Charity registration number. 236252 Spar Charitable Fund Annual Report and Financial Ststement$ for the Year Ended 30 April 2024 MG Audit Setvi¢es Limited Chartered Accovntanls and Registered Auditors 166 College Road Harrow HAI 1BH
Spar Charltable Fund Contents Relerence and Adminislralive Details Trustees, Report 2to4 Independent Audilor$' Report 5t07 Statement of Financial AdivitÉè8 Balance Sheet Notes lo the Financial Stslements 101014
Spar Charitable Fund Reference and Administratlve Details Trust L Drake M Cle8ry M Boardman P A M Mcbride M S Sadiq Brian B Slrarton JPTor M Teague J Green . D Jelfs P Stone P Dodding MDW Hall P J Doody Mezzanine Floor, Hygeia buildin9 6648 Co198 Road Harrow Middlesex HAI 1BE Prlnclpal oifitè Charity Rogistratlon Numbor 236252 Audltor MG Audit Semces Limited Charted Accounlants and Registered Auflito 166 College Road Harlow HAI 1BH Page 1
Spar Charitable Fund Trusteeg, Report Th& trustees present the annual rwrt ltyJether with financial slatements of the charity forthe year 8nded 30 April 2024. Objectives and th1¥111¥$ 1. Pollclgs and Obj•ctlvgs The TrusTs purposè Is to piovide financkgl assistsnce to charities or any other good ¢ause$ a$ the Trustees sees frt. Achlevements and p•rfornian¢e 1. M•ln Achlevements of Ihg charity Through the ChariW$ donations to other charitles lo emergency appeals, the SPAR Chwitable Fund has provided SLtpport lo communilw both in UK and around the worfd. Flnancial r•vl•w The financial activities and %)sItIOn of thg Trust are 8hcp•m in Statemgnl of Finan¢ial Adiwlies . Income of £128.120 12023: £108,913} was received in the yoar. DonBli)n8 of £119,568 12023.. £167.48S) were patd during the year lo drfferent organisation8. The Market value of Inveslmenl p)rtfolio has decreased frorn £227,279 10 £182,758. this £182.758 also contains £1,245 of 8 CLtrrenl portion ol investment . The investments generated income for the year is £2,70312023.. £2,820) in dividends and inleresls. which was further rinvested. The Charsty RgseTves increased fr7 £228,555 to £238.699 U)i$ year 12023.. decreased from £322,93110 £226,5S5). Cash at bank at year end 2024 tolallgd to £59,741 {2023'. £15,247). Pollcy on rnsewes The Trustees considers that the accumulated funds, represented primanly by investments, are ablp to generate sufficient income lo meet the future needs of the Tru31. AI 30th April 2024 unreslricled reserves totslletj £238.899 {2023: £226,555) and restricted reserves are £Nill (2023: Nil) Investm•ntpollcy and obJe¢tlvos Inveltments ¥$ $hown in Npte 6 are managed by LGT W¢olth Manogem¢nt (Fomiedy Ve$tfa Wegllh). The policy of the charity is to maxini5e and balance both growth and iru>me,with due iegard to risk. Going con¢orn Trustees have a reasonable expectalion tha¢ the ¢harity ha5 adequate re$our¢es lo continue in operational existonce for the foreseeable future,. For this reason, they continue to adopl the going concem basis in praring the financial statements. Further dètails Tegarding the adoption of tho going concem basss can be found in the accountsng policies. Paye 2
Spar Charltable Fund Trustees, Report Stvucture. governance and manag•m•nt Nature olgoveming document The Charity is governed by a deed dated 25 May 1964 and a subsequent scheme issued by tho Charty Commission dated 14 January 1970. It is established for the benefrt of such Charitable institulionls} or olher charitable objectlsl or oharitatAe purpose(s) in sh shares and pioportK)ns as the Iruslees shall decide. Thè Trustee of the Charty is The Notional Guild of SPAR Limited and the day-ldaY administratlon is delegated by the Trustee to members ofthe Spar UK man89emenl Team. Page 3
Spar Charitable Fund Trustees, Report Statement of Tru$lg8s' ResponsibilFlies The trustees are responsible fof preparing the tru61e8s' rèwl and th• financial slatements in a¢cordance wrth the United Kingdom Accounting Standarfjs {Ungd 'ngdorn Generalty A¢cepted Accounting Practice) and appI£ble law and regulations. The law applicable lo chariiies require5 the trustees to Prepare financial statements for financial year whKh give a true and fair View of the state of affair5 of Ihe charity and of the incoming r8sources and application of resources of the charity for Ihat period. In preparing these financial statements, the trustees are required to.. select sutlable 8ccountFng policies and then appty them con$ist8ntty'. observe the methods and principles in the Charities SORP., makejudgements and estimates that are reasonable and prudent; state whether applicable accounting slandards have begn follwd. subject to any material departure5 disclosed and explained in the financial stments,' and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will conknnut in business. The trustees are responsible for keeping proper aceountlng leS that disclose with reasonable accuracy at any time the financial posf(ion of the charity and erble them lo ensure that the finartcial stslemenls comply with the Charrtw Act 2011, the applicab Charitie$ (Accounts and Reports) Regulations. and the prow8ions of Ihe conslilulion. The Iruste8s are also responsible for safe9uardirwJ the assets of the charty and hence lor taking reasonable steps for the preventi( and detection of Iraud and other irregularities. Disclosurè of Infomiatlon to auditor Each Iruslee has taken $leps that they ought to have taken a5 a trustee in order lo make themselves aware of any relevant audit inlom)8liori" and to establish th81 the charity's audrtor 1$ aware of that information. The tr115te$$ confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the trLBtees of the charity on *.l.IilxLP... and STgned on rts behalf by.. MDW Ham Trustee Page 4
Spar Charitable Fund Independent Audltor's Report to the Members of Spar Charltable Fund Oplnlon W9 have audited Ihe ftngncial statements of Spar Charitable Fund lthe'chariiy,) for the yèar ended 30 April 2024, which comprise the Slalemenl of Financial Activiti8s, Balance Sheet, and Nol8s lo the Financial Statements, induding a summary of sIgnffint accounting policies. The financial rgporting. fr8mewort( th8t has been applied in their preparation is United Kingdom kcounlin9 Standards, comprising Charities SORP - FRS 102 'The Fin8nci81 RePing Standard applicable in tho UK and Republic ol Ireland, and applicable law (United Kingdom Generally Accepted Accountin9 Pracb"cel. In our iniOn the financial statements.. give 8 true and fair wew of Ihe slale of tho ch3rity's affairs as at 30 April 2024 and of ts results for the year then en(led'. have been Properfy prepared in accordance wth United Kingdom Generalty Accepted Accounting Practice- and have been prepared in aCcdanCe wlh the requiremfrnts of the Charities Acl 2011. Bas16 for oplnion We conducted our audit in accordance with Intemational Standards on Audi(ing IUKI IISAS (UKII and applicable law. Our responsibilities under those standards are further deSCred in the Audiior's responsibilities for the audrt of the financ>g1 statemonls section of Ouf report. We are independgnt of the charity in accotdance vAth the ethical requirements that 8fe levant to Ouf audit gf the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled other ethical responsibilities in 8ceordance with these requirements. We believe Ihgt the audit evidence we have obtsined is sUfflent and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng ¢on¢em We have nothing to report in resped of the folbwing matters in relatitin lo which the ISAS IUKI require us lo report to you where.. the trustees use ol the going concem bosrs of accounting in the preparation of financial statements is not appropriate,. or. the tfustees have not disclosed in the financi81 statements any identtfied material uncertaintie8 that may cast signifi'cant doubl about the charty's ability lo Continue to adopt the going concern basis of accounting for a peri)J of al least e1ve months from the dale when the financial statements are aUthIsed for issue. Oihgr Inforniatlon The trustees are responsibFe for the other infomalitrn. The other infonnakion comprises the infomialion included in the annual report, other than the financ1 statement$ and o(rr auditor's rewt theretsn. Our opinion on Ihe financial sialemenls do6s not cover the other information and, except lo the extent otherwise explicitly stsled in OUT report. we do nol express any form of assurance Conclus1 thgreon. In Gcfinection yth our audrt of the financial statements. our responsibilty is to read the other infomialion and. in doing so, wisider whether the other information is m81erialty inconsistent the financial stslements or ovr knowted9e obtsined in the audit or otheise appears to be material misstated. 11 we Ident such material incons15tencies or apparent malorial rnisstatements, we are required lo determine whether there is a materi81 misstatement in the financial ¥latements or material misstatement of the other infomiation. If. based on the work we have performed. we conclude there is a m81grial mis$talement of this othèr infom)ation. we are required to rep¢)rt that fact. Page 5
Spar Charitable Fund Indendent Auditorfs Report to the Members of Spar Charitable Fund We have nothing to reFort in this iegard. Mattets on whl¢h we arè required to report by exceptlon In the light of our knowted9e and understsnding of the charity and ils environment obtained in the cOue of the audit, have not idenlrfied materi81 misstatements in the Trustees. Report. We have nothing to report in respect of the folltywing matters whfrre the Charities Acl 2011 requires us lo report to you rf. in our cs)inion'. adequate accounting records have not been kept. or returns adequole for our audii have not been received from branches not visited by Lts,. or the financial statements are not in agreement wth the accounting records and retums.. or Certain disclosures oftrustees remuneration specrfied by law ore not made.. or we have not received all the infomialion and explanations we wuire for our audit Re$ponslbllltl•B of tru$t•es As explained more fulty in tho Statement ol Trustees, Responsibilities (set out on page 41. the trusle8S are responsible for the preparalitin of the financial statements and for being satisfied that they give a twe and lair view, and for such internal conlros as the trustees delem)ine is necessary lo enable th6 preparalbtin of financial statements that aro tree from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the tru$lees are respMsib16 for assessing the ¢h8rtys abilty lo ¢ontinue as a going ¢OTKem. disclosin9, as applieable. matters related lo going concem and using the going concem basi$ of accounting unless the Iruslees ther intend lo IKiuidale the charty or lo cease operations, or have no realistic ahwnalive but to do 60. Audltorfs T•spon$ibilitles for tho audlt ot thè flnan¢lal statqrn•nts Our objectives are lo obtsin reasonable assurance about whether the financial stslement5 as a %thote are free from material misslatemenL whether due to fraud or error. and lo issue an auditor's report that includes ovr epinion. Reasonable assurance is a high level of assurance, byi i8 r1 a guarantee that an audit condltcted in accordance wth ISAS (UK) will avaYS detect a material misstatement when it exists. Misstatements can arise fftyn fraud or error and are consided materi21 rf. indiwdual or in the #ggregate, they could reasonably be expected to irfuence the economic decl8$ of users taken on the basis of these financial slatemenls. As part of an aud(t in accordance wlh ISAS (UKI, we exercise professional judgement and maintain professional scepticism throughout the audit. We also-. Identify and assess the risks of maleT181 misstatement of the financial Statements, whether due lo fraud or error, design and perfomi audit procedures responswe lo those ii$k$, and obtain audit evidence thai is sufficient and appropriate to prowde a basis for our cyinion. The risk of not delecling a Tnaterial misstat8menl Tesutting from fraud is highef than for one results'ng from error, as fraud may involve collusDn. forgery. intentional omi$sions. misrepresenlation$, or the oveIde of inlemal Control. Obtain an understsnding of intemal wntrol relevant lo the audit in order to design audit proc&Jures Ihal a appropriate in the circumstances, bul not for the puwe of expressing an opinion on the effectiveness of Ihe ¢harity's inlemal Control. Evaluate the appropriateness ol accounting pd¢cies used and the reasonableness of accounllng estimates and related disclosures made by the trustees. Page 6
Spar Charitable Fund Independent Audltorfs Rèport to the Mèmbers of Spar Charltablo Fund Con¢lLtde on the appfopriateness of the trustees usè of the going concem basis of accounting and, baged on the audit evidence obtained. Ythethei 8 materéal unc8rtainty exists related lo events or conditions that may cast significant doubl on the ¢harity's abilty to Continue as a going concern. If we conclude that a material uncertainty exists. we are required lo draw attentn in OUT auditorfs report lo the roled disclosu$ in the financial stments or. if such disclosures are inadequat8, to modrfy our opinion. Ouf wn¢lusions are based on the audr¢ evmlence obtained up lo the dale of our audrtor's report. HoNSEver. lulure events or conditions may cause the char'ty lo ceaso 10 Continue as a going w)cem. Evaluate the overall presentation, slrudure and conlenl of the financial slalemenls, including the disclosures. and whether the financial statements represtnl the Under tran$tIonS and events in a mann8r that achieves fair presenlalion. Obiain sufficient appropriate audit evKlence regarding the financial infomialion of the entrtigs or business adNities within the charity lo express an opinKJn on the financial statements. We are responsible fer the direction, supervision and perfomance of th9 Charity autht. We remain solely responsible for our #udit opinion. We communicate with thos& charged wlh governan regardin9, among other matters, planned scope and liming of the audit ènd $ignfficanl audrt findings. including any significant deficiencS in lernal conlrol Ihal w8 identsfy dur¢r¢g our aud Us• of our r•port This feport 1$ made Sole lo the chaiity trustees, as a body, in accordance with seclion 144 of the Charities Act 2011 and regulations made under section 154 of that Ad. Our work has been undertaken so that wè mighl stste to the trustees those matters we are required to stale tts trustees in an auditors, report and for no othw purpose. To the fullest extent permhted by law. we do not accept or a$surne responsibilty to anyone other than the charty and ts Iruslees as a body. for our audit work. for this report, or for the o ions we have f¢JTmed. Gavin Fem es jSeni¢r St8tuiory Auditor) For and on behall of MG Audit Servi¢es Limited. 166 Cellege Road Harrow HAI 1BH Dale.. Page 7
Spar Charltable Fund ststamont of Financlal Actlviti8s for the Year Ended 30 April 2024 Totsl 2024 Not• Incomo and End¢wm•nts from: Donations and kgacies Investment income 128.120 2.703 Total income 130,823 Expenditure on: Charitable activities 126,454 Total expftndilure Gainsnosses on investment asgets 126,454 7.77S Net movement in funds 12.144 Re¢onclllatlon of funds Total funds brought forward Total fund$ carried forward 226,555 238,699 Total 2023 Incom• and Endowments from: Oonations and legacies Investment income 108.913 2,820 Total income 111,733 Expenditure on: Raising funds Charitable activ&t4es Charity Expens&CO Total expenditure Nel expenditure Othor rKognlsod galn$ and I56$ GainsAos$es on revaluation of ftKed a8881s for charrtls own use Nel movement in funds 13,0541 1144,4161 51,568 199,058 187.32S 9.051 196,3761 R8conclllatlon of funds Total funds brought forward Totsl funds carried forward All funds presenled in Statement of Financial Activtties for the year are Unreslricted Funds. 322,931 226.555 All ol the ¢harity's activities derive frcffl continuing ¢)peralions during the above fvK* peritsls. The fLtnds breakdown for 2023 is shown in note 8. Page 8
Spar Charltablo Fund (Reglstratlon number: 236252) Balance Sheet as at 30 April 2024 2024 2023 FIX ass•ts Inveslmenls 180.0SS 221.232 Cvrrent assets Cash at bank and in hand 62.444 20,294 Credltor5." Amounts falllng du• withln year N¢t Current assets 3.800 14,971 5.323 Net assets 238,699 Fund$ of the ¢harlty: Unrestricted income funds Unrgslricted funds 238,699 226,555 Tot•1 funds 238,699 226.555 The financial statements on pages 8 to 14 wwe approved by tho trustees. and aulIn5¢ for issue on 2£J.{il.1*... ond signed on their behalf by.. Iw . .vJ4UL MDW Hall Trusleg Pa9e 9
Spar Charltable Fund Notes to the Financial Statements for the Year Ended 30 Aprll 2024 1 A¢countlng poll¢les Statement of compllance The financial slalemernts have been prepared in accordance with A¢¢ounting and Reporting by Charf(ies.' Ststemenl of Recommended Practice appfi¢able lo charities preparing Ihr accounts in accordance with the Finan¢ial Reporting Stsndard applicable in the UK and Republ¢ of Ireland IFRS 102) (effective 1 January 20191 {Charrties SORP IFRS 102)), the Financial Reptsrting Stsndard app1le in the UK and Republic of ITeland IFRS 1021 and the Chartbes Act 2011. 8asbS ol pr¢paratlon Spar Charitable Fund meets the definthon of a public benèff( enlity under FRS 102. Assets and liabilities are inilialty reccgnised at hislorical cost OT Ir8ftsa¢tion value unless otherwise stsled in the levanl acwintirwJ policy noto$. Going concern The Iru51ee$ consider that there are no material uncertainties about the chariV8 abilty 10 ¢onlinue as going cKJncÈrn. Income and end¢A¥ments Voluntary InMe including donations, gifts, legacies and g¥anl$ that provide core funding or are of 8 general nalufe is recognised when the charty has entitlement to the income. rt is probable that the income wll be received and the amount can be measured wlh sufficient reliabilty. Donattons and legacies Donations and 5egacies are re¢ogni$ed on a receivable basis when rec•ipt 1$ probable and the amount can be reliably measured. Investment Income Income Tax recoverable in retslion to inveslmenl ir)come 1$ rewJnised at the time the Snveslment income is receivable. ExpendltUTe All expend((ure is recogni5ed once the is a le9al or constructive oblHJation lo that expenditufe. it is probable settlement 1$ requId and the 8mount con be measured reliabty. All costs are allocated to the applicable expendilurg heading that aggrege similar Costs to that category. Where costs cannot be direclty attruled lo particular headings they have been allocated on a basis consistent with the use of re$our¢es, with tèntral stsff costs alkjcated on the basis of lime spent, and deprecIat)n charges allocated on the portKJn of the asset's use. Other support costs are allocatgd base¢J on the spread of stsff Go$ts. Ralsing funds These a costs incurred in attT8¢ting voluntary income. the management of investments and Ih05e Incurred in tradin9 activities that raise funds. Page 10
Spar Charitable Fund Notes to the Flnanclal Statements for the Year Ended 30 Aprll 2024 Charftable a¢tlvltles CharFtable expenditure ¢omprises those costs incurred by the charity in the delNery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated dirèth to such adivibes and those costs of an indbrecl nature necessary to support them. Taxatlon The charity 1$ wisidered to pas8 the lesls set out in Paragraph 1 Schedule 6 of thè Flnance Act 2010 and therefore rt meets the definit¢on of a charitable company for UK corporation tsx purposes. A¢cordin9ty. the charty is polenlialty exempt fr¢ taxation in respe¢l of income or capital gains rtteived wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 Of Section 256 of the Taxation of Chaigeable Gain$ Act 1992, to Ihe exlenl that such incom$ or gain$ are applied exclusbvely to charitable purposes. Flx•d ass•t Inv8Stments Fixed asset investments, other than programme related investments. are included at market value al the ba18nce shegt date. Realised gains and k)ssgs on inve51menls a cakulaled as the difference bets¥een sales pr¢xeeds and Iheir market value at the start of the year, or their subsequent cost, arKI are charged or credited lo the Statement ol Financial Aclimties in the perKd of disposal. Unrealised gains and Eosses represent the movement in market values during the year and are edited or charged to the Statement of Financial Actmties based on the market value at the year end. Cash ènd ¢ash equivalents Cash and cash equivalonts comprise cash on hand and call deposits. and other short4emi hi9hly liquid inveslrnents that afft oadity ¢onv9rtiblg to a known amount of cash and gre S[lect to an in8ignfficant risk of change in value. Trade ¢rèditor5 Trade Creditors are obligions to pay for good5 or seNi¢es th81 ha b¢en acquired in ordinary course ol business from suppliers. A¢¢ounts payable are classrfied as current liabilities if the does not have an uncondf(ional right, al the end of the reporting period, to defer settlement of tha creditor for at least twelve months after the reporting dale. If the is an unconditional right to defef settlement for at least ts¥elve months after the reporting dat4 are presented as nOn-(r8rtt li8biliti8s. Fund structurn Unfestricled income fvnds arg general funds that are availablo for use al the trusl8es' discretion in furtherance ofthe objectives of the charty. 2 Income from donations and l&ga¢les Page11
Spar Charitable Fund Notss to the Flnanclal Statements for the Year Ended 30 Apr512024 Unre$trlct•d funds Total 2024 Total 2023 Gen•ral Donations and Charities-. Charity Fundraising Donations 50,264 77,856 128,120 50,264 77,856 56.683 52,230 128.120 108,913 3 Investment In¢om• Unrestrlct•d funds Totsl 2024 Total 2023 Gener•1 Income from divi(1gnds.' Dividends ReLeivable from Investments 2.703 2.703 2,820 4 Expenditure on rai$lng lunds al Investment management costs Total 2024 Total 2023 Note Investment Management Cost 3.054 3,054 Page 12
Spar Charitable Fund Notes to the Financlal Statsments for the Year Ended 30 April 2024 S Taxatlon The charty is a r*Jistered charity and therefore exempt ffom tsxation. 6 Flx•d asset investments 2024 2023 FA invgStmenl- Long term Cunent porticin of Investment 180.055 2.703 221,232 6,047 227.279 182,758 7 Credltors: amounts falllng duo wlthln on• year 2024 2023 Trade creditors Accruals 2,000 13,321 1,650 14,971 8 Fund$ Balancg at 1 May 2023 Incoming resourc8$ R•sovr¢gs expended Balance at 30 Aprfl 2024 Unrastrlcted fvnds General 226,555 118,679 238,699 Balance at 1 May 2022 Incoming Re$our¢ exynded Balance at 30 April 2023 Unrèstrlcted funds General 322,931 111,733 208.109 226.555 9 Analysis of net assets betweon funds Page 13
Spar Charitable Fund Notes to the Financial Statements for tho Year Ended 30 Aprll 2024 Unrestricted funds Total fund$ 2024 Genornl Fixed asset invostrnenls Current asse15 Curnent liabilit 180.055 62.444 3,ecKJ 238,699 180,055 13,800 238,699 Total nel assels Unféstrlcted funds Total funds 2023 Gen•ral Fixed asset investrnents Current assets Current liabilittes 221,232 20.294 14.971 221.232 20,294 14,971 Tot81 nèl a58ets 226,555 226.555 Page 14
Spar Charitsble Fund Detailed Statement of Financial Actlvltles for the Year Ended 30 Aprll 2024 Totsl 2024 Tot•1 2023 Income and Endowments from: Donations andlogacies lanalysed t)elowl Totsl (ncome 111,733 130.823 111733 Expendfture on: Raising lunds lanafysed below) Charitablé adivities {analy3ed below) Totsl expendiiure Nel Incomgllexpendilure) Other recognis6d g•ln$ and losses Other gainsnosses {analysed below) Nel movement in funds (3.054) 196,004 126.454 126,454 199,OS8 4.369 187,325) 9.051 12,144. (96.3761 RoGonciliation of funds Total funds brought lomard Totsl funds carred foThvard 226.55S 322,931 238.699 226 555 Page 15
Spar Charltable Fund Detailed Statement of Flnan¢ial Actlvltles for the Year Ended 30 Aprfl 2024 Total 2024 Total 2023 Donatlons and legaclos RDC Donations Charty Fund Raising Invesbment Income-unit Trust 77,8S6 50,264 2.703 52,230 56,683 130.623 111,733 Ralslng funds Portfolio management costs 3,054 3.054 Charitable 8etlvftl•s Charty Eypense Charity EXPenC0 Bank charge8 Aud(( Fee 1119.%8) 14.6941 1621 .130 126.454 1143,096) 151.588) {100) 1.220 1*.004 Otherupenditure {Piofrt)lloss on disposal of investments 9.051 9.051 Page 16