Charity registration number.. 236252 SPAR Charitable Fund Annual Report and Financial Statements for the Year Endod 30 April 2025 MG Audit Services Limited Chartered Accountsnts and Registered Auditors 166 College Road Harrow HA1 1BH SPAR Charitsble Fund Contents Reference and AdministratNe Detsils Trustees, Report 2104 Independent Auditors, Report 5107 Slalemenl of Financial Activities Balance Sheet Notes lo the Financial Slalemenls 101015 SPAR Charltable Fund Reference and Adminlstrative Details Trustees Cleary P A M McBride B Straiton J P Taylor M Teague J Taylor- Green P Stone P Dodding MDW Hall P J Doody T Blakemore D Sands Prlncipal Officg ezz8nine Floor, Hygeia building 6$-68 College Road Harrow Middlesex HA1 18E 236252 Charity Registration Number Audltor MG Audit Services Limited Chartered Accountants and Registered Auditors 166 College Road Harrow HA1 1BH Page 1 SPAR Charitable Fund Trustees, Report The Iruslees present the annual report together with the financial slalements of the charity for the year ended 30 April 2025. Objgctlves and actlvities 1. Pollcies and ObJeetives The Twsl's purpose is to provide financial assi51an¢e to charities or any other good causes as the Trustees sees fit. Achievements and performance 1. Main Achlevemenls of the charlty Through the Charty's donations to other charities and lo emergency appeals, the SPAR Charitable FLtnd has provided support lo Communities both in UK and around the wodd. Flnaneial rovlew The financial activities and posf(ion of the trust are shown in statement of financial aclivilies. Income of £120,073 {2024'. £128,120) was received in the year. Donations of £126,081 12024.. £119,$681 were paid during the year lo different organisalions. The market value of investment portfolio has decreased from £180,054 to £160,811, this £160,811 also Contains £9,604 of a current portion of investment . The investments generated income for the year is £2,22312024. £5,222). The Charty reserves decreased from £238,699 10 £187,288 this year due to higher charity activity. Total amount of cash al bank and with investment manager al year end 2025 is £38,371 12024.. £63,689). Policy on reseryes The Trustees considers that the accumulated funds, represented primarity by investments, are able lo generate sufficient income lo meet the future needs of the Trust. At 30 April 2025 unrestricted reserves lolalled £187,288 12024.. £238,699) and teslricted reservesare £Nill12024'. Nil) Investmentpolicy and objectives Investments as shown in Note 6 a￿ managed by LGT Wealh Management UK LLP Ifomierty Veslra Wealth). The policy of the charity is lo maximise and balance both gr0￿h and income. with due regard lo risk. The charity's investments are exposed to market risk, interest rale risk, and credit risk. The trustees regularly review the investment portfolio and ensure that diversification is maintained in line with the chaiitys risk appetite and ethical investment policy. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the chafily has adequate resources lo continue in operational existence for the foreseeable future,. For this reason, they continue to adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 2 SPAR Charitable Fund Trustees, Report Structure, governance and managgment Nature of govemlng document The Charity is govemed by a deed dated 25 May 1964 and a subsequent scheme issued by the Charity Commission dated 14 January 1970. It is established for the benefrt of such charrtable inslilulionls} or other charitable objecllsl or chaTilable purposelsl in such shares and proportions as the Iruslees shall decide. The Trustee of the Charity is listed in page 1 (Reference and Administrative Details) and the day-lo-day administration 1$ delegated by the Trustee to members of the SPAR UK management Team. Post balance sheet events There have been no significant events affecting the trust since the year end. Page 3 SPAR Charitable Fund Trustees, Report ststemont of Trustees. Responsiblllties The trustees are re$ponsible for preparing the Iruslees. report and the financial slalemenls in accordance with the United Kingdom Accounting Standards Iunited Kingdom Generally A￿epted Accounting Practice} and applicable law and regulations. The law applicable to charities requires the Iruslees lo prepare financial stslements for each financial year which give a true and fair vtew of the state of affairs of the charity and of the incoming resources and application of resources of the eharity for that period. In preparing these financial slalemenls. the Iruslees are required to.. select suitable accounting policies and then apply them eonsislently,. observe the melh¢)ds and principles in the Charities SORP., makejudgemenls and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject lo any material departures diselosed and explained in the financial stalemenls.. and prepare the financial statements on the going concern basis unles5 il is inapproprtate to Presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the applicable Charities (Aceounls and Reports) Regulations, and the provisions of the conslilulion. The trustees are 8150 Tesponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dis¢lo$ure of information to auditor Each trustee has taken steps that they ought lo have taken as a trustee in order lo make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Iruslees confimi that there is no relevant information that they know of and ol which they know the aud((or is unaware. The annual report was approved by the Iruslees of the charty o behalf by.. and signed on ils MDW Hall Trustee Page 4 SPAR Charitable Fund Independent Audltor's Report to the Members of SPAR Charltable Fund Oplnlon We have audited the financial statements of SPAR Charitable Fund Ilhe 'charity'l for the year ended 30 April 2025, which comprise the Slalement of Financial Activities. Balance Sheet, and Notes to the Financial Stalemenls, including a summary of significant accounting policies. The financial reporting framework that h88 been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the slate of the charty's affairs as al 30 April 2025 and of ils resuf(s for the year then ended., have been properly prepared in a￿OrdanCe with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance wth the requirements of the Charities Act 2011. Basis for opinion We ¢onducled our audi( in accordance wi(h Intemalion81 Stsndards on Auditing IUKI {ISAs IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial 5ts1emenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'5 Ethical Standard. and we have fU￿illed our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern We have nothing lo report in respect of the following matters in relation lo which the ISAS IUKI ￿qUIre us lo report to you where.. the trustees use of the going concern basis of accounting in the preparation of the financial slalements is not appropriate., or the trustees have not disclosed in the financial statements any identrfied material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of al least months from the dale when the financial statemenls are authorised for issue. Other information The Iruslees are responsible for the other infon7)alion. The other infomalion comprises the information included in Ilie annual report, other than the financial statements and our auditorfs report IheTeon. Our opinion on the f5nancial ststemenls does not cover the other information and, except lo the extent otherwise explicitly slated in our report. we do not express any forni of assurance conclusion Ihereon. In connection with our audit of the financial slalemenls. our responsibility is lo read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or olhelwise appears lo be materially misslaled. If we identify such material in¢onsislencies or apparent material misstalemenls, we are required lo determine whether there is a material misslalement in the f5naneial slalements or a material misstslemenl of the other inforrnalion. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. Page 5 SPAR Charitable Fund Independent Auditor's Report to the Members of SPAR Charltable Fund We have nothing to report in this regard. Matters on whlch we are required to rgport by exceptlon In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idenlrfied material misslalemenls in the Trustees, Report. We have nothing to report in respect of the following matters where the Charities Act 2011 requires u5 lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees remuneration specrfied by law are not made,. or we have not received all the infomialion and explanat￿nS we require for our audit. Responsibilities of trustges As explained more fully in the Slalement of Tiuslees. Responsibili(ies Isel out on page 41, the trustees are responsible for the preparation of the financial statements and for being Satisfi￿ that they give a true and fair view, and for sueh inlemal control as the trustee5 delemiine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due to fraud or error. In preparing the fin8ncial slalemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicablè, matters related to going concem and using the going concem basis of accounting unless the Iruslees either intend to liquidate the charty or lo cease operations, or have no realistic a￿ematIVe bul lo do so. Audltor's responslbilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the fInanc￿al slalemenls as a whole are free from material misstslement. whether due to fraud or error, and lo issue an audrtor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audrt conducted in accordance wrth ISAS IUKI will aNYays delecl a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influenco the economic decisions of users taken on the basis of these financial stalemenls. In identifying and assessing risks of malerTal misstatement in respect of iTregularilies. including fraud and non-compliance with laws and regulations, we considered the following.. As part of an audit in accordance with ISAS IUKI, we exercise professional judgement and maintsin professional sceplicism throughout the audit. We a150'. Enquiries of managemenl,including obtaining and reviewing supporting d(xurrentation. concerning the trust's policies and procedures relating lo'.idenlifying, evaluating and complying with laws and regulation5 and whether they were aware of any instances of non-compliance delecling and responding lo the risks of fraud and whether they have knowledge of any adual. suspected or alleged fraud.. and the internal controls established to mf(igate risks related to fraud or non-compliance of laws and regulaliDns.'and,' Discussions among the engagement team regarding how and where fraud might occur in the financial slalemenls and any potential indicators of fraud. Page 6 SPAR Charitable Fund Independent Auditorfs Report to the Members of SPAR Charitable Fund Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relatod disclosures made by the Iruslees. Conclude on the appropriateness of the Iruslees use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or ndilions that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclu¢Je that a material uncertainly exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial slalemenls or. if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audilorfs report. However, future events or conditions may cause the charity lo cease to continue as a going concern. Testing documents to ensure completeness of revenue and accuracy & existence of product pur¢hase.Performing analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misslalement due lo fraud. Obtain sufficient appropriate audit evidence regarding the financial information of the enlilies or business activities within the charity lo express an opinion on the financial stalemenls. We are responsible for the direction, supeNision and perfomiance of the charty audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and sIgn￿lCant audit findings, including any significant deficiencies in internal control that we identify during our aud((. Use of our report This report is made solely lo the charity Iruslees, as a body, in accordance wlh section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state lo the trvslees those matters we aTe required to stale lo trustees in an auditors, report and for no other purpose. fo 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. Gavin Fer ndes, FCA, CTA (Senior Ststutory Auditor) For and on behalf of MG Audit Services Limited. 166 College Road Harrow HA1 1BH Dale". Page 7 SPAR Charitable Fund Statement of Financial Activities for the Year Ended 30 April 2025 Totsl 2025 Notg Incoma and Endowinents from: Donations and legacies Inveslrnenl income 120.073 2,223 Total income 122,296 Expondlture on: Raising funds Charitable activities 11,9921 174,536 Total expenditure Nel gain on investment assets Nel movement in funds 176,528 2,821 151,411} Reconciliation of funds Total funds brought forward Totsl funds carried forward 238,699 187,288 Total 2024 Note Income and Endowments from: Donations and legacies Investment income 128,120 5.222 Total income 133,342 Expenditure on: Raising funds Charitable aclivi(ies Charity expens&CO Total expenditure Net income (2,2931 {121.7601 4,6941 128.747 4,595 Other recognised gains and losses Nel gain on investment assets Nel movement in funds 7,549 12,144 Reconclliation of funds Total funds brought forward Total funds carried forward All funds presented in Statement of Financial Activrties for the year are Unrestricted Funds. 228,555 238,699 All of the charity's activities derwe from continuing operations during the above hvo periods. The funds breakdown for 2024 is shown in note 8. Page 8 SPAR Charitable Fund (Registration number: 236252) Balance Sheet as at 30 April 2025 2025 2024 Not Fixed assets Investments 151,207 178,810 Current assets Cash al bank and in hand 38,371 63,689 Creditors: Amounts falllng due within one year Net current assets 2,290 3,800 36,081 59,889 Net assets 187,288 238,699 Fund$ of the charity: Unrestricted incomo funds Unrestricted funds 187.288 238,699 Total funds 187.288 238,699 The financial slalemenls on pages 8 10 15 were approved by the trustees. and aulhorised for issue on l￿fi.1. L>-. and signed on their behalf by.. MDW Hall Trustee Page 9 SPAR Charitable Fund Notes to the Flnancial Statements for the Year Ended 30 April 2025 1 Accountlng pollcies Statement of compliance The financial statements have been prepared in accordance wlh 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 Irelar5d IFRS 1021 leffeclive 1 January 20791 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. Basis of pr¶tlon SPAR Charitable Fund meets the definition of 8 public benefit entty under FRS 102. Assets and liabilities are initially recognised at hislorieal cost or transaction value unless olheNise stated in the relevant accounting policy notes. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as going concern. Income and endowments Voluntary income including donations, gifts, legacies and grants that Provide core funding or are of a general nature is recognised when the charity has entitlement lo the income, rt is probable that the income will be received and the amount can be measured with sufficient reliability. Donatlons and legacies Donations and legacies are recognised on a receN8ble basis when receipt is probable and the amount can be ￿liablY measured. Investment Income Income Tax recoverable in relation lo investment income is r8¢ognised at the lime the investment income is receivable. Expenditure All expenditure is recognised once there is a legal or ¢onstrudive oblig81ion lo that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenéiture heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 10 SPAR Charitable Fund Notes to the Financial Statements for the Year Ended 30 April 2025 Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for ils beneficianes. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Taxatlon The charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the charity is potentially exempl from tsxation in respect of income or capital gains received within ￿tegOrieS covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are opplied exclusively lo charitable Pufposes. Fixed asset investments Fixed asset investments, other than programme related inveslrnents, are included al market value al the balance sheet dale. Realised gain5 and 105ses on investments are calculated as the difference betsveen sales proceeds and their market value al the start of the year. or their subsequent cost, and are charged or credited to the Statement of Financial Activitie$ in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credf(ed or charged to the Statement of Financial Activities based on the market value al the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid inveslments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Trade Creditors Trade creditors ai¢ obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilitie$ rf the does not have an unconditional right. at the end of the reporting period, lo defer settlement of the creditor for al least ￿e1ve months after the reporting dale. If there is an unconditional right to defer settlement for at least fy¥elve months after the reporting date, they are presented as non