THE SAMUEL SMITH'S AND SPENCER'S CHARITIES For the year ended 31 December 2023 ACCOUNTS Registered Charity No. 240936
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES OFFICERS AND ADVISERS For the year ended 31 December 2023 TRUSTEES J S F Grindlay R G VV Caldicott R M B Kenyon A C E Gillill Dr R J Ballantine G T W Footlit I W Simpson Rev P Howell Acting Trustee (Appointed 10110120231 STOCKBROKERS ACCOUNTANTS Quilter Cheviol Two Snowhill Birmingham B4 6GA Harrison Beale & Owen Limited Seven Stars House, 1 Wheler Road Coventry CV3 4LB SOLICITORS BANKERS Mander H8dley 1 The Quadrant Coventry CV12DW HSBC PLC 5-6 High Street Coventry CVI 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 2023 Page Annual Report of the Trustees Independent Examiner's Report statement of Financial Activities Balance Sheet Notes on Accounts
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES ANNUAL REPORT OF THE TRUSTEES For the year ended 31 December 2023 The fi'nancial statements have been prepared in accordance wlh the accounting policies sel out on page 6 and comply with the charity's Trust Deed, the Charities Act 2011 and the Statements of Recommended Practice., Accounlillg & Reporting by Charities 2005. Stru¢ture, Governance and Managèment Sarnuel Smith's Charity and Spencer's Ch8rty merged on 7 August 2014. The charity is unincorporated and consliluted by the Will of the late Samuel Smrth which was proved on 20 OGtober 1730. It is a registered charity, number 240936 and the principal scheme was sealed on 12 March 1979, with variations 5ea1ed on 25 September 1997 and 7 August 2014. When there is a requirement for new Iruslees, these are identified and appointed by the existing trustees. The trustees meet three limes a year lo consider grant making, investments and reserves. The day lo day 8dminislration of grants and the process of handling applications is dealt with by the Aeting Trustee and the management team consisting of the Almoner and Clerk. Trustees The trustees of the charity during the year were.. J S F GrindSay G T W Foollil I W Simpson R M B Kenyon R G W Caldicott A C E Gillrtt Dr R J Ballantine Rev P Howell (Appointed 10110120231 Objects and A¢tlvlti6s The principal objects of the ¢harily are.. To pay pensions to needy persons who are resident in the Cty of Coventry and the Parish of Bedworth. To make payments to persons resident in the said city for relief in need. Grant maklny policy The charity invites applications from any person in need of financial 5UPPOrt and who is resident in the City of Coventry. Suitable applicants are added lo the pensions list and receive a pension when a vacancy arises or funds become available. Achievements and parfomiance During the year the charity paid £33,460 to 51 pensioners {2022- £24,580 10 47 pensioners) and made other charitable gifts and payments lotslling £6,64412022- £11,840) 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 2023 Public Benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's General Guidance on public benefit when reviewillg the Charity's aims and objectives and setting the grant making policy for the year. Flnanclal Review The charity is reliant on the income from ils investments, which was £65,30612022 - £57,215}. Invastmant Polley The trustees, investment policy is to obtain a reasonable long term overall retum at a moderate level of risk with no reslriclions on inveslmenls. Investments are made by the charty's investment manager under a discretionary mandate using the guidelines of the investment sub cornmittee. Reserves Policy It is the Iruslees, pollcy to maintain a level of reserves $0 as lo ntinUe to receive sufficient income from investments to support planned future activities, On behalf of the board of Iruslees Mr R G W Caldicott Acting Trustee for 2024 zi
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES INDEPENDENT EXAMINERS'S REPORT For the year ended 31 December 2023 We report on the accounts of The Samuel Smith's and Spence¢s Charities for the year ended 31 December 2023 which are Set OLJt on pages 4 10 10. Rospactlve responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. Th6 charitls trustees consider that an audit is not required this year under section 144121 of the Charities Act 2011 Ilhe 2011 Acll and that an independent examination is needed. 11 is our responsibility to.. examine the aecounts under section 145 01 the 2011 Act., follow the piocedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act,. and slal8 vthother particular rnallers have come lo my attention Basis of independent èxamlnèr's report Our examination was ¢8rried out in accordan 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 indudes consideration of any unusual items or disclosures in the accounts, and seeking explanztions from you as Iruslee5 concerning any such matters. The prOdureS undertaken do not provide all the evidence th21 would be required in an audit and consequently no opinion is given as lo whether the accounts present a'true and fair vievl, and the report is limited to those matte15 sol out in the statements belc>w limited to those mallers sel out in the statement below. Independènt èxamlner's statement In connection with our examination no matt8r has come to our attention which., 11 Gives us iÈason3ble eause to believe that in any material respect ol the requirements.. lo keep accounting records in accordance with Section 130 of the 2011 Aet,. and - lo prepare accounts which accord with the accounting reoords and to cornply with the aeeounting requirements of the 2011 Act. Have not been met.. or 2110 which in our opinion attention should be diawn in order to enable a proper understanding of the accoun15 to be reached. Harrlson Beale & Owen Limltsd Chartered Accountants & Business Advisers Seven Stars House I Wheler Road Coventy CV3 4LB
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023 Accumulated Tncom fund Endow- ment fund Deslgnat8d fund Total 2023 Total 2022 Notos Income and endowments Income from Inve81menls Rental income Interest receivabF Other incorne 65.30e 546 492 65,306 546 492 57,215 2.013 490 Total incoming SOulS 6e,344 66,344 59,718 Othorexp8nditure Fundralslng costs Cost of generating funds Stockbrokers fÈes Charitable 8xp&ndilur8 Pensions Olh&r charitable gifts Support costs 59 97 156 14,322 33,460 6,519 16.430 3,133 33,460 6,519 16,430 3.133 24,580 11,840 16,248 2.319 Total resources expended 59,542 59 97 59.e98 69,309 Net incornell8xpenditurel bÈfore other recognlsed galns and los$&s 6,802 1591 1971 6,646 19,5911 Proflvllossl on Investment a$$et$ Realised Unreali$ed 14,2431 22,031 14.2431 134.951 1178.1061 32,272 112.920 Net rnovement In fvnds 8,802 17.729 112,823 137,354 1219,9691 Baldnce at 1 January 2023 165,766 288,229 1.596,614 2.050,609 2.270,578 Balance at 31 December 2023 172.56B 305,958 1.709,437 2,187,963 2,050,609
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES BALANCE SHEET For the year ended 31 December 2023 Notes 2023 2022 Flxed assets Tangible fixed a3$els Investments 80,158 2,070,586 80,158 1,935,111 2,150,744 2,015,269 Current assets Cash at bank and in hand 39,207 40,743 39,207 40,743 ¢redltors.' amounts falling due within one year 11,9881 15.4Q31 Net ¢urr8nt assets 37,219 35,340 Total assets less Current Ilablllties being total n8t assets 2, 187,963 2,050,609 Endowment fund 1,709,437 1,596,614 Unr•strlcted funds Accumulat8d income fund Designated fund 172,8 305,958 185,766 288,229 2,187,963 2,050,609 Approved by the Trustees and authorised for Issue on and sign8d on their behalf by Mr R G W Caldlcott Acting Trustee for 2024
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS Forthe year ended 31 December 2023 Principal Accounting poll¢les Accounting convention The a¢¢ounls are prepared under the historical cost Convention las modified by the inclusion of investments al market value). In preparing the financial slalernents the charity follows best practice as laid down in the Slalem&nt of Recommended Practi¢e'Accounling and Reporting by Charities. ISORP FRS 1021 and the Charities Act 2011. Incomlng resources Donations, legacies and grants receivable are a¢¢ounled 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 Iherg is a legal or Constructive obligation commilling the charity lo expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost5 related to the category. Governance comprises the costs of running the charity itself as an organisalion. Tanglble flxed assèts Tangible fixed assets are stated in the balance sheet at cost. Investment assets Investments are slated al mid market value al the balance sheet date. Any gain or loss on revaluation is taken to Statement of Financial Aclivilies. 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 2023 (continued} 2023 2022 Other charltsble gifts May gift8 Cash payments in lieu of coal Christmas gifts to pensioners Bib1È8 R&li8f in Need 1,540 1,820 2,400 259 500 2,420 6,580 2,160 180 500 6.519 11.840 Support C08ts Clerk Almoner IT capitsl costs & support Insurance Postage and poundage Stationery and sundries Bank fees 9,436 4,277 1,440 658 307 169 144 8,820 3,960 1,440 662 495 758 113 16.430 16.248 Charltable activitl8S Independent examiners, fee Trustees meetings and room hire 2,015 1,118 2,319 3,133 2,319 No trustee reiVed any remuneration during the year
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS For the year ènded 31 D&c8mbèr 2023 (continued) Tanglbl? fixed assèts Fre&hold land at Duggins L8ne, T1 Hill, Coventy Cost The charity purchased the freehold lartd on 29 June 1995 and in the opinion of the Irust8es Ils current m8rketvalue is not malerlally derent from amount reftected in the accounts. Flxod as8Ot inv95ments 2023 2022 Quotod Inv05tments Market value at 1 January2023 PurGhasÈs at cost DispD6als al market v8lue bifwd (Decreaselllncrease in cash awang In*eslm8nt Unrealised gainl Ilossl in Ihs year 1,935,111 2,159,822 92,154 2,162,861 142,8941 12,360.1221 148,7361 5,022 134.951 32,272 Market value at 31 D8cember 2023 2 070 586 1935,111 Hlstodcal cost at 31 DeMber2o23 1,943,479 1949.234 2023 Market valuè 2022 Market valuo Endowmont fund Cost C05t 903 COIF Income shares 1,530.000 Inill Quitter Irwrs CharityAulh Inv Fd5 QC Global Income Cash awa1ft9 Investment 17,913 1,690,450 2,040 1,786 1,598.670 2,040 f6,406 1.559,070 17.160 1,786 1.583,550 17,180 Totsl 1,710.403 1,602,496 1,592,636 1,602.496 2023 2022 Market Valu Market Valuo D881gnat8d fund. Reservefund Cost 11,534123,0681 Charities Property Fund Inc 30,742130,7421 Mayfaircapilal Investment Prop 280,OCW) Inill Quiller Invrs ChantyAull) Inv Fds QC Global Incom8 Cash awathng investment 16,830 26,063 264.940 34,642 14,9 28,000 269,100 34,642 359,157 1,026 339,957 1,026 Totsl 360,183 340,983 342,475 346.738 Total fLxèd a880t Invo8tsnonts 2,070,586 1,943,479 1,935,111 1,949,234
THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS For the year ended 31 December 2023 Icontinuedl Analys18 of assets bBtween fund5 A¢cumulat8d Income fund D88(gnat Endowment fund fund Total funds Fund balances at 31 Decémber2023 are r8pr88entèd by.. Tangible fixed Sssels InvestrTreTrts 80.158 1,710,403 181,1241 80,158 2.070,588 37,219 360,183 154,2251 172,%8 Total n8tass6t8 172,568 305.958 1,709.437 2,187,963