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 COns￿dered 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 reV￿W the charity contributed £20.483 towards the costs Df prov￿Ing 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 UnreStr￿ted 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 Al￿ay. 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 Identif￿d 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 Sme1hw￿k 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$sC￿ls1es, 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 examIne￿5 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 un￿Str￿ted 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 fO￿ard 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 cuRRE￿r 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 Chanl*s 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 F*ianual 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 filli￿S 15QA on cost 20LTr/o ori cost Flxed Assèt Investmènts The inv&slmenls are ￿Clude