## THE SPENCER CHARITABLE TRUST THE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ## 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 national charities. ## FINANCIAL OPERATION The income and fortune of the charity is based on a Share Portfolio held by Fim Capital Ltd 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 2023, our income was £94,066. Expenditure was increased this year to £54,400. Since early 2023, we had made the shift away from the Ravenscroft Group returning to the stewardship of our long-standing Portfolio Manager David Bushe who is now the director of Fim Capital. The move to a more closely monitored portfolio showed an almost immediate improvement in the return gained by the charity’s funds. An additional grant has been set up to the Archer’s Project, based in Sheffield Cathedral. S Spencer made a visit to speak to the manager, before setting up a standing order. In addition, S. Spencer began to enquire about a more professional administrative and accounting service, as the scale of the SCT’s finances had increased. In late November he travelled to Douglas for a meeting at FIM Capital with David Bushe who had organised interviews with two potential firms to take over the accounting. After reviewing the offers we decided on CM Associates – and Chris Dent a senior accountant will assist in compiling the annual accounts. ## PLANS FOR 2024 - Monitor the situation and continue to improve our income and increase donations in line with the new schedule of quarterly increments distributed from the portfolio. - Look to add further worthy recipients in line with the core ethos. ## STEPHEN SPENCER **THE SPENCER CHARITABLE TRUST ACCOUNTS TO 31[ST] DECEMBER 2023** **THE SPENCER CHARITABLE TRUST** ## **INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |2022||TOTAL TRUST|TOTAL TRUST| |---|---|---|---| |£||£|£| ||**INCOME**||| |90,520|Dividends||86,625| |172|Interest||394| |90,692|||87,019| ||**EXPENDITURE**||| |36,331|Brokers fees|31,865|| |90|Bank charges||69| |894|Bluebell Wood expenses|632|| |0|Independent review fees||0| |4,500|Bookkeeping fees|4,500|| |2,600|Donations - University of Bristol|2,600|| |43,900|General donations|54,400|| |88,315|||94,066| ||||| |2,377|EXCESS OF INCOME||(7,047)| ||**RESERVES CARRIED TO BALANCE**|**SHEET**|| ||**REVENUE RESERVE**||| |221,662|Balance brought forward||224,039| |2,377|Reserves for 2023||(7,047)| |224,039|Balance carried forward||216,992| ||**CAPITAL RESERVE**||| |350,612|Balance brought forward||(157,016)| |(507,628)|Amalgamated gain/loss||83,694| |(157,016)|Balance carried forward||(73,322)| ||**VALUATION RESERVE**||| |769,059|Balance brought forward||698,413| |(70,646)|Revaluation for 2023||202,326| |698,413|Balance carried forward||900,739| ## **THE SPENCER CHARITABLE TRUST** ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2023** |2022
**ASSETS**
3,162,413 Shares at cost
(70,646) Revaluation
3,091,767 Shares at market value
41,545 Bluebell Wood at cost
2,154,731 Cash at bank/FIM
5,288,043
**FINANCED BY:**
4,532,000 CAPITAL
214,646 REVENUE RESERVE
(157,016) CAPTIAL RESERVE
0 LOAN ACCOUNT
698,413 VALUATION RESERVE
5,288,043|TOTAL
TRUST
£
5,095,780
202,326| |---|---| ||5,298,106
41,545
236,758| ||5,576,409| ||4,532,000
216,992
(73,322)
0
900,739| ||5,576,409| CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Sectlon A Independent Examinerfs Report Report to the trustees THE SpETr4CEE CHAeir4ELE ST On accounts for the year ended Charity no (if any) 32Ubg3 Set out on pages I report to the trust8e5 on my examination of the accounts of the above charity ("the Trust") for the year ended 81 /12 /20Z Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent tT 17m qualified tw examiner's statement thrEXaAi0atr￿aliried fflernber of fnsert name of I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination {91kJ9F#￿that - ￿￿16￿) which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records", or the accounts did not comply with the applicable requirements con￿mIng 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 account5 to be reached. Please delete the ords in the brackets if they do not apply. Signed: Date: Name: NAILI< lJJlLLLS /*hJl< NQrJA4cL oikL IL Relevant professional qualification(s) or body Vius AGI IER Oct 2018 (if any): Address: 5 FAAIE CQAIN'L PrULA Section Disclosure Only complete If the 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