i85 Icgntinuedl 1.6 Investmènt propèrty Investment property, which 15 property held to earn rentals andlor for capital appreciatic>n, Is initially recognised at cost. which Include5 the purchase cost and any difeclly attributable expenditure. Subsequently it is tneasured at lair value al the reporting end dale. The surplus 01 deficit on ievalualion is recognised in profit or loss. 1.7 Fixed a55et investments Fixed asset Investments are initially mèasuréd at transaction price excluding IrarTrsa¢tion costs. and afÈ subsequently measured at laii value at eaGh reporting date. Changes in fair value are recognised In nel incomellexpendilurel foi the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equiv31gnts Cash 2nd ¢ash equivalents indude tash in hand, deposits held at ¢311 with banks, olher short.lerm liquid investments with original malurities ol three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities. 1.9 Financial instrumènts The charity has elected lo apply Ihe provisions tsf S2clion 11 'Ba5ic Financial Inslrumen15' and Section 12 'Other Financial Instruments Issues. ol FRS 102 10 all of its financial instruments Financia5 instruments are reeognised In the charity's balance sheel when the ¢harity becomes party to the contractual provisions ol the inslrumenl, Financial assets and liabilities are offset. with the nel amounts presented in the financial slalements. when there is a legally enforceable right to set off the recognised amoun15 and there is an intention lo setlle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances are Injlially measured al transaction price including transaction Costs and are subsequently carried at atnortised Gosl using the effective intere51 tnelhod unless the aiiangernent constilules a financing tiansaclion, where the transaction 15 measured at the present value of the future receipts dismunled al a market rale of inlerest. Financi81355els lassified as ieceivable within one year are not amort15ed. Basic financial liabilities Basic financial Iiabililies, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilutes a financing transaction, where the debt Instrument Is measured at the present value ol the future payments discounted at a market rate of IntÈre5t. FinanGi31 liabilities classified as payable within one year are not amortised. Debt instiurnents are subsequently caiiied al amortised cost, using the effective inlerest rate method. Trade creditois are obligation5 lo pay for goods or services that have been acquired in the ordinary Gourse of operations from suppliers. Asnounts payable are classified as current Iiabililies if payrnenl is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transaction price and subsequently measured 31 amortised cost using the effective Interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity s Conlraclual obligations expire 01 are discharged or cancelled. SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Accounting polici0S Icontinuedl 1.10 Employee benefits The cost of any unused holiday entitlernent Is recognised in the period in which the ernployee's services are received. Termination benefits are recognised Immediately 25 an expense when Ihe charity is demonstiably committed lo leiminale the ernployrnenl ol an employee or lo provide termination benefits. Critical accounting estimates and judgements In the applieation of the charity's accounting policies, the Trustees are required lo rnake iudgernents, eslitnates and 3ssumplion5 about the carrying amount ol assets and liabilities that are not ieadily apparent troFll Othei sources The eslimales and associated assumplions are based on historical experience and olhei laeiois that are considered lo be ielevant. Actual resLJlls may difler from these estimates. The estimate5 and underlying a55UrnPtions are reviewed on &n ongoing basis. Revisions lo accounting estirnales are recognised in the period in whioh the eslimate Is revised where the revisitsn affects only that period, or in the period of the revision and fulure periods where the revision affeds both current and future periods. In the wew of the Trustee5, there are no significant accounting estimates and judgements applied. Income from donations and legacies Unrestrictsd funds 2024 Unrestricted funds Z023 Donations and gifts 14,650 65.000 haritable activities Unrestricted funds 2024 UnrestriGted fund$ 2023 Share of income- Investrnent property 4,460 6,560 Investments Unrestricted Unrestiicted funds funds 2024 2023 Investment income 123,396 121,274 10 SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 dr Other fundraising costs- bank charges 2,818 3.527 2,818 3,527 Charitsblè activities Grants to Grants to instituitions instiluition 2024 2023 Grant funding ol activities (see note 81 137.500 166.045 Grants payable Grants to in5tituitions 2024 Grants to 2023 Giants tts various othei institutions1£4.999 or less) Grants to various othei Inslilulions1£5,000 or rnoiel 40.200 97,300 81,045 85,000 137,500 166,045 Tru$tpe None ol the Trustees lor any peisons connected with theml received any remuneiation during the year, nor were any expenses reimbursed to them. 10 Ernployees The average monthly number of employees during the year was.. 2024 Number 2023 Number To181 SMS FOUNDATION {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 10 Employees Icontinuedl Thère weie no employee5 whose annual rernuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as lollows. The Trustees of the Charity are considered to be key management personnel. Total remuneration in respect of these individu315 Was £nil12023-. £nill 11 Other Unrestricted Unrestricted lunds funds 2024 2023 Legal and professional fee5 Accountancy fees 154 4.800 4,800 4,954 4,812 12 Taxation The charily 15 exempl from laxalion on ils activities be¢guse all ils income is applied foi charitable purposes. 13 Investment property 2024 Fair value At 1 August 2023 and 31 July 2024 111,188 SMS Foundalion is a 5°A beneficiary ol an investment property that is held In Trust. The trustees having suitable market kntrwledge considered the above valuation to be a fair reflection of the investment pioperty at 31 July 2024. 14 Fixed asset investments Unli51ed Othèr investments investments Total Cost or valuation Al 1 August 2023 & 31 July 2024 315 1,392.660 1,392.975 Carrying amount At 31 July 2024 315 1,392.660 1,392.975 At 31 July 2023 315 1.392,660 1.392.975 SMS FOUNDATION {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 14 Fixed asset investments (Continuèd) 2024 2023 Investments at fair value compiise. Investments In Limited Partnerships 1.392.660 1,392.660 15 Debtor5 2024 2023 Amounts falling due within one yèar.. Other debtors Prepayments and acciued inGome 7,200 2,058 31.7 9,258 31,796 16 Loans and overdrafts 2024 2023 Bank loans 63,000 63,000 Payable after one year 63,000 63,000 The long-lerm loans are seGuied by fixed and floating charges held over the investment property. 17 Creditors.. amounts falling dup within one year 2024 2023 Accruals and deferred income 4,800 4,800 18 Creditors.. amDunts falling due after more than one year 2024 2023 Note5 Bank loans 16 63,000 63,000 13 SMS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 19 Unrestricted funds At 1 August 2023 Incoming resources Resources expended At 31 July 2024 General funds 1,591,270 142,506 1145,2721 1,588,504 Previous year: At 1 August 2022 Incoming resources Resources expended At 31 July 2023 General funds 1.572.820 192,834 1174,3841 1.591.270 20 Analysis of net assets betsveen funds Unrestricted Unrestrictod funds funds 2024 2023 Fund balances al 31 July 2024 are represented by.. Investment properties Investments Gurrenl assets 111.188 1,392.975 152,141 14,8001 163.r)001 111.188 1.392,975 154,907 14,8001 163,0001 Long term liabilities 1.588,504 1.591,27CI 21 Limited by guarantee The liability ol members is limited to a surn not 8xceeding £1, being the amount that each member undertakes tg Contribute to the assets of the charity in the evenl of 115 being wound up while he, she or It Is a member or within one year after he, she or It ceases lo be a rnember, for.. 111 payment ol the charity's debts and11abilities incurred before he, she 01 it ceases to be a rnetnber", 121 payrnent of the costs. charges and expenses of winding up,. and 131 adjusimeni ol the rights of the conlributories among them5elve5. 14-