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2023-03-31-accounts

Registered Charity No. 285961

TOM AND SHEILA SPRINGER CHARITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

TOM AND SHEILA SPRINGER CHARITY

CONTENTS

Page
Charity information 1
Report of the Trustees 2 – 4
Independent Auditors’ report 5 – 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 – 18

TOM AND SHEILA SPRINGER CHARITY

CHARITY INFORMATION

Trustees Carl Graham FCA
Dr Baboo Kabra
Registered Office Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London SE18 6SS
Accountants Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London SE18 6SS
Auditors DCP Accountants LLP
457 Southchurch Road
Southend-on-Sea
Essex SS1 2PH
Bankers Barclays Bank PLC
54 Lombard Street
London EC3P 3AH
Investment Advisers JM Finn and Co
4 Coleman Street
London EC2R 5TA

1

TOM AND SHEILA SPRINGER CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees submit their annual report and the 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 Trust Deed, 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 (FRS102) (effective 1 January 2019)”.

The Tom and Sheila Springer Charity was created under the Trust Deed dated 7 September 1982 by the late Oliver Tom Springer and his wife, the late Sheila Mamie Springer as an unincorporated association. For a few years the Charity had a small amount of funds and made minimal donations. Thereafter, the Charity was in effect dormant. However, in March 1998, following the death of Mrs Springer in the previous year, Mr Springer passed away and left his residuary estate to the Charity.

Administrative Information

The full name of the Charity is Tom and Sheila Springer Charity and the Charity is registered with the Charity Commission registration number 285961. The principal office of the Charity is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London SE18 6SS.

The Trustees who served during the year were: Mr C A Graham Dr B Kabra

Structure, Governance and Management

The Trust Deeds do not stipulate the number of Trustees required at any one time. Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. The current Trustees are responsible for the induction of any new Trustee which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the Charity.

The Trustees annually review the risks that the Charity faces. To date, these have mainly related to investment management, and these have been mitigated by a diversified portfolio.

Under the terms of the Trust, the Trustees have wide powers of investment and are not subject to the imposition of any restrictions. The investment advisers have discretionary powers and the Trustees meet with the investment advisers periodically to review the investment portfolio and the performance of the advisers. The Trustees have instructed the investment advisers to avoid investment in Gambling, Arms, Tobacco and Cannabis Producers.

The Trustees meet periodically to decide on the grants to be made within the objects of the Charity.

The Trustees receive no remuneration for their services as trustees.

2

TOM AND SHEILA SPRINGER CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

Objectives and activities for the public benefit

The general objectives of the Charity are to apply the income from the funds to charitable organisations for the relief of sickness by the provision of life saving equipment or to any other medical purpose for the benefit of the public, which the Trustees, in their absolute direction, may from time to time direct. The Charity has complied with section 17(5) of the Charities Act 2011 having due regard of the public benefit guidance published by the Commission.

Through the careful management of the Charity’s investment portfolio, significant dividend income is generated. The Trust furthers its charitable purposes for the public benefit through its grant-making process, whereby organisations are invited to submit a formal application outlining how the funds would be used and what would be achieved with the funds. The Trustees then meet to discuss which causes to grant money to in accordance with the objectives of the Charity.

Achievements, performance and financial review – how grants issued have delivered public benefit

The income of the Charity relating to investment income was £290,208 (2022 - £271,472). This was achieved through successful investment portfolio management by the Charity’s investment advisers. The Charity’s performance is heavily influenced by the stock market, but the Trustees are confident that, with careful monitoring, these results will be continued in the future.

The careful management of the investment portfolio has enabled the Charity to issue £233,460 (2022 - £164,190) in grants to worthy causes. The Charity aims to continue making grants to worthy causes in the future, in keeping with the deeds of the Trust for public benefit.

The investment portfolio has made a net loss of £565,533 (2022 – gain £412,614). Through continual monitoring and careful planning of new investments subscribed, the Trustees are confident that the investment portfolio will improve. The Trustees benchmark the performance of the investment managers against the FTSE 100 movement.

Risk management

The principal risks faced by the Charity lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Charity to make effective grants.

The risk of poor performance of the investments is mitigated as much as possible, by granting discretionary powers to the investment managers and by periodic review.

Plans for the future

The Trustees plan to maintain income levels in excess of £250,000 for 2023/24 and are committed to making charitable grants of £189,981.

Reserves policy

The value of the Charity’s reserves was £4,701,466 at the year end (2022 - £5,243,534) which is all unrestricted and can therefore be used at the discretion of the Trustees, in any way they deem suitable in the furtherance of the Charity’s objectives.

3

TOM AND SHEILA SPRINGER CHARITY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

The Trustees aim to have an unrestricted fund in excess of £4,500,000 in order to maintain the current level of donations. The policy is reviewed annually, and the Trustees are confident that this level can be maintained. The Trustees are keeping the level of investment income under review and will consider whether it is necessary to restrict donations as a result.

Trustees’ responsibilities in relation to the financial statements

The Charity Trustees are responsible for preparing a Trustees’ annual report and 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 Charity’s Trustees to prepare financial statements for each 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 the financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures that must be 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 to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Auditor

The Trustees intend to ask the existing auditor to undertake the audit of the Trust in the following year.

. . . . . . . . . . . . . . . . . . . . . . . . . .

Signed on behalf of the Trustees C A Graham Date: 21 December 2023

4

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF TOM AND SHEILA SPRINGER CHARITY

FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of Tom and Sheila Springer Charity (the “Charity”) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

5

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF TOM AND SHEILA SPRINGER CHARITY

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement as set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

6

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF TOM AND SHEILA SPRINGER CHARITY

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Audit response to risk

We assessed the susceptibility of the charity’s financial statements to material misstatement including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identified noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

7

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF TOM AND SHEILA SPRINGER CHARITY

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

P Stafford (Senior Statutory Auditor) for and on behalf of DCP Accountants LLP, Statutory Auditors and Chartered Certified Accountants

457 Southchurch Road Southend-on-Sea Essex SS1 2PH Dated: 16 January 2024

DCP accountants LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act.

8

TOM AND SHEILA SPRINGER CHARITY

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME AND ENDOWMENTS
Income from investments
3

Total income

EXPENDITURE
Expenditure on raising funds
4
Expenditure on charitable activities
5
Total expenditure


Net income/(expenditure)before gains and losses
on investments
Net gains/(losses) on investments
Net movement in funds
Total funds brought forward
Total funds carried forward
 2023
£
290,208
–––––––
290,208
–––––––
(14,603)
(252,140)
–––––––
(266,743)
–––––––
23,465
(565,533)
–––––––
(542,068)
5,243,534
––––––––

4,701,466
––––––––
 2022
£
271,472
–––––––
271,472
–––––––
(14,934)
(182,270)
–––––––
(197,204)
–––––––
74,268
412,614
–––––––
486,882
4,756,652
––––––––
5,243,534
––––––––

All funds are unrestricted and all income and expenditure has been derived through the Charity’s only activity of share investment.

9

TOM AND SHEILA SPRINGER CHARITY

BALANCE SHEET

AS AT 31 MARCH 2023

Notes 2023 2022
£ £ £ £
FIXED ASSETS
Investments 8 4,610,847
5,136,978
CURRENT ASSETS
Debtors 9
2,846
2,846
Cash at bank and in hand 94,793 110,430
–––––––– ––––––––
97,639 113,276
CREDITORS
Amounts due within one year 10 (7,020) (6,720)
–––––––– ––––––––
NET CURRENT ASSETS 90,619 106,556
–––––––– ––––––––
NET ASSETS 4,701,466
5,243,534
–––––––– ––––––––
FUNDS
Unrestricted fund 13 4,701,466
5,243,534
–––––––– ––––––––

Approved by the board of Trustees on 21 December 2023

……………………………..

C A Graham

Registered Charity No. 285961

10

TOM AND SHEILA SPRINGER CHARITY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Net cash used in operating activities
12
Cash flows from investing activities:
Interest and dividends
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalent brought forward
Cash and cash equivalents carried forward
 2023
£
(266,443)
–––––––
272,319
619,096
(640,609)
–––––––
250,806
(15,637)
110,430
–––––––
94,793
––––––––
 2022
£
(197,204)
–––––––
271,472
643,251
(685,807)
–––––––
228,916
31,712
78,718
–––––––
110,430
––––––––

11

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

a) Charity information

Tom and Sheila Springer Charity is an unincorporated Charity registered with the Charity Commission of England and Wales number 285961. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London SE18 6SS.

b) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern due to the Charity’s strong reserves of £4,701,466 (2022 - £5,243,534). The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the liability from multi-year grant commitments. With respect to the next reporting period, 2023-24, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).

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

The Charity’s principal activity is investment in shares. The return generated is then granted to charitable organisations for the relief of sickness by the provision of life saving equipment or to any other medical purpose for the benefit of the public.

c) Fund structure

All the Charity’s funds are unrestricted and as such the Trustees are free to use them for any purpose in the furtherance of the Charity’s objectives. The fund balance at 31 March 2023 was £4,701,466 (2022 - £5,243,534).

12

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

d) Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Dividends are recognised on a receipts basis.

e) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (g) below.

Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary, or the grant has been paid, whichever is the earlier. The Trust has not made any grant commitments of more than one year.

f) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

g) Allocation of support and governance costs

All overhead and support costs relate to governance costs and have been allocated as such (note 5).

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the auditor’s fees, and costs linked to the strategic management of the Charity.

h) Cost of raising funds

The costs of generating funds consist of investment management and certain legal fees.

i) Charitable activities

Costs of charitable activities include constitutional grants made and governance costs as shown in note 5.

j) Tangible fixed assets and depreciation

All assets costing more than £500 are capitalised.

13

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

k) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

l) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

m) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o) Creditors and provisions

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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. 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.

14

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

3. INCOME FROM INVESTMENTS

2023
£
UK dividends
284,255
Dividends from outside of the UK
5,734
Interest received
219
––––––––

290,208
––––––––

4.INVESTMENT MANAGEMENT COSTS
2023
£
Stockbroker administrative charges
14,603
––––––––

5.EXPENDITURE ON CHARITABLE ACTIVITIES
2023
£
Accountancy and trust management
12,480
Auditor remuneration – note 6
4,200
Trustee expenses
2,000
Grants issued – note 7
233,460
––––––––

252,140
––––––––

6.AUDITOR REMUNERATION
2023
£
Auditor remuneration – audit fee
4,200
––––––––
 2022
£
265,402
6,065
5
––––––––
271,472
––––––––
2022
£
14,934
––––––––
2022
£
12,480
3,600
2,000
164,190
––––––––
182,270
––––––––
2022
£
3,600
––––––––

15

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

7.ANALYSIS OF GRANTS
Grants to Institutions:
St Raphael’s Hospice
Trinity Hospice – Psychiatrist
Trinity Hospice - Registrar
Marie Curie
SW Thames Kidney Fund
Scleroderma & Raynaud’s UK
Institute of Cancer Research
Stroke Association
Maggie Keswick Jencks Cancer Caring Centre
Wolfson Institute of Preventative Medicine
Kingston Hospital Charity
Princess Alice Hospice
The Brain Tumour Charity
Action Medical Research
Prostate Cancer UK
St Georges Hospital (Anthony Nolan)
The Royal Marsden Cancer Charity
Teenage Cancer Charity
Bowel Cancer UK

Grants to Individuals:

Total grants issued
 2023
£
35,000
26,150
-
20,000
15,800
-
-
20,000
-
4,350
2,500
10,000
19,160
12,000
20,000
5,000
11,000
14,500
15,000
––––––––

230,460
––––––––

3,000
––––––––

233,460
––––––––
 2022
£
35,000
26,150
10,047
20,000
15,550
2,593
10,000
20,000
10,000
4,350
7,500
-
-
-
-
-
-
-
-
––––––––
161,190
––––––––
3,000
––––––––
164,190
––––––––

All grants are issued in line with the objectives of the Charity.

16

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

8. INVESTMENTS

INVESTMENTS
2023 2022
£ £
Balance brought forward 5,136,978 4,681,808
Additions at cost 658,498 685,807
Disposal proceeds (619,096) (643,251)
Realised gain (67,948) 11,167
Unrealised gain (497,585) 401,447
–––––––– ––––––––
Balance carried forward 4,610,847 5,136,978
–––––––– ––––––––

All investments are held to provide an investment return for the Charity.

All investments are investment assets in the UK except for the following holdings:

Market Value (£)
2023 2022
£ £
Switzerland:
Novartis 92,764 83,708
France:
Scor 55,231 73,737

9. DEBTORS

Accrued income

All debtors are due within one year.		 2023
£
2,846
––––––––
 2022
£
2,846
––––––––

17

TOM AND SHEILA SPRINGER CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

10. CREDITORS

CREDITORS
2023 2022
£ £
Accruals 7,020 6,720
–––––––– ––––––––

11. RELATED PARTY TRANSACTIONS AND TRUSTEES’ EXPENSES AND REMUNERATION

The Trustees give their time and expertise without remuneration or other benefit in cash or kind (2022 - £nil). Dr B Kabra, a Trustee, received £2,000 for expenses during the year (2022 £2,000). C A Graham, a Trustee, is a partner in Simpson Wreford LLP, Chartered Accountants, which charged £12,480 (2022 - £12,480) for accounting and administration services during the year.

12. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

2023 2022
£ £
Net movement in funds (542,068) 486,882
Deduct interest and dividend income shown (290,208) (271,472)
in investing activities
Deduct gains/add back losses on investments 565,533 (412,614)
Increase in creditors 300 -
–––––––– ––––––––
Net cash used in operating activities (266,443) (197,204)
–––––––– ––––––––

13. FUND MOVEMENT

FUND MOVEMENT
Unrestricted
£
Balance at 1 April 2022 5,243,534
Movement for the year (542,068)
––––––––
Balance at 31 March 2023 4,701,466
––––––––

18