THE MARY SLATER CHARITY Registered Charity Number- 215036 FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Dains Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 gDS
THE MARY SLATER CHARITY INOEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE 14 Annual Report Independent Examiners Report Slalement of Financial Activities Balance Sheet Notes lo the Accounts 8-10
THE MARY SLATER CHARITY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and administrative information Trustees: The Charity Iruslees who served during the year are.. Dr R W Henshaw Chairman Co-opted The Lord Bishop of Lichfield Ex officio Mr A J Burns-mace Terminated 15 May 2024 Ex officio Dr D Brown Co-opted AArs L Fleming Mrs A L Hughes rCKey Dr C M Lockwood Mr T J Roach Mr S Schafer Ms L J Simms Ms C Wood Appointed 3 Juty 2024 Terrminaled 15 May 2024 Ex officio Appointed 3 July 2024 Co-opted Resigned 3 July 2024 Co-opted Appointed 3 July 2024 Co-opted Appointed 15 May 2024 Ex officio Appointed 3 July 2024 Co-opted Appointed 15 May 2024 Ex officio Principal Address: Mr S R James The Clerk lo the Trustees Bank House Farm Woodhouses Yoxall Staffs DE13 8NR Registered Charity Number: 215036 Website: laler.or Principal Bankers: National Westminster Bank plc Market Street Lichfiel Staffs WS136LE Independent Examingr.. M Gurney FCCA, DChA of Dains Audit Ltd Chartered Accountants Sl Johns Court Willell Road Lichfield Staffs WS14 gDS Investment Advisers: RBC Brewin Dolphin 6th Foor, The Chatwin Building 81 Colmore Row Birmingham B3 2BA Page 1
THE MARY SLATER CHARITY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024(CoDtinued) Report of the Trustee$ for the year ended 31 December 2024 The Irustces present their report along with the Financial Statements of the Charity for the year ended 31 December 2024. The Financial Stalemenls have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity Commissioners, Schemes, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh ihe Financial Reporting Standard applicable in the UK and Republic of Ireland effective I January 2019. History ind Objectives and Act]tieS for the Public Benefit The Mary Slaler Charity was founded in 1898 and is now governed by Charity Commissioners, Schemes dated the 16 November 1954 and the 17 Septembcr 1957. In addition by virtue of a scheme of the Charity Commissioners, dated 2 December 1955, the Irustecs are also the trustees of the Charity known as Lichfield Victoria Sick Poor Fund whose assets are incorporated in tl)c funds detailed in the Accounts and whose income is available to meet the same obj¢¢ls a5 the Nqary Slalei Charity. Tlie Cliarity does not actively fundraise and seeks to continue ils philanthropic work through the Careful stewardship of 115 existing resources. The Charity provides assistance to sick )0r pcr50ns resident RA the City of Lichfield or within two miles from Lichfield Cathedral. Assistancc may be given in all or any ol the following ways or in such other ways that the IStee$ think f2t'. a) the supply of special foods and medicines, medical comforts, extra bedding, fucl and medical surgical appliances,. b) the provisioTr of domestic help,. c) grants to dcfray the expenses of convalescence. d) the relief of suffcring, disability or infinnity. The trustees may apply the income of the Charity tn supplementing relief or assistance providcd out of public funds but income of the Charity shall in no case be applied in relief of public funds or so that any person may become entitled to a periodical or r¢¢urrent benefit from th¢ Charity. Management and Governance During 2023 a resolution was passed to increase the number of co-optative tnjslees. The Scheme now pr(>vides for the appointment of ninc trustees, three ex-officio and six co- optative. The cx-officio trustees arc the Lord Bishop of Lichfield, the Mayor of Lichfield and the Sheriff of Lichfield. New co-optative trustees are identified from people within the local Community who havc the necessary skills and interest and are appointed by the remaining trustees. Co-oplativc trustees are appointed for a tern) of five years. Page 2
THE MARY SLATR CHARITY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) Thc induction process for any newly appointed tstee comprises an initial meeting with the Board of Trustees, at which a pack is provided. This includes a copy of the governing documcnt, a copy of the mosl recent annual report and accounts, copy minutes of previous trustees, meetings and a copy of the Charity Commission guidance 'Thc Essential Trustee, and 'Charities and Publi¢ Benefit,. The trustees nornially meet four times a year to consider grant applications and as and when appropriate the broad slrategy and area of activity for the Charily, including investments, reserve5 and risk management policies and perfonnance. The day to day a(hninistration of grants and ihe processing of appli¢alions piior to consideration by the trustees are delegated lo the Clerk. Risk Review The trustees have examined the major internal and external risks which the Charity faces and confirnj that systems have been establishcd to minimise these risks. Grant Making Policy and Procedure$ The Charity is well-known in Lichfield and invites applications from both organisations and individuals. Each application is considered on its own merits. Grant application fonns are available for download from the website {maryslater.org.uk) or from the Clerk, whose address is shown on page l. Once an application is received it is considered at the nex( meeting of the trustees. however special arrangements are made if the application is considered urgent. Achievements Ind Performance During the year grants totalling £45,951 wer¢ tnadc. This compares with lolal grants of £5,485 in the previous year. Financial Review Total funds al 31 December 2024 amounted lo £2,084,174. which comprised the endowment fund £1,786,101 and unrestricted funds £298,073. Free r¢s¢rvcs at 31 December 2023 tolalled £283,929. The reserves policy is to maintain reserves equivalent to appmximately 12 months expenditure in order lo provide a buffer against additional expciiditure and stock market fluctuations. Reserves al 31 Deccmbcr 2024 exceeded this level. The Irustee5 are continuing their endeavours to raise the profile of the Charity. The investment portfolio is managed by external fund managers on a discretionary basis 10 achieve a balanced return from income and capital growth by accepting a tnoderate level of risk. Thc portfolio is subject lo ethical restrictions. Over the year the investment portfolio generated a total return of 9.60/0 afier fees. This cotnpares with a return of 13.1 % ITL the RBC Brewin Dolphin Risk Category 6 index and 8.2/0 III the Asset Risk Consultsnts Steady Giowth index over the same period. The perfomance of the portfolio is monitored on quarterly basis by ihe trustees. Pa8e 3
THE MARY SLATER CHAIUTY ANNUAL REPORT FOR THE YEAR ETr4DED 31 DECEMBER 2024 (Continued) Public Benefit The Trusiees confinn that they have referred to the guidance contained in the Charity Commission's generdl guidance on public benefit when reviewing the Charity's aims and objectives and in planning and setting their grant making policy for the year and have complied with iheir duties under the Charities Act 2011. Trustees, Responsibilities in Relation to tbe Financial Statemellts Thc charity trustees are responsible for preparing a tnstees, annual report and financial statements in accordance witli applicable law and United Kingdom Accounting Standards (Unitcd Kingdom Generally Accepted Accounting Practice). IAW applicable to charities in England and Wales requires the Trustees to prepare financial stalcmenls for each financial ycar which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the TsleeS are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP (FRSI 02). make Judgements alld eslimales that are reasonablc and prudent,. state whether appliLable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial slalements on the going concern basis unless it is inappropriatc to presume that the Charity will continue in business. The Trustees are responsible for keeping aLcouniing records which disclosc with reasonable accuracy at any titne the financial position of the Charity and to enable them to ensui¢ that the financial statements comply with the Charilics A¢1 2011, the applicablc Charities (Accounts and Reports) Regulations, and the provisions of the governing document. They are also responsiblc for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitics. Approved by the Trustees on 15 April 2025 and signed on thcir behalf by.. R W Henshaw Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARY SLATER CHARITY I report lo the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 6-10. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 14515llb) of the Act. Indepèndent examiner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord with those records,- or 3. the accounts do not comply wth the accounting requirements concerning the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirernent that the accounts give a 'true and fair view, which is not a maller considered as part of an independent examination. I have no concerns and have come 8cross no other mallers in Connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. M Gurney FCCA, DChA of Dains Audit Ltd Sl John's Court Wiltell Road Lichfield Slaffordshire WS149DS April 16, 2025 Page 5
THE MARY SLATER CHARir STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Unrèstricted Endowment Income Funds Fund Total 2024 Total 2023 Notes Income and endowments from: Investments Income from listed investments Deposit interest and similar income Donations 59.868 2,603 59,868 2,603 58,903 2,351 300 Total income 62.471 62,471 61,554 Expenditure on.. Charitable activities Clerk's salary Independent examiner's fee Investment management charge5 Sundry expenses Total 45,951 6,220 1,140 1,102 529 54,942 45,gS1 6,220 1,140 10,813 529 64,653 5,485 5,950 1,110 10,246 610 23.401 9,711 9.711 Nel gainslllossesl on inveslrnenls 6,615 122,661 129,276 96.813 Not Income19xpendlturo 14,144 112,950 127,094 134.966 Ngt movement in funds 14,144 112,950 127.094 134,966 Raconciliation of funds.. Total funds brought forward 283,929 1,673,151 1,957,080 1,822,114 Total funds carried formard 298,073 1,786.101 2,084,174 1.957.080 Page 6
THE MARY SLATER CHARITY BALANCE SHEET 31 DECEMBER 2024 Unrestricted Endowment Income Funds Fund Total 2024 Total 2023 Notes Fixed Assets Listed Investments 199,472 1,784,307 1,983,779 1,840,102 Currgnt Assets Debtors Balances al Bank.. Deposit Current Total Current Assets 6,795 6,795 5,050 48,192 56,113 111,100 4,287 52,479 56,113 115,387 52,479 62,810 120,339 4,287 LSablllties.' Creditors falling due within one year Net Current Assgts 12,499 98,601 2,493 1,794 14,992 100,395 3,361 116,978 Net Assets 298,073 1.786,101 2,084,174 1.957,080 The funds of the chartty: Permanent endowmeTrl Unreslricled income funds Total charity funds 1,786,101 1,786,101 298,073 1.786,101 2,084,174 1,673,151 283,929 1.957,080 298,073 298,073 These financial slalemenls were approved by the Board of Trustees on 16 April 2025 and signed on their behalf by.. R W Henshaw T J Roach Page 7
THE MARY SLATER CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Accounting Policles General The financial statements have been prepared in accordance wlh Statement of Recommended Practice". Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS1021 effective 1 January 2019 and the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS1021 and the Charities Act 2011. The charity constilules a public benefit entity as defined by FRS 102. The financial statements comply with FRS102. The financial statements have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise staled in the relevant nole{sl lo these accounts. The financial slalements have been prepared on an accruals basis. Grants payable are charged in the year when the offer 15 conveyed to the recipient, except where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. The incorne fund comprises those assets which the Iruslees are free lo use in accordance with the charitable objects. The endowment fund comprises those assets which musl be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of that fund. 2 Charitable actlvitles 2024 2023 Grants lo Organisations Grants lo 612023-31 Individuals Cost of medical reports Less Lapsed grants 40,867 4.784 300 5,385 100 45,951 5,485 Grants to organisations are as follows: Citizen's Advice South East Staffs Lichfield Talking News and Community Care Sl Giles Hospice MHA Communities South Staffs 15,350 1,019 5.000 19,498 40,867 3 Investment Management Charges In 2023 the expenditure on investment management charges totalled £10,246 of which £966 was expenditure from unrestricted income funds and £9,280 was expenditure from the endowment fund. Page 8
THE MARY SLATER CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Trustees Remuneration and Expenses No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year lo any trustee or to any person or persons known lo be connected with any of them. No expenses were palé lo any Trustee during the year. {2023- nil} 5 Listed Investments Income Fund Endowment Fund Total 2024 Total 2023 Listed Investments Investment Portfolio Cash 197,476 1,996 199,472 1,784,195 112 1,784,307 1,981,671 2,108 1,983,779 1,834,441 5,661 1,840,102 Investments held al 01.01.24 Additions al cost Disposals al carrying value Add nel gainllloss) on revaluation Investments held al 31.12.24 166,572 25,000 17111 6,615 197,476 1,667,869 117.041 1123,376) 122,661 1,784,195 1,834,441 142,041 1124,0871 129,276 1,981,671 1,746,204 565,012 1573,588} 96,813 1,834,441 All investments are carried al their market value. All investments are quoted on the London Stock Exchange. Asset sales and PLJrchases are recognised al the dale of trade al cost Ithal is their transaction value) 6 Debtors 2024 2023 Investment Income 6,795 5,050 In 2023 all debtors relate lo unreslricled income funds. 7 Bank balances 2024 2023 Deposit Current 52,479 56,113 108,592 52,479 62,810 115,289 Unreslricled income funds Endowment fund 104,305 4,287 108,592 111,001 4,288 115,289 8 Creditors 2024 2023 Creditors and accrued expenses Grants aulhorised but not paid 5,243 9,749 14,992 3,361 10,865 Unreslricleé income funds Endowment fund 12,499 2,493 14,992 1,039 2,322 10,865 Page 9
THE MARY SLATER CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 Relatgd Party Transactions There were no related party transactions during the year {2023 - none). 10 Analysis of Net Assets Between Funds Accumulatod Income Fund Endowment Fund Total 2023 Fixed Assets Current Assets Current Liabilities Fund Balance 168,917 1,671,185 1,840,102 116,051 4.288 120,339 1,039} 2,322 3,3611 283,929 1,673,151 1,957,080 Page 10