The Li Tim-Oi Foundation
TRUSTEES’ REPORT
and
ACCOUNTS
for the year ended 30[th] September 2020
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Li Tim-Oi Foundation
Trustees' Report
The Trustees present their report with the financial statements of the charity for the year ended 30[th] September 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1[st] January 2015).
REFERENCE AND ADMINISTRATIVE INFORMATION
NAME
The full name of the charity is the LI TIM-OI FOUNDATION. The charity has also used the name “It takes one Woman” in some of its literature.
REGISTERED CHARITY NUMBER
The registered number is 1027837.
TRUSTEES
The following trustees served during the year:
The Revd Margaret Sentamu (Chair) Ms Anna Drew (from 15.11.2019) Ms Tariro Matsveru (from 9.3.2020)
Ms Jane Namurye The Very Revd Professor Martyn Percy The Revd Norma Rao Mrs Christina Rees CBE (Vice Chair) The Revd Canon Dr Stephen Spencer The Revd Lucy Thirtle
Mr Tom Travers FCA (Treasurer) The Revd Erica Wooff (from 15.11.2019)
BANKERS
Co-operative Bank plc 23a St Aldate Street, Gloucester
INDEPENDENT EXAMINER
Mr David Burndred FCA
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STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a deed of trust, and is an unincorporated charity. The administration of the charity was carried out by the part-time Executive Secretary, Ms Stephanie Lewis-Grey. The Treasurer dealt with financial administration. There is no office and the officers operate from their home addresses.
OBJECTIVES AND ACTIVITIES
The principal activity of the Foundation remains the advancement of education of women engaged in theological studies or work within the Anglican Communion.
As in previous years, the main activity of the charity was the making of grants to institutions to enable individual students to start or continue courses. There were thirty nine new grants paid in 2020 compared to twenty five in 2019.
This marks the end of the twenty seventh year of grant-making. A total of 523 women had been assisted by the year end.
PUBLIC BENEFIT
The administrative costs of the charity have been kept modest and grants made in the year enabled the women benefiting to train for a variety of occupations which benefit their communities particularly including Teachers, Evangelists and Priests. The Trustees consider that these women have a transforming effect wherever they then serve and that the public benefit is both clear and in accordance with the Foundation’s objects.
FINANCIAL REVIEW
The financial position was transformed in 2017 and 2018 by the inclusion of the most generous legacy in excess of £1 million from Rita Lee-Chui referred to in previous years.
The level of donations fell to £13,916 (2019: £23,914) in a difficult year and efforts are continuing to achieve a higher base of regular donations.
Grants payable increased from £50,967 in 2019 to £66,007 and it is planned that relatively high levels will be maintained in the future after the decreases in recent years.
The overall deficit of just under £90,000 was above that planned with losses on investments being a significant contributory factor in addition to higher grants and lower donations.
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FUTURE DEVELOPMENTS Mrs Rita Lee-chui who died on 23 March 2016 was the 515ter of Florence Li Tim-oi. She initiated the Foundation in memory of her sister providing most of the original capital in 1993. The Foundation was the major beneficiary of her estate, the majority of which was included th in the Accounts to 30 September 2017 and the funds of around £1 million were received in our bank in 2018. The Trustees with the help of Financial Advisors have invested thls substantial legacy to underwrite the continuing work of the Foundation. The Trustees have kept under review the aims and objective5 of the FoLsndation so as to equip further the women Students who have received initial academic training as well as supporting their initial vocational training. We will work more closely in partnership with other organi5ations, identifying where the need is greatest and being more flexible with our grants. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and Actounts in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and and of the incoming resources and the application of resources of the charity for that period. In preparing these accounts, the Trustees are required to.. Select suitable accounting policies and then apply them conslstently,. Observe the methods and principles in the Charities, SORP,. Make judgement5 and estimates that are reasonable and prudent,. and Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reosonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports} Regulations. and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detettion of fraud and other irregLtlarities. BY ORDER OF THE TRUSTEES C. Rees (Atting Chair and Trustee) 9" March 2021
REPORT OF THE INOEPENOE14T EXAMINE R I feport to the TNstees on my examination of the a(courdS of the LÉ TknQi Fouftdatloft (the charity) for the year ended 3Ct Septernber 2020. R¢Jpecdv¢ H•sponslbilliles of TTUStees and Examlner The charitvs Trustees are le5Wble for the prepaTrtion of the accounts. The charitvs Trustee5 Conser that an audit Is rK)t required for this year under section 144121 of Chafltie5 Act 2011 (the 2011 Act) and that an Independènt examimtion is needed. 11 is my respgn51bility to: Examine the accounts Wmler section 145 of Act; Follow the procedures laid d(Nn in the General t110$ 8iveft by the Chafity Commission under section 14515llbl of the 2011 Ac(- and State whether partKular rnatter5 h•¥e come to my attention. Bwls ol the Independ•rtt ex•ninerfs reptsrt My examlnatKJn was Carr out in accordance with the General Directions geft by the Charity Commi554on. An eMamiTratitin includes a ieview of tl accoufttiNd record5 kept by the charity and comparison of Ihe accounts presented wlth those records. 11 also indudes considerations of any unusual items or dlsck+5ures in the Jccounts aThl seekin8 e¥planaiknns from as trustees conceTnlr any stsch matters. The procedures undertaken do rnt provide am ihe evidence that would be required in an audlt. and consequentty no Opinion 15 8iven as to whether the accounts present a 'tn and tsif Vie and the report 15 limited to those matters set out in the statements below. Independent ex•mlMrfs Statement In connection with my examinaiion. no matter has come to my attwtlon: 111 Whith gives me reasonable cause tt+ believe that. In any materfal resirt. the requlrements to keep affountiry records in accon wilh secDoTr 130 of the 2011 kt.. and to prepare accounts which accord with aCc(n records and to cornpfy with the accountlng requirements of the 2011 Act have not been met: or 121 to which, in my opinion, attention sl#xdd be dfawn th order to er*ble a IPer understsnding of the accounts to be reathed. J Q, Mf Oavtd Bunldred FCA Independent Examiner li &Mwch X121
Li Tim-Oi Foundation
Statement of Financial Activities for year ended 30[th] September 2020
| 2020 | 2019 |
|
|---|---|---|
| All | Unrestricted | |
| £ | £ | |
| INCOME FROM | ||
| Donations and legacies (Note 3) | 13,916 | 23,873 |
| Investment income | 17,585 | 19,057 |
| Other income | - | 10 |
| Total | 31,501 | 42,930 |
| EXPENDITURE ON | ||
| Charitable activities (Note 4) | 66,007 | 51,664 |
| Other_(Note 4)_ | 36,169 | 43,150 |
| Total | 102,176 | 94,814 |
| Net income/(expenditure) before investment gains/(losses) | (70,675) | (51,884) |
| Net gains / (losses) on investments | (17,583) | 27,274 |
| NET INCOME / (EXPENDITURE) | (88,258) | (24,610) |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 984,362 | 1,008,972 |
| TOTAL FUNDS CARRIED FORWARD | 896,104 | 984,362 |
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Li Tim-Oi Foundation
Balance Sheet at 30[th] September 2020
| INVESTMENTS(Note 5) CURRENT ASSETS Debtors_(Note 6) Deposit Charities Official Investment Fund Cash at bank LessLIABILITIES Creditors and accruals(Note 7)_ NET CURRENT ASSETS NET ASSETS FUNDS Unrestricted funds |
2020 £ 865,665 400 19,856 19,098 905,019 8,915 896,104 896, 104 896,104 |
2019 £ 890,970 959 84,611 12,377 988,917 4,555 984,362 984,362 984,362 |
|---|---|---|
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Li fim-oi Foundation Statement of Cash Flows For the year ended 30 September 2020 2020 2019 Cash flows from operatkng actwlties (83,3411 167,2841 Cash flow from Investing activitles Cost of investments 7.722 8,248 Dividends and interest 17.585 19,057 Net cash flow from investing actlvtties Net cash used In fInanCi xtivities Net increase/(decrease) In cash and cash equlvalents 158,0331 140,5191 Cash a)d cash equivalents * beginni of ye 137 506 Cash and cash equivalents at end of year The notes on pages 9 to 11 form part of these financial ststements. th The Financial Statements were approved by the Trustees on 9 March 2021. Tom Travers {Treasurer and Trustee)
Li Tim-Oi Foundation
Notes to the Financial Statements
1. BASIS OF PREPARATION
Basis of accounting
The financial statements of the charity which is a public benefit entity under FRS 102 have been prepared in accordance with the Charities SORP (FRS 102). The financial statements have been prepared under the historical cost convention.
2 ACCOUNTING POLICIES
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors that a distribution will be made or when a distribution is received. Receipt of a legacy is only considered probable when the amount can be measured reliably and the charity has been notified of the executors’ intention to make a distribution.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Taxation
The charity is exempt from tax on its charitable activities.
Investments
Listed investments are included in the Balance Sheet at fair value. The SOFA includes realised gains and losses on investments sold during the year and unrealised gains and losses arising on the revaluation of investments at the year end.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. There were no restricted funds held.
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3. ANALYSIS OF INCOME
Donations Gift Aid Legacies Interest Investment income Other 4. ANALYSIS OF EXPENDITURE Grants payable Trustee meeting expenses Office expenses Administration contract Publicity and promotion Legal fees Consultancy fees and expenses Web development & IT Bank charges Investment management fees |
2020 2019 £ £ 12,851 21,834 1,065 2,039 - - 244 473 17,341 18,584 - - 31,501 42,930 64,845 50,967 589 1,155 227 801 10,727 4,565 964 - 4,742 - 8,750 26,099 500 2,281 1,162 697 9,670 8,249 102,176 94,814 |
|---|---|
Trustees were reimbursed expenses as above.
See also note 9 in respect of payments made to Trustees and related parties during the year.
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5. INVESTMENTS
At 30[th] September 2020 investments at market valuation of £865,665 were held with Rathbone Investment Management Limited.
The investments held comprise a combination of fixed income securities, UK and overseas equities and other fund investments. The portfolio is constructed using a combination of different asset types to take into account long term investment behaviours and shorter-term market conditions with the aim of generating a return over time above the rate of inflation.
| 6 | DEBTORS | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Tax refund | 400 | 959 | |
| 400 | 959 | ||
| 7 | CREDITORS | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Administration | 5,965 | 2,900 | |
| Grants | 2,950 | 1,655 | |
| 8,915 | 4,555 | ||
| 8 | CONTINGENT LIABILITIES | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Anticipated Repeat Grants | |||
| Existing Commitments | 190,040 | 83,683 |
Grants are only ever paid for one year and repeat grants need approval each year and are subject to a satisfactory academic report being received.
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9 RELATED PARTY TRANSACTIONS
During the year the charity instructed Three O’Clock Productions, a partnership in which Christina Rees (Trustee) and Chris Rees are partners, to provide management consultancy services totalling £8,750 inclusive of expenses. Included in this amount is £2,917 outstanding at 30[th] September 2020.
The consultancy services provided by Three O’Clock Productions were primarily in respect of development of a communications strategy, growing the Foundation’s supporter base, and commissioning re-design and upgrade of the Foundation’s website. The contract with Three O’clock Productions was approved by a majority of the Trustees with Christina Rees taking no part in the approval and decision process. The Trustees considered that the contract was on terms beneficial to the Foundation.
The Foundation’s Trust Deed was formally amended in March 2020 to allow payments to Trustees and related parties following a breach in the previous year as reported in note 9 to that year’s Annual Accounts.
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