THE SPENCER WILLS TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 March 2025
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 Harry Alexander Spencer Wills
ADMINISTRATOR
Sara Stonor
INDEPENDENT EXAMINER
RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU
INVESTMENT MANAGERS
Sarasin & Partners LLP Juxon House 100 St. Paul’s Churchyard London EC4M 8BU
BANKERS
Lloyds Bank plc PO Box 1000 Andover BX1 1LT
SOLICITORS
Broadfield UK One Bartholomew Close London EC1A 7BL
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 2025
The trustees have pleasure in presenting their report and financial statements for the year ended 31 March 2025. 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 2025 and up to the date of signing these financial statements.
Michael Anthony Rudman
Nicholas Kenneth Spencer Wills Harry Alexander Spencer Wills
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 £18,308 for the year (2024: £18,390) from the unrestricted Income Fund and a surplus of income over expenditure of £18,486 (2024: £129,222) from the unrestricted Capital Fund. At the year end, the trust had total funds of £1,810,301 (2024: £1,810,123).
The trust has continued to make grants in the year, in line with its objectives, as mentioned above.
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The Spencer Wills Trust TRUSTEES’ ANNUAL REPORT (CONTINUED) For the year ended 31 March 2025
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 in the form of dividends to meet its annual expenditure. The trustees consider the investment portfolio valuation of £1,777,752 (2024: £1,759,275) is sufficient to sustain the charity for at least twelve months from the date of signing the financial statements.
RESERVES POLICY
Total reserves at the year end were £1,810,301 (2024: £1,810,123). The trustees have designated these reserves into an income fund £29,703 (2024: £48,011) and a capital fund £1,780,598 (2024: £1,762,112), 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 trust did not but or sell any investments and the only movement in the portfolio was to recognised the unrealised gain of £18,486 (2024: £129,222) on a closing portfolio valuation of £1,777,752 (2024: £1,759,275). Income generated by the portfolio during the year was £48,485 (2024: £48,340).
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 2025
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;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• 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 2025, 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: Kerry Gallagher FCA DChA The Institute of Chartered Accountants in England and Wales
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU
Date:
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The Spencer Wills Trust UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2025
| Unrestricted | Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Note | Income | Capital | |||
| Fund | Fund | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| INCOME from | |||||
| Investments | |||||
| - portfolio income | 48,347 | - | 48,347 | 48,204 | |
| - interest | 138 |
- | 138 | 136 | |
| TOTAL INCOME | 48,485 |
- | 48,485 | 48,340 | |
| EXPENDITURE on | |||||
| Expenditure on charitable activities | 2 | 66,793 |
- | 66,793 | 66,730 |
| TOTAL EXPENDITURE | 66,793 |
- | 66,793 | 66,730 | |
| NET EXPENDITURE before gains/ | |||||
| (losses) on investments | (18,308) | - | (18,308) | (18,390) | |
| Net gains on investments | 4 | - |
18,486 | 18,486 | 129,222 |
| NET INCOME/(EXPENDITURE) | (18,308) | 18,486 | 178 | 110,832 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 6 | 48,011 |
1,762,112 | 1,810,123 |
1,699,291 |
| Total funds carried forward | 6 | 29,703 | 1,780,598 | 1,810,301 | 1,810,123 |
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The Spencer Wills Trust UNAUDITED BALANCE SHEET As at 31 March 2025
| 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 |
£ 37,642 5,093 |
2025 £ 1,777,752 32,549 1,810,301 29,703 1,780,598 1,810,301 |
£ 2024 £ 1,759,275 55,698 4,850 50,848 1,810,123 48,011 1,762,112 1,810,123 |
|---|---|---|---|
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 2025
1. ACCOUNTING POLICIES
BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN
The Spencer Wills Trust is a registered charity in the United Kingdom. The address of the registered office is given in the charity’s information on page 1 of these statements. The nature of the charities operations and principal activities are detailed on page 2. These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value modified to include items at fair value. 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) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
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 trust 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 2025
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.
| EXPENDITURE ON CHARITABLE ACTIVITIES GRANTS Alzheimer’s Society Beachy Head Chaplaincy Team Brighton Table Tennis Club Brighton Royal Pavilion Roof Appeal Catsfield Church of England Primary School Charleston Farmhouse Chichester Workshop for Liturgical Art De La Warr Pavilion Education DFN Project SEARCH Dom’s Food Mission East Sussex Veterans Hub FSN Charity - St Leonards on Sea Garsington Opera Glyndebourne Good News Shed Hastings International Piano Concerto Competition Instrumentalists of the World Little Gate Farm MAD Foundation ORA Singers Pallant House Gallery St Bartholomew’s PCC St Saviour’s Church Eastbourne South Downs National Park Trust The Bright Foundation Warming Up The Homeless |
2025 £ 400 5,000 5,000 5,000 2,500 - 5,000 - 5,000 - 6,000 - 2,000 2,100 5,000 - 5,000 - - - - 1,200 3,600 - 5,000 - 57,800 |
2024 £ - - 5,000 - - 5,000 - 1,000 - 4,500 - 3,950 2,000 2,100 - 7,000 - 5,000 2,000 2,500 5,000 1,200 - 5,000 - 5,700 |
|---|---|---|
| 56,950 |
- 2 EXPENDITURE ON CHARITABLE ACTIVITIES
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The Spencer Wills Trust
UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025
| 2 EXPENDITURE ON CHARITABLE ACTIVITIES (continued) ADMINISTRATIVE COSTS Grant administration costs Administrator Fees payable to the independent examiner for: Accountancy fees Independent examination fees TOTAL EXPENDITURE ON CHARITABLE ACTIVIES |
2025 £ 333 5,000 1,500 2,160 8,993 66,793 |
2024 £ 1,180 5,000 1,620 1,980 |
|---|---|---|
| 9,780 | ||
| 66,730 |
- 3 STAFF COSTS
No remuneration was received by trustees in either year. No administrative costs were reimbursed to trustees during the year.
There were no employees during the year or prior year.
There are no related party transactions in the accounting period that require disclosure.
| 4 INVESTMENTS Market valuation at 1 April Net unrealised gains/(losses) in year Market valuation at 31 March Cash deposits Total investments Historical cost at 31 March PORTFOLIO: Sarasin Endowments Fund Cash deposits |
2025 2025 Cost £ Market value £ 1,094,593 1,776,030 1,722 1,722 1,096,315 1,777,752 |
2025 £ 1,757,544 18,486 1,776,030 1,722 1,777,752 1,096,315 2024 Cost £ 1,094,593 1,731 _ 1,096,324 |
2024 £ 1,628,322 129,222 |
|
|---|---|---|---|---|
| 1,757,544 1,731 |
||||
| 1,759,275 | ||||
| 1,096,324 2024 Market value £ 1,757,544 1,731 |
||||
| __ 1,759,275 |
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UNAUDITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2025
The Spencer Wills Trust
| 5 CREDITORS: Amounts falling due within one year Accruals and other creditors 2025 6 FUNDS Income £ Capital £ Balance at 1 April 48,011 1,762,112 Income 48,485 - Expenditure (66,793) - Investment movements - 18,486 Balance at 31 March 29,703 1,780,598 |
2025 £ 2024 £ 5,093 4,850 2024 Income £ Capital £ 66,401 1,632,890 48,340 - (66,730) - - 129,222 48,011 1,762,112 |
2024 £ 4,850 |
|
|---|---|---|---|
| 7 ANALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR - 2025 Income Fund £ Capital Fund £ Investments - 1,777,752 Cash at bank 34,796 2,846 Current liabilities (5,093) - 29,703 1,780,598 ANALYSIS OF NET ASSETS BETWEEN FUNDS PREVIOUS YEAR - 2024 Income Fund £ Capital Fund £ Investments - 1,759,275 Cash at bank 52,861 2,837 Current liabilities (4,850) - 48,011 1,762,112 |
Total Funds £ 1,777,752 37,642 (5,093) 1,810,301 Total Funds £ 1,759,275 55,698 (4,850) 1,810,123 |
|---|---|
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