**Charity number: 225491**
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2022**
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 13|
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022**
|**Trustees**|C H Cooper|
|---|---|
||E A Stutz|
|**Charity registered**
**number**
225491
**Principal office**
20 Old Bailey
London
EC4M 7AN
**Independent examiner**
David Pumfrey FCA
Simmons Gainsford LLP
Chartered Accountants
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 2022**
The Trustees present their annual report together with the financial statements of the The Spears-Stutz Charitable Trust for the year 6 April 2021 to 5 April 2022.
## **Objectives and activities**
## **a. Policies and objectives**
The trust has general charitable purposes as the Trustees select and these are met by the making of charitable donations to other Charities.
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. Main achievements of the Charity**
During the year, the Trust earned investment income of £124,468 (2021: £111,751). The Trust also realised gains on the sale of investments of £26,533 (2021: £207,051) and had unrealised gains on investments of £462,482 (2021: £567,155).
During the year, as part of its charitable activities, the Trust made charitable donations of £120,696 (2021: £nil).
At the year end the Trust had approximately 92% (2021: 82%) 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 £7,316,636 (2021: £6,887,374).
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 2022**
## **Financial review**
## **a. 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. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. 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. It's address is 20 Old Bailey, London, EC4M 7AN.
The trustees who served during the year were:
C H Cooper E A Stutz
## **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.
## **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.
## **d. Related party relationships**
There are no related parties other than the Trustees of the Charity.
Page 3
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022**
## **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 judgments 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **C H Cooper**
## **E A Stutz**
Date: 26 January 2023
Page 4
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022**
## **Independent examiner's report to the Trustees of The Spears-Stutz Charitable Trust ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: David Pumfrey FCA
Dated: 26 January 2023
## **Simmons Gainsford LLP**
Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
Page 5
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|**Note**
**Income from:**
Other activities
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net (expenditure)/income before net gains on**
**investments**
Net gains on investments
**Net movement in funds before other recognised**
**gains**
**Other recognised gains:**
Gains on revaluation of investments
9
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
-
124,468
124,468
40,694
143,527
184,221
(59,753)
26,533
(33,220)
462,482
429,262
6,887,374
429,262
7,316,636|**Total**
**funds**
**2022**
**£**
-
124,468
124,468
40,694
143,527
184,221
(59,753)
26,533
(33,220)
462,482
429,262
6,887,374
429,262
7,316,636|**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|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 13 form part of these financial statements.
Page 6
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2022**
|**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
11
**Total funds**|559,923
559,923
(26,471)|**2022**
**£**
6,783,184
6,783,184
533,452
7,316,636
7,316,636
7,316,636|1,296,556
1,296,556
(34,230)|**2021**
**£**
5,625,048|
|---|---|---|---|---|
|||||5,625,048
1,262,326|
||||||
|||||6,887,374|
|||||6,887,374|
||||||
|||||6,887,374|
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: 26 January 2023
The notes on pages 8 to 13 form part of these financial statements.
Page 7
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **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 8
## **THE SPEARS-STUTZ CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **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 9
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **3. Income from other activities**
|**Unrestricted**
**funds**
**2022**
**£**
Settlement Receipt
-
**Investment income**
**Unrestricted**
**funds**
**2022**
**£**
Income from listed investments
118,927
Bank interest receivable
5,541
124,468
**Expenditure on raising funds**
**Unrestricted**
**funds**
**2022**
**£**
Investment management fees
40,694|**Total**
**funds**
**2022**
**£**
-
**Total**
**funds**
**2022**
**£**
118,927
5,541
124,468
**Total**
**funds**
**2022**
**£**
40,694|**Total**
**funds**
**2021**
**£**
522,465|
|---|---|---|
|||**Total**
**funds**
**2021**
**£**
105,885
5,866|
|||111,751|
|||**Total**
**funds**
**2021**
**£**
17,898|
## **4. Investment income**
## **5. Expenditure on raising funds**
Page 10
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **6. Analysis of charitable activities**
|Donations to other charities
**Analysis of support costs**
Legal & Professional Fees
Bank charges
Independent examiner's fees
Auditor's fees
**Analysis of Donations**
Camfed International
Nashulai Maasai Conservancy
Save the Elephants
La Paz de Dios
One Goal
The Afghan Children Trust
Other donations <£5,000|**Direct costs**
**2022**
**£**
120,696|**Support**
**costs**
**2022**
**£**
22,831
**Activities**
**2022**
**£**
20,555
276
2,000
-
22,831|**Total**
**funds**
**2022**
**£**
143,527
**Total**
**funds**
**2022**
**£**
20,555
276
2,000
-
22,831
**2022**
**£**
25,000
25,000
18,500
15,000
19,500
10,000
7,696
120,696|**Total**
**funds**
**2021**
**£**
49,163|
|---|---|---|---|---|
|||||**Total**
**funds**
**2021**
**£**
45,003
160
-
4,000|
|||||49,163|
|||||**2021**
**£**
-
-
-
-
-
-
-|
|||||-|
Page 11
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **7. Independent examiner's remuneration**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Fees payable to the Charity's independent examiner for the independent|||
|examination of the Charity's annual accounts|2,000|-|
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration (2021 - £NIL), other benefits (2021 - £NIL) or reimbursement of expenses (2021 - £NIL).
## **9. Fixed asset investments**
|**Cost or valuation**
At 6 April 2021
Additions
Disposals
Revaluations
At 5 April 2022
**Net book value**
At 5 April 2022
At 5 April 2021|**Listed**
**investments**
**£**
5,625,048
1,050,478
(354,824
462,482|
|---|---|
||6,783,184|
||6,783,184|
||5,625,048|
## **10. Creditors: Amounts falling due within one year**
|Trade creditors
Accruals and deferred income|**2022**
**£**
10,061
16,410
26,471|**2021**
**£**
4,780
29,450
34,230|
|---|---|---|
Page 12
## **THE SPEARS-STUTZ CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **11. Statement of funds**
## **Statement of funds - current year**
||**Balance at 6**|||**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|
||**April 2021**|**Income**|**Expenditure**|**(Losses)**|**April 2022**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General funds|6,887,374|124,468|(184,221)|489,015|7,316,636|
|**Statement of funds - prior year**||||||
||**Balance at**|||**Gains/**|**Balance at**|
||**6 April 2020**|**Income**|**Expenditure**|**(Losses)**|**5 April 2021**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General funds|5,524,711|634,216|(67,061)|795,508|6,887,374|
## **12. Analysis of net assets between funds Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2022**
**£**
Fixed asset investments
6,783,184
Current assets
559,923
Creditors due within one year
(26,471)
**Total**
7,316,636
**Analysis of net assets between funds - prior 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**
**2022**
**£**
6,783,184
559,923
(26,471)|
|---|---|
||7,316,636|
||**Total**
**funds**
**2021**
**£**
5,625,048
1,296,556
(34,230)|
||6,887,374|
Page 13