**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
Page 15
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
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