Registered number: 1125683 Charity number: 06662083 SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee} CONTENTS Page Reference and admlnistrative details of the Company. its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financlal statements 8-16
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY. TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025 Trustees J D Spiers B O F Spiers H G M Spiers Company registered number 1125683 Charity registered number 06662083 Registered offi¢e Flat 19 10 Palace Gate London W8 5NF Accountants MHA Chartered Accountants 6th Floor 2 London Wall Place London EC2Y SAU Page 1
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The Trustees have pleasure in presenting their report and the financial statements of Ihe Charity for the year ended 28 February 2025. The Truslees confirm that the report and the financial statements Comply with current statutory requirements, the requirements of the Charivs goveming document and relevant accounting standards. Struclure, Governance and Management . Governlng Document The Charity is govemed by its rnemorandum and articles of association dated 1 August 2008. b. Organisation The Trustees meet as required during the period to consider the Chariws strategy and perfomiance. As the Charity is on a relatively small scale at the present time. the Trustees believe suth meetings are adequate to cover the govemance and management requirements. c. Appolnlment of Trustees Any person who is willing to act as a Trustee, and who w(yJld not be otherwise disqualified from acting, may be appointed to be a Trustee by a written notice to the Foundation, signed by a representstive of the Member. The Member may specify term5 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 Ild office by retirement or removal. d. Trustee Inductlon and Training Trustee induction is carried oul on appointment of a Trustee and ongoing trainirYJ is provided on forn1 and informal basis depending on the situation and as befits a small tharity. Objectlves and Activities . Objectlves The aim of the Chaiity is to help disadvantaged people through grants and donations. The Charity purposely does not define the groups Ft may make grants to but these are likely to include children. the elderly, people with disatxlities, people of partTrcular ethnic or ractal origin and oiher Charities or voluntary bodes. b. Actlvities In the period under review the Charity made grants totalling £339,535, details of which are provided in the following pages. c. Achievement and Perfomiance The charity received donations totalling £207.647 in the period. It has made grants to 3 charitable organisations in the period as set out in Note 5. Page 2
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Financial Review . Review The results of the period's operations are set out in the attached financial Statements. The Charity had a deficit of £134,619 in the year. Total funds at the year end were £57.578. and unrestricted reserves were £57,578. b. Pulbic Benefit We have referred to the guidance contsined 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 VMII contribute to the aims and objectives they have set and that the grants made in the period demonstrate the Charitys public benefit. c. Reserves Policy The Trustees monrtor the reserves as they consider appropriate. At present no grant commltments are made unless funds are available and the Charity does not have any other expenditure. The total unrestricted reseNes as at 28 February 2025 were £57.578. Risk Policy a. Policies 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 regularfy reviewed by the Trustees. Plans for future perlods The Charity aims to continue its grant-giving work when suitable projects are identtfied and funds are available. Page 3
SPIERS FAMILY FOUNDATION LIMrrED {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of ils incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to-. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP {FRS 102); make judgments and acGounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the toard of Trustees and signed on their behalf by: J D Spiers Trustee Date." Ei Gl l Page 4
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee INDEPENDENT EXAPJtINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 Independent examiner's report to the Trustees of Splers Family Foundation Llmited ('the Compan} report to the charity Trustees on my examination of the accounts of the Company for the year ended 28 February 2025. Responsibilities and basis of report As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 (Ihe 2006 Act,). Having satisfied myself that the accounts of Ihe Company are not required to be audited under Part 16 of Ihe 2006 Act and are eligible for independent examination. I report in respect of my examination of the Companls accounts carried out under section 145 of the Charities Act 2011 (Ihe 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5Mb) of the 201 l Act. Independent examinerfs ststement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination gtving me Se to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and faie view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance the methods and principles of the Ststement of Recommended Practice for accounting and reporting by tharities lapplicable to charities preparing Ihelr accounts in accordance viith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. I have no concems and have come across no other matters in connectii)n wth the examination to which attention should be drawn in this report in (Kder to enable a proper understanding of the accounts to be reached. This report is made solely to the CoMpanS Twstees. as a body. in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Cornpanls Truslees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fvllest extent pemiitled by law. I do not accept or assume responsibility lo anyone other than the Company and the CoMpanS Trustees as a body. for my Yrk or for this reporL Signed- Dated: Rakesh Shaunak FCA London. United Kingdom Page S
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2025 Unreslrlcted funds 2025 Total funds 2025 Total funds 2024 Nole Income from: Donations and legacies 207.647 207,647 368,993 Total income 207.647 207.647 368,993 Expenditure on: Charitable activities Other expenditure 339.535 2,731 339,535 2,731 199,909 2,564 Total expenditure 342,266 342,266 202,473 Net movernent in funds (134,619) {134.6191 166,520 Reconciliation of funds: Total funds brought forward Nel movement in funds 192,197 (134,619) 192,197 (134,619) 25,677 166,520 Total funds carried fonvard 57,578 57,578 192.197 The Statement of finanual activities includes all gains and losses recognised in the year. The notes on pages 8 to 16 form part of these financial statements. Page 6
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) REGISTERED NUMBER." 1125683 BALANCE SHEET AS AT 28 FEBRUARY 2025 28 February 2025 29 Febmary 2024 Note Current assets Cash at bank and In hand 59.678 194, 147 59.678 194,147 Credf(ors: amounts falling due within one year 10 (2,100) (1,950) Net current assets 57,578 192,197 Total net assets 57,578 192,197 Charity funds Restricted funds Unrestricted funds 11 11 57,578 192, 197 Total funds 57.578 192, 197 The Company was entiued to exempiion from audit under section 477 of the Companres Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying Vth the requirements of the Act Iwth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wtih the prowsions applicable to entities subject to the small cornpanies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. J D Spiers Trustee Date: kn11 The notes on pages 8 to 16 form part of these financial statements. Page 7
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 General Inforniation Spiers Family Foundation Limited is a Charity registered in England and Wales. The registered charity number is 1125683 and rts registered company number is 06662083. The registered office is given in the Trustees Annual ReporL The finanaal statements are presented in pound sterting which is the functional currency of the Charity and rounded to the nearest pourKI. Accounting poll¢les 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the CharTti6s SORP (FRS 102) - Accounting and Reporting by Charities: Statement ot Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effedive 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. Spiers Family Foundation Limited rrbeets 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 poliw. 2.2 Income All income is recognised once the Company has enlitlement to the income, it is probable that the income will be received and the amount of income receivable can be rneasured reliably. 2.3 Expenditure Expenditure is recognised On there is a legal or construdive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be qUired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activty- Direct costs attributable to a single activity are allocated directly lo that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betsveen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Companvs objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being re(x)gnised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a cornmitment, but not accrued as expendtlure. All expenditure is inclusive of irrecoverable VAT. Page 8
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accountlng policies {contlnuedl 2.4 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tern highly liquid investments with a short maturity of three months or tess Irom the date of acquisition or opening of the deposit or similar account. 2.5 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, tt is probable that a transfer of economic benefit will be required in settlement, and the amount of the sethement can be estimated reliably. Liabilities are recognised at the amount that the Company anlicipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions a measured at the best estrmate of the amounts required to settle the obligatton. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre•tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activttses as a finan cost. 2.6 Financial instruments The Company only has finanaal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value the exception of bank loans which are subsequently measured at amortised cost uslng the effecttve InteSt method. 2.7 Fund accounling General funds are unrestricted funds which are available for use at the discretion of the Truslees in furtherance of the general objectives of the Cornpany and vh]ich have not been designated for other purposes. Page 9
SPIERS FAMILY FOUNDATION LIMrrED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Income from donations Unrestri¢ted funds 2025 Total funds 2025 Donations 207.647 207,647 Unrestrided fvnds 2024 Total funds 2024 Donations 368,993 368,993 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2025 Total 2025 Grants payable 339.535 339,535 Unrestricted fvnds 2024 Total 2024 Grants payable 199.909 199.909 Page 10
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Analysis of grants Grants to Institutions 2025 Total funds 2025 Grants payable 339.535 339,535 Grants to Institutions 2024 Total funds 2024 Grants payable 199,9Q9 199.909 The Company has made the fdlowbng material grants to institutions during the year 28 Febwary 29 February 2025 2024 Name of institutlon Wave Trust CSJ Foundation UBS Optimus KM Intrepidus Forum Apulam TFN 15.000 25.000 138,359 17,500 25,000 294,535 20,000 1,050 339.535 199,909 Page 11
SPIERS FAMILY FOUNDATION LIMITED {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Other expenditure Unrestricted funds 2025 Total funds 2025 Accountancy fees Bank charges 2,250 481 2,250 481 2,731 2,731 Unrestricted funds 2024 Total funds 2024 Accountancy fees Bank charges 2,040 524 2.040 524 2,564 2,564 Independent examiner's remuneration 2025 2024 Fees payable to the Companls independent examiner for the independent examination of the Companrfs annual accounts 1100 2,040 Staff cosls The Foundation did not have any employees in either year. Page 12
SPIERS FAMILY FOUNDATION LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Truslees. remuneration and expenses During the year. no Trustees received any remuneration or other beneffts (2024- £NIL). During the year ended 28 February 2025. no Trustee expenses have been incurred (2024 - £NILJ. 10. Creditors: Amounts falling due wlthin one year 28 February 29 Febmary 2025 2024 Accwals and deferred income 2,100 1,950 Page 13
SPIERS FAMILY FOUNDATION LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 11. Statement of funds Statement of funds - current year Balance at 28 February 2025 Balance at 1 March 2024 Income Expendituro Unrestrlcted funds General Funds 192,197 207.647 (342,266> 57,578 Statement of funds - prior year Balance at l March 2023 8alance at 29 February 2024 Income Expenditure Unrestrlcted funds General Funds 25,677 368,993 (202.473) 192, 197 Page 14
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 12. Summary of funds Summary of funds - current year Balance at 28 February 2025 Balance at 1 March 2024 Income Expenditure General funds 192.197 207.647 (342.266) 57.578 Summary of funds- prioryear Balance at l March 2023 Balance at 29 February 2024 Income Expenditure General funds 25,677 368,993 (202.473) 192,197 Page 15
SPIERS FAMILY FOUNDATION LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 13. Analysis of net assets between funds Analysls of net assets between funds - current year Unrestrlcted Total funds funds 28 February 28 February 2025 2025 Current assets Creditors due within one year 59,678 (2,100) 59,678 (2,100) Total 57,578 57,578 Analysls of net assets between funds - prior year Unrestncted Total funds ftinds 29 February 29 February 2024 2024 Current assets Creditors due within one year 194,147 (1,950) 194,147 (1,950) Total 192.197 192,197 14. Related party transactions The donations in the currant and previcyjs year were reiVed froffl J D Spiers, a Trustee. Page 16