Tyne and Wear Foundation Trust Annual financial statements for the year ended 31 March 2024 Registered Charlty Number 1030800
Tyne and Wear Foundation Trust Annual financial statements for the year ended 31 March 2024 Contents Truslcc and itdvi%ers for th¥ yetir ended .1 l March 2024.. Trustee's report tor the year ended 31 March 2024.................................................................... tndependent Examiners, report to the TnEStee of Tyne and Wear Foundation "I'rust... . Statement of fmancial activities for the year ended 31 March 2024.............................................. Balance sheet as at 31 March 2024....................................................................................................................... Notes to thc financial slalcmcnls for the Y L'nded 31 March 2024...................................................................
Tyne and Wear Foundation Trust Trustee and advisers for the year ended 31 March 2024 Trustee Community Foundation serving Tyne & Wear and Northumberland Independent Examiner Simon Brown BA ACA Dcha Azets Audit Servi¢¢s Bulrllan House Regent C¢ntre Gosforth Newcastle upon Tyne NE3 3LS Ll(ain Banker Barclays Bank PLC Newcastle coorate S¢rvi¢es Barclays Flouse 5 St. Ann's Street Quayside Newcastle upon Tyne NEI 3DX Investment Manager CCLA Investment Management Limifrd (from May 2023) One Angel Lane London EC4R 3AB Principal orrjce Philantlwopy House Woodbine Road Gosforth Newc&511e upon Tyne NE3 IDD
Tyne and Wear Foundation Trllst Trustee's report for the year ended 31 March 2024 The following information about the fmancial year ended 31 March 2024 is presented in the forni required by the Charity Commission and is in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (SORP), 2019. Structure, governance 2nd management The Tyne and Wear Foundation Trust is a registered ch¥Lrity no. 1030800 and is governed by x tn]st deed dated 21 December 1993. It h&s a cury)i)rale Trustee. the Community Foundation serving Tyne & W¢aT and Northumberland. Details ot"governance and management regarding the 'l"TUStee board and executivc ol¢erS of the group can be found in the fLnancial slatements. (Trf the TTU.%lcc. Thc Charity is registered in the United Kingdom. Objectives and activities The Tst is established for the relief of poverty, the advancement of education, the advancement of religion or any utheT Lhiwiliiblc pury)08e for the benefit of the community in tbe area of Trne & Wear and its immediate neigyhbourhood. The Trust continucs lo hold pernlanent endowment ndS which its Tnjstee is unable to hold as it is a limited company. The main objectivL of ihc year was to award grants from th¢ ¢haritable funds and the Trust has awarded 3 grants to orbyanisations and 3 grt8 to individuals. The charity ¢onsists of six fun(L%, half of whi¢h have not awarded any grants this year as they are building up incomL lo make larger grants in the new year. The Tyne Lind WLar F(>undalion Trust exists and operates for the public benefit. Through its grantmaking it works to help people iu need in the arca of Tyne & Wear and its immediate neighbourhood. Thc Truslee confwms that it has referred to the g7uidÈLe PToduLcd by Ihc Lharity Commission on public benefit whcn reviewing the Cliarity's ain]s and objectives and in plning future aLtivitlC'8 and grantsnaking and is Siltisficd thai its r¢quir¢m¢nts have been met. AehievemenL8 and performance During the financidl Ye endcd 31 March 2024 the Trust awarded £6,948 of new grants, as noted in Note 4 to the fmancial statements. Investment policy The trust deed provides power of investmeT]t and the asset8 of thc Trust are invested by the investment managers who at the year end were CCLA tollowingv a review dnd changL in managers early in the year. The Trustee appoiuts an IIivestment & Finance Committee made up of directors of Community roundation serving 'I'yne & Wear and Northumberland and other co-optees. The Investment & FindnLL Committee received inforniaiion from the InVestent manager on a quarterly basis and monitors their perforniance. Perfomiance infomiation for the year showed the fijnds increased by an estimated total return of12.1 % (net) which w&s ahcad of thc peer group benclunark. ARC Charity steady Growth.
Tyne and Wear Foundation Trust Trustee's report for the year ended 31 March 2023 (continued) Flnancial review The day to day running of the charity is Caled out by the Trustee. During the year the Trust made payments totalling £4,478 (2023: £4,045) to its Trustee for administration. During the t-mancial year the Trust had net income ot £94,918 (2023: £66,133 expenditure) after the addition of investment gains of £79,454 (2023: £60,276 losses). 'l-he Trust's total funds at 31 M(wch 2024 were £937,089 (2023.. £842,171). Plans for future periods The Trustee plans to continue to use available funds to provide gFrants for the benefit of the communAty in the area of 'l'yne & Wear and its itnmcdiate neighbourhood. Reserves policy Due to the nature of the trnsl fund it is the policy lo pay its income out in grdnts and therefore reserves are kept to a minimum. The 'lrust only awards grants from income acMally received, so although income will be reduced tn the coming yedr commitmenis have not been made beyond those that are covered by income. Risk management The Trnst¢e has examined the major strate&pic, business and operational risks which the Charity faces and confwms that systems have been cstdblished io enable rcgular reports to be produced so that the ne¢essary steps can be taken to managc these risks. Statement of the tru8tee's responsibilities The Trustee is respon%ible tor preparing the Trustee's Annual Report and the fancial 5tatemcnts in 1COrdance with applicable law and regulatTon5. The law appliLdble to charities in England and Wales requiTVi the Trustee to prLyare tillancial statements for each financial year. Under (hal law the Tntee has pr¢Ped the financial 81atements in accordance with United Kingdom Accounting Standards, comprising FR%, 102 "The Financial Reporting Standard applicable in the IJK and the Republic of Ircland" and appli¢abl¢ law (United Kingdom Cjenerally Accepted Accounling Practice). Under that law thc Trustee must not approve the financial statements unless it is satisficd that thLy giv¢ a true and fair view of the state of affairs of the charity and of the illLoming resources and application ot'resources of the charity t.ur that period. In preparing these fancial statements, the Trustec is required to.. select suitable accounting policies and then apply them consistently,. observe the method8 and principles in the C'harities SORP. make judgments and estimates that are reasonable and prudenL; state whether applicable UK Accounting Standards compri.sing FRS 102 have been followe(I subject to any material departures disclosed and explained in the fmancial statements. and prepare the fmancial statements on the gyoing concern basis unless it is inappropriate t() prcsume that the charity will continue in business. The Trustee is responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and disclose with reasoT]able accuracy at any titne the financial position ()f the charity and enable it to ensur¢ Lhdt tbe fmancial statements con)ply with th¢ Chdrities Act 201 I, Ibe Charity (Accounts and Reports) Regulations 2008 and thL provision of the trust deed. It is also respon,%ible for safeguarding lh¢ assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregullties.
Tyne and Wear Foundation Trust Trustee's report for the year ended 31 March 2024 (continued) Independent Examiners Azets Audit Services have indicated their willingness to continue in office and a resolution concerning their re- appointment as independent examiners of the charity will be proposed at the annual general meeting. Approved by the Trustee and signed on its behalf: Phil M iouse Chair and Dir¢ctor for Community Foundation serviDg Tyne & Wear and Northumberland Trustee 18 September 2024
Tyne and Wear Foundation Trust Independent Examiner's Report to the Member of Tyne and Wear Foundation Trust I report to the trstees on rny examination of the t-mancial statement ot the Tyne and Wear Foundation 'ft for the yvar ended 3 110312024. Responslbilities and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {"the Act"). I report in respect of my examinalion of tho Trust's accounts LarrTed out under section 145 of the 2011 Act aud in caTrying out my examination, I have followed all the applicable Direclions given by the Charity ComTni&sion under section 145(5)(b) octhe Act. Independent examiner's statement I have completed my examination. I confm that no material matters have come to my attention in connection with the exEuninaiion which gives me causL to belicvL ihat in, ¢my mdteridl resp¢ct.' the acLounting records were not kept An accordance with section 130 of the Charities ALt' or the accounts did not accord with the accounting records. or the accounts did not comply with the applicablc rcquirLmcnls conLLrning the forn] and content of accounl8 nut in IhL LhariliLS (ALci)unlS ¢ind Reports) Regpulations 2(K)8 other th1 any requirement that the accounts give a 'true and tair, view which is not a matter Considered as part ot indLT)cndcnl examination. I have no concerns and have corne across no other matters in Co[ectIon with the examination to which atten should be drawn in this report in order to enable a propcr undcrstanding of thc accounts to be reached. on Brow A ACA DLhA Azets Audil ServiLes BulmaT] House Regent Centre Newcastle upon Tyne NE3 3LS Date: oz Azets Audit Services is a trading name of Azets Audit Services Limited
Tyne and Wear Foundation Trust Statement of financial activities for the year ended 31 March 2024 Note Restricted Endowment nds funds Total 2024 Total 2023 Income and endowments from: Investment illcome 28,726 28,726 23,545 Total income and endoivments 28,726 28,726 23,545 Expenditure on: Investment management costs 1,790 1,790 5,567 Chariiablc aclivities I I,472 11,472 23,835 Total expenditure 11,472 1,790 13262 29.402 GaIn(lO$ses) on investment assets 79,454 79,454 (60.276) Nc¢ incomcl{¢xpenditure) 17,254 77.664 94,918 (66,133) Total tunds brought forwd Total funds carried forward 23,443 40,697 818,728 896,392 842,171 937,089 908,304 842,171 All of the above rcsulls are derived from continuing operations. All gains and Ios.8e8 which were incurred in the year and prior yeiif ¢ife illLludcd above. 'Ibe comparative figures for each are shown in thè notes to the accounts (note 2).
Tyne and Wear Foundation Trust Balance sheet as at 31 March 2024 Note 2024 2024 2023 2023 Fixed assets Endowment fund investm¢llts 896,392 785,233 Current assets Debtors 6,338 3,308 Cash at bank and in hand 37,914 54,630 Total Current asbets 44252 57,938 Creditors: anjounts falling due within one ear (3,555) (1,000) Net current assets 40,697 56,938 Total assets le$$ current liabilitle$ 937,089 842,171 The fundji of the charlty: Endowment funds 896,392 818,728 Rc.stricted incorne lld8 io 40,697 23,443 Total charity funds 937,089 842.171 I'he fInCIal statements on pages 6 to 14 were approved by the Trustee on 18 SeptcmbLr 2024 and were signcd on its behalf by-, Paul farquhdr Treasurcr and Director of Community Foundation serving Tyne & Wear and Northumberland Trustee
Tyne and Wear Foundation Trust Notes to the financRal statements for the year ended 31 March 2024 Accounting polices Basis of preparation The finaDcial statements have been prepared on a going conc¢rn basi5 under the historical cost convention as odified by the revaluation of listed investments. The f]nancial statements have been Prepared in accordance with Accounting and Reporting by Charities.. Statement of RecommLnded Practice applicable to cbarities preparillg their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)- (Charities SORP (FRS 102)), the Financial Keporting Standard applicable in the UK and Republic of Ireland (FRS I02) and the Charities Act 2011. Tyne and Wear Foundation Trust meets the defmition of a public benefit entity under FRS 102. The Trustee considers that there are no material uncLrtainlies about the Charity's ability to continue &s a going concern. b) Cash flow 'I'he 'l'rust is a small entity and, as such, it has taken advantagc of the exemption frorn preparing a cash flow sLaiL'mcnl undcr ihe terms of Section 7 Financial Reportingp SLmdard l 02. InvestmenL4 Lnvesttnents are stated at market value at the year end and any &Fain or luss on invc81ments is tsken to thc Statement of Financial ALtivilics. d) Resourccs expended Liabilitles are recognised as resources expended as soon as there 15 a legal or consttvctive obligation committing the charity to the expenditure. Grdnl L(ImmiiThcnts are accounted for on an a¢¢ruals basis, once approved by the 'l'rustee. Charitable activitie$ Costs ot charitable activities includc grants made and the administration costs &5sociated with Erant-making. Governance cost Governance costs of the Trust have dll bcLn covered by its Trustee. Investment inc<)me Investment income is accountLd for on an accruals basis. h) Fund accounting Funds held by the Trust aTe: Restricted funds: these are funds that Can only be used for a specific purpose. Endowment fun(L%: thcsc are p¢nnaneiit funds that are invested and the income is credited to the restricted tsnd. Debtors Dividends and interest receivable are stated at the amount due to be received.
Tyne and Wear Foundation Trust Notes to the financial statements for the year ended 31 March 2024 (continued) Accounting polices (continued) i) Cash at bank and in hand Cash at bank and in hand includes cash and short terni bighly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of thc deposit or similar account. k) Creditors and provisions Creditors and provisions are recognised where the ¢hariry has a present obligation resulting from a p&st event thal will probably result in the transfer of funds to a third party and the amount due Lo Settle the obli&iation can be measured or esliTnated reliably. Ibis includes gmts payable when the offer is approved and conveyed to the recipienl. Creditors and provision8 ¢ire nornially recognised at their settleTnvnt amount. i) Judgements and key sources of estimatloll UllL'ertainty The preparation of the financial staternents Tequires manag7ement to makc judgements, estimates and assumptions that affect the arnounts reported. 'I'h¢se estimates and judgements are continually reviewed and are based on experience and other tactors, including expectations of future everAts that are tK'lieved to be rcasonable under thc circumstances. There are no such judgements within the tinancial statements. Statement of Financial Activities prior year fund comparatives Restricted Inds F.ndowment funds Total 2023 Income and endowments from: Investment income 23,545 23 J45 Total income and eudowments 23,545 F.xpenditure on: Investment management costs 5,567 5,567 Charitable activities 23,835 23,835 Total expcDditure Losses on inves17nent assets 23,835 5,567 (60,276) 29,402 (60,276) Net ¢xp¢nditure (290) (65,843) (66,133) Total funds bn)u¥bt forward Total funds carrted forward 23,733 23,443 884,571 818,728 908,304 842,171
Tyne and Wear Foundation Trust Notes to the fancial statements for the year ended 31 March 2024 (eontinued) 3 Investment income 2024 2023 Dividends and intercst from endowment nd invesl]nents 28,726 23,545 4 Charitable activities The Tync and Wcar Troundation Trust undertakes its charilable activities through grantmaking. 2024 2023 Grants payable Dircct costs 6,948 19,705 4,524 4,130 11,472 23,835 Grants were <iwardcd in the year to other charities, voluntary organisations and individuals as follows.. 2024 2024 Number 2023 2023 Number Grants approved for payment: Othcr chariLies & voluntary organisations 4,648 16,000 Individuals 2,300 3,705 Total grant expenditure 6,948 19,705 A 11 listing ofgrant5 awarded in the fanCIal year can be found on the parent charity website: www.communityfoundation.oig.uk. The independLnl Lxamination fees are paid by the parent charitable company and are included in the consolidated accounts. The Trust did not eTnploy any staff during the year (2023: none), and therefore has not inCUTTed any staff costs (2023: £nil). 10
Tyne and Wear Foundation Trust Notes to the financial statements for the year ended 31 March 2024(continued) 5 Investments Endowment fund finvestments Listed investments Market value at l April 2023 Additions 785233 817,332 Disposal.g (785.627) Realised losses on disposal Unrealised losses on revaluation (444) 79,898 Market value at 31 March 2024 896J92 Cost At 31 March 2024 817,509 Cost at 31 March 2023 729,340 Listed invcsmients are summari.sLd as tollows... 2024 Market Value 2023 Market Value UK fixed Interest 67,543 UK EquTties 170,113 Overseas Equities Other 399.500 148,077 Collective Investment Schemes 896,392 896J92 785,233
Tyne and Wear Foundation Trust Notes to the financial statements for the year ended 31 March 2024 (continued) Debtors 2024 2023 Dividends and inlcrcst receivable 6?38 3,308 Creditors: amounts falling due within one year 2024 2023 Grants payable 3,555 1,000 8 Taxation As a registered charity the Trust is nol liable to IJK Income Tax, Corporation Tax, and Capital Gains Tax Inng &8 Ihc income it receives is applied tor charitablL purposes. 'lThere is therefore no tax ch¢irge in the tinancial statemcnts. 9 Endowment funds The permanent endowment fund derivcs from the transfer of the William Bird Benevolent tr'und, Abkn)i Memorial fund, Frederick Milburn Charitable Trust, Lady Noble Memorial Trusl Georgc Cringle Scholarship Fund and Rose Joicey Fund, the income of which is applied to the restricted funds. 12
Tyne and Wear Foundation Trust Notes to the financial statements for the year ended 31 March 2024 (continued) 10 Restricted income funds Details of restricted funds within 'l'yne and Wear Foundation Trust are detailed below. Restri¢ted fuDds At l April 2023 At 31 Mareh 2024 tncome Grants Oth¢r Abbot Memorial 8034 12.238 1,954 18,618 William Bird Benevvlent 1,091 702 109 1,684 George Cringle Scholarship 7,509 3,753 2,300 585 8,377 Fredcrick Milburn Charitable Trust 797 6,254 3,555 975 2,521 l.ady Noble Memorial Trust 572 835 1,093 130 184 Rose Joicey 5,140 4,944 771 9,313 Total rLstricted funds 23,443 28,726 6,948 4,524 411,697 I l Analysis of net assets between funds Restricted Endowment funds funds 21124 Total Investments 896,392 896J92 Current asscts 44,252 44352 (3A55) Current liabilities (3,555) Total net assets 40,697 896.392 937,089 13
Tyne and Wear Foundation Trust Notes to the financial statements for the year ended 31 March 2024 (continued) 12 Transactions with the Trustee and Related Parties During the year the Trust madc payments totalling £4,478 (2023: £4,045) to its Tntre for administration and £1,093 in donations (2023: nil) to restricted flds. 13 Ultimate controlling party The ultimate parent undertaking and controlling party is C()rnTnunily Foundation serving Tyne & Wear and Northumberland, a company incorporated in England whose company numbcr is 02273708. The consolidaled rinancial statcmenls of Cornmunity Foundation serving Tyne & we and Northumbcrland can be obtained from Philanthropy HousL', Woodbine Koa4 Newcastle upon Tyne, NE3 IDD. Community Foundation serving Tyne & Wear and Northumberland is the smallest and the largest group to consolidate the organisation's financial rL'suIts. 14