Trust number: 218627
## Sutton Coldfield Charitable Trust
Report and financial statements. For the year ended 30 September 2025
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## Contents
Reference and administrative information ........................................................................... 1 Trustees’ annual report ........................................................................................................ 4 Independent auditor’s report ............................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) ........ 18 Balance sheet ..................................................................................................................... 19 Statement of cash flows ...................................................................................................... 20 Notes to the financial statements ........................................................................................ 21
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Reference and Administrative Information**
## **Constitution**
Sutton Coldfield Charitable Trust ("the Trust") is regulated by a Scheme of the Charity Commissioners Trust (revised and updated on 25 February 2021) (registered number 218627) (“the Scheme”).
The Board of Trustees (“the Board”) is the governing body responsible for overseeing the management of operations and assets, making strategic decisions and ensuring good governance.
The Board consists of individually appointed Trustees who are either co-opted or nominated. Co-opted Trustees are appointed for terms of five years and nominated Trustees are put forward by Birmingham City Council and Royal Sutton Coldfield Town Council for terms of four years. All Trustees are members of the Board and at least one sub-committee.
## **Trustees**
Trustees who served during the year and up to the date of this report were:
|**Trustees**|**Grants**
**Committee**|**Property**
**Committee**|**Almshouse**
**Committee**|**Finance &**
**General**
**Purpose**
**Committee**|
|---|---|---|---|---|
|Andrew Burley|X (Chair)|X
(Chair)|||
|Councillor Diane Donaldson*
(until 19 February2025)||X|X||
|Jayne Luckett(until 28 August 2025)|X||X||
|Andrew Morris
(Vice Chair from November 2024)||X||X (Chair)|
|Councillor Jane Mosson*|X||X||
|Dr Francis Murray (Chair)|||X(Chair)|X|
|Councillor David Pears*|X||||
|Councillor Simon Ward**||||X|
|Surrinder Bains(until 29 August 2025)|X||X||
|Fahmida Ismail||X||X|
|Rita Martin(until 29 June 2025)|X||||
|Brian Maynard
Grants Committee from 19 February 2025
PropertyCommittee until 19 February2025|X|X||X|
|Nigel Meredith||X||X|
|Helen Miles(until 8 June 2025)||||X|
|Stuart Roberts
Grants Committee from 21 May2025|X||X||
|Councillor Kath Scott*
(Appointed 29 April 2025 as yet to be
allocated to specific Committees)|||||
1
Sutton Coldfield Charitable Trust
For the year ended 30 September 2025
|**Trustees**|**Grants**
**Committee**|**Property**
**Committee**|**Almshouse**
**Committee**|**Finance &**
**General**
**Purpose**
**Committee**|
|---|---|---|---|---|
|Bryan Dunn(from 8 February2025)||X|||
|Rev Canon RebeccaReeve
(appointed 12 Nov 2025)|X||X||
|Danielle Williams
(appointed 12 November 2025)|X||X||
||||||
Nominated By: * Birmingham City Council ** Royal Sutton Coldfield Town Council
## **Reference and Administrative Information**
**Trust number** 218627 – registered in England & Wales
**Registered office and** Lingard House, Fox Hollies Road **operational address** Sutton Coldfield B76 2RJ **Telephone number** 0121 794 0970
**Principal** Claire Evans ACA (Chief Executive from 11 June 2025) **officers** (Finance Director until 11 June 2025) Interim Chief Executive from 1 December 2024 – 17 March 2025) Lisa Martinali (Chief Executive from 18 March 2025 to 10 June 2025) Tina Swani MBA FCIM (Chief Executive until 31 December 2024) Claire Arrowsmith FCCA (Property Manager) Clare Haines BA (Grants Manager) Helen Kimmet (Administration Manager)
**Bankers** HSBC Bank plc CCLA Investment Management 67 The Parade One Angel Lane, London Sutton Coldfield EC4R 3AB B72 1PD
**Auditor** Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG
**Investment** Cazenove Capital Navera Investment Management **Managers** Part of Schroders Group (formerly Meridiem) 1 London Wall Place Riverside House London 2a Southwark Bridge Road EC2Y 5AU London, SE1 9HA **Appointed July 2025 Appointed July 2025**
2
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
||CCLA Investment Management|Rathbone Investment Management|
|---|---|---|
||One Angel Lane, London|8 Finsbury Circus|
||EC4R 3AB|London|
||**Until July 2025**|EC2M 7AZ|
|||**Until July 2025**|
|**Investment**|Stanhope Consulting LLP||
|**Consultants**|35 Portman Square||
||London||
||W1H 6LR||
|**Property**|Johnson Fellows LLP|Nick Russell Associates|
|**Managers**|Charter House,|Lavender Cottage|
||163 Newhall Street|Lucton|
||Birmingham|HR6 9PH|
||B3 1SW||
||EOS Surveyors Ltd||
||Arion Business Centre||
||Harriet House, 118A High Street||
||Birmingham||
||B23 6BG||
|**Solicitors**|Ansons Solicitors|Blackhams|
||316 – 318 Lichfield Road|Lancaster House|
||Mulberry Walk|67 Newhall Street|
||Sutton Coldfield|Birmingham|
||B74 2UG|B3 1NR|
|**Insurance**|Howdens Ltd||
|**Brokers**|Quadrangle||
||Imperial Square||
||Gloucestershire||
||GL50 1PZ||
|**Marketing**
|Gary Phelps Communications Ltd||
||23 Station Road||
||Wylde Green||
||Sutton Coldfield||
|**HR Consultants**|Colden Human Resources||
||2a Hollyfield Road||
||Sutton Coldfield||
||B75 5SG||
3
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
The Trustees present their report and the audited financial statements for the year ended 30 September 2025. Reference and administrative information set out on pages 1-3 forms part of this report. The financial statements comply with current statutory requirements, the Trust’s Trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **History of the Trust**
The Trust’s origins go directly back to Bishop Vesey, an inhabitant of Sutton Coldfield, born in the Town, who persuaded Henry VIII to grant a Charter in 1528 establishing a Warden and Society (Corporation) to govern the Town. The Corporation was obliged to use rental and other income to provide poor relief and improve the locality. Over the next four centuries, other bequests and endowments came within the Corporation’s oversight. These included charities in memory of Thomas Jesson in the 1700s to provide apprenticeships for boys and to distribute bread to Sutton’s poor. After a long and famous legal action, the Corporation’s charities 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 uniforms) for Sutton’s children. Practical necessities such as coal, blankets and boots were widely distributed. In pre-welfare 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 operated closely alongside the Council and was administered by the Town Clerk. New Almshouses were built, including two in the 1890s from a bequest by Frances Lingard. When Sutton Coldfield became part of Birmingham in 1974, the independence of the Trust was safeguarded which ensured the continuing provision of benefits for individuals and organisations within the former Borough boundaries. Although the separate historic charities have been consolidated into one Trust, the Trustees’ fundamental aims and priorities are still very similar to those pursued by Bishop Vesey and his successors over nearly five centuries.
## **Vision**
The vision of the Trust is to enhance the quality of life for all in Sutton Coldfield.
## **Mission statement**
The Trust aims to alleviate hardship and improve the quality of life for residents of the Royal Town of Sutton Coldfield through the provision of housing and grant awards to support individuals and community organisations.
## **Values**
The Trust strives to be responsible; inclusive; caring; transparent and sustainable in all our activities.
## **What our values mean**
- **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 those we work with, embracing equality, diversity and inclusion.
- **Caring** reflects the helping nature of the Trust and its core purpose.
- **Transparent** demonstrates our commitment to openness and sharing.
4
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
- **Sustainable** ensures the Trust continues to make a lasting contribution and remains in good shape for the centuries ahead.
## **Objectives and activities for the public benefit**
The principal objectives of the Trust are the provision of Almshouses and the distribution of funds and other measures for the alleviation of hardship and other needs for inhabitants and organisations within the boundaries of the former Borough of Sutton Coldfield.
The Trustees confirm that they have referred to the Trust Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant making policies. They consider the information which is contained in this report about the Trust’s objectives, activities and achievements demonstrates the benefits to its beneficiaries and, through them to the public, which arise from those activities.
## **Review of activities and achievements**
The Trust formally launched its five-year plan “looking forward to 2028” in May 2023. The title of the plan signifies the date the Trust will celebrate a heritage of 500 years, having responded and adapted over the past five centuries to meet constantly 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 will inform longer-term consideration about any potential future housing scheme for a more diverse range of beneficiaries. A review of Almshouse Governance has also been undertaken to ensure we implement best practice, safety and compliance.
## **2. Grants programme expansion.**
The Trust’s grants budget for the year was £1.375m and 125 organisational grants were approved in the year. The community newspaper “Royal Sutton Coldfield Trust News” was distributed in October 2024, showcasing the incredible work of charities and community organisations across the Town, including those projects that are as a result of a grant award from Trust. This has already stimulated applications from organisations we had not reached previously. We have also commissioned Our Place to manage individual grant applications which has resulted in over 30 personal grants awarded in the year.
## **3. Supporting heritage, green spaces and community**
Conversations continue with Birmingham City Council and Royal Sutton Coldfield Town Council about the future of our community centres, which provide vital services and support. The Trust is also playing a part in delivering the Plan for Neighbourhood Fund, ensuring it aligns with community needs.
## **4. Being well run, efficient, accessible and inclusive.**
We have ‘gone digital’ with new grant software systems for both organisational and school uniform grants and have been working with grant applicants to support them in this transition. Going digital does not mean losing the human element in the grant application process. Our grants team continue to be responsive and supportive of all grant applicants particularly those who may not have experience at making applications.
5
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
## **5. Continual improvement of assets and their uses.**
The Trust reviewed its investment strategy during the year and as a result of this the Trust appointed two new investment houses to manage its investment portfolio, Cazenove Capital and Navera Investment Management Ltd.
**Equality, diversity and inclusion** is embedded throughout the five-year plan. In order to truly enhance the quality of life for all in Sutton Coldfield, without exclusion, staff and Trustees have participated in a review of EDI, which led to an action plan and an agreed EDI statement which is available on the Trust’s website.
**Learning how to make a positive environmental contribution** is a regular theme through the five-year plan, for example three years ago, Manorial Wood was replanted with deciduous saplings. In order to preserve 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 avoided the use of harmful chemicals, thus preserving biodiversity and contributing to maintaining clean air.
Awarding grants is the second, yet no less vital, purpose of the Trust. Grant awards in the year covered a wide range of needs. The Trust awarded £1,378,000 (2024 £1,717,000) in grants during the year. The prior year figure of £1,717,000 included a large project awarded to The Jericho Foundation of £375,000 to cover a period of 3 years.
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 individual purposes during the year can be found below:
||**2025**|**2024**|
|---|---|---|
||**£000**|**£000**|
|Relief of those in need|392|575|
|Advancement of education|282|200|
|Advancement of religion|15|32|
|Advancement of health or the saving of lives|296|380|
|Advancement of citizenship or community development|118|291|
|Advancement of the arts, culture, heritage and science|107|29|
|Advancement of amateur sport|168|101|
|Advancement of environmental protection or improvement|0|109|
||--------
|--------|
|Total grants awarded|1,378|1,717|
|Awarded grants unclaimed or cancelled|(81)|(44)|
||--------|--------|
|Net grants awarded (note 4 to the financial statements)|1,297|1,673|
||====|====|
As well as Almshouses, the Trust manages around 1,000 acres of agricultural land, 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.
6
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
## **Trustee appointments and resignations**
Sadly, this year has been marked by the loss of Keith Dudley, who died on 15[th] October 2024 after 10 years as Trustee and almost 3 years as Chair. Keith’s contribution to our board was deeply valued, and his presence is sorely missed. We extend our heartfelt condolences to his family.
In the year the Trustees welcomed Counsellor Kath Scott, Bryan Dunn, Danielle Williams and Rev Becky Reeves to the Board and look forward to benefiting from their fresh insights and expertise. Trustees also appointed Dennis Kennedy as a Committee member to the Grants Committee.
Trustees would like to thank Counsellor Diane Donaldson, Helen Miles, Rita Martin, Surrinder Bains and Jayne Luckett who stepped down in the year.
## **Staff appointments and resignations**
In December 2024, Tina Swani resigned as Chief Executive having worked with staff and Trustees to strengthen the governance, profile and strategic direction of the trust as well as building a more inclusive working culture and environment. Lisa Martinali joined us in March 2025 for 3 months to June 2025 when Claire Evans was appointed as Chief Executive.
We said goodbye to Mick Hill our long serving Gardener, who retired in May 2024 after 19 years of exemplary service maintaining the grounds at our Walmley site.
We thank all our staff for all their hard work and commitment including Balvir Reehal who joined us in the year as Assistant Accountant.
## **Grant making policy.**
The Trustees apply surplus income to benefit the residents of the former Borough of Sutton Coldfield by making awards to individuals, institutions or organisations in the following ways:
- The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantages.
- Making awards to institutions or organisations for the:
- Relief of those in need
- Advancement of education
- Advancement of religion.
- Advancement of health or the saving of lives.
- Advancement of citizenship or community development.
- Advancement of the arts, culture, heritage or science.
- Advancement of amateur sport.
- Advancement of environmental protection or improvement.
- Other purposes that are currently recognised as charitable or are in the spirit of any purposes currently recognised as charitable.
7
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
## **Risk Management**
The Trustees are committed to the identification, assessment and management of the major risks to which the Trust may be exposed. This is a continuous obligation involving all Trustees and staff.
A risk register is used for the on-going review of risks and controls. The register is reviewed by each committee quarterly and reported to the Finance & General Purpose Committee. This is presented to the Board of Trustees twice a year. The risks are recorded and assessed in terms of impact and probability and a traffic light system employed to highlight areas of particular concern. The Trustees adopt a flexible approach, responding to newly identified areas of risk as well as evaluating progress in mitigating risks previously identified.
The Trustees have identified the following key strategic risks to the Trust. Actions to mitigate against these risks are also detailed;
- Risk: Failure to realise the land sale proceeds expected from Langley SUE and other major transactions, due to market conditions, failing to obtain planning consent or default by developers
- Mitigation: This risk is mitigated by in depth scrutiny by Board and Committees to all sales agreements, professional advice on all aspects of land sales, including risk of default by developer and tax implications and, legal advice reviewing proposed sale agreements.
- Risk: Impact of tenant failure to adhere to relevant health and safety requirements and building maintenance
- Mitigation: This risk is managed by retention of professional advisors to oversee and report on compliance, retained professional media consultant to help the Trust manage negative publicity and review of tenants’ public liability insurance is in place.
- Risk: Information technology exposure to cyber-attack on insufficient security of data held on IT systems.
- Mitigation: This risk is managed by implementation of controls, recommended by specialist advisors, put in place, such as two factor authentication, cloud-based services penetration testing, constant cyber training for all staff and reviews of all IT policies.
## **Staff pay and remuneration (including key management personnel)**
The Trust’s staffing structure and changes to pay and conditions of staff must be approved by the Board. A Remuneration Sub-Committee of the Trustee Board appraises pay annually and makes pay recommendations to the Finance & General Purpose Committee and the full Board.
Pay awards are based on conditions set out in the updated contracts of employment and a range of factors including.
8
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
- Inflation indices
- The financial position of the Trust
- External benchmarking of pay award and salaries.
- Economic trends and forecasts
- Progression and achievements of the Trust as a whole
- Business, governance and regulatory requirements
- Demands upon the Trust and changing needs of beneficiaries.
- Any other internal and external circumstances
## **Structure, governance and management** .
Information relating to reference and administrative matters are set out above (pages 1-3). The Board comprises 12 (minimum) to 16 (maximum) Trustees in total, made up of 8 to 12 co-opted Trustees and 4 nominated Trustees. Trustees may serve a maximum of three terms 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 delivering the Trust’s charitable and strategic objectives.
This expertise has included medicine, law, property, industry, faith, education, engineering, human resources, science, sheltered housing, town planning, marketing, accountancy and local government. An induction process helps Trustees to understand their responsibilities and the work of the Trust. Trustees have a two-yearly review with the Chair; new Trustees have an additional review in their first year.
The Board is responsible for all of the Trust’s activities and meets quarterly to receive reports, make decisions, and determine strategy. A strategy day is held at least every two years, supplemented by regular reports on progress against the agreed actions. The Board also identifies and manages any risks to ensure the efficient and safe undertaking of its responsibilities. The Board oversees the financial health of the Trust, ensuring that management of its investments and accounts are robust, effective controls are in place and sufficient resources are available to meet the demands of the Almshouse and grant-making programme as the two core purposes of the Trust.
Every Trustee is a member of one or more of the following Committees:
- Almshouse Committee
- Grants Committee
- Finance & General Purpose Committee
- Property Committee
In addition, the Trust has a sub-committees for remuneration. Whilst each Committee has its approved membership, all Trustees may attend any Committee meeting at any time and have access to all agendas and papers through an on-line Trustee portal. Advisors may also attend Committees to provide specialist guidance. Working groups may be set up for specific purposes.
9
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
## **Review of Governance and Compliance**
Following the publication of the revised Trust Governance Code late in 2020 the Trust has continued to progress the actions it identified as priorities. Trustees are reviewing the Governance Code 2025 to identify new actions to progress.
These actions have included a review of policies primarily related to GDPR, a review of how the Trust communicates internally 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 survey after board meetings to consider its effectiveness and areas for improvement. The strategic and governance reviews have supported clarity of planning to enhance charitable benefit at a time of continued and increasing adversity and uncertainty.
## **Fundraising**
The Trust does not undertake any fundraising activities in its own right or through third parties and so does not consider it necessary to register with the Fundraising Regulator or comply with any voluntary code of practice related to fundraising. The Trust has not received any complaints relating to fundraising.
## **Financial Review**
The year under review saw a sustained level of underlying operating income and modest growth in Investment asset values, despite the challenging financial climate.
Total income in the last year was £1,899,000 (2024: £2,165,000) and the total expenditure was £2,497,000 (2024: £2,969,000) including grants (net of cancelled grants) of £1,297,000 (2024: £1,673,000). This resulted in net expenditure before gains/losses on investments of £598,000 (2024: £804,000).
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 investment asset values. The Trust reported a gain on investment assets of £2,485,000 (2024: £4,869,000) which in turn gave rise to an overall net increase in total funds of the Trust of £1,887,000 (2024: £4,065,000). At 30 September 2025, total Trust funds amounted to £79,143,000 (2024: £77,256,000).
After an extensive review, and taking legal and financial advice, the Trust decided to adopt the Total Return Accounting (TRA) Policy from 1 October 2023 accordingly. The Trustees transferred £1,840,000 (2024: £1,806,000) from the permanent endowment to unrestricted funds. This is made up of £1,306,000 (2024: £1,490,000) net investment income received from the endowment funds during the year plus a further £534,000 (2024: £316,000) from the permanent endowment fund Unapplied Total Return.
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 community grant giving.
10
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
## **Evaluating Impact and Benefits**
The Trust 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 the objectives, or resulting benefits, from a potential grant award. This enables outcomes to be measured consistently.
A formal monitoring process is also in place. This enables Trustees to focus on those projects delivering the greatest impact. Depending on the value 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 providing an overview of project progress, are made available to the Trustees for scrutiny.
Trust officers also evaluate impact through meetings, both in person and online, telephone discussions and visits to grant beneficiaries.
## **Investment Policy and Performance**
The decision to adopt TRA, which allows a portion of the unrealised investment gains within the endowment fund to be transferred to unrestricted funds, enables the Trust to pursue an investment strategy which maximises total returns rather than dividend income and better meets its objectives .
The Trust’s assets are invested in property, equities, government bonds, unit trusts, other financial instruments and cash deposits to generate income to meet current and future charitable objectives whilst seeking to manage investment risk. The Trust’s investment objectives are to generate an acceptable level of income to facilitate grant giving and maintenance of the Almshouses, whilst also seeking to preserve capital values in real terms
Both the Finance & General Purpose Committee and the Board of Trustees receive quarterly reports from the Investment Managers, which consider the Trust’s income requirements, the risk profile and Property Managers’ view of market prospects in the medium term.
During the year the Trustees reviewed its investment strategy and as a result decided to move its investment portfolio to two new investment houses, Cazenove Capital and Navera Investment Management. The Trustees were supported through this process by the appointed investment advisors. The process started in March 2025 and was completed by late July 2025.
## **Reserve Policy and Going Concern**
On 30 September 2025 the Trust holds Endowment Funds of £70,358,000 (2024: £68,546,000) including ‘Functional Endowment' fund (Almshouse assets) of £1,242,000 (2024: £1,340,000). Total Return Accounting in the year has allowed the Trust to increase its unrestricted funds to further its charitable objectives. The Trust holds two unrestricted designated reserves as follows:
Extraordinary Repair Fund (for extraordinary repair, improvement or re-building). It is a requirement of the Trust’s Scheme to maintain this reserve. The Extraordinary Repair Fund at 30 September 2025 amounted to £1,180,000 which represents estimated planned maintenance costs for the next five years including inflation. (2024: £1,180,000).
11
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
In 2022 Trustees established an unrestricted designated “Environment Management Fund” to be used for maintaining the Trust’s rural and woodland estate. At 30 September this amounted to £9,000 (2024: £27,000).
The Trustees retain free unrestricted reserves to the extent considered necessary to ensure that adequate funds are available to cover future expenditure items, which may not 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 Trust is in a relatively healthy financial position. Equally the long-term community need is challenging, and the Trust has an ambitious five-year plan.
After consideration Trustees consider that it is appropriate to hold undesignated free reserves of at least £7,400,000. Actual undesignated free reserves in 2025 were £7,596,000 (2024: £7,503,000). The difference is small and therefore no future action is expected to be necessary. The target is made up as follows:
|Minimum Working reserve
Reserve against downside risks
Reserve for future operating deficits (per medium term forecast)
Reserve to fund development Plan initiatives
Total Free reserves Target|£’000
2,000
2,000
400
3,000
7,400|
|---|---|
Trustees have a rolling five-year financial plan. Trustees review the reserves to ensure appropriate 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. Accordingly, the Trustees continue to adopt the going concern basis in preparing the annual report and financial statement. Trustees take a long-term view over free reserves needed to meet future deficit budgets and are happy with the free reserves held in the accounts.
## **Future Plans and Objectives**
The Trust’s Five Year Plan sets a strategic direction from 2023-2028. The pace of that direction will be determined by the timing of planning permission on Langley Sustainable Urban Extension (SUE). The details of the objectives within the plan are covered above (“Review of activities and achievements”). Both staff and Trustees are working through the detailed long term delivery plans that maintain longevity of the Trust and enhance its support for residents of Sutton Coldfield
The Trust has conducted a number of reviews in readiness to mobilise these ambitions and inform future decisions, including the social needs review (2022), research into future housing needs (2024) and Falcon Lodge Community Centre Feasibility Study (2023). Integral to these ambitions is our commitment to fostering an environment where equality, diversity, and inclusion are at the core of everything we do.
## **Statement of responsibilities of the Trustees**
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 Trust’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
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Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Trustees’ Annual Report**
- 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 UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements 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 prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Auditor**
Sayer Vincent LLP was re-appointed as the Trust’s auditor during the year and has expressed its willingness to continue in that capacity.
The Trustees’ report has been approved by the Trustees on 18 February 2026 and signed on their behalf by:
Dr Francis Murray Chair
13
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Independent auditor’s report to the Trustees of Trust**
## **Opinion**
We have audited the financial statements of Trust (the ‘Trust’) for the year ended 30 September 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the Trust’s affairs as at 30 September 2025 and of its incoming resources and application of resources, for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards 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 requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
14
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
## **Other Information**
The other information comprises the information included in the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- The information given in the Trustees’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not received all the information and explanations we require for our audit.
## **Responsibilities 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 being satisfied that 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 are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial 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.
15
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements 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 detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management and the finance and investment committee, which included obtaining and reviewing supporting documentation, concerning the Trust’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the Trust operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the Trust from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
16
Sutton Coldfield Charitable Trust For the year ended 30 September 2025
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities _._ This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit 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 other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Date: 3 March 2026
Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
17
## Sutton Coldfield Charitable Trust
Statement of financial activities (incorporating an income and expenditure account)
## For the year ended 30 September 2025
|For theyear ended 30 September 2025|||||||
|---|---|---|---|---|---|---|
|Note
Income from:
Donations
2
3
3
11
12
19a
Total Transfer between funds
Reconciliation of funds:
Investment Management Costs
Charitable activities
Net movement in funds
Total funds brought forward
Net gains on investments
Listed Investments
Investment Property
Total Net gains on investments
Expenditure on:
Net (expenditure) / income
before net gains on investments
Almshouses
Raising funds
Total expenditure
Charitable activities
Almshouses
Grant Funding
Investments
Total income
Investment Property Expenses
Transfer of investment income
Additional allocation of Total
return
Total funds carried forward
Net income / (expenditure) after
net gains on investments|£'000
337
-
117
Unrestricted
funds|£'000
-
-
1,445
Endowment
funds
|2025
Total
£'000
337
-
1,562
1,899
222
156
643
1,476
2,497
(598)
325
2,160
2,485
1,887
-
-
-
1,887
77,256
79,143
|£'000
274
5
206
Unrestricted
funds|£'000
-
-
1,680
Endowment
funds|2024
Total
£'000
274
5
1,886
|
||454|1,445||485|1,680|2,165|
||178
62
545
1,476|44
94
98
-||176
50
570
1,882|46
143
102
-|222
193
672
1,882|
||2,261|236||2,678|291|2,969|
||(1,807)|1,209||(2,193)|1,389|(804)|
||-
42|325
2,118||-
566|1,485
2,818|1,485
3,384|
||42
(1,765)|2,443
3,652||566
(1,627)|4,303
5,692|4,869
4,065|
||1,306
534|(1,306)
(534)||1,490
316|(1,490)
(316)|-
-|
||1,840|(1,840)||1,806
~~624~~|(1,806)|-|
||75|1,812||179|3,886|4,065|
||8,710|68,546||8,531|64,660|73,191|
||8,785|70,358||8,710|68,546|77,256|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 18 to the financial statements.
18
Sutton Coldfield Charitable Trust
## Balance sheet
## As at 30 September 2025
|As at 30 September 2025||||||
|---|---|---|---|---|---|
||||2025||2024|
||Note|£'000|£'000|£'000|£'000|
|Fixed assets:||||||
|Tangible assets|10|1,242||1,340||
|Investment properties|11|27,240||26,915||
|Listed Investments|12|40,379||40,531||
||||68,861||68,786|
|Debtors: amounts due in more than one year|13||8,735||8,735|
|Current assets:||||||
|Debtors: amounts due within one year|14|351||229||
|Cash and cash equivalents||2,929||1,476||
|||3,280||1,705||
|Liabilities:||||||
|Creditors: amounts falling due within one year|15|(1,398)||(1,764)||
|Net current assets /(liabilities)|||1,882||(59)|
|Total assets less current liabilities|||79,478||77,462|
|Creditors: amounts falling due after more than||||||
|one year|16||(335)||(206)|
|Total net assets|17||79,143||77,256|
|The funds of the charity:|18|||||
|Endowment funds||||||
|Functional Endowment Fund||1,242||1,340||
|Permanent Endowment Fund||69,116||67,206||
|Total endowment funds|||70,358||68,546|
|Unrestricted income funds:||||||
|Extraordinary Repair Fund||1,180||1,180||
|Environmental Management Fund||9||27||
|General Fund||7,596||7,503||
|Total unrestricted funds|||8,785||8,710|
|Total charity funds|||79,143||77,256|
Approved by the trustees on 18th February 2026 and signed on their behalf by
Dr Francis Murray Chair
Andrew Morris Vice Chair
19
Sutton Coldfield Charitable Trust
## Statement of cash flows
## For the year ended 30 September 2025
|For the year ended 30 September 2025||||
|---|---|---|---|
|Cash at bank and in hand
Deposit accounts maturing within 3 months
Total cash and cash equivalents
Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Investment Management Fees
Depreciation charges
Gains on investments
Dividends, interest and rent from investments
(Increases)/decreases in debtors
(Increases)/decreases in creditors (excluding invest. managers'
fees)
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of investment property
Funds transferred (to)/ from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents and of net debt|£'000
£'000
1,887
89
98
(2,485)
(1,562)
(123)
(235)
(2,331)
1,562
-
2,222
~~4~~
3,784
1,453
1,476
2,929
At
1 October
2024
£'000
1,171
305
1,476
2025|£'000
£'000
4,065
143
102
(4,869)
(1,886)
1
345
(2,099)
1,886
541
-
2,427
328
1,148
1,476
Cash flows
At 30
September
2025
£'000
£'000
(547)
624
2,000
2,305
1,453
2,929
2024||
||1,562
-
2,222
|||
||~~4~~|||
||||328
1,148|
||||1,476|
||||At 30
September
2025
£'000
624
2,305|
||||2,929|
20
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
- 1 Accounting policies
- a) Statutory information
Sutton Coldfield Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales.
The registered office address is Lingard House, Fox Hollies Road, Sutton Coldfield, B76 2RJ.
## b) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
- c) Public benefit entity
The Trust meets the definition of a public benefit entity under FRS 102.
## d) Going concern
Mindful of the net expenditure before gains recorded on the statement of financial activities (SOFA), the Trustees note that, after considering the level of cash reserves and unrestricted investments held in Fixed Assets and the capacity of the Trust to flex its activities if income levels fall significantly, there are no material uncertainties to the availability of sufficient unrestricted resources available to meet the Trust’s commitments for a period of 12 months from the date of approval of these financial statements. Accordingly, the Trustees continue to adopt the going concern basis in preparing the annual report and financial statement.
## e)
## Income
Income is recognised when the Trust has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from investment properties includes property income receivable less provision where the eventual receipt of income is considered doubtful.
Incoming resources from charitable activities relates to funds received in respect of Almshouse Weekly Maintenance Contributions (WMCs) and any donations received by the Trust.
## f)
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
## Dividends and interest receivable
Dividends from quoted investments are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the Trust’s investment advisor of the dividend yield of the investment portfolio. Other investment income is accounted for on an accruals basis. Dividends and interest are shown as gross amounts prior to any tax deduction which is recoverable.
## g)
## Fund accounting
The Trust has a permanent endowment, comprising the Walmley Almshouses and Fixed Asset Investments (property and securities). The Walmley Almshouses are held for charitable purposes and are treated as Functional Endowment assets. The Fixed Asset investments are held to generate income, which is wholly unrestricted.
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. They are retained to the extent that they are considered necessary to ensure that adequate funds are available to cover future expenditure items, both of a capital nature and revenue costs, which may not be covered by incoming resources.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Further details of each fund are disclosed in note 18. 4
4
21
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
- 1 Accounting policies (continued)
## h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- The costs of raising funds consist of investment management fees and property expenses together with their associated staffing, support and governance costs.
- Expenditure on charitable activities includes the costs of making grants and managing almshouse properties
- undertaken to further the purposes of the Trust and their associated staffing, support and governance costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## i) Grants payable
Grants payable are made to third parties in furtherance of the Trust's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Trust.
Conditional grants - Where payment of a grant is subject to a condition which is under the control of the Trust no commitment is recognised until the condition has been fulfilled.
Contingent grants - A contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees’ control.
## j) Allocation of governance and support costs
Directly attributable payroll and other costs are allocated to the relevant activity (Raising Funds, Almshouses and Grants). Staff costs are allocated based on an estimate of staff time in the year. This estimate of staff time is reviewed at least annually.
Costs that are not directly attributable to an activity (support and governance costs) are apportioned by activity using appropriate cost drivers.
## k) Tangible fixed assets
Almshouses are stated at cost. However, the construction cost of the older blocks which were completed between 1896 and 1974 (containing 38 units) are not included within the balance sheet due to the age of the properties and the consequent unavailability of reliable costing information.
Where capital additions to the Almshouses are made, they are depreciated over the shorter of the remaining useful life of the property to which they relate and the life of the individual building component on a straight-line basis. Where necessary, the Trust makes an impairment charge for assets when they are due for replacement within the planning period and there is clear Trustee approval to the replacement programme.
Following a detailed review, all Almshouse assets and capital improvements are recorded as part of the Endowment Fund as ‘functional permanent endowment’, with associated depreciation and impairment also being charged to the Endowment Fund.
Security and other equipment are stated at cost although office equipment and IT are normally written off in the year of acquisition.
#
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
- Almshouses
20 years - straight line on net book value
- Security and other equipment 5 years - straight line
22
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
- 1 Accounting policies (continued)
## l) Investment properties
Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value and not depreciated. Any change in fair value is recognised via the statement of financial activities as a gain or loss. The valuation method used to determine fair value is stated in note 11 to the accounts. The Trust's Investment properties are fully valued by independent valuers every five years on the basis of open market value for existing use, with desktop valuations in the intervening years.
## m) Listed investments
Listed investments are made up of basic financial instrument and cash held by two Investment houses. The financial instruments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market bid price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Trust does not acquire put options, derivatives or other complex financial instruments.
## n) Debtors
- Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
## o) Long Term Debtors
Where the Trust enters into transactions for the sale of land/ other investment properties, the amount receivable is initially recognised as a debtor at the invoiced / contracted value. Amounts due to the Trust after more than one year are disclosed accordingly.
From time to time, the Trust enters into Development Agreements, where the arrangements with the third party includes deferred payments at key project milestones (e.g. planning consent, completion of the scheme). In these cases, the Trust can be virtually certain of receiving economic benefits, but the final sums and timing can vary. The resulting residual interest of the Trust in the land is carried in the balance sheet at the lower of:
the present value of the estimated future receipts (net of fees and associated costs) discounted at the Trust’s cost of capital; and
the market value of the underlying asset (based on the last professional valuation) less net amounts already received in respect of the transaction.
Where the timing of future cash flows is uncertain, the amount expected to be received is disclosed as a debtor falling due after more than one year, even where the Trust anticipates receiving payment earlier. The Trust only recognises a debtor as a current asset when it is contractually entitled to payment. This calculation is reviewed at least annually.
- p) Cash at bank and in hand
- Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## q) Creditors and provisions
Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## r) Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## s) Pensions
Contributions are paid into Personal Pension Plans operated by Aviva. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the Trust in the year.
23
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
- 1 Accounting policies (continued)
## t) Endowments
The Endowment Fund represents those assets which must be held permanently by the Trust, principally investments. Net income arising on the Endowment Fund can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the Endowment Fund. The Endowment Fund includes Almshouse fixed assets of £1,242,000 (2024: £1,340,000) as a “functional permanent endowment” and depreciation and impairment of these assets has also been charged against the Endowment Fund.
## u) Total Return
On 8th November 23, by way of a resolution and in accordance with the Charities (Total return) Regulations 2013, the Trustees adopted the Total Return approach to Permanent endowment fund as at 1st October 2023. At this date the total fund was analysed between the trust for investment, being the estimated value of the Endowment as at 1st October 2001 and the unapplied total return.
Subsequently, the investment income is now allocated to the Endowed Funds and then subsquently a portion of the unapplied total return is allocated to unrestricted fund each year, which is calculated as follows: both property and investment income received in the year less managment charges plus an amount from the opening unapplied return which is calculated so that the transfer from the investment endowments totals CPI+4% of the average investment endowments for previous 3 years as agreed by trustees and in line with New Investment Strategy.
- v) Judgements and estimates
The preparation of financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenditure during the reported period. The estimates and associated judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
The estimates and underlying judgements are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
In the preparation of these financial statements, key estimates and judgements have been made by the Trustees concerning the valuation of investment properties and the Trust's interest in the Langley SUE project. Actual amounts could differ from those estimates. Further details of key estimates and judgements are provided in the relevant notes.
24
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
## 2 Income from investments
|Rents and property income receivable
Dividends and interest
Total income
Staff costs (Note 6)
Grant making (note 4)
Property expenses
Professional fees
Office costs
IT and marketing
Meeting costs
Depreciation
Sundry & irrecoverable VAT
Support costs
p
Total expenditure 2025
Analysis of expenditure|Unrestricted
£'000
117|£'000
685
760
Endowment|2025
Total
£'000
685
877|2025
Total
£'000
685
877|£'000
702
978
Endowment|2024
Total
£'000
702
1,184|
|---|---|---|---|---|---|---|
||117|1,445|1,562||1,680|1,886|
||Raisingfunds||||Support
costs
£'000
120
-
7
70
7
143
7
-
27|2025
Total
£'000
381
1,297
261
219
7
143
7
98
84|
||Investment
property
expenses
£'000
46
-
51
48
-
-
-
-
8|
£'000
19
-
-
101
-
-
-
-
5
Investment
management
costs|Almshouses
£'000
116
-
203
-
-
-
-
98
44
|Grants
£'000
80
1,297
-
-
-
-
-
-
-
1,377
99
1,476|||
||153
69|125
31|461
182||381
(381)|2,497
-|
||222|156|643||-|2,497|
3a Analysis of expenditure
3b Analysis of expenditure (prior year)
|ysis of expenditure (prior year)|||||||
|---|---|---|---|---|---|---|
|Staff costs (Note 6)
Grant making (note 4)
Property expenses
Professional fees
Office costs
IT and marketing
Meeting costs
Depreciation and impairment
Sundry & irrecoverable VAT
Support costs
p
Total Expenditure 2024|
Raisingfunds||Charitable activities||Support
costs
£'000
127
-
8
32
9
120
9
-
27|2024 Total
£'000
413
1,673
279
269
9
120
9
102
96|
||~~Investment~~
property
expenses
£'000
28
-
93
70
-
-
-
-
6|
£'000
10
-
-
152
-
-
-
-
23
~~Investment~~
management
costs|Almshouses
£'000
142
-
177
15
-
-
-
102
40
|Grants
£'000
106
1,673
-
-
-
-
-
-
-
1,779
103
1,882|||
||197
25|185
8|476
196||332
(332)|2,969
-|
||222|193|672||-|2,969|
Within support costs are Governance costs of £152,701 (2024:£146,000). This is made up of staff costs of £128,052 (2024:£127,000) , professional fees £18,082.31 (2024: £10,000) and meeting costs of £6,567.11 (2024: £9,000).
25
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
- 4 Grant making
|he year ended 30 September 2025
Grant making|||||
|---|---|---|---|---|
|Grants awarded:
Sub-total
Grants for community purposes comprise:
Total
Grants unclaimed or cancelled
Total
£1,000 or less
Greater than £1,000
Grants for:
Grants (combined)
Individual educational and personal Grants
School clothing Grants|No.
£'000
90
1,290
-
-
875
88
2025||No.
£'000
88
1,619
7
7
906
91
2024||
||965|1,378|1,001|1,717|
||-|(81)|-|(44)|
||965|1,297|1,001|1,673|
||No.
56
34
|£'000
1,264
26
2025|No.
£'000
51
1,602
27
17
2024||
||90|1,290|78|1,619|
A full summary of grants made by the Trust is included in its Annual Review, available on the Trust’s website www.suttoncoldfieldcharitabletrust.com.
## 5 Net expenditure for the year
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||2025|2024|
||£'000|£'000|
|Depreciation|98|102|
|Operating lease rentals receivable:|||
|Property|(685)|(702)|
|Auditor's renumeration excluding VAT|||
|Audit fees|17|17|
- 6 Analysis of staff costs, Trustee expenses, and the cost of key personnel
Staff costs were as follows:
|Staff costs were as follows:|||
|---|---|---|
|Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes|2025
£'000
320
23
38|2024
£'000
338
31
44|
||381|413|
One employee earned more than £60,000 during the year in the band £60,001-£70,000 (2024: 1).
The Trust considers its key personnel to be the Chief Executive and the Finance Director / Finance Manager as well as the unremunerated Trustees. The total employee benefits (including pension contributions and employer's national insurance) of the key personnel were £129,629 (2024: £148,000).
The charity Trustees were neither paid nor received any other benefits from the Trust in the year (2024: £nil). No Trustee received payment for professional or other services supplied to the Trust (2024: £nil).
Trustees' expenses represents costs of mileage, training/ development and IT consumables used for Trust business. These were nil for the year (2024: nil) .
26
Sutton Coldfield Charitable Trust
Notes to the financial statements
For the year ended 30 September 2025
- 7 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was:
|Office staff
Almshouses staff|2025
No.
3
7|2024
No.
3
8|
|---|---|---|
||10|11|
## 8 Related party transactions
During the year, the following related party transactions were recorded and, in all cases, the related parties took no part in the discussion or decision of grants approved. They were also not involved in the payment process of the relevant grant.
|grant.|||||
|---|---|---|---|---|
|Transaction type|Amount £|Organisation|Relatedparty|Relationship to the
Organisation|
|Grant approved|30,375|Sutton
Coldfield
Grammar
School
for
Girls|S Ward|Family Link|
|Grant approved/
completed|34,400|Bishop Vesey’s Grammar School|B Maynard|Family Link|
|Grant approved/
completed|33,000|The Arthur Terry School|B Maynard|Family Link|
|Grant approved &
part paid|50,000|Sutton Town Hall Trust|D Pears
E Baxter|Trustee
Family Link|
|Grant approved|35,892|Erdington
Gymnastics Club
T/A North
Birmingham
Community
Gymnastics
-
2025 01|C Arrowsmith
H Kimmet
B Maynard|
Family Link
Family Link
Family Link|
|Grants approved|40,000|Grow Family Services - 2025 02|H Kimmett|Member|
|Grant approved|1,000|Active Citizens Community Volunteers|J Mosson|Trustee|
|Grant approved &
part paid|375,000|Jericho Foundation - Sutton Works|S Roberts|Family Link|
|Grant approved/
completed|78,000|St Giles Hospice|F Murray|Family Link|
|Grant approved/
completed|57,000|St Giles Hospice|F Murray|Family Link|
|Grant approved/
completed|32,000|St Johns Walmley|S Roberts|Trustee|
|Supplier|2,193|Broken Yolk Catering|C Haines|Family Link|
|Supplier|17,710|EOS Surveyors Ltd|C Arrowsmith|Family Link|
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
27
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
## 9 Taxation
The Trust is exempt from corporation tax, as all its income is charitable and is applied for charitable purposes.
## 10 Tangible fixed assets
|Tangible fixed assets|||||
|---|---|---|---|---|
|Cost
At the end of the year
Depreciation
p
At the start of the year
Charge for the year
At the end of the year
Net book value
At the start of the year
At the Start and end of the year|Freehold almshouse
property
£'000
496|
£'000
2,829
Freehold
almshouse
improvements|Security/
safety
equipment
£'000
101
|
Total
£'000
3,426|
||412
6|1,573
92|101
-|2,086
98|
||418|1,665|101|2,184|
||78|1,164|-|1,242|
||84|1,256|-|1,340|
The freehold Almshouses comprise seven blocks on the Trust’s main site in Walmley. The cost of constructing the most modern block (containing 8 units, completed in 1995) is included within the balance sheet. The construction cost of the older blocks which were completed between 1896 and 1974 (containing 38 units) are not included within the balance sheet due to the age of the properties and the consequent unavailability of reliable costing information. As it was the Trust’s policy to initially depreciate freehold Almshouses over 25 years, and the most recent of the non-capitalised assets were acquired in 1974, the assets, if they were included, would be fully depreciated at 30 September 2025 and would therefore have £Nil (2024: £Nil) impact on the balance sheet. However, the cost of subsequent improvement and renovation works is included.
The market value of the Almshouses is expected to be significantly higher than their carrying value.
All of the above assets are used for charitable purposes.
## 11 Investment properties
|Investment properties|||
|---|---|---|
|Fair value at the end of the year
Fair value at the start of the year
Proceeds from disposals
Net gain on change in fair value|2025
£'000
26,915
-
325|2024
£'000
25,971
(541)
1,485|
||27,240|26,915|
28
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
## 12 Listed investments
|Listed investments||||||
|---|---|---|---|---|---|
|Investments
Cash
£'000
£'000
39,336
1,195
47,689
(47,689)
(49,656)
49,656
-
(89)
-
(2,000)
-
(222)
-
61
2,098
-
39,467
912
Additions at cost
Transfer of funds to
Trust
Net gain on change
in fair value
Cash
Fair value at the
start of the year
Fair value at the
end of the year
2025
Net gain through
foreign exchange
Disposal proceeds
Investment
Management fees
Fixed interest
Investments comprise:
Equities
Transfer of funds to
Trust to meet
investment strategy|2025|||2024||
||Investments
Cash
£'000
£'000
39,336
1,195
47,689
(47,689)
(49,656)
49,656
-
(89)
-
(2,000)
-
(222)
-
61
2,098
-
|Total
£'000
40,531
-
-
(89)
(2,000)
(222)
61
2,098|Investments
£'000
36,511
17,061
(17,620)
-
-
-
-
3,384|Cash
£'000
775
(17,061)
17,620
(139)
-
-
-
-|Total
£'000
37,286
-
-
(139)
-
-
-
3,384|
||39,467
912|40,379|39,336|1,195|40,531|
|||||2025
£'000
31,142
8,324
913|2024
£'000
30,025
9,311
1,195|
|||||40,379|40,531|
## Financial Instruments
The investment values above include financial assets measured at fair value through profit and loss of £39,467,000 (2024:£39,336,000)
During the year, the Trust reviewed the performance of it's investment houses and subsequently appointed Cazenove Capital and Navera Investment Management (formerly Meridiem Investment Management) in June 2025. During the year, £2m was transferred from CCLA investments to a CCLA deposit account as part of implementing the new investment strategy
During the year £222K (2024: nil) was transferred from investments to current assets to meet the targeted income from our investments to mitigate risk as part of investment strategy
## 13 Debtors: amounts due in more than one year
|Debtors: amounts due in more than one year|||
|---|---|---|
|Langley SUE land disposal|2025
£'000
8,735|2024
£'000
8,735|
||8,735|8,735|
The Debtor due after more than one year is in respect of proceeds from the sale of a parcel of land at Brockhurst Farm within the Langley Sustainable Urban Extension (Langley SUE). The sale agreement includes deferred payments at key project milestones (e.g. outline planning consent, completion of the scheme). This land sale completed in December 2021 and received outline planning consent in December 2022. The amount held in the balance sheet represents the market value of the underlying asset (based on the last professional valuation) less net amounts already received in respect of the transaction.
## 14 Debtors: amounts due within one year
|Debtors: amounts due within one year|||
|---|---|---|
|Rental income receivable
Dividends and interest receivable
Prepayments|2025
£'000
94
206
51|2024
£'000
66
103
60|
||351|229|
29
Sutton Coldfield Charitable Trust
## Notes to the financial statements
## For the year ended 30 September 2025
- 15 Creditors: amounts falling due within one year
|he year ended 30 September 2025
Creditors: amounts falling due within one year|||
|---|---|---|
|Rental Income due back to Tenants
Grants payable
Accruals
Rental income received in advance
Taxation and social security
Other creditors|2,025
£'000
993
-
156
4
105
140|2024
£'000
1,221
79
183
20
132
129|
||1,398|1,764|
16 Creditors: amounts falling due after one year
|Creditors: amounts falling due after one year|||
|---|---|---|
|Grants payable|2025
£'000
335|2024
£'000
206|
||335|206|
17a Analysis of net assets between funds (current year)
|Net assets at 30 September 2025
Long term liabilities
Net current assets/ (liabilities)
Long term debtors
Investments
Investment properties
Tangible fixed assets|General unrestricted
funds
£'000
-
-
3,383
2,930
1,918
(635)|
Designated
funds
£'000
-
-
1,189
-
-
-|
Functional
Endowment
£'000
1,242
-
-
-
-
-|
Endowment
funds
£'000
-
27,240
35,807
5,805
264
-|
Total funds
£'000
1,242
27,240
40,379
8,735
2,182
(635)|
|---|---|---|---|---|---|
||7,596|1,189|1,242|69,116|79,143|
17b Analysis of net assets between funds (prior year)
|Net assets at 30 September 2024
Long term liabilities
Tangible fixed assets
Investment properties
Investments
Long term debtors
Net current assets/ (liabilities)|General unrestricted
funds
£'000
-
-
5,303
2,930
(524)
(206)|
Designated
funds
£'000
-
-
1,207
-
-
-|
Functional
Endowment
£'000
1,340
-
-
-
-
-|
Endowment
funds
£'000
-
26,915
34,021
5,805
465
-|
Total funds
£'000
1,340
26,915
40,531
8,735
(59)
(206)|
|---|---|---|---|---|---|
||7,503|1,207|1,340|67,206|77,256|
30
Sutton Coldfield Charitable Trust
## Notes to the financial statements
## For the year ended 30 September 2025
18a Movements in funds (current year)
|he year ended 30 September 2025
Movements in funds (current year)|5
)|||||
|---|---|---|---|---|---|
|At 1 October 2024
£'000
1,340
67,206
Total restricted funds
68,546
1,180
27
Total designated funds
1,207
General funds
7,503
8,710
77,256
At 1 October 2023
£'000
1,442
63,218
Total restricted funds
64,660
1,180
38
Total designated funds
1,218
General funds
7,313
8,531
73,191
Total funds
Permanent endowment
Functional endowment
Endowment funds:
Functional endowment
Endowment funds:
Permanent endowment
Extraordinary repair fund
Unrestricted funds:
Designated funds:
Movements in funds (prior year)
The narrative to explain the purpose of each fund is given at
Total unrestricted funds
Environment management fund
Unrestricted funds:
Designated funds:
Extraordinary repair fund
Total funds
Total unrestricted funds
Environment management fund|At 1 October 2024
£'000
1,340
67,206|Income & gains
£'000
-
3,888|Expenditure &
losses
£'000
(98)
(138)|
Transfers
£'000
-
(1,840)|At 30
September
2025
£'000
1,242
69,116|
||68,546|3,888|(236)|(1,840)|70,358|
||1,180
27|-
-|-
(18)|-
-|1,180
9|
||1,207
7,503|-
496|(18)
(2,243)|-
1,840|1,189
7,596|
||8,710|496|(2,261)|1,840|8,785|
||77,256|4,384|(2,497)|-|79,143|
|||Income & gains
£'000
-
5,984
the foot of the n|Expenditure &
losses
£'000
(102)
(190)
ote below.|
Transfers
£'000
-
(1,806)|At 30
September
2024
£'000
1,340
67,206|
||64,660|5,984|(292)|(1,806)|68,546|
||1,180
38|-
-|-
-|-
(11)|1,180
27|
||1,218
7,313|-
1,050|-
(2,677)|(11)
1,817|1,207
7,503|
||8,531|1,050|(2,677)|1,806|8,710|
||73,191|7,034|(2,969)|-|77,256|
18b Movements in funds (prior year)
Purposes of endowment funds
Permanent Endowment fund - represents those assets which must be held permanently by the Trust, principally investments. Net income arising on the Endowment Fund can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the Endowment Fund.
Functional Endowment fund - represents the value of the Almshouse fixed assets of £1,242,000 (2024: £1,340,000) held as a functional permamnent endowment and used by the Trust in the carrying out of its charitable mission. Depreciation and impairment of these assets has also been charged against this Endowment Fund.
## Purposes of designated funds
Extraordinary repair fund - The Trust is required in accordance with the Scheme to maintain a fund for the extraordinary repair, improvement or re-building of the Almshouses and other property belonging to the Trust. The level of this designated fund is regularly reviewed by the Trustees and is set at a level to cover at least five years’ planned maintenance expenditure (including irrecoverable VAT and inflation). Amounts are transferred to meet expenditure which may be required in the future. There were no extraordinary repairs in the year. Routine / planned / budgeted repairs are not charged against this fund. The Trustees are content that the fund remains at the required level.
Environment management fund - In 2022 the Trust also established a designated Environment management Fund to be used for maintaining the Trust’s rural and woodland estate spend
31
Sutton Coldfield Charitable Trust
Notes to the financial statements
## For the year ended 30 September 2025
19a Permanent Endowment Fund
|he year ended 30 September 2025
Permanent Endowment Fund||||
|---|---|---|---|
|Opening balance as at 1st October 2024
Investment income to 30 September 2025
Less Management Fees to 30 September 2025
Plus Revaluations
Indexation from 1st October 2024 to 30 September 2025
Unapplied Total Return allocated in the year
Transfer of investment returns to unrestricted funds
Closing balance as at 30 September 2025
Opening balance as at 1st October 2023
Investment Returns to 30 September 2024
Less Management Fees to 30 September 2024
Plus Revaluations
Indexation from 1st October 2023 to 30 September 2024
Unapplied Total Return allocated in the year
Transfer of net investment returns to unrestricted funds
Additional Allocation to Total Return for reporting period
Closing balance as at 30 September 2024
Additional Allocation of unapplied returns to Total Return
for reporting period
Transfer from Investment Endowment funds to Charitable
funds in reporting year|Trust for
Investment
£'000
45,232
-
-
-
1,719|
Unapplied
Total Return
£'000
21,974
1,445
(138)
2,443
(1,719)|
Total
£'000
67,206
1,445
(138)
2,443
-|
||46,951
-
-
-|24,005
(1,306)
(187)
(347)|70,956
(1,306)
(187)
(347)|
||46,951|22,165|69,116|
||Trust for
Investment
£'000
44,476
-
-
-
756|
Unapplied
Total Return
£'000
18,742
1,680
(189)
4,303
(756)|
Total
£'000
63,218
1,680
(189)
4,303
0|
||45,232
-
-|23,780
(1,490)
(316)|69,012
(1,490)
(316)|
||45,232|21,974|67,206|
- 20 Operating lease commitments receivable as a lessor
Amounts receivable under non-cancellable operating leases are as follows for each of the following periods
|Less than one year
One to five years
Over five years|2025
2024
£'000
£'000
515
582
2,298
1,534
41,547
41,839
Property|2025
2024
£'000
£'000
515
582
2,298
1,534
41,547
41,839
Property|
|---|---|---|
||44,360|43,955|
The above figures include rental income from two properties, both with lease terms of 999 years. The total due to the Trust in respect of these properties is £40,182,000 (2024: £40,223,000).
- 21 Capital commitments
At the balance sheet date, the Trust had no capital commitments (2024: £nil)
32