Charity numbar: 309040 THE SPOORE, MERRY AND RIXMAN FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE SPOORE, MERRY AND RIXMAN FOUNDATION CONTENTS Page Reference and Administrative Details of th• Charity, Its Trustees and Advisars Trustees. Report Indep•ndent Audltors. Report on the Financial Statsments statemént of Financlal Activltles Balance Sheot 10-11 Notes to the Financlal Statsments 12-26
THE SPOORE, MERRY AND RIXMAN FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees lan Thomas, Chairman (appointed 9 January 2023) Barbara Wielechowski, Deputy Chaiman (appointed 9 January 2023) Mayor Neil Knowles, Trustee (appointed 5 May 2023) Former Mayor Christine Bateson, Trustee (resigned 4 May 2023) Cllr Leo Watters, Trustee (resigned 4 May 2023, reappointed 5 May 2023) Cllr Donna Stimson, Trustee (resigned 4 May 2023) Cllr Gery Clark, Trustee (resigned 4 May 2023) Cllr David Coppinger, Trustee (resigned 4 May 2023) Philip Love, Council Appointed Representative (resigned 4 May 2023. reappointed 6 October 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 20231 Charty registsrad number 309040 Princlpal offlca PO BOX 4787 Maidenhead Berkshire SL60 1JA Independent auditors Donald Reid Limited Chartered Accountants Statutory Auditors Prince Albert House 18a120 King Street Maidenhead Berkshire SL6 1EF Sollcltors 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 2023 The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2023 to 31 Dember 2023. The Trustees confim 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 activltios Pollcles and objectiVOS 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. ouffits, 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 nomally provided by the Local Education Authority, for recreation, social and physical training, including the provision of coaching in athlets'c 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 fj 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 asrtainMent and selection of beneficiaries. Achievements and performance a. Revlew of activitios There was an overall surplus for the year of £221,270 (2022 deficit.. £1,908,888). The market value of the investment funds has increased to £9,827,674 (2022.. £9, 774,682). The Charity received investment income during the year of £326,821 (2022.. £248, 709). Grants of £420,489 (2022.. £864,589) were awarded to those deemed to qualify under the trust rules. The freehold investment propety has not been revalued in 2023 (2022." £50,000 revaluation gain). 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 2023 Flnancial review . 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 COnffi basis can be found in the Accounting Policies. structure, governanco and management a. Constitutlon The Spoore, Merry and Rixman Foundation is a registered charity, number 309040, and is constituted under a Trust deed. b. Methods of appointmant or olection of Trustees Trustees are elected and co-opted under the terms of the Trust deed. c. Organisational $tru¢tur• and declslon-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. Financlal rlsk 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 ENOED 31 DECEMBER 2023 statement of Trustees, responsiblliti88 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 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: lan Thomas (Chair of Trustees) Date.. 12 Sep 2024 Page 4
THE SPOORE, MERRY AND RIXMAN FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION Oplnlon We have audited the financial statements of The Spoore, Merry and Rixman Foundation (the 'charity') for the year ended 31 December 2023 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 Practs'ce). 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 2023 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 accordan with the requirements of the Charities Act 2011. Basls for oplnion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, 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 statement5 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 golng concem In auditing the financial statements, we have concluded that the Trustees, use of the going concem 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 concem for a period of at least e1ve 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 AUDITORS. REPORTTO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION (CONTINUEDI other information The other information comprises the infonnation included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other infomiation 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 deteIne 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 misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requirod to roport by exceptlon 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 retums" 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 intemal 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 f nancial statements, the Trustees are responsible for assessing the charitys 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 AUDITORS. REPORT TO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION (CONTINUED) Auditors. responsibilities for the audlt of th6 financlal statemènts 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 Auditors, 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 thèse financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS 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 conmIng actual and potential litigation and claims; 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.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 7
THE SPOORE, MERRY AND RIXMAN FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SPOORE. MERRY AND RIXMAN FOUNDATION (CONTINUED) Use of our report This report is made Sole to the charitys trustees, as a b(Kly, in accord8nce with Part 4 of the Charities (Accounts and Reports) Regulaticjns 2(X)8. Our audit WOTk has been underta(en so that W8 might state to the charitys trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by l&v, we do not accept or assume responsibility to anyone other than the charity and its trus s, as a body, for our audit W for this report, or for the opini(Ms we have fomied. Donald Reld L5mited Chartered Accountants Statutory Audit(xs Prince Albert House 18a120 King Street Maidenhead Berkshire SL6 1EF Date: Donald Reid Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 20(. Page 8
THE SPOORE, MERRY AND RIXMAN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 As restated Total fvnds 2022 Endowment funds 2023 Total funds 2023 Note Income and endowments from: Investments 326,821 326,821 248, 709 Total income and andowmonts 326,821 326,821 248. 709 Exponditure on: Raising funds Charitable activities 47.480 420,489 47.480 420.489 48, 698 864, 589 Total •xpendltura 467,969 467,969 913,287 Net expenditure beforg net galnsl{losses) on Investments Net gainsl(losses) on investments Net movement In funds beforo other recognlsed galnsl(losses) (141,148) 362,418 (141.148) 362,418 (664,578) (1.294.310) 221,270 221,270 (1,958. 888) other recognised galnsl(losse8): Gains on revaluation of fixed assets 50,000 Net movement in funds 221,270 221,270 (1.908, 888) Reconcillatlon of funds.. Total funds brought forward as previously stated Prior year adjustment 10,151,689 50,288 10,151,689 50,288 12,110,865 Total funds brought foNrfard as restated Net movement in funds 10,201,977 221,270 10,201,977 221.270 12,110,865 (1,908,888) Total funds carried forward 10,423,247 10,423,247 10,201,977 The Statement of Financial Activities inGludes all gains and losses recognised in the year. The notes on pages 12 to 26 form part of these financial statements. Page 9
THE SPOORE, MERRY AND RIXMAN FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 As restated 2022 2023 Nots Fixed assets Tangible assets Investments Investment propety 732 11 9,827,674 650,000 9, 774, 682 650, 000 10 10,478,406 10.424, 682 Current assets Debtors Cash at bank and in hand 12 9,815 120,623 5,292 83,336 130.438 88,628 Creditors- amounts falling due within one year 13 (133,930) (200, 500) Net current Ilabilitles (3,492) (111.872) Total assets less current Ilabilities 10.474,914 10,312.810 Creditors.. amounts falling due after more than one year 14 151.667) (110. 833) Net assets excluding ponslon asset 10,423,247 10,201,977 Total net assets 10,423.247 10,201,977 Charity funds Endowment funds Restricted funds 17 17 10.423,247 10,201,977 Unrestricted funds 17 Total funds 10,423.247 10,201,977 The financial statements were approved and authorised for issue by the Trustees on 12 Sep 2024 and signed on their behalf by.. anT omas (Chair of Trustees) Page 10
THE SPOORE, MERRY AND RIXMAN FOUNDATION BALANCE SHEET ICONTINUED) AS AT 31 DECEMBER 2023 The notes on pages 12 to 26 form part of these financial statements. Page11
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polici08 1.1 Basis of praparation 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 Iland (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 Practi 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 liabilits'es are initially recognised at historical cost or transaction value unless othemise 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 entilement to the income, it is probable that the income will be received and the amount of income re1vable 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. Eviden of entitlement to a legacy exists when the Charity has sufficient eviden 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. Page 12
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 beeen 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 commitment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1A Interest roceivable 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 Tangiblg fixod assets and depreciatlon 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 Computer equipment 33°/o Straight line 20°/o Straight line Page 13
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continu•d) 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 impaiment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(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 maturtty of three months or less from the date of acquisition or opening of the deposit or similar account. 1.10 Llabllltles 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 finan 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 14
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment incomo Endowment funds 2023 Total funds 2023 Investment income- rental income Listed investments 52,771 274,050 52.771 274,050 Total 2023 326,821 326,821 Endowmenf fvnds 2022 Total funds 2022 Investment income- rental income 48,413 200,296 48,413 200,296 Listed investments Total 2022 248, 709 248, 709 Investment management costs Endowment funds 2023 Total funds 2023 Investment management fees Insurance 44,714 2,766 44.714 2,766 Total 2023 47,480 47,480 Page 15
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment management costs (continued) As Trstated As restated Endowment Total funds funds 2022 2022 Investment management fees Insurance 46,025 2,673 46,025 2,673 Total 2022 as r8Stat8d 48, 698 48,698 Analysis of grants Grants to Grants to Institutions Indlviduals 2023 2023 Total funds 2023 Grants to institutions Grants to individuals 252,870 252,870 131.480 131,480 Total 2023 252,870 131,480 384.350 Grants to Institutions 2022 Grants to Indiwduals 2022 Total funds 2022 Grants to institutions Grants to individuals 678, 941 678, 941 148, 830 148, 830 Total 2022 678,941 148, 830 827, 771 Page 16
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities Summary by fund type Endowment funds 2023 Total 2023 Grants to institutions Grants to individuals Auditors, remuneration 252,870 131,480 4,490 30,000 1,582 67 252.870 131,480 4.490 30,000 1,582 67 Administration expenses Office costs Depreciation 420,489 420,489 Endowment funds 2022 Total 2022 Grants to institutions Grants to individuals Auditors, remuneration Administration expenses Computer costs Office costs 678,941 148,830 4, 140 30, 060 596 2.022 678,941 148,830 4. 140 30,060 596 2.022 864.589 864.589 Page 17
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activitias Grant funding of activities 2023 Support costs 2023 Total funds 2023 Grants to institutions Grants to individuals Auditors, remuneration Administration expenses Office costs 252,870 131,480 252,870 131.480 4,490 30.000 1,582 67 4,490 30,000 1,582 67 Depreciation 384,350 36,139 420,489 Grant funding ol activities 2022 Support costs 2022 Total funds 2022 Grants to institutions Grants to individuals Auditors, remuneration Administration expenses Computer costs Office costs 678,941 148,830 678,941 148,830 4, 140 30,060 596 4, 140 30, 060 596 2,022 2,022 827,771 36,818 864, 589 Audltors. remunoration The auditors, remuneration amounts to an auditor fee of £2,640 (2022 - £2,530), and accountancy of £1,500 (2022- £1,400). Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2022 - £NIL). During the year ended 31 Dernber 2023, no Trustee expenses have been incurred (2022- £NIL). Page 18
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Tangible fixed assets Office equipmant Computer equipment Total Cost or valuation At 1 January 2023 Additions Disposals 169 971 799 1800 1,140 799 (800) At 31 December 2023 169 970 1,139 Depreciatlon At 1 January 2023 Charge for the year On disposals 169 971 1,140 67 67 (8001 (800) At 31 December 2023 169 238 407 Net book value At 31 December 2023 732 732 At 31 December 2022 Page 19
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Investment property Freehold investment property Valuation At 1 January 2023 650.000 At 31 December 2023 650,000 The 2022 and 2023 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. The trustees do not consider the 2023 value of the property to be materially different from that at the prior period year end. 11. Flxed asset investments Llsted Investments Cost or valuatlon At 1 January 2023 Additions Disposals Revaluations 10,174,960 6,315,914 (6,443,923) 57,784 At 31 December 2023 10,104,735 Impainnent At 1 January 2023 Charge for the year 400.278 (123,217) At 31 December 2023 277.061 Net book value At 31 Dember 2023 9,827,674 At 31 December 2022 9, 774, 682 Page 20
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Matarlal Investments Apple Inc COM Charities Prop Propety Fund Citigroup Inc, 5.15 /0 Snr Emtn 21105126 GBP CT (Lux) I Sicav Ct(Lux) Gbi Corp Bd Ngc GBP Fedrtd Hrms Inv FHAsia Ex Jpn Eq F2 GBP Hermes Investment Global Emerging Markets INT Public Partner Ord GBPO.0001 Ishares li PIC USD Tips Ucits Eff GBP Ishares V PIC MSCI Acwi Ucits Etf USD Acc Lazard Invtmnt Fds Emerging Markets J GBP Dis Microsoft Corp COM USDO.00000625 Royal London Bd Fd Rl Sterling Schroder Inv Mg E, ISF Asian Total Rtn C GBP UK(Govt ofj 4.25°/o Snr 07106132 Vanguard Funds PIC S&P 500 Ucits Etf Inc GBP 179,730 887,511 201,876 206,876 191,836 191,872 266,221 256,476 199.375 194,546 177,880 206,666 203,668 220,789 400,096 944, 059 200.480 294, 398 253, 793 196,239 194,201 1,045, 154 3,985,418 3,128,324 Total material investments for the charity total £4,858,203 (2022.. £7,209,271). Listed above is the market value of the fifteen largest investments the charity holds at 31 December 2023. 12. Debtors 2023 2022 Due wlthln one year Other debtors Prepayments and accrued income 8,334 1,481 4.167 1,125 9,815 5,292 Page 21
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Creditors: Amounts falling due within one year As r9Stated 2022 2023 Trade creditors Other creditors Accruals and deferred income 174 496 110,699 23,057 177,195 22, 809 133,930 200.500 14. Creditors: Amounts falllng due after more than one year 2023 2022 Other creditors 51,667 110,833 15. Flnancial instruments 2023 2022 Flnancial assets Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost 9,827,674 61,862 9, 774, 682 27,051 9,889,536 9,801, 733 2023 2022 Flnancial liabilities Financial liabilities measured at amortised cost (174.0601 (300,044) 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 22
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Prlor year adjustm8nts The prior period figures have been restated in order to record additional investment management fees of £33,862 and additional investment gains of £84,150. As a result of the restatement the deficit for the period reduced by £50,288, cash at bank increased by £61,577, accruals increased by £11,537 and net assets increased by £50,288. The trustees consider that this restatement was necessary in order to enable the financial statements to show a true and fair view. Page 23
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statoment of funds statement of funds - current year As restated Balance at 1 January 2023 Balanco at 31 Gain81 December (Losses 2023 Income Expondlture Endowment funds Endowment Funds - all fund5 10.201.977 326,821 (467,969) 362,418 10N23,247 Statement of funds - prior year As restated Balance at 31 December 2022 Balance at 1 January 2022 Gains/ (Loss8s) Income Expenditure As restated Balance at 31 December 2022 Balance at l January 2022 Gains/ (Losses) Income Expenditure Endowmant funds Endowment Funds- all funds 12, 110,865 249, 175 (913,753) (1,244,310) 10,201,977 Summary of funds Summary of funds - current year As restated Balance at 1 January 2023 Balance at 31 Galnsl December (Losses) 2023 Income Expenditure Endowment funds 10,201,977 326,821 (467,969) 362,418 10,423,247 Page 24
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Summary of funds (continued) Summary of funds - prior yoar As restated Balance at 31 December 2022 Balance at 1 January 2022 Gains/ (Losses) Incom9 Expenditure Endowment funds 12,110,865 249, 175 (913, 753) (1.244,310) 10,201,977 19. Analysls of net assets betw•on funds Analysls of net assets betweén funds - Current year Endowment funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year 732 732 9,827,674 650,000 130,438 (133,9301 (51,667) 9,827.674 650.000 130,438 (133,930) (51,667) Total 10,423,247 10,423,247 Analysis of net assets between funds - prior year As restated Total funds 2022 Endowment fvnds 2022 Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year 9, 774, 682 650.000 88,628 (200.500) (110, 833) 9, 774, 682 650, 000 88, 628 (200, 500) (110,833) Total As restated 10,201,977 10,201,977 Page 25
THE SPOORE, MERRY AND RIXMAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Grant commitments At the year end, there were conditional grants totalling £Nil (2022.. £7, 788) that were committed to. 21. Related party transactions The Charity has not entered into any related paty transaction during the year, nor are there any outstanding balances owing between related parties and the Charty at 31 December 2023. -15 Do¢urnenl Ig Page 26 uDwIP.147.2Ws1