2022-12-31-accounts

THE SPENCER CHARITABLE TRUST

THE TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

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 FIM Capital 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 2022, despite the onset of extremely uncertain conditions our income was £90,692, and the expenditure was increased this year to £43,900. Stephen Spencer visited The Ben’s Centre in Sheffield and after discussions with Daryl Bishop in February it was decided to make regular donations to this non-judgemental sanctuary providing for the needs of vulnerable and homeless people.

The turbulent global markets did have an impact. And despite increased income, it seemed prudent to make the increase in donations moderate. There was a feeling that the overall management of the portfolio under Ravenscroft had lost specific focus. And by the end of business in December 2022 steps had been taken to transfer our portfolio to FIM Capital where a more nimble diversified portfolio would better navigate the external conditions.

ANNE SPENCER MEMORIAL LECTURE

Again in 2022 the annual Anne Spencer Memorial Lecture, did not go ahead. Stephen Spencer was in touch with Ed Davies of the Multi-Faith Chaplaincy at University of Bristol. We discussed the possibility of a different approach which would be based around student project work in the community looking at how to assist and empower communities in poverty. However, Ed Davis had been experiencing ill health and little more was achieved.

PLANS FOR 2023

• Monitor the situation and see how the change in portfolio management will consolidate, secure and hopefully increase the yield of the trust.

• By continued improvement and stability in our income we will hope, in turn, to increase donations.

STEPHEN SPENCER

THE SPENCER CHARITABLE TRUST ACCOUNTS TO 31[ST] DECEMBER 2022

THE SPENCER CHARITABLE TRUST

INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

2021		TOTAL TRUST	TOTAL TRUST
£		£	£
	INCOME
54,066	Dividends		90,520
0	Interest		172
54,066			90,692
	EXPENDITURE
25,260	Brokers fees	36,331
173	Bank charges		90
1,149	Bluebell Wood expenses	894
0	Independent review fees		0
4,500	Bookkeeping fees	4,500
2,600	Donations - University of Bristol	2,600
27,400	General donations	43,900
61,082			88,315
(7,016)	EXCESS OF INCOME		2,377
	RESERVES CARRIED TO BALANCE	SHEET
	REVENUE RESERVE
219,285	Balance brought forward		212,269
(7,016)	Reserves for 2022		2,377
212,269	Balance carried forward		214,646
	CAPITAL RESERVE
436,410	Balance brought forward		350,612
(85,798)	Gain for 2022		(507,628)
350,612	Balance carried forward		(157,016)
	VALUATION RESERVE
295,529	Balance brought forward		769,059
473,530	Revaluation for 2022		(70,646)
769,059	Balance carried forward		698,413

THE SPENCER CHARITABLE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2022

2021 ASSETS 4,920,120 Shares at cost 473,530 Revaluation 5,393,650 Shares at market value 41,545 Bluebell Wood at cost 428,745 Cash at bank/Ravenscroft/FIM 5,863,940 FINANCED BY: 4,532,000 CAPITAL 212,269 REVENUE RESERVE 350,612 CAPTIAL RESERVE 0 LOAN ACCOUNT 769,059 VALUATION RESERVE 5,863,940	TOTAL TRUST £ 3,162,413 (70,646)
	3,091,767 41,545 2,154,731
	5,288,043
	4,532,000 214,646 (157,016) 0 698,413
	5,288,043

CHARITY COMMISSION FOR ENGLANO AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees (HE SpÉA>CE72 On accounts for the year •nded Charity no (If any) 3111212022 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 'esponslbilities and . oasls of report As the charitls trustees. you are responsible for the preparation of tho accounts in accordance with the requirements of the Charities Act 2011 (tthe Acr). I report in respert of my examination of the Trust's accounts 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 14515)(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 f91h8P GEO￿.) which gives me cause to believe that in, any material respecl.. the accounting records were not kept in accordance with section 130 of the Charities Act.. or the accounts did not accord wth the accounting records., or the accounts did not Comply with the applicable requirements conceming the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any réquirement that the accounts give a 'tnJe 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 exarnination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Please delete t rds in the brackets rf they do not apply. Signed: Date: Pi 20L7 Nama: Relevant professional qualificationls) or body Cf fy. Qs Q Fin IER Oct 2018

Ilf any): Address: 6ALLAthaA Section B Disclosure Only compl818 if Ihe examiner needs to highlight material matters of concern (see CC32. Independent examination of charity accounts.. directions and guidance for examiners}. Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018