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2024-12-31-accounts

Charity number: 309040

THE SPOORE, MERRY AND RIXMAN FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 Auditors' 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 2024

Trustees Ian Thomas, Chairman
Barbara Wielechowski, Deputy Chairman
Former Mayor Neil Knowles, Trustee (Resigned 4 May 2024)
Mayor Simon Bond, Trustee (Appointed 5 May 2024)
Cllr Leo Walters, Trustee
Philip Love, Trustee
Grahame Fisher, Trustee
Anthony Hill, Trustee
Ann Redgrave, Trustee
Cllr Jack Douglas, Trustee
Cllr Sian Martin, Trustee
Cllr Gurch Singh, Trustee
Charity registered
number
309040
Principal office
PO BOX 4787
Maidenhead
Berkshire
SL60 1JA
Independent auditors
FLB Audit LLP
Chartered Accountants and Statutory Auditors
1010 Eskdale Road
Winnersh
Wokingham
RG41 5TS
Solicitors
Colemans Solicitors LLP
5.0 Switchback Office Park
Gardner Road
Maidenhead
SL6 7RJ

Page 1

THE SPOORE, MERRY AND RIXMAN FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2024 to 31 December 2024. 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 surplus for the year of £296,777 (2023: £221,270) . The market value of the investment funds has increased to £10,099,697 (2023: £9,827,674) . The Charity received investment income during the year of £344,682 (2023: £326,821) . Grants of £407,265 (2023: £384,350) were awarded to those deemed to qualify under the trust rules. The freehold investment property has not been revalued in 2024 or 2023. 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 2024

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.

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 2024

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 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:

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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, FLB Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

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

................................................ Ian Thomas (Chair of Trustees) Date:

20 Aug 2025

Page 4

THE SPOORE, MERRY AND RIXMAN FOUNDATION

INDEPENDENT AUDITORS' 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 2024 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:

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 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 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 AUDITORS' 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 Auditors' 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:

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 AUDITORS' REPORT TO THE MEMBERS OF THE SPOORE, MERRY AND RIXMAN FOUNDATION (CONTINUED)

Auditors' 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 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 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:

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 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 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 Auditors' 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. AB Aaiy

FLB Audit LLP

Chartered Accountants and Statutory Auditors 1010 Eskdale Road Winnersh Wokingham RG41 5TS 21 Aug 2025

Date:

FLB Audit LLP 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 2024

Note
Income and endowments from:
Investments
2
Total income and endowments
Expenditure on:
Raising funds
3
Charitable activities
5
Total expenditure
Net expenditure before net gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward as previously stated
Prior year adjustment
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Endowment
funds
2024
£
344,682
344,682
49,366
443,872
493,238
(148,556)
445,333
296,777
10,423,247
-
10,423,247
296,777
10,720,024		 Total
funds
2024
£
344,682
344,682
49,366
443,872
493,238
(148,556)
445,333
296,777
10,423,247
-
10,423,247
296,777
10,720,024		 Total
funds
2023
£
326,821
326,821
47,480
420,489
467,969
(141,148)
362,418
221,270
10,151,689
50,288
10,201,977
221,270
10,423,247

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 2024

2024 2024 2023 2023
Note £ £
Fixed assets
Tangible assets 9 573 732
Investments 11 10,099,697 9,827,674
Investment property 10 650,000 650,000
10,750,270 10,478,406
Current assets
Debtors 12 5,841 9,815
Cash at bank and in hand Cash at bank and in hand 99,653 120,623
105,494 130,438
Creditors: amounts falling due within one
year 13 (135,740) (133,930)
Net current liabilities (30,246) (3,492)
Total assets less current liabilities Total assets less current liabilities 10,720,024 10,474,914
Creditors: amounts falling due after more
than one year 14 - (51,667)
Net assets excluding pension asset 10,720,024 10,423,247
Total net assets 10,720,024 10,423,247
Charity funds
Endowment funds 16 10,720,024 10,423,247
Restricted funds 16 - -
Unrestricted funds 16 - -
Total funds 10,720,024 10,423,247
The
financial		 statements were approved and authorised authorised
for		 issue by the Trustees
on
20 Aug 2025 _______and signed on their behalf by:
20 Aug 2025		 and signed on their behalf by: and signed on their behalf by:

Ian Thomas (Chair of Trustees)

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 2024

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

Page 11

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

2. Investment income

Investment income - rental income
Listed investments
Total 2024
Investment income - rental income
Listed investments
Total 2023		 Endowment
funds
2024
£
52,809
291,873
344,682
Endowment
funds
2023
£
52,771
274,050
326,821		 Total
funds
2024
£
52,809
291,873
344,682
Total
funds
2023
£
52,771
274,050
326,821

3. Investment management costs

Investment management fees
Insurance
Total 2024		 Endowment
funds
2024
£
46,202
3,164
49,366		 Total
funds
2024
£
46,202
3,164
49,366

Page 14

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Investment management costs (continued)

Investment management fees
Insurance
Total 2023		 Endowment
funds
2023
£
44,714
2,766
47,480		 Total
funds
2023
£
44,714
2,766
47,480

4. Analysis of grants

Grants to institutions
Grants to individuals
Total 2024
Grants to institutions
Grants to individuals
Total 2023		 Grants to
Institutions
2024
£
226,480
-
226,480
Grants to
Institutions
2023
£
252,870
-
252,870		 Grants to
Individuals
2024
£
-
180,785
180,785
Grants to
Individuals
2023
£
-
131,480
131,480		 Total
funds
2024
£
226,480
180,785
407,265
Total
funds
2023
£
252,870
131,480
384,350

Page 15

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Analysis of expenditure on charitable activities

Summary by fund type

Grants to institutions
Grants to individuals
Auditors' remuneration
Administration expenses
Office costs
Depreciation
Grants to institutions
Grants to individuals
Auditors' remuneration
Administration expenses
Office costs
Depreciation		 Endowment
funds
2024
£
226,480
180,785
5,031
30,000
1,417
159
443,872
Endowment
funds
2023
£
252,870
131,480
4,490
30,000
1,582
67
420,489		 Total
2024
£
226,480
180,785
5,031
30,000
1,417
159
443,872
Total
2023
£
252,870
131,480
4,490
30,000
1,582
67
420,489

Page 16

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure by activities

Grants to institutions
Grants to individuals
Auditors' remuneration
Administration expenses
Office costs
Depreciation		 Grant
funding of
activities
2024
£
226,480
180,785
-
-
-
-
407,265		 Support
costs
2024
£
-
-
5,031
30,000
1,417
159
36,607		 Total
funds
2024
£
226,480
180,785
5,031
30,000
1,417
159
443,872
Grants to institutions
Grants to individuals
Auditors' remuneration
Administration expenses
Office costs
Depreciation		 Grant
funding of
activities
2023
£
252,870
131,480
-
-
-
-
384,350		 Support
costs
2023
£
-
-
4,490
30,000
1,582
67
36,139		 Total
funds
2023
£
252,870
131,480
4,490
30,000
1,582
67
420,489

7. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £2,442 (2023 £2,840) , and accountancy of £2,160 ( 2023 - £1,600 ).

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 17

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Tangible fixed assets

Cost or valuation
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
169
169
169
-
169
-
-		 Computer
equipment
£
970
970
238
159
397
573
732		 Total
£
1,139
1,139
407
159
566
573
732

Page 18

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Investment property

Valuation
At 1 January 2024
At 31 December 2024		 Freehold
investment
property
£
650,000
650,000

The 2023 and 2024 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 2024 value of the property to be materially different from that at the prior period year end.

11. Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Impairment
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
10,104,735
2,674,144
(2,805,751)
619,986
10,593,114
277,061
216,356
493,417
10,099,697
9,827,674

Page 19

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Material investments
Alphabet Inc CAP Stk USD0.001 CI A
Amazon Com Inc COM USD0.01
Apple Inc COM USD0.00001
Citigroup Inc, 5.15% Snr Emtn 21/05/26 GBP
CT (Lux) I Sicav Ct(Lux) Gbi Corp Bd Ngc GBP
INT Public Partner Ord GBP0.0001
Ishares li Plc USD Tips Ucits Etf GBP Dis
Ishares V Plc MSCI Acwi Ucits Etf USD Acc
JPMorgan Chase & Co COM USD1.00
Lazard Invtmnt Fds Emerging Markets J GBP Dis
Microsoft Corp COM USD0.00000625
Royal London Bd Fd Rl Sterling
Schroder Intl Sel Asian Total Return Z GBPDIS
UK(Govt of) 4.25% Snr 07/06/32
Vanguard Funds Plc S&P 500 Ucits Etf Inc GBP		 2024
£
188,869
242,881
237,858
200,940
204,093
235,713
249,487
203,062
214,292
271,083
231,802
206,154
281,645
206,777
296,839
3,471,495		 2023
£
136,978
92,970
179,730
201,630
206,876
266,221
256,476
199,375
149,450
194,546
177,880
206,666
-
220,789
400,096
2,889,683

Total material investments for the charity total £5,114,683 (2023: £4,858,203) . Listed above is the market value of the fifteen largest investments the charity holds at 31 December 2024.

12. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2024
£
4,167
1,674
5,841		 2023
£
8,334
1,481
9,815

Page 20

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Creditors: Amounts falling due after more than one year
Other creditors
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		 2024
£
360
111,667
23,713
135,740
2024
£
-
2024
£
10,099,697
105,404
10,205,101
2024
£
(135,740)		 2023
£
174
110,699
23,057
133,930
2023
£
51,667
2023
£
9,827,674
61,862
9,889,536
As restated
2023
£
(185,597)

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

15. Financial instruments

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 and accruals.

Page 21

THE SPOORE, MERRY AND RIXMAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 31
January Gains/ December
2024 Income Expenditure (Losses) 2024
£ £ £ £ £
Endowment funds
Endowment Funds - all funds 10,423,247 344,682 (493,238) 445,333 10,720,024
Statement of funds - prior year
As restated Balance at
Balance at 31
1 January Gains/ December
2023 Income Expenditure (Losses) 2023
£ £ £ £ £
Endowment funds
Endowment Funds - all funds 10,201,977 326,821 (467,969) 362,418 10,423,247

17. Summary of funds

Summary of funds - current year

Endowment funds Balance at 1
January
2024
£
10,423,247
As restated
Balance at
1 January
2023
£
10,201,977		 Income
£
344,682
Income
£
326,821		 Expenditure
£
(493,238)
Expenditure
£
(467,969)		 Gains/
(Losses)
£
445,333
Gains/
(Losses)
£
362,418		 Balance at
31
December
2024
£
10,720,024
Balance at
31
December
2023
£
10,423,247
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 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
£
573
10,099,697
650,000
105,494
(135,740)
10,720,024		 Total
funds
2024
£
573
10,099,697
650,000
105,494
(135,740)
10,720,024

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2023
£
732
9,827,674
650,000
130,438
(133,930)
(51,667)
10,423,247		 Total
funds
2023
£
732
9,827,674
650,000
130,438
(133,930)
(51,667)
10,423,247

19. Grant commitments

At the year end, there were conditional grants totalling £35,000 (2023: £Nil) that were committed to. Following the year end date the conditions relating to the £35,000 were not met and it was cancelled.

20. 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 2024.

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