Charity Registration No. 1005380 (England and Wales) Charity Registration No. SC038285 (Scotland)
THE VIOLET TANKERVILLE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE VIOLET TANKERVILLE CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr A W Shepherd |
|---|---|
| Lord J Joicey | |
| Charity number (England and Wales) | 1005380 |
| Charity number (Scotland) | SC038285 |
| Principal address | 14 Mortonhall Road |
| Edinburgh | |
| EH9 2HW | |
| Independent examiner | McFadden Associates Ltd |
| 19 Rutland Square | |
| Edinburgh | |
| EH1 2BB | |
| Bankers | Barclays Bank Plc |
| 1 Churchill Place | |
| London | |
| E14 5HP | |
| Solicitors | Adam Douglas Legal LLP |
| 49/51 Bridge Street | |
| Berwick upon Tweed | |
| Northumberland | |
| TD15 1ES | |
| Investment advisors | Brooks Macdonald Asset Management Limited |
| Hobart House | |
| 80 Hanover Street | |
| EDINBURGH | |
| EH2 1EL |
THE VIOLET TANKERVILLE CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE VIOLET TANKERVILLE CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report and financial statements for the year ended 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Memorandum and Articles of Association, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
The Trust's objects are to benefit the Chillingham Wild Cattle Association, in particular the Chillingham Wild Cattle Herd at Chillingham Park, Chillingham, Alnwick. The policies adopted in furtherance of these objects are to manage the investments to generate sufficient income for the charity to provide financial support to the Chillingham Wild Cattle Association and there has been no change during the year.
The Trustees have paid due regard to guidance issued by OSCR and the Charity Commission in deciding what activities the Trust should undertake.
Achievements and performance
During the year monthly grants of £1,000 were made to the Chillingham Wild Cattle Association ("CWCA") to assist them in achieving their respective objectives. An additional one-off grant of £9,000 was provided to CWCA to support restoration activities following Storm Arwen. Such grants were payable from the income generated from the investments held within the Trust. Additionally a loan of £65,000 remains in debtors, loaned to the Chillingham Wild Cattle Association on an interest free basis, as in the previous financial year.
Financial review
It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the year end the reserves held were £1,029,901.
The Trustees have set a policy that the original donation should be invested to maximise the total return (capital growth and income) with a medium level of risk. The investment income for the year was £32,077 along with net realised and unrealised gain on investments of £110,631.
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 1 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, governance and management
The Trust was established by a charitable trust deed on 21 April 1991.
The trust is registered with both the Charities Commission for England and Wales and OSCR in Scotland.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr A W Shepherd
Lord J Joicey
Any member of the existing board is permitted to suggest names of potential new trustees, although it is the responsibility of the existing board, as a whole, to elect new trustees.
The Trustees delegate day-to-day management of the investment portfolio to Cornelian Asset Managers.
The Trustees' report was approved by the Board of Trustees.
..............................
Mr A W Shepherd
Trustee Dated: .........................26 / 09 / 2023
- 2 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE VIOLET TANKERVILLE CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of The Violet Tankerville Charitable Trust (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 (the 2011 Act). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s financial statements carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Trust has prepared its accounts on an accruals basis and is also registered in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I confirm that I am qualified to undertake the examination because I am a member of ICAS, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention 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 44 (1) (a) of the 2005 Act and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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.
I 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 financial statements to be reached.
David Stewart CA
McFadden Associates Ltd 19 Rutland Square EH1 2BB Edinburgh United Kingdom
Dated: .........................27 / 09 / 2023
- 3 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Income from: Investments 3 Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net gains/(losses) on investments 9 Net movement in funds Reconciliation of Funds Fund balances at 1 January 2022 Fund balances at 31 December 2022 |
2022 £ 32,077 10,635 23,316 33,951 (110,631) (112,505) 1,144,296 1,031,791 |
2021 £ 31,846 |
|---|---|---|
| 11,226 15,135 |
||
| 26,361 | ||
| 80,862 | ||
| 86,347 1,057,949 |
||
| 1,144,296 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure for the current and comparative year relates to unrestricted funds.
- 4 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Investments 10 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ £ 923,497 65,000 48,378 113,378 (5,084) 108,294 1,031,791 1,031,791 1,031,791 |
2021 £ £ 1,029,391 65,000 55,259 120,259 (5,354) 114,905 1,144,296 1,144,296 1,144,296 |
2021 £ £ 1,029,391 65,000 55,259 120,259 (5,354) 114,905 1,144,296 1,144,296 1,144,296 |
|---|---|---|---|
| 1,144,296 | |||
| 1,144,296 | |||
| 1,144,296 |
26 / 09 / 2023 The financial statements were approved by the Trustees on .........................
..............................
Mr A W Shepherd Trustee
- 5 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
The Violet Tankerville Charitable Trust is an unincorporated charity. The principal address is 14 Mortonhall Road, Edinburgh, EH9 2HW.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and at least 12 months from signing of the financial statements. Thus the Trustess Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.
Investment income, interest and gains and losses on disposal of investments are recognised on a cash basis; there is no material difference between the basis and the accruals method. Dividend income does not include tax credits.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
- 6 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation commiting the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category and include irrecoverable VAT. These are allocated between costs of raising funds, charitable activities and governanace costs.
Charitable activities is incurred in direct pursuance of the Trust's principal objects.
Governance costs which are included within charitable activities, are those incurred in connection with compliance of constitutional and statutory requirements.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
1.9 Investment Gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value. Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value.
- 7 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
2 Critical accounting estimates and judgements
In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees consider that there are no critical accounting estimates and judgements within the financial statements.
3 Investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Income from listed investments | 32,077 | 31,846 | |
| 4 | Raising funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Investment management | 10,635 | 11,226 | |
| 10,635 | 11,226 | ||
| 5 | Charitable activities | ||
| Chillingham | Chillingham | ||
| Wild Cattle | Wild Cattle | ||
| Association | Association | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Chillingham Wild Cattle Association | 21,000 | 12,000 | |
| Share of support costs (see note 6) | 1,818 | 2,655 | |
| Share of governance costs (see note 6) | 498 | 480 | |
| 23,316 | 15,135 |
- 8 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
6 Support costs
| Support costs Governance costs £ £ Accountancy fees 1,818 - Legal fees - 498 1,818 498 Analysed between Charitable activities 1,818 498 |
2022 Support costs Governance costs £ £ £ 1,818 2,655 - 498 - 480 2,316 2,655 480 2,316 2,655 480 |
2021 £ 2,655 480 |
|---|---|---|
| 3,135 | ||
| 3,135 |
Governance costs include payments to the independent examiner of £498.
7 Trustees
None of the Trustees or key management personnel (or any persons connected with them) received any remuneration during the year.
None of the Trustees have claimed expenses or had their expenses met by the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2022 | 2021 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. | ||
| Net gains/(losses) on investments | ||
| 2022 | 2021 | |
| £ | £ | |
| Revaluation of investments | (118,562) | 5,228 |
| Gain/(loss) on sale of investments | 7,931 | 75,634 |
| (110,631) | 80,862 |
9 Net gains/(losses) on investments
- 9 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
10 Fixed asset investments
| Listed | investments | ||
|---|---|---|---|
| £ | |||
| Cost or valuation | |||
| At 1 January 2022 | 1,029,391 | ||
| Additions | 65,923 | ||
| Valuation changes | (119,171) | ||
| Disposals | (52,646) | ||
| At 31 December 2022 | 923,497 | ||
| Carrying amount | |||
| At 31 December 2022 | 923,497 | ||
| At 31 December 2021 | 1,029,391 | ||
| Listed fixed asset investments are included at their market value. The historic cost is £878,333. | |||
| 11 | Financial instruments | 2022 | 2021 |
| £ | £ | ||
| Carrying amount of financial assets | |||
| Debt instruments measured at amortised cost | 65,000 | 65,000 | |
| Equity instruments measured at fair value | 923,497 | 1,029,391 | |
| Carrying amount of financial liabilities | |||
| Measured at amortised cost | 5,084 | 5,354 | |
| 12 | Debtors | ||
| 2022 | 2021 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 65,000 | 65,000 | |
| 13 | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 5,084 | 5,354 |
- 10 -
THE VIOLET TANKERVILLE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
14 Related party transactions
The following amounts were outstanding at the reporting end date:
| Amounts owed by | related | Amounts owed by | related | |
|---|---|---|---|---|
| parties | parties | |||
| 2022 | 2021 | |||
| Balance | Net | Balance | Net | |
| £ | £ | £ | £ | |
| Chillingham Wild Cattle Association | 65,000 | 65,000 | 65,000 | 65,000 |
| 65,000 | 65,000 | 65,000 | 65,000 |
The loan is unsecured, interest free and repayable on demand.
- 11 -