**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. Page 2 ## **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 Page 4 ## **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. Page 5 ## **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. Page 6 ## **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. Page 7 ## **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. Page 8 ## **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. Page 11 ## **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 Page 12 ## **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. Page 13 ## **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**| Page 14 ## **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_| Page 15 ## **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_| Page 16 ## **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)_ . Page 17 ## **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**| ||||**-**| ||||_-_| Page 18 ## **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_| Page 19 **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_| Page 20 ## **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. Page 21 ## **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|||||| Page 22 ## **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. Page 23