2023-04-05-accounts

CHARITY REGISTRATION NUMBER: 313653

W W Spooner Charitable Trust Unaudited Financial Statements

5 April 2023

BOHORUN & CO LTD

Chartered Certified Accountants 6 Howley Park Business Village Pullan Way Leeds England LS27 0BZ

W W Spooner Charitable Trust

Financial Statements

Year ended 5 April 2023

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	5
Statement of financial activities	6
Statement of financial position	7
Notes to the financial statements	8

W W Spooner Charitable Trust

Trustees' Annual Report

Year ended 5 April 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2023.

Reference and administrative details

Registered charity name W W Spooner Charitable Trust Charity registration number 313653 Principal office Old Sleningford Hall Ripon North Yorkshire HG4 3JD

The trustees

Mr MH Broughton Sir J Hill Bt Mr T Ramsden Mrs JM McKiddie Mr JH Wright Mr SR Hebron Independent examiner D P Bohorun FCCA FCMI 6 Howley Park Business Village Pullan Way Leeds England LS27 0BZ

Structure, governance and management

Status

W. W Spooner Charitable Trust was established as a charitable trust by a deed dated 8 August 1961. The Trust is a registered charity number 313653. The objectives of the Trust are to hold the capital and income of the trust fund for such charitable objects as the trustees in their absolute discretion select.

Investment powers

The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. The Trustees have delegated such authority to the independent fund managers, J M Finn & Co Ltd. The delegation of the Trustees' authority to independent fund managers has been approved by the Charity Commission.

1

W W Spooner Charitable Trust

Trustees' Annual Report (continued)

Year ended 5 April 2023

Objectives and activities

Objectives and policies

The policy of the Trust continues to be the enhancement of the capital and income of the fund in order to continue to meet its charitable objectives of supporting specific causes which reflect the founder's interests, projects and welfare within the community, youth and education, and assistance in the purchase of works of art for the benefit of the public. The Trust responds to appeals from individuals, institutions, voluntary organisations and charitable groups.

Decisions made by the trustees of W. W Spooner Charitable Trust on grants applications are subject to unanimous decisions by the trustees. The Trust welcomes charitable applications from the West and North Ridings of Yorkshire. It is our long standing policy to favour causes drawn from within these boundaries, wherein our founder spent the rewarding years of his family and business life.

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W W Spooner Charitable Trust

Trustees' Annual Report (continued)

Year ended 5 April 2023

Achievements and performance

In 1920 William Spooner married Marian Edelston, the daughter of a Halifax mill-owning family, and they set up home in Ilkley, a town in the West Riding of Yorkshire. A year later a son, William Edelston, was born.

From the window of his small office by the railway line in Shipley, a textile town some eight miles equidistant between Ilkley and Bradford, Spooner would watch the clothes hanging from nearby washing lines. He noticed how much more quickly they dried on windy days and, in an inspired moment, saw how this simple principle could be applied to industrial drying and textile applications. Most companies still employed some form of radiant heating; Spooner introduced the concept of forced convection, by by which volumes of air were heated, directed on to products and then recirculated, restoring in the process any temperature drop which had occurred.

In 1938 his wife died and, on 28 August 1942, his only son Bill, and six fellow crew members, lost their lives when their Lancaster bomber was shot down over Belgium. They were buried in Gosselies Communal Cemetery, near Charleroi.

Great personal courage and a deep religious belief carried Spooner through these times of distress and sorrow. Few could doubt his abilities and commitment, but equally few could forsee the success to come from a Master Engineer well past his sixtieth year. Through a combination of personal conviction, persuasiveness and practical demonstration he succeeded in communicating what he himself called 'uncommon common sense'. His cousin James Ramsden later recalled 'his licking his forefinger, holding it it in the air and explaining patiently to a Lancashire paper-maker that if you held it there long enough it would certainly get dry but, and here he blew on it, 'a great deal quicker if you do it like this''. In the end they bought his machines. In August 1961 Spooner endowed the charitable trust that bears his name. He died at his home, Ashbrook, in Ilkley on September 17th 1967.

William Spooner preferred private and self-effacing benevolence in the community and his charitable trust supports some 62 causes and responds to 15-20 single appeals per year. For 47 years he worked and served the community of Ilkley and surrounding districts. It is my privilege to follow his example and guidance, to fulfil his charitable and community aspirations.

Our achievements are only made possible by the caring and enlightened diligence of my fellow Trustees, to whom I owe a great personal debt of gratitude, now extending over two decades. James Hill, Tom Ramsden, Julia McKiddie and Jonathan Wright have quietly and patiently extended William Spooner's remarkable legacy. Our colleague Stephen Helron is adding to our collection of critically acclaimed publications and in 2020, in conjunction with the Wordsworth Trust, we celebrate the bicentenary of William Wordsworth's topographical description of the Country of The Lakes.

3

W W Spooner Charitable Trust

Trustees' Annual Report (continued)

Year ended 5 April 2023

Financial review

Accounts and financial review

The trustees submit the financial statements for the year ended 5 April 2023. The Statement of Financial Activities shows a deficit of £197,652 (2022: surplus £27,830) which is unrestricted. Funds of the Trust at 5 April 2023 amount to £1,559,045 (2022: £1,756,697).

All funds held by the Trust are unrestricted and by its nature, the Trust holds no free reserves.

The market value of investments held by the Trust at 5 April 2023 was ascertained by the Trust's fund managers at £1,539,812 (2022: £1,671,925). Although there is a reduction in the current year, the trustees are pleased that market values are still valued at nearly £600,000 more than their original purchase value and remain fully aware of potential uncertainties.

'The trustees are aware that the covid epidemic followed by severe eyesight difficulties of the chairman had a serious impact on the administration of the charity. Tom Ramsden assumed the role of Chair from August 2024 and the trustees have been working since then to complete the accounts of the outstanding four years. They will include a more detailed analysis of these years with the accounts to 5th April 2024.'

The trustees' annual report was approved on 11 October 2024 and signed on behalf of the board of trustees by:

Mr T Ramsden Trustee

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W W Spooner Charitable Trust

Independent Examiner's Report to the Trustees of W W Spooner Charitable Trust

Year ended 5 April 2023

I report to the trustees on my examination of the financial statements of W W Spooner Charitable Trust ('the charity') for the year ended 5 April 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Prakash Bohorun (Oct 11, 2024 17:56 GMT+1)

D P Bohorun FCCA FCMI Independent Examiner

6 Howley Park Business Village Pullan Way Leeds England LS27 0BZ

5

W W Spooner Charitable Trust

Statement of Financial Activities

Year ended 5 April 2023

		2023	2023	2022
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Investment income	4	63,608	63,608	63,738
		----------------------------	----------------------------	----------------------------
Total income		63,608	63,608	63,738
		============================	============================	============================
Expenditure
Expenditure on raising funds:
Investment management costs	5	9,738	9,738	10,370
Expenditure on charitable activities	6,7	152,832	152,832	126,398
		--------------------------------	--------------------------------	--------------------------------
Total expenditure		162,570	162,570	136,768
		================================	================================	================================
Net (losses)/gains on investments	8	(98,690)	(98,690)	100,860
		--------------------------------	--------------------------------	--------------------------------
Net (expenditure)/income and net movement in funds		(197,652)	(197,652)	27,830
		================================	================================	================================
Reconciliation of funds
Total funds brought forward		1,756,697	1,756,697	1,728,867
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total funds carried forward		1,559,045	1,559,045	1,756,697
		=========================================	=========================================	=========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 14 form part of these financial statements.

6

W W Spooner Charitable Trust

Statement of Financial Position

5 April 2023

		2023	2022
	Note	£	£
Fixed assets
Investments	12	1,568,562	1,700,675
Current assets
Debtors	13	4,824	49,381
Cash at bank and in hand		4,359	18,941
		-----------------------	----------------------------
		9,183	68,322
Creditors: amounts falling due within one year	14	18,700	12,300
		----------------------------	----------------------------
Net current liabilities		(9,517)	56,022
		-----------------------------------------	-----------------------------------------
Total assets less current liabilities		1,559,045	1,756,697
		-----------------------------------------	-----------------------------------------
Net assets		1,559,045	1,756,697
		=========================================	=========================================
Funds of the charity
Unrestricted funds		1,559,045	1,756,697
		-----------------------------------------	-----------------------------------------
Total charity funds	15	1,559,045	1,756,697
		=========================================	=========================================

These financial statements were approved by the board of trustees and authorised for issue on 11 October 2024, and are signed on behalf of the board by:

Mr T Ramsden Trustee

The notes on pages 8 to 14 form part of these financial statements.

7

W W Spooner Charitable Trust

Notes to the Financial Statements

Year ended 5 April 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Old Sleningford Hall, Ripon, North Yorkshire, HG4 3JD.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

8

W W Spooner Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

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W W Spooner Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

3. Accounting policies (continued)

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

10

W W Spooner Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

3. Accounting policies (continued)

Financial instruments (continued)

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Dividends - UK equities	55,761	55,761	55,285	55,285
Interest on UK fixed interest securities	8,077	8,077	7,390	7,390
Other income	(230)	(230)	1,063	1,063
	----------------------------	----------------------------	----------------------------	----------------------------
	63,608	63,608	63,738	63,738
	============================	============================	============================	============================

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W W Spooner Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

5. Investment management costs

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Investment management fees	9,738	9,738	10,370	10,370
	=======================	=======================	============================	============================
Expenditure on charitable activities	by fund type
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Charitable Activities	145,787	145,787	119,827	119,827
Support costs	7,045	7,045	6,571	6,571
	--------------------------------	--------------------------------	--------------------------------	--------------------------------
	152,832	152,832	126,398	126,398
	================================	================================	================================	================================
Expenditure on charitable activities	by activity type
	Activities
	undertaken	Support	Total funds	Total fund
	directly	costs	2023	2022
	£	£	£	£
Charitable Activities	145,787	–	145,787	119,827
Governance costs	–	7,045	7,045	6,571
	--------------------------------	-----------------------	--------------------------------	--------------------------------
	145,787	7,045	152,832	126,398
	================================	=======================	================================	================================

6. Expenditure on charitable activities by fund type

7. Expenditure on charitable activities by activity type

8. Net (losses)/gains on investments

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Gains/(losses) on other investment
	assets	59,521	59,521	50,700	50,700
	Unrealised gains/(losses) on
	investment assets	(158,211)	(158,211)	50,160	50,160
		--------------------------------	--------------------------------	--------------------------------	--------------------------------
		(98,690)	(98,690)	100,860	100,860
		================================	================================	================================	================================
9.	Independent examination fees
				2023	2022
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial	statements		6,400	5,400
				=======================	=======================

10. Staff costs

The average head count of employees during the year was Nil (2022: Nil).

12

W W Spooner Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

10. Staff costs (continued)

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

12. Investments

	Listed	Other
	investments	investments	Total
	£	£	£
Cost or valuation
At 6 April 2022	1,671,925	28,750	1,700,675
Additions	64,973	–	64,973
Disposals	(38,875)	–	(38,875)
Fair value movements	(158,211)	–	(158,211)
	-----------------------------------------	----------------------------	-----------------------------------------
At 5 April 2023	1,539,812	28,750	1,568,562
	=========================================	============================	=========================================
Impairment
At 6 April 2022 and 5 April 2023		–	–
		============================	=========================================
Carrying amount
At 5 April 2023	1,539,812	28,750	1,568,562
	=========================================	============================	=========================================
At 5 April 2022	1,671,925	28,750	1,700,675
	=========================================	============================	=========================================

All investments shown above are held at valuation.

Financial assets held at fair value

The listed investment is held and managed by JM Finn fund managers.

The book value of the listed investment held as at 5th April 2023 is £1,115,999 and the fair value is £1,539,812.

13. Debtors

	2023	2022
	£	£
Prepayments and accrued income	354	340
Other debtors	4,470	49,041
	-----------------------	----------------------------
	4,824	49,381
	=======================	============================
Creditors: amounts falling due within one year
	2023	2022
	£	£
Accruals and deferred income	18,700	12,300
	============================	============================

14. Creditors: amounts falling due within one year

13

W W Spooner Charitable Trust

Notes to the Financial Statements (continued)

Year ended 5 April 2023

15. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At			Gains and	At
	6	April 2022	Income	Expenditure	losses	5 April 2023
		£	£	£	£	£
General funds		1,756,697	63,608	(162,570)	(98,690)	1,559,045
		=========================================	============================	================================	============================	=========================================
		At			Gains and	At
	6	April 2021	Income	Expenditure	losses	5 April 2022
		£	£	£	£	£
General funds		1,728,867	63,738	(136,768)	100,860	1,756,697
		=========================================	============================	================================	================================	=========================================

16. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2023
	£	£
Investments	1,568,562	1,568,562
Current assets	9,183	9,183
Creditors less than 1 year	(18,700)	(18,700)
	-----------------------------------------	-----------------------------------------
Net assets	1,559,045	1,559,045
	=========================================	=========================================
	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	1,700,675	1,700,675
Current assets	68,322	68,322
Creditors less than 1 year	(12,300)	(12,300)
	-----------------------------------------	-----------------------------------------
Net assets	1,756,697	1,756,697
	=========================================	=========================================

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W W Spooner Charitable Trust - Accounts y.e 05.04.2023

Final Audit Report

2024-10-11

Created: 2024-10-11 By: Lindsay Cooper ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAt54z5xFsbDcMNh3-iKvTKn-pIDa8i1FT

"W W Spooner Charitable Trust - Accounts y.e 05.04.2023" Hist ory

Document created by Lindsay Cooper ([e-mail])

2024-10-11 - 4:52:35 PM GMT

Document emailed to Tom Ramsden ([e-mail]) for signature

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Agreement completed.

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