``` 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 ```