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2022-04-05-accounts

The Spurrell Charitable Trust

(Charity Registration Number: 267287)

Accounts for the year ended 5th April 2022

Rathbone Trust Company Limited

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Index

Page
1-5 Trustees' Annual Report
6 Independent Examiner's Report
7 Statement of Financial Activities
8 Balance Sheet
9-16 Notes to the Accounts

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Trustees' Annual Report

The Trustees of the Spurrell Charitable Trust have pleasure in submitting their Annual Report and Financial Statements in respect of the year ended 5th April 2022.

Objectives and Activities of the Charity

In accordance with the Charity's governing document, the Trustees have complete discretion over the application of the capital and income funds of the Trust towards wholly charitable purposes or institutions, including the founding thereof.

To further the Charity's purposes for the public benefit, the Trustees make grants and aim to distribute net annual income arising. The Trustees meet annually to consider and agree donations to made.

The Trustees hold Unrestricted Funds and so all funds are available to meet the charity's objectives. The Charity's incoming resources are mainly generated by its investment assets and fund raising activities are not normally carried out.

The Trustees confirm that there have been no changes to the charity's objectives during the year.

Grant making policy

The charity supports registered UK charities only. The trustees will not consider applications from Community Interest Companies, not-for-profit organisations or from individuals seeking sponsorship for educational and research travel or fund raising.

The Trustees consider applications from national charities, including Scotland if they operate across the UK. The Trustees have resolved to give preference to purposes and organisations in the County of Norfolk.

The Trust supports a wide range of charities but aims to address the root cause of problems, rather than provide funding towards projects focussing on after care services such as counselling

Applicants will receive confirmation of safe receipt. Successful applicants are contacted following the

Meeting. Unsuccessful applicants should not reapply for at least two years.

Grants awarded are usually in the sum of £1,000. Larger grants are only made for charities in the following

circumstances:

1

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Trustees' Annual Report

Achievements and Performance

Grants

During the year 42 (43 in 2021) grants were made totalling £82,500 (£64,500 in 2021). A full list of the donations made is shown within the notes to these accounts.

The Trustees are pleased to have met with their objective to donate the majority of net income received

during the year. The Trustees also donated unrestricted capital funds.

The Trustees confirm they complied with the duty in s17(5) of the Charities Act 2011 to have due regard to the Charity Commission's Public Benefit guidance when exercising any relevant powers or duties, including reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy.

Investments:

The performance of the fund is monitored against a bespoke benchmark agreed by the Trustees annually. The Investment Manager provides regular reports to the Trustees, who review the performance of the The Trustees have established a Policy Statement, which is referenced when reviews are carried out.

Financial Review

Income from investments totalled £69,223 (£65,445 in 2021) with £13,317 (£12,249 in 2021) being used to generate such funds. Expenditure on charitable activities totalled £84,449 (£67,144 in 2021). Net investment gains totalled £249,822 (£521,148 gains in 2021) resulting in a net increase in funds for the year of £221,279 (£507,199 increase in 2021).

As at the financial year-end the Trustees held £3,224,389 of funds, compared with £3,003,110 as at 5th April 2021. All funds remained available for use at the Trustees' discretion.

Investments and Investment Policies:

The value of the Trust's investment portfolio as at the financial year-end totalled £3,089,246, an increase from £2,932,888 as at 5th April 2021.

The Trust's capital is invested in marketable investments or held in cash. There are no specific restrictions under the governing deed. Their objectives are to secure a reasonable growth in income consistent with the long term preservation of capital in real terms. The objectives are reviewed annually.

The Trustees wish to ensure that the objectives outlined above are achieved with an acceptable risk. This implies the need for diversification of investment of the Trust to include a range of assets, including fixed interest stocks, UK and overseas shares.

Investments comprise holdings in UK, large overseas listed companies, unit and investment trusts, including those investing in major international markets and also fixed interest securities. The portfolio can therefore include a proportion of medium-sized or smaller UK companies and has exposure to international markets.

2

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Trustees' Annual Report

Assets have been acquired and disposed of in accordance with the powers available to the Trustees.

The Trustees operate within the constraints applying to trusts governed by the Trustee Act 2000.

The Trustees have reviewed the performance of the investments during the year and consider it to be satisfactory.

Reserves

The investments provide a relatively secure and predictable stream of income from which grants are made. The Trustees aim to distribute a large percentage of income, net of expenses, in each financial year and therefore do not maintain a specific level of income reserves. The level of Unrestricted Funds held as free reserves is reviewed by the Trustees at their meetings to ensure they are able to meet with their current objectives. The charity had no long-term commitments as at the Balance Sheet date.

Structure, governance and management

The Spurrell Charitable Trust (registration no: 267287) is an unincorporated trust created by Mrs G. V. K. Spurrell. Its governing body are the Trustees of a Deed dated 6th April 1960.

The power of appointing new Trustees is vested in the then current Trustees. Trustees are selected due to their connection with the current Trustees in accordance with their skills, experience and understanding of the obligations imposed on such an appointment.

The Trustees meet at least annually to review investment performance, income levels, applications for

funding and the financial statements.

No fund raising is undertaken to support the work of the charity but it has the right to accept donations.

The Trustees ensure they are operating within the current guidelines by discussing any matters arising from updated Charity Commission practice and guidelines and, along with their own reading, they take advice from Rathbone Trust Company Ltd.

Risk assessment:

The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operational, financial, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have agreed investment policies to be adhered to by the Investment Manager. A Policy Statement is in place and is reviewed at least once a year in line with investment performance.

3

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Trustees' Annual Report

Reference and administrative details of the Charity, its Trustees and Advisors

Registered Number: 267287 Principal Address: Harefields, Winslow Road, Little Horwood, Milton Keynes, MK17 0PD Trustees who served Mrs. Inge H. Spurrell during the year: Mr. Martyn R. Spurrell Secretary Mr. Christopher J Spurrell Administrator: Mrs Shirley Spurrell Accountancy: Rathbone Trust Company Ltd Independent Examiner: Kerry Clayton TEP FMAAT MCSI Bankers and Rathbone Investment Management Investment Managers: CAF

Plans for the future

The Trustees continue to monitor investment movements and income levels and are satisfied at the time of signing the report that they hold sufficient funds to meet with their future objectives, which are to continue considering applications for funding received each year and making distributions of income or capital at their discretion.

Statement of Trustees' responsibilities for the annual accounts

The Trustees are responsible for preparing a 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 and 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 the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustees are required to:

4

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Trustees' Annual Report

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 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.

Declaration

The Trustees are satisfied with the financial position of the Charity and confirm they have adequate assets available to fulfil their obligations and the accounts comply with the current statutory requirements.

The Trustees declare that they have approved the Trustees' report above:

Signed on behalf of the Board of Trustees

21st November 2022

Mr. Martyn R. Spurrell As Trustee

Date

5

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Independent Examiner's Report

Independent examiner's report to the Trustees of the Spurrell Charitable Trust (267287)

I report to the Trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 5th April 2022, which are set out on pages 7 to 16.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council (FRC). Rathbone Trust Company has provided book keeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the book-keeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2019 at all times.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:

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.

2nd February 2023 Kerry Clayton TEP FMAAT MCSI Date C/o Port of Liverpool Building, Pier Head, Liverpool

Page 6

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Statement Of Financial Activities

----- Start of picture text -----
Unrestricted Total Total
Funds Funds Funds
2022 2022 2021
£ £ £
Notes
Income and Endowments from:
Investments 4 69,223 69,223 65,445
Total Income and Endowments 69,223 69,223 65,445
Expenditure on:
Raising funds 5 13,317 13,317 12,249
Charitable activities 6 84,449 84,449 67,144
Total Expenditure 97,766 97,766 79,393
Net gains/(losses) on investments 9 249,822 249,822 521,148
Net movement in Funds 221,279 221,279 507,199
Reconciliation of funds
Unrestricted Funds as at 6th April 2021 3,003,110 3,003,110 2,495,911
Unrestricted Fund as at 5th April 2022 3,224,389 3,224,389 3,003,110
----- End of picture text -----

7

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Balance Sheet

Notes
Fixed Assets
Investments at market value
9		 Unrestricted
Total
Total
Funds
Funds
Funds
2022
2022
2021
£
£
£
3,089,246
3,089,246
2,932,888
Total Fixed Assets 3,089,246
3,089,246
2,932,888
Current Assets
Cash at bank		 141,598
141,598
75,112
Total Current Assets
Less: Liabilities
Creditors: amounts falling due within
one year
10		 141,598
141,598
75,112
6,455
6,455
4,890
Net Current Assets/(Liabilities) 135,143
135,143
70,222
Total Net Assets at 5th April 2022 3,224,389
3,224,389
3,003,110
Represented by:
The Funds of the Charity
Unrestricted Funds		 3,224,389
3,224,389
3,003,110
Total Charity Funds as at 5th April 2022 3,224,389
3,224,389
3,003,110
The notes on pages 9 to 16 form part of these accounts.
Approved by the Board of Trustees and signed on its behalf by:

21st November 2022 Mr. Martyn R. Spurrell Date As Trustee

8

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

1 Charity Information

The Spurrell Charitable Trust is an unincorporated trust governed by a deed dated 6th April 1960 and registered in England and Wales (charity number: 267287). The principal address is Harefields, Winslow Road, Little Horwood, Milton Keynes, MK17 0PD.

2 Accounting Policies

These accounts have been prepared on an accruals basis and going concern basis, and in accordance with the accounting policies set out in this note. The accounts comply with the charity's governing document, the Charities Act 2011 and “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)" (second edition October 2019) (the Charities SORP) and UK Generally Accepted Accounting Practice.

The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value, unless otherwise stated in the relevant policy note. The principal accounting policies adopted are set out below.

The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

Going Concern

At the time of approving the accounts, the Trustees have assessed whether there are any material uncertainties casting doubt as to whether the charity will continue as a going concern. The Trustees have concluded they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Trustees continue to adopt the 'going concern' basis of accounting in preparing the accounts.

Charitable Funds

Unrestricted funds are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

9

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

All dividend income is recorded net and includes tax deducted only when it is repayable to the Charity.

Expenditure

Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the

amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.

Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources in no longer required, provisions are reversed and charged to the SoFA.

Governance costs consist of those costs associated with the overall running of the charity and meeting

statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustees and notified to recipients. value of committed grants unpaid at the year end is accrued. Grants offered that are subject to have not been met at the year end are noted as a commitment but not accrued as expenditure.

Investments

Investments held in the fund are included at their market value as follows:

Investments are classified as a fixed asset except when classified as a current asset where the intention of the trustees is to dispose of the asset and not reinvest the proceeds.

Other recognised Gains and Losses

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date.

10

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

Taxation

The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.

Cash and cash equivalents

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the is measured at present value of the future receipts discounted at a market rate of interest. Financial classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Cancellation of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Prepayments

Prepayments are recognised at their expected settlement amount.

11

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

3 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4 Investment income
Net of non reclaimable tax deducted at source:
Overseas Income
Overseas Interest
Gilt Interest
Unit Trust Interest
Unit Trust Income
UK Equities
Overseas Tax deducted at source
Excess Reportable Income
5 Raising Funds
Investment management costs		 2022
£
13,823
6,692
41
2,583
12,787
33,967
(670)
0
69,223
2022
£
13,317
13,317		 2021
£
15,168
0
39
1,416
9,782
39,435
(415)
20
65,445
2021
£
12,249
12,249

12

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

6 Charitable activities
Grant Making:
General purposes - Institutions:
Beach Head Chaplaincy Team Ltd
Break
Brooke Hospital for Animals
Chiltern MS Centre
Cure Parkinson's
DEC Ukraine Appeal
Dog Aid
Douglas Bader Foundation
Pathways through Dementia
Prostrate Cancer UK(In memory of John McCullum)
R.A.F. Benevolent Fund
Royal Agricultural Benevolent Institution
Shelter
Something to look forward to
Lindengate Mental Health Charity
Raw Workshop
The Connection at St. Martin-in-the-Field
Total General
Norfolk Area - Institutions
BEFA
Bessingham PCC
Big C Appeal
Caister Volunteer Lifeboat Service
Camphill Village Trust
East Anglia Children's Hospital
East Anglian Air Ambulance
Fare Share East Anglia
Felbrigg PCC
Friends of Norwich Cathedral
Friends of St Michael Sutton
Glaven District Caring
Hanworth PCC
Hope for Tomorrow
Livability - John Groom Court
Metton PCC
Mind - Norwich and Central Norfolk
Multiple Sclerosis Society - North Norfolk Branch
NARS
Norfolk and Norwich Association for the Blind
Norfolk Wildlife Trust
Balance carried forward		 2022
£
2,000
1,500
1,000
1,000
5,000
10,000
1,000
1,000
1,000
0
2,000
2,500
0
1,000
1,000
1,000
2,000
33,000
1,000
1,000
7,000
1,000
1,000
5,000
10,000
1,000
1,000
500
0
1,000
1,000
3,000
1,500
1,000
1,000
1,000
2,000
1,000
1,500
42,500		 2021
£
0
1,500
1,000
1,000
5,000
0
1,000
1,000
1,000
1,000
2,000
2,500
500
1,000
0
0
1,000
19,500
1,000
1,200
2,000
1,000
1,000
5,000
10,000
0
1,200
500
1,000
1,000
1,200
2,000
1,500
1,200
1,000
1,000
0
1,000
1,500
35,300

13

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

6 Charitable activities
Grant Making:
Norfolk (continued):
Priscilla Bacon Hospice Appeal
Riding for the Disabled Worstead
Roughton PCC
Royal British Legion: Cromer
Royal British Legion: Cromer Women's Section
Samaritans - Norwich
Sheringham Salvation Army Band
St. John Ambulance
St. John the Baptist, Aylmerton
Sustead PCC
Vision Norfolk
Woodland Trust
Total Norfolk
Total donations made
Governance costs (note 7)
Bank Charges
Office expenses
7 Governance costs
Trustee expenses (note 8)
Rathbones Tax, Accountancy and Advisory fee
Independent Examination fee		 2022
£
42,500
0
1,500
1,000
500
500
0
0
0
500
0
1,000
1,000
48,500
81,500
2,708
118
123
84,449
2022
£
128
2,040
540
2,708		 2021
£
35,300
2,000
1,500
1,200
500
500
500
300
500
500
1,200
0
1,000
45,000
64,500
2,490
0
154
67,144
2021
£
0
1,980
510
2,490

8 Trustee Expenses and other information

Out of pocket expenses were paid to 3 Trustees during the year in respect of travel costs incurred,

totalling £128 (nil in 2021).

The Trustees received no remuneration apart from repayment of out-of-pocket expenses during the year

(nil in 2021).

The charity had no employees during the year (none in 2021).

14

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

**9 ** Investments Value at
Purchases		 Value at
Purchases		 Sales Realised Unrealised Value at
05/04/21 at cost proceeds Gains/(Losses) Gains/(Losses) 05/04/22
£ £ £ £ £ £
Listed securities:
Total Fixed Interest 206,478 0 42,012 (12,183) (3,014) 149,268
Total Commodities 141,356 0 34,475 1,491 11,515 119,888
Total Overseas 1,415,252 165,074 147,263 10,412 96,028 1,539,503
Total Equities 1,169,802 250,538 285,325 15,682 129,891 1,280,587
2,932,888 415,611 509,075 15,402 234,420 3,089,246
**10 ** Current liabilities
Creditors: Amounts due within one year
Stockbroker Fees
Rathbone Trust Company Ltd fees
Independent Examiner's Fee
Rathbone Trust Company Ltd fees - prior year
Independent Examiner's Fee - prior year		 2022
£
3,365
2,040
540
0
510		 2021
£
0
3,900
480
1,920
480
6,455 6,780

11 Transactions with related parties

Amounts paid from the Charity to any related charitable organisation will be disclosed in note 6. Interests are always properly declared and acknowledged during determination of applications and in these situations the person with the related party interest does not participate in the decision other than to clarify facts.

There were no related party transactions during this or the previous financial year that require disclosure.

15

The Spurrell Charitable Trust

Accounts for the year ended 5th April 2022

Notes to the Accounts

12 Comparative Statement of Financial Activities
Income and Endowments from:
Investments
Total Income and Endowments
Expenditure on:
Raising funds
Charitable activities
Total Expenditure
Net gains/(losses) on investments
Net movement in Funds
Reconciliation of funds
Unrestricted Funds as at 6th April 2020
Unrestricted Fund as at 5th April 2021		 Unrestricted
Total
Funds
Funds
2021
2021
£
£
65,445
65,445
65,445
65,445
12,249
12,249
67,144
67,144
79,393
79,393
521,148
521,148
507,199
507,199
2,495,911
2,495,911
3,003,110
3,003,110

16