REGISTERED CHARITY NUMBER: 247231 ort of the Trustees an h Y rEnded5A for Financial St ril 2024 me
Swsmdle Charitable Trust Contents of the Financial Statements for the Year Ended 5 A ril 2024 Page Epitome Report of the Trustees 2to6 Report of the Independent Auditors 7t08 Statement of Financial Adivities Balance Sheet 10 Notes to the Financial Statements 11 to 15 Detailed Statement of Financial Activitics 16to 17
Sme le Charitable Trus itome for the Year Ended A ril 2024 Samuel Wallace Smedley died on 27th December 1958. Under the ternis of his Will he devised and bequeathed his residuary estate (subject to a life intrrest for his widow who died 5th May 1964) to his trustees upon trust to purchase lands in such parts of England and Scotland as they deemed suitable, preference being giv¢n to those districts in which the testator had been engaged in the F1t growing busine55, and to erect on any such lands a house or houses for the free occupation by such aged and needy and deserving persons as the trustees select. As an alternative. the trustees are empowered to purchase lands with a suitable house or houses erected thereon. The trustees are to retain sufficient of the Tesiduary estate for the repair, insurance and general upkeep of such home or homes and payment of all outgoings thereon. The decision as to the persons suitable to be Provided with free homes is at the absolute discretion of the trustees. In 1966 and 1969 the trustees purchased freehold land at Cannon Street. Wisbech and at Blairgowrie in Scotland and have built Old Peoples. Homes on those sites. A further purchase of freehold land at Cannon Street. Wisbech was made by the trustees in 1977 on which three bungalows wer¢ built in 1983. The trustees sold all the properties in Blairgowrie over the period June 1993 to March 2007 as the houses became vacant. The last house and remaining land with planning permission for six low-cost houses were sold to another charitsble trust, the Servite Housing Association. The trustees purchased two bungalows in East Dereham, Norfolk in 1992 and a further bungalow in 1995. No. 29 Trinity Close, Dereham was sold in February 2006 and No. 7 in December 201 l. The last remaining bungalow, 24 Trinity Close, was 501d on 14th May 2015. In 1993 and 1994 the trustees purchased two cottages in Ston Easton, Bath. The trustees sold Wood5ide Cottage in May 2003 and Rounder Cotta8e in February 2005. In 2001 the trustees purchased two properties, No'5. 8 & 1 O Clemens Street, Leamington Spa. The trustees purchased shares in the National Association of Almshouses Common Investment Fund under a scheme made in 1962 by the Charity Commissioners under section 22 of the Charities Act 1960 for the benefit of Almshouse Charities. In 2008 the trustees resolved to move funds within the National Association Common Investment F und to Quilter Cheviot. In 2009 trustees acquired two parcels of land at 4a Cannon Street and 38 West Street, Wisbech. A further piece of land. 37 West Street has been acquired on a 125-year lease with an annual rent of £2.500 subject to review every ten years. The annual rent is accounted for as direct charitable expenditure. In January 201 I, the trustees purchased "Riviera" a bungalow on Cannon Street. Renovations were completed during 2011 and it is now the warden's residence. During the financial year to 5th April 2013 work was completed, within budgeL on the d¢velopment of four flats on the above-mentioned parcels of land. In October 2015 trustees all agreed to proceed with phase II of the development of the above land. The construction of a further ten flats wa5 completed in December 2018. During 2023 a common area in Phase11 block of flats was made into an extra flat and is now cUpIed. The residuary trust has been registered as a charitable trust under the Charities Act 1960 and has been allocated the number 247231. Pase I
Sme Charitable Trust ort of the Trustees forthey rEn ril 2024 The trustees present their report together with the audited financial statements of the Charity for the year ended 5th April 2024. The trustees confirn) that the annual rcport and financial statements comply with statutory requirements of the Trust's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial R¢porting Standard 102 (effective l January 2019). ORJECTIVES AND ACTIVITIES Objectlves and aims The objectives of the charity are the relief. either generally or individually. of elderly andlor disabled persons who are in conditions of need, hardship or distress. Th¢re wer¢ no changes to the objectives of the charity during the year under review. Slgnificant actlvlties The Trust has provid¢d accommodation in homes in Wisbech for elderly and deserving persons. Public benefit The Trustees have had due regard to guidanc¢ published by the Charity Commission on publlc benefit and are satisfied that the Trust meets all the relevant criteria. Progress and overyiew of charlty The Charity has been responsible for maintaining the followin8 homes and residents during the year: 5th April 2024 5th Aprll 2023 Homes Residents Homes Residents Wisbech 31 34 30 31 The costs of maintaining the above homes are more particularly identified in the annual accounts. This Charity also owns properties Tn Warwickshire for the use of Age UK Coventy & Warwickshire (AUKCW), for which a rental income is received. AUKCW provide a wide range of facilities for local aged and needy persons. Page 2
Re ort of the Trustees for the Year Ended A ril 2024 ACHIEVEMENT AND PERFORMANCE Charitable actlvities During the year. the Trust continued to provide accommodation and grant assistance to assist elderly people in need. The Trustees also continued to provide management support to our employees. the Wardens at Wisbech, and continued to be satisfied with their hard work and dedicated service. Occupancy levels in the flats were OTJce again at l 00 % for most of the year. The safety and security for all residents in the reporting period was again constsntly under review. To continue to ¢nsure the safety and wellbeing of the Trust's residents and employees; To continue to review its governance documentation and policies. To continue to review its appropriate and effective use and prudent investment of its finances. Fundlng of charlty and flnanclal posltlon Fundin The Charity's main source of funding is the weekly maintenance contributions and housing benefit from residents. Investment and rental income also contribute to the Charity's funding as detailed in the notes to these accounts. tn cial The trustees refer to the accounts for the year and report that the General Fund of the charity has met the day to day running costs of the homes and other charitable assistance. Th¢y also report that the Sp¢cial Repair Fund have adequate resources to provide montes for extensive repairs and/or rebuilding of the homes at a future date. The trustees report that there have been no significant changes from the date of the accounts (5th April 2024) to the date of thi5 report. Page 3
dle h itable Trust ort of the Tru f r the Y Ended ees ril 2024 ACHIEVEMENT AND PERFORMANCE Investment performance The Trust's portfolio gained I1.7D/o over the p¢riod 6th April 2023 to 5th April 2024 which compares with a benchmark gain of 11.30/0. Period 06.04.18- 05.04.19 06.04.19- 05.04.20 06.04.20- 05.04.21 06.04.21 05.04.22 06.04.22 - 05.04.23 06.04.23 - 05.04.24 Benchmark Yo 11.5 22.0 27.4 11.7 11.3 Investments are managed by Quilter Chcviot with the objective of providing a balance between income for the ongoing development and maintenance of the existing properties and maintaining the real value of this income l ¢apital over the long terni, a balanced mandate with a moderate attitude to risk. The perfonnance of the portfolio is measured a8ainst an appropriate benchmark agreed between trustees and Quilter Cheviot. A member of Quilter Cheviot attends a trustees, meeting once a year to report on the portfolio. STRUCTURE, GOVERNANCE AND MANAGEMENT Coverning document The basis for the Trust to the 27th April 1998 wa5 the Will of Samuel Wallace Smedley who died on 27th December 1958. An epitome of that will is annexed to these Trust accounts. On 23rd April 1998, The Charity Commissioners approved a new scheme for the administration of the Charity (amended 4th July 2001). Organlsational structure and declslon making The body of Trustees consists of no less than three nor more than nine competent persons. The homes are under the direct management and supervision of the trustees. Trustees usually take responsibility for those properties that are nearest to them geographically. Decisions are taken by a majority of trustees voting on a proposal. The Chairnian has a casting vote whether he or she has or has not voted previously on the same question but no trustee in any circumstances shall have more than one vote. Trustees are appointed for a tenn of five years by a resolution of the trustees passed at a special meeting of which not less than 21 days notice must be given. The Body of Trustees keeps the skill requirements of the Trust under constsnt review and if a trust¢e retires or an additional new trustee is qUired, the trustees use their professional and personal contacts to r¢¢rutt the new trustee. Any prospective trustee is always invited to a full Trustees, meeting. On election, a new ttustee is given a welcome pack which includes a brief history of the TrusL copy of most ent minutes. copy of previous three years of annual accounts and a copy of the charity scheme. All trustees and officers of the Trust are offered appropriate training. Page 4
S W Smedle Charitable Trust ort of the Trustees for the Year En ed5 ri12 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 247231 Principal address l a Lewis Road Radford Semele Leamington Spa CV31 I UB Trustees Ms C F Smedley (appointed to 10.07.24) Mr D D Salmon (appointed to 12.07.27) Mrs E Morris (appoint¢d to 12.07.27) Mr I W Smedley (appointed to 12.07.27) Mr R J Booty (appointed to 10.07.24) Audltor8 Moore Green 22 Friars Street Sudbury Suffolk C0102AA Solleliors Fraser Dawbarns 1-3 York Row Wisbech Cambs PE13 IEA Relevant OrganlsAtions Reeves & Partners Ltd Charter¢d Surveyors and Commercial Property Consultants 2 Euston Place Leamington Spa Warwickshire CV32 4LE Boldero & Co. Charrered Accountants The Bircham C¢ntre The Market Place Reepham Norwich NRIO 4JJ Messrs. Grout & Judge Insurance Brokers Selsdon House. 212- 220 Addington Road South Croydon London CR2 8LD Page 5
S W Smedle Charitable Trust ort f the T stees A ril 2024 REFERENCE AND ADMINISTRATIVE DETAILS Relevant Organisation$ (cont.) Lloyds Bank 16 Genileman's Walk Norwich NR2 ILZ Quilter Cheviot One Kingsway London WC2B 6AN STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charities Act 201 l. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently> observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will ontinue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also r¢sponsibl¢ for safeguarding th¢ assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other ]egularItIeS. Approved by order of the board of trustees on .................................,,.......... and signed on its behalf by.. Mr I W Smedley - Trustee Page 6
ort of the Ind endent Auditors to the Trustees f S W Smedl¢ Charitabl¢ Trust Opinion We have audited the fmancial ststements of S W Smedley Charitable Trust (the 'charAty') for the year ended 5 April 2024 which comprise Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has b¢cn applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard applicable in the UK and Republic oflreland (United Kingdom Generally Accepted Accounting Prnctice). In our opinion the fllwicial statsments: give a true and fair view of the state of the charity'5 affairs as at 5 April 2024, and of its incoming resources and application of r¢sources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prnctice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fLwther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with th¢ ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibiliti¢s in accordance with these requirements. We believe that the audit evidence we hav¢ obtained is sufficient and appropriate to provide a basis for our opinion. Coneluslons relatlng to goln£ concern In auditing the financial statements, we have concluded that the trustees, use of the going concern ba8is of accounting in the preparation of the financial statements 15 appropriate. Based on thc work we have perfornied, we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast significant doubt on the charity's ability to ¢ontinue as a going conrKrn for a period of at least twelve month5 from when the financial Statements are authorised for issue. Our responsibilities and th¢ responsibilities of the trustees with respect to 80in8 nCern are described in the relevant s¢¢tion8 of this report. Other informatlon The other inforniation comprises the inforniation included in the trustees, annual report , other than the fmancial statements and our auditor's report thereon. The trustees are responsible for the other inforn)ation. Our opinion on the financial ststements does not cover the other infonnation and we do not express any fonn of assurance conclusion thereon. Our responsibility 1$ to read the other infonnation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If w¢ identify such mat¢rial inconsistencies or apparent material misstatements, we are required to detern]ine whether this gives rise to a material misstat¢m¢nt in the fanCIal statements thcmselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to ryort in this regard. Matters on which we are reqmlred to report by exeeption We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the infonnation given in the fmancial statements is inconsistent in any material respect with the trustees, report. or sufficient accounting records have not been kept. or the financial statements are not in agreem¢nt with the accounting records. or we have not received all the inforniation and explanations we require for our audit. Continued Page 7
Re of the Ind endent Auditors to the Truste¢s of S W Smedle Charitable Trust Responsibilities of trustees As explained more fully in the trustees, responsibilities statement [set out on page 6], the trustees ate responsible for the preparation of fjnancial statements which give a true and fair view, and for such internal control as the tsustses deterniine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees eith intend to liquidate the charity or to ce op¢rations, or have no realistic alternative but to do so. Audltor's responsibilities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the fmancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 18 a high level of 85surance, but ts not a guarantee that an audit conducted in accordan¢e with ISAS (UK) will always detect a material mi55tatement when it exists. Misstat¢ments Can aris¢ from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatsment in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included obtaining an understanding of the legal and regulatory frameworks applicable to the Charity and the sector in which they operat¢. We detennined that the most significant laws and regulations were the Charities Act 2011. We assessed and concluded that the charity's key area was in relation to income recognition. Specific audit tests were undertaken to review this. We asse8s¢d the susceptibility of the charity's financial statements to material misstatemenL including how fraud might occur. Audit procedures by the engagement team included identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. challenging assumptions and judgements made by management in its signifi¢ant accounting estimates; identifying and testing unusual value entries, in particular any entries pogted with unusual account combinations. and assessing the extent of compliance with the rel¢vant laws and regulations. The size of the charity and value of transaction5 indicated a low level of matsrial risk. A further des¢ription of our responsibillties is available on the Financial Reporting Council's website at audi nsibiliti s.This description fornis part of our auditor's report. U(rfour This rewt is ma(k so]ety to the th&ity's In• as aLKMty, in xY(xknwilh Ptht4 ofthechariiies (AcCClts and Rqxftts) Re 2(X)8. Cxw audit w(Jkh&s beth un(kntkn solhatwe rnht sthtetothe ch&1ty'slru5teesthc mattas we to slafr to them in an audit,8 rqxxtand n0 (AherpW1. Tothe filllest eXtentltied by law, we do aSSuMe wbility toanyffle IXILCrth the dwity and Moore Green Statutory Auditor 22 Friars Street Sudbury Suffolk COIO 2AA Date: .. Moore Green is eligible to act as an auditor in terns ofsection 1212 ofihe Companies Aci 2006. Page 8
S W Smedle Charitable Trust Statement of Financial Activities for the Year Ended 5 A ril 2024 5.4.24 Total funds 5.4.23 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 59,145 48,589 Other income 161.438 152.583 Totsl 220,583 201.172 EXPENDITURE ON Portfolio management 15,085 15,052 Governance 24.290 26,171 Management 1,617 1,650 Charilable activities Upkeep of Almshouses Grants 104.754 20.000 79,659 Total 165,746 122,532 Net gain (2023 loss) on investments 236,566 (184,299) NET INCOME I (EXPENDITURE) 291,403 (105,659) Total funds brought forward 5,380,936 5.486,595 TOTAL FUNDS CARRIED FORWARD 5 672,339 5.380.936 CONTINUING OPERATIO]YS All income and expenditure has arisen from continuing activities. Page 9
medl Charitable Trust B lance At eet 5.4.24 Total funds 5.4.23 Total funds Notes FIXED ASSETS Tangible assets Investment5 2.681.836 2,751.024 2.681.836 2.472,550 5,432,860 5,154.386 CURRENT ASSETS Prepayments and accrued income Cash at bank ,144 246,941 116 231,717 248,085 231.833 CREDITORS Amounts falling due within one year (8.606) (5,283) NET CURRENT ASSETS 239 479 226.550 TOTAL ASSETS LESS CURRENT LIABILITIES 5.672,339 5,380,936 NET ASSETS 5 672 339 5 380.936 FUNDS Unrestricted funds 5 672,339 5,380.936 TOTAL FUNDS 5.672,339 5.380.936 The financial stat¢ments w¢re approved by the Board of Trustees on its behalf by- and were signed on Mr I W Smedley -Trustee Page 10
S W Smedle Charitable Trust Notes to the Financial Statements rEnd 5 A ril 2024 ACCOUNTING POLICIES Basis of preparing the flnanelal Statements The financial statements of the charity, which is a public benefit ¢ntity 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 th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 201 l. The financial statements have been prepared under the historical c05t convention with the exception of investments which are included at market value. as modified by the revaluation of certain assets. Income All income is Tecognised in the Ststement 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 reliably. Expendlture Liabilities are r¢cognised as expenditure as soon as there is a legal 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 thc category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accru¢d as expenditure. Taxatlon The charity is exempt from tax on its charitable activities. Page 11
S W Smedle Charitable Trust Notes to the Financial Statements - c for th Year En ed 5 A ril 2024 ntinued ACCOUNTING POLICIES - continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restrict¢d 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 Testricted PUOSes. All the designated fund5 of the Trust are unrestrictsd. Gener81 Fund Thi5 fund is for the day to day running of the Trust and includes income from Weekly Maintenance Contributions and housing benefit and rental income from Age UK who occupy Trust properties in Leamington Spa. The main fund expenditure is the up-keep of the homes in Wisbech and the provision of the Warden. Speclal Repalrs Fund The monies in this fund have been set aside for future major repair / refurbishment of homes. The current suggestcd rates to set aside for properties outside of London are approximately £618 (new units) and £639 (units older than 20 years) per unit for "extraordinary repairs" and £728 (new units) and £1,044 (units older than 20 years) for "cyclical repairs" per annum. Trustees review this account annually to ensure that the fund is on target to meet such commitments and if necessary, transfer extra funds from the general fuTJd. The fund remains above the level required to meet future repair obligations assuming a twenty-year repair cycle. As su¢h no transfer from the general fund was made during the past financial year. Property Fund The freehold property in the property fund comprises land and buildings stated at cost in Wisbech of £2.231,070 and l.eamington Spa £450,766. Pension Costs and other post-retlrement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. INVESTMENT INCOME 5.4.24 5.4.23 Dividends receivable Interest receivable 41.320 41,464 48.589 Page 12
S W Smedle Charitable Trust Notes to th Financial Statements - continued for th Year Ended 5 A ril 2024 RAISING FUNDS Investment management costs 5.4.24 5.4.23 Portfolio management 15.085 15.052 TRUSTEES, REMUNERATION AND BENEFITS There w¢re no trustees, remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. Tru5tees' expenses 5.4.24 5.4.23 Trustees, expenses 784 589 STAFF COSTS Thc average monthly number of employees during the year was as follows: 5.4.24 5.4.23 Warden No employ¢es received emoluments in excess of £60.000. TANGIBLE FIXED ASSETS Freehold property COST At 6 April 2023 Additions 2,681.836 At 5 April 2024 2.681.836 NET BOOK VALUE At 5 April 2024 2 681.836 At 5 April 2023 2681836 Page 13
S W Smedl Charitable Trust Notes lo the Financial Statements- continued for the Year En FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6 April 2023 Additions Disposals Revaluation5 2,472,550 41,908 236 566 At 5 April 2024 2751024 NET BOOK VALUE At 5 April 2024 2.751,024 At 5 April 2023 2 472.550 There were no investment assets outside the UK. The book cost of investments is £1.889,092. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5.4.24 5.4.23 Other creditors MOVEMENT IN FUNDS Net movement Transfers in funds between funds At 6.4.23 At 5,4.24 Unre5trleted funds General Fund Special Repairs Fund Propety Fund 2,295.823 403,277 2681836 245,820 45,583 2,541,643 448,860 2 681.836 5,380,936 291,403 5.672.339 TOTAL FUNDS 5 380 936 291403 5,672 339 Page 14
W Smedle Charitable Trust Notes to the Financial tatements - c f r the Year Ended 5 A Til 20 ntinued MOVEMENT IN FUNDS- contlnued Net movement in funds, includ¢d in thc abov¢ are as follows.. Incoming resources Resources expended Gains and Movement in losses funds Unreslrieted funds General Fund Special Repairs Fund 211,389 9.194 (163.287) 197.718 245.820 45.583 220.583 (165,746) 236,566 291,403 TOTAL FUNDS 220 583 165 746) 236.566 291,403 10. LAND AT37 WEST STREET, WISBECH In 2009 trustees purchased this land to complete the phase two building program. The land was acquired on a 125- year lease with an annual rent of £2,500 subject to review every ten years. GRANTS A grant of £20,000 was made to Age Concern UK Coventry and Warwickshire which will be invested in projects providing hcalth and rare services, tackling loneliness and isolation with befriending service and tackling the same by rebuilding volunteering numbers. Page 15
S W Smedle Charitable Trust Detailed St tement of Financial Activities f r the Year Ended 5 A ril 2024 5.4.24 5.4.23 INCOME AND ENDOWMENTS Investment income Dividends receivable Interest receivable 41.320 17.825 41.464 7.125 59,145 48,589 Other income Housing benefit Monthly maintenance income Leamington Spa rents 26.356 115.082 20,000 23,788 108.675 20,120 161438 152,583 Total Incomlng resources 220,583 201,172 EXPENDITURE Investment management costs Portfolio management 15,085 15,052 Charitable activitl¢s Wages Pensions Council tax l Rates Insurance Electricity Telephone Property management commission Gas Repairs and Maintenance Lease 37 West Str¢eA Residents, alarnis Christmas vouchers and party Grants 28.539 1.630 544 4,938 4,491 1,744 1,920 936 44,672 2,500 11,160 1,680 20.000 29.941 1.841 1,309 4.343 3.662 ,299 1,644 720 29,051 2,500 1,989 1,360 124,754 79,659 Support eosts Management Trustees, expenses Sundry Subscriptions 784 191 642 589 668 393 1.617 1,650 This page does not forni part of the statutory financial ststements Page 16
S W Smedle Charitable Trust Detailed Statement of Financial Activitie f they End ril 2024 5.4.24 5.4.23 Governanee costs Auditors, remuneration Accountancy and secretarial Legal fees 3,480 19.240 1,570 3,240 18.327 4.604 24.290 26.171 Total resources expended 165,746 122,532 Net income 54.837 78,640 This page does not forni part of the statutory financial statements Page17