2022-12-31-accounts

Charity number: 309040

THE SPOORE, MERRY AND RIXMAN FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE SPOORE, MERRY AND RIXMAN FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent auditor's report on the financial statements	5 - 8
Statement of financial activities	9
Balance sheet	10
Notes to the financial statements	11 - 23

THE SPOORE, MERRY AND RIXMAN FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees	Ian Thomas, Chairman (appointed 9 January 2023)
	Barbara Wielechowski, Deputy Chairman (appointed 9 January 2023)
	Mayor Neil Knowles, Trustee (appointed 5 May 2023)
	Former Mayor Christine Bateson, Trustee (resigned 4 May 2023)
	Cllr Leo Walters, Trustee
	Cllr Donna Stimson, Trustee (resigned 4 May 2023)
	Cllr Gerry Clark, Trustee (resigned 4 May 2023)
	Cllr David Coppinger, Trustee (resigned 4 May 2023)
	Philip Love, Council Appointed Representative (resigned 4 May 2023)
	Grahame Fisher, Trustee
	Anthony Hill, Trustee
	Ann Redgrave, Trustee
	Cllr Jack Douglas, Trustee (appointed 5 May 2023)
	Cllr Sian Martin, Trustee (appointed 5 May 2023)
	Cllr Gurch Singh, Trustee (appointed 5 May 2023)
Charity registered number 309040 Principal office PO BOX 4787 Maidenhead Berkshire SL60 1JA Independent auditor Donald Reid Limited Chartered Accountants Statutory Auditors Prince Albert House 20 King Street Maidenhead Berkshire SL6 1EF Solicitors Colemans Solicitors LLP 51 Switchback Office Park Gardner Road Maidenhead SL6 7RJ

Page 1

THE SPOORE, MERRY AND RIXMAN FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2022 to 31 December 2022. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practise (SORP) "Accounting and Reporting by Charities" issued in 2019.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustee have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

After payment of any expenses of administration, the trustees shall apply the net yearly income and an agreed amount of capital of the foundation for the benefit of persons who have not attained the age of 25 years, resident in the area identified in the scheme who, in the opinion of the trustees, are in need of financial assistance (hereinafter referred to as ''beneficiaries'') in one or more of the following ways:

a) The award of Scholarships, Bursaries or Maintenance Allowances tenable at any School, University, or other place of learning, approved by the trustees;

b) The provision of financial assistance, outfits, clothing, tools, instruments or books to enable beneficiaries on leaving school, university or any other educational establishment to prepare for, or assist their entry into, a profession, trade or calling;

c) The award of Scholarships or Maintenance Allowances to enable beneficiaries to travel abroad to pursue their education;

d) Assistance towards the provision of facilities of any kind not normally provided by the Local Education Authority, for recreation, social and physical training, including the provision of coaching in athletic sports and games for beneficiaries who are receiving primary, secondary or further education;

e) The provision of financial assistance to enable beneficiaries to study music or other arts; and f) Otherwise promoting the education (including social and physical training) of beneficiaries. Within the limits prescribed by this Scheme, the trustees shall have full power to make rules for the award of Scholarships, Bursaries, Maintenance Allowances, or other benefits, including rules as to the value and period of tenure of the awards, and the qualifications and method of ascertainment and selection of beneficiaries.

Achievements and performance

a. Review of activities

There was an overall deficit for the year of £1,959,176 (2021 surplus: £370,634) . The market value of the investment funds has decreased to £9,774,682 (2021: £11,649,573) . The Charity received investment income during the year of £248,709 (2021: £327,157) . Grants of £828,237 (2021: £918,738) were awarded to those deemed to qualify under the trust rules. The freehold investment property has been valued at £650,000 (2021: £600,000) in the year. It has been determined that all funds held are to be classified as permanent endowment funds.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Structure, governance and management

a. Constitution

The Spoore, Merry and Rixman Foundation is a registered charity, number 309040, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

Trustees are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The body of the Trustees of the foundation shall consist of eleven persons; - one being the Mayor of the Royal Borough of Windsor and Maidenhead.

• five Representative trustees to be appointed:- four by the Royal Borough of Windsor and Maidenhead and one by the Royal Borough of Windsor and Maidenhead as a local education authority.

• five co-optive trustees, to be appointed by resolution of the trustees.

d. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 3

THE SPOORE, MERRY AND RIXMAN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the 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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) 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 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 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Ian Thomas (Chair of Trustees) Date: 20 September 2023

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION

Opinion

We have audited the financial statements of The Spoore, Merry and Rixman Foundation (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 United Kingdom, including the Financial Reporting Council'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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees 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.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 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.

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:

• enquiring of management concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings;

• assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias;

• evaluating any transactions that are unusual or outside the normal course of business; and

• maintaining alert to any fraud risks throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Donald Reid Limited

Chartered Accountants Statutory Auditors Prince Albert House 20 King Street Maidenhead Berkshire SL6 1EF

20 September 2023

Donald Reid Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds before other recognised gains Other recognised gains: Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Endowment funds 2022 £ 466 248,709 249,175 14,836 865,055 879,891 (630,716) (1,378,460) (2,009,176) 50,000 (1,959,176) 12,110,865 (1,959,176) 10,151,689	Total funds 2022 £ 466 248,709 249,175 14,836 865,055 879,891 (630,716) (1,378,460) (2,009,176) 50,000 (1,959,176) 12,110,865 (1,959,176) 10,151,689	Total funds 2021 £ - 327,157 327,157 51,975 948,121 1,000,096 (672,939) 1,043,573 370,634 - 370,634 11,740,231 370,634 12,110,865

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 23 form part of these financial statements.

Page 9

THE SPOORE, MERRY AND RIXMAN FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2022

Note Fixed assets Investments 12 Investment property 11 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets excluding pension asset Total net assets Charity funds Endowment funds 17 Total funds	5,292 21,759 27,051 (189,211)	2022 £ 9,774,682 650,000 10,424,682 (162,160) 10,262,522 (110,833) 10,151,689 10,151,689 10,151,689 10,151,689	8,887 - 8,887 (147,595)	2021 £ 11,649,573 600,000 12,249,573 (138,708) 12,110,865 - 12,110,865 12,110,865 12,110,865 12,110,865

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Ian Thomas (Chair of Trustees) Date: 20 September 2023

The notes on pages 11 to 23 form part of these financial statements.

Page 10

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements 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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Spoore, Merry and Rixman Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements have been prepared on the going concern basis and under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

1.2 Income

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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Income recieved from listed securities is recognised on the remittance basis. Rental income is recognised on the accruals basis.

Income recieved from Blackamoor Lane development is recognised on the completion of the first sale of each residential unit for a sum equivalent to 2% of the actual sale price.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.5 Cash Flow

The financial statements do not include a Cash Flow statement because the charity, as a small reporting entitiy, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FSR 102) and Charities Act 2011.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 33% straight line Computer equipment - 20% straight line

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies (continued)

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and 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.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.11 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Income from donations and legacies

	Endowment	Total	Total
	funds	funds	funds
	2022	2022	2021
	£	£	£
Donations	466	466	-

3. Investment income

Investment income - rental income Listed investments Total 2022 Investment income - rental income Listed investments Total 2021	Endowment funds 2022 £ 48,413 200,296 248,709 Endowment funds 2021 £ 51,677 275,480 327,157	Total funds 2022 £ 48,413 200,296
		248,709
		Total funds 2021 £ 51,677 275,480
		327,157

4. Investment management costs

Investment management fees Insurance Total 2022	Endowment funds 2022 £ 12,163 2,673 14,836	Total funds 2022 £ 12,163 2,673
		14,836

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Investment management costs (continued)

Investment management fees Insurance Total 2021	Endowment funds 2021 £ 50,005 1,970 51,975	Total funds 2021 £ 50,005 1,970
		51,975

5. Analysis of grants

Grants to institutions Grants to individuals Total 2022 Grants to institutions Grants to individuals Total 2021	Grants to Institutions 2022 £ 679,407 - 679,407 Grants to Institutions 2021 £ 594,760 - 594,760	Grants to Individuals 2022 £ - 148,830 148,830 Grants to Individuals 2021 £ - 323,978 323,978	Total funds 2022 £ 679,407 148,830
			828,237
			Total funds 2021 £ 594,760 323,978
			918,738

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6. Analysis of expenditure on charitable activities

Summary by fund type

Grants to institutions Grants to individuals Auditors' remuneration Administration expenses Computer costs Office costs Grants to institutions Grants to individuals Auditors' remuneration Administration expenses Computer costs Office costs Bank charges	Endowment funds 2022 £ 679,407 148,830 4,140 30,060 596 2,022 865,055 Endowment funds 2021 £ 594,760 323,978 3,960 22,985 375 2,056 7 948,121	Total funds 2022 £ 679,407 148,830 4,140 30,060 596 2,022
		865,055
		Total funds 2021 £ 594,760 323,978 3,960 22,985 375 2,056 7
		948,121

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Analysis of expenditure by activities

Grants to institutions Grants to individuals Auditors' remuneration Administration expenses Computer costs Office costs	Grant funding of activities 2022 £ 679,407 148,830 - - - - 828,237	Support costs 2022 £ - - 4,140 30,060 596 2,022 36,818	Total funds 2022 £ 679,407 148,830 4,140 30,060 596 2,022
			865,055

Grants to institutions Grants to individuals Auditors' remuneration Administration expenses Computer costs Office costs Bank charges	Grant funding of activities 2021 £ 594,760 323,978 - - - - - 918,738	Support costs 2021 £ - - 3,960 22,985 375 2,056 7 29,383	Total funds 2021 £ 594,760 323,978 3,960 22,985 375 2,056 7
			948,121

8. Auditor's remuneration

- The auditor's remuneration amounts to an auditor fee of £2,640 (2021 £2,530) , and accountancy of £1,500 ( 2021 - £1,400 ).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Trustees' remuneration and expenses (continued)

During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL) .

10. Tangible fixed assets

Cost or valuation At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Office equipment £ 169 169 169 169 - -	Computer equipment £ 971 971 971 971 - -	Total £ 1,140
			1,140
			1,140
			1,140
			-
			-

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. Investment property

Valuation At 1 January 2022 Surplus on revaluation At 31 December 2022	Freehold investment property £ 600,000 50,000
	650,000

The 2022 valuations were not made by an independent professional qualified valuer. The valuations were made by the Trustees, on an open market value for existing use basis.

12. Fixed asset investments

Cost or valuation At 1 January 2022 Additions Disposals At 31 December 2022 Impairment At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Listed investments £ 11,888,195 1,044,160 (2,757,395)
	10,174,960
	238,622 161,656
	400,278
	9,774,682
	11,649,573

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Material investments Brown Advisory Fds US Sustainable Gth Si GBP Charities Prop Property Fund Vanguard Funds Plc S&P 500 Ucits Etf Inc GBP Ishares li PLC USD Tips Ucits Etf GBP Dis Baillie Gifford Amer B NAV Inc INT Public Partner Ord GBP0.0001 BA Beutel Goodman BA Beutel Goodman Us Schroder Inv Mg E, ISF Asian Total Rtn C GBP Henderson Gbl Invs European Seleted Opps I Inc Sett RioTinto Ord 10p Citigroup Inc, 5.15% Snr Emtn 21/05/26 GBP Royal London Bd Fd Rl Sterling 38 High Street, Maidenhead (Investment property) Scottish Widows Lt, 5.5% Sub 16/06/23 GBP100000 JP Morgan Funds Ltd US Equity Inc K GBP	2022 £ 407,603 944,059 1,045,154 253,793 277,967 294,398 276,942 194,201 320,017 182,669 200,480 194,201 650,000 200,620 656,530 6,098,634	2021 £ 231,315 1,024,660 1,449,383 297,662 561,710 304,579 - 232,728 345,164 154,106 229,550 - 600,000 210,890 618,765
		6,260,512

Total material investments for the charity total £7,209,271 (2021: £6,997,411) . Listed above is the market value of the fifteen largest investments the charity holds at 31 December 2022.

13. Debtors

Due within one year Other debtors Prepayments and accrued income	2022 £ 4,167 1,125 5,292	2021 £ 7,809 1,078
		8,887

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14. Creditors: Amounts falling due within one year

Bank overdrafts Trade creditors Other creditors Accruals and deferred income	2022 £ - 496 177,195 11,520 189,211	2021 £ 921 119 137,655 8,900
		147,595

15. Creditors: Amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	110,833	-

16. Financial instruments

Financial assets Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost	2022 £ 9,774,682 27,051 9,801,733 2022 £ (300,044)	2021 £ 11,649,573 8,887
		11,658,460
		2021 £ (147,595)

Financial assets measured at fair value through income and expenditure comprise investments.

Financial assets measured at amortised cost comprise trade debtors, other debtors, cash and prepayments.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, overdrafts and accruals.

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1				31
	January			Gains/	December
	2022	Income	Expenditure	(Losses)	2022
	£	£	£	£	£
Endowment funds
Endowment Funds - all funds	12,110,865	249,175	(879,891)	(1,328,460)	10,151,689
Statement of funds - prior year
					Balance at
	Balance at				31
	1 January			Gains/	December
	2021	Income	Expenditure	(Losses)	2021
	£	£	£	£	£
Endowment funds
Endowment Funds - all funds	11,740,231	327,157	(1,000,096)	1,043,573	12,110,865

18. Summary of funds

Summary of funds - current year

Endowment funds	Balance at 1 January 2022 £ 12,110,865 Balance at 1 January 2021 £ 11,740,231	Income £ 249,175 Income £ 327,157	Expenditure £ (879,891) Expenditure £ (1,000,096)	Gains/ (Losses) £ (1,328,460) Gains/ (Losses) £ 1,043,573	Balance at 31 December 2022 £ 10,151,689
					Balance at 31 December 2021 £ 12,110,865
Summary of funds - prior year
Endowment funds

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THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Total	Endowment funds 2022 £ 9,774,682 650,000 27,051 (189,211) (110,833) 10,151,689	Total funds 2022 £ 9,774,682 650,000 27,051 (189,211) (110,833) 10,151,689

Analysis of net assets between funds - prior year

Fixed asset investments Investment property Current assets Creditors due within one year Total	Endowment funds 2021 £ 11,649,573 600,000 8,887 (147,595) 12,110,865	Total funds 2021 £ 11,649,573 600,000 8,887 (147,595) 12,110,865

20. Grant commitments

At the year end, there were conditional grants totalling £7,788 (2021: Nil) that were committed to.

21. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2022.

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