Charlty number." 200520 THE SMITH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE SMITH IHALTWHISTLE & DISTRICT) CHARITABLE TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Charltyy Its Trust8gs and advisers Trustees. report Independent éxaminerfs rgport Statement of flnanGlal actlvltle8 Balance sheat Notes to thè flnanclal Statements 9-19
THE SMITH {HALTWHISTLE & DISTRICT) CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustee8 Professor Richard Annandale Douglas Pallrick, Chairman Nigel Claude Nevin Clayburn Sally Hope Pallrlck Major Ridley Richard Robson Clayburn John Malcolm Clark (representative Iruslee appolnled by the Chalrman of Haltwhistle Town Council) {resigned 18 July 20241 Alan Sharp Irepresentalive Irusle8 appointed by the Town Cl8rk of Haltwhislle Town Council) lappolnled 18 July 2024} Revd Canon Stephen Mark Wright Irepr8sentalive Iruslee appolnted by the 81shop of Newcastle) Charlty reglsterod number 200520 Prlnclpal offlco The Lumen, Sl James, Boulevard, Newcastle Hèllx, Newc88lle upon Tyne, NE4 5BZ S•crgtary John Yarrow Luke AGGountant8 Klnnalr As50clal85 LimSled, Aston House, Redburn Road, Nswcaslle upon Tyne, NE5 1 NB Bankers HSBC Bank plc, Fore Street, Hexham, Northumbèrland, NE46 1 LY Sollcltors Hay & Kllner. The Lumen, Sl James, Boulevard, Newcastlo Helix, Newca511e upon Tyne, NE4 5BZ Inv06tm•nt Advisor6 Barrall & Cooke, 5 Ople Stwet, Norwlch, NRI 3DW Page 1
THE SMITH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the fin8nclal slalemenls of the Charity for the year ended 31 July 2024. Objectives and a¢tlvlties • Pollcles and objectives In selling objectives and plannlng for aclivilies, the Trustees have given due conslderallon to general guidance published by tha Charity Commission relating lo public benefit. Other than In exceptlonal clrcumslances, the objective of the Tnjstees is lo b8nefil as many charlties a8 realistlcally possible wllhin the scope of the nel income available. As will b8 seen from the details of dlslrlbutlons in the financial slatemenls, th8 oblectlves are being achieved and 11 would be the Trustees, inlentlon lo continue on this basis for the future. • Grant-maklng pollclos The Ch8rllabl8 Trust assesses applicallor)s for grants on an individual basls. The 8ppllcatlons are revlewed agalnsl the adopted pollcy as delalled wllhln the conslltullon and objects. A¢hlgv?ment8 and perfomiance • Revl•w of actlvltlo# The Charltable Trust Ihls year has agaln been able lo donate slzealjle amount8 to Charllable organlsatlons In thè Tyng Valley area for the benefit of the local community. The response from these organisalions has been very en¢ouragSng. Details of grants and donation8 payable are detailed In the notes lo the financial slalemenl8. • Investmont pollcy and perfomiance In accordance with the Slalemenl of Recommended Practlce, quot Investmont8 have been accounted for on a market value basis. The Tru6t Deed Gonlains m restrlctlons on the Charitable Trust's power lo Invest. The investment Strategy Is set by the Tru8lee8 for the medium term and Is revlewed on an annual ba81S. The TnJstee8 consider the income requirements, the rlsk profile 8nd Ihe investment manager's vi6w of th8 market prospe¢ls in the short and medlum term. Thè Trustees have opted for an overall polley which stales that the Trust Fund 1$ lo be inve81ed in low lo med1M risk investments with a view to malnlalning capital and income growth. The value of investments held by the charity rose by £131,324 from £1,674,729 to £1,806,053 over the year {7.8 /•). The funds of the Charitable Trust continue lo produ¢e sound invesimenl Income for the future of the beneflciaries of the Trust. Page 2
THE SMITH {HALTWHISTLE & DISTRICTI CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Financlal review • Golng concern After maklng approprSate enquiries, tho Trustees havg a reasonable expectation th81 the Charity h88 adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basi8 in proparing the financlal slatemenls. Further details regarding the 8doption of the going conoem basis can be found In the accounting pollcles. Reser4188 policy The endowment fund As a grant making trust il is necessary lo maintain the expendabl8 endowment fund al 8 level sufficient to en8ure a $g¢ure and predictable income flow out of which the grants are lo be made. Thè Income fund The Truslee8' ¢urrent poltcy Is to élslrlbule the malorlty of the Incom6 arislng In any one year whllsl relalnlng a balance of undlslributed income from earller years lo ensure that In the ovenl of the ce$salion or a malerlal fall In the income stream the Charitable Trust could ¢onlinuo to OP8rate whilst glving grantees due notice of reductlons In futur& grants. The Trustees hold an annual meeting In July 8ach year. Al the meellng the reserves of the Charitable Trust are cgl¢ulaled and are taken Into a¢¢cnt when maklng grants. The Trustees have revlewed the Charitable Trust's reserve pollcy which would requlre that reserves of approximately £50,000 should be malnlained lo provlde suffloienl funds lo cover govern8nce, support cost8 and to re8pond lo any emergency grant applications whlch may arl$$. Unrgslrlcled re8erve$ al 31 July 2024 are £248,489 (2023- £228,843). Thls is not unreasonable, glven the current and anllcipated economlc envlronm6nl. {11 should be noted that within thls figure for unreslrlcted re$8rv65 are investments held by Ihe Charitable Tru51 lolalllng £38,591 12023 - £38,591) as sel out In note 1 S to the financlal slalemenls. Whll81 these investments are capable of realisalion by the Trustees al any lime, the charity Truslegs, Intentions In holding these unre$lri¢led funds as investments is lo provide for capital appreciation parllGularly In Ilmes of high Inflallon and lo allow for more annual income to be generated from investments over lime for future grant dlslrlbulions. 11 should be noted that this eloment of unreslrlcted funds is therefore Ireal6d by the Trustees as not part of the free reserves of the charity. The free reserves of the Charitable Trust after adjusting for inveslm¢nts hold arg equal to Ihg value of nreslricled reserves (£248,489} less the value of investment5 held in the fund 1£38.5911 lotalling £209,898 (2023- £190,25211. Stru¢turo, govornance and manag¢mont Constitution The Smllh (Haltwhlstle & Dislricl) Charitable Trust is constituted under a Trust Deed dated 8 August 1961. On 8 August 1961 the oflglnal donors (Mildred Alberta Smith and Douglas Smith) donated £50,000 lo form the Charltsble Trust and create a Trust Fund. The objects of the Charitable Trust are that the Trustees shall star)d p08sessed of the Gapilal and Income of the Trust Fund upon such charitable Iru51s and for such tharllable purposes as they shall In Ihelr absolute and uncontrolled discretion from time to lime determine. Page 3
THE SMITH IHALTWHISTLE & DISTRICT) CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Structure¥ governance and management {continugd) WSlhout Greating any legal or binding obligation the Trustees are requested under the Trust Deed lo give particular consideration lo charitable trusts and charitable purposes for the benefit of the inhabitants of the Parish of Haltwhistle in Ihe County of Northumberland and the neighbourhood thereof. Th8 Truslges have adopted the policy of restricting, for the most part, donations to national charities with a local conneclion or charities wllhln the Tyne Valley area of Northumberland. • Methods of appolntment or electlon of Trustee9 New Trustees are appolnted by Ihe survlvlng or contlnuing Trustees oth8r than the r8pre88nt8live Trustees. • Organ18atlonal 9tructvro and deGlslon-maklng pollclgs The Trustees meet annually In July to grant appllcatlons and to discuss the fir)an¢lal statu5 of the Charitable Trust. The formal meeting of the Trustees look place on 18 July 2024 al Mlllhouse Grange, Bardon MS11, The Char51able Trust Is admlni31ered by Mr J Y Luke. All grant applicatlons musl be In wrlting, provldlng full back up informallon and $gnl to.. MrJ Y Luke, Hay & Kllner, The Lumen, st J8me$ ' 8oulevard, Newcastle Helix, Newcastle upon Tyne NE4 5BZ • Flnanclal rlsk management The Trustees have assessod the major risks to which the Charitable Trust is exposed, in partlcular those related to the operations and finances of the Charitable Trust, and are satisfied that syst8ms and procedures are In pla¢e to miligale our exposure to the major rfsks. • Trustees, Indemnities No Trusleg shall be liable for any loss to the Charllable Trust arlslng by reason of any IMpror Inve8lmenl, provlded it15 made in good faith and havlno sought professional 8dvice. Page 4
THE SMITH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Statement of Trustees. rèspon8ibilities The Truslees are responslble for preparing the Trustees, report and the financial slalemenls in accordanoe with applicable law and United Klngdom Accounting Stan(Jards (United Kingdom Generally Accepted AGcounling Pracllc81. The law applicable lo ¢harltles in England & Wa18s requlres the Trustees lo prepare flnawlal stalemer)Is for 88ch flnancial which give a true and fair view of the slate of affair$ of the Charlty and of ils incoming resourc85 and application of resources, Including its income and expenditure, foi that perlod. In preparing these financial stalemenls, the Trustees are required lo.. sel8¢15Uitable accounllng policle$ and then apply them consi81enlly', observe the methods and principles of the Charllies SORP IFRS 102}- make judgments and accounting eslimale5 that are reasonable and prudent,. slate whether applicable UK Accounting Standards IFRS 1021 have been followed, sublecl lo any material departures dlsc105ed and explaln&d In the flnanclal statements., prepare the flnanclal slal8menls on the going concern ba$ls unle881118 Srbappropriale lo presume that the Charlty will oonlinue In business. The Trustees are responsible for keeplng adequate accountSng records that are $ufflGienl lo show and explain the Charity's Iransactlons and dlsclose wllh reasonabla aCCracY al any time the financlal posillon of the Charlly and enable them lo ensure that the financlal slalemonls comply wllh the Char1118s Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and th8 provislons of the Trust Deed. They ara also responslble for safeguardlng the assets of the Charlly and hence for taklng reasonable steps for the prevenllon and d&l6clion of fraud and other Irregularllies. Approved by order of the membors of the board of Trustees on 8 M their behalf by. 2025 and sSgned on Professor R. A. D. Pattrlck Chalrma Page 5
THE SMITH IHALTWHISTLE & DISTRICT) CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024 Indepondont gxaminerfs report to the Trustees of The Smlth {Haltwhlstle & Dlstrlct) Charltabla Trust I'the Charlty.) I report to the Charity Tru$tee$ on my examination of the accounts of the Charity for the year ended 31 July 2024. Rasponslbllltles and ba81s of report As the Trustees of the Charity you are responslble for the preparation of the accounts In accordance with the requirements of the Charities Act 2011 I'lhe 2011 Acl'l. I report in respect of my oxamination of the Charills accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145{5}Ibl of the 2011 Act. Independont examSnerf8 Statement Your allenlion is drawn lo the fact that the Charity has prepared the accounts in accordance wllh Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice IssLJed on 1 April 2005 which is referred to In the exlanl regulations but has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted A¢¢ounling Practice effective for reporting periods beglnnlng on or after 1 January 2015. I have Gomp1eted my examination. I confirm that no mallers have Gome to my attention in connection with the examination glvlng me cause lo believe that in any material respect.. 8ccounling records were not kept in respect of the Char1ty as required by section 130 of the 2011 A¢t', or the accounts do not accord wllh those records,. or the ac¢ounls do not comply with the appllcable requirements concerning the form and conlenl of a¢counls sel out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which 15 not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers in connecllon wllh the examination lo whlch allenlion should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. This report is made solely lo the Charills Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. My work has been undertaken so that I might slate lo the Charills Trustees those m8llers l am required lo slate to them in an Independent examiner's report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charills Trustees as a body, for my work or for this report. Signed.. D8tlev Anderson FCA Kinnair Associates Limited Aston House, Redburn Road Newcastle upon Tyne NE5 1NB Page 6
THE SMITH IHALTWHISTLE & DISTRICT) CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Endowment Unrestrl¢ted funds funds 2024 2024 Total funds 2024 rot81 funds 2923 Note Income and endowments from: Investmertls 73,108 73,106 68,438 Total income and endowments 73,106 73,106 68,438 Expendltur8 on: Rai51ng funds Charitable aGtlvilles 720 720 53,110 480 42.930 53,110 Total expondlture 720 53,110 53,830 43,410 Not lexpendlturé}Iln¢omo before net galnslllossasl on Investments Nel gainslllossesj on investments {720) 132,044 19.996 19,276 132,044 25,028 (75,967) Net movement In fund8 131,324 19,996 151,320 (50,939) Reconclllatlon of funds: Total funds brought forward Nel movement In funds 1,636,138 131,324 228,843 19,996 1,864,981 161,320 1,915,920 (50,939) Total funds carrled forward 14 1,767,462 248,839 2,016,301 1,864,981 The Slat6m6nl of flnanolal aGlivlli8s includes all gains and losses reoognlsed In the year. The notes on pages 9 to 19 form part of these financlal slalements. Pag8 7
THE SMITH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Flxed assets Investments 1,806,053 1,674,729 1,806,053 t,674, 729 Current assets Debtors Cash al bank and in hand 10 363 249.695 302 223,010 249,958 223,312 Credltors- amounts falllng due wlthln one year 11 139,7101 (33,060) Net ¢urrollt assets 210,248 190,252 Total assets le89 ¢urrent IlabllStles 2.016,301 t,864,98t Not as$•ts 2,016,301 t,864,981 Total not a888ts 2.016,301 1,864,981 Charlty funds Endowment funds Unreslrl¢ted funds 14 14 1,767,462 248,839 t,636,138 228,843 Total funds 2,016,301 1,864,981 The financial statements were approved and authorlsed for issue by the Trust&8s on 8igned on thelr behalf by.. 201S and tlu '( 2o2f Professor R.AD. Pattrick (Chair of Truste@sl The notes on pages 9 to 19 form part ol these financial slatemenlg. Page 8
THE SMITH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General information The Smllh {Haltwhistle & Dlstrlcl) Charitable Tw$1 is a Charltable Tru51, charity number 200520. The principal office of the Charity Is The Lumen, St James, Boulevard, Newcastle Helix, Newcastle upon Tyne NE4 5BZ. Accountlng pollGle8 2.1 Bas18 of preparatlon of financlal statemonts The financial statements have been prepared In accordance wllh tho Charities, SORP (FRS 1021- Accounting and Reportlng by Charities.. Slalemenl of Recommended Practice applicable to ¢haritles preparing their aoUntS in accordance with Ihg Financial Reportlng Standard applicable in the UK and Republic of Ir01and {FRS 1021 {effecllv6 1 January 20151, the Flnancl81 Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 102) and the Charities Act 2011, The finaneial stalemenls have been prepared lo glve a 'lrue and falr, vlew and have departed from the Charille8 IA¢¢ounls and Reports) Regulations 2008 only lo the exlenl required lo provlde a 'lrue and fair, view. This departur8 has Involved following the Charllies, SORP IFRS 102} published In October 2019 rather than the Accounllffj and Reporting by Charitle5.' Statement of R8commended Practice effecllve from 1 April 2005 whlch has slnce been wllhdrawn, The Smllh (Haltwhlslle & Dlslri¢l} Charitable Trust mee18 tha definition of a public benefit entlly under FRS 102. Assets and liabilities are inillally recognlsed at hlstori¢al Gosl or transaction value unless olherwlse slated In the relevar)l accountlng polty. The flnanclal statements are presented In pounds Sleding 8nd rounded to the nearest pound. 2.2 Golng concern The Trustees consider that there are no materlal uncertainlles affecting the Charity's abillly lo continue a5 a going concern. 2.3 Income All incom8 19 r8cognised once the Charlty has enlillemenl lo the income, il Is probable that the Income will bo reoeiv8d and the amount of income receivable can be measured rellably. Interest on funds held on doposll is inoluded when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the Bank or Investment Manager. 2.4 Expendlture Expendllure Is recognlsed once there is a leg81 or constructive obligation to transfer economlc benefit lo a third party, 11 Is probable that a transfer of economic benefits will be requlred In settlement and the amount of Ihe obligation can be measured reliably. Expenditure is ¢lassified by activity. The costs of each aclivlty are made up of the total of direct costs and shared cos15, including support costs involved in undertaking each activity. Direct costs aliribulable lo a single activity are allocaled directly lo that aclivily. Shared costs which cor)Iribute to more than one activity and suppori Gosls whiGh are not allributable lo a single activity are apportioned between those activities on a basis consistent wllh the use of resources. Page 9
THE SMITH {HALTWHISTLE & DISTRICT) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting poliGies {continued) 2.4 ExpendltUTe (Gontlnued) Costs of raising funds are Gosls incurred in the management of investments. Charitable activities are Gosts incurred on the Charity's grant-making oparallons, including support costs and costs relallng to the governance of the Charity apportloned lo charltable a¢tivilies. All expenditure is incluslv8 of Irrecoverable VAT. Liabilllies are recognls8d as éxpenditure as soon as the 18 8 legal or oonstrucllve obllgalion commltting the Charlty lo Ihal exp$ndilure, it is probable that selllemer)I will be required and the amount of the obllgallon Can be measured reliably. Grants payab18 are charged In the year when the offer Is made except In Ihoso cases where the offer Is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo condillons which have not been met al the year end are noted as o Gommilmenl, but not a¢¢rued as expendllure. All exper¢dSlure has be6n classlfled under headlngs that aggregala all costs related lo the category. Grants payable are payments mad8 to thlrd parties In the furtherance of Ihg charllable oblectlves of th8 Charity. Support Costs are those cost8 Incurred dlreGlly in 8UPPOrt of expendllure on the aclivilles of the Charlty. Governance Gosls are costs Incurred In ensurlw Ihal the Charity meets Ils constitutional and 81atulory requlremenls. 2.3 Investments Flxed as5el Investments are a form of flnanclal Instrument and are Initially recognlsed al Ihelr Iran$a¢lion cost and subsequ8ntly measuwd al their falr value whlch Ss their market value al the Balan¢& sheet dale. Investment galns and losses, whether realised or unrealised, are comblned and shown In the heading 'Gainsl(losses) on Inveslmonts, in the Slalemenl of Financial Acllvllies. Invèstment cos18 are Inclusive of Investment manager transaction f8e8. 2.6 FlnanGial instruments The Charity only has flnancial asse18 and financial Ilabllllies of a kind that qualfy as basic Ilnan¢Sal Instruments. Basic financlal instruments are initially recognised al Iran8aclion value and subsequently measured al their settlement value. 2.7 Fund accountlng General funds are unrèslricled fun¢Js which are available for use al the dlscrelion of the Trustè8s in furth¢rance of the general obje¢lives of the Charity and which have not been designated for other purposes. The Trust has a single Èxpendable endowment. The Trust Deed provldes that both capltal and income generated may be applied for charitable purposes at the discretion of the Trustees. The deed requests the Trustees to give particular consideration lo charitable Iru¥ts and charll8ble purposes for the benefit of the inhabitants of Hallwhistle and its n¢ighbourhood. Page 10
THE SMITH IHALTWHISTLE & DISTRICT) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Invostment Incomg Unrestrlcted funds 2024 Total fund8 2024 Total funds 2023 Divldends and intere81 on 5eGurilies Bank inlerosl 71,385 1,721 71,385 1,721 67,812 626 73,106 73,106 68,438 Expendlturo on ralslng funds Co8t8 of ral$Sng voluntary Incom8 Endowment fund• 2024 Total funds 2024 Total funds 2023 Inve8lmenl manager ¢harge$ 720 720 480 Grants and donatlon8 payablo 2024 2023 Reclplent Bardon Mill and H¢nshaw V111age Hall Bardon Mill Old Folks Trip & Treat Fund Bardon Mill Pamllion Commi1188 Bellingham with Henshaw PCC Cancer Relief Ma¢millan Fund Childrens Summer AGliMties 88rdon Mill 600 500 600 500 500 3,600 700 350 700 Sub-total carrled fOard 5,900 6,250 Page 11
THE SMITH IHALTWHISTLE & DISTRICT} CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Grants and donatSons payable {¢ontlnu0dl: 2024 2023 Re¢lplont Brought forward 5,900 6,29J Crown Paints Rellred Employees Club Daft as a Brush Emmanuel House Feathèrslone Village Hall Committe8 Greenhead PCC Guide Dogs for thè Blind Haltwhislle Bowllng Club HallwhSslle Hospllal League of Friends Haltwhislle Melhodlsl Churoh Hallwhislle 0r 60,8 WVS H8ltwhi8118 Partnershlp- Community Gardens Hallwhislle Partnership- Luncheon Club Hallwhislle Partnershlp - Zg Zag Protheci Hallwhlslle Partnershlp Allolmenl Hallwhlslle PCC Hallwhlstl8 Senlor Citizon8 Fund Hallwhlslle sMmIng & Lelsure C8nlr& Haltwhlslle Youth Club HaYdG Brfd99 PCC Knarsdale PCC Lambley PCC Northumbgrland The81re Company Percy Heél¥y Foundation ieen5 Hall Frtend8 Samarflan's of Trneside Sl Culhbgrt's PCC Allendale Sl Oswald5 Hospice Sl Wilfrid's RCC The Hextol Foundallon 9LIO gc 6C(I 7rK) 700 600 71J) 3iJ) 700 300 700 700 400 eoo 400 800 40D 300 900 eoo 7(Kl 400 700 600 500 500 700 eoo 1,000 800 900 400 400 Sub-total carried fornard 28.700 23,150 Page 12
THE SMITH IHALTWHISTLE & DISTRICT) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Grant and donations payable (contlnuédl 2024 2023 Reclplent Brought fomard 28,700 23,150 The Polic8 Community Clubs of Great Brtlaln Tynedalg Hosplce at Hom8 WAG&Co 230 500 300 1,500 12501 1,000 600 400 aoo 300 1,500 1350) Wesl Northumberfand Food Bank Preuous yaorfs giant not presented (Childrens Summ9r Act5118 - Bardon Mlll) Calvart Kl&lder Greenhead PCC- Muslo box Haltwhlslle PCC- New Hymn books Haltwhislle Partnershlp. Memory Café Henshaw and Greenh9ad Prlmary Schools Hallwhistle Partnership - Older People's Project Hallwhlslle Jubilee Football Club Hallwhislle Fllm Project Sl Culhbert's Church - Notlceboard Amber Be& CIC T0h Centre 700 400 350 900 1,000 750 300 500 750 35,550 28.180 Page 13
THE SMITH (HALTWHISTLE & DISTRICT> CHARITABLE TRUST NOTES TO THE FINANCIAL STATENIENTS FOR THE YEAR ENDED 31 JULY 2024 Analysls of expenditure by a¢tlvltles Grant funding of aGtivities 2024 Support costs 2024 Total funds 2024 Grants and donations payable to institutions Webslle costs 35,550 15,580 1,980 51,130 1,980 3S,550 17,560 53,110 Granl funding ol activlties 2023 Support cosls 2023 Tot81 fvnds 2023 Grants and donatlon8 payable to Inslitullons 28,180 14,750 42,930 Analys18 of 8UPPOrt costs Support costs 2024 Webslte costs 2024 Total funds 2024 Website costs Ivvebslie design £9, Hay & Kllner advlco £9901 Bank Charges Se¢retarial costs Provision of facilities for Trustees Trustees, expenses Governance costs (below} 1,980 1.980 107 9,260 960 107 9.260 960 603 4.650 603 4,650 15.580 1,980 17,560 Governance costs are Independerlt Examinels fees of £4,650 for the preparation and ex?minalion of the annual financial slatemenls, which are staled Inclusive of VAT. Page 14
THE SMITH {HALTWHISTLE & DISTRICTI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expendltur8 by actlvities {continuedl Analy81s of support costs {continued) Grants and donations payable 2023 Webslte Gosts 2023 Tot81 funds 2023 Bank charges S8¢r6larial costs Provislon of facilities for Trustees Trustees exp8n88S Governance costs - Independent examlner'8 fees 69 8,820 8.820 I,ot1 500 4,350 4,350 14,750 14,750 Independent examSn8r's rernuneratlon 2024 2023 Fees payable to tho Charill8 Independent examlner for the Independent 6xamlnallon of the Charltls annual accounts Fees payable to the Charllls Independent examlner respect of.. All other servlces not in¢luded above - preparation of the financial 818temenls 1,070 1,000 2,805 2,625 Figures are shown bèfore the addillon of VAT. Tru$t¢e$' remunèratlon and expenses Durlng the year, no Trustees recelved any remuneration or other ben?flls (2Q23- £NIL). Durlng the year ended 31 July 2024, expenses tolalling £603 were reimbursed lo 2 Trustees for travel and accommodation expenses and for meetings costs (2023 £500 for travel and aGGommodalion expenses). Page15
THE SMITH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Flxed asset Investments Listed Cash held for Investments reinvestment Total Cost or valuation At 1 August 2023 Additions Dlsposal$ Revaluations 1.673,140 129,470 {129,870) 132,044 1,589 1129,470) 129.150 1,674,729 (720) 132,044 Al 31 July 2024 1.804.784 1,269 1,B06,053 10. Dèbtors 2024 2023 Barratt & Cooke - dlvldends re¢elvable 363 302 363 302 11. Credltors: Amounts falllng due wlthln one year 2024 2923 Grants payable Accruals for professional fees 34,100 5,610 27, 750 5,310 39,710 33,060 Grants payable were pald shortly after tho year end. 12. Grant commltmènts There are no grant commitments at 31 July 2024 other than grants payable shown within the credllors note amounts falling due within on8 year. Page 16
THE sMH (HALTWHISTLE & DISTRICT) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Flnancial Instruments 2024 2023 FSnanclal assets Flnancial assets measureé at fair value through income and expenditure 1,806,053 1,fj74, 729 Flnanclal assets measured at fair value through income and 8xpendllure comprise shar8 Inveslmenls. The rlsks a58ocialed with holdlng shar$ inve8lmenls are managed through the use of Investment managers who acllvely manage the portfollo on behalf of the Gharily. 14. Statèment of fund8 Statement of fund8 - Current year Balance at 1 August 2023 Gainsl Balance at (Losses) 31 July 2024 Income Expendlturè UnrÈstrl¢tod funds General Funds - all funds 228.843 73,106 153,1101 248,839 Endowmont funds Endowment Fund8 - 811 fund8 1,636,138 17201 132.044 1,767,462 Total of funds 1,864,981 73,106 153,8301 132,044 2,016,301 Page 17
THE SMITH {HALTWHISTLE & DISTRICTI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Statement of funds (continued) Statomont of funds - prior year Balance al l Augusl 2022 8a18n¢e al (Loss&s) 31 July 2Q23 Income Expenditu Unrestrlcted funds General Funds- all funds 203,335 68.438 (42,930) 228,843 Endowmont funds Endowment Funds - 811 fund8 1.712,585 (480) (75,967) 1,636,138 Totsl offund8 1,915.920 68.438 (43,410) (75,967) 1,864,981 Endowment funds ara 8XP8ndab19 81 the dl6cretlon of the Trustees. In 2023 a transfer of £30,000 from cash to Investments was fflade within unreslrlcled gèneral funds Ihls year, refleGling the intention of the Trustees lo provide for capital appreciallon particularly In Ilmes of high Inflallon and lo Increase future annual Income levels derived from inveslmenls, to help support future grant givlng. The split of unreslricled funds held between inv6slmen18 and other assets is shown In note 15 below. 16. Analysls of net a53ets b•twaan funds Analysls of net aggets b•tw••n funds . current period Endowment Unregtri¢tgd funds funds 2024 2024 Total funds 2024 Fixed asset inveslmenls Current assets Creditors due within one year 1,767,462 38.591 249,958 {39,710) 1,806.053 249,958 (39,710) Total 1,767,462 248,839 2,016,301 Page 18
THE SMITH {HALTWHISTLE & DISTRICT) CHAR ABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Analysls of net assets between funds {contlnued) Analysls of nèt assets between funds- prlor period Endowmanl Unrestricted funds funds 2023 202S Total funds 2Q23 Flxed asset Investments Current assets Credilors due thIn one year 7,636, 138 38,591 223,312 (33,060) 1,674,729 223,312 (33,060J Total f,636.138 228,843 1,864,981 Related party transactlon8 The Charlty has not entered Into any related party transactlon durlng the year, nor are there any outstanding balances owing between rèlated parlles and the Charlty a131 July 2024. Page 19