**Charity Registration No. 1020294** ## **TINSLEY CHARITABLE TRUST** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** ## **TINSLEY CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** T A Jones H C Tinsley R C Tinsley J Hogarth **Charity number** 1020294 **Principal address** 14 St Mary's Street Stamford Lincolnshire PE9 2DF **Independent examiner** K M Hilliard ACA FCCA CTA 36 Tyndall Court Lynchwood Peterborough Cambridgeshire PE2 6LR **Bankers** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ **Solicitors** Bates, Wells and Braithwaite 10 Queen Street Place London EC4R 1BE ## **TINSLEY CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Statement of cash flows|| |Notes to the financial statements|6 - 12| ## **TINSLEY CHARITABLE TRUST** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2021**_ The trustees present their report and financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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) (effective 1 January 2019)". ## **Objectives and activities** The purpose of the charity is to apply its capital and income to charities and for charitable purposes at the absolute discretion of the trustees. ## **Public benefit statement** We are conscious that the guidelines issued by the Charity Commission emphasise the requirement that all charities of every kind must be able to demonstrate that their work is of direct benefit to the public. We believe that the activities we fund through our grants, covering a wide range of issues, are demonstrably of public benefit and ensure through our granting and further monitoring and evaluation that this is the case. The principle objective of the charity is to support many issues and to achieve public benefit through the distribution of grants and social investments for specific charitable purposes across the globe. These grants, focusing on small organisations as well as larger established ones , aim to deliver a real and lasting positive impact. In determining its grant making strategies and in the administration of the charity generally, the trustees have paid due regard to the guidance published on public benefit and will continue to deliver grants as effectively and professionally as possible. ## **Grant-making policy** While the charity welcomes applications from eligible potential grantees, the trustees seek out organisations that will effectively fulfil our objectives. Individual trustees have a close working relationship with charities in receipt of our larger grants. The charity aims to spend at least 5% of its net assets on grants each year. ## **Achievements and performance** During the year the charity made grants and donations totalling £363,710. An analysis is provided in note 7. - 1 - TINSLEY CHARITABLE TRUST TRUSTEE8' REPORT (coKfiNUED) FOR DIE YEAR ENDED 31 IAARCH 2021 Fln•rnl•l r•¥l•vi rirnley Foundalon. Th18 autr￿rf￿d all h￿d ty The Thmlty Foundthn to b• I￿$(eIr0d kn the Tlr* Ch8rltabkn th¢ to 31 2021 M8et• towmg £nM P020: £2.739,350) wffo Plan• f•rth• IIAw• The ¢harfty fwwjed ty thry in 1993 •TrJ l¥ th￿x￿￿10 a Th*t I￿•d dthd 15 Wl 1993. TAJon HCTir* Rcnrm HCIIMI Tru TINSLEY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TINSLEY CHARITABLE TRUST I rep)rt to the trustees on my exa￿￿na￿n of Ihe financial Statem￿*5 of fin$l•y Charitabl8 Trust ltha ch*lty) for the year onded 31 March 2021. RMpoMlblllllo• and bknl• ol r•port As the trustee8 of the charity you are r6SFwth for th& prnpftrat￿ af the finanoal statements in accordance with the requThwits of tho Charltlesknt 2011 (the 2011 Act). I report in rfrs￿ of my examination of tho chantys financial statements cwriad Dut under 88clion 145 cf the 2011 *£L In carying out my examination I hove lolltr*od all th8 applicabh DirectM)n8 gNen by the Charity Commissim under s¢th'on 145(5)(b) of the 2011 ACL Indop•ndent ex•mlnoff• statomenl I have comploled my e￿minat￿n. l Confirm that M malter8 have Cm to my attenlh)n In ¢onneGtlon wth the examination givirwJ me cause to bal￿ that in wy matsrial re8POCt a¢£ounling ro¢or(l• woro not kept in reopect d the thanty go rw4ulred ty Oeth 130 of Ihe 2011 Art or the financial ststements do not accord wth thow ￿YdI.. or the financial 8tatom8nts th not c￿Y with th8 applkxbl• r•qulrements conceming the fomi and contont of wiunts 881 out in the CharitiM {knounts and Reports) Rewlation$ 2008 othor Ihan any requir6menl that the acLounts glve a tru• and f8ir whl¢h L• not a matter ￿n81dered u part of an indepgndont ex8minalion. I have no concems and have come across no oth8r matt•rd In connection with the 8xamination to wh￿h attontion 8hould be drwwn in Ihi8 rewrt in ord¢r to enable a propor underltanding of tho financial $tstement8 lo bo reac KMHII CA FCCACTA 36 Tyndall Court Lyn¢hwood Peterb)rough Cambridgeshire PE2 6LR Datod: 12 Januwy 2022 ## **TINSLEY CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ |**Unrestricted**
**funds**
**2021**
**Notes**
**£**
**Income from:**
Donations and legacies
**3**
75,000
Investments
**4**
103,999
Scheme transfer from the Tinsley Foundation
-
**Total income**
178,999
**Expenditure on:**
Raising funds
**5**
36,595
Charitable activities
**6**
366,264
**Total resources expended**
402,859
Net gains/(losses) on investments
**11**
1,337,471
**Net movement in funds**
1,113,611
Fund balances at 1 April 2020
5,788,747
**Fund balances at 31 March 2021**
6,902,358|Total
2020
**£**
77,127
126,655
2,739,350
2,943,132
29,817
316,480
346,297
(528,889)
2,067,946
3,720,801
5,788,747| |---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - TINSLEY CHARITABLE TRUST BALANCE SHEET ASAf31 MARCH 2021 12 1> 131.0(K) 0.547,809 134.000 5,308,331 In￿lMents 6.881.809 S.M2,331 Cath at b￿k and li hond 222.949 349.418 on• ywr 14 P.4W) (3,(N)O) 220,549 348.416 8.¥))2.35fj 5,788,747 6,902.369 5.788.747 6.gfd,358 5,788,747 HCTln• **TINSLEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **1 Accounting policies** ## **Charity information** Tinsley Charitable Trust is a charity constituted by a trust deed dated 15 April 1993. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. 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 charity has adequate resources to continue in operational existence for the foreseeable future. Thus the 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 Incoming resources** Income is recognised when the charity 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. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Donations of assets are recognised at fair value. ## **1.5 Resources expended** Expenditure is accounted for on an accruals basis. ## **1.6 Investment properties** Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. ## **1.7 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. - 6 - ## **TINSLEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **1 Accounting policies** ## **(Continued)** ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand and deposits held with banks . ## **Basic financial assets and liabilities** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activitities. ## **2 Critical accounting estimates and judgements** In the application of the charity’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. ## **3 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Donations and gifts|75,000|77,127| |**Investments**||| ||**Unrestricted**|Unrestricted| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Rental income|7,140|5,950| |Income from listed investments|96,414|119,371| |Interest receivable|445|1,334| ||103,999|126,655| ## **4 Investments** - 7 - ## **TINSLEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **5 Raising funds** |**Unrestricted**
**funds**
**2021**
**£**
Investment management costs
36,595
36,595
**Charitable activities**
**Other costs Donations**
**to**
**charitable**
**causes**
**Total**
**2021**
**£**
**£**
**£**
Donations to charitable causes (see note 7)
-
363,710
363,710
Share of governance costs (see note 8)
2,554
-
2,554
2,554
363,710
366,264
**Donations to charitable causes**
In the interest of transparency, the charity discloses individual gifts of £20,000 or more:
Grants to institutions (42 grants):
Network For Africa
Worcester College, Oxford
Campaign Academy
ClientEarth
Open Trust
Peace Brigade International (UK Section)
Waging Peace
Other|Total
2020
£
29,817
29,817
**Total**
**2020**
**£**
300,975
15,505
316,480
**2021**
**£**
50,000
40,000
35,000
25,000
25,000
25,000
25,000
138,710
363,710| |---|---| ## **6 Charitable activities** ## **7 Donations to charitable causes** - 8 - ## **TINSLEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **8 Support costs** |**Governance**
**costs**
**£**
Accountancy fees
2,400
Legal and professional
-
Bank charges
154
2,554
Analysed between
Charitable activities
2,554|**2021**
**£**
2,400
-
154
2,554
2,554|2020
£
3,000
12,391
114
15,505
15,505| |---|---|---| ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year. ## **10 Employees** The average monthly number of employees during the year was: |||**2021**|**2020**| |---|---|---|---| |||**Number**|**Number**| ||Total|-|-| |**11**|**Net gains/(losses) on investments**||| |||**Unrestricted**|Unrestricted| |||**funds**|funds| |||**2021**|2020| |||**£**|£| ||Revaluation of investments|1,783,040|(441,569)| ||Gain/(loss) on sale of investments|(445,569)|
(87,320)| |||1,337,471|(528,889)| |**12**|**Investment property**||| ||||**2021**| ||||**£**| ||**Fair value**||| ||At 1 April 2020 and 31 March 2021||134,000| - 9 - ## **TINSLEY CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **12 Investment property** **(Continued)** Investment property comprises residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 6 November 2017 by Brown & Co Chartered Surveyors, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. - 10 - ## **TINSLEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **13 Fixed asset investments** |**Listed**
**investments**
**Unlisted**
**investments**
**£**
**£**
**Cost or valuation**
At 1 April 2020
5,276,599
31,732
Additions
350,000
-
Valuation changes
1,336,652
818
Investment management fees
(36,623)
-
Dividends and interest received
96,443
-
Disposals
(498,500)
(9,312)
At 31 March 2021
6,524,571
23,238
**Carrying amount**
At 31 March 2021
6,524,571
23,238
At 31 March 2020
5,276,599
31,732
**2021**
**£**
Investments at fair value comprise:
Cash
376,323
Listed investments
6,148,248
Social investments
23,238
6,547,809|**Total**
**£**
5,308,331
350,000
1,337,470
(36,623)
96,443
(507,812)
6,547,809
6,547,809
5,308,331
**2020**
**£**
83,744
5,192,855
31,732
5,308,331| |---|---| The historical cost of the fixed asset investments as at the year end is £4,335,043 (2020: £5,278,315). ## **14 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Other creditors|2,400|3,000| - 11 - ## **TINSLEY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **15 Related party transactions** During the year the charity received a scheme transfer of assets of £nil (2020: £2,739,350) from The Tinsley Foundation, a registered charity. T A Jones, H C Tinsley, R C Tinsley and J Hogarth are trustees of The Tinsley Foundation and of the Tinsley Charitable Trust. During the year the charity received a donation of £75,000 (2020: £75,000) from H C C Tinsley and Son Ltd. H C Tinsley and R C Tinsley are directors of H C C Tinsley and Son Ltd. During the year H C Tinsley donated cash of £nil (2020: £1,071) to the charity. During the year the charity made donations of £25,000 (2020: £14,500) to Waging Peace, a registered charity. R C Tinsley is a trustee of Waging Peace. During the year the charity made donations of £35,000 (2020: £25,000) to Campaign Academy Ltd, a registered charity. H C Tinsley is a former trustee of Campaign Academy Ltd. During the year the charity made donations of £50,000 (2020: £50,000) to Network for Africa, a registered charity. R C Tinsley is a trustee of Network for Africa. - 12 -