## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT**
## **FINANCIAL STATEMENTS**
## **5 APRIL 2025**
## **Contents**
Page
1. Administrative Information 2. - 3. Trustees' report 4. Independent Examiner's Report 5. Statement of Financial Activities 6. Balance Sheet 7. - 9. Notes to the Financial Statements
## **FLETCHER & PARTNERS**
## **CHARTERED ACCOUNTANTS**
**SALISBURY**
Page 1
## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT**
## **ADMINISTRATIVE INFORMATION**
## TRUSTEES
Mr W G Verdon-Smith (Chairman) Mrs D N C Verdon-Smith Mr G P J White Mrs E J White
## PRINCIPAL OFFICE
Cotswold House High Street Hawkesbury Upton Gloucestershire GL9 1AU
## ADVISERS
## **Independent Examiner**
J Fletcher, F.C.A., Fletcher and Partners Crown Chambers, Bridge Street, Salisbury SP1 2LZ
## **Bankers**
Lloyds Bank PLC
## **Investment Managers**
Rathbones
## REGISTERED NUMBER
284919
Page 2
## **THE VERDON-SMITH FAMILY CHARITABLE TRUST**
## **TRUSTEES ANNUAL REPORT 2024 - 25**
## **Reference and administrative details**
Chairman W G Verdon-Smith Dowtys, Dowtys Lane, Dinton, Salisbury, Wiltshire SP3 5ES
Correspondent: Mrs E J White, Cotswold House, High Street, Hawkesbury, Upton, Gloucestershire, GL9 1AU
Registered Charity No. 284919
## **Purpose of the Charity**
Summary of the purposes of the Charity are set out in its governing document: The Settlement dated 4th April 1956 by Sir William Reginald Verdon-Smith and Trustees for the purpose of making gifts to Registered Charities.
## **The Activities of the Trust**
The Trustees met four times during the year at regular intervals to review investments and income, and to consider appeals for charitable funding from registered charities in the UK in accordance with the purpose of the Trust.
Meetings were held in person on 18th April 2024, 10th July 2024, 11th November 2024, and 23rd January 2025.
The Trustees continued to agree that donations should be made by the Verdon-Smith Family Fund, a named fund which forms part of the Quartet Community Foundation for the West of England.
At the meeting held on 18th April 2024, the Trustees agreed to donate £3,300 to the Wiltshire Community Foundation in the financial year 2024/25 to support causes suggested by the Wiltshire Community Foundation.
The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission.
The Trustees managed the administration of the trust among themselves during the financial year 2024/25.
The review of the Charity’s financial position at the end of the reporting period is set out in the accompanying accounts, prepared by Fletcher & Partners, the Charity’s Accountants, and approved by the Trustees. Investment income of £27,544 funded grants awarded totalling £21,600.
Investec continued to manage the fund in line with their revised investment programme, on a discretionary basis. The stock market movement resulted in unrealised losses of £2,477.
The Trustees' reserves policy is to preserve capital by ensuring grants and charity overheads do not exceed the income generated by the portfolio.
Mr James Fletcher of Fletcher & Partners, Salisbury, continued as the Independent Examiner.
Page 3
## **THE VERDON-SMITH FAMILY CHARITABLE TRUST**
## **TRUSTEES ANNUAL REPORT 2024 - 25 (Continued)**
The Charities Act 2011 requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust. In preparing these accounts the Trustees are required to:
- 1 select suitable accounting policies and then apply them consistently;
- 2 make judgements and estimates that are reasonable and prudent;
- 3 state whether applicable accounting standards have been followed; and
- 4 prepare the accounts on the going concern basis.
The Trustees are responsible for:
- 1 keeping proper accounting records which disclose at any time the financial position of the Trust; 2 safeguarding the assets of the Trust; and
- 3 for taking reasonable steps for the prevention and detection of fraud and other irregularities by establishing and maintaining a satisfactory system of control over the Trust’s accounting records, cash holdings, and all its receipts and remittances.
## **Risk Review**
The Trustees have conducted their own review of the major risks to which the Trust is exposed and systems established to mitigate those risks. Internal risks are minimized by the implementation of procedures for authorisation of all transactions and projects, and to ensure consistent quality of delivery for all the Trust’s activities, these procedures are periodically reviewed to ensure that they still meet the Trust’s needs.
## **Investment Policy**
The performance of investments is monitored by the Trustees taking regular professional advice from Investec who manage the charity’s investment portfolio on a discretionary basis to ensure the minimum risk of long-term fluctuation, and also to ensure there are sufficient liquid reserves to fulfill the objectives of he Trust.
## **Statement of Disclosure to the Independent Examiner**
So far as the Trustees are aware, there is no relevant information of which the Trust’s Independent Examiner is unaware. The Trustees have taken all the steps they ought to have taken in order to inform themselves of any relevant information and to establish that the Independent Examiner is aware of that information.
Approved by the Trustees and signed on their behalf by
W G Verdon-Smith, Chairman
W G Verdon-Smith 01/02/2026 ……………………………………………………………… Date …………………………………………
Page 4
## **ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT**
I report on the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 4 to 8.
## **Respective responsibilities of the trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
## **INDEPENDENT EXAMINER'S STATEMENT**
In the course of my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met:
or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
J Fletcher
J Fletcher, F.C.A. Fletcher and Partners Chartered Accountants Salisbury
Date 02/02/2026
Page 5
## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|Unrestricted
Notes
Fund
INCOME:
Investment income
2
27,544
Total Income
27,544
EXPENDITURE ON:
Raising funds:
Charitable activities
3, 9
22,940
Total Expenditure
22,940
NET INCOME/(EXPENDITURE) BEFORE
4,604
INVESTMENT GAINS/LOSSES
OTHER RECOGNISED GAINS AND LOSSES
Realised gains/(losses) on disposal
-
Unrealised gains/(losses)
-
NET MOVEMENT IN FUNDS
4,604
Total funds brought forward (restated)
43,851
Total funds carried forward
8, 9
£48,455|Endowed
Fund
-
-
7,302
7,302
(7,302)
2,919
(2,477)
(6,860)
718,312
£711,452|Total
2025
27,544
27,544
30,242
30,242
(2,698)
2,919
(2,477)
(2,256)
762,163
£759,907|Total
2024
25,159
25,159
28,863
28,863
(3,704)
(1,585)
(20,168)
(25,457)
787,620
£762,163|
|---|---|---|---|
The notes on pages 7 to 9 form part of these accounts
Page 6
## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2025**
|**FIXED ASSETS**
Investments
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**LIABILITIES**
Creditors falling due within one year
NET CURRENT ASSETS
TOTAL NET ASSETS
Representing :
**THE FUNDS OF THE CHARITY**
Unrestricted Fund - Income Fund
Endowment Fund
TOTAL CHARITY FUNDS|Notes
5
6
7
8, 9
8, 9|2025
738,038
-
23,209
23,209
1,340
21,869
£759,907
48,455
711,452
£759,907|749,888
-
13,575
13,575
1,300
12,275
£762,163
43,851
718,312
£762,163
2024|749,888
-
13,575
13,575
1,300
12,275
£762,163
43,851
718,312
£762,163
2024|
|---|---|---|---|---|
|||||£762,163|
|||||43,851
718,312|
|||||£762,163|
Signed on behalf of the Trustees W G Verdon-Smith ................................................................. Trustee Approved by the Trustees 01/02/2026 ................................................................. Date
The notes on pages 7 to 9 form part of these accounts
Page 7
## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **1. ACCOUNTING POLICIES**
## **a. Basis of accounting**
The financial statements are prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and applicable regulations. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at market value.
The financial statements are prepared in sterling, which is the functional currency of the charity. The Verdon-Smith Family Settlement is a charitable trust, registered the UK in 1982 with the Charity Commission, and its activities are governed by a trust deed. Income derived from the investment portfolio is used to provide grants to registered charities in the UK in accordance with its charitable purpose. The charity meets the definition of a public benefit entity under FRS 102
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
## **b. Critical accounting judgements and key sources of estimation uncertainty**
In the application of the accounting policies, the Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities. Actual results may differ from these. Any estimates and underlying assumptions are reviewed on an ongoing basis and revisions are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if appropriate.
In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
## **c. Income**
Income is accounted for in the period in which the charity is entitled to the income, it is probable that the income will be received and the amount of income can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **d. Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis. Grants are included in the statement of financial activities when a legal or constructive obligation to pay them comes into existence.
Charitable expenditure includes all grants made to other charities and includes governance costs. Governance costs comprise the independent examiner's fee, secretarial fees, and postage & stationery.
## **e. Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently are measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses on investments represent the difference between the sale proceeds and opening market value (or purchase date if later). Unrealised gains and losses are the difference between the market value at the year end and opening market value (or purchase date if later).
## **f. Debtors**
Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.
## **g. Cash at bank and in hand**
Cash at bank and in hand includes cash and cash on deposit, other short term liquid investments with original maturities of three month or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **h. Creditors**
Creditors are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.
## **i. Charitable Funds**
Endowment funds constitutes the capital of the trust and can not be spent. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objects.
## **j. Financial Instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.
Page 8
## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025**
|**2. INVESTMENT INCOME**
2025
Dividends
21,479
Interest
6,065
£27,544
**3.**
**CHARITABLE EXPENDITURE**
2025
Grants to other charities (see also note 11 for analysis)
21,600
Investment management fees
7,302
Governance costs (Note 4)
1,340
£30,242
**4.**
**GOVERNANCE**
2025
Postage and stationery
-
Legal and Professional fees
-
Independent examiners fee
1,340
£1,340
**5.**
**FIXED ASSET INVESTMENTS**
Market value at 5 April 2024
Additions at cost
Disposals at opening value
Unrealised gains/(losses)
Market value at 5 April 2025
Historical cost at 5 April 2024
Historical cost at 5 April 2025
The portfolio is made up of listed investments. Individual investments with a market
greater than 5% of the total at the year end are set out below:
2025
US (Lux) Fund UBS (2024: 8214)
£15,147
Jupiter UT Managers UK Special situations
£45,325
Link Fund Sol Ltd LF Lindsell Train Uk Equity
£44,413
Artemis Fd Mgrs Income E
£49,577
I shares ftse 100 Core Ucits
£46,472
Columbia Threadneedle Investment Fd CT UK Equity
£44,964
BNY Mellon Fund Manager Newton Global Inc U
£40,648
Fidelity Investment Funds - Global (2024: 17,770)
£45,589
Vanguard Funds Plc FTSE All World High Divi Yield
£43,297
**6.**
**DEBTORS**
2025
Accrued interest
£0
**7.**
**CREDITORS: Amounts due within one year**
2025
Accruals
£1,340
2,449
38,439
855
20,106
40,050
13,198
43,178
5,908
22,211||
|---|---|
|||
|||
|||
|||
|||
|||
|||
|||
|||
Page 9
## **THE VERDON-SMITH FAMILY CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025**
## **8. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Investments
Net current assets
Investments
Net current assets|Unrestricted
Fund
26,586
21,869
£48,455
Unrestricted
Fund
31,576
12,275
£43,851|Endowment
Fund
711,452
£711,452
Endowment
Fund
718,312
£718,312|Total
2025
738,038
21,869|
|---|---|---|---|
||||£759,907|
||||Total
2024
749,888
12,275|
||||£762,163|
## **9. FUND MOVEMENTS**
|B/F
06/04/24
Unrestricted fund
43,851
Endowment fund
718,312
£762,163
B/F
06/04/23
Unrestricted fund
40,258
Endowment fund
747,362
£787,620|Income
(inc. gains)
27,544
-
£27,544
Income
(inc. gains)
25,159
£25,159|Expenditure
(inc. losses)
(22,940)
(6,860)
(£29,800)
Expenditure
(inc. losses)
(21,566)
(29,050)
(£50,616)|C/F
05/04/25
48,455
711,452|
|---|---|---|---|
||||£759,907|
||||Restated C/F
05/04/24
43,851
718,312|
||||£762,163|
## **10. RELATED PARTY TRANSACTIONS**
There were no transactions in either year with trustees or any other related party.
## **11. GRANTS AWARDED**
The Trustees set budgets for different categories of grant award, and meet regularly to determine awards from these categories in the light of individual applications. The majority of awards are between £250 and £350 and are granted to small community-based organisations, but also include awards to larger charities (such as the Alzheimer's Society, Christian Aid, RNLI, the Royal British Legion, Save the Children, St John's Ambulance, UNICEF and Water aid. A separate grant of £3,300 was awarded to the Community Foundation for Wiltshire and Swindon in respect of specific projects under their aegis.