##
##
##
||Page|
|---|---|
|Trustees'AnnualReport|1-6|
|Independent Examiner's Report|7|
|StatementofFinancialActivities|8|
|Balance Sheet|9|
|Notes totheAccounts|10-17|
##
##
##
##
##
##
##
##
##
##
|performanceof SPRET's portfolio, its benc
December 2023wereasfollows:-|hmarkindex andtheFTSE100ov|erthe1and3|
|---|---|---|
||1Year|3Years*|
|Total return performance|||
|Charity's portfolio|5.7%|3.1o/o|
|Benchmark lndex|11.7%|7.3%|
|FTSE1OO|3.8o/o|5.8%|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||Unrestrictedfunds|Unrestrictedfunds|
|---|---|---|---|
||Note|2023|2022|
|||ff||
|lncome||||
|lnvestments|3|33,794|30,955|
|Total||33,794|30,955|
|Expenditure||||
|Raisingfunds|4|9,185|9,712|
|Charitable activities|5|50,942|47,699|
|Total||60,127|57,411|
|Netincome before investment gains/(losses)||(26,333)|(26,456)|
|Netgains/(losses) oninvestments|10|30,969
(100,536)||
|Netincome/(expenditure)||4,636(126,992)||
|Netmovementinfunds||4,636(126,992)||
|Reconciliation offunds:||||
|Totalfundsbroughtfonruard||1,051,4551,179,447||
|Totalfundscarried fonvard|19|1,056,0911,051,455||
##
##
||||Unrestricted|funds|
|---|---|---|---|---|
|||Note|2023|2022|
||||fI||
|Fixedassets|||||
|lnvestments||11|1,014,3991,011,792||
|Totalfixedassets|||1,014,3991,011,792||
|Gurrent assets|||||
|Debtors||14|340|363|
|Cashatbankand inhand||15|48,539|48,026|
|Totalcurrentassets|||48,879|48,389|
|Greditors:amountsfalling due within oneyear||16|7,187|8,726|
|Netcurrentassets|||41,692|39,663|
|Totalassets lesscurrent liabilities|||1,056,091'1,051,455||
|Totalnet assets|||1,056,0911,051,455||
|Funds of thecharity
Unrestrictedfunds||19|1,056,0911,051,455||
|Totalfunds|||1,056,0911,051,455||
|Srgnedbyone trusteeon behalf ofallthe frusfees:|PhilipHolt||||
||7June 2023||||
##
##
|oing concern
e averageannualresults of the charity overthepast5years are asfollows:-||
|---|---|
||e|
|-Average annualincome|34,340|
|-Averageannual grant and grant support expenditure|(27,791)|
|-Averageannual fundraising and governance expenditure|(15,232)|
|-Averagenet expenditure before investment gainsandlosses|(8,683)|
|-Average annualinvestment gains|21,747|
|-Average annualnet surplus per annum|13,064|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|,
tobe received.||p|
|---|---|---|
|3.lncomefrominvestments|2023|2022|
||€|€|
|lncomefromlisted investments|33,529|30,936|
|lnterestfrom cashbalances|265|19|
||':r':|30,955|
|4.Expenditure on raising funds|2023|2022|
||f|f|
|Investment manager's fees|9,027|9,187|
|Rollits investment support fees|158|525|
||9,185|9,712|
|
andregulatory matters relating tothemanagement oftheportfoli|
o.||
|---|---|---|
|Expenditure on charitableactivities|2023|2022|
||EE||
|HullandEast RidingofYorkshire grants|6,570|10,360|
|NonryichandNorfolk grants|32,221|24,685|
|Total grant commitments|38,791|35,045|
|Grantmakingsupport costs|3,983|3,652|
|Governance costs|8,168|9,002|
||'::=|47,699|
|Analysisof grant commitments|Grantsto|Grantsto|Total|Total|
|---|---|---|---|---|
||institutionsindividuals||2023|2022|
||€€||€|f|
|Charitablepurooseforwhichgrantsmade
Advancementof education||39,791|38,791|35,045|
|||38,791|38,791|35,045|
|Total number ofgrantsawarded||185|185|261|
|||:|||
|
andcourses,heldintheUK oroverseas,that are consistentwiththeob|
jectsofthecharity.||
|---|---|---|
|7.Grantmakingsupportcosts|2023|2022|
||€|€|
|Rollitsgrantmakingsupport fees|1,425|1,295|
|Norfolk administrator's fees|1,769|1,600|
|Norfolk administrator's costs|574|542|
|Websitecosts|180|180|
|lnformation Commissioner'sOfficeannualregistrationfee|35|35|
||ifl|3,652|
##
##
|Governancecosts|2023|2022|
|---|---|---|
||€|e|
|Trustees expenses|559|530|
|Independent examiner's fee|1,200|1,116|
|Rollitsaccountingfees|3,562|4,032|
|Rollits legal and agm fees|2,770|3,256|
|Bank interest and charges|77|68|
||8,168|9,002|
##
|9|f t|||
|---|---|---|---|
|.|Feesorexamination of theaccouns|2O2g|2022|
|||c|€|
||lndependentexaminer's fees for reporting on the accounts|1,200|
1,116|
|10.|Gainsand losses on investments|2023|
2022|
|||f|f|
||Losses realised during theyear|(14,484)|(2,438)|
||Gains and (losses)onrevaluation at the year end|45,453|(98,098)|
||Total investment gains and (losses) pertheSoFA|30,969(100,536)||
|Fixedasset investments: movements summary|Cash &cash|Cash &cash|
Listed|2023|2022|
|---|---|---|---|---|---|
||equivalents|investments||Total|Total|
||f€|||e|€|
|Marketvalue atbeginningofyear|5,351|1,006,441||1,011,792|1,121,732|
|Add:additionstoinvestments during theyear|||109,961|109,961|67,664|
|Less: investment disposals at carrying value|||(148,887)|(148,887)|(73,412)|
|Add/(deduct):movement duetochanges inlistedinv'ts|25,103|||25,103|3,341|
|Add/(deduct): transfersin/(out)intheyear|(29,022)|||(29,022)|(e,435)|
|Add/(deduct):net gain/(loss)onrevaluation|||45,453|45,453|(e8,0e8)|
|Marketvalueat end of year|1,432|1,012,969||1,014,400|1,011,792|
##
##
|Historic cost analysisof investmentsheldattheyearend|||
|---|---|---|
|Listedinvestments|797,067|797,497|
|Cashheld forreinvestment|1,432|5,351|
||798,499802,848||
|Fixed asset investments: valuation analysis|Fairvalue|Fairvalue|
||at vearendat vear end||
||2023|
2022|
||fg||
|Cashor cash equivalents|1,431|5,351|
|Listedinvestments|1,012,968|1,006,441|
|Total|1,014,399|1,011,792|
##
|Allinvestments held bythecharityarerevaluedto theirmarket value(fa
investments areheld atcost lessimpairment.|irvalue)ateachyear|end.No|
|---|---|---|
|Fixed asset investments: material holdings|Market|Shareof|
||valueI|total
ot
TO|
|Holdinos>5o/oof totallisted investmentsat31December2023|||
|Murraylnternational Trust Plc|59,340|5.86%|
|SecuritiesTrust ofScotlandPlc|57,288|5.66%|
||116,62811.52%||
|Current assets: debtors|2023|
2022|
||€|€|
|Amounts fallingduewithinoneyear|||
|Otherdebtors:-Rathbone incomeaccount|340|363|
||340|363|
|Current assets: cash at bank and inhand|2023|
2022|
||f|€|
|HSBCcommunity account|40,913|45,098|
|Lloydscurrent account|7,626|2,928|
||48,53948,026||
##
##
##
##
##
||||||
|---|---|---|---|---|
|Greditorsandaccruals|Amountsfallinodue||Amountsfallinqdue||
||withinonevear
2023
2022||afteronevear
2023
2022||
||t€||€€||
|Othercreditors:-lndependentexaminer'sfee|1,200|2,196|||
|Rollits'fees|3,700|4,248|||
|Investment manager's fees|2,282|2,277|||
|Accruals anddeferredincome|5|5|||
|Total|7,187|9,726|||
##
##
##
##
##
|Funds of the charity|2023|
2022|
|---|---|---|
||€|€|
|Unrestricted funds|||
|Revaluation reserve|215,901|208,944|
|Otherundesignated funds|840,1 90|842,511|
|llotalfreefunds|1,056,0911,051,455||
##
##
|
Noneofthetrusteeshave beenpaid anyremunerationorreceiveda
employmentwith the charity orarelatedentity.|nyotherbenefitsfr|oman|
|---|---|---|
|Trustees'expenses|2023
c|2022
I|
|Type of expenses|||
|Travel|56|66|
|Subsistence|229|232|
|Accommodation|273|232|
||558|530|
|Number oftrusteesreimbursedorhadexpensespaidbythe charity|3|3|
##
##
|Transactionswithrelatedparties||||
|---|---|---|---|
||2023||2022|
|NameoftrusteeRelationshipDescriptionof
orrelatedoartvtocharitythe transactions|Balance at
Amountvear end
cf||Balanceat
Amountvearend
e€|
|Rollits LLP
SeebelowRollits services|7,915|3,700|9,108
4,248|
||7,915|3,700|9,108
v:|