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## INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SPENCER WILLS TRUST
I report to the trustees on my examination of the financial statements of The Spencer Wills Trust (‘the charity’) for the year ended 31 March 2021, which are set out on pages 6 to 11.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s financial statements 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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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: Name: ZOE LONGSTAFF-TYRRELL FCA DChA The Institute of Chartered Accountants in England and Wales
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Portland 25 High Street Crawley West Sussex RH10 1BG
Date: 3 August 2021
Page 5
|||Unrestricted|Unrestricted|TotalFunds|TotalFunds|
|---|---|---|---|---|---|
||Note|Income|Capital|||
|||Fund|Fund|2021|2020|
|||£|£|£|£|
|INCOMEfrom||||||
|Investments||||||
|-portfolioincome||51,248||51,248|51,333|
|-interest||4||4|18|
|TOTALINCOME||51,252||51,252|51,351|
|EXPENDITUREon||||||
|Expenditureoncharitable||||||
|activities|2|10,514||10,514|38,942|
|TOTALEXPENDITURE||10,514||10,514|38,942|
|NETINCOMEbeforegainson||||||
|investments||40,738||40,738|12,409|
|Realisedlosses ondisposalof||||||
|investments|4||(11,327)|(11,327)||
|Netgains/(losses)/on||||||
|investments|4||305,662|305,662|(91,213)|
|NETINCOME/(EXPENDITURE)||40,738|294,335|335,073|(78,804)|
|RECONCILIATIONOF FUNDS||||||
|Totalfundsbroughtforward|6|56,607|1,406,127|1,462,734|1,541,538|
|Totalfundscarriedforward|6|97,345|1,700,462|1,797,807|1,462,734|
||Note||2021||2020|
|---|---|---|---|---|---|
|||£|£|£|£|
|FIXEDASSETS||||||
|Investments|4||1,697,586||1,403,189|
|CURRENTASSETS||||||
|Cashatbankandinhand||101,997||61,261||
|CREDITORS:Amountsfalling||||||
|duewithin oneyear|5|1,776||1,716||
|Netcurrentassets|||100,221||59,545|
|TOTALNET ASSETS|||1,797,807||1,462,734|
|FUNDS:||||||
|Unrestrictedfunds:||||||
|IncomeFund|6||97,345||56,607|
|CapitalFund|6||1,700,462||1,406,127|
|TOTALFUNDS|||1,797,807||1,462,734|
##
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##
##
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##
##
|2|EXPENDITUREONCHARITABLEACTIVITIES|2021|2020|
|---|---|---|---|
|||£|£|
||GRANTS|||
||ArtsEducationalSchool||5,000|
||ChattriMemorialFund||500|
||GlyndebournePitPerfect-YoungMusiciansCharity||3,843|
||GlyndebourneTouring|290|290|
||Jamie'sFarm||5,000|
||Lamda||5,000|
||LewesDistrictChurchesHomelink||5,000|
||MountViewAcademy||5,000|
||SpeakersTrust||5,000|
||StBartholomewsPCC|1,200|1,200|
||SouthDownsNational ParkTrust|5,000||
||RobertsbridgeCricketClub|2,000||
|||8,490|35,833|
||ADMINISTRATIVECOSTS|||
||Grantadministration costs|250|500|
||Administrator|250|500|
||Accountancyfees|930|1,056|
||Independentexaminationfees|660|660|
||Meetingsexpenses||584|
||Investmentmanagementfee rebate|(66)|(191)|
|||2,024|3,109|
||TOTALEXPENDITUREONCHARITABLEACTIVIES|10,514|38,942|
##
##
|4|INVESTMENTS|||2021|2020|
|---|---|---|---|---|---|
|||||£|£|
||Marketvaluation at1April|||1,401,692|1,492,905|
||Purchasesatcost|||188,000||
||Salesconsideration|||(188,133)||
||Realisedlossonsales|||(11,327)||
||Netunrealised gains/(losses)inyear|||305,662|(91,213)|
||Marketvaluationat31March|||1,508,082|1,401,692|
||Cashdeposits|||1,692|1,497|
||Totalinvestments|||1,697,586|1,403,189|
||Historicalcostat31March2021|||1,096,285|1,107,550|
||PORTFOLIO:|2021|
2021|2020|2020|
|||Cost|
Marketvalue|Cost|Marketvalue|
|||£|
£|£|£|
||SarasinEndowmentsFund|1,094,593|
1,695,894|1,106,053|1,401,692|
||Cashdeposits|1,692|
1,692|1,497|1,497|
|||1,096,285|
1,697,586|1,107,550|1,403,189|
|||||2021|2020|
|5|CREDITORS:Amountsfalling duewithinone||year|£|£|
||Accrualsandothercreditors|||1,776|
1,716|
##
||||2021|2020|2020|
|---|---|---|---|---|---|
|6|FUNDS|Income|
Capital|Income|Capital|
|||£|
£|£|£|
||Balance at1April|56,607|
1,406,127|44,198|1,497,340|
||Income|51,252||51,351||
||Expenditure|(10,514)||(38,942)||
||Investmentmovements||294,335||(91,213)|
||Balanceat31March|97,345|
1,700,462|56,607|1,406,127|
|7|ANALYSISOFNETASSETSBETWEENFUNDS||||
|---|---|---|---|---|
||CURRENTYEAR-2021|IncomeFund|CapitalFund|TotalFunds|
|||£|£|
£|
||Investments||1,697,586|1,697,586|
||Cashatbank|99,121|2,876|101,997|
||Currentliabilities|(1,776)||(1,776)|
|||97,345|1,700,462|1,797,807|
||ANALYSISOFNETASSETSBETWEENFUNDS||||
||PREVIOUSYEAR-2020|IncomeFund|CapitalFund|TotalFunds|
|||£|£|£|
||Investments||1,403,189|1,403,189|
||Cashatbank|58,323|2,938|61,261|
||Currentliabilities|(1,716)||(1,716)|
|||56,607|1,406,127|1,462,734|