Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
COMPANY REGISTRATION NUMBER: 07119750 CHARITY REGISTRATION NUMBER: 1135166
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
31 MARCH 2025
COHEN ARNOLD
Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU
Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
| PAGE | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 4 |
| Statement of financial activities (including income and expenditure | |
| account) | 9 |
| Statement of financial position | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 |
Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 MARCH 2025
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Springfield Trust Limited Charity registration number 1135166 Company registration number 07119750 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU The trustees Mr B Oestreicher Mrs R Oestreicher Mr H Schneck Auditor Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is constituted as a company limited by guarantee, and is therefore governed by its memorandum and articles of association.
The day-to-day affairs of the charity are administered by the council of trustees. None of the trustees who are also the directors have any beneficial interest in the company.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and procedures.
OBJECTIVES AND ACTIVITIES
The charity's object and its principal activity continues to be that providing grants for the enhancement of education and religion and for the relief of poverty.
The charity receives income from its voluntary donations and property investments which it utilises in the provision and distribution of grants and donations.
The trustees confirm that they have referred to the guidance contained in the charity commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
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SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2025
Grant making policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
The trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued its philanthropic activities in support of religious, educational and other charitable institutions and, aggregate donations in the sum of £755,499 (2024: £1,081,180) were paid in the year to 31 March 2025.
The financial results of the charity's activities for the year ended 31 March 2025 are fully reflected in the attached financial statements together with the notes thereon.
FINANCIAL REVIEW
Reserve Policy
It is the policy of the charity to maintain unrestricted funds, at a level which the trustees think appropriate, after considering the future commitments of the charity and the likely costs of the charity for the next year.
As at 31 March 2025 the charity has total funds of £6,325,597, all of which are unrestricted funds.
Investment Powers and Policy and Objectives
Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
The charity's investment policy is to make investments of its free funds which provide a secure stream of income with potential for increases in capital growth with particular preference for low risk secure property investments.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage those risks.
PLANS FOR FUTURE PERIODS
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
TRUSTEES' RESPONSIBILITIES STATEMENT
The trustees, who are also directors 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 Practice).
Company law 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 charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
(continued)
YEAR ENDED 31 MARCH 2025
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 24 December 2025 and signed on behalf of the board of trustees by:
[turSignedC957FDC5D2FD4E1 bby: Brstricdur MR B OESTREICHER Director
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SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGFIELD TRUST LIMITED
YEAR ENDED 31 MARCH 2025
OPINION
We have audited the financial statements of Springfield Trust Limited (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGFIELD TRUST LIMITED (continued)
YEAR ENDED 31 MARCH 2025
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGFIELD TRUST LIMITED (continued)
YEAR ENDED 31 MARCH 2025
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and determined that the most relevant to the presentation of the financial statements are those that relate to the reporting legislation (UK GAAP and the Companies Act 2006), the relevant tax regulations in the United Kingdom, the Landlord and Tenant Act, the UK General Data Protection Regulation (GDPR), Health & Safety Regulations and the Bribery Act. We understood how the company is complying with those frameworks through discussion with the trustees and senior management, and by identifying the company's policies and procedures regarding compliance with laws and regulations. We also identified those members of management who have the primary responsibility for ensuring compliance with laws and regulations, and for reporting any known instances of non-compliance to the trustees. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
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We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.
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We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by reviewing the company's identified risks and enquiry with the trustees and senior management during the planning and finalisation phases of our audit. The susceptibility to such material misstatement was determined to be low.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGFIELD TRUST LIMITED (continued)
YEAR ENDED 31 MARCH 2025
- Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the company's internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HMRC, testing transactions outside the normal course of the business and journal entries, and discussions with the trustees and senior management.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGFIELD TRUST LIMITED (continued)
YEAR ENDED 31 MARCH 2025
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
USE OF OUR REPORT
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
==> picture [74 x 28] intentionally omitted <==
DAVID GOLDBERG (SENIOR STATUTORY AUDITOR)
For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU 24 December 2025
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2025
| 2025 | 2025 | 2024 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | 5 | 707,000 | 707,000 | 535,000 |
| Investment income | 6 | 445,965 | 445,965 | 304,204 |
| ----------------------------------------------- | ----------------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 1,152,965 | 1,152,965 | 839,204 | |
| =============================================== | =============================================== | ===================================== | ||
| EXPENDITURE | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 7 | (61,450) | (61,450) | (51,072) |
| Expenditure on charitable activities | 8,9 | (765,459) | (765,459) | (1,090,798) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| TOTAL EXPENDITURE | (826,909) | (826,909) | (1,141,870) | |
| =============================================== | =============================================== | =============================================== | ||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| NET INCOME/(EXPENDITURE) AND NET | ||||
| MOVEMENT IN FUNDS | 326,056 | 326,056 | (302,666) | |
| =============================================== | =============================================== | =============================================== | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 5,999,541 | 5,999,541 | 6,302,207 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 6,325,597 | 6,325,597 | 5,999,541 | |
| =============================================== | =============================================== | =============================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 12 to 18 form part of these financial statements.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MARCH 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| FIXED ASSETS | ||||
| Investments | 14 | 2,500,000 | 2,500,000 | |
| CURRENT ASSETS | ||||
| Debtors | 15 | 249,793 | 592,478 | |
| Cash at bank and in hand | 3,740,529 | 3,049,694 | ||
| ----------------------------------------------- | ----------------------------------------------- | |||
| 3,990,322 | 3,642,172 | |||
| CREDITORS: amounts falling due within one | ||||
| year | 16 | (164,725) | (142,631) | |
| ----------------------------------------------- | ----------------------------------------------- | |||
| NET CURRENT ASSETS | 3,825,597 | 3,499,541 | ||
| ----------------------------------------------- | ----------------------------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | TOTAL ASSETS LESS CURRENT LIABILITIES | 6,325,597 | 5,999,541 | |
| ----------------------------------------------- | ----------------------------------------------- | |||
| NET ASSETS | 6,325,597 | 5,999,541 | ||
| =============================================== | =============================================== | |||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds | 6,325,597 | 5,999,541 | ||
| ----------------------------------------------- | ----------------------------------------------- | |||
| TOTAL CHARITY FUNDS | 17 | 6,325,597 | 5,999,541 | |
| =============================================== | =============================================== |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 24 December 2025, and are signed on behalf of the board by:
[turSignedC957FDC5D2FD4E1 bby: Brstricdur
MR B OESTREICHER
Director
The notes on pages 12 to 18 form part of these financial statements.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2025
| YEAR ENDED 31 MARCH 2025 | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income/(expenditure) | 326,056 | (302,666) |
| Adjustments for: | ||
| Dividends, interest and rents from investments | (286,301) | (253,133) |
| Changes in: | ||
| Trade and other debtors | 322,800 | (185,001) |
| Trade and other creditors | 7,000 | 8,939 |
| ------------------------------------- | ------------------------------------- | |
| Cash generated from operations | 369,555 | (731,861) |
| ------------------------------------- | ------------------------------------- | |
| Net cash from/(used in) operating activities | 369,555 | (731,861) |
| ===================================== | ===================================== | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Dividends, interest and rents from investments | 321,280 | 222,471 |
| ------------------------------------- | ------------------------------------- | |
| Net cash from investing activities | 321,280 | 222,471 |
| ===================================== | ===================================== | |
| NET INCREASE/(DECREASE) IN CASH AND CASH | ||
| EQUIVALENTS | 690,835 | (509,390) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,049,694 | 3,559,084 |
| ----------------------------------------------- | ----------------------------------------------- | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 3,740,529 | 3,049,694 |
| =============================================== | =============================================== |
The notes on pages 12 to 18 form part of these financial statements.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
1. GENERAL INFORMATION
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:
(i) Property valuation
The valuation of the company's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
(ii) Trade and other debtors
Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterpart in making judgements concerning any need to impair the carrying value.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
3. ACCOUNTING POLICIES (continued)
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are funds subject to specific restricted conditions imposed by donors.
Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no Designated funds as at balance sheet date.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Charitable activities
Grants payable are charged to the statement of financial activities once the foundation has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment properties are included at trustees' valuation as at the balance sheet date. Any realised or unrealised gains or losses are taken to the statements of financial activities.
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Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
3. ACCOUNTING POLICIES (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. LIMITED BY GUARANTEE
The Charity is a Company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
5. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 707,000 | 707,000 | 535,000 | 535,000 |
| ===================================== | ===================================== | ===================================== | ===================================== | |
| INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Income from investment properties | 347,751 | 347,751 | 304,204 | 304,204 |
| Interest receivable | 98,214 | 98,214 | – | – |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 445,965 | 445,965 | 304,204 | 304,204 | |
| ===================================== | ===================================== | ===================================== | ===================================== |
6. INVESTMENT INCOME
7. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Investment property management fees | 22,101 | 22,101 | 21,956 | 21,956 |
| Investment property expenses | 39,349 | 39,349 | 29,116 | 29,116 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 61,450 | 61,450 | 51,072 | 51,072 | |
| =============================== | =============================== | =============================== | =============================== |
- 14 -
Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 |
Funds | 2024 | |
| £ | £ | £ | £ | |
| Grants | 755,499 | 755,499 |
1,081,180 | 1,081,180 |
| Support costs | 9,960 | 9,960 |
9,618 | 9,618 |
| ------------------------------------- | ------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| 765,459 | 765,459 |
1,090,798 | 1,090,798 | |
| ===================================== | ===================================== | =============================================== | =============================================== | |
| EXPENDITURE ON CHARITABLE | ACTIVITIES BY ACTIVITY TYPE | |||
| Activities | ||||
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Grants | 755,499 | – |
755,499 | 1,081,180 |
| Governance costs | – | 9,960 |
9,960 | 9,618 |
| ------------------------------------- | -------------------------- | ------------------------------------- | ----------------------------------------------- | |
| 755,499 | 9,960 |
765,459 | 1,090,798 | |
| ===================================== | ========================== | ===================================== | =============================================== |
9. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
The charity made grants towards the following institutions:
| The charity made grants towards the following institutions: | |
|---|---|
| £ | |
| Mifal Tzedoko V'Chesed Limited | 50,000 |
| PPC Trust | 45,000 |
| Mesifta Talmudical College | 32,100 |
| Shaykel Esuh | 32,100 |
| Keren Habinyan Limited | 30,500 |
| Chevras Mo'oz Ladol | 30,000 |
| Divrei Yatziv Limited | 27,000 |
| Live And Learn | 25,980 |
| Lehachzikom UK | 24,000 |
| Machzikei Lomdei Torah | 24,000 |
| Ben Amram Charitable Trust | 23,000 |
| Tevini Limited | 19,800 |
| Tomchim | 15,500 |
| Get Set Girls | 15,000 |
| Heichalei Hakodesh Centre Machnovke Belz | 15,000 |
| Kupath Gemach Chaim Bechesed Viznitz Trust | 15,000 |
| Less than £15,000 | 331,519 |
| ------------------------------------- | |
| Total | 755,499 |
| ===================================== |
Grants were made for the advancement of Jewish religion and education, and for the prevention or relief of poverty.
- 15 -
Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
10. ANALYSIS OF SUPPORT COSTS
| 10. | ANALYSIS OF SUPPORT COSTS | |||
|---|---|---|---|---|
| Grants | Total 2025 | Total 2024 | ||
| £ | £ | £ | ||
| Governance costs | 9,961 | 9,961 | 9,619 | |
| ========================== | ========================== | ========================== | ||
| 11. | INDEPENDENT EXAMINATION FEES | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 3,600 | 3,600 | ||
| ========================== | ========================== |
12. STAFF COSTS
No salaries or employee benefits were paid during the year (2024: £Nil)
13. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any expenses incurred by the trustee for services provided to the charity. (2024: £Nil)
14. INVESTMENTS
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 April 2024 and 31 March 2025 | 2,500,000 |
| =============================================== | |
| Impairment | |
| At 1 April 2024 and 31 March 2025 | |
| Carrying amount | |
| At 31 March 2025 | 2,500,000 |
| =============================================== | |
| At 31 March 2024 | 2,500,000 |
| =============================================== |
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at trustees' valuation as at 31 March 2025. The historical cost of the properties at 31 March 2025 is £1,216,091.
- 16 -
Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
15. DEBTORS
| DEBTORS | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Trade debtors | 67,593 | 87,478 | ||
| Other debtors | 182,200 | 505,000 | ||
| ------------------------------------- | ------------------------------------- | |||
| 249,793 | 592,478 | |||
| ===================================== | ===================================== | |||
| CREDITORS: amounts falling due within one year | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Accruals and deferred income | 68,786 | 53,692 | ||
| Other creditors | 95,939 | 88,939 | ||
| ------------------------------------- | ------------------------------------- | |||
| 164,725 | 142,631 | |||
| ===================================== | ===================================== | |||
| ANALYSIS OF CHARITABLE FUNDS | ||||
| Unrestricted funds | ||||
| At | At | |||
| 1 April | 31 March | |||
| 2024 | Income | Expenditure | 2025 | |
| £ | £ | £ | £ | |
| General funds | 5,999,541 | 1,152,965 | (826,909) | 6,325,597 |
| =============================================== | =============================================== | ===================================== | =============================================== | |
| At | At | |||
| 1 April | 31 March | |||
| 2023 | Income | Expenditure | 2024 | |
| £ | £ | £ | £ | |
| General funds | 6,302,207 | 839,204 | (1,141,870) | 5,999,541 |
| =============================================== | ===================================== | =============================================== | =============================================== |
16. CREDITORS: amounts falling due within one year
17. ANALYSIS OF CHARITABLE FUNDS
- 17 -
Docusign Envelope ID: 2CBF96E9-F638-4AD7-9404-209F95B47105
SPRINGFIELD TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2025
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | ||
|---|---|---|---|
| Funds | 2025 | ||
| £ | £ | ||
| Investments | 2,500,000 | 2,500,000 | |
| Current assets | 3,990,322 | 3,990,322 | |
| Creditors less than 1 year | (164,725) | (164,725) |
|
| ----------------------------------------------- | ----------------------------------------------- | ||
| Net assets | 6,325,597 | 6,325,597 | |
| =============================================== | =============================================== | ||
| Unrestricted | Total Funds | ||
| Funds | 2024 | ||
| £ | £ | ||
| Investments | 2,500,000 | 2,500,000 | |
| Current assets | 3,642,172 | 3,642,172 | |
| Creditors less than 1 year | (142,631) | (142,631) |
|
| ----------------------------------------------- | ----------------------------------------------- | ||
| Net assets | 5,999,541 | 5,999,541 | |
| =============================================== | =============================================== | ||
| ANALYSIS OF CHANGES IN NET DEBT | |||
| At | At | ||
| 1 Apr 2024 | Cash flows | 31 Mar 2025 | |
| £ | £ | £ | |
| Cash at bank and in hand | 3,049,694 | 690,835 | 3,740,529 |
| =============================================== | ===================================== | =============================================== |
19. ANALYSIS OF CHANGES IN NET DEBT
20. RELATED PARTIES
Included in the financial statements are charitable donations totalling £707,000 from related companies and charities.
Included in other creditors is £79,500 due to companies with directors in common with the trustees.
- 18 -