COMPANY REGISTRATION NUMBER 06662083 SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS 29 FEBRUARY 2024 Reglstered Charity Number: 1125683
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 29 FEBRUARY 2024 CONTENTS PAGE Trustees Annual Report Independent Examinerfs Report statement of Financial Activities (incorporating the Income and Expenditure account) Balance Sheet Notes to the Finanaal Statements
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 29 FEBRUARY 2024 The Trustees have pleasure in presenting their report and the financial statements of the Charity for the year ended 29 February 2024. The Trustees confirm that the report and the financial statements comply with current statutory requirements, the requirements of the Charity's governing document and relevant accounting standards. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity name Spiers Family Foundation Charity registration number 1125683 Registered office Flat 19 10 Palace Gate London W8 5NF The Trustees The Trustees who served the Charity during the period were as follows: J D Spiers B O F Spiers H G M Spiers Independent examiner MHA Chartered Accountsnts 2 London Wall Place London EC2Y SAU
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT(continued) YEAR ENDED 29 FEBRUARY 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKr Governing Document The Charity is govemed by its memorandum and articles of association dated 1 August 2008. Organisation The Trustees meet as required during the period to consider the Charity's strategy and performan. As the Charity is on a relatively small scale at the present time. the Trustees believe such meetings are adequate to cover the govemance and management requirements. Appointment of Trustees Any person who is willing to act as a Trustee. and who would not be otherwise disqualified from acting. may be appointed to be a Trustee by a WTitten notice to the Foundation, signed by a representative of the Member. The Member may specfy temis of office which shall apply. but rf no term is specified when the Trustee is appointed, he or she shall remain in office until he or she ceases to hold Offi by rets'rement or removal. Trustee Induction and Training Trustee induction is carried out on appointrnent of a Trustee and ongoing training is provided on fomial and informal basis depending on the situation and as befits a small charity. OBJECTIVES AND ACTIVITIES Objectlves The aim of the Charity is to help disadvantaged people through grants and donations. The Charity purposely does not define the groups it may make grants to but these are likely to include children. the elderly. people with disabilities. people of particular ethnic or racial origin and other Charities or voluntary bodes. Activities In the period under review the Charity made grants totalling £199,909. details of whith are provided in the following pages.
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (eontinued) YEAR ENDED 29 FEBRUARY 2024 OBJECTIVES AND ACTIVITIES (contlnued) Achievement and Performance The charity received donations totalling £368,993 in the period. It has made grants to 6 charitable organisations in the period as set out in Note 3. FINANCIAL REVIEW The results of the perFod's operations are set out in the attached financAal statements. The Charity made a surplus of £166,520. Total funds at the year end were £192.197, and unrestricted reserves were £192,197. Public benefit We have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set and that the grants made in the period demonstrate the Charity's public benefit. Reserves policy The Trustees monitor the reserves as they consider appropriate. At present no grant commitments are made unless funds are available and the Charity does not have any other expenditure. The total unrestricted reserves as at 29 February 2024 were £192.197. RISK POUCY The Trustees have reviewed the key risks to which the Charity is exposed together with operating, financial and compliance controls that have been implemented to mitigate those risks. This process is regularly reviewed by the Trustees.
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT (continuodj YEAR ENDED 29 FEBRUARY 2024 PLANS FOR FUTURE PERIODS The Charity aims to continue its grant-giving work when surtable projects are identified and funds are available. Signed by order of the Trustees on Is k A.ithSF 2014 J D SPIERS Trustee
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT YEAR ENDED 29 FEBRUARY 2024 I report to the Charity Trustees on my examination of the accounts of Company for the year ended 29 February 2024 set out on pages 7 to 14. Respective responsibilities of trustees and examiners As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Yhe 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Acf ). In carying out my examination I have followed the Directions given by the Charity Commission under secb'on 145(5) (b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe.. 1. accounting records were not kept in respect of the Cotnpany as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records; or 3. the accounts do nol comply with the accounting requirements of sectÉon 396 of the 2006 Act 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: or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practits for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection )Mth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT YEAR ENDED 29 FEBRUARY 2024 This report is made solely to the Charity's Trustees. as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body. for my work or for this report. Rakesh Shaunak FCA MHA 2 London Wall Place London EC2Y SAU
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 29 FEBRUARY 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Note INCOMING RESOURCES Donations 368,993 368,993 289,824 TOTAL INCOMING RESOURCES 368.993 368,993 289,824 EXPENDITURE Charitable activities Other costs 199.909 2,564 199,909 2,564 367.854 2.392 TOTAL EXPENDITURE 202.473 202,473 370.246 NET SURPLUSI(DEFICIT) FOR THE YEAR 166.520 166,520 {80,422) NET MOVEMENT IN FUNDS 166,520 166,520 (80,422) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 25,677 25.6TT 106,099 192,197 192,197 25,677 Atl of the above amounts relate to continuing activities. The notes on pages 9 to 14 forni part of these Ilnanclal ststements.
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET YEAR ENDED 29 FEBRUARY 2024 2024 2023 CURRENT ASSETS Cash at bank and in hand 194,147 194,147 27,627 27,627 CREDITORS.. Amounts falling due 10 within one year 1.950 1,950 NET CURRENT ASSErs 192.197 25,677 TOTAL ASSEfs LESS CURRENT LIABILITIES 192.197 25.677 FUNDS Unrestricted income funds 11 192,197 25,677 TOTAL FUNDS 192.197 25.677 The Trustees consider that the Charty is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (Ihe Act") and members have not required the Charity to obtain an audtt for the year in question in accordance with section 476 of the ACL The Trustees acknowledge their responsibilitie5 for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial slatements. These financial statements were approved by the Trustees and authorised for issue on isk and are signed on their behalf by: Try J D SPIERS Trustee The notes on pages 9 to 14 fomi part of these financial statements.
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 FEBRUARY 2024 GENERAL INFORMATION Spiers Family Foundation Limited is a Charity registered in England and Wales. The registered charity number is 1125683 and its registered company number is 06662083. The registered office is given in the Trustees Annual Report. The financial statements are presented in pound sterfing which is the functional currency of the Charity and rounded to the nearest pound. ACCOUNTING POLICIES a) Basis of accounting The financial statements have been prepared in accordan with Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Section 1A of Financial Reporting Standard 102. the Financial Reporting Stsndard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. b) Cash flow statement The Trustees have taken advantage of the exemption in Section 1A of Financial Reporting Standard 102 from including a cash ftow statement in the financial statements on the grounds that the Charity is small. c) Incoming resources All incoming resources are included in the statement of financial activities when the Charity is legally entitled to the income and the amount C2n be quantified with reasonable accuracy. Gifts in kind donated are included at valuation and recognised as income when they are distributed to projects. Gifts donated for resale are included as gifts when they are sold. Donated facilities are included at the value to the Charity where this can be quantified and a third paty is bearing the cost. No amounts are induded in the financial ststements for services donated by volunteers. Income tax recoverable in relation to investment income or gift aid donations is recognised at the time the relevant income is rer£rvable. d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 FEBRUARY 2024 d) Fund accounting (continued) Restricted funds are funds which are to be used in accordance with spectfic restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Statutory grants which are given as contribukn'ons towards the Charitys core activities are treated as unrestricted. e) Resources expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for alloCatn to activities. Support costs, which cannot be directly attributed to partrcular activities, have been apportioned proportionately to the activities. G0Veman costs indude the costs of Trustees, meetings, audit and strategic planning. Grants payable are charged in the period the offer is conveyed to the recipient except in those cases where the offer is conditional. such grants being recognised as expenditure where the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment. but not accrued as expenditure. fj Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'nel gains l (losses) on investments, in the SOFA rf the shares are publicly traded or their fair value can otherwtse be measured reliably. g) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. h) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. l) Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nortnally recognised at their settlement amount after allowing for any trade discounts due. 10
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 FEBRUARY 2024 j) Financial instruments The tnjst only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finanaal instrumenls are initially recognised at transaction value and subsequently measured at their settiement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The fjnancing charge to expenditure is at a constant rate calculated using the effective interest method. k) Going Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concem. INCOME FROM DONATIONS Unrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Donations re1vable 368,993 368,993 289,824 368,993 368,993 289,824 11
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL sTATEMErs YEAR ENDED 29 FEBRUARY 2024 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Grants payable: Silverstone Heritage CSJ Foundation TFN Clare College The Visionaries Education UBS Optimus KAA Intrepidus Forum Apulam Wave Trust 25,000 25,000 25,000 1.050 25,000 1.050 500,000 25,000 144,917 14,000 138,359 17,500 3,000 15.000 138,359 17,500 3,000 15.000 199,909 199,909 733,917 OTHER COSTS Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Accountancy fees Bank charges 2,040 524 2.040 524 2,010 382 2,564 2,564 2,392 There were no support costs incurred by the company. NET INCOMING RESOURCES FOR THE PERIOD This is stated after charging: 2024 2023 Independent examination fees 2.040 2,010 12
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 FEBRUARY 2024 7. TRUSTEES, REMUNERATION The Trustees netther received nor waived any remuneration during the year (2023: £nil). EMPLOYEES The average monthly number of employees. including Trustees. during the year was 3 (2023 - 3). There were no staff costs inCued during the year. CASH AT BANK 2024 2023 Cash at bank 194,147 194.147 27,627 27,627 10. CREDITORS.. Amounts falling due within one year 2024 2023 Accruals and deferred income 1,950 1,950 1,950 1,950 11. UNRESTRICTED INCOME FUNDS 1 March 2023 Incoming resources Outgoing resources 29 February 2024 General funds 25.677 368.993 (202,473) 192,197 25,677 368.993 {202,473) 192,197 12. ANALYSIS OF ASSETS BETWEEN FUNDS Net current assets 2024 Total 2023 Total Investments Restricted Income Funds Unrestricted Income Funds 192,197 192,197 192,197 192,197 25,677 Total Funds 25.677 13
SPIERS FAMILY FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 FEBRUARY 2024 13. RELATED PARTY TRANSACTIONS The donations in the cuent and previous year were received from J D Spiers, a Trustee. 14