**Charity registration number 209852 (England and Wales)** # **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr M J Baunton, CBE Mr M Hague-Morgan Mr W Parfitt CBE Mr T C Bonner CBE Mr J Greenwell CBE Mr T Abbott Mr T Walker CBE Mr G Gillespie CBE Mr D Morris Mr R Shaw Mr M Flanagan Mr G Saint Mr L Drake Mr T L Evans Mr J M Neill, CBE Mr G P Jones Baron George Simpson of Dunkeld Mr A Smith **Charity number (England and Wales)** 209852 **Independent examiner** Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ **Bankers** National Westminster Bank plc 38 Strand London WC2N 5JB CCLA Investment Management Ltd Client Service Team COIF Charity Deposit Funds 80 Cheapside London EC2V 6DZ **Investment advisors** HSBC Global Asset Management 78 St James’ Street London SW1A 1HL **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|2 - 6| |Statement of Trustees' responsibilities|7| |Independent examiner's report|8| |Statement of financial activities|9| |Balance sheet|10| |Notes to the accounts|11 - 16| - 1 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The Trustees have pleasure in presenting their report and accounts for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”. ## **Objectives and activities** The Charity's sole purpose was originally to make loans or gifts to any poor person or his dependents who were engaged in a position of responsibility in the motor trade, or who contributed to the encouragement, promotion or protection of the motor trade. In recent years the purpose of the fund has been expanded to offer assistance: - a) To persons associated with the motor trade who are able to demonstrate poverty or hardship; and - b) To young persons where such assistance would enable them to gain employment in the automotive sector. The Trust Deed additionally empowers the Trustees to make grants to BEN (BEN – Motor and Allied Trades Benevolent Fund) and the Trustees should ensure that Trust funds are used effectively and in accordance with the Trust objects. An amendment to the scope was agreed in 2010, permitting annual or periodic grants to any charitable fund, association, corporation or similar having as one of its objects the relief or benefit of any young person or persons of poor indigent or other circumstances, requiring assistance to establish meaningful employment within the motor trade. In November 2022, the SCTF was approached by BEN to support a further initiative in relation to the Cost of Living crisis. BEN anticipated a significant increase in requests for support due to the crisis and asked the SCTF to contribute to enable them to allocate more grants. The grants were allocated between June 2023 and June 2024 with a total of 51 grants being awarded. In November 2021, due to its success in previous years, the Trustees agreed to continue to support the Working Assets programme through Toyota and the YMCA Derbyshire. The programme was unable to run during 2020-2023 due to the coronavirus pandemic and its continuing effects along with staff shortages, but at the November 2023 meeting the Trustees agreed to carry over the funding from 2020 into 2024 and the programme began at the end of 2024. The SCTF have supported a local Youth Club, St Andrew’s for a number of years. In 2023, the Trust was approached and ask for funding for a new initiative that would allow the young people to convert standard bicycles into electric bikes, enabling the young people to learn new skills that are being used in the automotive industry for future technology. The project began in June 2024 and was ongoing at the end of the year. ## _Public benefit_ The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. - 2 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **Achievements and performance** _Significant activities and achievements against objectives_ The fund's charitable expenditure for the year is £54,980 (2023: £127,742). The SMMT Charitable Trust Fund also contributed £40,000 (2023: £40,000) towards Mission Automotive, an armed forces engagement initiative for the automotive industry, in partnership with the Royal Foundation and the Prince and Princess of Wales. The initiative aims to assist ex-service personnel and their families to integrate into the Civilian world and to align transferable skills into the automotive industry. 2023 and 2024 saw a significant rise in the level of interest for Armed Forces engagement from within the automotive industry, largely driven by the industry’s recruitment needs. James Cameron from Mission Motorsport attended the November 2024 meeting to update Trustees on the programme’s progress. The SMMT CSR staff strategy group launched a financial aid program called "Drive to Thrive." This initiative, developed in collaboration with SCTF and administered by BEN, provides apprentices with grants to cover the cost of driving lessons. The program aims to eliminate a significant financial barrier for apprentices: commuting expenses. A total of £13,500 has been allocated to support apprentices in obtaining their licenses and improving their employment opportunities. St Andrew’s bike conversion – The SMMT Charitable Trust Fund granted £5,000 in 2023 to St Andrew’s to enable them to run a project for the members of the Club. The project was still ongoing in 2024. The charitable trust fund also continued funding IET engineering horizon bursaries for six students at a total cost of £7,700 (2023: £5,500). ## **Financial review** At the year end, the total reserves available are £1,395,421 (2023: £1,316,685). The Statement of Financial Activities shows that the charity has made a gain of £78,736 (2023: £1,716 deficit) including a gain on investments of £141,453 (2023: £134,069). - 3 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## _Reserves policy_ SCTF will always retain a minimum of £1,000,000 in reserves, subject to annual CPI inflationary rises from 2021 onwards. The Charitable Trust follows a base policy whereby dividend income and profit on sale of assets is made available for suitable charitable activities on an ongoing basis, subject to the reserves policy. In addition, if an appropriate funding activity presents itself, spend level may be increased on a discretionary basis with the approval and agreement of the Chairman and majority of trustees. It is the policy of the Charity to maintain the unrestricted charitable funds at a level appropriate to generating investment income to cover the direct charitable expenditure in each year. The Charity only has unrestricted reserves for use in line with the policies of the Charity at the discretion of the Trustees for the furtherance of the Charity's objects. ## **Movement in reserves** The reserves and its policy are set out as follows: ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |**Fund Balance as at beginning of the year**|1,316,685|1,318,401| |Restricted Designated Funds:|-|-| |Unrestricted Funds|1,316,685|1,318,401| |Profit/(Loss) from Investments|141,453|134,069| |Admin Expenses|(7,737)|(8,043)| |Funding Mission Motorsport|(40,000)|(40,000)| |Grants to BEN|-|(61,350)| |The Institution of Engineering and Technology Bursaries|(7,700)|(5,500)| |Formula 1 in Schools|-|(300)| |Drive to Thrive|(5,280)|(13,200)| |Toyota Working Assets|(2,000)|
-| |St Andrews Bike Conversion|-|(5,000)| |Grants to Individuals|
-|(2,392)| |**Total Funds at the end of the year**|**1,395,421**|**1,316,685**| - 4 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## _Investment policy_ ## **Investment policy** Since April 2012 HSBC Global Asset Management have acted as custodian trustees of the fund with HSBC Private Bank acting as advisors since 2015. The Trustees see protection against inflation as important and have required capital growth to ensure that the future stipends expenditure is met. In consultation with HSBC, the Trustees reviewed their investment strategy against the HSBC ‘charity investment tree’ to assess the appropriate balance between risk and return over the short, medium and long term. The Trustees concluded that the HSBC UK Growth and Income Strategy would be the most appropriate strategy in the circumstances. This should achieve a balance between long term capital growth and income with some protection against inflation. The fund would be well diversified and offer exposure to fixed interest securities (26.9%), equities (60.9%% both UK and global) and alternative investments such as property, private equity, and commodities (12.3%). The expected return from the asset classes within the fund would be 5.3% per annum over the long term, to which HSBC would aim to add an outperformance of 1.0% to make the long-term investment cycle (5-10 years) portfolio return of 6.3%. A quarterly investment report on past performance and long-term outlook is issued to the Trustees who meet to review the performance on an annual basis. An annual management fee of 0.45% applies; payable quarterly in arrears (plus VAT) and HSBC do not charge for transaction commissions. There are no restrictions on the Charity’s power to invest. ## _Major risks_ ## **Risk management** An analysis of the risks faced by the Charity in areas of operations, administration and finance was carried out in collaboration with the investment portfolio management. In preparation of both a hard and a soft Brexit, the risks the Charity may face and the need to diversify the portfolio was discussed, and appropriate measures were implemented to mitigate these risks. ## **Structure, governance and management** The Charity is constituted under a Trust Deed dated 3 August 1932 as amended 25 May 2010 and is a registered charity under number 209852. The Trustees who served during the year and up to the date of signature of the financial statements were: Mr M J Baunton, CBE Mr M Hague-Morgan Mr W Parfitt CBE Mr T C Bonner CBE Mr J Greenwell CBE Mr T Abbott Mr T Walker CBE Mr G Gillespie CBE Mr D Morris Mr R Shaw Mr M Flanagan Mr G Saint Mr L Drake Mr T L Evans Mr J M Neill, CBE Mr G P Jones Baron George Simpson of Dunkeld Mr A Smith - 5 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## _Recruitment and appointment of trustees_ The number of Trustees shall not be less than seven and shall consist of the current and past presidents, the current vice-president and honorary treasurer of The Society of Motor Manufacturers and Traders (SMMT) and at least three other persons decided by the Council of the Society. The current SMMT president and vice-presidents of SMMT or honorary treasurer and all past presidents of SMMT are automatically Trustees of the Charity; this has been the case since 1932. In addition, anyone chosen to be a Trustee by the other Trustees (collectively referred to as Management Trustees) may be appointed. The Trusteeship must maintain a figure of at least seven and a quorum of at least five at all decision making meetings. On appointment, all Management Trustees are provided with a comprehensive pack of information setting out the history of the fund, the duties, responsibilities and powers of the Trustees, criteria for assessing applications to the fund, the specific roles of the Chairman of the Trustees and the honorary treasurer, the role of the Charity Commission, detail of the Charity's current Auditors, the Charity's Fund Managers and details of all current Trustees. The Charity's current policy concerning the payment of trade creditors is to: - settle the terms of payment with suppliers when agreeing the terms of each transaction; - ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and - pay in accordance with the company's contractual and other legal obligations. The Trustees' report was approved by the Board of Trustees. ## Gareth P Jones > Gareth P Jones (Jul 21, 2025 20:27 GMT+1) .............................. Mr G P Jones **Chairman of the Trustees** Date: .............................................21/07/2025 - 6 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The Trustees 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 Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to: - select 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to: - select 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 7 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** I report to the Trustees on my examination of the financial statements of The Society of Motor Manufacturers and Traders Charitable Trust Fund (the Charity) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Malcolm McGready FCA Independent Examiner** Connexions 159 Princes Street Ipswich IP1 1QJ Dated: .........................22/07/2025 - 8 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |||**Unrestricted **|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Investments|**3**|36,129|35,926| |**Expenditure on:**|||| |Raising funds|**4**|5,237|5,679| |Charitable activities|**5**|57,480|130,106| |**Total resources expended**||62,717|135,785| |Net gains/(losses) on investments|**11**|105,324|98,143| |**Net movement in funds**||78,736|(1,716)| |Fund balances at 1 January 2024||1,316,685|1,318,401| |**Fund balances at 31 December 2024**||1,395,421|1,316,685| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 9 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2024**_ |**Notes**
**Fixed assets**
Investments
**12**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current liabilities
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2024**
**£**
**£**
1,440,548
23,914
(69,041)
(45,127)
1,395,421
1,395,421
1,395,421|**2023**
**£**
**£**
1,555,165
22,748
(261,228)
(238,480)
1,316,685
1,316,685
1,316,685| |---|---|---| The accounts were approved by the Trustees on .........................21/07/2025 ## Gareth P Jones > Gareth P Jones (Jul 21, 2025 20:27 GMT+1) .............................. Mr G P Jones **Chairman of the Trustees** - 10 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **BALANCE SHEET (CONTINUED)** ## _**AS AT 31 DECEMBER 2024**_ ## **1 Critical accounting estimates and judgements** In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **2 Accounting policies** ## **Charity information** The Society of Motor Manufacturers and Traders Charitable Trust Fund is constituted under a Trust Deed dated 3 August 1932 as amended 25 May 2010 and is a registered charity under number 209852. ## **2.1 Accounting convention** The financial statements have been prepared in accordance with the Charity's Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets. The principal accounting policies adopted are set out below. ## **2.2 Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **2.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. ## **2.4 Incoming resources** Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can 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, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. ## **2.5 Resources expended** Expenditure is included on an accruals basis and allocated to the appropriate heading in the accounts. - 11 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **2 Accounting policies** ## **(Continued)** ## Charitable activities Expenditure to meet the charity's aims and objectives. This includes grants to BEN during the year and expenditure of an indirect nature necessary to support the activity. ## Governance costs Those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. ## **2.6 Fixed asset investments** Fixed asset investments are initially 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 income/(expenditure) for the year. Transaction costs are expensed as incurred. Realised and unrealised gains and losses on investments are added to or deducted from the general unrestricted funds. Realised gains and losses in the year represent the difference between disposal proceeds and the market value at the point of disposal. ## **2.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, cash in transit, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled. - 12 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**3**
**Investments**
Income from listed investments
Interest receivable
**4**
**Raising funds**
Investment management costs
All costs above are allocated to the unrestricted fund.|||| |---|---|---|---| |||**2024**
**£**
34,704
1,425
36,129|**2023**
**£**
34,075
1,851| ||||35,926| ||||**2023**
**£**
5,679| ||||| |||**2024**
**£**
5,237
5,237|| ||||5,679| ||||| ||||| ## **5 Charitable activities** |Grant funding of activities (see note 6)
Share of governance costs (see note 8)|**2024**
**£**
54,980
2,500
57,480|**2023**
**£**
127,742
2,364| |---|---|---| |||130,106| - 13 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **6 Grants payable** |Grants to institutions:
Mission Motorsport
The Institution of Engineering and Technology
St Andrews
Drive to Thrive
BEN
North London Collegiate School
Toyota Working Assets
Grants to individuals|**Grants**
**payable**|**Grants**
**payable**| |---|---|---| ||**2024**
**£**
40,000
7,700
-
5,280
-
-
2,000
54,980
-
54,980|**2023**
**£**
40,000
5,500
5,000
13,200
61,350
300
-| |||125,350
2,392| |||127,742| ## **7 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Any expenses incurred by the Trustees were reimbursed by The Society of Motor Manufacturers and Traders Limited. ## **8 Support costs** |Audit fees
Analysed between
Charitable activities|**2024**
**£**
2,500
2,500
2,500|**2023**
**£**
2,364| |---|---|---| |||2,364| |||2,364| ## **9 Employees** There were no employees during the year. ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 14 - **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **11 Net gains/(losses) on investments** |Revaluation of investments
Gain on sale of investments|**2024**
**£**
77,476
27,848
105,324|**2023**
**£**
126,388
(28,245)
98,143| |---|---|---| ## **12 Fixed asset investments** |**Listed**
**investments**
**£**
**Cost or valuation**
At 1 January 2024
1,528,900
Additions
686,923
Valuation changes
105,111
Transfer from current account
-
Disposals
(896,335)
At 31 December 2024
1,424,599
**Carrying amount**
At 31 December 2024
1,424,599
At 31 December 2023
1,528,900|**Cash in**
**portfolio**
**£**
26,265
(686,923)
29,939
(249,667)
896,335
15,949
15,949
26,265|**Total**
**£**
1,555,165
-
135,050
(249,667)
-
1,440,548
1,440,548
1,555,165| |---|---|---| ## **Fixed asset investments revalued** Listed investments are included at their respective market values at each reporting date, these market values are based on the quoted mid point price of each investment held. The historical cost of the investments held at the balance sheet date is £1,212,879 (2023: £1,422,921). - 15 - ## **THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**13**
**Financial instruments**
**Carrying amount of financial assets**
Equity instruments measured at cost less impairment
**Carrying amount of financial liabilities**
Measured at amortised cost
**14**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**15**
**Unrestricted funds**
**At 1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**

**£**
**£**
**£**
General funds
1,316,685
36,129
(62,717)
**Previous year:**
**At 1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**

**£**
**£**
**£**
General funds
1,318,401
35,926
(135,785)|**2024**
**2023**
**£**
**£**
1,440,548
1,555,165
69,041
261,228
**2024**
**2023**
**£**
**£**
47,364
249,667
21,677
11,561
69,041
261,228
**Gains and**
**losses**
**At 31**
**December**
**2024**
**£**
**£**
105,324
1,395,421
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
98,143
1,316,685|**2023**
**£**
1,555,165| |---|---|---| |||261,228| |||**2023**
**£**
249,667
11,561| |||261,228| ## **16 Related party transactions** There were no related party transactions during the current or previous financial years that require disclosure. - 16 -