THE SAMUEL SMITH'S AND SPENCER'S CHARITIES For the year ended 31 December 2024 ACCOUNTS Registered Charity No. 240936 THE SAMUEL SMITH'S AND SPENCER'S CHARITIES OFFICERS AND ADVISERS For the year ended 31 December 2024 TRUSTEES J S F Grindlay R G W Caldicott R M B Kenyon A C E Gilliti Dr R J Ballantine G T W FoottS1 I W Slmpson Rev P Howell S J Pannell (Resigned 16110120241 Actlng Trustee (Appointed 16110120241 STOCKBROKERS ACCOUNTANTS Quilter Chevlot Two Snowhill Birmingham B4 6GA Harrison Beale & Owen Limited Seven Stars House, 1 Wheler Road Coventry CV3 4LB SOLICITORS BANKERS Mandtsr Hadley 1 The Quadrant Coventry CV1 2DW HSBC PLC 5-6 High Street Coventry CVI 5RE CLERK ALMONER Mrs E A Martin Ml8s M D Glbbs THE SAMUEL SMITH'S AND SPENCER'S CHARITIES ACCOUNTS For the year ended 31 December 2024 Page Annual Rèport of the Trustees Independent Examiner's Report statement of Financial Acliiqti&s Balance Sheet Notes on Ac¢ounts THE SAMUEL SMITH'S AND SPENCER'S CHARITIES ANNUAL REPORT OF THE TRUSTEES Forthe year ended 31 December 2024 The financial slalemenls have been prep£red in 8ccordance with the accounting pollcies set out on page 6 and wmply with the charity's Trust Deed, the Charities Act 2011 and the Slalgments of Recommended Pracllts,. AccountirTrg & Reporting by Charities 2005. structure, Governance and Managemènt Satnuel Smith'5 charity and Spenceffs Charity merged on 7 August 2014. The charlty Is unlncorporated and consliluled by the Will of the late Samuel Srnilh which was proved on 20 October 1730. It is a registered charlly, nLJThber 240936 and the principal scheme wa5 Sealed on 12 March 1979, wllh varfatlons sea18d on 25 September 1997 and 7 AugLJSt 2014. When there Is a requlrement for new truste9s, these are identlfied and appointed by th8 existing Iruslees. The ttU5t8&5 rn88t three times a year lo consider grant making, investments and reserves. The day to day adrninistration of grants and the proces5 of handling applications is dealt wlth by the Acting Trustee and the management team consisting of thg Almoner and Clerk. Trustees Thg Iru8tees of the charity during the year were.. J S F Grindlay G T W Fooltil I W Slmpson R M B Kenyon R G W C8ldicott A C E Gillitt Dr R J Ballantine Rev P Howell S J Pann811 Objects and Acllvities The prfncipal objects of the chartty 8r8'. To pay pensions to needy persons who are resident in the City of Coventry and the Parish of Bedworth. To make payrn8nts to persons resident in the said clty for rellef in need. Grant maklng pollcy The charity Invltes appllcatlons from any person in need of financlal support and who is resident in the City of Cov8ntry. Suitablg applicants are added tts the penslons list and re￿1ve a penslon when a vacanw arises or funds become avallable. Achlevements and performane During the ygar the chaThly paid £44.400 to 53 pensioners12023- £33,460 10 51 penslonersl and mad@ other Gharitable gifts and payments totalling £8,25512023- £6,519) as shown In the Statem8nl of Financial Aetlvilles. THE SAMUEL SMITH'S AND SPENCER'S CHARITIES ANNUAL REPORT OF THE TRUSTEES Forthe year ended 31 December 2024 Publlc Ben6llt The trustees confirm that they have referred to the guidance contained in the Charity Commission's General Guldance on publlc beneflt when reviewing the Charivs aims and objeclwes and settSng the grant making policy for th8 year. Financial Review The char￿V Is rell8nt on the incorne frotn its Investrnents, which was £65,34512023- £65,306). Invastm&nt Pollcy The Iruslees, investment policy is lo obtaln a reasonable long tetm overall return al a moderate level of risk with no r85trictions on investm8nts. Inveslrn8nts are rnade by the charltls Snvestment rnanager under a dlscretlonary mandate uslng the guidelines ol the Investm8nt sub wmmitt89. Reserves Poll¢y 11 Is the Iruslees, policy lo maintain a level of reserves so as to continue to receive SLJffici8nt incom8 from investments to support planned future aclivltle5. On bghalf of the board of Iruslees Dr R J Ballantine Actlng Trustee for 2024 2&7J2JknLs THE SAMUEL SMITH'S AND SPENCER'S CHARITIES INDEPENDENT EXAMINERS'S REPORT For the year ended 31 December 2024 We report on the accounts of The Samu81 Smith's and Spencer'5 Charltles for the year ended 31 D8C8rnber 2024 which are set out on pages 4 to 10. Respective rosponsibilitle5 of trustees and examiner Tho charitys trusteas ar8 responsibla for thè preparatlon ol the accounts. Th8 charitsls trustee5 C0Tr51der that an audit is not r8qui18d thi5 year under section 144121 of the Charitles Act 2011 (the 2011 Acll and that an independent examination is n80ded. It Is our responsibility to.. examine the accounts under section 145 of th8 2011 Act.. follow the procedures laid down In the general Directions given byth8 Charity Cotnmlsslon under 89Ction 14515llbl of the 2011 Act,. and state whethor pèrtloular matters have com8 to rny attentlon Basls of Independent ex8min8r's report Our 8xarninatSon was carried out in accordance w￿h the general Diredions giv8n by th8 Charity Cotnmlsslon. An examlnation includ8s a revlew of the accounting records kept by th8 chaity and a comparison of the accounts pr@88nt8d wwth those records. 11 also includ95 con51deratlon of any unusual it8ms or disclos[￿re8 in the accounts, and seeklng explanations from you as trustees concerning any such matt&rs. The proceduie5 undertaken do not provide all the evidence that would be raquired I￿ an audlt 8nd consequently no oplnion is giv8n as to vtheth8r the accoijnts present a"tru8 and fair viev¢ and the report is limited to th088 rnatt@r5 Set out In thè statements below limited lo those rnatters set out in th8 statem8nt below. Independenl examlner's 5tat8ment In connecffion wlth our examination no tnatter has wmo to our attention whi¢h.' 11 Giv8s us reasonable cause to b8118V8 that In any materfal respect ol the rgquir8m8nts'. to keep a¢counting recorcss in acGordance with Saction 130 of the 2011 Act,. and - to pmpar8 accounts which a¢cord with th& accounting record5 and to Comply with the accounting requlrernents ol the 2011 Act. Have not been met., or 21 to which In our opinion att8ntion should be drawn in order lo enab18 8 proper understandlng of the accounts to be reach8d. Harrlson Beale & Owerh Llmlted Chartered Accountants & Busin8S5 Advlsers Seven Stars House 1 Wheler Road Coventry CV34LB THE SAMUEL SMITH'S AND SPENCER'S CHARITIES STATEMENT OF FINANCIAL ACTIVITIES For the year &nded 31 December 2024 AcGumulat8d inGOrntr ftjnd Endow- mènt fund D8slgn&ted fund Total 2024 Total 2023 Notes InGome and endowments Incom8 from Investmpnts Rèntal In￿Me Interést receivsble Othér Income 65,345 275 499 65,345 275 499 65,306 546 492 Total Incomlng resources 66,119 66,119 66,344 other expelldltur? FundrÈlslng costs Cost of gsneraling fund5 Stockbrokèrs fees Qharitab18 expendilur& Pansions Other charitable glfts Support costs Charitable aotiviti&s 10 12 156 44,400 8,255 19,184 2,773 33,460 6,519 16,430 3,133 B,255 19,fj84 2,7n Total resources expanded 74,612 10 74,624 59,698 Not Incomellexpendltur81 b8for8 other recognlsèd galns and losses 18.4931 121 1101 18,5051 Profltlllos51 on invtrstment assgts Reali5ed Unrealisèd 14,2431 134,951 405 118,377 118,782 Nèt movoment in funds 18.4931 403 118,367 110,27T 137,354 Balance at 1 January 2024 172.568 305.958 1,709,437 2.187,963 2,050,609 Balanco at 31 Decetnbpr 2024 164,075 306.361 1,827,804 2.298,240 2.187,963 THE SAMUEL SMITH'S AND SPENCER'S CHARITIES BALANCE SHEET Forthe year ended 31 December 2024 Not8S 2024 2023 Fixed assots T4nglbl8 fLY8d assets Investmènts 80,158 2,189,379 80,158 2,070,586 2,269,537 2,150,744 Current assets Cash at bank and In hand 30,739 39,207 30,739 39,207 Credlttsrs.. amounts falllng due wllhln one year 12,0361 11,9881 Net current a55ets 28,703 37,219 Total as88t5 less ¢urrent Ilabllltles b8lng total net asset5 2.298,240 2,187,963 Endowm8nt fund 1,827,804 1,709,437 Unrestrlcted funds At￿mulated In¢om8 fund Deslgnaled fund 164,075 306,361 172.588 305,958 2.298,240 2,187,983 Appitsvèd by the Trust$&s and authorls8d for L55ue on signed on thelr behalf by J &￿￿,. Dr R J Ballantlna Actlng Tru5tÈÈ for 2024 THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS For the year ended 31 December 2024 Princlpal Accountlng policies Accounting convention The accounts are prepared under the hislorioal cost convention las modified by the Inclusion of inv8slmenls at market value). In preparing the financial slalgtH8Dts the charty follows best practice as laid down in the Statement of ReGommended Pracliee'Accounling and Reporting by Charlles" ISORP FRS 1021 and thè Charities Aot 2011. Incomlng resour¢os Donations, legacies and grants receivable 816 accounted for ss soon as thgii amount and rooelpl are reasonably certain. For unsolicited donations this is wh8n received. R&sources expended Liabllilies are recogniged as resources as soon as there is a18gal or constructivè obllgation committing the charity lo expgndllure. All expendlture is accounted for on an accruals basis and has been ¢lass1fied under headings that aggregate all costs related lo the oategory. Governance Comprises Ihs costs of running tho charity itself 8$ an organisation. Tanglble fix9d assets Tangible fixed assets are staled In the balan0@ sheet al cost. Inv•stment a55ets Investments are slated at mld market value al the balancg sheet date. Any gain or loss on revaluation Is taken lo Stztemenl of Financial Activities. Incomè arising on investments 1$ accounted forwhen due. Endowment fund Thè endowM&nt fund incorporates the historical permanent ondowment fund and the freehold property fund wllh effect from 1 January 1997. Thè Freehold Property fund was created from the proceeds of thè sale of 17-18 Hloh Street, Coventry and 1,2 & 3 Hay Lan6, Coventry which was sold on 6 May 1994 for £495,522. Income is available for gensral purposes. Deslgnated fund The Designated fund was 6Stablished for the purposes of purehasing additional land and improvlng, rebuildlng or conv8rting any buildings on such land with the approva5 of thé Charity Commissioners. THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS For the year ended 31 Dacember 2024 Icontlnuedl 2024 2023 other charltable girt5 May glfts Cash payments In Ileu of coal hrlstrTras glfts to pensloners Bible8 R8116f In Need 1,650 1,800 4,125 180 500 1,540 1,820 2,400 259 500 8,255 6,519 Support costs Clgrk Almoner IT capital c081s & support Insurance Postage and poundage stationery and sundri£s Bank fees New mlnule book 10.002 4,491 9.436 4.277 1,440 858 307 169 144 707 76 345 155 1,968 19.184 18,430 Charltsble actlvltles Ind8pendonl exatnlnÈts' f88 Trust&es m8&tlngs and roorn hlre 2,086 688 2,015 1,118 2,773 3,133 No InJslB8 recalv8d any remuneratlon durlng th2 year THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS For the year ènded 31 Decemb8r 2024 (continued) Tangiblp fjxed assets Freehold knd al Duggins Lane, Ti19 Hlll, Co¥6nlry Cost The th*rlty purchased the freehold 29 June 1995 and In the oplnlon of th¥ Iwsteèg Its culrenl atkgl valuè Is not materially d￿[gr￿￿ttr0[Th the amount rafl8Cted In the accounts. Flxed assètlnvesments 2024 2023 QuotBd Inv8Stments Market value al l J8nuary 2024 Purthas•s al cost Disposals al m8rkel blthd ecraasevlncrsasè In cash awaltin9 Inv8slrnenl Unrealis£d galnl Il¢$sl In year 2,070,586 2,073 1.935.111 92.154 142.8941 148.7981 134.9SI 12,0621 118782 Markol value at 31 Dec8tnb9r2024 2.189.379 2 070,586 Hlslortcal (x)sl at 31 Decem￿r2024 1,843,467 1943 479 2024 Market value 2023 Market value Endowment fund Cost Cost 903 COIF Incorra shares 1.550,81111,549,4501 Qulltsr Invrg ChadtyAulh Inv Fds QC Global Income Cash ¥W8￿ng Inveskngnl 18,318 1,789,636 504 1.786 1.600.206 504 17,913 1,69D.450 2.040 1.788 1,598,670 2.040 Tot•1 1,808.458 1.602.496 ,710,403 1,602,496 2024 2023 Mark8t V8lu& Mark$t Valu D8$lgn8lad fund. Res¢rv9 fund Cost Cost 329.6S41329.2001 Qulller Invts CharltyAulh Inv Fds QC GlobRI Incom6 Awalllng Inve$lmènl 380,421 500 0.470 500 3S9.157 1.026 339.957 1,026 Total 360.921 340.970 360,183 340.983 Yotal flxpd assgt InvBstmbThls 2,189.379 1,943,466 2.070.586 1,943,4Tg THE SAMUEL SMITH'S AND SPENCER'S CHARITIES NOTES ON ACCOUNTS For the year ended 31 December 2024 (continued) Analys15 of assets b0twé¢n funds Actumulated In¢om nd Deslgnated fund Endowm•nt fund Total fund$ Fund balanc&5 at 31 Dgrombor 2024 are represented by.. Tanglble fixed agsels Inveslm8nts Nel currentas58ts1lliab11it4esl 80.158 1,808,458 160,8121 80,1S8 2,189,379 28,703 380.921 174.5601 164,075 Total net assets 164.075 308,361 1.827.804 2,298,240