**Charity number: 225491**
## **THE SPEARS-STUTZ CHARITABLE TRUST**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Auditors' Report on the Financial Statements**|5 - 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Statement of Cash Flows**|11|
|**Notes to the Financial Statements**|12 - 20|
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021**
|**Trustees**|C H Cooper|
|---|---|
||E A Stutz|
|**Charity registered**
**number**
225491
**Principal office**
20 Old Bailey
London
EC4M 7AN
**Independent auditors**
Simmons Gainsford LLP
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW
**Bankers**
Coutts & Co
1 Cadogan Place
London
SW1X 9PX
**Solicitors**
Withers LLP
20 Old Bailey
London
EC4M 7AN||
Page 1
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees present their annual report together with the audited financial statements of The Spears-Stutz Charitable Trust for the year 6 April 2020 to 5 April 2021.
## **Objectives and activities**
## **a. Policies and objectives**
The trust's objects are:
- the relief of poverty anywhere in the world;
- such other charitable purposes as the Trustees shall select from time to time.
These objectives are met by the making of charitable donations to other Charities operating in these fields.
Investment decisions were made unanimously by both Trustees through consultation.
There have been no changes in the policies or objects of the Trust during the year.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **a. Financial review**
During the year, the Trust earned investment income of £111,751 (2020: £121,355) and also recieved a substantial settlement payment amounting to £522,465 (2020: £nil). The Trust also realised gains on the sale of investments of £207,051 (2020: £3,327) and had unrealised gains on investments of £567,155 (2020: £504,126 loss)
During the year, as part of its charitable activities, the Trust made charitable donations of £nil (2020: £nil). No donations were made in the year due to operational difficulties and a realignment of charitable objectives and activities. Donations have recommenced in the later part of 2021.
At the year end the Trust had approximately 85% of its total funds invested (market value) in equities, Government securities and unit trusts, under the management of Rathbones, with the remainder held in cash deposits. These funds are invested in a medium risk strategy. At the year end, the Trust had unrestricted reserves of £6,887,374 (2020: £5,524,711).
Given that all of the Trust's income is derived from investment income, which is dependent upon having significant levels of investments, the trustees feel that this level of reserve is necessary in order to safeguard the Trusts continued operations for the foreseeable future.
The Trust's reserve is a general purpose fund held for the long term commitments and obligations of the Trust to be used when donations paid out exceed incoming resources.
Page 2
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **Achievements and performance (continued)**
## **b. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees acknowledge the presence of the coronavirus pandemic but are of the opinion that it will not have a significant impact on the Charity's ability to operate. For this reason, they continue to adopt the going concern basis in preparing the financial statements. There are no material uncertainties regarding going concern.
## **c. Reserves policy**
It is the policy of the trust that liquid assets should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that liquid funds at this level will ensure that, in the event of a significant drop in income, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised. This level of funds has been maintained throughout the year.
## **Structure, governance and management**
## **a. Constitution**
The Spears-Stutz Charitable Trust is a registered charity, number 225491, and is constituted under a Trust deed. Its address is 20 Old Bailey, London, EC4M 7AN.
The trustees who served during the year were:
C H Cooper J A Spears (resigned 1st January 2021) E A Stutz (appointed 1st January 2021)
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The statutory power of appointing new or additional Trustees is vested in the current Trustees.
## **Related parties**
There are no related parties other than the Trustees of the Charity.
## **c. Organisational structure and decision-making policies**
The trustees have assessed the major risks to which the settlement is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Page 3
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **Statement of Trustees' responsibilities**
The Trustees 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).
The law applicable to charities in England & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 Charities Act 2011, the Charity (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.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Simmons Gainsford LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**C H Cooper**
**E A Stutz**
Date: 3/2/2022 | 01:44 GMT
Page 4
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPEARS-STUTZ CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of The Spears-Stutz Charitable Trust (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Page 5
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPEARS-STUTZ CHARITABLE TRUST (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; 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, the Trustees are responsible for the preparation of the financial statements which 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.
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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.
Page 6
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPEARS-STUTZ CHARITABLE TRUST (CONTINUED)**
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:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
- the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
- the nature of the charity including its management structure and control systems (including the opportunity for management to override such controls);
- management’s incentives and opportunities for fraudulent manipulation of the financial statements; and
- • the environment in which it operates.
We also considered the preparation and presentation of the financial statements in accordance with the Charities Act 2011.
Based on this understanding we identified the following matters as being of significance to the entity:
- laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and Charity Law.
- the timing of the recognition of income;
- charitable expenditure being in line with the trust deed;
- management bias in selecting accounting policies and determining estimates; and
- the valuation of fixed asset investments.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
- enquiries with the same concerning any actual or potential litigation or claims;
- discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
- inspection of relevant legal correspondence;
- obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
- challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to the valuation of fixed asset investments;
- review of bank statements, trust deed and funds movement to ensure income and expenditure is being allocated correctly and is in line with the trust deed;
- reviewing the financial statements for compliance with the relevant disclosure requirements; and
- performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
Page 7
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPEARS-STUTZ CHARITABLE TRUST (CONTINUED)**
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **Other matters**
The financial statemets of The Spears-Stutz Charitable Trust for the year ending 5 April 2020 were not audited as the trustees took advantage of the audit exemption under the Charities Act 2011.
## **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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Simmons Gainsford LLP**
Chartered Accountants Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW
Date: 3/2/2022 | 01:44 GMT
Simmons Gainsford LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
|**Note**
**Income from:**
Other activities
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net income before net gains on investments**
Net gains on investments
**Net movement in funds before other recognised**
**gains/(losses)**
**Other recognised gains/(losses):**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
522,465
111,751
634,216
17,898
49,163
67,061
567,155
207,051
774,206
588,457
1,362,663
5,524,711
1,362,663
6,887,374|**Total**
**funds**
**2021**
**£**
522,465
111,751
634,216
17,898
49,163
67,061
567,155
207,051
774,206
588,457
1,362,663
5,524,711
1,362,663
6,887,374|**Total**
**funds**
**2020**
**£**
-
121,355
121,355
4,707
38,410
43,117
78,238
3,327
81,565
(504,126)
(422,561)
5,947,272
(422,561)
5,524,711|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 20 form part of these financial statements.
Page 9
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2021**
|**Note**
**Fixed assets**
Investments
9
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
12
**Total funds**|1,296,556
(34,230)|**2021**
**£**
5,625,048
1,262,326
6,887,374
6,887,374
6,887,374|1,169,632
(47,888)|**2020**
**£**
4,402,967
1,121,744|
|---|---|---|---|---|
||||||
|||||5,524,711|
|||||5,524,711|
||||||
|||||5,524,711|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **C H Cooper**
## **E A Stutz**
Date: 3/2/2022 | 01:44 GMT
The notes on pages 12 to 20 form part of these financial statements.
Page 10
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Proceeds from sale of investments
Purchase of investments
**Net cash (used in)/provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 12 to 20 form part of these financial statements|**2021**
**£**
553,497
1,662,922
(2,089,495)
(426,573)
126,924
1,169,632
1,296,556|**2020**
**£**
100,839
202,382
(113,895)
88,487
189,326
980,306
1,169,632|
|---|---|---|
Page 11
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **1. General information**
The Spears-Stutz Charitable Trust is a registered charity, number 225491, and is constituted under a Trust deed. Its address is 20 Old Bailey, London, EC4M 7AN.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published 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 Spears-Stutz Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Page 12
## **THE SPEARS-STUTZ CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **2.6 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.8 Liabilities**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **2.9 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.10 Charitable donations**
Charitable donations are accounted for when paid.
Page 13
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **3. Income from other activities**
|**Unrestricted**
**funds**
**2021**
**£**
Settlement Receipt
522,465
**4.**
**Investment income**
**Unrestricted**
**funds**
**2021**
**£**
Income from listed investments
105,885
Bank interest receivable
5,866
111,751
**5.**
**Expenditure on raising funds**
**Unrestricted**
**funds**
**2021**
**£**
Investment management costs
17,898
**6.**
**Analysis of charitable activities**
**Support**
**costs**
**2021**
**£**
Charity expenses
49,163|**Total**
**funds**
**2021**
**£**
522,465
**Total**
**funds**
**2021**
**£**
105,885
5,866
111,751
**Total**
**funds**
**2021**
**£**
17,898
**Total**
**funds**
**2021**
**£**
49,163|**Total**
**funds**
**2020**
**£**
-|
|---|---|---|
|||**Total**
**funds**
**2020**
**£**
113,112
8,243|
|||121,355|
|||**Total**
**funds**
**2020**
**£**
4,707|
|||**Total**
**funds**
**2020**
**£**
38,410|
Page 14
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **6. Analysis of charitable activities (continued)**
## **Analysis of support costs**
|Legal & professional fees
Bank charges
Independent examiner's fees
Auditor's fees|**Donations**
**made**
**2021**
**£**
45,003
160
-
4,000
49,163|**Total**
**funds**
**2021**
**£**
45,003
160
-
4,000
49,163|**Total**
**funds**
**2020**
**£**
36,110
300
2,000
-|
|---|---|---|---|
||||38,410|
## **7. Auditors' remuneration**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|4,000|-|
|Fees payable to the Charity's auditor in respect of:|||
|All non-audit services not included above|2,779|-|
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration (2020 - £NIL), benefits in kind (2020 - £NIL) or reimbursement of expenses (2020 - £NIL).
Page 15
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **9. Fixed asset investments**
|**Cost or valuation**
At 6 April 2020
Additions
Disposals
Revaluations
At 5 April 2021
**Net book value**
At 5 April 2021
At 5 April 2020|**Listed**
**investments**
**£**
4,402,967
2,089,495
(1,455,871)
588,457|
|---|---|
||5,625,048|
||5,625,048|
||4,402,967|
## **10. Creditors: Amounts falling due within one year**
|Trade creditors
Accruals and deferred income|**2021**
**£**
4,780
29,450
34,230|**2020**
**£**
-
47,888
47,888|
|---|---|---|
Page 16
**THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **11. Financial instruments**
|**Financial assets**
Financial assets measured at fair value through income and expenditure
**Financial liabilities**
Financial liabilities measured at amortised cost|**2021**
**£**
6,921,604
**2021**
**£**
34,230|**2020**
**£**
5,572,599|
|---|---|---|
|||**2020**
**£**
47,888|
Financial assets measured at fair value through income and expenditure comprise cash at bank and fixed asset investments.
Financial liabilities measured at amortised cost comprise accruals and trade creditors.
Page 17
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **12. Statement of funds**
## **Statement of funds - current year**
||**Balance at 6**|||**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|
||**April 2020**|**Income**|**Expenditure**|**(Losses)**|**April 2021**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|5,524,711|634,216|(67,061)|795,508|6,887,374|
|**Statement of funds - prior year**||||||
||**Balance at**|||**Gains/**|**Balance at**|
||**6 April 2019**|**Income**|**Expenditure**|**(Losses)**|**5 April 2020**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|5,947,272|121,355|(43,117)|(500,799)|5,524,711|
## **13. Analysis of net assets between funds Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Fixed asset investments
5,625,048
Current assets
1,296,556
Creditors due within one year
(34,230)
**Total**
6,887,374|**Total**
**funds**
**2021**
**£**
5,625,048
1,296,556
(34,230|
|---|---|
||6,887,374|
Page 18
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **13. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|**Unrestricted**
**funds**
**2020**
**£**
Fixed asset investments
4,402,967
Current assets
1,169,632
Creditors due within one year
(47,888)
**Total**
5,524,711|**Total**
**funds**
**2020**
**£**
4,402,967
1,169,632
(47,888)
5,524,711|
|---|---|
## **14. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
(Profit) on the disposal of fixed assets
(Decrease)/ increase in creditors
**Net cash provided by operating activities**
**Analysis of cash and cash equivalents**
Cash at Bank
**Total cash and cash equivalents**|**2021**
**£**
774,206
(207,051)
(13,658)
553,497
**2021**
**£**
1,296,556
1,296,556|**2020**
**£**
81,565
(3,327)
22,601
100,839
**2020**
**£**
1,169,632
1,169,632|
|---|---|---|
## **15. Analysis of cash and cash equivalents**
Page 19
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **16. Analysis of changes in cash and cash equivalents**
|Cash at bank|**At 6 April**
**2020**
**£**
1,169,632
1,169,632|**Cash flows**
**£**
126,924
126,924|**At 5 April**
**2021**
**£**
1,296,556|
|---|---|---|---|
||||1,296,556|
Page 20