Ch•rity r•giglrntion nwnber 119383S IEngland and Wales) THE FLETCHER-SMILLIE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024
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THE FLETCHER4MILLIE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trust• J Fletther 08E N Smilie AGolighty Charlty number 1193635 R¢gl•t•rgd offl rjo PM+M SoJution8 for Bulnw LLP New Cenbjry House Gieenbank TechrK4w Pa Chln9¢ Way BlactsJm LJnca¥hv B81 SQ8 Ptxtlollo M•n•4• ank Julus a Co. Lld No 1, The Pla2a EknbethA¥enue fyJem GY148S
THE FLETCHER-SMILLIE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees yesent Iheii 8nnu81 and fin8nual st8lements for ihe year ended Swil 2024. The financial statement8 have been prepared in accordance wlh the accounbng poliu8S Set out in nole 1 to the financial statemeTrt$ 8nd ccfflpty 1th Ihe chanV5 goveming doDJment. the Chartes Acl 2011 and 'Aceounting and Reporting by Charit5.. Statement of Recomrnendeé Pradice ap1£able lo thaiities ppariNg their accounls in 8¢¢ordance with Ihe FinanGki1 R8porDng Slandarl applirAbJe in the UK and Repubknt of lieland IFRS 1021" leffectNe 1 Janu4ry 20191. Obl•¢tlv•8 •nd •ctl¥NI•• Public b8nefil The obj8cts of the CIO are lo athan¢e w¢ th¥rilaÈ4e purpo•es la¢cordkn9 to Ihe law of Engt•nd aThJ •s the Irustees see fft from tr'me lo I1, kn plkLlar, txrt not kntad to.. l. The prevention cf relief of poverty lor th• ben•fft by a86g, way as Ihe charfty truil8•8 fft, other organi5alDns %405e alms Indude". • a. providing granls. Items and 5eryks lo Indl¥¥)J•ts In n•ed anOr th81itie6, or other org8ni88ts"on8 working to prevenl ef relie¥e &x)¥erty. b. undertak and supports.ng Ie¥r into th•t CtrIjt0 to and th¢ mwt approprtate w8y$ lo mth'qot¢ these.. 2. Th• advsncernent in lrfe and help fcr peop[• fof Ihe public benefit by aulstkng. In suth way 8$ the charfty InJ$tee$ see rrt. other org8nisotion$ tto$e 8ths indude prowdin9 wpporl and acb"vilie8 whith help young people overcome disadv8nta9e and lock of opportunty. In ord•r thot lfv moy rg91159 their polenbal enjoy h•afthy an luiniNng Ilves Bnd enable them to parodwe In $ety as mèture and reSponblo th1U8.. 3. The advanc•mfrnt of anlmal weifarn lor Ihfr pubk ben•fft ty 8$6111rt1. kn 9uch w•y M th¢ tharlty see fft. 8u¢h organlsats"onB whose 8im$ Indude prrynob.ng hwnarrf behaviour loward8 an1rna by yovldlng appropriat¢ ¢Bre, protectiN, trgatrnent and 8eDJrty lor aninals Jre in need ol care and atlenl'on by reason of $k•S8. maltreatment. poor cirEum8tJnces or ill usage to educate lh• maltern perWThSng to anlmal wdfwe In general and lh& prevenben ol cN•fty 4n¢J $ufferfng 4mong anin81s'. 4. The advancerrnni of Inwr1rl8l wotedon or Thpro¥erMnt lor the publc benefft by ai¥iiihig, In iuc way a• the tharity tiustet$ let frt. such Ofg#filialiMI akns rtdè the eduutth of the PL*4i¢ In Ihe conservation, protecik)n and Improvement ol Ihe physi1 aThJ natrjr envwonmertt lthdudlng bul not litymted to promoting bido9lcal diver$ltyl.' and S. The rdief of fiTh8ncl need and suffering cln$ ol nalwal or other knnd$ ol diso¥t¢r lh¢ Publ benefft by assistsng, in such way as the chaty trnsi8•3 See fit, or9ani5ath?ns whose aim5 indude pdIng 5UPPCrt in th• form ol monty lor olher means deed suitabl•l pwsons, bodie5, organi5aliDns andlor eountrses affècted. Th• Twitees havo pald du• i•g4rf lo Hdarte• is8u•d ty th• Chwty Ccrnisshin In d•chJlng what adSvllles th• Chanty thould undertake. A¢hlg¥em•nl• •nd perforni•n¢• SwnJfi¢ant a¢livrtie$ 8nd ac11vements agwiist otyeefves Detai15 01 the corne and expendrtwe thTing Ihe year the baknce aheet a15 April 2024 are sel pages 5 and 6.
THE FLETCHER-SMILLIE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Flnan¢lal r•vl•w ReseN8s policy During Ihe perrod the charitable incorne and fair vahJ8 rrK)vements exceeded the charilY5 exp8n58s by £115.102 12023- chariV8 expenses and fair value movemenis exceeded charitabk worne £48.4991. It is the policy of Ihe tharlty Ihal unre8ln.cted fvnd$ have been desvJnat•d for a ¥)edfjc use be maintained ?t g level equivalenl to beeen three and SLX Trth.$ expendrture. The Trusiees Conser that re5erve8 ¥t this level will ensure that, in the event of a significant drop in funding. they will be able to continue Ihe tharity, ¢uent activities consideration is wen to ways •[1d( fvnds may be raised. This levd of reseTheB has b¢¢n rn4iThtained Ihrwhout the year. Stru¢tur•, qo¥•mane• and min8g•m•nt The charity 15 a Charitable Incorporal8d Or9aniullon ICIO) •1 r4 enlered C0 the Ch•rtty reglthr for Engl•nd and ks. Th• Tru$t•e$ Bwved duflrvj Ihe year •)d up to th• dat• of slyi•tur• olih• fmartial statem•nts re.. J Fletcher OBE N Smillte A Go¥ght RKruitmonl ond 8ppoinfmenlollnJst•es The respon&lllty to appolnt new tfUStMs Is held by lh• tyu••. Ofh8r The trustees conshler that •• the maiof ilrnl. buJwms opwJUono1 rf•k¥ to lh• l¥ •xpo8ed, 4• IdgnlM¢d by the tru$t¢¢$, have been re¥kn¥el •nd woc•dur•s h8¥0 b••n pul In plae• to mIts.le iho80 lkI. The charity's inv•itmMt licY li to a bakn¢e bet4¥een wow1h and bKom•. aver the medhjm to lemi DonationJ are rnade frryn the •rw•l ofthe taity. after c4reful e£ffjsldernlkn bythe truit•es ol1pCtIon• fece¢v•d Ihrtyjghoul Ihe Yr. The tnjstees consuh with #)e finanriil and s10(brokJ'rwJ a(fviaorn, J11$ Baer, before •ny th•ng¢s Jr• made lo the Inveilment pNtroffo. Grant pollcy and org•nls¥tlon¥l ¥tThcture I charitale expendtture is reg• re¥1 aTh1 appYo4d by th• truste•8. lundi COrnrf8d ¢hroughout 2024. The trustees, report approved by th¢ Board ofTw8tee8. N Smlllle Trns 4 Feary 2025
THE FLETCHER-SMILLIE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestd¢ted funds 2024 Llnrestrlcted fund• 2023 Not•• kncome frorn.. Investmenls 12.99e 9.475 Charftable 11464 11,187 Net g8inU(108s811 on Inve8lmth 137,S84 166,8641 N¢t In¢orn•ll•xpendltur•l 1¥118 168,3561 Oth•r r•cognl••d g•ln• and IoMo'. Other gaknslllo$s•sl 10 123.0161 19.857 N•t mov•mant In fund• 116.102 148,4991 P•conclllatlon ol fvnd•: Fund balance8 at 6Awll 2(r23 I.312 938,841 Fund b•lllnc•s It 6 Aprtl 2024 1.008,444 890,342 The $18tement of financial 4ctivftl•s indud•s •nd h)18•s recognlwl Ihe Al knc4rne •nd expendtturn d¢Flvg frryn contlnuiry acJ¥l¥es.
THE FLETCHER-SMILLIE FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2024 2024 2023 Flx•d a8•9ts Investments 11 851,845 Curr•nt a••ets Cash ot bank and &) hand 45.097 Cr•dltor¥'. •mount• lalllng du• lthln one y•¥r 13 15.5501 16,6C¥)I N•t euwront ••••t• ,117 38,497 Tot•1 M•et• IM• ¢urr•nt Ilabllltl 1.00$,444 890,342 Th• fvnds ol th• ¢h•rlty Vnrellwkted fund• 14 1,006.444 890,342 1,005.444 890,342 Thg finJncl¥l •lat•nnts re apwo¥•d by th• Twth•s on 4 F•tru*y 2025 N Smlle TYu•ts•
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 A¢¢ountlno poll¢le• Charlty Infonnatlon The Flel¢her-Smillie Foundaoon 18 • Chanlabl• IneLwaied Chganlsaii)n registered at ihè Charrtie¥ Commission in Ewland and les. 1.1 Accountlng ¢onv•nllon The financial slalement$ have been prepared in attordancè the cha$ governing tlotsjment, Ihe Charibes Act 2011, FRS 102 Yhe Finan¢)81 Rep19 Standard apphcable kn the UK and Republle of Irèland" I"FRS 102.1 and the Charibes SORP "Accountsng and Repor19 ty Chafities." Staieftnt of Recommended Praclicg gppIKable lo charilie$ preparing Ihwr 8ccc4Jnts M accordance wlh the Financial Repokty"ng Stafidard applicabl¢ in th¢ UK and R¢publi¢ of Ireland {FRS 1021. leffethve 1 JaThJary 20191. The ch8nty is a Publ 8enefil Entty Bs defined by FRS 102. The chaty has taken thantsge of Ihe 1x0¥l¥8 In the SORP fu dwriO¢i nol lo prepare a StnRnt of Ca8h FIM. The ffln8nd81 ItalementB have departed from the ChWIt (ACC413 Reports) Regulobons 2006 orty to the extent required to pro¥id• a Iw• and la¥ ¥1. This departure has invdved fOlrwng the Stalemenl of Recommended for ch8rfts.es •pthkng FRS 102 raih•f than th• version ol Statement of Recomrrend¢d PractK• J• r¢f¢ffed to kn the R•gul•tlons but vthlch ha8 been 1hrdn. The flnandol $t8lernnts are prepared In •terfing. whkh kn th• lunclonal oJThenOf ol th• charfty. MO18ry arnount$ In the8e flnandal $18temenl8 n rJftded lo Ihe nearest £. The 17n8ndal $ternts have been wepafed undèr the historical ojst con¥enlion, rntsjrfled to include th• revglualion ol freehold prryJerUes antl lo InCe Inveitrneni PfOPWllei 8nd certaln fin8ncLql In8inJment8 at lalr ¥••. Th? pnndpg1aOUnlkng pohth¥ •doOed •re sel ¢yJt below. 1.2 Golng con¢•m Al the time ol •ppr¢)vlng the finandal stai•rnent5, Ihe Tru51•e5 have a rg¥sonat49 expe¢tytlDn that the h8$ 8dequate resources to continue in operatsonal existence for the 88e8t4e luture. Thu8 th• TN8lee¥ continue to adcpt the wrJ Conc b•sis ol accn0 vi pwrffj Ihe fin•nci•l ststements. 1.3 Ch4rftabl• fund• Unrestrided fvnds avall•L4e lor use 81 Ihe ¢JscreOon of lh• Trnthei kn furtherants of th•lr charftable ofy'eclives. Re¥lrfthd fvnd8 8re 8ubleci to 8peolk c4ndrtlons ty donm ¢y grnnlcn u to h(Aw Ih•y may be u8•d. Th• purpoJ¢$ and u$e8 of the reltrkled funds we #et the notes to the fin•ndal $tstements. Endowm1 ft$ a +4'eCt lo spedlk conditlons by donorn that the Cap must be matht8lned by th• charity. 1A In¢om• Incorne 18 recognised ¥then the th&rty Li Wty entiued lo It 8ftef any pabmwnce condibons haye been met, Ihe arnounti can be measured relia, ond it is probable tho1 il be receNed. Cash donabons are recx)gntsed on recwpt. Olhef donab.S We ¢(jniSed once the th•iity has been notified I Ihe donation. unless perfOnCe condilpJn$ reqwre deferral ol the amOt. Incoft tsx recoverable in relation to donaiions te1Ved under Gfft or deeds of cwenant is recognwd al the time of the d¢)nalion. Lega(aes we recogrrised tffi rt¢tyt or othwryse if the tharity ha5 been nclrf8d of an ThPeTrdg d48tribulion. the arnounl 1$ known. and recwpt is exraed. M Ihe arN)unt knMI, the legacy is treatad as a conting8nt a$set.
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Aecountlng pollclel Icontlnuedl 1.5 Exp•ndltyre Expenditure is recognised oTrce there 1$ a kgal or tonstnxhve ob&gat lo transfer economic benefft to third party. it is probab Ihat a transfer of econonK tenefits be qUi in SetdeThnt, wd Ihe amount ol the oblvJal¥)n can be measured reliabty. Expenditure 1$ dassified by actiwty. The cos15 of •ach admty we made up of the loial of dlrecl costs and Sknad costs. induding support Costs inv(Aved Sn undertakkng each acb"wty- Direct cosls attributable to a single acimly are allocat¢d directy to thai athity. sha costs Contribute to more than one acvvity and support costs which we not ailributsble to a SIng actfivty are apportioned beeen those ath"wties on 8 b8sIs con8islent wilh the uaé ol ie50urces. Central staff co81s ¥Uocat•d Lffi the ba3 ol ihme •pent. and ¢Jeprgciation charges are alocated on Ihe ptyb.on of Ihe asset'j us¢. 1.6 Flx•d q888t Inv•tm•nts Fixed a8s81 inveslments br• knhiity me•swed pric¢ oxdudlng tranMcUon cosli, and ar• sub8equenlly rneasured at lair Wdhje at each porting date. Change5 In ¥•8 •re recogni8?d in nel Incornellexpenditufel lor the year. Tr•nsgctkin costs are expensed as incurred. 1.7 C4•h and ¢a•h •quSv•l•nts Cash and cash equivalents Indude c88h kn hand, depoBft8 he at tall 14ilh banks. other $hort-tgrm Ilquid invosltnents with gInal mat1Xe$ ol Ihrn• monlhj or less, and bank o¥erdr8ft4. B•nk overdrafts •ty $hown tNn borrowngs In cunenl Ik9bilrtg. 1.8 Flnanclil In•lrum•Thts The chanty has e811 to 8ppty Ihe pro¥iaion8 of Sethon 11 '8aiic Fin¥nial In•trwnent•' and SecOn 12 'other Financbal In8tThJment$ Issue$, ol FRS 102 lo al ol rts in$lnJments. Flnona81 instruments thr• r•cOgn6 Ihe ¢an$ bal•nce sheet Iha chAftty b•ck)mes paty lo the Cth)Iratlu81 pro¥i8i¢m of lh• knstrument. Flnanu81 a$set$ and Iiabilits are ollset. v+th Ihè n•t 8mounls pwsenled m the statem•nt$, when Ihere 1$ a legaly enlorceable right to let off th• recogNied amounls and thw¢ is an int•nbon to Setlle on a nel ba$1¥ or to reallse the 85set 8nd selue th•1Sabilty sknwj1lanesfy. B•sk nn•n¢l•l •M•ts 8a5ic finanual aase15. whith indude deblorn 8TrJ cash and b8nk balances. we measured al tyansacllon pri induding transa¢Jvi o)$is and wbsoquenlty at 8mortj.sed cosl ujing the effectNe Interesl rnethod unless Ihe aff8ngernent nlI1u(es a financing transa¢Uon. where Ihe trans8Ctts)n Is Me8$ud at the present vue of the tre receipts disC¢ted at a rn8rtet rate of interest. Finan1 assets da$fied 8$ receN8bb Imlhin ygar are not amoths•d. Baslc ffn•nci•lli•bilili 8o9ic finall01 liablthes, indudirJ ueditcffjs and bank a In.811Y recowised at transaL'on pce Un$$ Ihe aaTr9eMent constitutes a fnancing transacti. ¥rtre Ihe debt instrument is measLbred at the psent value of Ihe luiure paymerts diSttnIed at a martet rnte of Irrtewe8L Finanraal liaknlities dassffied as poyatrle wilhin one year are not aftrb$e. Debt instnjrntS a Subsequent c•rrigd * P4n0rti5 cosL uslng Ihe eThectlve Irrtere$t ral¢ mtthod. Trade creditor5 are obl19aon5 to pay for Ws or sertsices that have been acquired in the ordin8ry course of operations from suppl*ts. Amounts payabk are dassified as rrent liabilibes rf paymeni ¢$ due vththin one year oi les5. If not. they are pfesenled as noTrtwrrent I9.11e5. Trade LyEdltoTr awe re¢ognised inits81ty at transadon price and subsequentty measured at arnortised c05t the effethe int$t method.
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 A¢¢ountlng pollele• Icontlnuedl Derecognition oifinancial li•biliVes Financial liabilrties ar8 dereGogni68d Wh Ihe thaiity'$ contraclual oba8tions axwr8 or are di8tharged or ran¢eled. Crbtlcil aeeountlng e•iim•t•• ind ludgennts In the apph"catk)n ol the chanV8 aTrtkng polde6. Ihe Trustees are requ1 to make judgemenls. e3limale$ 8nd Bs$umption$ about the carrying aftnt of 8ssets and Iiabililies th818 not &dity apparent from other sour¢e$. The ests'mate$ and asso(aaied a$$umptions a based on hi$toric•l ¢xperiwKe and Other f8dor$ thot a ¢onBldered lo be reknnt. Athjal m8y dfflef from the$e e$lwnate$. Th• ¢sbmgl¢s ond undertymg aslumpti¥ arg on on onw9 basi5. R¢¥i5hM¥ to Bcwunting eslknaiès af• raeogS th th• In which thè •stimaie ns rtwsed whèr8 lh• r•vS$bn aff•tts onty that period. or In the penod of the rewlsion and IUr& pertods whwe the affects both current and future periodi. Incom• Irom In¥••thi•nts Unrg•trlctod Unrn¥trtct•d fvnd• fund• 2024 2023 Incorne from Usted Inve1 Intere¥t r•c¢r¥¥ble 11714 284 9.475 11998 9.475 Exp•ndbtuY• <>n char1t •cttvlll In¥Mkn•nt• Imf••kn•nts 2024 2023 Dlr•d ¢o•ts ForevJn taxation Port0 mBnagemenl and athiiri8tratk)n fees 1.99J 6.817 1,772 6,695 8,812 8,467 8h•r• of•upport •nd go¥•man¢e ¢o•ts (Me not• • Go¥em8nce 3,652 2.700 11464 11.187 ATrHty•ls by fund Unrestricted fvnd5 12.484 11,187
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support ¢ts •lloc4t•d to •cllvNI 2024 2023 Go¥8m¥nce ¢t8 3.862 2,7fA) An•tyed I(••n. Inveslrnents 3.6S2 2.700 Tru•t••i None of the Tru51ees lor ary pernons coMtd•d vAth th•ml rtt•iv•d any nne.0 or bèhefft$ from th• chailty durlng the year. Ernploye The overnge monlhty nunljer 01•OyeeS ¢Jrkng Ihe ye•rw•6: 2024 Number 2023 Nurnb•r Tol There were no empbyees annv•l f•mun•r•tlon was mor• than £80.Cth. Giln• ind loM•• ¢)n In¥Mkn•nt• u1wtrICt•d Unv••irfd•d fvnd• lund• 2024 2023 G8th91(losae$l arising on.. Re¥ation ol investmerts Sale ol Inveslments 155.564 117,9801 145.7971 120.8671 137.S84 166.e641 Taxaibon The chanty is exempt from thx81ion on rfs b&Se al its income rs apr4.ed for tharitèble pUSe%. 10 Other galns and losa•¥ Unmirfcted Unr•8trfjcted lunda funds 2024 2023 Gain110$8e9I upon= Forevjn exchange 23,016 119.8571
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 11 Flxod a88et Inv•Btrn•nts Unlisted Inveltments Cost or v¥lu¥llon Al 6 April 2023 Addilion$ Valuats'an chang¢J Di8P088ls 161,845 369,348 132.547 140J.4131 AI 5Ayll 2024 940,327 ¢•rrylng amourt At 05 Apr4 2024 0,327 12 Flnincl•l In•trum•nl• 2024 2023 Crryln9 •mount ol flnanelal ••••t• Instruments measured at fair value through profft cff10s1 0,327 851.845 13 Crodltor•: •rnounl• hlllng du• wlthln on• yMr 2024 202J AcL7u•l8 and deferr•d knts) 6,560 6.800 14 Unrn•trl¢ted tund• The unrestiicled funds ofthe tharity cornprfse the unexpendod balances ofdonotion$ ond gronls are not subject to speofK conditions by donlys and grantors as to how they may be used. These tnclLtde desinaled fwds which ha l)een set a8Je out of n$trd fvndl ty th• truta fcrf spec4fic purpos¢•. At 8 Apvll Incomln9 2023 r••ource• RMoure• •xpended In Ind At O Aprll 2024 Genernl knds 8WJ.342 11•98 112,4641 114.868 1.IJOS,444 pr•0• year. Al 6 Aprfl Incomlng Resources 2022 re•our¢es •xp•Dded Galns and At S Aprll 2023 Gon¢ral fund8 938.841 9,47S 111,167) 146,80n 890,342
THE FLETCHER-SMILLIE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDEO 5 APRIL 2024 15 Relatgd p•rty tr•nM¢llon• There no disdosat4e related party tsansacibjns duriry th¢ ye¥12023- none). 10-