REGISTERED CHARITY NUMBER: 247231
Report of the Trustees and Financial Statements for the Year Ended 5 April 2025 for S W Smedley Charitable Trust
S W Smedley Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2025
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|Page|
|Epitome|l|
|Report|of the|Trustees|2|to|6|
|Report|of the|Independent|Auditors|7|to|8|
|Statement|of Financial|Activities|9|
|Balance|Sheet|10|
|Notes|to|the|Financial|Statements|11|to|15|
|Detailed|Statement|of Financial|Activities|16|to|17|
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S W Smedley Charitable Trust
Epitome for the Year Ended 5 April 2025
Samuel Wallace Smedley died on 27th December 1958.
Under the terms of his Will he devised and bequeathed his residuary estate (subject to a life interest 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 given to those districts in which the testator had been engaged in the fruit growing business, 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 residuary 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 were 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 charitable 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 2011. The last remaining bungalow, 24 Trinity Close, was sold on 14th May 2015. In 1993 and 1994 the trustees purchased two cottages in Ston Easton, Bath. The trustees sold Woodside Cottage in May 2003 and Rounder Cottage in February 2005.
In 2001 the trustees purchased two properties, No's. 8 & 10 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 Fund 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 2011, 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 budget, on the development 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 was completed in December 2018.
During 2023 a common area in Phase II block of flats was made into an extra flat and is now occupied.
The residuary trust has been registered as a charitable trust under the Charities Act 1960 and has been allocated the number 247231.
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S_W Smedley Charitable Trust
Report of the Trustees
for the Year Ended 5 April 2025
The trustees present their report together with the audited financial statements of the Charity for the year ended 5th April 2025. The trustees confirm that the annual report and financial statements comply with statutory requirements of the Trust's governing document and the provisions ofthe Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are the relief, either generally or individually, of elderly and/or disabled persons who are in conditions of need, hardship or distress.
There were no changes to the objectives of the charity during the year under review.
Significant activities
The Trust has provided accommodation in homes in Wisbech for elderly and deserving persons.
Public benefit The Trustees have had due regard to guidance published by the Charity Commission on public benefit and are satisfied that the Trust meets all the relevant criteria.
Progress and overview of charity
The Charity has been responsible for maintaining the following homes and residents during the year:
5th April 2025 5th April 2024 Homes Residents Homes Residents Wisbech 31 30 31 34
The costs of maintaining the above homes are more particularly identified in the annual accounts. This Charity also owns properties in Warwickshire for the use of Age UK Coventry & Warwickshire (AUKCW), for which a rental income is received. AUKCW provide a wide range of facilities for local aged and needy persons.
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Report of the Trustees for the Year Ended 5 April 2025
ACHIEVEMENT AND PERFORMANCE
Charitable activities
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 approximately 95% for the year.
The safety and security for all residents in the reporting period was again constantly under review.
The Trust plans in the coming year:
To continue to ensure 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;
Funding of charity and financial position
Funding
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.
Financial transactions and financial position of the chari
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. They also report that the Special Repair Fund have adequate resources to provide monies 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 2025) to the date of this report.
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S_W Smedley Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
ACHIEVEMENT AND PERFORMANCE
Investment performance
The Trust's portfolio gained 0.9% over the period 6th April 2024 to Sth April 2025 which compares with a benchmark gain of 0.5%.
| Period | Portfolio | % | Benchmark | % | ||
|---|---|---|---|---|---|---|
| 06.04.19 | - | 05.04.20 | -9.6 | -11.5 | ||
| 06.04.20 06.04.21 |
- - |
05.04.21 05.04.22 |
27.4 6.2 |
22.0 6.8 |
||
| 06.04.22 | - | 05.04.23 | -4.6 | -4.6 | ||
| 06.04.23 06.04.24— |
—05.04.24 —05.04.25 |
05.04.24 05.04.25 |
11.7 0.5 |
11.3 0.9 |
Investments are managed by Quilter Cheviot 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 / capital over the long term, a balanced mandate with a moderate attitude to risk. The performance of the portfolio is measured against 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
Governing document
The basis for the Trust to the 27th April 1998 was 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).
Organisational structure and decision 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 Chairman 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 term 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 constant review and if a trustee retires or an additional new trustee is required, the trustees use their professional and personal contacts to recruit the new trustee. Any prospective trustee is always invited to a full Trustees’ meeting.
On election, a new trustee is given a welcome pack which includes a brief history of the Trust, copy of most recent 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.
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S 'W Smedley Charitable Trust
Report of the Trustees
for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 247231
Principal address
la Lewis Road Radford Semele Leamington Spa CV31 1UB
Trustees
Ms C F Smedley (appointed to 13.11.29) Mr D D Salmon (appointed to 12.07.27) Mrs E Morris (appointed to 12.07.27) MrI W Smedley (appointed to 12.07.27) Mr R J Booty (appointed to 13.11.29)
Auditors
Moore Green 22 Friars Street Sudbury Suffolk CO10 2AA
Solicitors
Fraser Dawbarns 1-3 York Row Wisbech Cambs PE13 1EA
Relevant Organisations
Reeves & Partners Ltd Chartered Surveyors and Commercial Property Consultants 2 Euston Place Leamington Spa Warwickshire CV32 4LE
Boldero & Co. Chartered Accountants The Bircham Centre The Market Place Reepham Norwich NR10 4JJ
Messrs. Grout & Judge Insurance Brokers Selsdon House, 212 — 220 Addington Road South Croydon London CR2 8LD
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S W Smedley Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Relevant Organisations (cont.)
Lloyds Bank
16 Gentleman's Walk Norwich NR2 1LZ
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 Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, 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 continue 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 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Approved by order of the board of trustees on [G-- Novf -Zoe82D and signed on its, behalf by:
Tor seed
Mr I W Smedley - Trustee =
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Report of the Independent Auditors to the Trustees of SW Smedley Charitable Trust
Opinion
We have audited the financial statements of S W Smedley Charitable Trust (the ‘charity’) for the year ended 5 April 2025 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 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ofIreland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
-
In our opinion the financial statements:
-
e — give a true and fair view of the state of the charity’s affairs as at 5 April 2025, and of its incoming resources and application of resources, for the year then ended;
-
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
e have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further 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 the 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
e the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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e the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
-
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
- We have nothing to report in this regard. Matters on which we are required to report by exception
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:
- e _ the information given in the financial statements is inconsistent in any material respect with the trustees’ report: or
e — sufficient accounting records have not been kept; or
- e the financial statements are not in agreement with the accounting records: or e we have not received all the information and explanations we require for our audit.
[continued ...]
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Report of the Independent Auditors to the Trustees of SW Smedley Charitable Trust
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement [set out on page 6], the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine 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 either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial 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 is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise 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 misstatement 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 operate. We determined 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 assessed the susceptibility of the charity’s financial statements to material misstatement, 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 the management in its significant accounting estimates; identifying and testing unusual value entries, in particular any entries posted with unusual account combinations; and assessing the extent of compliance with the relevant laws and regulations. The size of the charity and value of transactions indicated a low level of material risk.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. MooreStatutory GreenAuditor Pyf\ pr — Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 22 Friars Street Sudbury Suffolk CO10 2AA Dates enc 9)KALI bur Jotc Moore Green is eligible to act as an auditor in terms ofsection 1212 ofthe Companies Act 2006.
Page 8
S_W Smedley Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2025
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|||||||||
|---|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|Total|funds|Total|funds|
|Notes|£|£|
|INCOME|AND ENDOWMENTS FROM|
|Investment income|2|69,593|59,145|
|Other income|162,803|161,438|
|Total|232,396|220,583|
|EXPENDITURE|ON|
|Portfolio management|3|17,372|15,085|
|Governance|24,400|24,290|
|Management|1,751|1,617|
|Charitable|activities|
|Upkeep|of|Almshouses|127,094|104,754|
|Grants|22,500|20,000|
|Total|193,117|165,746|
|Net|loss|(2024|-|gain) on|investments|(49,198)|236,566|
|NET (EXPENDITURE)|/ INCOME|(9,919)|291,403|
|Total|funds|brought|forward|5,672,339|5,380,936|
|TOTAL FUNDS CARRIED FORWARD|_ 5,662,420|_5,672,339|
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CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
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SW Smedley Charitable Trust
Balance Sheet
At 5 April 2025
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||||||
|---|---|---|---|---|
|5.4.25|5.4.24|
|Total|funds|Total|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|6|2,681,836|2,681,836|
|Investments|7|2,927,418|2,751,024|
|5,609,254|5,432,860|
|CURRENT|ASSETS|
|Prepayments|and accrued|income|399|1,144|
|Cash|at bank|70,078|246,941|
|70,477|248,085|
|CREDITORS|
|Amounts|falling due within one year|8|(17,311)|(8,606)|
|NET CURRENT ASSETS|53,166|239,479|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|5,662,420|5,672,339|
|NET ASSETS|5,662,420|5,672,339|
|FUNDS|9|
|Unrestricted|funds|5,662,420|_5,672,339|
|TOTAL FUNDS|5,662,420|_5,672,339|
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- OZ The financial statements were approved by the Board of Trustees on Li- peMM OZ S$. and were signed‘ on its behalf by:
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Mr I W Smedley -Trustee
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S W Smedley Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025
- 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 1 January 2019), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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 value, as modified by the revaluation of certain assets.
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 reliably.
Expenditure
Liabilities are recognised 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 classitied under headings that aggregate all cost related to the 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 accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Trust Properties
The flats in Wisbech are properties available to residents in return for a weekly maintenance contribution.
The property in Leamington is leased to Age Concern Coventry and Warwickshire (ACCW) who provide health and care services to the elderly. Whilst the Trust received a gross rental income of £20,000 (2024 - £20,000) this is offset by grants awarded to ACCW - £22,500 in the current year and £20,000 in the previous year.
Trustees consider that the activities in the properties at Wisbech and Leamington are fully aligned with the objects of the Trust and as such are held at cost and regularly reviewed for impairment.
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S_W Smedley Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- ACCOUNTING POLICIES- continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
All the designated funds of the Trust are unrestricted.
General Fund
This 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.
Special Repairs Fund
The monies in this fund have been set aside for future major repair / refurbishment of homes. The current suggested rates to set aside for properties outside of London are approximately £631 (new units) and £652 (units older than 20 years) per unit for "extraordinary repairs" and £743 (new units) and £1,066 (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 fund.
The fund remains above the level required to meet future repair obligations assuming a twenty-year repair cycle. As such 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 Leamington Spa £450,766.
Pension costs and other post-retirement 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
| 5.4.25 | 5.4.24 | |
|---|---|---|
| £ | £ | |
| Dividends receivable | 38,818 | 41,320 |
| Interestreceivable | 30,775 | 17,825 |
| 69,593 | 59,145 |
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SW Smedley Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- RAISING FUNDS
Investment management costs
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|---|---|---|
|5.4.25|5.4.24|
|Portfolio|£|£|
|management|17,372|15,085|
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4, TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
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||||||||
|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Trustees'|expenses|1,068|784|
|5.|STAFF|COSTS|
|The|average|monthly number of employees|during|the year was|as|follows:|
|5.4.25|5.4.24|
|Warden|2|—2|
|No|employees|received|emoluments|in|excess|of £60,000.|
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||||||
|---|---|---|---|---|
|6.|TANGIBLE|FIXED|ASSETS|
|Freehold|
|property|
|£|
|COST|
|At|6|April|2024|2,681,836|
|Additions|ee|
|At|5|April 2025|_2,681,836|
|NET|BOOK VALUE|
|At|5|April 2025|_2,681,836|
|At|5|April 2024|2,681,836|
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S_W Smedley Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
7, FIXED ASSET INVESTMENTS
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|||||
|---|---|---|---|
|Listed|
|investments|
|MARKET|VALUE|£|
|At 6 April 2024|2,751,024|
|Additions|225,592|
|Disposals|.|
|Revaluations|(49,198)|
|At|5|April 2025|2,927,418|
|NET BOOK VALUE|
|At|5|April 2025|2,927,418|
|At|5|April 2024|2,751,024|
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There were no investment assets outside the UK. The book cost of investments is £2,078,288.
- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|||||||||
|---|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Other|creditors|17,311|8,606|
|MOVEMENT|IN|FUNDS|
|Net movement|Transfers|
|At|6.4.24|in|funds|between|funds|At|5.4.25|
|£|£|£|£|
|Unrestricted|funds|
|General|Fund|2,541,643|(10,678)|-|2,530,965|
|Special|Repairs Fund|448,860|759|-|449,619|
|Property|Fund|2,681,836|-|-|2,681,836|
|5,672,339|(9,919)|-|5,662,420|
|TOTAL FUNDS FUNDS|5,672,339|(9,919)|_———-|~—_5,662,420|
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9, MOVEMENT IN FUNDS
TOTAL FUNDS FUNDS
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S W Smedley Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|£|£|
|Unrestricted|funds|
|General Fund|221,760|(190,368)|(42,070)|(10,678)|
|Special|Repairs Fund|10,636|(2,749)|(7,128)|759|
|232,396|(193,117)|(49,198)|(9,919)|
|TOTAL FUNDS|232,396|(193,117)|(49,198)|(9,919)|
----- End of picture text -----
- LAND AT 37 WEST STREET, WISBECH
In 2009 trustees purchased this land to complete the phase two building program. The land was acquired on a 125year lease with an annual rent of £2,500 subject to review every ten years.
- GRANTS
A grant of £22,500 was made to Age Concern UK Coventry and Warwickshire which will be invested in projects providing health and care services, tackling loneliness and isolation with befriending service and tackling the same by rebuilding volunteering numbers.
Page 15
S_W Smedley Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
| 5.4.25 | 5.4.24 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Dividends receivable Interestreceivable |
38,818 30,775 |
41,320 17,825 |
| 69,593 | 59,145 | |
| Other income | ||
| Housing benefit Monthly maintenance income Leamington Sparents |
34,087 108,716 20,000 |
26,356 115,082 20,000 |
| 162,803 | 161,438 | |
| Total incoming resources | 232,396 | 220,583 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfoliomanagement | 17,372 | 15,085 |
| Charitable activities | ||
| Wages | 31,403 | 28,539 |
| Pensions | 1,835 | 1,630 |
| Council tax / Rates | 1,394 | 544 |
| Insurance | 4,218 | 4,938 |
| Electricity | 3,884 | 4,491 |
| Telephone | 2,353 | 1,744 |
| Property management commission | 1,930 | 1,920 |
| Gas | 705 | 936 |
| Repairs and maintenance | 71,661 | 44,672 |
| Lease 37 West Street | 2,500 | 2,500 |
| Residents’ alarms | 3,792 | 11,160 |
| Christmas vouchers and party | 1,419 | 1,680 |
| Grants | 22,500 | 20,000 |
| 149,594 | 124,754 | |
| Support costs | ||
| Management | ||
| Trustees’ expenses | 1,068 | 784 |
| Sundry | 35 | 191 |
| Subscriptions | 648 | ___642 |
| 1,751 | 1,617 |
This page does not form part of the statutory financial statements
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S W Smedley Charitable Trust
-"
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
| 5.4.25 | 5.4.24 | |
|---|---|---|
| £ | £ | |
| Governance costs | ||
| Auditors' remuneration | 5,160 | 3,480 |
| Accountancy and secretarial Legal fees |
19,240 - |
19,240 1,570 |
| 24,400 | 24,290 | |
| Total resources expended | 193,117 | 165,746 |
| Netincome | 39,279 | 54,837 |
Total resources expended
Net income
This page does not form part of the statutory financial statements
Page 17