MAY WONG SMITH TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SCOTTISH CHARITY NUMBER: SCO008666
CHARTERED ACCOUNTANTS, ST ANDREWS
MAY WONG SMITH TRUST
CONTENTS
| Page | |
|---|---|
| Trustees’ Annual Report | 1-3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Statement of Cash Flows | 7 |
| NotestotheAccounts | 8-11 |
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MAY WONG SMITH TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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
The principal objectives of the charity are promoting, establishing and maintaining St Leonard's College as part of the University of St Andrews; providing fellowships, scholarships and prizes to students in the University of St Andrews and assisting such students financially and generally looking after their welfare.
Grant and Award policies and public benefit
The charity has established procedures for awarding hardship grants to meet identified need and academic awards to reflect meritorious performance. Applications for hardship awards are mainly made to assist with living costs or rent and individual circumstances and contributions are carefully considered. Two trustees meet, each spring, with a representative from Student Support Services at the University of St Andrews to discuss a list of cases and associated recommendations and to agree the awards to be made. The trustees involved in the selection are rotated year on year. Academic awards are based upon results and recommendations from the Departments of Economics and Management and the School of International 3 Relations. The trustees believe these procedures achieve the best possible public benefit. e) Review of achievements and performance: How the charity programmes delivered public benefit yg In the year ended 31 March 2025 there was net income of £785 (2024 - £2,298) before reflecting investment as: gains of £18,552 (2024 losses of £8,077). Expenditure on charitable activities amounted to £26,498 (2024 - aa £23,624). The total reserves carried forward at the year end amounted to £463,808 (2024 - £444,471). < Included in this total are investments with a market value of £452,730 (2024 - £434,178). E The trustees are delighted to report that two undergraduate scholarships of £750 each and ten prizes of £120 3 each were awarded to individuals. An award of £23,000 was made to the University of St Andrews Student 6 Welfare Fund. Details of grants are provided in note 4 to the accounts.
Monitoring achievement and future developments
The trustees monitor the outcomes of their activities by means of receiving reports from the University of St Andrews Students Welfare Fund regarding the progress of the beneficiaries of the hardship awards.
The aims for the current year are to maintain the level of academic awards and to maximise the amount of hardship grants within available funds.
Investment policy and performance
The Trust Deed confers wide powers of investment upon the trustees so long as investments are in the interests of the charity.
The investment policy of the trustees is to achieve a spread of investments to produce income generation and long term capital growth. The trustees follow a conservative approach taking into account the advice of their investment advisers.
The charity’s work is entirely reliant on the income from its investments. Quarterly reports from the charity investment advisers are carefully considered at each half-yearly meeting of trustees. Future amounts for awards are considered taking into account the actual and projected levels of income. The strategy of the trustees is to budget to apply all forecast income in pursuit of the charitable purposes whilst protecting the capital invested so as to preserve future income levels and so sustain the activity level of the charity.
1
MAY WONG SMITH TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees are satisfied with the total return from investments in the year and will monitor the position closely in the year to 31 March 2026.
Risk management
The trustees have assessed the major risks to which the charity is exposed by creating a risk register covering both external and internal risks and providing safeguards against these. They review the register at least annually. The risk register and reviews consider the procedures in place to address and minimise the risks and changes are applied as appropriate. The trustees also maintain a register of interests with declarations to be signed by all individual trustees and this is also kept up to date.
The principal risks faced by the charity lie in the performance of its investments and operational risks from ineffective grant making as well as the capacity of the charity to make effective grants. A further risk is the ability to recruit able trustees with relevant skills and experience.
The trustees consider the variability of investment returns from their investments to be the charity's major financial risk. This risk is mitigated by the structure of their investments and taking in to account information and advice from their expert professional advisers with considerable experience in the charity sector. The structure of the investment portfolio is reviewed every three years.
The risk of ineffective grant making is addressed by the receipt of reports on the progress of beneficiaries from 3 the University of St Andrews Students Welfare Fund. e) Reserves policy xy The trustees aim to maintain free or liquid reserves of approximately £5,000 which equates to approximately & three months of unrestricted normal charitable expenditure. The trustees consider that this level is prudent and ea) reasonable given the foreseeable income from the investment portfolio. ; Structure, Governance and Management 3 The charity is an unincorporated trust, established and governed by a Trust Deed and Settlement dated 22 5 February 1972 by Professor J. W. Nisbet together with appropriate deeds of assumption, conveyance and cn resignation. In 2012 a donation of £188,906 was received from the May and Stanley Smith Charitable Trust and was accepted as an endowment, the terms of which are disclosed in note 1.3. The trustees are grateful for this donation which produces income to enable the charity to continue to provide assistance to the University of St Andrews Students Welfare fund and the trustees have designated funds relating to the income and revaluation movements arising from the endowment.
The charity is supervised by the trustees who normally meet twice in each year.
The day-to-day administration is carried out byPp
The charity has procedures for the induction of trustees which include a meeting with existing trustees and the issue of an induction pack. During the meeting key matters such as obligations of trustees, financial issues and future plans and objectives are discussed. The induction pack contains key documents including a copy of the Charity Trust Deed, most recent minutes and latest annual financial statements.
2
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MAY WONG SMITH TRUST
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TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025
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Reference and administrative information
Scottish Charity number SCO008666 Operational Address School of Economics and Finance, Castlecliffe, The Scores, St Andrews, Fife, KY16 9AR Independent Examiner HE encderson Black & Co, Chestney House, 149 Market Street, St Andrews, Fife, KY16 9PF Bankers Royal Bank of Scotland, 113-115 South Street, St Andrews, Fife, KY16 9QB Investment Advisers M&G Charities, PO Box 9038, Chelmsford, CM99 2XF Trustees The-- have served as trustees during the year and sincetheyear end. 3 Trustees’ Responsibilities in relation to the financial statements 3 The charity trustees are responsible for preparing a trustees’ annual report and financial statements in Accepted Accounting Practice). xs accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally a [aa] The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for & each year which give a true and fair view of the state of affairs of the charity and of its income and expenditure z for that period. In preparing the financial statements, the trustees are required to: 3 1. select suitable accounting policies and then comply them consistently; § 2. observe the methods and principles in the applicable Charities SORP; an) 3. make judgements and estimates that are reasonable and prudent; 4. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 2D: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
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Approved by the trustees on and signed on their behalf by;
a ™ 2|iafas
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3
MAY WONG SMITH TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MAY WONG SMITH TRUST
| report on the accounts of the charity for the year ended 31 March 2025 which are set out on pages 5 to 11.
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that | might state to the trustees those matters | am required to state to them in an accept or assume responsibility to anyone other than the charity and the trustees for my work or for this 5 independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not o) report. x Independent Examiner’s Statement & In the course of my examination no matter has come to my attention: aa) 1. which gives me reasonable cause to believe that in any material respect the requirements: ° to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and E Regulation 4 of the 2006 Accounts 4 of the 2006 Accounts of the 2006 Accounts the 2006 Accounts 2006 Accounts Accounts Regulations, and a ° to prepare accounts which accord with the accounting records and comply with Regulation
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° to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts 4 of the 2006 Accounts of the 2006 Accounts the 2006 Accounts 2006 Accounts Accounts Regulations, and
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° to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ae Chestney House Partner 149 Market Street Henderson Black & Co St Andrews, Fife Chartered Accountants KY16 9PF
Date:
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MAY WONG SMITH TRUST
Statement of Cash Flows
for the year ended 31 March 2025
fo} 3 oJ = a BQ = g oS 5 an
| Total | Prior year | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Cash flows from operating activities: | ||
| Net cash used in operating activities (see below) | (26,456) | (23,576) |
| Cash flows from investing activities: | ||
| Investment income | 27,283 | 25,922 |
| Net cash provided by investing activities | 27,283 | 25,922 |
| Change in cash and cash equivalents in the year | 827 | 2,346 |
| Cash and cash equivalents brought forward | 11,085 | 8,739 |
| Cash and cash equivalents carried forward | 11,912 ——_ |
11,085 )—- ————— |
| Analysis ofchanges in net debt | ||
| Cashat 1 April | 11,085 | 8,739 |
| Cash flows in year | 827 | 2,346 |
| Cashat31March | eee 11,912 11,085 |
| Reconciliation of net expenditure to net cash flow from operating activities | Reconciliation of net expenditure to net cash flow from operating activities | |
|---|---|---|
| Net income/(expenditure) for the year (as per the | ||
| statement of financial activities) | 19,337 | (5,779) |
| Adjustments for: | ||
| Investment income | (27,283) | (25,922) |
| (Gains)/losses on investments | (18,552) | 8,077 |
| Increase in creditors | 42 | 48 |
| Netcashusedinoperatingactivities | (26,456) | (23,576) |
7
MAY WONG SMITH TRUST Notes to the Financial Statements for the year ended 31 March 2025
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1 Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
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1.1 Basis of preparation The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Accounts (Scotland) Regulations 2006 (as amended). The May Wong Smith Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
-
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. These financial statements are presented in pounds sterling, the functional currency of the Trust.
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Rounding is to the nearest pound.
-
1.2 Taxation The charity is exempt from tax on income and gains under applicable legislation to the extent that these are applied to its charitable objects.
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3 1.3 TheFundcharity accountinghas unrestricted (including designated) and endowment funds.
) Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in
4 furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees,
Rc at their discretion, have created a fund for a specific purpose.
imal The designated May and Stanley Smith fund comprises the income and revaluation funds arising from
= the endowment described in the following paragraph. These are to be distributed in accordance with
The May and Stanley Smith endowment fund reflects a permanent endowment received from the May
z the conditions of the endowment.
ae} and Stanley Smith Charitable Trust. The principal (historic value) is to be held in perpetuity or for as
5 long as the May Wong Smith Trust is in existence. Income and gains from the invested endowment
‘ae andshall beprovidingappliedfellowships,to assist inscholarshipsmaintaining StandLeonard'sprizes toCollege asstudents inpartthe of theUniversityUniversityof StofAndrewsSt Andrews,and
assistina such students financially and aenerallv lookina after their welfare.
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1.4 Income recognition Interest on funds held on deposit is included when the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank. Investment income is recognised once notification has been received from the investment advisers.
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1.5 Expenditure and irrecoverable VAT Expenditure is recognised 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 can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. All expenditure is accounted for on an accruals basis.
-
Grants and awards payable are payments made to third parties in furtherance of the charitable objects. In the case of an unconditional grant or award this is accrued once the recipient has been notified of the grant or award.
-
1.6 Financial instruments Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basic financial assets (which include cash and bank balances) and basic financial liabilities (which include creditors) are initially measured at the amount receivable or payable including any transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial assets/liabilities, classified as receivable/payable within one vear. are not amortised.
8
MAY WONG SMITH TRUST Notes to the Financial Statements for the year ended 31 March 2025 (continued)
1.7 Fixed asset investments
Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently 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 on revaluation and disposals throughout the year.
1.8 Realised gains and losses
-
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and the opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
-
1.9 Judgements in applying accounting policies and key sources of estimation In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. In preparing these financial statements, the trustees have made the following judgements:
Accruals
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Trustees estimate the requirements for accruals using post year end information. This identifies costs
[o} that are expected to be incurred for services provided by other parties. Accruals are only released when
U there is a reasonable expectation that these costs will not be invoiced in the future.
B 2 ‘Transactions with trustees and employees
s No remuneration was paid to trustees in the year (2024 - none). No expenses were reimbursed to
ms trustees in the year (2024 - none).
pO The value of the work done by trustees in giving of their time for meetings and other matters on behalf of
¢ the charity is not reflected in the accounts as it cannot be quantified.
& During the year a total of £nil (2024 - £nil) was donated to the charity by the trustees.
GS There were no employees in the year (2024 - none).
G 3 ‘Income from investments 2025£ 2024£
Unrestricted General account
M&G Charifund EIF - 15,033 units (2024 - 15,033 units) 13,605 12,928
Interest on deposits 297 279
13,902 13,207
Designated May and Stanley Smith income fund
M&G Charifund EIF - 14,785 units (2024 - 14,785 units) 13,381 12,715
13,381 12,715
27,283 25,922
4 Expenditure on Charitable activities 2025 2024
£ £
Unrestricted General account
Awards and prizes to students 2,700 2,820
University of St Andrews Student Welfare Grant Fund - hardship grants 9,619 7,285
Independent examiner's fee 798 804
13,117 10,909
Designated May and Stanley Smith income fund
University of St Andrews Student Welfare Grant Fund - hardship grants 13,381 12,715
13,381 12,715
26,498 23,624
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9
3
° Oo 452,7,730 5 The historic cost of investments at 31 March 2025 and 31 March 2024 was £369,906. a As described in note 1.3 the permanent endowment amounting to £188,906 is held in an endowment = fund. Revaluation gains and losses arising on the investment of the fund are reflected in the z designated May and Stanley Smith Revaluation fund (see note 6). o 5 Market Market Historic = Value at Loss on Value Cost at
MAY WONG SMITH TRUST
Notes to the Financial Statements
for the year ended 31 March 2025 (continued)
| 5 | Investments | ||||
|---|---|---|---|---|---|
| Market | Market | Historic | |||
| Value at | Gain on | Value | Cosi at | ||
| 01/04/24 | Reval'n | 31/03/25 | 31/03/25 | ||
| £ | £ | £ | £ | ||
| Unrestricted General account | |||||
| M&G Charifund Equities Inv Fund for | |||||
| Charities (Income) - 15,033 units | 218,892 | 9,353 | 228,245 | 181,000 | |
| 218,892 | 9,353 | 228,245 | 181,000 | ||
| Mayand Stanley Smith funds | |||||
| M&G Charifund Equities Inv Fund for | |||||
| Charities (Income) - 14,785 units | 215,286 | 9,199 | 224,485 | 188,906 | |
| 215,286 | 9,199 | 224,485 | 188,906 | ||
| 434,178 | 18,552 | 452,730 | 369,906 | ||
| Included in the accounts as follows: | |||||
| Unrestricted General funds - as above | 228,245 | ||||
| Unrestricted Designated funds (see note 6) | 35,579 | ||||
| Endowment funds | 188,906 | ||||
| 452,7,730 ,730 |
| Market | Market | Historic | ||
|---|---|---|---|---|
| Value at | Loss on | Value | Cost at | |
| 01/04/23 | Reval'n | 31/03/24 | 31/03/24 | |
| £ | £ | £ | £ | |
| Unrestricted General account | ||||
| M&G Charifund Equities Inv Fund for | ||||
| Charities (Income) - 15,033 units | 222,964 | (4,072) | 218,892 | 181,000 |
| 222,964 | (4,072) | 218,892 | 181,000 | |
| Mayand StanleySmith funds | ||||
| M&G Charifund Equities Inv Fund for | ||||
| Charities (Income) - 14,785 units | 219,291 | (4,005) | 215,286 | 188,906 |
| 219,291 | (4,005) | 215,286 | 188,906 | |
| 442,255 | (8,077) | 434,178 | 369,906 | |
| Included as follows: | ||||
| Unrestricted General funds - as above | 218,892 | |||
| Unrestricted Designated funds (see note 6) | 26,380 | |||
| Endowment funds | 188,906 | |||
| 434,178 |
The historic cost of investments at 31 March 2024 was £369,906.
10
MAY WONG SMITH TRUST
Notes to the Financial Statements for the year ended 31 March 2025 (continued)
6 Unrestricted Designated May and Stanley Smith funds
| Income | Revaluation | Total | Income | Revaluation | Total | |
|---|---|---|---|---|---|---|
| fund | fund | 2025 | fund | fund | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Income | ||||||
| Investment income | 13,381 | - | 13,381 | 12,715 | - | 12,715 |
| Expenditure | ||||||
| Grant paid | (13,381) | - | (13,381) | (12,715) | - | (12,715) |
| Gains/(losses) on investments | - | 9,199 | 9,199 | - | (4,005) | (4,005) |
| - | 9,199 | 9,199 | - | (4,005) | (4,005) | |
| Balances brought forward | - | 26,380 | 26,380 | - | 30,385 | 30,385 |
| Balancescarriedforward | - | 35,579 | 35,579 | : | 26,380 | 26,380 |
[o) \o) o) wa [aa : i?) = =H
11