## **Private and Confidential**
## **THE JESSIE SPENCER TRUST**
## **Report to the Trustees**
Year ended 5 April 2023
Prepared by Lemans on 24 August 2023
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **CONTENTS**
|||**Page**|
|---|---|---|
|1.|Introduction|2|
|2.|Audit and accounting issues identified at planning stage|3|
|3.|Audit and accounting issues identified during the audit|5|
|4.|Unadjusted/adjusted misstatements|6|
|5.|Views on qualitative matters of accounting practices and financial reporting|7|
|6.|Trustees’ representation letter|7|
|7.|Significant observations in internal control|7|
|8.|Significant findings from the audit|7|
|9.|Uncertainties, risks, exposures, judgmental issues and going concern|8|
|10.|Fees|8|
|11.|Independence|8|
||Appendix – Letter of representation|9|
This report has been prepared for the sole use of The Jessie Spencer Trust and must not be disclosed to any third party, or quoted or referred to, without our written consent. No responsibility is assumed to any other person in respect of this report.
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Private and Confidential
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **1. INTRODUCTION**
This report summarises our key findings in connection with the audit of the financial statements of The Jessie Spencer Trust in respect of the period ended 5 April 2023.
Our audit procedures, which have been designed to enable us to express an opinion on the financial statements, have included an examination of the transactions and controls thereon of the charity.
The work we have done was not primarily directed towards identifying weaknesses in the charity’s accounting system, other than those that would affect our audit opinions, nor to the detection of fraud. We have, however, designed our audit procedures in such a way that we felt would increase our chance of detecting any fraud.
We have included in this report only those matters that have come to our attention as a result of our normal audit procedures and, consequently, our comments should not be regarded as a comprehensive record of all weaknesses that may exist or improvements that could be made.
It is considered good practice to inform you of any material misstatements within the financial statements presented for audit that have been discovered during the audit. Materiality is considered in relation to the value of the misstatement and also its context and nature.
A summary of adjusted and unadjusted misstatements identified during the audits has been prepared and is included in Section 4.
We would like to take this opportunity to thank Mr Thompson and the Trustees for their cooperation and assistance during the course of the audit.
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The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **2. AUDIT AND ACCOUNTING ISSUES IDENTIFIED AT PLANNING STAGE**
## Management override of internal controls
Area of audit focus This risk is present in all audits and auditing standards require auditors to undertake specific procedures to address the risk.
Our approach
Our planned audit procedures include:
- Reviewing accounting estimates for bias and evaluating whether the circumstances producing the bias, if any, represent a risk of material misstatement due to fraud.
- Considering and evaluating any significant or unusual transactions that are outside the charity’s normal course of business to assess whether they may have been entered into to engage in fraudulent financial reporting or to conceal misappropriation of assets.
Conclusion We have performed our work as planned; no significant issues have been noted.
## Income recognition
Area of audit focus The auditor’s responsibility to consider fraud in an audit of financial statements means that there is an assumption that income recognition is a fraud risk. Income should be recognised when the conditions of recognition have been satisfied.
Our approach Our planned audit procedures include verifying the income systems to gain assurance over the operation of financial controls in place.
We have performed our work as planned and no material Conclusion errors relating to income recognition, whether fraud or error were noted.
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The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## Related party transactions
Area of audit focus
We are required to consider if the disclosures in the financial statements concerning related party transactions are complete, adequate and in line with the requirements of the Charities Act 2011.
Our approach
Review of information held by the Charity Commission to ensure there are no potential related party transactions which have not been disclosed.
We have requested written management representations from you confirming the full disclosure of related party transactions.
Conclusion
A grant was made to Fundays In Nottinghamshire during the year.
Our audit work has provided assurance that the related party transactions disclosed in the financial statements are complete.
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Private and Confidential
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **3. AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT**
## Realised gains and losses on investment disposals
Issue
Realised gains and losses on the disposal of investments are calculated as the difference between sales proceeds and their original cost.
## Resolution
Although this is a departure from SORP 2019 the accounts disclose the Charity’s policy on such calculations.
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Private and Confidential
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **4. UNADJUSTED/ADJUSTED MISSTATEMENTS**
A summary of the unadjusted/adjusted errors identified during the course of our work is set out below, analysed between errors of fact and differences in judgment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Because of the test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, there is an unavoidable risk that some misstatements may remain undiscovered.
||Profit|Net Assets||
|---|---|---|---|
|Adjusted misstatements|(£)|(£)||
||Dr/(Cr)|Dr/(Cr)||
|Transfer of income to capital|-|-|Transfer in accordance with the|
||||resolution dated 14 June 1991|
|**Total**|**-**|**-**||
|Unadjusted misstatements||||
|---|---|---|---|
|factual|Dr/(Cr)|Dr/(Cr)||
|Dividend settlement account|3,011|3,011|Dividends received by Barratt &|
||||Cooke not paid over - 2023|
|Dividends settlement account|(2,663)|(2,663)|Dividends received by Barratt &|
||||Cooke notpaid over - 2022|
|**Total**|**348**|**348**||
|Unadjusted misstatements|||
|---|---|---|
|judgmental|Dr/(Cr)|Dr/(Cr)|
|None noted|-|-|
|**Total**|**-**|**-**|
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Private and Confidential
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **5. VIEWS ON QUALITATIVE MATTERS OF ACCOUNTING PRACTICES AND FINANCIAL REPORTING**
There are no qualitative matters of accounting practice we wish to report.
## **6. TRUSTEES’ REPRESENTATION LETTER**
We have reviewed the representations made to us and can confirm that appropriate representations have been made to us.
## **7. SIGNIFICANT OBSERVATIONS IN INTERNAL CONTROL**
We have not identified any significant observations on internal controls during the course of our audit work. This does not constitute a comprehensive statement that no issues may exist in internal controls or of all improvements which may be made. An audit is not designed to identify all matters that may be relevant to you and accordingly the audit does not ordinarily identify all such matters.
## **8. SIGNIFICANT FINDINGS FROM THE AUDIT**
## **Accounting policies and estimates**
All accounting policies and estimates have been considered in our audit and deemed to be appropriate to the financial statements of the entity.
## **Financial statement disclosures**
During the course of our audit, we reviewed the adequacy of the disclosures contained within the financial statements and their compliance with both relevant accounting standards and the requirements of the Charities Act 2011. There were no significant matters found during the course of the audit.
## **Significant difficulties identified during the audit**
There were no significant difficulties encountered during the course of our audit.
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Private and Confidential
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **9. UNCERTAINTIES, RISKS, EXPOSURES, JUDGMENTAL ISSUES AND GOING CONCERN**
No significant uncertainties or risks were identified during the course of our work.
## **10. FEES**
We confirm that the fees charged during the year in respect of services performed for The Jessie Spencer Trust are consistent with those provided in the accounts prepared by Mr J Thompson.
## **11. INDEPENDENCE**
In accordance with International Standard on Auditing (UK) 260 'Communication with those charged with governance", there are no changes to the details of relationships between Lemans and The Jessie Spencer Trust.
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Private and Confidential
The Jessie Spencer Trust
Report to the Trustees 5 April 2023
## **APPENDIX – LETTER OF REPRESENTATION**
The Jessie Spencer Trust c/o 4 Walsingham Drive Corby Glen Grantham Lincolnshire NG33 4TA
Lemans Chartered Accountants 29 Arboretum Street Nottingham NG1 4JA
Dear Sirs,
The following representations are made on the basis of enquiries of the administrator and Trustees with relevant knowledge and experience such as we consider necessary in connection with your audit of the Charity’s financial statements for the year ended 5 April 2023. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.
## **GENERAL**
1. We have fulfilled our responsibilities as Trustees as set out in the terms of your engagement letter dated 24 August 2023, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
2. All the transactions undertaken by the Charity have been properly reflected and recorded in the accounting records.
3. All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the Charity, and with all other records and related information requested.
4. The financial statements are free of material misstatements, including omissions.
5. We understand that, under the FRC Ethical Standard, the provision of audit and non-audit services to us by yourselves gives rise to a potential threat to independence. We confirm that you have explained to us the threats and that you have relied on the Provisions Available for Audits of Smaller Entities with regard to the potential self-review threat.
6. We approve the adjustments made to the financial statements and disclosures therein.
## **INTERNAL CONTROL AND FRAUD**
7. We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.
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The Jessie Spencer Trust
Report to the Trustees 5 April 2023
8. There are no instances of known or suspected fraud affecting the entity involving management and Trustees who have a significant role in internal control or others that could have a material effect on the financial statements.
9. There are no allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.
## **ASSETS AND LIABILITIES**
10. The Charity has satisfactory title to all assets and there are no liens or encumbrances on the Charity’s assets.
11. All actual liabilities have been recorded as appropriate. There are no contingent liabilities and no guarantees have been given to third parties.
12. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
## **ACCOUNTING ESTIMATES**
13. The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.
## **LEGAL CLAIMS**
14. There are no claims in connection with litigation that have been or are expected to be received.
## **LAWS AND REGULATIONS**
15. There are no known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.
## **RELATED PARTIES**
16. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.
## **SUBSEQUENT EVENTS**
17. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.
## **GOING CONCERN**
18. We believe that the Charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the Charity's needs. We also confirm our plans for future action required to enable the Charity to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the Charity's ability to continue as a going concern need to be made in the financial statements.
Yours faithfully
................................................................... ................................................................... Date
Signed on behalf of the board of Trustees
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Private and Confidential
## **THE JESSIE SPENCER TRUST**
**ANNUAL REPORT YEAR ENDED 5 APRIL 2023**
**Charity No : 219289**
## **THE JESSIE SPENCER TRUST**
## **ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2023**
|CONTENTS
PARTICULARS OF TRUST
REPORT OF THE TRUSTEES
INDEPENDENT AUDITOR’S REPORT
INCOME ACCOUNT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES TO THE ACCOUNTS
INVESTMENTS
CHARITABLE GRANTS AND DONATIONS
PERCENTAGE YIELDS|PAGES|
|---|---|
||1
2 – 3
4 – 6
7
8
9
10 - 11
12
13 – 15
16 - 17|
## **THE JESSIE SPENCER TRUST PARTICULARS OF TRUST**
TRUSTEES
Mr D W Wild Mr A D R Tiplady Mrs H A Lee Dr S Krishanand Mr P J Ellis
SETTLOR
The late Jessie Spencer, OBE
DATE OF DEED
26 November 1962
OBJECTS
The Trustees to apply income (and capital of the Trust Fund whenever they think fit) for such charitable purpose or purposes or in the furtherance of any such charitable object or objects as they shall in their absolute discretion from time to time think fit.
PRINCIPAL ADDRESS
c/o 4 Walsingham Drive Corby Glen Grantham Lincolnshire NG33 4TA
INVESTMENT MANAGEMENT
Barratt & Cooke 5 Opie Street Norwich NR1 3DW
AUDITORS
Lemans Chartered Certified Accountants 29 Arboretum Street Nottingham NG1 4JA
-1-
## **THE JESSIE SPENCER TRUST REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2023**
## **Financial Statements**
The Trustees present their report and audited financial statements of the Charity for the year ended 5 April 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' in preparing the annual report and financial statements of the Charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 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 published in October 2019.
## **Structure Governance and Management**
The Charity was created by a Trust Deed dated 26 November 1962 which directs that the Trust Funds should be used for such charitable purposes as the Trustees, in their absolute discretion, consider fit.
New trustees are appointed by and with the agreement of the continuing Trustees in their absolute discretion.
## **Objectives and Activities**
The sole objective and activity is the giving of grants.
The Trustees have had due regard to the guidance published by The Charity Commission on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
## **Achievements and Performance**
The income of the Trust during the year amounted to £140,353 (2022: £163,982).
During the year the Trustees awarded grants to institutions and individuals amounting to £129,150 (2022: £84,625). A full breakdown can be found on pages 13 to 15.
The net assets of the Trust amounted to £5,154,295 (2022: £5,564,063) at the year end.
## **Financial Review**
The Trustees’ reserves policy is to achieve a zero balance on the income account.
A transfer of 10% of the income less expenses is made from the income to the capital fund each year with a view to ensuring that the value of the capital fund increases by more than the level of inflation. This policy was introduced by a resolution of the Trustees dated 14 June 1991.
The Trust Deed gives the Trustees the power to make investments as they think fit and at their absolute discretion.
None of the Trustees received any remuneration for their services or reimbursement of expenses.
-2-
## **THE JESSIE SPENCER TRUST REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2023**
## **Risk Management**
The Trustees have considered the major risks to which the Charity is exposed, have reviewed these risks and have established systems and procedures to manage them. The risk management strategy is reviewed annually.
## **Related Parties**
Mr D W Wild, one of the Trustees, is also a trustee of Fundays in Nottinghamshire. A grant of £5,000 was made during the year (2022 - £5,000).
## **Responsibilities of the members of the Trustees in relation to the financial statements**
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity 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 in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 that 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.
This report was approved by the Trustees on
**D W WILD On behalf of the Trustees**
-3-
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST**
## **Opinion**
We have audited the financial statements of The Jessie Spencer Trust for the year ended 5 April 2023, which comprise the income account, statement of financial activities, balance sheet and notes to the financial statements, 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 Financial Reporting Standard 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 5 April 2023, and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
-4-
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
- the Charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees 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**
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- Exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit;
- 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;
- Obtain an understanding of the 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 Charity’s internal control;
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
- Make enquiries of management and those charged with governance of any instances of noncompliance with laws and regulations and of any actual and potential litigation and claims;
-5-
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST**
- Review financial statement disclosures to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees 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 Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
2023
Lemans Statutory Auditor Chartered Certified Accountants and Registered Auditors 29 Arboretum Street Nottingham NG1 4JA
Lemans is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
-6-
## **THE JESSIE SPENCER TRUST INCOME ACCOUNT YEAR ENDED 5 APRIL 2023**
|||2023||2022||
|---|---|---|---|---|---|
||£|£|£||£|
|**INCOME FROM:**||||||
|**INVESTMENTS**|139,737||163,974|||
|**GROSS INCOME FROM MONEY ON DEPOSIT**||||||
|National Westminster Bank PLC|521||7|||
|Barclays Bank PLC|95||-|||
|Barratt & Cooke|-||1|||
|||140,353||163,982||
|**LESS: TRUST EXPENSES**||||||
|Professional and administrative charges|12,382||16,985|||
|Auditor’s fees|3,498|(15,880)|3,345|(20,330)||
|**BALANCE OF INCOME FOR THE YEAR**||124,473||143,652||
|Transfer to Trust Capital being 10% of Annual Trust||||||
|Income in accordance with the resolution of the||||||
|Trustees dated 14 June 1991||(12,447)||(14,365)||
|||112,026||129,287||
|**APPROPRIATIONS**||||||
|Charitable grants and donations||||||
|(Pages 13 – 15)||(129,150)||(84,625)||
|**(DEFICIT)/SURPLUS FOR THE YEAR**||(17,124)|||44,662|
|**UNAPPROPRIATED (DEFICIT)/SURPLUS**||||||
|**BROUGHT FORWARD**||(26,529)||(71,191)||
|**UNAPPROPRIATED (DEFICIT)**||||||
|**CARRIED FORWARD**||£(43,653)||£(26,529)||
-7-
## **THE JESSIE SPENCER TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2023**
|Unrestricted
Income
Unrestricted
Fund
Capital Fund
2023
2023
£
£
**Income from:**
Investment income
139,737
-
Interest received
616 -
Total income
140,353
-
**Expenditure:**
Charitable activities
Grants and donations
129,150
-
Management and admin of charity
_15,880
-
Total expenditure
145,030
-
Net gains/(losses) on investments
**-**
(405,091)
**Net Income/(Expenditure)**
(4,677)
(405,091)
Transfer between funds
(12,447)
12,447
**Net movement in funds**
(17,124)
(392,644)
Fund balances brought forward
(26,529)
5,590,592
**Fund balances carried forward**
£(43,653) £5,197,948|Total
2023
£
139,737
616
140,353
129,150
15,880
145,030
(405,091)
(409,768)
-
(409,768)
5,564,063
£5,154,295|Total
2022
£
163,974
8
163,982
84,625
20,330
104,955
483,393
542,420
-
542,420
5,021,643
£5,564,063|Total
2022
£
163,974
8
163,982
84,625
20,330
104,955
483,393
542,420
-
542,420
5,021,643|
|Total
2022
£
163,974
8|
|---|---|---|---|---|---|
||||||163,982
84,625
20,330
104,955
483,393|
||||||542,420
-|
-8-
## **THE JESSIE SPENCER TRUST BALANCE SHEET 5 APRIL 2023**
|
£
FIXED ASSETS
Listed investments (page 12)
CURRENT ASSETS
Bank accounts
251,110
Prepayments
775
CURRENT LIABILITIES
Accruals – Payable within one year
(3,500)
NET CURRENT ASSETS
NET ASSETS
FUNDS
CAPITAL FUND (unrestricted)
INCOME FUND (unrestricted)|2023
£
£
4,905,910
254,254
-
(3,350)
248,385
5,154,295
5,197,948
(43,653)
5,154,295|2022
£
5,313,159
250,904
5,564,063
5,590,592
(26,529)
5,564,063|
|---|---|---|
||||
These financial statements were approved by the Trustees on and signed on their behalf by:
## **D W WILD**
## **A D R TIPLADY**
-9-
## **THE JESSIE SPENCER TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023**
## **1. STATEMENT OF ACCOUNTING POLICIES**
## **CONSTITUTION**
The Trust is administered under the terms of the Trust Deed.
## **BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
## **Basis of preparing the financial statements and assessment of going concern**
The Charity constitutes a public benefit entity as defined by FRS102.
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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
-10-
## **THE JESSIE SPENCER TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023**
## **INCOME**
All income is included in the statement of financial activities when the Charity is legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received.
## **EXPENDITURE**
All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant.
## **INVESTMENTS**
Investments are initially recognised at cost and subsequently at fair value (market value) at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their original cost. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Profit on sale of investments is credited to the Trust Capital account.
## **FUNDS**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted.
## **CASH AT BANK**
The Charity holds sufficient funds in order to meet its short-term cash commitments as they fall due.
## **CREDITORS**
Creditors payable in one year are recorded at the transaction price.
-11-
## **THE JESSIE SPENCER TRUST INVESTMENTS YEAR ENDED 5 APRIL 2023**
## **INVESTMENTS** (all listed)
|Investments at 6 April 2022
Additions
Disposals
Net gain on revaluation
Investments at 5 April 2023
Realised gains
Unrealised gains
Net gains on investments
**AUDITOR’S REMUNERATION**
Audit fee|Cost
£
3,903,013
514,025
(386,256)
-
4,030,782
129,927
(535,018)
(405,091)
2023
£
3,498|Fair
value
£
5,313,159
514,025
(554,631)
(366,643)
4,905,910
(38,448)
(366,643)
(405,091)
2022
£
3,350|
|---|---|---|
## **TRUSTEES’ REMUNERATION AND BENEFITS**
There was no Trustees’ remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022. No Trustee received reimbursed expenses during the year ended 5 April 2023 nor for the year ended 5 April 2022.
## **RELATED PARTIES**
Mr D W Wild, one of the Trustees, is also a trustee of Fundays In Nottinghamshire. A grant of £5,000 was made during the year (2022 - £5,000).
-12-
## **THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2023**
|**Arts**
Create Arts Limited
Dr Martin Clarke Young Organ Scholars Trust
Focus on Young People in Bassetlaw
Nottingham Arts Theatre Ltd
Nottingham Music Service
Starr in the Community CIC
**Total for - Arts**
**Churches**
Mansfield Road Baptist Church
Nottinghamshire Historic Churches Trust
St Margaret’s Church Aspley
St Mary’s Church in the Lace Market
**Total for - Churches**
**Education**
Independent Provider of Special Education Advice
Life Education East Midlands
Read for Good
Tall Ships Youth Trust
The Reading List Foundation
The Speech, Sign & Song Club
**Total for – Education**
**Ex-Services**
Walking With The Wounded
**Total for – Ex-Services**
**Medical/Disabled**
Asthma Relief Charity
Beaumond House Hospice Care
British Disabled Angling Association
Children with Cystic Fibrosis Dream Holidays
Crackerjacks Children’s Trust
Deafblind UK
ERIC, The Children’s Bowel and Bladder Charity
Foundation for Conductive Education
Fundays in Nottinghamshire Ltd
Handicapped Children’s Action Group
Happy Days Children’s Charity
Listening Books
Macmillan Cancer Support
Marie Curie
Motor Neurone Disease Association
Muscular Dystrophy Support Centre
Newlife – The Charity for Disabled Children|£
500
500
500
1,000
500
500
3,500
1,000
3,000
500
15,000|
|---|---|
||19,500|
||
500
500
1,000
1,000
500
500
4,000
1,000
1,000
500
1,000
500
500
500
1,000
1,000
200
5,000
500
1,000
1,000
6,000
1,000
1,000
1,000
1,000|
-13-
## **THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2023**
|Nottinghamshire Deaf Society
Nottinghamshire Hospice
Nottinghamshire Royal Society for the Blind
React
Shine
Spinal Injuries Association
Strongbones Children Charitable Trust
The Brainwave Centre Limited
The Lincolnshire and Nottinghamshire Air Ambulance Trust
The Living Paintings Trust
The Norfolk Hospice
The Sick Children’s Trust
West Area Project
**Community Welfare**
Age Concern Mansfield
Ashfield Home Safety Project
Broxtowe Women’s Project
Cornwater Evergreens
Cruse Bereavement Support
Emmanuel House Support Centre
FareShare Midlands
Friary Drop-in
Good Companions
Host Nottingham
Improving Lives Notts
Maun Refuge
Mrs B A Hancock
New Bridge Foundation
Nottingham and Notts Refugee Forum
Nottinghamshire Independent Domestic Abuse
Nottingham Narrow Boat Project Ltd
Prison Fellowship
Relate Nottinghamshire
Rosie May Foundation
Samaritans
Shepshed Toy Library
Sneinton Hermitage Community Association
STAA
The Children’s Bereavement Centre
The Lenton Centre
The Malt Cross Trust Company
The Renewal Trust
The Respite Association
Transform Training Ltd
Zephyr’s
**Total for - Welfare**|5,000
5,000
5,000
1,000
500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000|
|---|---|
||47,200|
||
£
500
500
1,000
500
1,000
5,000
1,000
500
500
1,000
1,000
1,000
950
500
20,000
1,000
1,000
500
1,000
500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
500
1,000
500
48,950|
-14-
## **THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2023**
## **Groups/Clubs**
|**Groups/Clubs**||
|---|---|
|MHA Communities East Nottinghamshire
**Other**
Belvoir Cricket & Countryside Trust
Open Homes Nottingham
Ruddington Framework Knitters’ Museum
St Peter’s United Charities
Support Through Court
**Total for – Other**|500
500
500
1,000
1,000
1,000
1,000|
||
4,500|
|**Total**|_______
**£129,150**|
|---|---|
-15-
## **THE JESSIE SPENCER TRUST PERCENTAGE YIELDS**
|Market
Cost of
value of
Investments
investments
Year
at 5 April
at 5 April
£
£
1985
409,170
885,714
1986
503,032
1,208,606
1987
510,580
1,341,747
1988
558,363
1,191,139
1989
603,737
1,413,883
1990
745,968
1,444,563
1991
857,803
1,635,278
1992
972,086
1,564,402
1993
1,014,848
1,767,373
1994
1,048,726
2,098,697
1995
1,171,182
1,931,835
1996
1,180,834
2,168,424
1997
1,343,514
2,360,495
1998
1,432,953
3,067,804
1999
1,563,601
3,093,786
2000
1,590,888
2,955,949
2001
1,669,991
3,029,115
2002
1,969,786
3,031,456
2003
2,030,390
2,390,973
2004
2,084,659
2,745,765
2005
2,132,630
3,035,915
2006
2,456,981
3,607,260
2007
2,516,964
3,675,512|Gross
income
for
the year
£
51,263
53,368
64,792
71,734
76,415
77,993
93,135
97,863
98,330
91,586
95,287
98,822
107,331
122,335
116,690
141,185
133,261
126,669
127,375
130,315
117,296
137,412
134,785|% Yield
on cost
12.53
10.61
12.69
12.85
12.66
10.46
10.87
10.07
9.69
8.73
8.14
8.37
7.99
8.54
7.46
8.87
7.98
6.43
6.27
6.25
5.50
5.59
5.36|FT%
Value
% Yield
(all
on value
shares)
5.79
4.53
4.42
4.73
4.82
3.47
6.02
4.28
5.40
4.55
5.40
4.85
5.69
4.82
6.26
5.19
5.56
4.47
4.36
3.69
4.93
4.32
4.56
4.05
4.57
3.69
3.99
2.75
3.77
2.60
4.77
2.11
4.39
2.54
4.18
2.68
5.33
3.73
4.75
3.08
3.86
3.10
3.81
2.90
3.67
2.83|
|---|---|---|---|
-16-
## **THE JESSIE SPENCER TRUST PERCENTAGE YIELDS**
|Cost of
investments
Year
at 5 April
£
2008
2,634,385
2009
2,368,534
2010
2,672,399
2011
2,660,213
2012
2,820,885
2013
2,981,361
2014
3,127,567
2015
3,166,645
2016
3,402,748
2017
3,374,326
2018
3,561,226
2019
3,739,508
2020
3,597,933
2021
3,713,317
2022
3,903,013
2023
4,030,782|Market
value of
investments
at 5 April
£
3,410,728
2,492,270
3,378,623
3,473,696
3,554,330
3,952,274
4,036,795
4,086,471
4,043,553
4,506,015
4,390,019
4,678,634
3,978,209
4,822,646
5,313,159
4,905,910|Gross
income
for
the year
£
142,513
147,549
128,020
123,712
132,663
141,588
141,543
153,665
151,362
156,218
161,156
168,169
157,204
131,390
163,974
139,737|% Yield
on cost
5.41
6.23
4.79
4.65
4.70
4.75
4.53
4.85
4.45
4.63
4.53
4.50
4.37
3.54
4.20
3.47|FT%
Value
% Yield
(all
on value
shares)
4.18
3.58
5.92
4.18
3.79
2.58
3.56
2.81
3.73
3.80
3.58
3.25
3.51
3.35
3.76
3.43
3.74
3.29
3.47
3.16
3.67
3.30
3.59
3.81
3.95
3.98
2.72
2.40
3.09
3.28
2.85
3.13|
|---|---|---|---|---|
||||||
-17-
## **THE JESSIE SPENCER TRUST**
**ANNUAL REPORT YEAR ENDED 5 APRIL 2023**
**Charity No : 219289**
## **THE JESSIE SPENCER TRUST**
## **ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2023**
|CONTENTS
PARTICULARS OF TRUST
REPORT OF THE TRUSTEES
INDEPENDENT AUDITOR’S REPORT
INCOME ACCOUNT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES TO THE ACCOUNTS
INVESTMENTS
CHARITABLE GRANTS AND DONATIONS
PERCENTAGE YIELDS|PAGES|
|---|---|
||1
2 – 3
4 – 6
7
8
9
10 - 11
12
13 – 15
16 - 17|
## **THE JESSIE SPENCER TRUST PARTICULARS OF TRUST**
TRUSTEES
Mr D W Wild Mr A D R Tiplady Mrs H A Lee Dr S Krishanand Mr P J Ellis
SETTLOR
The late Jessie Spencer, OBE
DATE OF DEED
26 November 1962
OBJECTS
The Trustees to apply income (and capital of the Trust Fund whenever they think fit) for such charitable purpose or purposes or in the furtherance of any such charitable object or objects as they shall in their absolute discretion from time to time think fit.
PRINCIPAL ADDRESS
c/o 4 Walsingham Drive Corby Glen Grantham Lincolnshire NG33 4TA
INVESTMENT MANAGEMENT
Barratt & Cooke 5 Opie Street Norwich NR1 3DW
AUDITORS
Lemans Chartered Certified Accountants 29 Arboretum Street Nottingham NG1 4JA
-1-
## **THE JESSIE SPENCER TRUST REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2023**
## **Financial Statements**
The Trustees present their report and audited financial statements of the Charity for the year ended 5 April 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' in preparing the annual report and financial statements of the Charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 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 published in October 2019.
## **Structure Governance and Management**
The Charity was created by a Trust Deed dated 26 November 1962 which directs that the Trust Funds should be used for such charitable purposes as the Trustees, in their absolute discretion, consider fit.
New trustees are appointed by and with the agreement of the continuing Trustees in their absolute discretion.
## **Objectives and Activities**
The sole objective and activity is the giving of grants.
The Trustees have had due regard to the guidance published by The Charity Commission on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
## **Achievements and Performance**
The income of the Trust during the year amounted to £140,353 (2022: £163,982).
During the year the Trustees awarded grants to institutions and individuals amounting to £129,150 (2022: £84,625). A full breakdown can be found on pages 13 to 15.
The net assets of the Trust amounted to £5,154,295 (2022: £5,564,063) at the year end.
## **Financial Review**
The Trustees’ reserves policy is to achieve a zero balance on the income account.
A transfer of 10% of the income less expenses is made from the income to the capital fund each year with a view to ensuring that the value of the capital fund increases by more than the level of inflation. This policy was introduced by a resolution of the Trustees dated 14 June 1991.
The Trust Deed gives the Trustees the power to make investments as they think fit and at their absolute discretion.
None of the Trustees received any remuneration for their services or reimbursement of expenses.
-2-
## **THE JESSIE SPENCER TRUST REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2023**
## **Risk Management**
The Trustees have considered the major risks to which the Charity is exposed, have reviewed these risks and have established systems and procedures to manage them. The risk management strategy is reviewed annually.
## **Related Parties**
Mr D W Wild, one of the Trustees, is also a trustee of Fundays in Nottinghamshire. A grant of £5,000 was made during the year (2022 - £5,000).
## **Responsibilities of the members of the Trustees in relation to the financial statements**
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity 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 in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 that 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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.
This report was approved by the Trustees on
**D W WILD On behalf of the Trustees**
-3-
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST**
## **Opinion**
We have audited the financial statements of The Jessie Spencer Trust for the year ended 5 April 2023, which comprise the income account, statement of financial activities, balance sheet and notes to the financial statements, 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 Financial Reporting Standard 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 5 April 2023, and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
-4-
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
- the Charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees 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**
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- Exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit;
- 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;
- Obtain an understanding of the 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 Charity’s internal control;
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
- Make enquiries of management and those charged with governance of any instances of noncompliance with laws and regulations and of any actual and potential litigation and claims;
-5-
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST**
- Review financial statement disclosures to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees 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 Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
2023
Lemans Statutory Auditor Chartered Certified Accountants and Registered Auditors 29 Arboretum Street Nottingham NG1 4JA
Lemans is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
-6-
## **THE JESSIE SPENCER TRUST INCOME ACCOUNT YEAR ENDED 5 APRIL 2023**
|||2023||2022||
|---|---|---|---|---|---|
||£|£|£||£|
|**INCOME FROM:**||||||
|**INVESTMENTS**|139,737||163,974|||
|**GROSS INCOME FROM MONEY ON DEPOSIT**||||||
|National Westminster Bank PLC|521||7|||
|Barclays Bank PLC|95||-|||
|Barratt & Cooke|-||1|||
|||140,353||163,982||
|**LESS: TRUST EXPENSES**||||||
|Professional and administrative charges|12,382||16,985|||
|Auditor’s fees|3,498|(15,880)|3,345|(20,330)||
|**BALANCE OF INCOME FOR THE YEAR**||124,473||143,652||
|Transfer to Trust Capital being 10% of Annual Trust||||||
|Income in accordance with the resolution of the||||||
|Trustees dated 14 June 1991||(12,447)||(14,365)||
|||112,026||129,287||
|**APPROPRIATIONS**||||||
|Charitable grants and donations||||||
|(Pages 13 – 15)||(129,150)||(84,625)||
|**(DEFICIT)/SURPLUS FOR THE YEAR**||(17,124)|||44,662|
|**UNAPPROPRIATED (DEFICIT)/SURPLUS**||||||
|**BROUGHT FORWARD**||(26,529)||(71,191)||
|**UNAPPROPRIATED (DEFICIT)**||||||
|**CARRIED FORWARD**||£(43,653)||£(26,529)||
-7-
## **THE JESSIE SPENCER TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2023**
|Unrestricted
Income
Unrestricted
Fund
Capital Fund
2023
2023
£
£
**Income from:**
Investment income
139,737
-
Interest received
616 -
Total income
140,353
-
**Expenditure:**
Charitable activities
Grants and donations
129,150
-
Management and admin of charity
_15,880
-
Total expenditure
145,030
-
Net gains/(losses) on investments
**-**
(405,091)
**Net Income/(Expenditure)**
(4,677)
(405,091)
Transfer between funds
(12,447)
12,447
**Net movement in funds**
(17,124)
(392,644)
Fund balances brought forward
(26,529)
5,590,592
**Fund balances carried forward**
£(43,653) £5,197,948|Total
2023
£
139,737
616
140,353
129,150
15,880
145,030
(405,091)
(409,768)
-
(409,768)
5,564,063
£5,154,295|Total
2022
£
163,974
8
163,982
84,625
20,330
104,955
483,393
542,420
-
542,420
5,021,643
£5,564,063|Total
2022
£
163,974
8
163,982
84,625
20,330
104,955
483,393
542,420
-
542,420
5,021,643|
|Total
2022
£
163,974
8|
|---|---|---|---|---|---|
||||||163,982
84,625
20,330
104,955
483,393|
||||||542,420
-|
-8-
## **THE JESSIE SPENCER TRUST BALANCE SHEET 5 APRIL 2023**
|
£
FIXED ASSETS
Listed investments (page 12)
CURRENT ASSETS
Bank accounts
251,110
Prepayments
775
CURRENT LIABILITIES
Accruals – Payable within one year
(3,500)
NET CURRENT ASSETS
NET ASSETS
FUNDS
CAPITAL FUND (unrestricted)
INCOME FUND (unrestricted)|2023
£
£
4,905,910
254,254
-
(3,350)
248,385
5,154,295
5,197,948
(43,653)
5,154,295|2022
£
5,313,159
250,904
5,564,063
5,590,592
(26,529)
5,564,063|
|---|---|---|
||||
These financial statements were approved by the Trustees on and signed on their behalf by:
## **D W WILD**
## **A D R TIPLADY**
-9-
## **THE JESSIE SPENCER TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023**
## **1. STATEMENT OF ACCOUNTING POLICIES**
## **CONSTITUTION**
The Trust is administered under the terms of the Trust Deed.
## **BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
## **Basis of preparing the financial statements and assessment of going concern**
The Charity constitutes a public benefit entity as defined by FRS102.
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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
-10-
## **THE JESSIE SPENCER TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023**
## **INCOME**
All income is included in the statement of financial activities when the Charity is legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received.
## **EXPENDITURE**
All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant.
## **INVESTMENTS**
Investments are initially recognised at cost and subsequently at fair value (market value) at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their original cost. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Profit on sale of investments is credited to the Trust Capital account.
## **FUNDS**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted.
## **CASH AT BANK**
The Charity holds sufficient funds in order to meet its short-term cash commitments as they fall due.
## **CREDITORS**
Creditors payable in one year are recorded at the transaction price.
-11-
## **THE JESSIE SPENCER TRUST INVESTMENTS YEAR ENDED 5 APRIL 2023**
## **INVESTMENTS** (all listed)
|Investments at 6 April 2022
Additions
Disposals
Net gain on revaluation
Investments at 5 April 2023
Realised gains
Unrealised gains
Net gains on investments
**AUDITOR’S REMUNERATION**
Audit fee|Cost
£
3,903,013
514,025
(386,256)
-
4,030,782
129,927
(535,018)
(405,091)
2023
£
3,498|Fair
value
£
5,313,159
514,025
(554,631)
(366,643)
4,905,910
(38,448)
(366,643)
(405,091)
2022
£
3,350|
|---|---|---|
## **TRUSTEES’ REMUNERATION AND BENEFITS**
There was no Trustees’ remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022. No Trustee received reimbursed expenses during the year ended 5 April 2023 nor for the year ended 5 April 2022.
## **RELATED PARTIES**
Mr D W Wild, one of the Trustees, is also a trustee of Fundays In Nottinghamshire. A grant of £5,000 was made during the year (2022 - £5,000).
-12-
## **THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2023**
|**Arts**
Create Arts Limited
Dr Martin Clarke Young Organ Scholars Trust
Focus on Young People in Bassetlaw
Nottingham Arts Theatre Ltd
Nottingham Music Service
Starr in the Community CIC
**Total for - Arts**
**Churches**
Mansfield Road Baptist Church
Nottinghamshire Historic Churches Trust
St Margaret’s Church Aspley
St Mary’s Church in the Lace Market
**Total for - Churches**
**Education**
Independent Provider of Special Education Advice
Life Education East Midlands
Read for Good
Tall Ships Youth Trust
The Reading List Foundation
The Speech, Sign & Song Club
**Total for – Education**
**Ex-Services**
Walking With The Wounded
**Total for – Ex-Services**
**Medical/Disabled**
Asthma Relief Charity
Beaumond House Hospice Care
British Disabled Angling Association
Children with Cystic Fibrosis Dream Holidays
Crackerjacks Children’s Trust
Deafblind UK
ERIC, The Children’s Bowel and Bladder Charity
Foundation for Conductive Education
Fundays in Nottinghamshire Ltd
Handicapped Children’s Action Group
Happy Days Children’s Charity
Listening Books
Macmillan Cancer Support
Marie Curie
Motor Neurone Disease Association
Muscular Dystrophy Support Centre
Newlife – The Charity for Disabled Children|£
500
500
500
1,000
500
500
3,500
1,000
3,000
500
15,000|
|---|---|
||19,500|
||
500
500
1,000
1,000
500
500
4,000
1,000
1,000
500
1,000
500
500
500
1,000
1,000
200
5,000
500
1,000
1,000
6,000
1,000
1,000
1,000
1,000|
-13-
## **THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2023**
|Nottinghamshire Deaf Society
Nottinghamshire Hospice
Nottinghamshire Royal Society for the Blind
React
Shine
Spinal Injuries Association
Strongbones Children Charitable Trust
The Brainwave Centre Limited
The Lincolnshire and Nottinghamshire Air Ambulance Trust
The Living Paintings Trust
The Norfolk Hospice
The Sick Children’s Trust
West Area Project
**Community Welfare**
Age Concern Mansfield
Ashfield Home Safety Project
Broxtowe Women’s Project
Cornwater Evergreens
Cruse Bereavement Support
Emmanuel House Support Centre
FareShare Midlands
Friary Drop-in
Good Companions
Host Nottingham
Improving Lives Notts
Maun Refuge
Mrs B A Hancock
New Bridge Foundation
Nottingham and Notts Refugee Forum
Nottinghamshire Independent Domestic Abuse
Nottingham Narrow Boat Project Ltd
Prison Fellowship
Relate Nottinghamshire
Rosie May Foundation
Samaritans
Shepshed Toy Library
Sneinton Hermitage Community Association
STAA
The Children’s Bereavement Centre
The Lenton Centre
The Malt Cross Trust Company
The Renewal Trust
The Respite Association
Transform Training Ltd
Zephyr’s
**Total for - Welfare**|5,000
5,000
5,000
1,000
500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000|
|---|---|
||47,200|
||
£
500
500
1,000
500
1,000
5,000
1,000
500
500
1,000
1,000
1,000
950
500
20,000
1,000
1,000
500
1,000
500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
500
1,000
500
48,950|
-14-
## **THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2023**
## **Groups/Clubs**
|**Groups/Clubs**||
|---|---|
|MHA Communities East Nottinghamshire
**Other**
Belvoir Cricket & Countryside Trust
Open Homes Nottingham
Ruddington Framework Knitters’ Museum
St Peter’s United Charities
Support Through Court
**Total for – Other**|500
500
500
1,000
1,000
1,000
1,000|
||
4,500|
|**Total**|_______
**£129,150**|
|---|---|
-15-
## **THE JESSIE SPENCER TRUST PERCENTAGE YIELDS**
|Market
Cost of
value of
Investments
investments
Year
at 5 April
at 5 April
£
£
1985
409,170
885,714
1986
503,032
1,208,606
1987
510,580
1,341,747
1988
558,363
1,191,139
1989
603,737
1,413,883
1990
745,968
1,444,563
1991
857,803
1,635,278
1992
972,086
1,564,402
1993
1,014,848
1,767,373
1994
1,048,726
2,098,697
1995
1,171,182
1,931,835
1996
1,180,834
2,168,424
1997
1,343,514
2,360,495
1998
1,432,953
3,067,804
1999
1,563,601
3,093,786
2000
1,590,888
2,955,949
2001
1,669,991
3,029,115
2002
1,969,786
3,031,456
2003
2,030,390
2,390,973
2004
2,084,659
2,745,765
2005
2,132,630
3,035,915
2006
2,456,981
3,607,260
2007
2,516,964
3,675,512|Gross
income
for
the year
£
51,263
53,368
64,792
71,734
76,415
77,993
93,135
97,863
98,330
91,586
95,287
98,822
107,331
122,335
116,690
141,185
133,261
126,669
127,375
130,315
117,296
137,412
134,785|% Yield
on cost
12.53
10.61
12.69
12.85
12.66
10.46
10.87
10.07
9.69
8.73
8.14
8.37
7.99
8.54
7.46
8.87
7.98
6.43
6.27
6.25
5.50
5.59
5.36|FT%
Value
% Yield
(all
on value
shares)
5.79
4.53
4.42
4.73
4.82
3.47
6.02
4.28
5.40
4.55
5.40
4.85
5.69
4.82
6.26
5.19
5.56
4.47
4.36
3.69
4.93
4.32
4.56
4.05
4.57
3.69
3.99
2.75
3.77
2.60
4.77
2.11
4.39
2.54
4.18
2.68
5.33
3.73
4.75
3.08
3.86
3.10
3.81
2.90
3.67
2.83|
|---|---|---|---|
-16-
## **THE JESSIE SPENCER TRUST PERCENTAGE YIELDS**
|Cost of
investments
Year
at 5 April
£
2008
2,634,385
2009
2,368,534
2010
2,672,399
2011
2,660,213
2012
2,820,885
2013
2,981,361
2014
3,127,567
2015
3,166,645
2016
3,402,748
2017
3,374,326
2018
3,561,226
2019
3,739,508
2020
3,597,933
2021
3,713,317
2022
3,903,013
2023
4,030,782|Market
value of
investments
at 5 April
£
3,410,728
2,492,270
3,378,623
3,473,696
3,554,330
3,952,274
4,036,795
4,086,471
4,043,553
4,506,015
4,390,019
4,678,634
3,978,209
4,822,646
5,313,159
4,905,910|Gross
income
for
the year
£
142,513
147,549
128,020
123,712
132,663
141,588
141,543
153,665
151,362
156,218
161,156
168,169
157,204
131,390
163,974
139,737|% Yield
on cost
5.41
6.23
4.79
4.65
4.70
4.75
4.53
4.85
4.45
4.63
4.53
4.50
4.37
3.54
4.20
3.47|FT%
Value
% Yield
(all
on value
shares)
4.18
3.58
5.92
4.18
3.79
2.58
3.56
2.81
3.73
3.80
3.58
3.25
3.51
3.35
3.76
3.43
3.74
3.29
3.47
3.16
3.67
3.30
3.59
3.81
3.95
3.98
2.72
2.40
3.09
3.28
2.85
3.13|
|---|---|---|---|---|
||||||
-17-