Charity number: 225491
SPEARS-STUTZ CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
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 - 14 |
SPEARS-STUTZ CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
| Trustees | C H Cooper |
|---|---|
| E A Stutz | |
| Charity registered number 225491 Principal office 20 Old Bailey London EC4M 7AN Accountants Nick Weller FCCA Simmons Gainsford Professional Services Limited 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
SPEARS-STUTZ CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the Spears-Stutz Charitable Trust for the 6 April 2023 to 5 April 2024.
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 £147,162 (2023: £150,580). The Trust also realised gains on the sale of investments of £236,920 (2023: losses of £60,096) and had unrealised gains on investments of £347,655 (2023: gains of £269,224).
During the year, as part of its charitable activities, the Trust made charitable donations of £30,000 (2023: £112,568).
At the year end the Trust had approximately 95% (2023: 95%) 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 £7,636,804 (2023: £6,978,566).
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.
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.
Page 2
SPEARS-STUTZ CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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
Spears-Stutz Charitable Trust is a registered charity, number 225491, and is constituted under a Trust deed.
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 Trust 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
SPEARS-STUTZ CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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 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: 31/1/2025 | 13:29 GMT
Page 4
SPEARS-STUTZ CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent examiner's report to the Trustees of 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 2024.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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: Dated: 31/1/2025 | 13:29 GMT Nick Weller FCCA
Simmons Gainsford Professional Services Limited
Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
Page 5
SPEARS-STUTZ CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): (Losses)/gains on revaluation of investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 147,162 147,162 41,687 31,812 73,499 73,663 236,920 310,583 347,655 658,238 6,978,566 658,238 7,636,804 |
Total funds 2024 £ 147,162 147,162 41,687 31,812 73,499 73,663 236,920 310,583 347,655 658,238 6,978,566 658,238 7,636,804 |
Total funds 2023 £ 150,580 |
|---|---|---|---|
| 150,580 40,125 119,205 |
|||
| 159,330 (8,750) (60,096) |
|||
| (68,846) (269,224) |
|||
| (338,070) 7,316,636 (338,070) |
|||
| 6,978,566 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
SPEARS-STUTZ CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2024
| Note Fixed assets Investments 8 Current assets Debtors 9 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 |
72,690 308,072 380,762 (15,712) |
2024 £ 7,271,754 7,271,754 365,050 7,636,804 7,636,804 7,636,804 |
- 377,116 377,116 (15,712) |
2023 £ 6,617,162 |
|---|---|---|---|---|
| 6,617,162 361,404 |
||||
| 6,978,566 | ||||
| 6,978,566 | ||||
| 6,978,566 |
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: 31/1/2025 | 13:29 GMT
The notes on pages 8 to 14 form part of these financial statements.
Page 7
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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.
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
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 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.
2.9 Liabilities and provisions
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.
2.10 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.
2.11 Charitable donantions
Charitable donations are accounted for when paid.
Page 9
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Investment income
| Unrestricted funds 2024 £ Income from listed investments 128,271 Bank interest receivable 18,891 147,162 |
Total funds 2024 £ 128,271 18,891 147,162 |
Total funds 2023 £ 136,897 13,683 |
|---|---|---|
| 150,580 |
4. Investment management costs
| Unrestricted funds 2024 £ Investment management fees 41,687 Analysis of expenditure by activities Direct costs 2024 Support costs 2024 £ £ Donations to other charities 30,000 1,812 |
Total funds 2024 £ 41,687 Total funds 2024 £ 31,812 |
Total funds 2023 £ 40,125 |
|---|---|---|
| Total funds 2023 £ 119,205 |
5. Analysis of expenditure by activities
Page 10
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Analysis of expenditure by activities (continued)
Analysis of charitable donations
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Camfed International | 10,000 | 15,000 |
| Cure EB | 10,000 | - |
| Centre for Family Life | - | 25,000 |
| Himalayan Cataract Project | - | 7,500 |
| Hope and Homes for Children | - | 5,000 |
| La Paz de Dios Nicodemus |
- - |
15,000 5,000 |
| One Goal | - | 10,000 |
| Rainforest Foundation UK | - | 5,000 |
| Refugees at Home Serendip Childrens Home UNICEF Desks for Malawi |
10,000 - - |
5,000 5,000 5,000 |
| World Jewish Relief | - | 5,000 |
| Other donations<£5,000 | - | 5,068 |
| 30,000 | 112,568 |
Analysis of support costs
| Activities | Total funds |
Total funds |
|
|---|---|---|---|
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Legal & Professional Fees | 4,210 | 4,210 | 3,844 |
| Bank charges | 899 | 899 | 693 |
| Difference on foreign exchange | (5,397) | (5,397) | - |
| Independent examiner's fees | 2,100 | 2,100 | 2,100 |
| 1,812 | 1,812 | 6,637 |
Page 11
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,100 | 2,100 |
7. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).
8. Fixed asset investments
| Cost or valuation At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Listed investments £ 6,617,162 1,515,189 (1,208,252) 347,655 |
|---|---|
| 7,271,754 | |
| 7,271,754 | |
| 6,617,162 |
Page 12
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
9. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Other debtors | 72,690 | - |
10. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 15,712 | 15,712 |
11. Statement of funds
Statement of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | (Losses) | April 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 6,978,566 | 147,162 | (73,499) | 584,575 | 7,636,804 |
| Statement of funds - prior | year | ||||
| Balance at | Gains/ | Balance at | |||
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 7,316,636 | 150,580 | (159,330) | (329,320) | 6,978,566 |
Page 13
SPEARS-STUTZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
12. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 7,271,754 Current assets 380,762 Creditors due within one year (15,712) Total 7,636,804 |
Total funds 2024 £ 7,271,754 380,762 (15,712) 7,636,804 |
|---|---|
Analysis of net assets between funds - prior period
| Unrestricted funds 2023 £ Fixed asset investments 6,617,162 Current assets 377,116 Creditors due within one year (15,712) Total 6,978,566 |
Total funds 2023 £ 6,617,162 377,116 (15,712) 6,978,566 |
|---|---|
Page 14