REGISTERED CHARITY NUMBER: 274879
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 November 2021
for
The Lionel Abel-Smith Trust
Johnsons Chartered Accountants Morton House 9 Beacon Court Pitstone Green Business Park Pitstone Buckinghamshire LU7 9GY
The Lionel Abel-Smith Trust
Contents of the Financial Statements for the Year Ended 30 November 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
The Lionel Abel-Smith Trust
for the Year Ended 30 November 2021
Report of the Trustees
The trustees present their report with the financial statements of the charity for the year ended 30 November 2021. 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 for the public benefit
As stated in the original Trust Deed, the Settlor established the Trust "For the benefit of the institutions and inhabitants of the village of Wendover". The objects of the Trust are "To make payments and generally apply the Trust Fund and the income there from for such charitable or educational institutions of the village of Wendover, Buckinghamshire, and also for such general charitable purposes for the benefit of Wendover or any of its inhabitants as the Trustees shall determine and the Trustees shall particularly consider the variety of institutions of the village of Wendover and the diverse needs of its people".
The Trust is also able to consider applications from Moor Park, an estate owned and managed by VAHT just slightly beyond the Wendover Parish boundary.
In order to achieve these objectives, the Trust normally advertises widely during the months of January and February, inviting applications to be sent to the Clerk by 28th February. The Trust takes every opportunity to promote its work and the availability of grants. The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and when planning future activities and setting the grant making policy for the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trust undertakes its charitable activities through grant making. Applications for grants are considered under the headings Education, Elderly, Individual, Medical and Organisations.
The total grants awarded during this financial year can be summarised as follows:-
| Institutions | Individuals | |
|---|---|---|
| Education in the Wendover Community | £14,500 | £8,950 |
| Medical & elderly welfare in the Wendover Community | £12,000 | £3,332 |
| Other areas that benefit the Wendover Community | £6,000 | £11,218 |
| £32,500 | £23,500 | |
Note 5 in the accounts gives further details of the significant institutional grants made during the year.
Page 1
The Lionel Abel-Smith Trust
Report of the Trustees
for the Year Ended 30 November 2021
FINANCIAL REVIEW
Financial Review
The Trust is reliant on the income from its properties and its investments which amounted in the 12 months covered by the report to £211,705. The income of running the trust exceeded the grants and expenses by £64,070 to increase the unrestricted funds to £218,814.
The value of investments in the Endowment Funds increased by a total of £687,458. With the property investment increasing by £634,458 and the other investments by £53,000.
Funds at the year end were:
Unrestricted Funds: £218,814 Endowment Funds: £4,775,175
The financial policy of the Trust is to keep the endowment fund intact and to provide grants out of income - current or accumulated. The unrestricted fund, a major part of which is in interest-bearing accounts, is therefore freely available to fund the activities of the Trust. The unrestricted fund is required to meet anticipated future property expenses and still enable the funding of grants.
FUTURE PLANS
The Trust intends to continue its work to benefit the Wendover community and to attract appropriate applications for grants from as wide a spectrum of the community as possible.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is an unincorporated trust constituted under a settlement dated 1st December 1977 and is a registered charity (No. 274879). The Trust was established by an initial gift of property from Mr Lionel Abel-Smith, the Lord of the Manor of Wendover. Over the years, Mr Abel-Smith gave the Trust further property and shares. The Trust does not actively fundraise and seeks to continue its work through careful stewardship of its existing resources.
Recruitment and appointment of new trustees
The Trustees are either Foundation Trustees or Community Trustees.
The Foundation Trustees, initially called 'Original Trustees', were four in number and were appointed by the Settlor. Subsequently, with the authority of the Charity Commission, their number was increased to six on a temporary basis. In May 2017, The Charity Commission agreed that the number of Foundation Trustees be increased to a maximum of seven. The total number of Foundation Trustees could therefore range from a minimum of four to a maximum of seven.
The Community Trustees are three in number and are appointed by Wendover Parish Council, Buckinghamshire Council and The Wendover Society.
Induction and training of new trustees
The induction process for any newly appointed Trustee usually comprises an initial meeting with the Chairman, the Vice Chairman, the Clerk and the Treasurer. A brief history of the Trust is given, its purpose outlined and ways in which the Trust has helped the people and organisations of Wendover over the years discussed. Current projects are outlined.
The Trustees invite applications for grants to be considered at their Annual Meeting which is held in April. The majority of applications are handled this way, but applications are also considered throughout the year. These are dealt with primarily by the Clerk, the Chairman and one of the Trustees. If there is anything contentious all the Trustees are consulted. In addition, the Chairman and Vice Chairman are in frequent contact with the Land Agent who manages the properties and collects the rents. He reports to the Trustees at their Annual Meeting.
Page 2
The Lionel Abel-Smith Trust
Report of the Trustees for the Year Ended 30 November 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
274879
Principal address
51 Dobbins Lane Wendover Buckinghamshire HP22 6DL
Trustees
Dr G Williams Chair and Foundation Trustee M Clayton Vice Chair and Foundation Trustee R Duggan Vice Chair and Foundation Trustee W Gray Foundation Trustee S Potter Foundation Trustee S Bishop Foundation Trustee C Harrington Foundation Trustee S Bowles Community Trustee J Mayhead CBE Community Trustee
Independent Examiner
Edmund Cartwright FCCA MAAT Johnsons Chartered Accountants Morton House 9 Beacon Court Pitstone Green Business Park Pitstone Buckinghamshire LU7 9GY
Advisers
Clerk to the Trustees Angela German
Treasurer Matt Ryan FCCA
Land Agent
Andrew Robson MRCIS, Sidleys Chartered Surveyors, Oxford
Investment Managers
Rathbones Investment Management Ltd, 1 Curzon Street, London W1J 5FB
Bankers
Lloyds Bank
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ R Duggan - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Lionel Abel-Smith Trust
Independent examiner's report to the trustees of The Lionel Abel-Smith Trust
I report to the charity trustees on my examination of the accounts of The Lionel Abel-Smith Trust (the Trust) for the year ended 30 November 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Edmund Cartwright FCCA MAAT Johnsons Chartered Accountants Morton House 9 Beacon Court Pitstone Green Business Park Pitstone Buckinghamshire LU7 9GY
Date: .............................................
Page 4
The Lionel Abel-Smith Trust
Statement of Financial Activities for the Year Ended 30 November 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 Other income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Education Medical & Elderly Welfare Other areas of benefit Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 211,705 4,683 216,388 86,599 26,008 18,145 21,566 152,318 - 64,070 154,814 218,884 |
Endowment fund £ - - - 3,109 - - - 3,109 687,458 684,349 4,090,826 4,775,175 |
30.11.21 Total funds £ 211,705 4,683 216,388 89,708 26,008 18,145 21,566 155,427 687,458 748,419 4,245,640 4,994,059 |
30.11.20 Total funds £ 192,110 - 192,110 51,086 50,524 23,465 62,546 187,621 (16,408) (11,919) 4,257,559 4,245,640 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
The Lionel Abel-Smith Trust
Balance Sheet
30 November 2021
| Notes FIXED ASSETS Investments Investments 10 Investment property 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 15 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 4,555 21,248 25,803 36,970 209,352 246,322 (53,241) 193,081 218,884 - 218,884 |
Endowment fund £ 417,871 4,355,752 4,773,623 - 1,552 1,552 - 1,552 4,775,175 - 4,775,175 |
30.11.21 Total funds £ 422,426 4,377,000 4,799,426 36,970 210,904 247,874 (53,241) 194,633 4,994,059 - 4,994,059 218,884 4,775,175 4,994,059 |
30.11.20 Total funds £ 362,564 3,742,542 4,105,106 30,656 147,462 178,118 (27,584) 150,534 4,255,640 (10,000) 4,245,640 154,814 4,090,826 4,245,640 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
R Duggan - Trustee
The notes form part of these financial statements
Page 6
The Lionel Abel-Smith Trust
Notes to the Financial Statements for the Year Ended 30 November 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling which is the functional currency of the charity.
Income recognition
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.
Rental income is accounted for on a systematic basis over the period of the lease with the exception of changes arising from COVID-19 rent concessions which are recognised over the periods that the change in lease payments is intended to compensate.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable 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 our investment advisor of the dividend yield of the investment portfolio.
Expenditure recognition
Expenditure is accounted for on an accruals basis and had been classified under headings that aggregate all cost related to the category.
Governance costs are those incurred in meeting the trust's constitutional and statutory requirements. They include the independent examination fees and other costs linked to the management of the trust.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attached to the grant is outside of the control of the trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable.
Charitable activities
Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 4.
Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination, together with an apportionment of support costs.
Governance and support costs relating to the charitable activities have been apportioned based on the number of individual grant awards. The allocation of support and governance costs is analysed in note 6.
Fixed asset investments
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses on revaluation and disposals throughout the year.
continued...
Page 7
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
The charity has a permanent endowment. The permanent endowment fund was established within the settlement that created the trust in 1977. The fund was made on condition that it is held as a permanent endowment, the income from which is freely available to the fund the activities of the trust.
The unrestricted fund is available to be spent for any of the purposes of the trust.
Costs of raising funds
The costs of generating funds consist of investment management, property costs and certain legal fees.
2. INVESTMENT INCOME
| Rents received Dividends Deposit account interest OTHER INCOME Grants Repaid |
30.11.21 £ 200,508 11,185 12 211,705 30.11.21 £ 4,683 |
30.11.20 £ 183,048 9,035 27 |
|---|---|---|
| 192,110 | ||
| 30.11.20 £ - |
3. OTHER INCOME
Grants of £4,683 were returned in the year due to the activities planned not occurring as a result of of COVID.
4. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 30.11.21 | 30.11.20 | |
| £ | £ | |
| Portfolio management | 3,109 | 2,772 |
| Property Improvements | 32,992 | - |
| Rent collection | 23,262 | 23,575 |
| Property repairs | 16,555 | 12,416 |
| Insurance | 8,367 | 7,525 |
| Survey & Professional Fees | 1,980 | - |
| Bad Debts | - | 3,600 |
| Other | 3,443 | 1,198 |
| 89,708 | 51,086 |
continued...
Page 8
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
5. CHARITABLE ACTIVITIES COSTS
| 5. CHARITABLE ACTIVITIES COSTS |
|||
|---|---|---|---|
| Grant funding of activities (see note 6) £ Education 23,450 Medical & Elderly Welfare 15,332 Other areas of benefit 17,218 56,000 6. GRANTS PAYABLE Education Medical & Elderly Welfare Other areas of benefit The total grants paid to institutions during the year was as follows: Education Medical & Elderly Welfare Other areas of benefit John Colet - Lecture Theatre Florence Nightingale Hospice Wendover Youth Centre WRAP - Syrian Family Halton CC School |
Support costs (see note 7) £ 2,558 2,813 4,348 9,719 30.11.21 £ 23,450 15,332 17,218 56,000 30.11.21 £ 14,500 - 6,000 - - - - 12,000 32,500 |
Totals £ 26,008 18,145 21,566 65,719 30.11.20 £ 45,323 22,164 58,862 |
Totals £ 26,008 18,145 21,566 |
| 65,719 | |||
| 126,349 | |||
| 30.11.20 £ 6,004 9,409 19,506 22,000 5,000 30,000 6,000 - 97,919 |
|||
| 97,919 |
In 2019 the charity committed to making annual educational grants of £5,000 p.a. for four years. Payment of the grant is dependent upon qualifying criteria being met.
Wendover Youth Centre was awarded a grant of £30,000 in 2020 which is payable over three years, the final instalment of which will be paid in 2022.
The total grants paid to individuals during the year was as follows:
| 30.11.21 | 30.11.20 | |
|---|---|---|
| £ | £ | |
| Education | 8,950 | 17,319 |
| Medical & Elderly Welfare | 3,332 | 7,755 |
| Other areas of benefit | 11,218 | 3,356 |
| 23,500 | 28,430 |
continued...
Page 9
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
7. SUPPORT COSTS
| Human resources £ Education 1,516 Medical & Elderly Welfare 1,667 Other areas of benefit 2,577 5,760 Activity Basis of allocation Human resources Pro-rata apportioned on number of grants Other Pro-rata apportioned on number of grants |
Other Totals £ £ 1,042 2,558 1,146 2,813 1,771 4,348 3,959 9,719 |
Other Totals £ £ 1,042 2,558 1,146 2,813 1,771 4,348 3,959 9,719 |
|---|---|---|
| 9,719 | ||
Support costs, included in the above, are as follows:
| Medical & Elderly Education Welfare £ £ Honoraria - Support 1,516 1,667 Honoraria - Governance 758 834 Examiners Fee for external Scrutiny 245 269 Sundry Expenses 39 43 2,558 2,813 |
30.11.21 30.11.20 Other areas of Total Total benefit activities activities £ £ £ 2,577 5,760 5,760 1,288 2,880 2,880 416 930 1,158 67 149 388 4,348 9,719 10,186 |
30.11.21 30.11.20 Other areas of Total Total benefit activities activities £ £ £ 2,577 5,760 5,760 1,288 2,880 2,880 416 930 1,158 67 149 388 4,348 9,719 10,186 |
|---|---|---|
| 10,186 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Education Medical & Elderly Welfare Other areas of benefit Total |
Unrestricted fund £ 192,110 48,314 50,524 23,465 62,546 184,849 |
Endowment fund £ - 2,772 - - - 2,772 |
Total funds £ 192,110 51,086 50,524 23,465 62,546 |
|---|---|---|---|
| 187,621 |
continued...
Page 10
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) 7,261 RECONCILIATION OF FUNDS Total funds brought forward 147,553 TOTAL FUNDS CARRIED FORWARD 154,814 10. FIXED ASSET INVESTMENTS MARKET VALUE At 1 December 2020 Additions Disposals Revaluations At 30 November 2021 NET BOOK VALUE At 30 November 2021 At 30 November 2020 |
- continued Endowment fund £ (16,408) (19,180) 4,110,006 4,090,826 |
Total funds £ (16,408) (11,919) 4,257,559 4,245,640 Listed investments £ 362,564 9,971 (3,109) 53,000 422,426 422,426 362,564 |
|---|---|---|
Additions include investment income (net of fees charged) earned in the year being reinvested.
Investments at fair value comprised:
| 2021 | 2020 | |||
|---|---|---|---|---|
| Listed Investments | 402,175 | 349,095 | ||
| Cash held with investment portfolio | 20,251 | 13,469 | ||
| 422,426 | 362,564 | |||
Cost or valuation at 30 November 2021 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2020 | 362,565 |
| Valuation in | 2021 | 53,000 |
| Cost | 6,861 | |
| 422,426 |
continued...
Page 11
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
11. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 December 2020 Revaluation At 30 November 2021 NET BOOK VALUE At 30 November 2021 At 30 November 2020 |
£ 3,742,542 634,458 |
| 4,377,000 | |
| 4,377,000 | |
| 3,742,542 |
Investment properties were valued on an open market basis on 30 November 2021 by the trustees. Fair value at 30 November 2021 is represented by:
| Valuation in 2021 Cost 12. DEBTORS 30.11.21 £ Amounts falling due within one year: Trade debtors 14,505 Loans 50 Prepayments and accrued income 12,965 27,520 Amounts falling due after more than one year: Loans 9,450 Aggregate amounts 36,970 |
£ 634,458 3,742,542 |
£ 634,458 3,742,542 |
|---|---|---|
| 4,377,000 | ||
| 30.11.20 £ 20,623 - 10,033 30,656 - 30,656 |
||
| 30,656 | ||
| - | ||
| 30,656 |
continued...
Page 12
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 30.11.21 | 30.11.20 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 24,480 | - |
| Accruals and deferred income | 28,761 | 27,584 |
| 53,241 | 27,584 | |
| Deferred income arises on rentals paid in advance. |
| 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE Accruals and deferred income 15. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Endowment Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 216,388 Endowment funds Endowment Fund - TOTAL FUNDS 216,388 |
THAN ONE YEAR 30.11.21 £ - Net At movement 1.12.20 in funds £ £ 154,814 64,070 4,090,826 684,349 4,245,640 748,419 Resources Gains and expended losses £ £ (152,318) - (3,109) 687,458 (155,427) 687,458 |
30.11.20 £ 10,000 At 30.11.21 £ 218,884 4,775,175 |
30.11.20 £ 10,000 At 30.11.21 £ 218,884 4,775,175 |
|---|---|---|---|
| 4,994,059 | |||
| Movemen in funds £ 64,070 684,349 748,419 |
|||
| 748,419 |
continued...
Page 13
The Lionel Abel-Smith Trust
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Endowment Fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Incoming resources £ Unrestricted funds General fund 192,110 Endowment funds Endowment Fund - TOTAL FUNDS 192,110 |
At 1.12.19 £ 147,553 4,110,006 4,257,559 follows: Resources expended £ (184,849) (2,772) (187,621) |
Net movement in funds £ 7,261 (19,180) (11,919) Gains and losses £ - (16,408) (16,408) |
At 30.11.20 £ 154,814 4,090,826 4,245,640 Movement in funds £ 7,261 (19,180) (11,919) |
|
|---|---|---|---|---|
16. RELATED PARTY DISCLOSURES
The trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash, kind or expenses (2020 - £nil).
Included in other support and governance costs are fees of £2,640 (2020 - £2,640) in respect of accountancy services provided by a company controlled by M Ryan, the Treasurer.
Page 14
The Lionel Abel-Smith Trust
Detailed Statement of Financial Activities for the Year Ended 30 November 2021
| Detailed Statement of Financial Activities for the Year Ended 30 November 2021 |
||
|---|---|---|
| 30.11.21 | 30.11.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 200,508 | 183,048 |
| Dividends | 11,185 | 9,035 |
| Deposit account interest | 12 | 27 |
| 211,705 | 192,110 | |
| Other income | ||
| Grants Repaid | 4,683 | - |
| Total incoming resources | 216,388 | 192,110 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 3,109 | 2,772 |
| Property Improvements | 32,992 | - |
| Rent collection | 23,262 | 23,575 |
| Property repairs | 16,555 | 12,416 |
| Insurance | 8,367 | 7,525 |
| Survey & Professional Fees | 1,980 | - |
| Bad Debts | - | 3,600 |
| Other | 3,443 | 1,198 |
| 89,708 | 51,086 | |
| Charitable activities | ||
| Grants to institutions | 32,500 | 97,919 |
| Grants to individuals | 23,500 | 28,430 |
| 56,000 | 126,349 | |
| Support costs | ||
| Human resources | ||
| Honoraria - Support | 5,760 | 5,760 |
| Other | ||
| Honoraria - Governance | 2,880 | 2,880 |
| Examiners Fee for external Scrutiny | 930 | 1,158 |
| Sundry Expenses | 149 | 388 |
| 3,959 | 4,426 | |
| Total resources expended | 155,427 | 187,621 |
| Net income before gains and losses | 60,961 | 4,489 |
This page does not form part of the statutory financial statements
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The Lionel Abel-Smith Trust
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 November 2021 | |||
| 30.11.21 | 30.11.20 | ||
| £ | £ | ||
| Realised recognised gains and losses | |||
| Realised gains/(losses) on fixed asset investments | 53,000 | (16,408) | |
| Realised gains/(losses) on investment property | 634,458 | - | |
| Net income/(expenditure) | 748,419 | (11,919) |
This page does not form part of the statutory financial statements
Page 16