THE SPENCER CHARITABLE TRUST
THE TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
BACKGROUND & AIMS
The Spencer Charitable Trust was started in 1984. It is a family charity, financed and run by the family.
The aims are to support causes directed to helping young people, women, BAME, homeless and mentally ill to progress and thrive by facilitating the work of others who provide services for those groups in need. The focus is on both local and general charities.
FINANCIAL OPERATION
The income and fortune of the charity is based on a Share Portfolio held by DH Ireland in Douglas, Isle of Man. Consequently, the growth or losses of the SCT are influenced by the movement of the stock market and global events. In 2020, despite the onset of extremely uncertain conditions due to the global pandemic our income was £48,069. Expenditure was high this year at £60,400.
This level of increase was possible because this year saw an increase in the overall portfolio as a large amount of income was released from the deceased estate of the founders Mr EB Spencer and Mrs WB Spencer bringing the total amount to £4,213,224.
In addition, two additional trustees were added in November 2019 – these are Thomas Spencer and Alice Spencer. Each additional trustee has already nominated some new charities for which donations have been made.
ANNE SPENCER MEMORIAL LECTURE
The impact of Covid meant that the annual Anne Spencer Memorial Lecture, could not go ahead this year. Stephen Spencer was in touch with Ed Davies of the Multi-Faith Chaplaincy at University of Bristol, and we decided to monitor the situation – but the uncertainty around public gatherings meant shelving plans for this year.
PLANS FOR 2021
• Monitor the situation and continue to improve our income and increase donations.
STEPHEN SPENCER
THE SPENCER CHARITABLE TRUST ACCOUNTS TO 31[ST] DECEMBER 2020
THE SPENCER CHARITABLE TRUST
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| 2019 | TOTAL TRUST | TOTAL TRUST | |
|---|---|---|---|
| £ | £ | £ | |
| INCOME | |||
| 32,788 | Dividends | 48,089 | |
| 0 | Interest | 0 | |
| 32,788 | 48,089 | ||
| EXPENDITURE | |||
| 7,202 | Brokers fees | 19,138 | |
| 81 | Bank charges | 60 | |
| 761 | Bluebell Wood expenses | 3,419 | |
| 0 | Independent review fees | 0 | |
| 2,625 | Bookkeeping fees | 4,500 | |
| 2,600 | Donations - University of Bristol | 2,600 | |
| 27,400 | General donations | 60,400 | |
| 40,669 | 90,117 | ||
| (7,881) | EXCESS OF INCOME | (42,028) | |
| RESERVES CARRIED TO BALANCE | SHEET | ||
| REVENUE RESERVE | |||
| 269,194 | Balance brought forward | 261,313 | |
| (7,881) | Reserves for 2020 | (42,028) | |
| 261,313 | Balance carried forward | 219,285 | |
| CAPITAL RESERVE | |||
| 366,621 | Balance brought forward | 479,966 | |
| 113,345 | Gain for 2020 | (43,556) | |
| 479,966 | Balance carried forward | 436,410 | |
| VALUATION RESERVE | |||
| 13,129 | Balance brought forward | 37,828 | |
| 24,699 | Revaluation for 2020 | 257,701 | |
| 37,828 | Balance carried forward | 295,529 |
THE SPENCER CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2020
| 2019 ASSETS 2,269,138 Shares at cost 37,828 Revaluation 2,306,966 Shares at market value 41,545 Bluebell Wood at cost 192,596 Cash at bank/WHI 2,541,107 FINANCED BY: 1,762,000 CAPITAL 253,432 REVENUE RESERVE 593,311 CAPTIAL RESERVE 0 LOAN ACCOUNT 62,527 VALUATION RESERVE 2,671,270 |
TOTAL TRUST £ 3,629,675 257,701 |
|---|---|
| 3,887,376 41,545 284,303 |
|
| 4,213,224 | |
| 3,262,000 219,285 436,410 0 295,529 |
|
| 4,213,224 |
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of fHÉ SPWCEft c+WeifA8LE TeuST On accounts for the year ended Charity no lif any) 3266q8 31112110 Set out on pages I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended Responsibilities and As the charity tnjstees of the Tnjst, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 1"the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of Ihe 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5){bl of the Act. I have completed my examination. I confirm that no material matters have come to my attention { in connection with the examination which gives me cause to believe that in. any material respect: accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Please delete the ords in the brackets if they do not apply. Oate: Independent examinei's statement t2 Signed: Name: M A@1< bJiLLI Relevant professional qualification(sl or body (if any): Address: FAAIL '*SL c. off VlJiThJ 541) October 2018 IER
Section B Disclosure Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examin81ion of charity accounts-. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. October 2018 IER