REGISTERED CHARITY NUMBER: 224030 

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 DECEMBER 2023 

FOR DR SMART'S TRUST 

| 



DR SMART'S TRUST 

## CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2023 

|||Page||
|---|---|---|---|
|Report oftheTrustees|1|fo|2|
|Independent Examiner's Report||3||
|Statement of Financial Activities||4||
|Balance Sheet|5|to|6|
|Notestothe Financial Statements|7|to|15|
|DetailedStatementofFinanckilActivities|16|to|17|





DR SMART'S TRUST REPORT OF THE TRUSTEES For The Year Ended 31 December 2023 

## eee 

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective January 2019}. 

## OBJECTIVES AND ACTIVITIES Objectives and alms 

The charity's object ond principal activity continues to be that of providing residential accommodation for any persons in need who are at teast 55 years of age, with preference given to Protestants in the first instance. The charity has the genera! aim of contributing to the quality of life of the people of Scarborough by providing good quality affordable accommodation in a safe and convivial atmosphere. The Trust invites applications from individuals who meet the Trust's criteria for residency and details of how to apply can be obtained by contacting the Trust's principal address. 

## ACHIEVEMENT AND PERFORMANCE 

## Charitabie activities 

The charity has managed to achieve its objectives in the year under review by achieving a good level of occupancy throughout the year whilst also spending on necessary renewals and providing a safe and comfortable environment for the residents. 

## FINANCIAL REVIEW Financial position 

, 

The trustees are of the opinion that the charity's financial! position at the balance sheet date is satisfactory. Unrestncted funds increased slightly during 2023 as a result of strong occupancy levels and a marked increased in investments income following the decision to change investments managers in the early part of the year. This enabled increased expenditure on repairs and renewals to maintain the properties to a good standard. The endowment fund increased as a result of recoveries in the investment markets during the year and the trustees consider that there are sufficient reserves for the charity to continue its charitable activities for the foreseeable future. 

## Investment policy and objectives 

Under the goveming document the charity has the power to invest in any way the trustees choose. The trustees. having regard to the liquidity requirements of operating the home and to the reserves policy, keep a level of available funds in easy access accounts. Longer term investments were managed by the investment advisors, Tyndall Investment Management, who are authorised to manage the portfolio on a discretionary basis to produce the best financial return within an acceptable level of risk. The objective is to at least maintain the real capital vaiue of the Endowment whilst generating a sustainable level of investment income to support the current charitable activities. Reserves policy The trustees aim is to maintain free reserves in unrestricted funds at a level which equates to approximately one year's ordinary unrestricted charitable expenditure. The trustees consider that this level will ensure that there are sufficient funds available to cover necessary charitable, support and governance costs. The Trust is reliant on the contribution from its residents, its investments and from the rental income from the lodge however the trust has been given permission by the Charity Commission to spend endowment capital as if it were income should the need arise. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Governing document 

The Trust is an unincorporated trust, the administration and management of which is in accordance with the provisions of the scheme approved by the Charity Commissioners on 12 Aprit 1965. as amended on 27 October 1999, 2) January 2009 and 14th September 2021. 

Page | 



DR SMART'S TRUST 

## REPORT OF THE TRUSTEES For The Year Ended 31 December 2023 

## STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment, induction and training of new trustees When considering co-opting trustees the Board has regard to the requirement for any specialist _ skills needed and fully discuss the suitability of all applicants. 

New trustees are briefed on their legal obligations under charity law, the contents of the constitution, the committee and decision making process, the business plan and the recent financial performance of the charity. 

Key management remuneration The trustees do not receive remuneration and there are no remunerated key management personnel. 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Registered Charity number 224030 

## Principal address 

Dr Smart's Homes Woodland Grove Scarborough North Yorkshire YO12 6NE 

Trustees The Viscountess Downe Mrs P L Macfie A J BSmith Mrs E Mitchell Mrs B Guerin 

## Independent Examiner 

Paul Dixon ACA Fortus Limited Business Advisors & Accountants 5&6 Manor Count Manor Garth Scarborough North Yorkshire YOI1 3TU 

Investment Advisers Tyndall Investment Management 5a Museum Terrace York YO1 7DT 

## PUBLIC BENEAIT 

The trustees consider that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties, as can be seen in the activities and achievements above. Approved by order of the board of trustees on Aly 20M. and signed on its behalf by: 

The Viscountess Downe - Trustee 

Page 2 



INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DR SMART'S TRUST 

| DR SMART'S TRUST | wee | independent examiner's report to the trustees of Dr Smart's Trust | report to the charity trustees on my examination of the accounts of Dr Smart's Trust (the Trust} for the year ended 31 December 2023. 

## Responsibilities and basis of report 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

t report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5}(b) of the Act. 

## Independent examiner's statement 

| have compieted my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act: or 3.2.2. thethe accountsaccounts dodo notnot accordcomply with thosewiththe accountsaccounts dodo notnot accordcomply with thosewith accountsaccounts dodo notnot accordcomply with thosewithaccounts dodo notnot accordcomply with thosewith dodo notnot accordcomply with thosewithdo notnot accordcomply with thosewith notnot accordcomply with thosewithnot accordcomply with thosewith accordcomply with thosewithcomply with thosewith with thosewithwith the applicable records: records: orrequirementsrequirements concerning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a true and fair view view which is not a matter considered as part of an independent examination. 

> | 3.2.2. thethe accountsaccounts dodo notnot accordcomply with thosewiththe accountsaccounts dodo notnot accordcomply with thosewith accountsaccounts dodo notnot accordcomply with thosewithaccounts dodo notnot accordcomply with thosewith dodo notnot accordcomply with thosewithdo notnot accordcomply with thosewith notnot accordcomply with thosewithnot accordcomply with thosewith accordcomply with thosewithcomply with thosewith with thosewithwith the applicable records: records: orrequirementsrequirements concerning the form and content of } accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a true and fair view view which is not a matter considered as part of an independent examination. | | have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

## Use of our report 

This report is made solely to the Charity’s Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that | might state to the Charity’s Trustees those matters | am required to state to them in an independent examiners’ report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my work, for this report, or for the opinions | have formed. 

Paul Dixon ACA 

Fortus Limited Business Advisors & Accountants 5&6 Manor Court Manor Garth Scarborough North Yorkshire YO! 3TU 

## Date: cee NCAR WR ee 

Page 3 



DR SMART'S TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2023 

||||||2023|2022|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|Total|
|||funds|funds|funds|funds|funds|
||Notes|£|£|£|£|£|
|INCOME AND ENDOWMENTS|||||||
|FROM|||||||
|Donations and legacies||5,000|-|-|5,000|-|
|Charitable activities|3||||||
|Residential accommodation||123,795|-|-|123,795|119,815|
|Investment income|2|56,647|-|-|56,647|29,095|
|Otherincome|4|7,020|-|-|7,020|6,688|
|Total||192,462|-|-|192,462|155,598|
|EXPENDITURE ON|||||||
|Raising funds|5|842|-|8,836|9.678|8,772|
|Charitable activities|6||||||
|Residential accommodation||180,549|-|:|180,549|148,378|
|Total||181,39]|-|8,836|190,227|157,150|
|Net gains/{losses) on|||||||
|investments||-|40,831|74,365|115,196|(326,692)|
|NET INCOME/(EXPENDITURE)||11,07]|40,831|65,529|137,431|(328,244)|
|Transfers between funds|17|(484)|-|484|-|-|
|Netmovement In funds||10,587|40,831|66,013|117,431|{328,244}|
|RECONCILIATION OF FUNDS|||||||
|Total funds brought forward||96.064|330,070|2,676,223|3,102,357|3,430,601|
|TOTAL FUNDS CARRIED|||||||
|FORWARD||106,651|370,90)|2,742,236|3,219,788|3,102,357|



| 

The notes form part of these financial statements 

Page 4 



DR SMART'S TRUST 

## BALANCE SHEET 

31 December 2023 


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|2023|2022|
|funds|Restrictedfunds|Endowmentfunds|fundsTotal|fundsTotal|
|Notes|£|£|Fa|ra|£|
|FIXED|ASSETS|
|Tangible|assets|13|-|-|1,300,000|1,300,000|1,400,000|
|Investments|14|-|370,901|1,427,410|1,798,311|1,575,786|
|-|370,901|2,727,410|3,098,311|2,975,786|
|CURRENT|ASSETS|
|Debtors|15|10,424|-|-|10,424|2,773|
|Cash|at|bank|and|in|hand|113,877|-|14,826|128,703|131,716|
|124,301|-|14,826|139,127|134,489|
|CREDITORS|
|Amounts|falling|due|within|
|one year|16|{17,650)|-|-|{17,650}|{7,918}|
|NET CURRENT ASSETS|106,651|-|14,826|121,477|126,571|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|106,65]|370,901|2,742,236|3,219,788|3,102,357|
|NET ASSETS|106,651|370,901|2,742,236|3,219,788|3,102,357|

**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 5 

continued... 



DR SMART'S TRUST 

## BALANCE SHEET - continued 31 December 2023 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|FUNDS|17|
|Unrestricted|funds:|
|Income|and|expenditure|account|69,662|60,628|
|Cyclical|maintenance|fund|36,989|35,436|
|106,651|96,064|
|Restricted|funds:|
|Extraordinary repair fund|370,901|330,070|
|Endowment|funds:|
|Capital|funds|1,442,236|1,276,223|
|Building fund|1,300,000|1,400,000|
|2,742,236|2,676,223|
|TOTAL FUNDS FUNDS|3,219,788|3,102,357|

**----- End of picture text -----**<br>


## TOTAL FUNDS FUNDS 

The financial statements were approved by the Board of Trustees and authorised for issue on aN Koy ease and were signed on its behalf by: 


**----- Start of picture text -----**<br>
Viscountess Downe - Trustee<br>**----- End of picture text -----**<br>


The notes form part of these financial statements 

| 

Page 6 



DR SMART'S TRUST 

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2023 

## eee 1. ACCOUNTING POLICIES 

## Basis of preparing the financial statements 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102) (effective | January 2019) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market vaive. 

The financial statements are presented in sterling which is the functional currency of the charity. 

Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in prepcring these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of treland’: 

* the requirements of Section 7 Statement of Cash Flows. 

## Income 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured retiably. 

## Expenditure 

Liabilities are recognised as expenditure as soon as there is a legai or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attriouted to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## Fixed assets 

Tangible fixed assets are stated at deemed cost. Depreciation is not provided on freehold property as the trustees believe the current market value exceeds book value. 

## Taxation 

The charity is exempt from tax on its charitable activities. 

## Fund accounting 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financiat statements. 

Pension costs and other post-retrement benefits 

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme ore charged to the Statement of Financial Activities in the period to which they relate. 

Page 7 

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DR SMART'S TRUST 

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## eee 

## 1. ACCOUNTING POLICIES - continued 

## Investments 

Investments are included in the balance sheet at their market value at the balance sheet date. Any gain or loss arising in the year, either on disposal or revaiuation is reflected in the Statement of Financial Activities. 

## Going concern 

After reviewing the forecasts and reserves the trustees have a reasonable expectation that the Trust has adequate resources to continue its charitable activities for the foreseeable future. The Coronavirus pandemic has not hada significant impact on the charity, income has remained strong and the investment markets have recovered during the year. 

## Debtors and creditors receivable / payable within one year 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

2. 

## INVESTMENT INCOME 

|2.|INVESTMENT INCOME||||
|---|---|---|---|---|
||||2023|2022|
||||£|£|
||Investment income<br>Interest received||53,803<br>2,844|28,563<br>§32|
||||56,647|29,095|
|3.|INCOME FROM CHARITABLE|ACTIVITIES|||
||||2023|2022|
|||Activity|£|£|
||Residents fees|Residential accommodation|123,795|119,815|
|4.|OTHER INCOME||||
||||2023|2022|
||||£|£|
||Lodgerents||7,020|6,688|



eee Page 8 continued... 



DR SMART'S TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## eee 

## 5. RAISING FUNDS 

||Investment management costs||||
|---|---|---|---|---|
||||2023|2022|
||||£|£|
||Investment advisors fees<br>Rent collection||8,836<br>842|7,969<br>803|
||||9,678|8,772|
|6.|CHARITABLE ACTIVITIES COSTS||||
|||Direct|Support||
|||Costs (see|costs (see||
|||note 7)|note 8)|Totals|
|||£|£|£|
||Residential accommodation|163,602|16,947|180,549|
|7.|DIRECT COSTS OF CHARITABLE ACTIVITIES||||
||||2023|2022|
||||£|£|
||Staffcosts<br>Waterrates<br>Insurance<br>Light and heat<br>Telephone||60,764<br>3,187<br>3,219<br>21,474<br>715|§4,313<br>2,414<br>2,959<br>16,328<br>554|
||Postage and stationery<br>Advertising<br>Sundries<br>Provisions||192<br>322<br>662<br>14,989|él]<br>260<br>396<br>17,829|
||Laundry & cleaning<br>Repairs and renewals||2,486<br>32,398|1,701<br>14,784|
||Gardening<br>Subscriptions<br>Bank charges||18,322<br>568<br>243|17,14)<br>537<br>238|
||Professional fees||3,879|-|
||Council tax<br>Travelling expenses||8<br>174|(343)<br>180|
||||163,602|129,902|



| 

eee Page 9 continued... 



IIIB!— OO 

DR SMART'S TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## eee 8. SUPPORT COSTS 

|SUPPORT COSTS||||
|---|---|---|---|
|||Governance||
||Management|costs|Totals|
|;<br>Residential accommodation|£<br>15,067|£<br>1,880|£<br>16.947|
|Support costs, included in the above, are as follows:||||
|Management||||
|||2023<br>Residential|2022<br>Total|
||accommodation||activities|
|||£|£|
|Payroll administration||787|593|
|Clerk's remuneration||14,280|15,832|
|||15,067|16,425|
|Governance costs||||
|||2023<br>Residential|2022<br>Total|
||accommodation||activities|
|||£|£|
|Independent examiners fees<br>Legal fees||1,880<br>-|1,951<br>100|
|||1,880|2,051|



## 9. INDEPENDENT EXAMINERS FEES 

The fees payable to the independent examiner only relate to the review of the year end accounts. 

## 10. TRUSTEES’ REMUNERATION AND BENEFITS 

There were no trustees’ remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 3) December 2022. 

## Trustees’ expenses 

Tnere were no trustees’ expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. 

## V1. STAFF COSTS 

|STAFF COSTS|||
|---|---|---|
||2023|2022|
||£|£|
|Wages and salaries|60,324|53.961|
|Other pension costs|440|352|
||60,764|54,313|
|The average monthly number of empioyees during the year was as follows:|||
||2023|2022|
|Charitableactivities|5|4|



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DR SMART'S TRUST 

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## eee 

## 11. STAFF COSTS - continued 

No employees received emoluments in excess of £60,000. 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|12.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|Restricted|Endowment|Total|
|funds|funds|funds|funds|
|INCOME AND|ENDOWMENTS|FROM|£|£|£|£|
|Charitable|activities|
|Residential accommodation|119,815|-|-|119,815|
|Investment income|29,095|-|-|29,095|
|Other income|6,688|-|-|6,688|
|Total|155,598|-|-|155,598|
|EXPENDITURE|ON|
|Raising funds|803|-|7,969|8,772|
|Charitable|activities|
|Residential accommodation|148,378|-|-|148,378|
|Total|149,18]|-|7,969|157,150|
|Net gains/(losses}|on|investments|-|(32,639)|(294,053)|(326,692}|
|NET INCOME/(EXPENDITURE)|6,417|{32,639}|(302,022)|{328,244}|
|Transfers|between funds|{1,076}|-|1,076|-|
|Net movement In funds|5,341|{32,639}|(300,946}|(328,244}|
|RECONCILIATION|OF|FUNDS|
|Total funds|brought|forward|90,723|362,70?|2,977,169|3,430,601|
|TOTAL|FUNDS CARRIED FORWARD|96,064|330,070|2,676,223|3,102,357|

**----- End of picture text -----**<br>


13. TANGIBLE FIXED ASSETS 

The property held by the trust is used entirely for direct charitable purposes and is included in the accounts at deemed cost of £1,300,000. 

| 

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DR SMART'S TRUST 

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## a 

## 14, ~~FIXED ASSET INVESTMENTS 

|||Listed|Unlisted||
|---|---|---|---|---|
|||investments|investments|Totals|
|||£|£|£|
|MARKET VALUE|||||
|At|| January 2023|1,245,716|330,070|1,575,786|
|Additions||1,708,884|-|1,708,884|
|Disposals||(1,601,555)|-|{4,601,555}|
|Revaluations||74,365|40,831|115,196|
|At|31 December 2023|1,427,410|370,901|1,798,311|
|NET BOOK VALUE|||||
|At|31 December 2023|1,427,410|370,901|1,798,311|
|At|31 December 2022|1,245,716|330,070|1,575,786|
|Investment assets held in the UK and overseas are analysed as follows:|||||
|UK|Fixed Interest|||14,77%|
|UK|Equities|||75.22%|
|UK|Property|||6.38%|
|UK|MixedAssets|||3.63%|



The unlisted investments represent an investment in an actively managed Charities Investment Fund. The investments are stated at market vatue as shown above and changes in the valuation of the investments are shown in the above note. The majority of the listed investments additions and disposals shown above reflect the change of investment manager in the year. 

## The original cost of the listed investments is £1,371 ,579. 

## 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

||2023|2022|
|---|---|---|
||£|£|
|Other debtors|7,128|-|
|Prepayments|3,296|2,773|
||10,424|2,773|



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DR SMART'S TRUST 

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

17. MOVEMENT IN FUNDS 

## eee 

|MOVEMENT IN FUNDS|||||
|---|---|---|---|---|
|||Net|Transfers||
|||movement|between|At|
||At 1.1.23|in funds|funds|31.12.23|
||£|£|£|£|
|Unrestricted funds|||||
|Income and expenditureaccount<br>Cyclical maintenance fund|60,628<br>35,436|9,518<br>1,553|{484}<br>-|69,662<br>36,989|
|Restricted funds|96,064|11,071|{484}|106,651|
|Extraordinary repairfund|330,070|40,831|-|370,901|
|Endowmentfunds|||||
|Capital funds<br>Building fund|1,276,223<br>1,400,000|65,529<br>-|100,484<br>(100,000)|1,442,236<br>1,300,000|
||2,676,223|65,529|484|2,742,236|
|TOTAL FUNDS|3,102,357|117,431|-|3,219,788|
|Net movement in funds, included in theabove are as follows:|||||
||Incoming|Resources|Gainsand|Movement|
||resources|expended|losses|in funds|
||£|£|£|£|
|Unreshicted funds|||||
|Income and expenditure account<br>Cyclical maintenance fund|190,909<br>1,553|(181,391)<br>-|-<br>-|9,518<br>1,553|
||192,462|{181,391}|-|11,07)|
|Resticted funds|||||
|Extraordinary repairfund|-|-|40,83]|40,83)|
|Endowmentfunds|||||
|Capital funds|-|(8,836}|74,365|65,529|
|TOTALFUNDS|192,462|(190,227}|115,196|117,43)|



Page 13 

continued... 



DR SMART'S TRUST 

## NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## eee 

## 17. MOVEMENT IN FUNDS - continued 

## Comporatives for movement in funds 


**----- Start of picture text -----**<br>
Net Transfers<br>movement between At<br>At 1.1.22 in funds funds 31.12.22<br>£ z = é<br>Unrestricted funds<br>Income and expenditure account 55,627 6,077 (1.076) 60,628<br>Cyclical maintenance fund 35,096 340 - 35,436<br>90,723 6,417 (1,076) 96,064<br>Reshicted funds<br>Extraordinary repair fund 362,709 (32,639) - 330,070<br>Endowment funds<br>Capital funds 1,577,169 (302,022} 1,076 1,276,223<br>Building fund 1,400,000 - - 1,400,000<br>2.977 169 {302,022} 1,076 2,676,223<br>TOTAL FUNDS 3,430,601 {328,244} - 3,102,357<br>Comparative net movement in funds, included in the above are as follows:<br>Incoming Resources Gainsand Movement<br>resources expended losses in funds<br>£ £ £ £<br>Unrestricted funds<br>Income and expenditure account 155,258 {149,181} - 6,077<br>Cyclical maintenance fund 340 - - 340<br>155,598 {149,181} - 6,417<br>Restricted funds<br>Extraordinary repair fund - - (32,639) (32,639)<br>Endowment funds<br>Capital funds - {7,969} {294,053} {302,022}<br>TOTAL FUNDS 155,598 (157,150) (326,692) (328,244)<br>**----- End of picture text -----**<br>


Endowment funds The Building Fund was established in 1927 with the purchase of the trust's first property” in Scarborough. The fund is represented wholly by freehoid property held as fixed assets. The Capital Fund was initially set up with two Pecuniary Legacies and various securities which were received upon the death of Mr E J Gross and Miss M Smart. The fund has grown since that time with the addition of any net profits earned on the disposal of investment assets. 

## Restricted funds 

The Extraordinary Repair Fund was established to fund extraordinary items of repair expenditure, improvements or rebuilding of the homes. Appropriations are made to or from this fund as considered necessary by the trustees. Transfers are made from the fund to cover exceptional expenditure. The fund is represented by cash at bank and current asset investments. The fund also reflects the annual revaluation of the unlisted investments. 

Page 14 

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| 

DR SMART'S TRUST 

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2023 

## ee 

## 17. MOVEMENT IN FUNDS - continued 

## Unrestncted funds 

The Cyclical Maintenance Fund is a designated fund to cover items of repair that occur over a regutar cycle. The funds are available for use at the discretion of the trustees and annual appropriations are made to this fund as considered necessary. 

18. RELATED PARTY DISCLOSURES 

There were no related party transactions for the year ended 3t December 2023. 

## 19. FINANCIAL INSTRUMENTS 

||2023|2022|
|---|---|---|
||£|£|
|The carying amounts of the charity's financia! instruments are as|||
|follows:|||
|Financial assets measured at fair vatue|||
|Fixed asset tisted investments|1,427,410|1,245,716|
|Fixedassetunlistedinvestments|370,901|330,070|



20. OPERATING LEASE INCOME 

There are minimum lease payments due to Dr Smarts Trust within the next 12 months amounting to £7,020 in respect of non-cancellable operating leases arising from The Lodge. 

Page |5 



DR SMART'S TRUST 

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2023 

|eee|eee|eee|
|---|---|---|
||2023|2022|
||=|£|
|INCOME AND ENDOWMENTS|||
|Donationsand legacies|||
|Donations|5,000|-|
|Investment income|||
|Investmentincome|53,803|28,563|
|Interestreceived|2,844|532|
||56,647|29,095|
|Charitable activities|||
|Residents fees|123,795|119,815|
|Other income|||
|Lodge rents|7,020|6,688|
|Total incoming resources|192,462|155,598|
|EXPENDITURE|||
|Investmentmanagement costs|||
|Investment advisors fees|8,836|7,969|
|Rent collection|842|803|
||9,678|8,772|
|Charitable activities|||
|Wages<br>Pension contributions|60,324<br>440|53,961<br>352|
|Water rates|3,187|2,414|
|Insurance|3219|2,959|
|Lightand heat|21,474|16,328|
|Telephone|715|554|
|Postage and stationery|192|61]|
|Advertising<br>Sundries|322<br>662|260<br>396|
|Provisions|14,989|17,829|
|Laundry & cleaning<br>Repairs and renewals|2,486<br>32,398|1,701<br>14,784|
|Gardening|18,322|17,141|
|Subscriptions<br>Bank charges|568<br>243|537<br>238|
|Professional fees|3,879|.|
|Council tax|8|(343)|
|Travelling expenses|174|180|
||163,602|129,902|
|Supportcosts|||



This page does not form part of the statutory financial statements 

Page 16 



DR SMART'S TRUST 

## DETAILED STATEMENT OF ANANCIAL ACTIVITIES For The Year Ended 31 December 2023 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|2023|2022|
|£|£|
|Support|costs|
|Management|
|Payroll|administration|787|593|
|Clerk's remuneration|14,280|15,832|
|15,067|16,425|
|Governance|costs|
|Independent|examiners|fees|1,880|1,951|
|Legal|fees|-|100|
|1,880|2,051|
|Total|resources|expended|190,227|157,150|
|Net income/(expenditure)|2,235|{1,552}|

**----- End of picture text -----**<br>


This page does not form part of the statutory financial statements 

Page 17