REGISTERED CHARITY NUMBER: 263814
Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2025
for The S M B Trust
The S M B Trust
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Report of the Independent Auditors | 6 to 9 |
| Statement of Financial Activities | 10 |
| Statement of Financial Position | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 to 24 |
| Detailed Statement of Financial Activities | 25 |
The S M B Trust
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objects of the trust are to make grants and donations for such charitable purposes as the trustees in their discretion think fit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity's aim is to benefit those in need, spiritually, physically or mentally by distributing income throughout the world as outlined in the Grant Making Policy.
Grantmaking
The trustees make regular grants to a large number of "core" United Kingdom charities and have done so for many years, some having been selected by the trust's founder. They consider that this is the most effective way to support charities which meet the aims of the trust and whilst not making any guarantees to charities supported, the treasurer of such organisations can expect funding usually on an annual basis.
In addition, the trustees receive many requests for grants that are considered on an individual basis by the trustees. It is clearly impossible for all but a small minority of the requests to be met even if considered to meet the trust's requirements. Each grant application is subjected to a rigorous due diligence process and although the trust deed gives wide powers so far as grants are concerned, the trustees generally:
1 Only give grants through UK registered charities. If an individual applies and is supported by a charity then a grant may be made through that charity.
2 Make a standard grant of between £1,000 and £4,000 although this can, and does, vary.
3 Take account of the founder's preferences.
4 Give to United Kingdom charities which meet one of the following criteria:
a) Support the Christian faith;
b) Provide social care in the UK and abroad;
c) Provide famine/emergency aid;
d) Protect the environment and wildlife;
e) Support education or medical research;
f) Alleviation of poverty.
ACHIEVEMENTS AND PERFORMANCE
The SMB Trust has continued to support a variety of different causes and also to continue to support charities with which it has had links for many years. The "regular" grant list has been reviewed during the year and some additional charities added and the amounts to some existing charities increased. During the year, these grants totalled £395,700 (2024: £374,900). Confirmation of receipt of funds is always requested from the grant recipients who often report on the various charitable works undertaken.
In addition the trust used a number of investment properties to support charitable causes by accepting a rate of return, in the form of rent, which was lower than that available in the market.
At each meeting the performance of the investments are reviewed and queries are raised with the Investment Manager about any under performing stocks. The Investment Manager also monitors performance and telephones the trustees if they have concerns.
To maintain the Objectives and Activities of SMB the Trust is dependent on a continuing flow of income from investments held. The trustees have little control as to the level of this income which is dependent on market returns both from the investment portfolio and the occupancy of the properties held.
Page 1
The S M B Trust
Report of the Trustees for the Year Ended 31 March 2025
FINANCIAL REVIEW
Financial position
The trust's investments (other than land and buildings) were valued at 31 March 2025 at £4,852,119 (2024:£4,986,325) with a cost of £2,135,735 (2024: £2,055,325).
Investment properties were valued at £13,980,658 at 31 March 2025 (2024: £8,441,685 after reclassification of fixed assets of £1,758,588).
The income from the investments and properties owned by the trust funds the work of the charity and there is no additional fund raising.
There are no restrictions on the power of the trustees to invest and the principles of investment, reviewed annually, are:
-
To at least maintain, in real terms, the income available each year for making grants;
-
To obtain long-term capital growth to match or exceed the rate of inflation and not to seek short-term gains but maintain a prudent management style;
-
To hold a portfolio of investments both in equities and fixed interest stocks as well as properties both residential and commercial;
-
To spread the funds over a wide area to reduce the risk of capital loss although the aim of the trustees is to obtain the best available returns to enable grants to be made.
-
To invest in ways consistent with the Christian ethos of the charity. Generally speaking this means that the trustees do not knowingly invest in companies whose activities would have a detrimental effect on social, environmental or moral wellbeing.
-
The proportions invested in equities, fixed interest stocks and properties will vary depending on market conditions and the advice received from the Trust's Investment Manager.
The trustees will consider a reduction in any holding in excess of 8% of the total equity investment unless a reasoned case can be made for exceeding this proportion. The value of the equity portfolio at 31 March 2025 stands at 26% (2024: 37%) of fixed assets.
Reserves policy
The trust has no other source of income other than that generated by its investments. The trustees have decided that in order to ensure that the work of the trust, as laid down in the trust deed, can continue in the future they need to aim for the value of the fund, and hence the amount available for future charitable giving, increasing by at least the rate of inflation each year.
Although the trustees endeavour to support a number of charities on a regular, normally annual, basis this has not been agreed with any charity and is therefore not a guaranteed commitment. It is also noted that the trust is not an employer with the long-term financial responsibilities that involves, nor does it have commitments for the payment of rent or other overheads.
The trustees do not, therefore, consider it necessary to consider any funds as "reserve funds". They are, however, very aware of the need to retain sufficient investments in order that the trust may continue to serve the purpose for which it was set up.
FUTURE PLANS
The trustees intend to continue to seek to maximise income from investments in order to at least maintain, if not increase, the level of grants to charities. They are prepared to consider opportunities to assist charities by providing loans, accommodation and investment capital at below market rates. The trustees continue to monitor the situation both with regard to their grant making and investment decisions but have decided to take no action at present.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The trust is constituted under a trust deed dated 20 November 1962.
Page 2
The S M B Trust
Report of the Trustees for the Year Ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
Potential new trustees are generally people known to one or more of the existing trustees who have an area of expertise to offer the trust and who have sympathy with its aims and objectives. If all the trustees are in unanimous agreement, the potential trustee is approached and, if interested, invited to attend a meeting, as an observer in the first instance. After appointment, new trustees learn more about the trust's work and, when appropriate, are given an area of responsibility in the running of the trust.
The trustees normally meet four times a year, but retain the flexibility to meet more often as occasion demands. All decisions are recorded in the minutes. From time to time the trustees are in informal contact by email regarding, for example, investment or property maintenance matters, and any decisions are confirmed and recorded at the next formal meeting. At each meeting the trustees review the performance of the investment portfolio from valuations supplied by the Investment Manager. Telephone advice is obtained where appropriate and any changes agreed. At each meeting the trustees confirm regular grants and approve new grants if funds are available.
No remuneration is paid to any of the trustees. Expenses incurred on behalf of the trust are reimbursed.
Risk management
The trustees have reviewed the risks to which they consider the trust to be susceptible. The trustees take professional advice on the maintenance and letting of the investment properties where required. The amount expended on property and administration is small in relation to total income. The trustees therefore feel that the risk of not being able to meet the charity's obligations is negligible.
The investment portfolio is regularly reviewed and advice taken from the trust's Investment Manager when required. Buildings insurance is updated annually to reflect current values and advice taken from the insurance broker when required.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
263814
Principal address
483 Green Lanes London N13 4BS
Trustees
A J Wheeler Chair B M O'Driscoll (resigned 7.9.25) I A P Wilson G T C Hardy (appointed 16.5.25)
Auditors
Peter Hodgson & Co. Ltd. (Statutory Auditor) Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW
Page 3
The S M B Trust
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS Solicitors
Thomson Snell & Passmore Heathervale House 2-4 Vale Avenue Tunbridge Wells Kent0 TN1 1DJ
Advisors
Property Agents
Lubbock Property Management The Old Vicarage 107 Upper Tulse Hill London SW2 2RD
Bracketts 27-29 High Street Tunbridge Wells Kent TN1 1UU
Investment Managers
Fiske Plc 100 Wood Street London EC2V 7AN
Bankers
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA
Page 4
The S M B Trust
Report of the Trustees for the Year Ended 31 March 2025
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 and The Charity (Accounts and Reports) Regulations 2008. 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.
Approved by order of the board of trustees on 22[nd] January 2026 and signed on its behalf by:
A J Wheeler Chair - Trustee
Page 5
Report of the Independent Auditors to the Trustees of The S M B Trust
Opinion
We have audited the financial statements of The S M B Trust (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
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 Auditors' 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
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 6
Report of the Independent Auditors to the Trustees of The S M B Trust
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the 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.
Page 7
Report of the Independent Auditors to the Trustees of The S M B Trust
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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:
The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the trustees and those charged with governance of the charity.
Our approach was as follows:
-
we obtained an understanding of the legal and regulatory requirements applicable to the charity.
-
we obtained an understanding of how the charity complies with these requirements through discussion with management and those charged with governance.
-
we assessed the risk of material misstatement in the financial statements through discussions with management and those charged with governance. - we enquired of the trustees and those charged with governance of any known instances of non compliance with legal and regulatory requirements.
-
based on this understanding, we designed specific and appropriate audit procedures to identify instances of non compliance to include discussions and obtaining additional corroborative evidence.
As part of the audit in accordance with ISAs (UK) we exercised professional judgement and scepticism throughout the audit. In addition, we also:
-
identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures consistent with those risks and obtained sufficient and relevant audit evidence to support and provide a basis for our opinion. The risk of misstatement from fraud is invariably higher than one resulting from error as fraud may involve collusion or intentional omissions and misrepresentations to override the systems of internal control.
-
obtained an understanding of the internal controls relevant to the audit and designed
audit procedures and tests that were appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal controls.
-
evaluated the appropriateness of the accounting policies used and the reasonableness of any accounting estimates and disclosures used and made by the trustees.
-
assessed the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether any material uncertainty existed that may have cast doubt on the charity's ability to continue as a going concern.
-
evaluated the overall presentation, structure and content of the financial statements including disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieved a fair presentation of the results for the period and the financial standing of the company at the period end.
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 Report of the Independent Auditors.
Page 8
Report of the Independent Auditors to the Trustees of The S M B Trust
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 auditors' 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.
Peter Hodgson & Co. Ltd. (Statutory Auditor) Chartered Accountants Shadwell House 65 Lower Green Road Tunbridge Wells Kent TN4 8TW Date: 22[nd] January 2026
Page 9
The S M B Trust
Statement of Financial Activities
for the Year Ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Administration costs Other Total Realised gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 5,700,933 151,913 396,333 6,400 554,646 190,954 5,337,241 13,735,609 19,072,850 |
Restricted fund £ - - - - - - - - - |
2025 Total funds £ 5,700,933 151,913 396,333 6,400 554,646 190,954 5,337,241 13,735,609 19,072,850 |
2024 Total funds £ 968,526 142,368 378,427 7,200 527,995 419,267 859,798 12,875,811 13,735,609 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
The S M B Trust
Statement of Financial Position
31 March 2025
| Notes FIXED ASSETS Investments Investments - listed 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 4,852,119 13,980,658 18,832,777 64,037 206,667 270,704 (30,631) 240,073 19,072,850 19,072,850 |
Restricted fund £ - - - - - - - - - - |
2025 Total funds £ 4,852,119 13,980,658 18,832,777 64,037 206,667 270,704 (30,631) 240,073 19,072,850 19,072,850 19,072,850 19,072,850 |
2024 Total funds £ 4,986,325 8,441,685 13,428,010 66,903 271,766 338,669 (31,070) 307,599 13,735,609 13,735,609 13,735,609 13,735,609 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22[nd] January 2026 and were signed on its behalf by:
A J Wheeler Chair - Trustee
I A P Wilson - Trustee
The notes form part of these financial statements
Page 11
The S M B Trust
| Statement of Cash Flows for the Year Ended 31 March 2025 2025 Notes £ Cash flows from operating activities Cash generated from operations 1 9,218 Net cash provided by operating activities 9,218 Cash flows from investing activities Purchase of listed investments (162,768) Purchase of investment property (312,077) Sale of listed investments 260,528 Sale of investment property - Other investment movements 140,000 Net cash used in investing activities (74,317) Change in cash and cash equivalents in the reporting period (65,099) Cash and cash equivalents at the beginning of the reporting period 271,766 Cash and cash equivalents at the end of the reporting period 206,667 |
2024 £ 454,488 454,488 (392,377) (666,008) 364,446 200,007 - (493,932) (39,444) 311,210 271,766 |
|---|---|
The notes form part of these financial statements
Page 12
The S M B Trust
Notes to the Statement of Cash Flows for the Year Ended 31 March 2025
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2025 £ Net income for the reporting period (as per the Statement of Financial Activities) 5,337,241 Adjustments for: Recognised gains on investments (5,330,510) Decrease/(increase) in debtors 2,866 (Decrease)/increase in creditors (379) Net cash provided by operations 9,218 |
2024 £ 859,798 (397,878) (16,221) 8,789 454,488 |
|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.24 | Cash flow | At 31.3.25 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 271,766 | (65,099) | 206,667 |
| 271,766 | (65,099) | 206,667 | |
| Total | 271,766 | (65,099) | 206,667 |
The notes form part of these financial statements
Page 13
The S M B Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The accounts have been prepared in accordance with the charity's deed, the Charities Act 2011 and the Statement of Recommended Practice - 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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
The principal accounting policies adopted are set out below.
Changes in accounting policies
There have been no changes in the accounting policies adopted by the charity during the year.
Incoming resources
Income is recognised when the charity is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably. This is usually upon notification the interest paid by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Rent receivable is accounted for when receivable.
Resources expended
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.
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.
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings are shown at trustees' market valuation as the trustees believe this is required to give a true and fair valuation.
continued...
Page 14
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
No depreciation is charged on freehold buildings because the trustees consider the useful lives of the buildings will be in excess of fifty years and they will have high residual values. The buildings are regularly maintained. Provision will be made should any annual impairment review indicate that a permanent diminution in value has occurred.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Taxation
The charity is exempt from tax on its charitable activities.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
continued...
Page 15
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES - continued
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2. INVESTMENT INCOME
| Rents received Income from listed investments Deposit account interest Change in market value of investments & investment properties |
2025 £ 522,131 148,800 9,189 5,020,813 5,700,933 |
2024 £ 473,118 172,239 14,664 308,505 |
|---|---|---|
| 968,526 |
3.
RAISING FUNDS
Costs of generating investment income
| Property repairs Management & commission Insurances Rates & water Sundry property costs |
2025 £ 78,566 55,279 15,396 353 2,319 151,913 |
2024 £ 82,601 36,684 20,786 1,593 704 |
|---|---|---|
| 142,368 |
4.
CHARITABLE ACTIVITIES COSTS
| Administration costs 5. GRANTS PAYABLE Administration costs |
Grant funding of activities (see note 5) £ 395,700 |
Support costs (see note 6) £ 633 2025 £ 395,700 |
Totals £ 396,333 |
|---|---|---|---|
| 2024 £ 374,900 |
continued...
Page 16
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
6. SUPPORT COSTS
| 6. | SUPPORT COSTS | |||||
|---|---|---|---|---|---|---|
| Governance | ||||||
| Finance | Other | costs | Totals | |||
| £ | £ | £ | £ | |||
| Other resources expended | - | - | 6,400 | 6,400 | ||
| Administration costs | 167 | 343 | 123 | 633 | ||
| 167 | 343 | 6,523 | 7,033 | |||
| 7. | TRUSTEES' REMUNERATION AND BENEFITS | |||||
| There were no trustees' remuneration or other benefits for the | year ended 31 March | 2025 nor for | the year ended | |||
| 31 March 2024. | ||||||
| Trustees' expenses | ||||||
| Expenses reimbursed to trustees in the year amounted to £nil | (2024 : £134). | |||||
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||||
| Unrestricted | Restricted | Total |
||||
| fund | fund | funds | ||||
| £ | £ | £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Investment income | 968,526 | - | 968,526 | |||
| EXPENDITURE ON | ||||||
| Raising funds | 142,368 | - | 142,368 | |||
| Charitable activities | ||||||
| Administration costs | 378,427 | - | 378,427 | |||
| Other | 7,200 | - | 7,200 | |||
| Total | 527,995 | - | 527,995 | |||
| Net gains on investments | 419,267 | - | 419,267 | |||
| NET INCOME | 859,798 | - | 859,798 | |||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 12,875,811 | - | 12,875,811 | |||
| TOTAL FUNDS CARRIED FORWARD | 13,735,609 | - | 13,735,609 |
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
continued...
Page 17
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2024 Additions Disposals Change in market value Cash withdrawn At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets held outside the UK. Cost or valuation at 31 March 2025 is represented by: Valuation in 2023 Valuation in 2024 Valuation in 2025 |
Listed investments £ 4,986,325 162,768 (69,574) (127,400) (100,000) 4,852,119 4,852,119 4,986,325 Listed investments £ 4,643,296 303,029 (94,206) 4,852,119 |
|---|---|
Fixed asset investments revalued
The fixed asset investments comprise listed investments having a cost at 31 March 2025 of £2,135,735 (2024: 2,055,325).
10. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2024 Additions Revaluation adjustment At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
£ 8,441,685 312,077 5,226,896 |
|---|---|
| 13,980,658 | |
| 13,980,658 | |
| 8,441,685 |
Investment property comprises various freehold properties around the UK which are held to generate a return to further the charity's objectives. The fair value of the investment property has been arrived at on the basis of annual revaluations carried out by the trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and appropriate house price indices. No professional valuation has taken place as the trustees do not feel this to be the best use of charitable funds.
continued...
Page 18
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
10. INVESTMENT PROPERTY - continued
The title to all the freehold land and buildings is held by the Official Custodian for Charities. The primary advantage of vesting land in this way is that it avoids having to change details of the ownership whenever there is a change of trustees in the charity.
Properties previously treated as fixed assets were reclassified as investment properties in the year.
Fair value at 31 March 2025 is represented by:
| Valuation in 2023 Valuation in 2024 Valuation in 2025 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade & other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals & deferred income 13. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 13,735,609 TOTAL FUNDS 13,735,609 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 5,700,933 (554,646) TOTAL FUNDS 5,700,933 (554,646) |
2025 £ 64,037 2025 £ 30,631 Net movement in funds £ 5,337,241 5,337,241 Gains and losses £ 190,954 190,954 |
£ 6,134,316 2,307,369 5,538,973 13,980,658 2024 £ 66,903 2024 £ 31,070 At 31.3.25 £ 19,072,850 19,072,850 Movement in funds £ 5,337,241 5,337,241 |
||
|---|---|---|---|---|
continued...
Page 19
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 12,875,811 12,875,811 |
Net movement in funds £ 859,798 859,798 |
At 31.3.24 £ 13,735,609 |
|---|---|---|---|
| 13,735,609 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 968,526 968,526 |
Resources expended £ (527,995) (527,995) |
Gains and Movement losses in funds £ £ 419,267 859,798 419,267 859,798 |
Gains and Movement losses in funds £ £ 419,267 859,798 419,267 859,798 |
|---|---|---|---|---|
| 859,798 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 12,875,811 12,875,811 |
Net movement in funds £ 6,197,039 6,197,039 |
At 31.3.25 £ 19,072,850 |
|---|---|---|---|
| 19,072,850 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 6,669,459 6,669,459 |
Resources expended £ (1,082,641) (1,082,641) |
Gains and losses £ 610,221 610,221 |
Movement in funds £ 6,197,039 |
|---|---|---|---|---|
| 6,197,039 |
continued...
Page 20
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
14. RELATED PARTY DISCLOSURES
There were no disclosable related party transactions during the year (2024: none).
15. CHARITABLE DONATIONS
The charily made the following donations during the year:
£1,000 - Girls Brigade £1,000 - PHAB £1,000 - Boys Brigade £1,000 - See Ability (Royal School for the Blind) £1,000 - Listening Books £1,000 - Outreach UK £1,000 - Prickles £1,000 - Ark of Hope Foundation for all Nations £1,000 - Kids for Kids £1,000 - Deaf Choices UK £1,000 - Empathy International £1,000 - Friends of Downe Activity Centre £1,000 - ITSA Digital Trust £1,000 - Liquid Listening £1,000 - Mission Rwentobo £1,000 - All Saints Canterbury £1,000 - St Aldhelm's £1,000 - Transform Burkina £1,000 - North Norfolk Community Transport £1,000 - ReachAcross (UK) £1,200 - Leonard Cheshire Disability £1,500 - St John's Ambulance £1,500 - Action For Children £1,500 - Fisherman's Mission £1,500 - Compaid £1,500 - Good News for Everyone £1,500 - Universities & Colleges Christian Fellowship £1,500 - Moorlands Bible College £1,500 - World Wildlife Fund £1,500 - Treloar Trust £1,500 - West Kent Debt Advice £1,500 - Elam £1,500 - Medivac Frontline £1,500 - Our Only World £1,500 - The Children's Adventure Farm Trust £1,500 - Arthur Rank Centre £1,500 - Santa Maria Foundation £1,500 - Arukah Network £1,500 - Welcome Churches £1,500 - Azuko £1,500 - Amuka Foundation £1,500 - Crackerjacks Childrens Trust £1,500 - Dressability £1,500 - Raising Futures Kenya £1,500 - The Sofa Project £1,500 - The Recovery Course £1,500 - Eating Matters £1,500 - Elam Ministries £1,500 - Rural Coffee Caravan £1,500 - Sara Lee Trust £1,500 - Stubs Ltd
continued...
Page 21
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
15. CHARITABLE DONATIONS - continued
£1,500 - CLAPA £1,500 - Kids Club Kampala £1,500 - Farnworth Baptist Church £1,500 - Parish Nursing Ministries £1,500 - Starfish Asia £1,500 - The Country Food Trust £1,500 - Oriel Ministries £1,500 - In Touch / Kids United £2,000 - Renew Counselling £2,000 - Air Ambulance - Kent, Sussex & Surrey £2,000 - Wycliffe UK Ltd £2,000 - Field Lane Foundation £2,000 - Urban Saints £2,000 - Fairtrade Foundation £2,000 - Nourish Community Foodbank £2,000 - Arab Vision Trust £2,000 - Liverpool City Mission £2,000 - Church Army £2,000 - CFTW (Mosaic) £2,000 - Restore Counselling £2,000 - The Translation Trust £2,000 - New Life Nyambene £2,000 - Wealdon Sailability £2,000 - Niscu £2,000 - International Nepal Fellowship £2,000 - My Life £2,000 - 24-7 Prayer £2,000 - Philo Trust £2,000 - The Message Trust £2,000 - Concern Worldwide UK £2,000 - Hypo Hounds £2,000 - 50 Million Voices £2,000 - Project Possible £2,000 - Wetherby in Support of the Elderly £2,000 - African Mission RC £2,000 - Grow for Life £2,000 - The Manna Society £2,000 - The Urology Foundation £2,000 - Turning The Tide UK £2,000 - Great Lakes Outreach £2,000 - Cord Global £2,000 - British Stammering Association £2,000 - Five Talents £2,000 - North End Baptist Church £2,000 - The Rock - St Peter's Church £2,000 - Pump Aid £2,000 - Response Organisation £2,000 - Young & Free £2,000 - Siblings Together £2,000 - Active Hope £2,000 - Care for Cambodia £2,000 - City Gate Community Project £2,000 - Embrace Child Victims of Crime £2,000 - Microphthalmia, Anophthalmia & Coloboma Support MACS £2,000 - Empathy Action £2,000 - St Aldates Community Transformation £2,000 - Access Right to care
continued...
Page 22
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
15. CHARITABLE DONATIONS - continued
£2,000 - Crosslinks £2,500 - YFC Tunbridge Wells £2,500 - Cross Teach Trust £2,500 - Fegans Child & Family Care £2,500 - Aspens £2,500 - CARE £2,500 - Evangelical Alliance £2,500 - London School of Theology £2,500 - Mission Without Borders £2,500 - Operation Mobilisation £2,500 - Sat-7 Trust £2,500 - SIM £2,500 - Spurgeons Bible College £2,500 - WEC International £2,500 - YMCA National Council £2,500 - Youth for Christ £2,500 - Babons £2,500 - Porridge & Pens Ghana £3,000 - Mercy Ships £3,000 - Hospice In The Weald £3,000 - Livability £3,000 - British Red Cross £3,000 - Impact Foundation £3,000 - Medecins Sans Frontieres £3,000 - Oasis Global £3,000 - Hope Now £3,000 - Salvation Army £3,000 - International Nepal Fellowship £3,000 - Mencap £3,000 - Barnabus Fund £3,000 - Interserve £3,000 - Dentaid £3,000 - Feba Radio £3,000 - Marie Curie Cancer Care £3,000 - Mildmay International £3,000 - Oasis UK £3,000 - Open Doors £3,000 - Sovereign World Trust £3,000 - Global Care International £3,000 - Inter Care Ltd £3,000 - Lake District Foundation £3,000 - Great Ormond Street Hospital £3,000 - Brains Matter £3,000 - Action Against Hunger £3,000 - Christian Aid Gaza £3,000 - The Bennett Memorial Diocesan School Charity £3,500 - Bible Society £3,500 - All Nations Christian College £3,500 - Christians Against Poverty £3,500 - Scripture Union £3,500 - Crossways Community £3,500 - Life & Soul £3,500 - Mission Aviation Fellowship £3,500 - OMF £4,000 - Leprosy Mission £4,000 - London City Mission £4,000 - BMS World Mission
continued...
Page 23
The S M B Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
15. CHARITABLE DONATIONS - continued
£4,000 - People International £4,000 - Pilgrim's Friends Society £4,000 - Church Mission Society £4,000 - Hospice of Hope £5,000 - TEAR Fund £10,000 - Life & Soul £10,000 - Try Praying £10,000 - The Tonbridge Children's Workshop
£395,700 Total
16. FRC ETHICAL STANDARD
In common with many other organisations of our size and nature we use our auditors to assist with the preparation of the financial statements.
17. APPOINTMENT OF AUDITORS
Peter Hodgson & Co. Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under Section 1212 of the Companies Act 2006.
Page 24
The S M B Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| INCOME AND ENDOWMENTS Investment income Rents received Income from listed investments Deposit account interest Change in market value of investments & investment properties Total incoming resources EXPENDITURE Costs of generating investment income Property repairs Management & commission Insurances Rates & water Sundry property costs Charitable activities Grants to institutions Support costs Finance Bank charges Other Postage and stationery Governance costs Trustees' expenses Auditors' remuneration Legal & professional fees Total resources expended Net income before gains and losses Realised gains on investments Realised gains & losses Net income |
2025 £ 522,131 148,800 9,189 5,020,813 5,700,933 5,700,933 78,566 55,279 15,396 353 2,319 151,913 395,700 167 343 - 6,400 123 6,523 554,646 5,146,287 190,954 5,337,241 |
2024 £ 473,118 172,239 14,664 308,505 968,526 968,526 82,601 36,684 20,786 1,593 704 142,368 374,900 231 63 134 7,200 3,099 10,433 527,995 440,531 419,267 859,798 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 25