Charlty number.. 218627 Sutton Coldfield Charitable Trust Report and financial statements. Forthe year ended 30 September 2024 Sum>n Coldfield Charltable Trust For the year ended 30 September 2024 Contents Reference and administrative information Trustees. annual report Independent auditorfs report statement ol financial activities (incorporating an income and expenditure acwuntl Balance sheet Statement of cash flows Notes to the financial statements 15 19 .20 .21 .22 Sutton Coldfleld Charltable Trust For the year ended 30 September 2024 Referenca and Adrnlnlstrative Infonnatlon Charity number 218627- registered in England & Wales Reglsterod office and operatlonal address Telephonè number Lingard House. Fox Holli85 Road Sutton Coldfield B76 2RJ 0121 794 0970 Prfncipal offlcers rina Swani MBA FCIM (Chief Executive until 31 December 20241 Rob Semple ACMA (Financial Controller until 29 February 20241 Pamela Johnston MBE JP (Almshouse Manager until 30 June 2024) Claire Evans ACA (Finance Director from 1 February 2024, Intsrim Chief Executive from 1 December 24) Claire Arrowsmith FCCA (prop￿ Manager from 1 July 2024) Clare Haines BA (Grants Manager} He￿n Kimmet (Administration Manag8r) Bankers HSBC Bank plc 67 The Parade Sutton Coldfield B72 1PD Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Gold8n Lane Lond EC1Y QTG Investment Managers Rathbone Investment Management 8 Finst￿ry Circus London CCLA Investment Management One Angel Lane, London EC4R 3AB EC2M 7AZ InvoStm@nt Consultants Stanhope Consultlng LLP 35 Portman Square London W1H6LR Sutton Coldfleld ChaTltable Trust For the year ended 30 September 2024 Trustees, Annual Report The trustses present their report and the audited financlal statements for th8 year ended 30 September 2024. Rèference and administrative information set out on pages 1-3 fomis part of this report. The financial statements comply with current ststutory requirements, the charitws trust deed and the Ststement of Recommended Practice- Accounting and Reporting by Charities: SORP applicable to chaTities pr8paring their accounts in accordance wth FRS 102. Hlstory of the Trust Tha Trusfs orfglns go directty back to Bishop Vesey. an inhabit8nt of Sutton Coklfi6ld, bom in the town, who persuaded Henry Vlll to grant a Charter in 1528 eslabllshing a Ward8n and Society {Corporation) to govern the Town. The Cory)oration was obliged to use rental and other income to provide poor r81ief and improve the locality. Over the next four centuries, other b8quesls and endowments came wthin the Corporation's oversighl. These included ¢haritie5 in memory of Thomas Jesson in the 1700s to provid8 apprenticeships for boys and to distribute bread to SLrtton's poor. After a long and famous legal action. Ihe Corporation's charitles were reorganised in the 1820s and enriched by lands acquired in the 1825 Enclosure Award. From this time, Almshouses were built and the charities provided elementary schools (including teaching and unrfomis) for Sutton's children. Practical necessities such as co81. blankets and boots were widely distributed. In pre-we￿are state days, the charities financed nursing and medical care for people in need and made grants to widows. In 1886, the Town became a Borough, and the Trust took over the Corporation and various related charities within one body. This operaied closely alongside the Council and was administered by the Town Clerk. New Almshouses wére built, including in the 1890s from bequest by Frances Lingard. When Sutton Coldfield became part of Bimingham in 1974, the independence of the Trust was safeguarded which ensured the continuing provision of benefits for indivtduals and organisations within the fomer Borough boundaries. Although the separate historic charities have been consolidated into one charity, tha Trustees, fijndamental aims and priorities aré still very similar to thos8 pursued by Bishop Vesey and his successors over nearly five centuries. Vlslon Th8 vision of Sutton Coldfleld Charftsble Trust is to Onhance Ihe quality of lrfe for all In Sutton Coldfield. Mission ststement Sutton Coldfield Charitablé Trust aims to alleviate hardship and improve the qualty of lif8 for residents of the Royal Town of Sutton Coldfield through the provision of housing and grant awards to Supp￿ indlviduals and community organlsations. Values The Trusl strives to be responsible-, inclusive., caring-, transparent and sustainable in all our activities. Sutton Coldfleld Charltable Trust For the year ended 30 September 2024 Trust6es' Annual Report What our values maan Responsible applies to all matters including being a good employer. caring for the environment, protecting our assets and good governance. Inclusive relates to our operations, beneficiaries, staff and all Ih05e we work with, embracing equality, diversity and inclus10n. Caring reflects the helping nature of the Trust and Its core purpose. Transparent demonstrates our commitment to openness and sharing. Sustainable ensures Ihe Trust continues to make a lasting contribution and remains in good shape for Ihe centuries ahead. Obje¢tive$ and actlvltle5 for the public benefit The prinGipal objective8 of the Trust are the provision of Almshouses and the distribuuon of funds and other measures for the alleviation of hardship and other needs for inhabitants and organisations within th8 boundaries of the former Borough of Sutton Coldfield. The Trustees confirm that they have r6forred to the Charity Commission's gèneral guldan on public benefit when reviewing the Trust's aims and objectives and in planning future activitl8s and setting grant making policies. They consid8r the information which is contained in Ihis report about the Trust's objectives, activities and achievements demonstrates the benefils to its beneficiaries and, through them to the public, which arise from those aclivities. Review of actlvltles and achlevements The Trust forrnally launched its five-year plan "loo￿ng forward to 2028. in May 23. Th8 title of the plan signifies the date th8 Trust will celebrate a heritage of 500 years, having responded and adapted over the past five centuries to meet constanuy changing need. The aims of the five-year plan are as follows. 1. Almshouses research and assessment of future need. Research has been undertaken into the housing needs of Sutton Coldfield. This wll infom longer-tem conslderation about any polenlial future housing scheme for a more diverse range of beneficiarias. A r8vi8w of Alrnshouse Govem8nce has also been undertaken to ensure we implement best practice, safety and compliance. 2. Grants programme expansion. The Irust's grants budget increased from £1.5m to £1.75m. The community newspaper 'Royal Sutton Coldfield Charity New5° was distributed in October 2024, showcasing the incredible work of tharities and Gommunity organisations across the Royal Town, including those projects that are as a result of a grant award from SCCT. This has already stimulated applications from organlsations we had not reached previousty. We have also commissioned Our Place to manage individual grant applications. 3. Supportlng heritage, green spaces and communlty Conversations continue with Bimiingham City Council and Royal Sutton Coldfield Town Centre about the future of our community centres. These provide vital services and places for people to mg8t and socialise. Over the past 12 months we have develop8d a more granular view of the importance and diversity of support provided through mosques. churches. libraries and community cenlres. Sutton Coldfteld Charltable Trust For the year ended 30 September 2024 Trusteos, Annual Raport 4. Being well run, efficient, accessibl8 and Inclusive. We have 'gone digital, with Dur new grant sofvare system and look forwwd to wcffking with grant applicants to support them in this transition. Going digital does not mean losing the human element in the grant application procéss. Our grants staff continue to be rèsponsive and supportive of all grant applicants particularfy those who may not have experience at making applications. S. Contlnual improvement of assets and thalr uses. We used sodal media to advertlS8 vacant almshouse properties. which lad to a very positive response,. we now have a small waiting list. In addition, we have commenced a benchmarking project to compare the costs and the way we run our ahnshouses with other housing schemes. This has 16d lo improvements slaffing arrang6ments, engagement with residents, and use of the residents, communal facilities. Equallty, diversity and inclusion is embedded throughout the flve-ye8r plan. In order to truty enhancè the qualty of life for all in Sutton Coldfièld, without exclusion, staff and trustees have participated in a review of EDI, which will be leading to an action plan and an accompanying EDI statement. Learnlng how to make a positiv8 envlronmentsl contrlbutlon is a regular theme through the five-year plan, for example years ago, Manorial Wood was replanted wth deciduous saplings. In order to preseNe their growth. bracken removal is required from time to time and in August 2024, Bronwyn & Abbey were appointed to carry out the removal of bracken by hand. This 2voided the use of hamful chemicals, thus preSe￿ing biodiversty and contributing to malntsining clèan air. Awarding grants is the second, yet no less vital, purpose ofth8 Trust. Grant awards in th6 year covered a wide range of needs. The Trust awarded £1.718,000 {2023 £1,102,000) in grants during the year. A full list of grants made by the Trust is included in its Annual Review, available on the Trust's website www.suttoncoldfieldcharitabletrust.com or from the registered address. A summary of the grants awarded by the Trust for community and indtvidual purposes during the year can b8 four)d below: 2024 2023 £000 £000 575 461 200 197 32 30 380 129 291 151 29 42 101 28 109 64 Relief of those in need Advancement of education Advancement of religion AdVan￿M0nt of health or the saving of lives Advancement of citizenship or community devebpment Advancement of the arts, culture, heritage and sclence Advancement of amateur sport Advancement of environmental protection or improvement Total grants awarded Awarded grants unclaimed or cancelled 1.717 (44) 1,102 (52) Net grants awarded (note 4 to the financial statements) 1,673 1,050 Sutton Coldfleld Charltable Trust For ihe year ended 30 September 2024 Trustees, Annual Report As well as Alrnshouses, the Trust manag8s around 1,000 acres of agricultural lanij, 15 commercial properties and an investment portfolio, with the help of its expert advisers, in order to generate the income for the provision of homes and grant awards. Trustee reslgnatlons and appolntments Sadly, this year has been marked by the loss of Keith Dudley, who died on 15th October 2024 after 10 years as Trustee and almost 3 years as Chair. K8lth's contribution to our board was deeply valued, and his presence is 50rely missed. We 8Xtend our heartfelt condolences to his family. In the year the Trustees welcomed Nig81 Meredith and Brian Maynard to the Board and look foNard to benefiting from their fresh insights and expertise. Trustees would like to thank Inge Kettner and Neil Andrews who both stepped down In the year. staff raslgnations and appointments In December 2024, Tina Swani resigned as chief executive having worked with slaff and Truste8s to slrenglhen the governance, profile and strategic direction of the trust as well as building a more inclusive worklng culture and environment. We look forward to welcoming her sucGes8or, Lisa Martinali, jolnlng as our new chief executive in 2025. Lisa brings much experience as a charity CEO and working in Gornmunity regeneration. Pamela Johnston. Almshouse Manager, retired in June 2024 after an incr2dib￿ 37 years of dedicated Servi￿ and whose role induded maintaining a thriving alrnshouse community. high quality hornes, assessment of personal grants and overseeing the distribution of school clothing grants. Almshouse Warden, Michael Mitchell retired in August 2024 after 4 years, excellent service supporting r8sidents. We thank all our staff for all their hard work and commitment including those we have welcomed to the team this past year, Finance Director, Claire Evans. Almshouse Manager Emma Baxter and Community Grants Officer, Jo Williams. Grant maklng poli￿. The Trustees apply surplus income to beneftt the residents of the fomier Borough of Sutton Coldfield by making awards to individuals. Institutions or organisations in the following way5.. The relief of those in need by reason of youth, age, ill-health, disability. financial hardship or other disadvantages. Making awards lo institutions or organisations for the: Relief of those in need Advancement ofeducation Advancement of religion. Sutton Coldfield Charltable Trust For the year ended 30 September 2024 Trustees. Annual Report Advancement of health or the saving of lives. Advancement of citizenship or communty development. Advancement of the arts, cultu￿, heritage or science. Advancernent of amaleur sport. Advancement of environmental FKotection or improvem8nt. Other purpos8S that are currently recognised as eharttable or are In the splrlt of any purposes currently rècognised as Charitable. Rlsk Management The Trustees are commttted lo the identrfication. assessment and management of the major risks to which the Trust may be exposed. This is a continuous obligation involving all Trust88S and staff. A risk registèr is used for the on-going review of risks and controls, by the Risk Management Sub£ommittee {which meets at least twlce a year) tho Finance Committee arKI the Board of Trustees to ensure that the risk management process is operating satisfactorily. The risks ar8 recorded and assessed in lerms of Impact and probability and a traffic light system employed to highlight areas of particular concem. The Trustees adopt a flexible approach. responding to newty idèntified areas of risk as w811 as evaluating progrèss in mitigating risks previously identffied. The Truste6s have identified the following key strategic risks to the charity. Actions to mitigate against thes8 risks are also detailed. Risk: Project delÉvery: Failure to adequateFy scope, resource and manage the projects related to the five year ￿an and to propedy assess and mttigate the associated risks. Mitigation- This risk is managed by strong govèmance vla the &year plan and Boardlcommittee scrutiny of individual workstreams and projects. The Trust also commissions extensive exiemal specialist advice In developing arKJ managing wojècts and carries out risk assessments of large projects. Risk: Financial Risk: Failure to manage and maximis8 th8 Irust's assets and protect the pemanent endowment. MitigatKsn: This risk is managed by appropriate investment policies, prudent intemal policies and strorsg governance over the application of Total Return Accounting. management of thè Trust's assets by professional advlsers. SCTutiny of advis8rs via Board and Committee, a suitsbl8 reserves pollcy and regular budgetlng, monitoring and rep)rting on finandal perfom)ance. Sutton Coldfleld Charltable Trusr For the year ended 30 September 2024 Trust8•s' Annual Report Risk.. Loss of Income: Failure to realis8 projected income from large land sales, due to factors outside the Trust's control e.g. property values. planning consents. Mltlgatlon.. This risk is managed by strong and active involvement In land transactions by Board and Committees and appropriate technical and legal advice on land sale transa¢tlons. Th8 Trust's medium term financial forecasts are reviewed at least annually to ensure that th8y reflect the latest state of knowledge about the level and timing of land sale receipts to ensur8 that the Trust does not over commit. Staff pay and remuneration (Includlng key management personnel) The Trust's staffing styuclure and changes to pay and cx)nditiDns of staff must be approved by the Board. A R8muneration Sub-committee of the Board appraises pay annually and makes pay re￿MMendatIOnS to the Finance Committee and the full Board. During the year the Trust implemented a wider people policy review to modemise its temis and conditions of employment and its associated pay policy. Pay awards are based on conditions set out in the updated Contracts of employment and a range of factors including. Inflation indices The financial posrtlon of the Trust Extemal b8nchmarklno of pay award and salaries. Economic trends and forecasts Progression and achievements of the charity as a whole Business, govemance and regulatory requirements Demands upon the charity and changing needs of beneficiaries. Any other intemal and 8Xtemal circumstances Structure, governance and management. Infomiation relating lo reference and administrative matters are set out above (pages 1-3)- The Board comprises 12 Iminimuml to 16(maximum) Irustees in total, made up of 8 to 12 co- opted trustees. who are appointed for tems of five years, and 4 nominated ITUStees, who are put forward by Bimiingham City Council and Royal Sutton Coldfield Town Council for terns of four years. Trustees may setve a maximum of thre6 temis following which at least 12 months must expire before reappointment. The Board of Trustees The Board seeks Trustees who diversify and balance the breadth of qualities, background, skills and experience required for deliverbng the Trust's charitable and strategic objectives. That expertise has included medicine. law. propety, industry, faith, education, engineering. human resources, science, sheltered housing, town planning, mark8ting, accountancy and Local Gavemmént. An induction process helps trust88S to understand th8ir responsibilities and thg work ofthe Trust. T￿SteeS have a ￿0-yearlY review with the Chalr; new trustees have an additional review in their first year. Sutton G)Idfleld Charltable Trust For the year ended 30 September 2024 Trustees, Annual Report The Board of Trustg8s is responsible for all of the Trust's activities and meels quartedy to re￿1ve reports, make decisions, and detemiine strategy. A strategy day is held at least every two years, supplemented by regular reports on progress against the agreed actions. The Board also identffies and manages any risks to ensure the efficient and safe undertaking of its responsibilittes. The Board oversees th8 financial health of the Trust, ensuring that management of its investments and accounts are robust, effective controls are in placè and sufricienl resources are availab18 to meet the demands of the Almshouse and granl-making programme as the t￿0 core purpose5 of th8 Trust. Every Trustee is a member of one or m¢)re of the following Committèes.. Almshouse Committee Grants Committee Finance Committee Propety Committee In addition, the Trust has sub-committees for r8muneration and risk management. Whilst each Committee has Its approved membership, all Trustees may attend any Committee moeting at any tlme and have access to all agendas and papers through an o line Trustee portal. Advisors may also attend Committees to provide specialist guidance. Working grolsps may be set up for specific purposes. Review of Governan¢e and Cornpliance Following the publication of the revised Charity Governance Code late in 2020 the Trust has continued to progress the actions it identified as priorities. These actions have included a review of policies primarily related to GDPR, a review of how the Trust communicates inlernaliy and externally, and a review of how Equality Diversity and inclusion is embedded throughout the Trusts operations. The Board of Trustees are periodically invited to complete a feedback surv8y after board meetings to consider its effectivenèss and areas for improvement. The strategic and govemance reviews have supported clarity of planning to enhance ch8ritable bènefit at a time of continued and increasing adversity and uncertainty. Fundraislng The Trust does not undertake any fundraising activities in Its own right or through third partles and so does not consider it necessary to register with tha Fundraising Regulator or comply wilh any voluntary code of practice relat8d to fundraising. Th8 Trust has not received any complainls relating to fundraising. Sutton Coldfleld charltable Trust For the year ended 30 September 2024 Trustses, Annual Report Flnanclal Review The year under review saw a sustalned level of underlying operating income and modest growih in Investment asset values, despite the challenging financial Climate. Total income In the last year was £2,165,000 {2023= £2,222,000) and the total expenditure was £2,969,000 {2023'. £2,223,000) including grants (net of cancelled grants) of £1,673,000 (2023: £1,050,000). This resulted in net expenditure before gainsllosses on investments of £804,000 (2023- £1.000). The Trust's work is dependent on income and investment returns from its endowments. The past year saw a general increase in property and non-property invèstment asset values. Th8 TrJst reported a gain on investment assets of £4,869,000 (2023.. £1,111,000) which in tum gave rise to an overall net increase in total funds of the Trust of £4.065,000 (2023: £1,110,000). At 30 September 2024. total Trust funds amounted to £77,256,00012023- £73,191,000). After an extensive review, and taklng legal and financial advice, the Trust decided to adopt the Total Retum Accounting ITRA) Policy from 1 October 2023. The Trustees have decsded to take £1,806,000 (2023.. £1,600,000) from the permanent endowment to unrestricted funds. This is rnade up of £1,490,00012023: £1.800,OOO> net investment Income received from the endowment funds during the year plus a further £316.00012023= £nill from the opening value of the permanent endowment unapplied Retum. Continuing with careful financial management and disciplines, combined with appropriate support from the Trust's advisers and the additional flexibility offered by TRA, the Trust is confident of fulfilling its dual obligations of the provision of Almshouses and communSly grant givlng. Evaluating Impact and Beneflts Th& TTUSt maintains close contact with organisations to ensure that the anticipated benefits from the grant have been achieved. All applications to the Trust are required to set out th& objectives. or resulting benefits, from a potential grant award. This enables outcomes to be measured consistenlly. A fomial monitoring process is also in place. Thls enables Trustees to focus on those project5 delivering the greatest impact. Depending on the valu8 of the award, this is achieved by completion of a monitoring form at the conclusion of the project. Where necessary, interim reports are produced. Quarterly reports prowding an overview of project progress, are madé available to the Tnjstees for scruliny. Trust Offi￿rS also evaluate impact through rneetings. both in person and online, telephone discussions and vlslts to grant beneficiaries. Sutton Coldfleld Charltable Trust For the year ended 30 September 2024 T￿Ste•s, Annual Report Invèstment Policy and Parformance The Trust's assets are invested in property, UK and overseas equities, govemment bonds. unit trusts, other financial instruments and cash deposits to generate income to meet current and future charitable objectives whilst seeking to manage investrnent risk. The Trust's Inveslment objecllves are to generate an acceptable level of income to facilitale grant giving and maintenance of the Almshous8s, whllst also seeking to preserve capitsl values In real terms Both the Finance Committee and th8 Board of Trustees receive quarterfy reports from the investment managers, which consider the Trusl's income rèquirements, the risk profile and property managers, view of market prospects in the medium term. This strategy is set wthin the Total Return Accounting Policy which states that the Endowment Fund is to be invested long tenn to maximise total retums to meet current and future charitable objects whilst seeking preservation of capilal in real terms. A major part of the Trust's inveslment portfolio has been managed over a number of years by Rathbone Investment Management Limited. A sma15er portfolio (the Charitable Funds) has been invested in the CGLA COIF Charitiès Investment Fund since April 2021. The Tru51ees are supported by Stsnhope Consulting, the appointed investment advisors, in the assessment and monitorfng of the investment managers. According to Sianhope's cxlculations. the Trust's tolal Investment portfolio generated returns of 12Vo over Ihe year to 30 September 2024, ahead of the targel of CPI +4%, whioh would have been 6Y.. In Juty 2024 the year Ihe Trust undertook an investment strategy review, which is seeklng to k￿k to increase the Trusts equity exposure to allow for increased retums, but mitigating any risk associated with this by holding signrficant property inveslment assets and a cash buffer. This will be implemented in 2025. Reserve Pollcy and Golng Concern On 30 Septèmber 2024 the Trust holds Endowment Funds of £68,269.000 (2023.. £64,527.000) including 'Functional Endowment (Almshouse assets) of £1.340.000 (2023. £1,H2,000}. Total Retum Accounting in the year has allow8d the Trust to use this fund to further the Trust's charitable objectives. The Tnjst holds unrestricted designated reseNes as follows: Extraordinary Repair Fund (for extraordinary repair, improvement or r￿bUildIng}.lI is a requirem8nt of the Trust's Scheme to maintsin this reseNe. The Extraordinary Repair Fund at 30 September 2024 amounted to £1,180,000 which represents estimated planned maintenance costs for the nexk five years including inflation. {2023- £1,180,000). In 2022 Trustees estsblished an unrestricted designated "Environment Management Fund. to be used for maintaining the Trust's Nral and woodland èstate. At 30 September this amounted to £28,0(M) (2023: £38,000). Sutlon Coldfleld Charltable Trust For the year ended 30 September 2024 Truslees, Annual Roport The Trustees retain free unrestricted reserves to the extent ¢onsid8red necessary to 8nsure Ihat adequate funds are available to cover future expenditure items, which may nol otherwise be covered by incoming resources. The Trustees undertook a detailed review of the Trust's reserve policy in 2023 and will continue to review this annually. In undertaking this review, Trustees were mindful that the Twst i8 in a relatlV81y healthy financial position. Equalty the long-temi oullook is challenging, and the Trust has an ambitious five-year plan. After conslderation Trustees consider that it is appropriat8 to hold undesignated free reserves of at least £7,400.000. Actual undesignated free reserves in 2024 were £7.503,0 (2023.. £7,313,000). The difference is small and therefore no future action is expected to be n8cessary. The target is made up as follows: £'ooo 2,000 2,000 400 Minimum Working reserve Reserve against downside risks Reserve for future operating deficits (per medium term forecasl) Res8rve to fund development Plan Initiatives Total Fr88 reserves Target Trustees have a rolling five-year financial plan. Based on this plan, Trustees review the reserv8S to ensure appropriat6 amounts are set aside. Based on this work, the Trustees consider that there are no material uncertainties about the Trusts ability to meet liabilities as they fall due for the 12 months from the date of approval of the accounts. Trustees take a long-temi view over fr88 res8rves needed to meet future deficit budgets arKI are happy with the fre8 reserves held in the accounls Future Plans and ObJe¢tlves The Sutton Coldfield Fw8 Year Plan sets a strategic direction from 2023-28. The pace of that direction will be determined by the lirning of planning pemiission on Langley Sustainable Urban Extension (SUE). The details of the objectives wthin the plan are covered above I"Review of activities and achievements.). Both staff and Trustees are working through the detsiled long term delivery plans that maintsin long8vity of the Trust and enhance its support for residents of Sutton Coldfield The Trust has Conducted a number of reviews In readlness to mobilise these ambitions and infomi future de¢isions, including the social needs review (2022}, research into future housing needs120241 and Falcon Lodge feasibility study (20231. Integral to these ambitions is our commitment to fostering an environment where equaltty, diversity, and indusion are at the core of everything we do. Sutton Coldfleld Charltable Trust For the year ended 30 September 2024 Trustees, Annual Report Statèmont of responsibllitie8 of tha trustees Law applicab18 to cha￿lieS in England and Wales requires the Trustees to prepare financial slalements for 8ach financial year which glve a true and fair view of the charity's financial activities during the pèriod and of Its financlal posiiion al the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and: Select suitable accounting policles and then apply them consistendy Observe th6 methods and principles in the charities SORP Make judggments and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and ststements of recommended practice have been followed, subject to any material departures disclos8d and explained in the financial staternents Prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the Trust wll continue in operation Th8 Trustees are fesponsible for keeping proper accounting récords thal disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial ststemenls comply with the Charities Act 2011. The are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevèntion and detedion of fraud and other irregularities. The Twstees are responsible for the Maintenan￿ and integrity of the Co￿orate and financial infonnalion included on the Trust's website. Legislation in the United lfjngdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditor Sayer Vincent LLP was revappointed as the Trust's auditor during the year and has expressed its willingness to continue in that capacity. The Trustees, r8POrt has been approved by the Trustees on 19 February 2025 and signed on their behalf by: Dr Francis Murray Chair Sutton Coldfield Charltable Trust For the year ended 30 September 2024 Independent auditor's report to the trusteos of Sutton Coldfleld Charitable Trust Opinion We have audited the financial statemenls of Sutton Coldfield Charitable Trust (the 'TTUSt') for the year ended 30 September 2024 which comprise the statement of financial activities, balance sheet, slatement of cash flows and notes to the financlal ststemenl$, including significant accounting policies. Tha financlal reporting framework that has been applied in th8ir preparation is appllcable law and United Kingdom Accounling Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom G8n&rally Accepted Accounting Practice). In our opinion. the financial statements: Give a true and fair view of the stale of the charIt￿S affairs as at 30 September 2024 and of its incoming resources and application of resourc£s, for the year then ended Have bean properly prepared in accordance with Unit8d Kingdom Generally Accepled Accounting Practice Hava been prepared in a¢cordance with the requirements of the Charili8s Act 2011. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndar(Is are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requlremersls that are relevant to our audit of the financial stat8ments In the UK, including the FRC'S Ethical Standard and we have fulfslled our other ethical responsibilities in accordance with these requirements. We beli8ve that the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial ststements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriat8. Based on the work w8 hav8 performed, we have not idenlified any material uncertainties relating to events or conditions that, indwidually or collectively, may cast signrfieant doubt on Trusvs ability to continue as a going concern for a peri¢)d of at least ￿e1ve months from wh6n the financial statements are authorised for issue. Our r8sponsibililies and the responsibilities of the Trustees with respeet to golng concern are described in the relevant sections of this report. Sutton Coldfleld Charltable Trust For the year endèd 30 September 2024 Other Information The other information comprises the infomiation included in the Truste88' report. othèr than the financial sta18ments and our auditor's report thereon. The Trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cxjver the other infomation and. except to the exient otherwis8 8xplicidy stated in our report, we do not express any fonn of assurance conclusion Ihereon. Our responsibility is to read the other Information and, in doing so, consider wh6ther the other Information is materSally Inconsistent with th8 financial statements or our knowledge obtained in the course of the audit or olherwise appears to be materially mbsstatèd. If we identify such material inconsistencies or apparent material rnisstatèments, we are required to determine whether Ihis gives rtse to a material misstatement in Ihe financial statements themselves. If, based on the w￿k we have performed. we conclude that there is a material misstatement of this other information, w8 ar8 required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect Df the following matters in relation to which th8 Charities (Accounts and R8POrts) Regulations 2C#)8 requires us to report to you rf, in our opinion: The information given in th8 Trustees, annual report is Inconsistent in any material respect with the finan¢ial statements- Sufficient accounting records have not been kept., or The financial statements are not in agreement with the accounting records and returns. We have not received all the inforniation and explanations we require for our audit. Responslblllties of trustees As explained more fully in the statement of Trustees, responsibilities set out in the Trustees, report, the Trustees are responsible for the preparation of the financial statements and for belng satlsfied thal they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees ar8 responsible for assesslng the Trust's ability to continua as a going concern. disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless Ihe Trustees either intend to liquidate the Trust or to cease operations, or have no reallstic attemative but to do so. Audltorfs responsibilities for the audit of the flnaneial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Suttt*n Coldfleld Charlrable Trust For the year ended 30 Seprember 2024 Our objectives are to obtain reasonable assuran￿ about wheth8r the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatemenls can arise from fraud or error and are consldered material if, individually or in the aggregat8. th8y could reasonably be expected to influence the economic decisions of users taken on th8 basis of these financial statements. Irregularitiès, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misstalem8nts in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. Capability of the audit in det8ctlng irragularlties In identifying and assessing llsks of material misstatement in respect of irregLrlarltles, induding fraud and non-complian￿ wth18ws and regulations, our procedures induded the following: We enquired of management arKI the finance and investment committee, whlth included obtaining and reviewing supporting documentation, concerning the Trust's policies and procedures relating to: Identtfying, evaluatlng, and comptying wlh laws and regulations and whether they were aware of any instances of non-complianc&; Detecting and responding to the risks of fraud and whether Ihey have knowledge of any actual, suspected, or alleged fraud: The intemal controls established to mitlgate risks related to fraud or non-compliance th laws and regulation5. We inspected the minutes of meetings of those charged wilh governance. We obtained an understanding of the legal and regulatory framework that th8 Trust operates in. focusing on those laws and regulations that had a material effect on the finanGial statements or that had a fundamental effect on the operations of the TrusÉ from our professional and sector experience. We communicated applicable laws and regulations throughout the audit tsam and rernained alert to any indications of non-compliance throughout the audit. W8 reviewed any reports made to regulators. We reviewed th8 financial statement disclosures and lested these to supportlng documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to Identify any unusual or unexpected relalionships that may indicate risks of material misststemenl due to fraud. In addressing the risk of fraud through management override of controls, we tested the approprfateness of journal entries and other adjustments, assessed whethér the judgements made in making accounting estimates are indicative of a potential bias and tested signrficant transactions that are unusual or those outside the normal course of business. Sutton Coldfleld Charltable Trust For the year ended 30 September 2024 Because of thè inherent limitations of an audit. there is a risk that W8 will not detKt all irregularities, including those leading to a material misstatement in the financial statsm8nts or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflect8d in the finanraal statements, as we will be less likely to become aware of instances of nonvcompli8nce. The risk is also greater regarding I￿egularitI￿5 occurrlng due to fraud rather than èrror, 8s fraud invofves intentional concealment, forgery, collusion. omission or misrepr6sénlation. A further description of our responslbilities is available on the Financial Reporting Council's website at.. www.frc.or -uklauditOTsres onsibilities. This description forms part of our 8uditorfs report. Use of our report Thls report is made solely to the Trustees as a body, in a￿Ordance wth section 144 of the Charities Act 2011 and regulations made under seotion 154 of that ACL Our audlt work has been undertaken so that we might state to the Trustees those matters we are required to state to them In an auditor's report and for no olh8r purpose. To the fvllest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trustees as a body, for our audlt work, for this report, or for the opinions we have formed. Dat8 Sayer Wincent LLP, Statut¢Xy Avditor 110 Golden Lane, LONDON, EC1Y OTG Sayer Vincenl LLP is ellglble to act as audltcrf In terms of section 1212 of the Companles Act Sutton Coldfleld Charltable Trust StatemeNt gf flnanclal actlvltles (incorporating an IncoTne and e¥pendituie account) For the ar ended 30 se ember 2024 Restated Re5ta¢e 2024 Unrestricted Endowment Total funds funds £'ooo £'ooo £'ooo Unrestricted Endowmeni funds fvnd5 £'ooo £'ooo 2023 Total £'ooo Note Income frorn: Charltable actlvllles Almshouses Donations Investments 274 274 235 235 206 1,680 1.886 203 1.784 .987 Toul Income 485 1,680 2,165 438 1,784 2.222 Expenditure on: Ralslng funds Invesiment Property Expenses Investment Management Costs Charitable aciivltles Almshou5e5 Grant Funding Total exptndiwye 176 50 46 143 222 193 101 39 51 133 152 172 570 1.882 102 672 1.882 581 1.239 79 660 1,239 2,678 291 2,969 1.960 263 2.223 Net lexpendlture) I Income before net galn5 on Investments (2,1931 1,389 18041 11,5221 1,521 Net galns on Investments Investment Property sled Investments 1,485 2.818 1.485 3.384 410 615 410 701 566 86 Total Net galns on Investments Net Incorne I lexpendlturel after net aains on Investments 566 4,303 4,869 66 1.025 11.62 5,692 4,065 11,4361 2,546 Transfer of Investrfjent Incorne Additional allocatlon of Total retum 1.490 11.4901 1.600 11,6001 316 13161 Total Transfer betsveen funds 1,806 11,8061 1.600 11,6001 Net movemeni In fund5 Reconclllatian of funds.. Total funds brou9ht forward 179 3,886 4,065 164 946 8.531 64,660 73.191 8.367 63,714 72,081 Tokl funds carrSed forward 8,710 68,S46 77,2S6 8,531 64,660 73.191 All of the above results are derived frarn iontinuing activitles. There were no other recognised gains or losses orher than those stated above. Movements in fund5 are di51105ed in Note 18 to the fOnancSal statements. Sutton Coldfleld Charirable Trust Balance sheet A at30Se mber 2024 2024 £'ooo 2023 £'ooo Note £'ooo £'ooo Flxed a55eis- Tangible assets Investment propertles Investments 1,340 26,915 40,531 1,442 25.971 37,286 68,786 8.735 64.699 8,735 Debtors: amoynts due in more than one year Current assets: Debtors.. amounts due wlthin one year Cash and cash equivalents 229 1,476 230 ,148 ,705 ,378 Llabllltles: Credilors.. amounts falling due wlthin one year 11.7641 {1,5271 Ner current liabllltles (591 11491 Total assets less current liabilltles Creditors.. amounts falling due after more than one year 77.462 73,285 1206) (941 Total net assets 77,256 73,191 The funds of the charity.. Endowment funds Functional endowment Permanent endowment ,340 67.206 1.442 63.218 Tot31 endowment funds Unrestrlcted income fijnds: Extraordinary Repair Fund Environmental Management Fund General Fuwjd 68,546 64,660 1,180 27 7,503 1,180 38 7,313 Total unrestricted funds 8.710 8,531 Total charfty funds 77.256 73,191 Approved by ihe trustees on 19 February 202S and signed on thelr behalf by Dr Francis Murray Chair Andrew Morris Vice Chair 20 Sutt•n Comfield Charitable Trust Statement of cash flows For the ar erbded mber 2024 £'ooo 2023 £￿00 rooo £'ooo Cash flDW5 from opÈratlng aaivltlÉs Net income for the reportlng perlod las per the staremeni of flnancSal actlvltlesl Investmefit Management Fees Depreciation charges aln$ on Investments Dlvldends. Inierest and rent from Investments Decrease in debtors Increase In Iredltors (excluding InvE5tmerbi Tnanagers, fEesl 4.065 143 102 14,8691 11.8861 133 78 1,9901 90 345 Net ¢ash (used In) operaiing artlvlfjes Cash flow5 from Inve5tlng actlvltles.. Dlvldends. Interest and rents from Investments Purchase Df fixed a55ets Proceed5 from the sale of Invesimeni prope Funds tran5ferrgd Itoll from invgstrnenis 12.0991 i.$86 1.987 1474) 25 1441 541 Net cash provlded by Investlng actlvltles 2.427 1.494 Change In cash and cash equlvalents In the year Cash and cash equivalEnt5 at thE beginniThg of the year 328 1,148 1.303 Cash and cash equlvalents at iho end of the year 1,476 1,148 Anatysls of ¢ash and ¢4sh equ￿#1¢￿¢5 and cf ner debi At l 0￿￿￿er ZOZ3 Cash flows £'ooo £'ooo At30 September 2024 £'ooo Cash at bank and in hand eposir account5 marurlng bvithln 3 rnonrhs 27 555 578 12501 305 Total cash at)d cash equlvalents 582 328 1.476 21 Sutton Coldneld Charltabie Trust Notes to the financial statements For the embÈr 2 l Account5ng polkles 4) Statutory Informailon Sutton Coldfleld Charitable Trust Is an unincorpoTated charlty re9lstered with the Charfty Commlsslon for England and Wales. The registered office address is Lingard House. Fox Hollie5 Road, Sutton Coldfield. 876 2RJ. bl Basls of praparaiion The financial statements have been preparéd in accordance wirh Accountlng and Reporting by CharltSes'. Statement of Recommended Practlce Accounting and Reporting by Charities.. 50RP appllcable to charitles preparsng their accounts in accordance with FRS 102. Assets aJ)d Ilabilitie5 are initially recognlsed at historlcal c05t or transaction value unless oiheThyi5e stated in the relevant accounting policy or nore. In applying the fsnancial reporring framework, the Trustees hive made a number of sublecilve judgements. for exarnple in respett of slgnificant accounting estimaies. Estimaie5 and jud9ement5 are continualty evaluated and are based on histtsrlcal experience and other factofs, Including expectatlons of future events thai are believed to be Te350nable under the clrcurnstancÈs. The nature of the esrimation means the actual outcomes could dlffer from those esrlrnates. Any 51gnificant estimates and Judgements affetting ihese f6nancial statements are detailed withln the relevani acceuniing policy below. The Trustees do not consider that there are any sources of estlmatlon uncertainty at the reporting date that have a significant rlsk of causing a material adjustment to the carrylng amounts gf a55ets and Irabllltie5 wlthln the nexi reporting perit)d. cl Publlc beneflt entlty The Trust meets the definitlon of a public benefit entity under FRS 102. dl Golng concern Mindful of the net current Ilability p051tion recorded on the balance sheet, the Trustees note that, after considering the level of cash Yesetves and unrestricted Investment5 held in Fixed Assets and ihe capacity of ihe Trust to flex Its artivitle5 if iniome levels fall significantly. there are no material uncertainties to the availability of sufficient unrestrltted resources available io meet the Trust's comrnltments for a perlod of 12 months from the date of approval of these flnancial 5tatemellt5. e) Income Income ts recogni5ed when the Trust has entitlernent to the funds. any performance conditions attached to the Income have been mÈt, li is probable ihat the income wlll be recelved and that the amouvt can be measured reliably. Incorne from invéstment properties include5 property incorne receivable less provision where the eventual receipt of incorne Is Eonsidered doubtful. Incomlng resources from charltable activities relates to fund5 received in respe(t of Almshouse week￿ Malnienance Contributlons IWMCsl and any donatlgns received by the Trust. Income received In advance of the provislon of a specified setvice Is deferred until the crlrerla for income recognition are met. f) Dlvldends and Interest recelvable Dividends from quoted investments are recognised once the dlvldend has been declared and notification has been recelved of the divldend due. This 15 normally upon notification by the Tiusi's Investment advisor of Ihe dividend yleld of the investment portfolio. Other investment income Is accounted for on an accruals ba5i5. Dividends and interest are shown as gross arnounts prior to any tax deduction whlch is recoverablt. gl Fund actountlng The Trust has a permanent endowment. comprising the Walmley Almshouses and Fixed Assei Investfflents (property and securltlesl. The Walmley Almshouses are held for charitable purposes and are treated a5 Functional Endowrnent assets. The Fixed A5sei investments are held to generate income, which Is wholly unrestricted. Unrestricted Income funds comprlse those funds whiih the Trustees are free io use for any purpose in furtherance of the charitable objectlves. They are retalned to the extent that they are collsidered necessary to ensure that adequate fund5 are availab5e to cover future expenditUTe items. both of a Capit￿ nature and revenue costs, whlch may not be covered bv incorning resources. Designated Funds are unrestrlcted funt55 earmarked by the Trustees for particular purposes. Further details of each fund aré dssclosed in note l 8. 22 sutton Coldfield Charltable Trust Note5 to the flnanclal statements For ea tember 2024 l Accountlng ptslicies lcontinued) h) Expendlture and Irrecoverable VAT Expenditure is recognlsed once there Is a legal or constructlve obligation to make a payment to a th5rd party, It Is probable that settlement wlll be requlred and the amount of the obligatlon can be measured ieliably. Expendlture Is classlfied under the followlng art5vlty headlngs.. The costs of raisin9 funds consist of investrnent management fees and property expenses together Mth their associated stafflng. support 2nd governance cosis. Expendlture on charitable aciivities includes the costs of makrng grants and managing almshouse properties undertaken to further fhe purposes of the frust and thelr a550Cbated 5taffin9, SUPPOrt and gDvern2nce ctssts. Irrecoverable VAT Is charged as a cost agaln5t the activity for whlch the expenditure wa5 incurred. l) Grants payabl• Grants payable are made to thlrd parties In fuitherance of the Tru5Vs objeit5. Single or Multi-￿ar grants are aciounted for when elther rhe recipient ha5 a reasonable expectatlon that ihey wlll recelve a grant and rhe Trustee5 have agreed io pay the 9rant without condltion, or the recipient has a reasonable expÉctation that they will receivt a grant and that anv condition attachlng to rhe grdni is outslde of the control of the Trust. Condltlonal grants Where payment of a grant Is subject to a condition which Is under the control of the Trust no commltment Is recognised until the condition has been fulfilled. Contingent grants A iontingent liability 15 di5E105ed for those grants, whlch do not represent liabllities, where the possible obligation, which arises from past events. wlll only be confirmed by ihe occurrence of one or more uncertaln future event5 ntst wholly wiihin the Trustees, control. Jl Allo¢atlon of governance and support costs Dlrertly attrlbutable payroll and other costs are allocated to rhe relevant acilvlty (Ralsing Funds. Almshouses and Grants). Staff cosrs are allocated based On an estimate of siaff iirne in the year. Thls estimate of staff tlme 15 reviewed at least annually. C0515 that are not directly attributable to an activity Isupport and governance costsl are apportioned by activity using appropriate cost drlvers. kl Tangl￿e fixed assets liems of equipment asstsciated with Almshouse improvements are capltalised where the purchase price exceeds £5.000. Depreciation costs are allocated to activlties on the basis of the use of the related assets in those actlvlties. Assets are reviewed for impairment if ciicumstances indicate their carrying value may exceed their net realisable value and value (n use. Major components are treated a5 a separate asset where they have Significantly differerrt patterns of ionsumption of economic beneflts and are depreciated separately over their useful livés. Almshouses are slated at COSt. HowÈver, the construrtlon cost of the older blocks which were completed bett￿een 1896 and 1974 Icontalning 38 units) are not included wirhln the balance sheei due to the age of the prcpertie5 and rhe consequent unavailabllity of rellable costing information. Where ￿pital addititrns to the Almshouses are Made. they are depreciated over the 5hortei of tho remaining useful life of the property to which they relate and rhe Ilfe of the Individual bulldlng component on a straight-line basis. Where necessary, the Trust makes an ImpalTment charge for assefs when ihey are due for replacemeni wlthin the plannlng perlod and there is clear Trustee approval to the replacement programme. Following a detalled review. Almshouse assets and capltal improvements are recorded as part Df the Endowment FLsnd as 'functional oemianent endowment. wlth associared depreciation and imDairment also beinq charqed to the Endowment Securlty and orher eqvipment are stated at cost alihough offlce equlpment and IT are normally written off in the year of acquisition. Depreciation is p¥ovlded ai rates calculated tD wrlte down the cost of each asset to lis estlmated resldual value over its expected useful life. The llDWiIIg related party transattions were recorded and, in all cases, the related partles took no part in the discu55ion or decision of grant5 approved. They were also not involved in the payrnent process of the relevant grant. Relationshlp to the Beneflcla Club member Transactlon pe Grant approved & part pald Amount £ 19,500 Beneflcla Ide Green Rotary Club Related pa A Burlev Grant approved 34,400 81shop Vessvs Grammer School Friends of New Valley Country Park Associatlon B Maynard Family link Grant approved 26,200 D Pears Member 2 Grants approved & part paid Grant approved & part paid 104,200 St Giles H05pice Dr F Murray Family link 16,000 Grow Famlly SeNices H Klmmett Farnily link Grant approved 11,500 Lang￿Y Primary School l Luckett Professlonal relationshlp Grant completed 19,800 Deanery CE Primary School l Luckett Headieacher Grant completed 18,480 Maney Hlll School J Luckett Famlly Ilnk Grant completed 20.656 Beldmere Swimmin9 CILtb J Ltsckett Former swlmming coach Grant approved & part paid 32.000 Sr John's Chulch Walmley J LucketE & S Robtrts Member5 of Church Grant approved & part paid 9,938 St Nichola5 Catholic Primary School Vy1de Green Primary School K Dudley Family link Grant approved 20.531 K Dudley Family link Grant completed 5.000 Boulevard Allotmeni A5SOClation K Dudley Family link Grant completed 25,438 Plant5brook School K Dudley & C Arrowsmlth Family links Grant approved & part paid 33,000 The Arthur Terry School K Dudley Family link Grant completed 680 Glower5 Trust Alrnshou5es Festive 23 P Johnston Trustee Grant cornp1eted i.ioo Llngard House Residents P Johnston EmplDyee Grant approved & part pald 54,541 Acorns Children's Hospice R Martin Volunteer Grant approved & part paid 375,000 jericho Fctundatlon Sutton Works Birrningham Hospice S Roberts Family Ilnk Grani approved 25,000 TSwanl&S Bains C Arrowsmlth Prevlous employees Grant completed 45,000 Boldmere St Michael's FC Family Ilnk 8roken Yolk at Famil link There are no donations fTOrn related partles which are out51de the normal course of busine55 and no re5tri(ted donations from related parties. 29 Sutton Coldfield Charltable TTU5t Notes to the financlal stuemenis For ar ed3 te ber2 Taxatlon The charlty is exempt from corporation tax, as all Its Income Is charitsble and Is applled for charitdble purposes. l O Tanglble fixed assets Freehold Freehold almshouse a1rn5house property Improvernents £'ooo I'ooo Securityl safety equipment £'ooo Total £'ooo C05t At the Start and end of the year 496 2,829 ioi 3.426 Depreclatlon Ai ihe srart of the year Charge for the year 406 1,479 94 99 1,984 102 At the end of the year Net book value At the end of the year 412 1.573 loi 2.086 84 1,256 1,340 At the start of the year 90 1.350 1,442 The freehold Almshouses cornprise seven blocks on the Trust's Main site in Walmley. The cost of constructing the most modern block Icontainlng 8 unit5, completed in 1995115 Included withln the balance sheer. The construcilon cost of the older blocks whlch were completed between 1896 and 1974 Icontalnlng 38 units) are not included within the balanc¢ sheet due to rhe aye of the properties and the consequent unavailability of reliable c05ting snforrnation. As Sr was the Trust's policy to inltially depreciate freehold Almshouses over 25 years, and the rnost recent of rhe non-capita115ed assets were acquired in l 974, the assets, if they were included, would be fully depreciated at 30 Septembor 2024 and would therefore have £Nil 12023.. £Nill irnpact on the balance sheet. However. the cost of subsequenr improvement and renovation work5 is included. The market value of ihe A1rn5houses is expected io be 5igniflcantly higher than their carrying value. All of the above asset5 are used for charltable purposes. 30 Sutton Coldfleld Charitable Trust Notes io the ftnanclal statement5 For the ar 202 I I Investment propertles 2024 £'ooo 2023 £'OOD Falr value at the start of the year Proceed5 frDm disposals Net gain on chan9e in falr value 25.971 15411 1.485 25.586 1251 410 Falr value at the end of the year 26,915 25.971 12 Llsted Investments 2024 2023 Investments £'ooo Cash £'ooo Total £'ooo Investments Cash £'ooo Total £'ooo £'ooo Fair value at the start of the vear Additions at C05t Disposal procEeds Net gain on change in fair value 36,511 17,061 117,6201 775 420 37,286 17.481 117.6201 34,762 12,115 111,0671 1.914 36,676 10.976 (11,067) 3,384 3.384 701 701 Fair value at the end of the vpar 39,336 1.195 40,531 36,511 775 37,286 Investmenrs compTlSe'. 2024 £'ooo 30.025 9.311 1,195 2023 I'ooo Equities Flxed Iniere5t Cash 29,964 6.547 775 40,531 37.286 Financial Instruments The Investment values above Include flnanclal assets rneasured at fair value thro(Jgh profit and loss of £39.336.000 12023.'£36,511.0001 31 Sutton Coldfield Charltable Trust Notes to the flnancial staiem¢nts For Ose r 2024 13 Debtors.. amoufits due In more than one year 2024 £'ooo 2023 £'ooo Lan9ley SUE land disposal 8.73S 8,735 8,735 8,735 The Debtor due after MOTE than one year is in respect of proceeds frorn the sale of a parcel of1and at Brockhur51 Farm within the Langley Susrainable Urban Extenslon (Langley SUE). The sale agreement Includes deferred payments at key project mile510nes le.g. planrting consenr, completlon of the scheme). Thi5 land sale completed in December 2021 and received ouiline planning consent in December 2022. The amount held In fhe balance sheet represenrs an e5tlmate of the residual interest the Trusr has in the land. 14 Debtors.. amounts due wlthln one year 2024 £'ooo 2023 £￿00 Rental Income receivable Dividend5 and Interest receivable Prepayment5 Other debtors 66 103 60 57 148 22 229 230 15 Credltors.. amounts falling due wiihln one year 2024 £'ooo 2023 £'ooo Grants payable Rental 1ncome due back io Tenenrs Rental Income recelved in advance Taxation and social seturity Accruals Other credltors 1.221 79 183 20 132 129 1,062 178 22 205 60 1,764 1,527 16 Credltors.. amount5 falling due after one year ZOZ4 £'ooo 2023 £'ooo RÈttntlon payments Grants payable 206 75 206 94 32 Sutton ColdfiEld Charltable Trust Note5 to the flnanclal statements r ended 30 Se ember 2024 17a Analysls of net assets between funds (current yearl General unrestricted funds Deslgnated funds Functional Endowment Endowment fund5 Total funds £'ooo £'ooo £'ooo £'ooo £'ooo Tanglble fixed assets Investment properties Inve$tment5 Long term debiors Net Eurrent assetsl Iliabllitlesl Long terrn liabilities 1,340 1.340 26,915 40.S31 8.735 1591 12061 26,915 34,726 5,805 12401 4.598 2.930 181 1206} 1,207 Net assets at 30 September 2024 7.503 1.207 1,340 67,206 77.256 17b Analysis of net assets between funds (prlor yearl General unresiricred funds £'ooo Designated fund5 Functional Endowmeni Endowment fund5 Total funds £'ooo £'ooo £'ooo £'ooo Tangible fixed assets Investment propertie5 Investments Long term debtors Net current liabilities Long term liabilltles 1,442 1,442 25.971 37,286 8,735 11491 1941 25,971 31,475 5,805 1331 4,593 2,930 1,218 1941 Net a55ets at 30 September 2023 7,313 1.218 ,442 63,218 73,191 18a Movement5 In funds (current yearl At30 September 2024 £'ooo AE l Ottober 2023 Income & gains £'ooo £'ooo Expendirure & losses Transfers £'ooo £'ooo Endowment funds.. Functional endowment Permanent en(JowmÈnt 1,442 63,218 11021 11901 1.340 67.206 5,984 {1,8061 Total restricted funds 64.66D 5.984 12921 11.8061 68,546 Unrestricted funds.. Designated funds.. Exiraordinary repali fund Environment management fund 1.180 38 1,180 27 Total de51gnated funds 1.218 1.207 General funds 7.313 J,050 12.6771 1,817 7.503 Total unre5trlcted funds 8,531 1,050 12,6771 1,806 8.710 Total funds 73,T91 7,034 12.9691 77.256 The narrative to explaln the purpose of each fvnd is given ai ihe foot of rhe note below. 33 Sutton Coldfield Charltable Trust Notes to the financlal statements 30Se 24 18b Movements In fvnds Iprlor yearfj Restated Restated Restated Restated At30 September At l October 2022 Income & galns £'ooo £'ooo Expenditure & 1055e5 Transfers £'ooo 2023 £'ooo £'ooo Endowment funds.. Functional endowment Permanent endowmeni 1,046 62,668 179) 1184) 475 12,0761 1,442 63,218 2.810 Total restrl(ted funds 63,714 2,810 12631 11.6011 64.660 Unrestritted funds.. Designated funds". Exiraordinary repair fund Environment management fund 640 42 540 141 1,180 38 Total de51gnated funds 682 536 1.218 General funds 7,685 520 11,957) 1.065 7,313 Total unrestrlctod funds 8.367 520 11,957 1,601 8,531 Total funds 72,081 3,330 12,220 73,191 Purposes of eftdowment funds The Endowment Fund represents those assets Ythlch must be held permat)ently by the Trusi. principally Investments. Nei tncome arising the Endowment Fund can be used in accordance with ihe objects of the TTU5t and 15 includÈd as unrestricted Incorne. Any capital 9alns or10sse5 arising on the investments form part of the Endowment Fund. The Endowment Fund includes Alrnshouse fixed asset5 of £1,340,00012023.. £1.442,0001 as a°functional permanent endowment. and depreciaiion and impaiiment of these assets has 2lso been charged against the Endowment Fund. Purposts of desl9nated funds Extraordinary repair fund The Trust is required in accordance with the Scheme to malntain a fund for the extraordinary repair, Improvement or re-building of the Almshouses and other propery belongln9 to the Trust. The level of this designated fund is regularly reviewed by the Trustees and 15 set at a level to cover at least five yÉars' planned mainrenance expenditure lincludlng irrecoverlble VAT and Inflatlonl. Amounts are transferred io meet expenditure which may be required in the future. Envlronment management fund - In 2022 the Trusi also estab115hed a deslgnared Environment managemeni Fund to be Used for malntaining the Trust's rural and woodland estate 34 Sutton Coldfield Chaiitablé Trust Note5 to the flnanclal stateTnents For the nded 30 mber 2024 19 Permanent Endowment Fund Trust for Investment Vnapplled Total Return £'ooo £'ooo £'ooo Openlng balance as at I st Ottober 2023 Investment Income to 30 Sepiember 2024 Less Management Fee5 to 30 Seprember 2024 Plus Revaluations 44,476 18.742 1,680 11891 4,303 17561 63,218 1,680 4,303 Indexatlon from I st OctDber 2023 to 3D September 2024 756 Unapplled Total Return allocated In the year Transfer of net investment returns to unrestrlcred fund5 Additional allocaiion ro meet target for transfer 11.4901 13161 {1,4901 13161 Closlng balance a5 at 30 September 2024 45.232 21.974 67.206 Trust for Unapplled Investment Total Return Total £'ooo £'ooo £'ooo Opening balance as at I st October 2022 Investment Returns to 30 Sepiember 2023 Less Management Fpes to 30 September 2023 Plu5 Revaluatlons Le55 Transfers to functional Endcwment Indexation from I st October 2022 to 30 Septernber 2023 41.477 62,668 1,784 11841 ,025 14751 12.9991 1.784 1,02S 14751 2,999 Unapplied Total RetUTn allocated In the year Transfer of net invÈsimeni returns to unrestrlcted funds 11.6001 11.6001 Closlng balance as at 30 September 2023 44,476 18.742 63,218 20 Opeiatlng lease commltments receivable a5 a le55or Amounts recelvable under non-cancellable operat5ng leases are as follows for eath of the following periods Property 2024 £'ooo 2023 £'ooo Less rhan one year Ofte to five year5 Over five years 582 1.534 41.839 530 1,267 41,140 43.955 42.937 The above figures include rental income from two properties. both with lease term5 of 999 years. The total due to the Trust in respett of these properties Is £40,223,000 12022.. £40.264,0001. 35 Sutton Coldfield Charltable Trust Notes to the flnanclal statement5 ort mber 2024 21 Capltal commltments At the balance sheet date. the charlty had no capltal commltment$12023.. £nill 22 Prlor Perlod Adlustmeni On 8th November 23, by way of a resolution and in accordance with ihe Charitie5 (fotal return) Regulaiions 2013, the Trustees adopted the Total Retum approach io investments as at I st October 2023. As thls dale the toral fund was analy5ed be￿ten the trust for Invesrments, belng ihe esism31ed value of ihe Endowment as at I sr October 2001 and the unapplied total return. being the balance of the fund as shown below. Trust for Imiesiment Unapplled Totsl Return £'ooo T¢)tal £'ooo 25,084 £'LKJO 25,084 Openlng Balance as at I st October 2001 Investment Returns to 30 September 2022 Les5 Management Fees to 30 September 2022 Plus Revaluarions Less Transfer to Charltable funds Transfer to Funcilonal Endowment 31.325 12,8691 42,929 130,8001 (3,0011 31,325 12,8691 42,929 (30,8001 13.0011 Indexaiion from 1st October 2001 to 30 September 2022 16,393 116.3931 41,477 21,191 62,668 Subsequently, the investment Income Is allocated to the Endowed Funds and the Unapplied Total Return is applied to Income In the year in accordance with the Tru5tees' policy. Thls 15 explained In more details in the Tru5tee5' Report and is permitted in accordance with the regulatsons. Followlng ihe applicarion of a Total Return approach to investments. fund balances for the prlor year are restated a5 follow5 Unrestrlcted funds £'ooo Endowment funds £'ooo Total £'ooo Statutory accounts for 2022-23 Reserve Positlon Funds previously reported 8,664 64,527 73.191 Adjustment on restatement Deduction of Management Charyes from Investment income transferred between funds 11331 133 Fund5 restated 8.531 64,660 73,191 Impaa on Income and Expendlture Net movement in funds as previously reported 297 813 AdJu5trnent on restatement Deduction of Management Charges frorn Investmenr Income transferred between funds 11331 133 Nei movement In funds resrated 164 946 i.1 io 36