## **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 re￿iptS 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