THE SPENCER WILLS TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 March 2023
Charity Registration No. 278023 (England and Wales)
The Spencer Wills Trust TRUSTEES’ ANNUAL REPORT REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEES
Michael Anthony Rudman (Chairman) Nicholas Kenneth Spencer Wills David Peter Allam (Retired 18.01.2023) Harry Alexander Spencer Wills (Appointed 18.01.2023)
ADMINISTRATOR
David Peter Allam (Retired 18.01.2023) Sara Stonor (Appointed 18.01.2023)
INDEPENDENT EXAMINER
RSM UK Tax and Accounting Limited 3[rd] Floor, Portland 25 High Street Crawley RH10 1BG
INVESTMENT MANAGERS
Sarasin & Partners LLP Juxon House 100 St. Paul’s Churchyard London EC4M 8BU
BANKERS
Lloyds Bank plc Villiers House 48-49 Strand London WC2N 5LL
SOLICITORS
BDB Pitmans 50 Broadway Westminster London SW1H OBL
REGISTERED OFFICE
3[rd] Floor, Portland 25 High Street Crawley West Sussex RH10 1BG
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The Spencer Wills Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2023
The trustees have pleasure in presenting their report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and 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) effective 1 January 2019.
STRUCTURE GOVERNANCE AND MANAGEMENT
By a Trust Deed dated 29 January 1979, Colin Spencer Wills established a charitable trust known as The Spencer Wills Trust and the Settlor, amended in special resolution on 28 November 2008, Peter Michael Williams and Michael Anthony Rudman were appointed trustees. Colin Spencer Wills, who died on 28 October 1997, left a sum of £500,000 to the trust and these funds were added to the trust fund. Following the death of Colin Spencer Wills, Nicholas Kenneth Spencer Wills was appointed a trustee on 6 April 1998. On 18 January 2023, David P Allam retired as a trustee, and Harry Alexander Spencer Wills was appointed.
TRUSTEES
The following acted as trustees during the year ended 31 March 2023:
Michael Anthony Rudman Nicholas Kenneth Spencer Wills David P Allam (Retired 18.01.2023) Harry Alexander Spencer Wills (Appointed 18.01.2023)
Following the death of the settlor, the power of appointing new trustees rests in the continuing trustees who would select a candidate known to them with appropriate skills. In so far as is practicable, the numbers of trustees shall not be fewer than three.
The trustees meet on a regular basis, at least twice a year, and consider applications for grants, investment performance and other business. Day to day matters are dealt with by the administrator, Mrs S Stonor.
PUBLIC BENEFIT
Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties and believe that this is demonstrated by the grants and financial support offered as detailed above and below.
OBJECTS AND ACTIVITIES
Grants are made to charitable organisations in accordance with the trust’s charitable objectives which are to make grants for such charitable purposes at such time or times and in such manner as the trustees shall in their absolute discretion determine. The grants made for the year are set out in note 2 on page 9.
GRANT POLICY
The policy of the trustees is to support charities associated with the arts and local organisations of particular personal interest to the trustees. Grants are generally made to finance specific projects where the size of the grant would make a meaningful impact. Details of the grants made in the year are set out in note 2 on page 9, which provides an indication of the range of charitable support that the trustees have given.
ACHIEVEMENTS AND PERFORMANCE RESULTS FOR THE YEAR AND FINANCIAL POSITION
The trust showed a deficit of income over expenditure of £20,715 for the year (2022: deficit £10,229) from the unrestricted Income fund. At the year end, the trust had total funds of £1,699,291 (2022: £1,824,011).
We have continued to make grants in the year, in line with the objectives of the charity (note 2).
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The Spencer Wills Trust TRUSTEES’ ANNUAL REPORT (CONTINUED) For the year ended 31 March 2023
GOING CONCERN
The trustees have considered whether it is appropriate to prepare the financial statements on the basis that the charity is a going concern.
The charity is reliant on income from its investment portfolio stated at £1,630,034 (2022: £1,734,020) in the form of dividends to meet its annual expenditure. The trustees consider the value of the investment portfolio, and the anticipated investment income will be sufficient to sustain the charity for at least twelve months from the date of signing the financial statements.
RESERVES POLICY
Reserves at 31 March 2023 totalled £1,699,291. The trustees have designated the funds into an income fund (£66,401) and a capital fund (£1,632,890), which exists to serve the long-term future of the trust.
It is the trustees’ intention to make a full distribution of income to worthwhile charitable causes but consider it appropriate to retain approximately 6 months income to cover administration costs and to respond to emergency applications for grants which arise from time to time.
INVESTMENT POLICY
The trustees’ policy is to achieve long term growth in both income and capital in real terms, maintaining a balance principally between UK equities and fixed interest stocks.
Investment managers have been appointed with advisory powers, and the trust’s investments are held by a nominee corporate body.
During the year, the trustees made no realised gains or losses and unrealised losses of £104,005 on a closing portfolio valuation of £1,630,034 and generated income of £46,832.
RISK MANAGEMENT
The trustees have reviewed the major strategic, business, and operational risks which the charity faces and have established systems to mitigate those risks. The main risk faced by the charity is the continued generation of income from its investment portfolio to enable it to meet its committed expenditure on an annual basis and support its grant making activities. The value of the portfolio continues to be influenced by global events and the impact on the investments and general economic conditions. The trustees will continue to liaise with the investment advisers as to the stability of investments, to ensure the stability of their investments, and to monitor the valuation and income levels to support the operations of the charity.
KEY MANAGEMENT PERSONNEL
The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. Details of trustees’ expenses are disclosed in note 3 to the accounts.
Trustees are required to disclose all relevant interests and register them with the administrator and in accordance with the charity’s policy withdraw from decisions where a conflict of interest arises. Neither the charity nor any of the trustees presently have such interests but any such interests would be disclosed should they arise.
FUTURE PLANS
The trustees will continue to carry out their policy to support charities associated with the arts and local organisations of particular personal interest to the trustees and to make grants that are generally to finance specific projects where the size of the grant would make a meaningful impact.
Approved by the trustees and signed on their behalf by:
M A Rudman
Date:
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The Spencer Wills Trust
TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS For the year ended 31 March 2023
The trustees are responsible for preparing the Trustees’ Annual 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 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 proper accounting records that 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.
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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 2023, 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:
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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 financial statements do not accord with those records; or
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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:
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The Spencer Wills Trust UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2023
| Unrestricted | Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Note | Income | Capital | |||
| Fund | Fund | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| INCOME from | |||||
| Investments | |||||
| - portfolio income | 46,783 | - | 46,783 | 46,783 | |
| - interest | 49 |
- | 49 | 2 | |
| TOTAL INCOME | 46,832 |
- | 46,832 | 46,785 | |
| EXPENDITURE on | |||||
| Expenditure on charitable activities | 2 | 67,547 |
- | 67,547 | 57,014 |
| TOTAL EXPENDITURE | 67,547 |
- | 67,547 | 57,014 | |
| NET EXPENDITURE before | |||||
| (losses)/gains on investments | (20,715) | - | (20,715) | (10,229) | |
| Net (losses)/gains on investments | 4 | - |
(104,005) | (104,005) | 36,433 |
| NET (EXPENDITURE)/ INCOME | (20,715) | (104,005) | (124,720) | 26,204 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 6 | 87,116 |
1,736,895 | 1,824,011 |
1,797,807 |
| Total funds carried forward | 6 | 66,401 | 1,632,890 | 1,699,291 | 1,824,011 |
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The Spencer Wills Trust UNAUDITED BALANCE SHEET As at 31 March 2023
| Note FIXED ASSETS Investments 4 CURRENT ASSETS Cash at bank and in hand CREDITORS: Amounts falling due within one year 5 Net current assets TOTAL NET ASSETS FUNDS: Unrestricted funds: Income Fund 6 Capital Fund 6 TOTAL FUNDS |
£ 73,640 4,383 |
2023 £ 1,630,034 69,257 1,699,291 66,401 1,632,890 1,699,291 |
£ 2022 £ 1,734,020 92,271 2,280 89,991 1,824,011 87,116 1,736,895 1,824,011 |
|---|---|---|---|
Approved by the Trustees on
M A RUDMAN
N K S WILLS
H A S WILLS
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The Spencer Wills Trust UNAUDITED NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023
1. ACCOUNTING POLICIES
BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The accounts 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2019.
The charity constitutes a public benefit entity as defined by FRS 102.
GOING CONCERN
The trustees have considered whether it is appropriate to prepare the financial statements on the basis that the charity is a going concern.
The trustees consider the value of the investment portfolio and the anticipated investment income will be sufficient to sustain the charity for at least twelve months from the date of signing the financial statements and that there are no material uncertainties about the charity’s ability to continue as a going concern.
INCOME RECOGNITION
Net dividends and bank interest are accounted for on the accruals basis as recorded in the Statement of Financial Activities.
EXPENDITURE RECOGNITION
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Administrative costs include the costs which relate to the general running of the charity and compliance with constitutional and statutory requirements.
TAXATION
The charity is registered with the Charity Commission and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
DESIGNATED FUNDS
All funds are unrestricted, but the trustees have designated the funds into an Income Fund and a Capital Fund.
INVESTMENTS
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
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UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2023
The Spencer Wills Trust
1. ACCOUNTING POLICIES (CONTINUED)
GRANTS
Grants payable are charged in the year in which the application is approved by the trustees.
IRRECOVERABLE VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
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.
CREDITORS
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
| 2 EXPENDITURE ON CHARITABLE ACTIVITIES GRANTS Action in Rural Sussex Burwash Playing Field Association Conquest Hospital Garden Restoration Drawing Life Education Futures Trust Friends of Well Cathedral Organ Appeal Glyndebourne Glyndebourne Touring Hands of Hope Hastings Int’l Piano Festival Hindleap Warren Music Well Roald Dahl’s Rother Responders for defibrillators St Bartholomew’s PCC St Bartholomew’s Church Burwash St Mary the Virgin Great Milton South Downs National Park Trust Southwark Cathedral Sussex Community Development Association Sussex Diocesan Family Support Work Sussex Heritage Trust Sussex Historic Churches Trust The Pelham C10 Wings for Life |
2023 £ - - 6,000 - - 5,000 6,300 290 - - - - - 5,000 1,200 10,000 10,000 - - 8,000 5,000 - 5,000 - - 61,790 |
2022 £ 10,000 2,000 - 3,000 5,000 - - 290 3,000 500 5,000 3,000 3,000 - 1,200 - - 5,000 5,000 - - 2,500 - 3,000 2,500 |
|---|---|---|
| 53,990 |
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The Spencer Wills Trust
UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2023
| 2 EXPENDITURE ON CHARITABLE ACTIVITIES (continued) ADMINISTRATIVE COSTS Grant administration costs Administrator Fees payable to the independent examiner for: Accountancy fees Independent examination fees Legal and professional TOTAL EXPENDITURE ON CHARITABLE ACTIVIES |
2023 £ 398 1,375 1,380 1,980 624 5,757 67,547 |
2022 £ 375 375 1,194 1,080 - 3,024 57,014 |
|---|---|---|
- 3 STAFF COSTS
No remuneration was received by trustees in either year. One trustee was reimbursed £750 for administrative costs incurred during the year (2022: one trustee reimbursed £750).
There were no employees during the year or prior year.
There are no related party transactions in the accounting period that require disclosure.
| 5 CREDITORS: Amounts falling due within one year Accruals and other creditors 4 INVESTMENTS Market valuation at 1 April Net unrealised (losses)/gains in year Market valuation at 31 March Cash deposits Total investments Historical cost at 31 March PORTFOLIO: 2023 2023 Cost £ Market value £ Sarasin Endowments Fund 1,094,593 1,628,322 Cash deposits 1,712 1,712 1,096,305 1,630,034 |
2023 £ 2022 £ 4,383 2,280 2023 £ 2022 £ 1,732,327 1,695,894 (104,005) 36,433 1,628,322 1,732,327 1,712 1,693 1,630,034 1,734,020 1,096,305 1,096,286 2022 2022 Cost £ Market value £ 1,094,593 1,732,327 1,693 1,693 _ __ 1,096,286 1,734,020 |
2022 £ 1,695,894 36,433 1,732,327 1,693 |
|---|---|---|
| 1,734,020 | ||
| 1,096,286 | ||
| __ 1,734,020 |
||
| 2022 £ 2,280 |
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The Spencer Wills Trust UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2023
| 2023 | 2023 | 2022 | 2022 | ||||
|---|---|---|---|---|---|---|---|
| 6 | FUNDS | Income | Capital | Income | Capital | ||
| £ | £ | £ | £ | ||||
| Balance at 1 April | 87,116 | 1,736,895 | 97,345 | 1,700,462 | |||
| Income | 46,832 | - | 46,785 | - | |||
| Expenditure | (67,547) | - | (57,014) | - | |||
| Investment movements | - | (104,005) | - | 36,433 |
|||
| Balance at 31 March | 66,401 | 1,632,890 | 87,116 | 1,736,895 | |||
| 7 | ANALYSIS OF NET ASSETS | BETWEEN FUNDS | |||||
| CURRENT YEAR - 2023 | Income Fund | Capital Fund | Total Funds | ||||
| £ | £ | £ | |||||
| Investments | - | 1,630,034 | 1,630,034 | ||||
| Cash at bank | 70,784 | 2,856 | 73,640 | ||||
| Current liabilities | (4,383) | - | (4,383) | ||||
| 66,401 | 1,632,890 | 1,699,291 | |||||
| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | ||||||
| PREVIOUS YEAR - 2022 | Income Fund | Capital Fund | Total Funds | ||||
| £ | £ | £ | |||||
| Investments | - | 1,734,020 | 1,734,020 | ||||
| Cash at bank | 89,396 | 2,875 | 92,271 | ||||
| Current liabilities | (2,280) | - | (2,280) | ||||
| 87,116 | 1,736,895 | 1,824,011 | |||||
| _ |
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