REGISTERED CHARITY NUMBER.. 221621 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 JANUARY 2025 FOR CHAPELRY OF SMETHWICK Prime Chartered Accountsn15 161 Newhall Street Birmingham B3 1SW
CHAPELRY OF SMETHWICK CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 202S Page Report of the Trustees Independent Examiner'5 Report Stalemonl of Flnanclal Acllvlties Balancè Sheet Notes lo the Financlal Statements 7 to 12 Deta11 Statement of Flnanclal Activltles 13
CHAPELRY OF SMETHWICK REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025 The Iruslee5 present their report with the financial slalements ol the charrty lor the year ended 31 January 2025 The trustees have adDpled the provisions ol Accounting and Reporting by CharitEs'. Statemenl ol Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Siandard applicable In the UK and Republic of Iieland IFRS 1021 leffeclive 1 January 20191 OBJECTIVES AND ACTIVITIES Objectives Under th8 governing documenl. Ihe objectives are lo look after the maintenance and upkeep ol Smelhwick Old Church. ils churchyard and vicarage and lo contribute towards the stipend and expensès of the Vicar Main Activllle5 The Trustees contsnue to oversee th8 above objects and make payrnenls In furtherance of them, financed by investment income and subject to the PCC'S shariw some of Ihe cosls. Public benefit The Trustees have COnsdered the Charity Commission's guidance on publi¢ benefit and, In particulaT, Ihe specift guidance on charities lor the advancement of reluion. The objectivès are ol public benefit as they lacililale Ihe work the church does In the advancement of religion in the parish. ACHIEVEMENT AND PERFORMANCE During the period under reVW the charity contributed £20.483 towards the costs Df provIng the Vicar's stipend. FINANCIAL REVIEW Financial position The income lor the year before expenses was £89,64112024.83,5891. Direct charitable expenditure amounted lo £81,73712024". £71,664). The surplus on the UnreStrted General Incorne Fund for the year amounted lo £19,32012024' r31,1851 At 31st January 2025 the net assels ol the charity lotalled £2,164.811 12024 £2.054.3281 This figure represented the Permanenl Endowment Fund of £1,924,43212024". £1.833,2691 and the Unreslricled Fund ol £240.37912024 £221.0591 Investment Policy The investments are selectèd for both long lem growlh and income lo finance current expenditure. They havo perfDrmgd salisfactoriw against this policy. Reserves Policy Based on past exper*nce. the Unrestricted Fund is considered to be rnainlained ai an appropriate level to meet any large repairs or other expenditure that Could not be funded out of current incoming resources. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Documont The Chariiy'5 9overning (Jocumeni comprises Inueniu$ of Lease ana Repase aaie(J re5peciiveiy 29¢h and 30th May 1719 and enlarged by Acts ol Parliament of 1815 and 1841. It is an unincorporated Chaiilable Trust_ Trustee Sèlection Mèthod Trustees are appoinled by existing Trustees. Page 1
CHAPELRY OF SMETHWICK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure Inveslmenl advice Is provided by EFG Harris Alay. The archilecl prepa$ an annual report on works carried out lo the church and vicarage during the previous year 2nd on recommended repairs This is considered by the Trustees each year al their meeting in July. The day lo day admini51ralion is delegated lo Veale Wasbfough Vriard5 LLP where the secretary. Mrs Jairne obday. a partner, oversees m2tlers. Risks There are no major Tisks Identifd by th8 Trustees though the Trustees are aware th81 the Charity's Investments are subject lo variations In the stock mafkel to which the Charity is exposed. These risks ar& rewewed annually by the Trustees with the Inveslmenl advisers who constantly monitor the Inveslmenls. REFERENCE AND ADP471NISTRATIVE DETAILS Règistered Charity numbèr 221621 Prlncipal address Veale Wa5brough VrLard5 LLP PO Box 35D1 Bristol BS2 2FL Trustees wrHunl L Mair J R Piggott NLHowl SJOaw5 D B Allen Indepèndent Examlrtèr Jeremy Kitson FCA Prime Chartered Accountants 161 Newhall Street Birmingham B31SW Page 2
CHAPELRY OF SMETHWICK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025 REFERENCE AND ADMINISTRATIVE DETAILS Charity Name The Charily's original name was the Charily ol Dorothy Parkes in Ihe Parish of Sme1hwk Secretary Mrs J Hobday Veale Wasbrough Vizards LLP PO Box 3501 Bristol BS2 2FL Vicar ol Smethwick Old Church Rev Sara Mo¢ye Bank Llgyds Bank Plc, 114-116 Golmore Row. Birmingham. B3 3BD Sollcltors Veate Wasbrough Vizards LLP. PO Box 3501. Bristol, BS2 2FL Architoct Oonald Insall A$sCls1es, 30 Harborne Road, Birmingham. B15 3AA Stockbrokors and Inveslment Advtsèrs EFG Harris Allclay. 33 Great Charles Strecl, Birmingham, B3 3JN Approved by order ol Ihe boaTd ol Iruslees on . and soned on ils behalf by". Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHAPELRY OF SMETHWICK Independent examIne5 report to the truslees of Chap91ry of Srnethwick I report lo the charity Iruslees on my examination of Ihe accounts of Chapelry of Smethwick Ilhe Trust) foi the ye8r ended 31 JanLJary 2025. Responsibilities and basis of report As the chanly Iruslees of the Trust you are sponsible lor the preparation of the accounls In accordance wth the requiiernenls ol the Charth'es Act 20111'lhe Ad'l. I report in respect ol my examination of the Trust's accourils carried out under Section 145 01 the A¢1 and In carrying out my exèminalion I have lolh)wed all applicable Directions gwen by the Chanly C¢Jnmission under Section 1451511bl ol the Act. Independent examinerfs statement I have completed my examination. I Conlimi that no material matters have come lo my attenlKM in conneclion with Ihe examinatKJn giving me cause lo believe Ihal in any material respect.. accounting records were not kepl In respect of the Trust as required by Section 130 01 the Act,. or the accounls do nol accord wilh those records.. or the accounts do not comply with the applicable reouiremenls concerning the form and eontenl of accounts sel out Fn the Charities {Accounls ano Reportsl Regulalions 2008 other than any requirement that the accounts givè a Irue and fair view whth Is not a mattèr considèred as part of an independent èxamination. I have no concerns and have come across no other rllatters in connecthjn with the exarnination to which attention should be drawn in this report in order lo enable a proper undeislanding ol Ihe accounts lo b reached. Jeremy Kitson FCA Prime Chartered Accounlanls 161 Newhall Slrèel Birmingham B3 1SVV 08le 20 September 2025 Page 4
CHAPELRY OF SMETHWICK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025 2025 Total funds 2024 Total funds unStrted Endowment fund fund Notes INCOME ANO ENDOWMENTS FROM Investment income Other income 87,276 2.185 180 87,4S6 2,185 80.195 3,394 Total 89,461 180 89,641 83.589 EXPENDITURE ON Charitable activities Charitable a¢tlvlti&g Church and vicaragè cosls 68,548 68.548 62,4 Other 8,707 4.482 13,189 8,700 Total 77,255 4,462 81,737 71,664 Net gainsll105sesl on investments 7,114 95.465 102,579 111,1561 NET INCOME 19,320 91,163 110.483 769 RECONCILIATION OF FUNDS Toial funds brought fOard 221,059 1,833,269 2,054,328 2.053.559 TOTAL FUNDS CARRIED FORWARD 240,379 1,924.432 2,164,811 2,054,328 The notes form part ol these financial statements Page 5
CHAPELRY OF SMETHWICK BALANCE SHEET 31 JANUARY 2025 202S Total funds 2024 Total funds UnreslrictèL% Endowrnenl fund fund Notes FIXED ASSETS Tangible assèts Investments 5,762 114.409 6,211 1,B99,604 11.973 2,014,013 13.660 1,930, 561 120.171 1.905,815 2,025,986 1,944,221 cuRREr ASSETS Cash al bank 122,351 18,617 140,968 112,170 CREDITORS Amounts falling due within one year 12,1431 {2,1431 12.0631 NET CURRENT ASSETS 120,208 18,617 138,825 110,1D7 TOTAL ASSETS LESS CURRENT LIABILITIES 240,379 1.924,432 2.164.811 2,054,328 NET ASSETS 240,379 1,924,432 2.164,811 2,054,328 FUNDS Unreslri¢led funcls End¢w4menl funds 240,379 1,924,432 221,059 1.833,269 TOTAL FUNDS 2,164,811 2.054,328 The financial 51alemenls were approved by the 8oard of Trustee5 and authorised for issue on and were signed on rts behalf by. The notes form part DI these linancial slalemenls
CHAPELRY OF SMETHWICK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 ACCOUNTING POLICIES Basis of preparation The financlal s181ements ol the charity. whKh Is a pubuc benefit enlily under FRS 102. h8ve been prepared in accordance wlth the Charllies SORP IFRS 1021 Accounting and Rewrting by Charities. Stalemènl of Recommended Practice applicable to eharrties preparing their accounls in accordance wilh the Financlal Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffe¢tfve 1 January 20191,. Flnancial Reporting Standard 102 'The Financia1 Reporting Standard applicable n the UK and Republic ol Ireland. and Ihe Chanls Act 2011. The financial statements have been prepared under the historical cost convention, wrth the exceplion ol investments which are inclLJded at market value, as modified by the revaluation ol certain assets Financial roporting standard 102 - reduced disclosuro exemptlons The Chaflty has taken advantage ol the following disclosure exemption In preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable In the UK and Republi¢ of Ifeland,: the requirements ol Section 7 Statemènl of Cash Flows. Income All income is recognised in the Statement of Fianual Activities once the charily has enlilWent lo Ihe funds. it is probable that the income will be received and the amount can bè rneasured lIablY. Expenditure Liabilities are recognised a5 expenditure as soon as there 15 a legal or constructive obligation commilllng the charity lo that expendrture, rt is probable that a transfer ol economic benefits will be requirèd in sellbmenl and the amount ol Ihe obligation can be measured reliably. Expenditure is accounted for on an accruals basis and ha5 been Glassilied under headings that aggregale all cost related lo Ihe category whe costs cannot be directly attributed lo particular headings they have been alkuted to aGlivilies on a basis consist&nl wilh the use of resources. Tangible fixed assets Depiecialion is provided al (he lolk)wing annual rates In order lo wrrte off eath asset over Its esiimale(I useful lif8. Improvements lo pfoperty Fixlures and filliS 15QA on cost 20LTr/o ori cost Flxed Assèt Investmènts The inv&slmenls are Clude<l al market value al the year end. Gains and losses are included in the Stalemenl ol Financial Aclivilies. Taxation The charity is exempt from tax on its ¢harilable activilEs_ Fund accounting The Unreslrided Fund represenls lund5 that the Irusiees are free to use In accordance with the objects The Permanenl Endowment Fund represents those assets which must be held permanently by the charily 1ncome arisin9 on the endowmenl fund can be used in accordancè with the objects ol the charity and is included as unrestricted income. Page 7 continued...
CHAPELRY OF SMETHWICK NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 JANUARY 2025 INVESTMENT INCOME 2025 2024 UK li51ed investments incorne Inleresl on Church of England Deposil Fund 87,276 180 80.195 87.456 80,195 OTHER INCOME 2025 2024 Grant from the Listed Places of Wiyship grant scheme 2.1 e5 3.394 TRUSTEES, REMUNERATION AND 8ENEFITS There were no Iruslees, remuneration or other benefits for the year ended 31 January 2025 rnr for the year ended 31 January 2024. Trustee5' expenses There were no trustees, expense5 paid for the year ended 31 January 2025 nor lor Ihe year ended 31 January 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund fund Total funds INCOME AND ENDOWMENTS FROM Inveslmenl income Other income 80,195 3,394 80,195 3,394 Total 83,589 83,589 EXPENDITURE ON Charitable activities Charitable activities Church and vicarage costs 49.374 13,590 62,964 Other 8,700 8,700 Total 58,074 13,590 71,664 Nel gainslllossesl on investments 5.670 116,8261 {11,1561 NET INCOMEIIEXPENDITUREI 31,185 130,4161 769 RECONCILIATION OF FUNDS Total funds brcwghl forward 189.874 1,863,685 2.053,559 Pagè 8 continued
CHAPELRYOF SMETHWICK NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 JANUARY 2025 COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- contlnued unstriCted Endowment lund fund Tolal funds TOTAL FUNDS CARRIEO FORWARD 221 059 1,833.269 2,054.328 TANGIBLE FIXED ASSETS Improvements Fixlures and Iittings Freehold property property Tolals COST Al 1 February 2024 and 31 January 2025 6,211 11,244 4.473 21.928 DEPRECIAnON At 1 February 2024 Charge lor year 3,795 1.687 4,473 8.268 1,687 Al 31 January 2025 5,482 4,473 9,955 NET BOOK VALUE Al 31 January 2025 6,211 5.762 11,973 Al 31 J8nLJary 2024 6,211 7,449 13.660 The cosl of Freehokl Property is made up of the following.. Freehold land al Smethwick (including Church and Church Hall. The Church Hall is known as the Doiolhy Parkes Centre and is let on a ground le8sel Freehold Vicar39è 509 S,702 6.211 Smèthwk Old Church Ibuitt 17231 has not been capitalised as reliable cost Inlorrnalion is nol available and conventional valualiori approaches lack sulficienl reliability. Page 9 continued...
CHAPELRY OF SMETHWICK NOTES TO THE FINANCIAL STATEMENTS- continuod FOR THEYEAR ENDED 31 JANUARY 2025 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 February 2024 Additions Disposals Revaluations 1.930,561 49,661 161,6661 95,457 At 31 January 2025 2,014,013 NET BOOK VALUE Al 31 January 2025 2,014,013 Al 31 January 2024 1,930,S61 There were no investment assets outside the UK. The following holdings each compr1se more than 5Q/o of the market value of the investment portfolio and are ¢onsidered by the Trustees to be individually malerk?l. Holding Market Value 31.01.25 Ttte Central Board of Finarice ol the Chuieh of Eng land 746.340 Invesiments arè allocated lo the following funds.. 31.01.25 3101.24 Unrestricted General Income Fund Permanent Endowment Fund 111,696 1,902,317 107.295 1,823,616 2,014,013 1.930.561 Page 10 continued...
CHAPELRY OF SMETPtWICK NOTES TO ThE FINANCIAL STATEMENTS - ¢ontlnu8d FOR THE YEAR ENDED 31 JANUARY 2025 CASH AT BANK 2025 2024 Unreslricled Permanenl General Endowment lrtome Fund Fund Total funds Total funds Lloyd5 Bank plc The Central Board of Finance ol the Church of England Deposil Fund EFG Harris Allday Clients. Accounts 118,085 2.239 120.324 109.287 200 4,068 200 20.444 200 2,683 16.378 TDlal 122,351 18,617 140.968 112.17D CREDITORS.. AMOUNTS FALLING DUE IMTHIN ONE YEAR 2025 2024 Other creditors 2,143 2.063 10. MOVEMENT IN FUNOS Nel movement in funés Ai 31.1 25 Al 12.24 Unrestrlcted funds Unreslricled General Income Fund 221.059 19.320 240,379 Endowment funds Permanent Endowment Fund 1,833,269 91,163 1,924,432 TOTAL FUNDS 2,054,328 110,483 2,164,811 Nel movemenl in lunds. included in the above are as follows.. Incoming resour¢es Resources expended Gains and losses Movomont in funds UnreslTlCted funds Unrestricted Géneral lrt¢ome Fund 89,461 177,2SSI 7,114 19,320 Endowmènt funds Permanent Endowment Fund 180 (4,4821 95,465 91.163 TOTAL FUNDS 89,641 181.7371 102,579 110.483 Page 11 continued..
CHAPELRY OF SMETHWICK NOTES TO THE FINANCIAL STATEMENTS- continLrod FOR THE YEAR ENDEO 31 JANUARY 2025 10. MOVEMENT IN FUNDS- contlnued Comparatives for movemgnt in funds Nel movèment in funds At 31.1.24 Al 1.2.23 Unrestricted funds Unrestricted General Income Fund 189,874 31.185 221,059 Endowment funds Permanent Endowment Fund 1,863,685 130,4161 1,833,269 TOTAL FUNDS 2,053.559 769 2,054,328 Comparative net movement in fund5. InClded in the above are a5 follows.. Incoming resources Resources expended Gains an losse5 Movement in funds Unr&strieted funds Unreslrtcled General Inc(yne Fund 83,589 158,0741 5,610 31.185 Endowment funds Perrnanent Endowmènt Fund 113,590) 116,8261 130,4161 TOTAL FUNOS 83.589 171,6641 111,1561 769 11. RELATED PARTY fAscLOSURES During the year Ihe charity paid £8.707 {2024.. £8.7001 for administralive work supplied by Veale Wasbrough Vizard5 LLP. a firm in which the secretsry of the chaiily is a partner. Al the yeai end the balance owing lo Veale Wasbrough Vizards LLP was £Nil12024." £Nill Page 12
CHAPELRY OF SMETHWICK DETAILED STATEPIENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 INCOME AND ENDOVIMENTS Investment income UK listed inve51menls income Interest oll Church of England Dep05il Fund 87,276 180 80,195 87,456 80,195 Othér Income Grant from the Listed Places ol Worship grant scheme 2,185 3.394 Total in¢oming resouOS 89,641 83.589 EXPENDITURE Charilable activities Varage exp8nditure Church and Churchyard expendilu Insur8n¢e Vicarfs stipend and employers, NIC lconlributionl Improvemenls to property 5,506 34.576 4,836 10,831 16,786 5.535 20,483 1,687 13,114 1,687 67,088 47,953 Support Costs Other Legal ond professional fees A¢countancy Investrnenl management lees 8,707 920 4,482 8,7DO 896 13,590 14.109 23.186 Governance costs IndependerTrl examinalw)n 540 525 Tolal resources expended 81,737 71,664 Nèt income beforè galn5 and losses 7.904 11,925 Rèalised recognised gains and losses GainslL05ses on fixed asset Investments 102.579 111,1561 Net Sncome 110,483 769 This page does not form part of the slalutory financial slalemenls Page 13