The Li Tim-Oi Foundation
TRUSTEES’ REPORT
and
ACCOUNTS
for the year ended 30[th] September 2024
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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 2024. 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.
REGISTERED CHARITY NUMBER
The registered number is 1027837.
TRUSTEES
The following trustees served during the year: Professor Martyn Percy (Chair) Ms Mandy Marshall Ms Jane Grenfell (Resigned 01.07.24) Rev Tariro Matsveru Ms Jane Namurye Rev Mark Nam (Appointed 20.11.23)
BANKERS
Co-operative Bank plc 23a St Aldate Street, Gloucester
INDEPENDENT EXAMINER
Mr Bryan Stevens ACA
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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 sixty-three new grants paid in 2023-24 compared to thirty-three in 2021-22 The grants covered courses in Theology, Divinity, Christian Mission, Medicine, Nursing and Counselling Psychology for students mainly in East Africa, where the Foundation has its focus.
This marks the thirty-first year of grant-making. A total of 768 women had been assisted by the year end.
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2024 marked the 80[th] anniversary of the ordination of Florence Li Tim-Oi. Services were held and broadcast notably at St Martins in the Fields and long-term fund-raising activities at Lambeth Palace and in the United States.
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At the same time activities were transferred to the Li Tim-Oi (CIO) – a Charitable Incorporated Organisation (see below) pending a subsequent merger.
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Work was also started on an alumnae programme to assist the continuing ministry of those the Foundation has supported through educational grants
PUBLIC BENEFIT
The administrative costs of the charity have been kept as modest as possible given the significant increase in grants awarded. The grants made in the year enabled the women benefiting to train for a variety of occupations which benefit their communities particularly including priests, evangelists, nurses and doctors. 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
Total grants made in the year were £82,088 and the level of grants to be paid in future years continues under review.
The Trustees on 1 July 2024 transferred the investment funds (£331,038), cash balances (£12,130) and grant giving activities to the Li Tim-Oi Foundation (CIO) as a successor organisation with exactly the same objectives and trustees. The Li Tim-Oi Foundation will continue in-being to facilitate existing donors but passing the funds raised to the CIO.
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STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Report and Accounts 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 of the incoming resources and the application of resources of the charity for that period.
In preparing these accounts, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in the Charities’ SORP.
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Make judgements and estimates that are reasonable and prudent; and
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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 reasonable 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 detection of fraud and other irregularities.
BY ORDER OF THE TRUSTEES
Prof Martyn Percy
07 April 2025
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LI TIMQI FOUNDATION I report to the trustees on my examination of the accounts of the Li Tim-oi Foundation (the Foundation) for the year ended 30 September 2024, Responslbllltles and bas18 of report As the charity trustees of the Foundation you are responsible for the preparatlon of the accounls in accordance with the requirements of the Charities Act 2011 ('th8 Act,). I report in respect of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independont oxamlner's ststement I have completed my examination. I confirm that no material 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 Foundatlon as r8quired 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. I have no concems and have come across no other matters in connection with Ihe examination to which attention should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Signed: Name: B R Stevens Relevant professional qualification or membership of professional bodies: Chartered Accountant (ICAEW) Address: Windover, Selmeston, East Sussex, BN26 6TY Date: v4 £LLLtr
Li Tim-Oi Foundation
Statement of Financial Activities for year ended 30[th] September 2024
| 2023-24 | 2022-23 |
||
|---|---|---|---|
| All | Unrestricted | ||
| £ | £ | ||
| INCOME FROM | |||
| Donations and legacies (Note 3) | 17,375 | 43,524 |
|
| Investment income | 7,520 | 14,040 |
|
| Gift Aid | 2,637 | ||
| Total | 27,532 | 57,564 |
|
| EXPENDITURE ON | |||
| Charitable activities (Note 4) | 82,088 | 188,735 |
|
| Other_(Note 4)_ | 68,876 | 45,990 | |
| Total | **(150,964) ** | (234,725) |
|
| Net income/(expenditure) before investment gains/(losses) | (123,432) | (177,161) |
|
| Net gains / (losses) on investments prior to transfer to CIO | 20,929 | (15,342) |
|
| NET INCOME / (EXPENDITURE) | (102,503) | (161,819) |
|
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 446,060 | 607,879 |
|
| Transferred to CIO 01.07.24 - | Investments | (331,038) | |
| Cash |
(12,130) | ||
| TOTAL FUNDS CARRIED FORWARD | 209 | 446,060 |
Li Tim-Oi Foundation
Balance Sheet at 30[th] September 2024
| 2023-24 | 2022-23 | |
|---|---|---|
| £ | £ | |
| INVESTMENTS(Note 5) |
0 | 390,109 |
| CURRENT ASSETS | ||
| Cash at bank | 209 | 55,951 |
| 209 | 446,060 | |
| NET CURRENT ASSETS | 209 | 446,060 |
| FUNDS | ||
| Unrestricted funds | 209 | 446,060 |
The Financial Statements were approved by the Trustees on 7 April 2025.
Prof Martyn Percy (Chair)
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Li Tim-Oi Foundation
Statement of Cash Flows
| For the year ended 30th September 2024 2023-24 £ Cash flows from operating activities (142,345) Cash flow from investing activities Proceeds / (cost) of investments 80,000 Dividends and interest 7,520 Net cash flow from investing activities (87,520) Net cash used in financing activities - Net increase/(decrease) in cash and cash equivalents (55,741) Cash and cash equivalents at beginning of year 55,951 Cash and cash equivalents at end of year 209 |
2022-23 £ (191,201) |
2022-23 £ (191,201) |
2022-23 £ (191,201) |
|---|---|---|---|
| 220,000 14,040 (42,839) |
|||
| - 42,803 13,148 |
|||
| 55,951 |
The notes on pages 9 to 11 form part of these financial statements.
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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
| 2023-24 | 2022-23 | |||
|---|---|---|---|---|
| £ | £ | |||
| Donations | 12,891 | 10,740 | ||
| Gift Aid | 2,637 | - | ||
| Legacies | 4,484 | 32,784 | ||
| Interest | - | - | ||
| Investment income | 7,520 | 14,040 | ||
| 27,532 | 57,564 | |||
| **4. ** | ANALYSIS OF EXPENDITURE | |||
| Grants payable | 82,088 | 188,735 | ||
| Office expenses | 196 | 165 | ||
| Administration contract | 21,856 | 24,633 | ||
| Publicity, promotion and events | 9,172 | - | ||
| Legal fees | - | 2,568 | ||
| Accountancy Fees | - | - | 3 |
|
| Consultancy fees and expenses | 35,211 | 17,589 | ||
| Web development & IT | 2,441 | 1,002 | ||
| 150,964 | 234,725 |
5. INVESTMENTS
At 30th September 2023 investments and cash at market valuation of £387,756 were held with Rathbone Investment Management Limited. The investments held comprised 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 consider long term investment behaviours and shorterterm market conditions with the aim of generating a return over time above the rate of inflation. The
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portfolio (£331,038 at valuation) along with current cash balances of £12,130 were transferred to the CIO on 1 July 2024.
6 CONTINGENT LIABILITIES
| 2023-24 | 2022-23 | |
|---|---|---|
| £ | £ | |
| Anticipated Repeat Grants | ||
| Existing Commitments (see note below) | 0 | 199,751 |
Note: The exiting commitments were transferred to the CIO along with investments and cash on 1 July 2024 and are reported in the accounts of the CIO as at 30 Sept 2024
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