Charlty r•glstratlon numb•r 1193635 THE FLETCHER-SMILLIE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022
THE FLETCHER-SMILLIE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees JR Fletcher OBE (Appointed 23 F?bruary 20211 (Appointed 23 February 20211 (Appointed 22 March 20211 Mr N Smillie AJ Golightly Charity number 1193635 Ind•p•nd•nt •xamln•r PM+M Solutions for Business LLP New Century House Greenbank Technology Park Challenge Way 818Gkburn BB1508 Portfollo Managers Bank Julius Baer & Co. Ltd No 1, The Plaza Ellzabeth Avenue Guemsey GY14BS
THE FLETCHER4MILLIE FOUNDATION CONTENTS P•g• Twstees. report Statem•nt of trusl8e$' fftspon3it41rfi.es Independent eXae8 re Statemenl of fln8nclal acti115 Balance sheet Slat•m•nl of fl¢)ws Notes to the flnanclal ststemwrts 8-13
THE FLETCHER-SMILLIE FOUNDATION TRUSTEES, REPORT FOR THE PERIOD ENDED 5 APRIL 2022 The Trustees present their annual report and financial statements for the Period ended 5 April 2022. The financial statements have been ppared in accordance with the accounling policies set out in note I lo the finanual statemenls and cornp with the charity's governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Praoknce applicable to charities preparing their accounts in accordance wilh the Financial ReporDng Stsndard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 2019). Objectives and activities The Dbject5 of the CIO are to advan such charitable purpose$ laccoTding lo the law of England and Wales) as the trustees see fil from time lo time, in particular, bul not limited to.. 1. The prevention or relief of poverty for the public benefit by a551Sting, in such way a5 the charity Iruslee5 see fit, other organisalions whose aims include.. a. providing grants, itern5 and services lo individuals in need andlor chadties, or other organisations working to prevent or relieve povety, b. undertaking and suppo"ng research into faclors that contribute to povety and the most appropriate Ways to mitigate these.. 2. The advancement in life and help for young people for the public benefit ty assisting, in such way as the charlty trustees see fit. other organisation5 whose aims indude providing support and activitie5 which help young people overcome disadvantage and lack ol opportunity, in order that they may realise their poteTTtial and enjoy healthy and fulfilling lives and enable thern to participate in soaety as mature and responsible individuals,. 3. The advancement of animal wellare for the public benefit ty assisting, in such way as the charity Iruslees see fft. such organisations whose aim5 indude promoting hurnane behaviour towards animals by provlding appropriate care, protection. treatment and security for animals which are in need of care and attention by reason of sickness, mallreatmenl, poor rircumstances or ill usage and io educate Ihe public in matters pertaining to animal welfare In general and the prevention of cruetty and suffering among animals, 4. The advancement of environmental protection or improvement for the publi benefit by assisting. in such way as the charity trust8es see fit. such organisations ¥those aims include the education of the public in the conservation. protection and improvement of the physlcal ond natural environment (including but not limited to promoting biological dlversityl.. and 5. The relief of finan(ial need and Suffenng among victims of natural or other kinds of disaster for the public benefit by assi51ing, in such way as the tharity tru$le¢5 see fft, organisations whose aims include providing support in the form of money lor other Means deemed suitable) foT person5. bodies. organisations and1 countries affected. The Trustees have paid due regard to guidance issued by Ihe Charity Cornmission in deciding what acb"vilies the Charity Should undertake. Aehl¢Ymorf8 and perfomiance Details of the income and expenditure during the year and the balance sheet at 5 April 2022 are sel out in pages S and 6. Flnancial revlew During the peftod the charity's income exeded tharitable distributions 8nd expenses by £937,941. It is the policy of the charity that vnreslricted funds which have not been designated for a speafic use should be maintained at a level equivalent to betsveen three and six month's expenditure. The Trustees consider that reserves 81 this level wll ensure that, in the event of a significant drop in funding, they will be able to conlinue the charity's current activities while consideratlon is glven to ways in 1¢h addits'onal funds may be raised This level of reserves has been maintained throughout the Prh)d.
THE FLETCHER-SMILLIE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2022 Structure, governance and management The chaity is a Charitable Incotporat8d Organi58tion ICIOI and is entered onlo the Charity register for England and Wales. The Trustees who seN¢d during the Period and up lo the date ol signature of the finan¢i#l $1gtemants w¢ra'. JR Fletcher OBE (Appointed 23 February 2021} Mr N Smillie (Appointed 23 February 2021) AJ Golighuy IAppoinl¢d 22 M8rch 20211 The responsibility to appoint new trust88s Is hèld by thé exisllng trustees. The tnjstees consider that all the major strategic, business and operatlonal risks to whi(* the tharity is exposed, as 1denb.fied by the trustees, have been MeWed and procedu$ have been pul in place to Mitgate those risks. The charity's investment policy is to achieve a balance beeen capital growth and rising income, over the medium to long lemi. Donations are made from the annual incorne of the charity, after carefvl consideration by the trustees of ap1¢atIonS rèceived throughout the yeai. The trustees regularly consult with their finanaal and stockbroking advisers, Julius Baer, before any changes are made to the investment portfolio. Grant policy and oryani¥ational ¥tru¢tur¥ I charitable expenditu is regularly wiewed and approved ty ihe trustees. The funds are fulty comrnitted throughout 2022. Reservo# policy It is the policy of the charity to maintain unrestiicted fijnds. vthich are the free reseryes of the charity. at a level ¥vhich enables the annual donations to be fvnded out Df the annual income of the charity. The trustees. report was approved by ihe Board of Trustees. Mr N SJpiHle Trustee Date..
THE FLETCHER-SMILLIE FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 5 APRIL 2022 The Trustees are responsible for piepaiSng the Trustees. Report and the financial statements in Accordance with applicable law and United Kingdown Accounting Standards (United Kingdown Generally Accepled Accounting Practicel. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a Irue and fair view of the State of affairs of the charity and of the incoming resourc8s and application ol resources of the charity for that Peiiod. In preparing these finanual stalements, the Trustees are required to.. select suitable accounting policies and Ihen apply them consislentty.. obseNe the methods and prinuples in the Charits"es SORP,. make judg8tllenl8 and estimates that are reasonable and prudent.. state whether applicable accounfjng standards have been followed, subject to any material departures disdosed and explainefl in the financkal statements," aniy prepare the financial slalements on the going con¢etn b8S18 unless it is inappropriate to presume Ihat the chailty will continue in operation. The Twslees are responsible for keeping suffiuent accounling records that dr5cIDse with reasonable aGr3¢Y at ny time Ihe ftnanaal posrtion of the charity and enable them to ensure that the finanaal statements comply with the Chants"e5 Act 2011, the Charity (Accounts and RepDrt51 Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps lor the prevention and detection of fraud and other irTegularities.
THE FLETCHER-SMILLIE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FLETCHER.SMILLIE FOUNDATION I report lo the Trustee5 on my examination of the financial slatements of The Fletcher-smillie Foundation (the charity) for the Period ended 5 April 2022. RpOnSIbIlItIe5 and b15 of report As the Trustees ol the charity you are responsible for Ihe preparation of the financial statements in accordan with the requirements of the Charities Act 2011 (the 2011 Act). I reporl in SpeCt ol my examination of the tharity'5 financial slatements carried out under section 145 of Ihe 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examSnerfs ststement Slnce the charity'8 gross income exceeded £250.000 your examiner must be a member of a body listed in 5eclion 145 of the 2011 Act. I confirln that l am qualified to undertake the examination because 18m a metnber of ACA. which is one of the listed bodies. Your attenlion is drawn to the fact that the charity has prepared finanaal stalements in accordance wth Accounting and Reporting by Charities preparing their accounts In accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Ac¢ounting 3nd Reporting by Charities.. Statement of Re¢omrnended Practice i55ued on 1 April 2005 ¥thich is referred to in the extant regulations but has now been wlthdrawn. l understand that this has been done in order for fin8nci818t8tement8 to pro¥e a true and fair wew in accordance with Generally Accepted Accounting Practice effective for reporting period5 beginning on or after 1 January 2015. I have completed my examination. I confirm thal no matters have come to my attention in connection th the examination giving me cause to believe that in any material respect.. atcounting records were nol kept in respect of the charity as required by section 130 of the 2011 Act; or the financial statements do not accord with those re¢ords". or the financlal statements do not cornply with the applicable requirements conceming the form and content of accounts set out in the Charitie$ IA¢¢ounls and Report81 Regulations 2008 other than any requirernenl that the accounts give a true and fair view which is not a matteT con51dered as part of an independent examination. the financial statements have not been prepared in accordance wrth the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable to charities preparing their accounts in aCc0Tdan thg Financial Reporbng Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have come across no othei matters in connection wth Ihe ex3mination lo sthich attention should be drawn in Ihis report in order to enable a proper understanding of the finan(ial statements to b8 reached. Daniel Bowles FCCA PM+M Solutions for Business LLP New Century House Greenbank Technology Pafk Challenge Way Blackbum 881 5QB Dated.. 2710412023
THE FLETCHER-SMILLIE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 5 APRIL 2022 Unrestrlcted funds 2022 Notes Income from= Donations and legacies Inveslmenls 944.221 5,256 Total income 949,477 Chantable activitiès 11,029 Nel galnslllossesl on investments 114,3431 Net incoming resources 924,105 Other r•cognlsed gains and losses Other gains or10s5es 11 14,736 N•t mov•m•nt in funds 938,841 Fund balances at 23 February 2021 Fund balanc¢¥ at 5 Aprll 2022 938.841 The Statement of financial acbvities includes aN gains and losses recognised in the Period. All income and expenditure derive Irorn continuing actr'vitie8.
THE FLETCHER-SMILLIE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2022 2022 Notes Fixed assets Investmonts 12 867,591 Current •$sets Cash at bank and in hand 75,150 Creditors.. amounts falllng due withln one year 14 13,9001 Net current assets 71,250 Total assets less current Ilabllltles 938,841 Income funds Unrestricted funds 938,841 938,841 Thts ffinand81 statements were approved by the Trustees on , I,.t/>S Mr N Smill Trust••
THE FLETCHER4MILLIE FOUNDATION STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 5 APRIL 2022 2022 Nots$ Cash flowa from operatlng actlvltl•s Cash generated fromllabsorbed by) operations 16 951,829 Investing activities Pur¢hase ol investments Proceeds from disposal of investments Investrnent income received 12,049,411) 1,IBO,774 5,256 Net cash used In Snvegtlng actl¥ltte¥ 1863,3811 Net cash used In financlng actlvltles Net increase In cash and cash equlvahnts 88,448 Cash and ¢ash equiv8lenl$ al beginning of Period Effect of foreign exchange rates 113,2981 C#$h #nd cash equlvalent8 at end of Parlod 75.150
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2022 Aceountlng polleles Charlty InformatSon The Fletcher-smillie Foundation is a Charitable Incorporated Organisation registed at ihe Charitiès Comrni55ion in England and Wale5. 1.1 Reporting period The accounts covei a period of rnore than 12 rnonth5 from 23 February 2021 to 5 April 2022 as thi5 IS the first period. 1.2 Aeeountlng conventlon The financial statements have been prepared in accordance with the charity's governing document, the Charitie5 Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pr8paring their accounts in accorcjance with the Financial Reporting Standard applicabl8 in the UK and R8public of Ireland IFRS 1021" leffective 1 January 20191. The charity is a Public Benefjt Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 onty to the extent required to provide a true and fair view. This (Jeparture has involved following the Statement of Recommended Practice for charth'es applying FRS 102 rather than the version of the Statement of Recommended Practice which 15 f8ferred to in the Regulations but which has sinTr been wthdrawn. The financial statements are prepared in sterfing, which is the ftJnctSon81 currency of thé charity. Monetsry arnoun15 in these financial statements are rounded to the nearest £. The financial stat8m8nts have b¢en prepared under the historical cost convention. modified to indude the revaluation of freehold properties and to include Investment properties and certain ffinancial instruments al fair value. The principal accounting poliaes adopted are set out below. 1.3 Golng Concern At the time ol approving the finanoal statements. th8 Tiuste85 have a re8son8bl8 expectation th8t the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the TTusle85 continue to adopt the going concem basis of accounting in preparing the financial statements. 1A Charitable funds Unrestncted funds are available for use al the discretion of the Trustees in furtherance of their charitable oble¢Uve$. Restricted funds are subject to specific condvtions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds arè subject lo $pe¢ifi¢ ¢ondrtions by donors that the caprtal must be maintained by the charity. 1.5 Income Income is recognised when the charity is leg8lly enlitled lo il after any performance Condi.03 have been met. the amounts can be measured reliably, and it 15 probabl8 that incorne will be rgceived. Cash donations are iecognised on receipt. other donations are Tecognised once the chartty has been notified of the donatr'on. unless performance conditions require deferr81 of the arnount, Income tax recoverable in relation to donations ieceived undei GiftAid or deeds of covenant is recognised at the time of the donation,
THE FLETCHERmILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2022 Accountlng pollcles Icontlnuedl Legacies are recognised on receipt gr olherwi5e if the charity has been notified of an irTTpending distribution. the 3mounl is known, and rè¢eipl is expeded. If the arnount is rnol known, the legacy is treated as a nlingent aS5?t. 1.6 Expendlture Expenditure is recognised once there is 8 legal or constructive obligation to transfer economlc benefit ro 8 Ihiid party. it Is probable that a transfer of economic benefi15 will be iequired in settlement, aT7d the amount ol the obligation c3n be rneasured reliabty. Expenditure 15 dassified by activity. The costs ol each activty are made up ol the total of direct cost5 and shared costs, including support C05t5 involved ln undert3king each activity. Direct costs attributae to a single activity are allocated directly to that activity. Shared costs which contribute tD more than one activity and support costs which are not attnbutable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreaation charges are allocated on the portion of the asset's use. 1.7 Flx•d asset investments Fixed asset investments are inrtially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Cash and eash •qulvalents Cash and cash equivalents include cash in h8nd, depo8it5 held at call with b8nks, Qther short-tetm liquid inve5trnents wnth original Fnalurttie5 of three month5 or le55, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financlal instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instrutnents are recogni5ed in the chatily's balance sheet when Ihe ch8Tity becomes P8rty to the contr8ctual provi510ns of the instrument. Financial assets and liabilities are offset, wth the net amounts presented in the financial statemenls, when there is a legally enforceable nght to set off the recognised amounts and Ihere is an intenbon to setue on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlalassets B851c finanal assets, which include deblors and cash 8nd bank balance5. are inillally mea$uied 81 transaction price induding transadion co515 and are 5ub5equentty carried at arnort15ed cost Using the effective interest method unless the arrangement constitutes a financing transaction, where Ihe tiansaction Is mea5urEd at the present Value of the fvlure r?lPl5 disGounlgd at a m?rk¢t r?te of inl?resl. Finanaal a55ets dassified as recebvable ¥rithin one year are not amortised.
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE PERIOD ENDED 5 APRIL 2022 Accounting policies Icontlnuedl Basle financlal liabllitlés Basic financial liabilities, including credrtors and bank loans are inrtialty recognised at transaction price unless the arrangement constitules a financing transaction. where the debt instrument 1$ measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable wilhin one year are not amoriised. Debt instruments are sub5equentty carried at amortised cost, using the effective interest rate method. Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from Suppliers. Arnounts payable are dassified as current liabilibes if payment is due within one year or les5. If not. they are presented as non-current liabilities. Trade credrtors are recognised initially at transaction price 8nd sub88qU8ntly m8asured at amortised cost using the effecbve interest method. Derecognltlon of fln•nel•lllabllltlès Finan¢i81 liabilities are derecognised when the charity's contractual obligations expire or are discharged or ¢ancelled. Crltlcal aceountlng gStlmate¥ and ludgerngnts In the applicahon ol the charity's accounting policies, the Trustees are required to make judgements. estimates and assurnptions about the carying amount of assets and liabilities that are not readity apparent from other Sour$. The estirnates and associated assumptions are based on historical experience and other factors that ale considered to be relevant. Actual results may differ from these estimate$. The estimates and underfying assumpts'ons are reviewed on an ongoing basis. Revlsions to accounting ¢stim8tes are recogni5ed in the period in which the eslimate is revised Whe the revision affects onty that period, or in the pe0 gf vIsion and ftrture periods where the revision affects both current and future periods. Donations and legacles Unrestrlcted funds 2022 Donations and glfts 944,221 Investments Unre$irl¢l•d funds 2022 Income from Ilsted investments 5,256 10-
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2022 Charitsble activities 2022 Foreign Taxation Pprtfolio M8n3gemenl 8nd 8dminislration fees 817 6.312 7,129 Share of goveman¢e Costs (see note 61 3,900 11,029 Support costs Support Gov•mance costs eosts 2022 Accountancy fees 3,900 3,900 3,900 3.900 An8lysed beeen Charitable actiwties 3,91Y) 3,900 Trustses None of the Tmstees lor any peisons ¢onne¢ted wrth them) received any remuneration or benerrts from the charity during the Period. Employees The average monthty number of employees during the Period was.. 2022 Numb•r Totsl Th8re were no employees whose annual remuneration was rn0 Ihan £60.000. 11
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE PERIOD ENDED 5 APRIL 2022 13 Flnanclal Instruments 2022 Carylng amount of flnz4nclal assets InsttvmÈnts measured at fair value through profil or loss 867.S91 14 Creditors.. amounts falling due within one year 2022 ACcal$ and deferred incorne 3,900 15 Related paity transaetlons There were no clisclosable related party transactions during the Period (- none). 16 Cash generated from operation¥ 2022 Surplu5 for th? Period 924,106 Adjvslments for.. Inve5tmenL income recognised in ststement of finanrial activities Foreign exchange drfferences Loss on disposal of investments Fair value gains and losses on investsnents 15.2561 14,736 23,319 {8.9761 Movements in workin9 Capltal: Increase in creditors Cash g&n•r•tgd fromllab80rt)ed by) operations 951,829 17 Analysls of changes in net fundjlldebtl The charty had no debt during the year. 13-