REGISTERED CHARITY NUMBER: 800057
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
FOR
SPENCER HART CHARITABLE TRUST
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
SPENCER HART CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
|
Page |
Page |
Page |
Report of the Trustees |
1 |
to |
2 |
Independent Examiner's Report |
|
3 |
|
Statement of Financial Activities |
|
4 |
|
Balance Sheet |
|
5 |
|
Notes to the Financial Statements |
6 |
to |
11 |
SPENCER HART CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2025
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
5April2025.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Thetrustwasformedbyasettlementdeeddated21January1988.Thetrust'sobjectsareto make
donationstoorforthebenefitofanyqualifiedcharityorqualifiedcharitiesatthediscretionof the
trustees.
Public benefit
ThetrusteeshaveconsideredtheirdutysetoutinSection17oftheCharitiesAct2011tohave due
regardtopublicbenefitguidancepublishedbytheCommission,andintheiropiniontheforegoing report
on the achievements and performance demonstrates that they have complied therewith.
Grantmaking
The trustees make grants to other charities at their discretion.
Volunteers
The trust is not dependent upon the services of unpaid volunteers or donations-in-kind.
ACHIEVEMENTS AND PERFORMANCE
Investment performance
Allthetrustees'capitalisinvestedinquotedinvestments.Thevalueofthetrust'sportfolioasat5 April
2025totalled£965,124adecreaseof£101,563from5April2024.TheTrusteeshavereviewed the
portfolio regularly and are satisfied with its performance.
FINANCIAL REVIEW
Financial position
Totalincomingresourceswere£30,253(£34,232in2024)with£8,234(£6,814in2024)beingused to
generatesuchfunds.Commitmentstocharitabledonationstotalled£0(£0in2024)with £9,106
(£7,648in2024)beingpaidinrespectofsupportcosts.Recognisedlossestotalled£46,135 (gain
£55,800 in 2024) resulting in an overall net decrease in funds of £84,222 (increase £75,570 in 2024).
Investment policy and objectives
Thetrusteeshavenotdelegatedtheirinvestmentpowers.Investmentsaremanagedforthem by
Investeconanadvisorybasishavingregardtothetrusteesinvestmentpolicyofmaintainingan even
balance between income and capital growth with medium-risk profile.
Thetrusteesreceivereportsandrecommendationsfromtheirinvestmentadviserstwiceyearlyand take
decisions in the light of those recommendations and their investment policy.
Assets have been acquired and disposed of in accordance with the powers available to the trustees.
Reserves policy
Thetrusteesconsidertheirinvestmentsasexpendableendowments,providingarelativelysecure and
predictablestreamofincomefromwhichtomakegrants.Thetrusteesaimtodistributea large
percentageoftheincome,netofexpenses,ineachfinancialyearandthereforedonotmaintain income
reservesassuch;however,incomelevelsarecontinuallyreviewedbythetrusteestoensurethat they
have sufficient funds to meet with their objectives.
Going concern
ThetrusteeshaveareasonableexpectationthattheCharityhasadequateresourcestocontinue in
operationalexistencefortheforeseeablefuture.Forthisreason,theycontinuetoadoptthe going
concern basis in preparing the financial statements.
Page 1
SPENCER HART CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
FUTURE PLANS
Thetrusteesaresatisfiedthattheircurrentpoliciesaresufficienttomeettheirobjectivesanddonot feel
that these will be amended in the foreseeable future. They will continue to review the position.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
Recruitment and appointment of new trustees
Thepowerofappointingneworadditionaltrusteesisvestedinthetrustees,whopriorto appointment
would be introduced to the workings of the Trust and advised of their joint and several responsibilities.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
800057
Principal address
Laytons LLP
Yarnwicke
119-121 Cannon Street
London
EC4N 5AT
Trustees
I A Burman (resigned 12/11/2024)
J S Korn
Mrs S Garcha (appointed 12/11/2024)
Independent Examiner
David Ashby FCCA ACA
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
Bankers
Messrs Coutts & Co
440 Strand
London
WC2R 0QS
Solicitors
Laytons Solicitors LLP
Pinners Hall 105-108 Old Broad Street
London EC2N 1EX
Investment advisers
Investec Wealth & Investment Ltd
2 Gresham Street
London EC2V 7QN
Approved by order of the board of trustees on 9 December 2025 and signed on its behalf by:
Mrs S Garcha - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
SPENCER HART CHARITABLE TRUST
Independent examiner's report to the trustees of Spencer Hart Charitable Trust
IreporttothecharitytrusteesonmyexaminationoftheaccountsofSpencerHartCharitableTrust (the
Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145oftheAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under Section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do 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 true and fair view which is not a matter considered as part of an independent examination.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
David Ashby FCCA ACA
Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE
10 December 2025
Page 3
SPENCER HART CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Grants in furtherance of the charity's
objects
Grant related support costs
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2025
2024
Unrestricted
Total
funds
funds
£
£
30,253
34,232
8,234
6,814
51,000
-
9,106
7,648
68,340
14,462
(46,135)
55,800
(84,222)
75,570
1,101,354
1,025,784
1,017,132
1,101,354 |
2025
2024
Unrestricted
Total
funds
funds
£
£
30,253
34,232
8,234
6,814
51,000
-
9,106
7,648
68,340
14,462
(46,135)
55,800
(84,222)
75,570
1,101,354
1,025,784
1,017,132
1,101,354 |
|
|
6,814
-
7,648 |
|
|
14,462 |
|
|
55,800 |
|
|
75,570
1,025,784 |
|
|
1,101,354 |
The notes form part of these financial statements
Page 4
SPENCER HART CHARITABLE TRUST
BALANCE SHEET 5 APRIL 2025
Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
TOTAL FUNDS |
2025
2024
Unrestricted
Total
funds
funds
£
£
965,124
1,066,687
58,835
37,335
(6,827)
(2,668)
52,008
34,667
1,017,132
1,101,354
1,017,132
1,101,354
1,017,132
1,101,354
1,017,132
1,101,354 |
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
9 December 2025 and were signed on its behalf by:
S Garcha - Trustee
J S Korn - Trustee
The notes form part of these financial statements
Page 5
SPENCER HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
Thecharityhastakenadvantageofthefollowingdisclosureexemptioninpreparingthese financial
statements,aspermittedbyFRS102'TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland':
the requirements of Section 7 Statement of Cash Flows.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 6
SPENCER HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
2.
INVESTMENT INCOME
Dividends
Interest
3.
RAISING FUNDS
Investment management costs
Portfolio management
Support costs
4.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Grants in furtherance of the
charity's objects
-
Grant related support costs
7,994
7,994
5.
GRANTS PAYABLE
Grants in furtherance of the charity's objects
The total grants paid to institutions during the year was as
follows:
Wigmore Hall Trust
The League of the Helping Hand |
Grant
funding of
activities
(see note
5)
£
51,000
-
51,000 |
2025
£
28,187
2,066
30,253
2025
£
4,381
3,853
8,234
Support
costs (see
note 6)
£
-
1,112
1,112
2025
£
51,000
2025
£
1,000
50,000
51,000 |
|
2024
£
31,315
2,917 |
2024
£
31,315
2,917 |
|
|
|
|
34,232 |
|
|
|
|
|
2024
£
4,851
1,963
6,814
Totals
£
51,000
9,106 |
2024
£
4,851
1,963 |
|
|
|
|
|
6,814 |
|
|
|
|
60,106 |
|
|
|
|
|
2024
£
- |
|
|
|
|
|
2024
£
-
- |
|
|
|
|
|
- |
|
continued...
Page 7
SPENCER HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
6. SUPPORT COSTS
SUPPORT COSTS |
|
|
|
|
|
|
|
|
|
Governance |
|
|
Management |
|
Finance |
costs |
Totals |
|
£ |
|
£ |
£ |
£ |
Investment management costs |
3,611 |
|
242 |
- |
3,853 |
Grant related support costs |
|
- |
242 |
870 |
1,112 |
|
3,611 |
|
484 |
870 |
4,965 |
Support costs, included in the above, are as follows: |
|
|
|
|
|
Management |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
|
Investment |
|
|
|
|
|
management |
Total |
|
|
|
|
costs |
activities |
|
|
|
|
£ |
£ |
Professional fees |
|
|
|
3,611 |
1,721 |
Finance |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
Grant |
|
|
|
Investment |
|
related |
|
|
|
management |
|
support |
Total |
Total |
|
costs |
|
costs |
activities |
activities |
|
£ |
|
£ |
£ |
£ |
Bank charges |
242 |
|
242 |
484 |
484 |
Governance costs |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
|
Grant |
|
|
|
|
|
related |
|
|
|
|
|
support |
Total |
|
|
|
|
costs |
activities |
|
|
|
|
£ |
£ |
Independent examiners fees |
|
|
|
435 |
417 |
Accountancy fees |
|
|
|
435 |
417 |
|
|
|
|
870 |
834 |
7. TRUSTEES' REMUNERATION AND BENEFITS
SGarchaisapartnerinLaytonsLLP,theTrust'sSolicitors,andbenefitsfromthefeespaidto that
firmforlegalandotherduties.Thetotalfeespayableduringtheyearwere£7,222.Atthe year
end there was a balance owing to Laytons LLP of £5,124.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended5April2025norfortheyear ended
5 April 2024.
continued...
Page 8
SPENCER HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
8. FIXED ASSET INVESTMENTS
MARKET VALUE
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
NET BOOK VALUE
At 5 April 2025
At 5 April 2024 |
Listed
investment
£
1,066,687
145,667
(194,486)
(52,744)
965,124
965,124
1,066,687 |
|
|
The historical cost of the investments at 5 April 2025 is £641,159.
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
MOVEMENT IN FUNDS
Unrestricted funds
Income fund
Capital Fund
TOTAL FUNDS |
At 6/4/24
£
37,774
1,063,580
1,101,354
1,101,354 |
2025
2024
£
£
6,827
2,668
Net
movement
At
in funds
5/4/25
£
£
(29,852)
7,922
(54,370)
1,009,210
(84,222)
1,017,132
(84,222)
1,017,132 |
2025
2024
£
£
6,827
2,668
Net
movement
At
in funds
5/4/25
£
£
(29,852)
7,922
(54,370)
1,009,210
(84,222)
1,017,132
(84,222)
1,017,132 |
2024
£
2,668 |
|
|
|
1,017,132 |
|
|
|
|
1,017,132 |
|
10. MOVEMENT IN FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
Income fund
Capital Fund
TOTAL FUNDS |
Incoming
resources
£
30,253
-
30,253
30,253 |
Resources
expended
£
(60,105)
(8,235)
(68,340)
(68,340) |
Gains and
Movement
losses
in funds
£
£
-
(29,852)
(46,135)
(54,370)
(46,135)
(84,222)
(46,135)
(84,222) |
|
|
|
|
continued...
Page 9
SPENCER HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
Income fund
Capital Fund
TOTAL FUNDS |
At 6/4/23
£
11,190
1,014,594
1,025,784
1,025,784 |
Net
movement
in funds
£
26,584
48,986
75,570
75,570 |
At
5/4/24
£
37,774
1,063,580 |
|
|
|
1,101,354 |
|
|
|
1,101,354 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
Income fund
Capital Fund
TOTAL FUNDS |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
34,232
(7,648)
-
26,584
-
(6,814)
55,800
48,986
34,232
(14,462)
55,800
75,570
34,232
(14,462)
55,800
75,570 |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
Income fund
Capital Fund
TOTAL FUNDS |
At 6/4/23
£
11,190
1,014,594
1,025,784
1,025,784 |
Net
movement
in funds
£
(3,268)
(5,384)
(8,652)
(8,652) |
At
5/4/25
£
7,922
1,009,210 |
|
|
|
1,017,132 |
|
|
|
1,017,132 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
Income fund
Capital Fund
TOTAL FUNDS |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
64,485
(67,753)
-
(3,268)
-
(15,049)
9,665
(5,384)
64,485
(82,802)
9,665
(8,652)
64,485
(82,802)
9,665
(8,652) |
|
|
continued...
Page 10
SPENCER HART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
11. RELATED PARTY DISCLOSURES
Thecharitymadegrantstotalling£50,000toTheLeagueoftheHelpingHandcharity,ofwhichJ S
Korn is also a trustee.
Other related party transactions have been disclosed in note 7 to the accounts.
Page 11