## 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