THE SPENCER CHARITABLE TRUST
THE TRUSTEES REPORT - YEAR ENDING 31 DECEMBER 2024
BACKGROUND & AIMS
The Spencer Charitable Trust was started in 1984. It is a family charity, financed from a portfolio started by Eric Spencer (the founder) and run by the family.
The SCT addresses social inequality, poverty and homelessness. We create grants with agencies and projects that provide shelter, advice and material assistance, improve social mobility, and fight prejudice. SCT’s focus is on rights and welfare of, women, children / young adults, the mentally ill, marginalised ethnic communities and the homeless. Also to empower through education and the arts.
There are several strands of donation to both local and national charities reflecting the growing importance and urgency of supporting these causes. In addition, the trustees’ intention is to branch out further and expand the local and national donations while at the same time initiating a separate strand for international aid.
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 financial health of SCT is influenced by the movement of the stock market and global events. FIM Capital continues to manage and consolidate our funds with great skill and insight.
In 2024, despite volatile global conditions our income was £123,280 (up from £94,066) and our donations increased this year from £57,000 in 2023 to £78,240.
Several new initiatives were researched and we began to make donations to some new charities including: Music Relief Foundation, and Framework Housing.
In addition to local and national charities we decided to extend our reach to some worthy overseas charities including Medical Aid for Palestinians and Give Out an LGBTQ charity in Uganda.
A number of meetings of trustees took place and the growth of the charity was discussed and the consensus led to planning to re-focus our efforts in the following year.
PLANS FOR 2025
- The continued improvement and stability of our income will lead to higher levels of donations
Dr Stephen Spencer
The Spencer Charitable Trust (Registered Charity Number 326698) Financial statements for the year ended 31 St December 2024 CM PARTNERS Chartered Accountants 8 ST. GEORGE'S STREET DOUGLAS ISLE OF MAN IM11AH
The Spencer Charitable Trust Contents Page Statement of Trustees, responsibilities Balan sheet Trust capital account and revaluation reserrfe Trust income account Notes to the financial statements
The Spencer Charitable Trust REGISTERED CHARITY NUMBER 326698 Page 1 Statement of Trustees, responsibilities For the year ended 31 St December 2024 The Trustees are responsible for the preparation of financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and ot its financial position at the end of the year. In preparing financial statements, giving a true and fair view. the Trustees are required to:. Select suitable accounting policies and then apply them consistently,. Make judgements and estimates that are reasonable and prudent,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Chartties Act 2011 . They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. sre PJ4EA/ Trustee oz
The Spencer Charitable Trust REGISTERED CHARITY NUMBER 326698 Page 2 Balance sheet As at 31st December 2024 2024 2023 Note CAPITAL ACCOUNT REVALUATION RESERVES INCOME ACCOUNT (page 3) (page 3) (page 4) 4,721,621 1,028.731 205.459 4,458,678 900,739 210,992 5.955,811 5,576,409 Re resented b Fixed Assets Investments Tangible assets 5,387.090 41.545 5,298,106 41.545 5,428.635 5,312,651 Current Assets Cash at bank 527,176 236,758 Net Current Assets 527,177 236,758 Net Assets 5,955,811 5,576,409 We approve these financial statements set out on pages 2-6 for the year ended 31" December 2024 and confirm that we have made available all the relevant information and records for their preparation. . JP6NGS Trustee f. SPE61(6¢ Date: . Date.. Yn.k/2015
The Spencer Charitable Trust REGISTERED CHARITY NUMBER 326698 Page 3 Trust Capital Account & Revaluation Reserve As at 31st December 2024 2024 2023 Trust Capital Account Capital Reserves brought forward 4,458.678 4,374,984 Realised gains on disposal of investments 262,943 83,694 Balance carried forward 4,721,621 4,458,678 Trust Revaluatlon Reserve Balance brought forward 900,739 698,413 Unrealised fair value gains on investments 127,992 202,326 Balance carried forward 1,028,731 900,739
The Spencer Charitable Trust Page 4 REGISTERED CHARITY NUMBER 326698 Trust Income Account As at 31st December 2024 2024 2023 Receipts Bank Interest Dividends and Bond Interest 455 394 115,290 86,625 115.745 87,019 Payments Bookkeeping and Administration fees Bank Charges Bluebell Wood Expenses Brokers fees Donations Exchange differences 3,775 349 4,500 69 632 40,924 31,865 78,240 57,000 (8) 123,280 94,066 Taxation Withholding Tax on dividends income 3,998 Deficit of reiptS over payments (11,533) (7,047) Income Account carried forward 216.992 224,039 Balance carrled forward 205,459 216,992
The Spencer Charitable Trust Page 5 REGISTERED CHARITY NUMBER 326698 Notes for the financial statements For the year ended 31 St March 2024 Accounting pollcles a) Basis of preparation of Financial Statements In accordance with the Charities Act 2011, the Trustees have opted to prepare these financial statements on a receipts and payments basis. b) Income & Expenses Income is accounted for on a receipts basis. Investment income includes dividends, bond interesi, and bank interest from investments. Expenses are accounted for on a payments basis. c) Investment8 The Investments are stated at market value and comprise a portfolio of investments. The Trust capital account includes realised gains and losses arising on the disposal of investrnents during Ihe year. The revaluation of reserves includes unrealised gains and loses arising on the revaluation of investments to market value at the year end. d) Tangible assets Freehold land are initially measured at cost net of any impairment losses. e) Golng concern The trustees have concluded the charity has sufficient resources to operate for the foreseeable future. Therefore these financial statements have been prepared on a going concern basis. Investments Total At fair value Balance brought forward Additions Disposal Realised gain on disposal of investment Revalualion to fair value 5,095,781 1,070,677 (1,372,629) 262,943 330,318 As at 319t December 2024 5,387,090
The Spencer Charitable Trust REGISTERED CHARITY NUMBER 326698 Page 6 Notes for the financial statements st For the year ended 31 March 2024 Freehold Land Bluebell Wood Lot 1, Bearwood At cost Brought forward Additions 41,545 As at 31st December 2024 41,545 The freehold property as of the 31 St December 2024 consists of a portion of a wood purchased in 2007.
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees The Spencer Charitable Trust On accounts for the year ended 3111212024 Charity no (if any) 326698 Set out on pages 2to6 We report to the trustees on my examination of the accounts of the above charity ('the Trust.) for the year ended 3111212024. Responsibilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ("the Act.). We 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, we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b} of the Act. Independent We are qualified to undertake the examination by being a qualified member examiner's statsment of Institute of Chartered Accountants in England and Wales. We have completed my examination. We 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: the accounting records were not kept in accordance with section 130 of the Charities Ad., or the accounts did not accord with the accounting records,. or the accounts did 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 Irue and fair, view which is not a matter considered as part of an independent examination. We 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. Signed: Name: CM Associates Relevant professional qualification(s) or body (if any): Chartered Accountants IER Oct 2018
Address: 8 St George's Street Douglas Isle of Man, IM1 1AH Section B Disclosure Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidan for examiners). Give here brief details of any items that the examiner wishes to disclose. No issues to disclose IER Oct 2018