2021-12-31-accounts - The Samuel Smith's And Spencer's Charities

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THE SAMUEL SMITH'S AND SPENCER'S CHARITIES For Ihe year ended 31 December 2021 ACCOUNTS Registered Charity No. 240936

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

OFFICERS AND ADVISERS

For the year ended 31 December 2021

TRUSTEES

J S F Grindlay R G W Caldicott R M B Kenyon Acting Trustee A C E Gillitt Dr R J Ballantine G T W Foottit R H P Spencer I W Simpson

STOCKBROKERS

ACCOUNTANTS

Quilter Cheviot Two Snowhill Birmingham B4 6GA

Harrison Beale & Owen Limited Seven Stars House, 1 Wheler Road Coventry CV3 4LB

SOLICITORS

BANKERS

Mander Hadley 1 The Quadrant Coventry CV1 2DW

HSBC PLC 5-6 High Street Coventry CV1 5RE

CLERK

ALMONER

Mrs E A Martin

Miss M D Gibbs

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

ACCOUNTS

For the year ended 31 December 2021

	Page
Annual Report of the Trustees	1-2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes on Accounts	6-10

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

ANNUAL REPORT OF THE TRUSTEES

For the year ended 31 December 2021

The financial statements have been prepared in accordance with the accounting policies set out on page 6 and comply with the charity’s Trust Deed, the Charities Act 2011 and the Statements of Recommended Practice; Accounting & Reporting by Charities 2005.

Structure, Governance and Management

Samuel Smith's Charity and Spencer's Charity merged on 7 August 2014.

The charity is unincorporated and constituted by the Will of the late Samuel Smith which was proved on 20 October 1730. It is a registered charity, number 240936 and the principal scheme was sealed on 12 March 1979, with variations sealed on 25 September 1997 and 7 August 2014.

When there is a requirement for new trustees, these are identified and appointed by the existing trustees. The trustees meet three times a year to consider grant making, investments and reserves. The day to day administration of grants and the process of handling applications is dealt with by the Acting Trustee and the management team consisting of the Almoner and Clerk.

Trustees

The trustees of the charity during the year were:

J S F Grindlay R M B Kenyon Dr R J Ballantine R H P Spencer R G W Caldicott G T W Foottit I W Simpson A C E Gillitt

Objects and Activities

The principal objects of the charity are:

To pay pensions to needy persons who are resident in the City of Coventry and the Parish of Bedworth.

− To make payments to persons resident in the said city for relief in need.

Grant making policy

The charity invites applications from any person in need of financial support and who is resident in the City of Coventry. Suitable applicants are added to the pensions list and receive a pension when a vacancy arises or funds become available.

Achievements and performance

During the year the charity paid £22,245 to 48 pensioners (2020 - £26,290 to 58 pensioners) and made other charitable gifts and payments totalling £6,780 (2020 - £9,300) as shown in the Statement of Financial Activities.

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

ANNUAL REPORT OF THE TRUSTEES

For the year ended 31 December 2021

Public Benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s General Guidance on public benefit when reviewing the Charity’s aims and objectives and setting the grant making policy for the year.

Financial Review

The charity is reliant on the income from its investments, which was £53,533 (2020 - £43,636).

Investment Policy

The trustees’ investment policy is to obtain a reasonable long term overall return at a moderate level of risk with no restrictions on investments. Investments are made by the charity's investment manager under a discretionary mandate using the guidelines of the investment sub committee.

Reserves Policy

It is the trustees’ policy to maintain a level of reserves so as to continue to receive sufficient income from investments to support planned future activities.

On behalf of the board of trustees

Mr R M B Kenyon Acting Trustee for 2021

………………………

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

INDEPENDENT EXAMINERS’S REPORT

For the year ended 31 December 2021

We report on the accounts of The Samuel Smith's and Spencer's Charities for the year ended 31 December 2021 which are set out on pages 4 to 10.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is our responsibility to:

examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to my attention

Basis of independent examiner’s report

Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statements below limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with our examination no matter has come to our attention which:

1) Gives us reasonable cause to believe that in any material respect of the requirements:
to keep accounting records in accordance with Section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act.

Have not been met; or

2) to which in our opinion attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Harrison Beale & Owen Limited

Chartered Accountants & Business Advisers Seven Stars House 1 Wheler Road Coventry CV3 4LB

18 May 2022

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2021

Notes Income and endowments Income from Investments Rental income Interest receivable Other income 1 Total incoming resources Other expenditure Fundraising costs Cost of generating funds Stockbrokers fees Charitable expenditure Pensions Other charitable gifts 2 Support costs 3 Charitable activities 4 Total resources expended Net income/(expenditure) before other recognised gains and losses Profit/(loss) on investment assets Realised Unrealised Net movement in funds Balance at 1 January 2021 Balance at 31 December 2021	Accumulated income fund £ 53,533 1,297 477 - 55,307 - - 22,245 6,780 15,287 2,148 46,460 8,847 - - 8,847 152,188 161,035	Designated fund £ - - - - - - 2,364 - - - - 2,364 (2,364) 2,819 38,090 38,545 290,165 328,710	Endow- ment fund £ - - - - - - 12,299 - - - - 12,299 (12,299) 39,809 138,924 166,434 1,614,399 1,780,833	Total 2021 £ 53,533 1,297 477 - 55,307 - 14,663 22,245 6,780 15,287 2,148 61,123 (5,816) 42,628 177,014 213,826 2,056,752 2,270,578	Total 2020 £ 43,636 1,456 468 5,000
					50,560
					- 12,818 26,290 9,300 14,366 2,613
					65,387
					(14,827) (52) 19,784
					4,905
					2,051,847
					2,056,752

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

BALANCE SHEET

For the year ended 31 December 2021

Notes Fixed assets Tangible fixed assets 5 Investments 6 Current assets Debtors Cash at bank and in hand Creditors:amounts falling due within one year Net current assets Total assets less current liabilities being total net assets Endowment fund 7 Unrestricted funds Accumulated income fund 7 Designated fund 7	2021 £ - 35,938 35,938 (5,140)	£ 80,158 2,159,622 2,239,780 30,798 2,270,578 1,780,833 161,035 328,710 2,270,578	2020 £ - 27,363 27,363 (4,662)	£ 80,158 1,953,893
				2,034,051 22,701
				2,056,752
				1,614,399 152,188 290,165
				2,056,752

Approved by the Trustees and authorised for issue on 4th March 2022 and signed on their behalf by

Mr R M B Kenyon Acting Trustee for 2021

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

NOTES ON ACCOUNTS

For the year ended 31 December 2021

Principal Accounting policies

Accounting convention

The accounts are prepared under the historical cost convention (as modified by the inclusion of investments at market value). In preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP FRS 102) and the Charities Act 2011.

Incoming resources

Donations, legacies and grants receivable are accounted for as soon as their amount and receipt are reasonably certain. For unsolicited donations this is when received.

Resources expended

Liabilities are recognised as resources as soon as there is a legal or constructive obligation committing the charity to expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Governance comprises the costs of running the charity itself as an organisation.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost.

Investment assets

Investments are stated at mid market value at the balance sheet date. Any gain or loss on revaluation is taken to Statement of Financial Activities.

Income arising on investments is accounted for when due.

Endowment fund

The endowment fund incorporates the historical permanent endowment fund and the freehold property fund with effect from 1 January 1997.

The Freehold Property fund was created from the proceeds of the sale of 17-18 High Street, Coventry and 1,2 & 3 Hay Lane, Coventry which was sold on 6 May 1994 for £495,522.

Income is available for general purposes.

Designated fund

The Designated fund was established for the purposes of purchasing additional land and improving, rebuilding or converting any buildings on such land with the approval of the Charity Commissioners.

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

NOTES ON ACCOUNTS

For the year ended 31 December 2021 (continued)

1 Other income Legacy from the Estate of Trustee Ian Smith 2 Other charitable gifts Christmas gifts to pensioners Cash payments in lieu of coal May gifts Bibles Centenary birthday gift Relief in Need Vision Support 3 Support costs Clerk Almoner IT capital costs & support Insurance Postage and poundage Stationery and sundries Repairs 4 Charitable activities Independent examiners' fee Trustees' meetings and pension distribution No trustee received any remuneration during the year	2021 £ - 1,720 2,640 1,800 180 - 440 - 6,780 8,250 3,650 1,320 654 503 46 864 15,287 2,148 - 2,148	2020 £ 5,000
		2,000 2,880 1,800 170 200 1,750 500
		9,300
		8,080 3,560 1,440 656 589 41
		14,366
		2,244 660
		2,904

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

NOTES ON ACCOUNTS

For the year ended 31 December 2021 (continued)

5 Tangible fixed assets

Freehold land at Duggins Lane, Tile Hill, Coventry Cost 80,158 arity purchased the freehold land on 29 June 1995 and in the opinion of the trustees its current value is not materially different from the amount reflected in the accounts. Fixed asset invesments Quoted investments Market value at 1 January 2021 Purchases at cost Disposals at market value b/fwd (Decrease)/Increase in cash awaiting investment Unrealised gain/ (loss) in the year Market value at 31 December 2021 Historical cost at 31 December 2021 2021 Market Endowment fund value Cost £ £ 1,185 3I Group ord 0.738636 17,171 11,241 903 COIF Income shares 18,565 1,786 35 Aberforth Unit Trust Managers UK Small Co. 9,735 7,950 263 (393) Ashtead Group 15,627 6,298 nil (316) Associated British Foods Ltd - - 68,650 (52,100) Assura ord 0.10 47,918 42,147 320 AstraZeneca 27,770 11,355 304 (444) Aveva Group ord 0.03556 10,348 10,740 28,462 (25,357) Baille Gifford & Co Japanese Income W4 42,778 40,790 5,703 (4,470) Barclays PLC 10,665 11,018 20,625 BBGI SICAV S.A. ord NPV 36,218 28,003 1,147 (537) BHP 25,228 22,175 5,825 B P ord USD 0.25 19,252 30,991 41,270 (36,660) Blackrock Continental European Income D 79,424 61,089 155 British American Tobacco 4,237 4,258 nil (318) CRH - - 519 Diageo ord 0.28 20,947 10,064 27,910 Doric Nimrod Air One Ltd ord Pref 8,233 27,840 25,897 European Fund - Alliance Bernstein 31,413 26,621 435 Experian 15,799 4,997 34,860 (16,125) Fidelity UCITS Icav US Quality Income E 239,445 198,652 12,121 (5,712) FIL Investment Services 18,047 11,395 nil (928) Findlay Park Funds PLC American Sterling - - nil (7,285) First State Invs (UK) Steward Asia Pac Ldr B - - 4,987 Franklin Templeton Fund Mgt - Emrging Mkts 9,514 6,858 995 GlaxoSmithKline 15,986 13,361 548 Halma 17,536 7,732 20,120 (nil) Henderson Investment Funds Ltd European Se 26,236 25,230 692 Henderson Investment Funds 9,467 5,529 Balance c/fwd to page 9 777,559 628,120	80,158 2021 £ 1,953,893 271,147 (224,948) (17,484) 177,014 2,159,622 1,699,657 2020 Market value £ 13,722 16,258 7,679 13,511 7,154 40,013 23,437 14,217 38,441 6,557 35,888 10,337 14,842 64,540 4,197 9,724 14,937 10,606 28,616 12,080 88,889 15,938 107,602 21,477 7,593 13,353 13,421 - 7,709	2020 £ 1,946,299 445,706 (503,767) 45,871 19,784
		1,953,893
		1,668,043
		Cost £ 11,241 1,786 7,950 9,412 8,299 29,878 11,355 15,686 36,094 8,909 28,003 9,296 30,991 52,183 4,258 9,821 10,064 27,840 26,621 4,997 84,530 11,395 78,946 15,252 6,858 13,361 7,732 - 5,486
777,559 628,120	662,738	568,244

The charity purchased the freehold land on 29 June 1995 and in the opinion of the trustees its current market value is not materially different from the amount reflected in the accounts.

6 Fixed asset invesments

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

NOTES ON ACCOUNTS

For the year ended 31 December 2021 (continued)

Fixed asset investments (continued)

Endowment fund (continued) Balance b/fwd from page 8 26,231 Hermes Investment Fund 25,352 (19,107) International Public Partner ord 0.0001 18,677 JP Morgan American Investment Trust 0.05 26,400 JP Morgan Asset Mngmnt Emerging Mkts C 3,930 Legal and General Group ord 0.025 21,110 (14,492) Lloyds Banking Group ord 0.1 103 London Stock Exchange Group ord 2,810 Matthews Asia SICAV Asia ex Japan Div S 3,754 M&G Plc ord 0.05 1,025 National Grid 240 Ocado Group 3,887 Pimco Gbl Invrs Gbl Inv Grad Cred Hgd Instl 3,800 Polar Capital Funds A&A Intel S 975 (1,130) Prudential 0.05 nil (205) Reckitt Benckiser 575 Reed Elsiver 2,315 Royal Dutch Shell "B" 38,015 Royal London Unit Trust Managers Inc Z 972 (1,115) Sands Capital Funds 344 Schroder Inv Mgmt 1,449 Segro ord 0.10 2,217 (3,193) Smith (DS) ord 0.10 149 (185) Sparx Funds plc nil (6,511) Tesco 451 (369) Unilever ord 0.031111 25784 UK Govt 4.5% Snr Bnds 07/12/2042 16411 UK Govt 1.5% Gilt Bds 22/07/2047 22,772 UK Govt 0.125% Gilt Bds 07/09/2036 426 Vanguard Funds FTSE 250 UCITS ETF nil (5,132) Vodafone Group 282 (177) Vontobel Asset Management 415 (212) Vulcan Global Value Fund 350 (nil) Whitbread ord GBP0.76797385 Cash awaiting investment Total	Market Value Cost £ £ 777,559 628,120 27,692 27,285 43,098 38,593 143,253 78,444 51,348 42,659 11,692 5,890 10,091 11,597 7,138 4,860 41,953 28,044 7,489 7,578 10,863 9,505 4,027 5,366 52,980 52,925 59,242 35,492 12,426 10,094 - - 13,812 8,018 37,559 23,266 54,666 53,824 46,014 34,224 62,357 43,293 20,815 3,733 8,509 6,841 19,569 17,900 - - 17,794 11,905 41,716 40,152 17,599 20,289 41,657 35,820 15,477 12,871 - - 31,138 30,954 58,187 40,653 10,483 11,670 6,376 6,376 1,764,579 1,388,241 2021	Market Value Cost £ £ 662,738 568,244 27,729 27,333 32,520 28,059 107,766 78,444 56,760 42,659 10,462 5,890 5,281 8,503 9,278 4,860 40,492 28,044 7,431 7,578 8,866 9,505 5,489 5,366 55,312 52,925 50,046 35,492 15,221 11,699 13,411 14,354 10,307 8,018 29,155 23,266 56,224 53,824 49,328 39,259 47,716 43,293 13,731 3,733 11,961 9,853 23,576 22,224 15,066 16,104 16,206 8,375 45,973 40,152 19,545 20,289 40,257 35,820 13,696 12,860 6,208 11,222 21,068 18,374 49,470 42,356 - - 7,284 7,284 1,585,573 1,345,261 2020	Market Value Cost £ £ 662,738 568,244 27,729 27,333 32,520 28,059 107,766 78,444 56,760 42,659 10,462 5,890 5,281 8,503 9,278 4,860 40,492 28,044 7,431 7,578 8,866 9,505 5,489 5,366 55,312 52,925 50,046 35,492 15,221 11,699 13,411 14,354 10,307 8,018 29,155 23,266 56,224 53,824 49,328 39,259 47,716 43,293 13,731 3,733 11,961 9,853 23,576 22,224 15,066 16,104 16,206 8,375 45,973 40,152 19,545 20,289 40,257 35,820 13,696 12,860 6,208 11,222 21,068 18,374 49,470 42,356 - - 7,284 7,284 1,585,573 1,345,261 2020
			1,345,261

THE SAMUEL SMITH'S AND SPENCER'S CHARITIES

NOTES ON ACCOUNTS

For the year ended 31 December 2021 (continued)

Fixed asset investments (continued)

Market Designated fund - Reserve fund Value Cost £ £ 82 Astrazeneca ord USD0.25 7,116 5,867 nil (2,090) BAE Systems ord 0.025 - - nil (10,783) Baillie Gifford & Co. Jpnese W4 - - 670 British American Tobacco o 0.25 18,314 8,593 23,068 (36,993) Charities Property Fund Inc 31,642 29,991 533 Compass Group ord 0.1105 8,800 4,339 nil (355) GlaxoSmithKline ord 0.25 - - 770 Intermediate Capital Group ord 16,894 9,112 23 London Stock Exchange Group o 1,594 1,085 1,490 M&G ord 0.05 2,973 3,275 30,742 Mayfair Capital Investment Prop 28,546 28,000 4,495 NB Private Equity Ptnrs class A 83,158 46,682 538 Persimmon ord 0.10 15,365 8,139 190 (nil) Renishaw ord GBP0.20 9,082 10,711 440 Rio Tinto 21,525 19,873 1,150 Sands Capital F Emrging Mkts A 27,244 18,768 705 Smith Group ord 0.375 11,135 7,802 240 Vanguard Inv Grd Bond ldx ETF 26,892 27,064 41,456 (nil) VH Gbl Sustainable Energy Opps P 44,358 41,710 Cash awaiting investment 40,405 40,405 Total 395,043 311,416 Total fixed asset investments 2,159,622 1,699,657 2021	Market Value Cost £ £ 6,006 5,867 10,216 8,133 16,347 14,915 18,144 8,593 45,061 48,096 7,265 4,339 4,764 6,060 13,290 9,112 2,072 1,085 2,949 3,275 25,073 28,000 52,367 46,682 14,886 8,139 - - 24,068 19,873 29,774 18,768 10,607 7,802 28,450 27,062 - - 56,981 56,981 368,320 322,782 1,953,893 1,668,043 2020	Market Value Cost £ £ 6,006 5,867 10,216 8,133 16,347 14,915 18,144 8,593 45,061 48,096 7,265 4,339 4,764 6,060 13,290 9,112 2,072 1,085 2,949 3,275 25,073 28,000 52,367 46,682 14,886 8,139 - - 24,068 19,873 29,774 18,768 10,607 7,802 28,450 27,062 - - 56,981 56,981 368,320 322,782 1,953,893 1,668,043 2020
		322,782
		1,668,043

Fund balances at 31 December 2021 are represented by: Tangible fixed assets Investments Net current assets/(liabilities) Total net assets	Accumulated income fund £ - - 161,035 161,035	Designated fund £ - 395,043 (66,333) 328,710	Endowment fund £ 80,158 1,764,579 (63,904) 1,780,833	Total funds £ 80,158 2,159,622 30,798
				2,270,578

7 Analysis of assets between funds