THE TUIXEN FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Registered Charity Number: 1081124
THE TUIXEN FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
| CONTENTS | Pages |
|---|---|
| Legal and administrative information | 1 |
| ��������������� | 2 � 3 |
| �������������������������� | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 � 16 |
THE TUIXEN FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Governing Instrument | The Trust was created by a deed dated 5 April 2000 |
|---|---|
| Trustees | P Clements |
| P D Englander | |
| L A Kroll | |
| S M Rosefield | |
| S J Englander | |
| W D Englander (appointed 3 July 2021) | |
| Principal Office | c/o Coutts & Co. |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Auditors | Haysmacintyre LLP |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG | |
| Solicitors | Bryan Cave Leighton Paisner |
| Adelaide House | |
| London Bridge | |
| London | |
| EC4R 9HA | |
| Investment Advisors and bankers | Coutts & Co. |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Charity Registration Number | 1081124 |
1
THE TUIXEN FOUNDATION
TRUSTEES REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report and audited financial statements for the year ended 5 April 2021. These have been prepared under the provisions of the ����������������������������������������������������������������������������������� effective from January 2019. The financial statements comply with all other statutory requirements and the requirements of ���������������������������������
Reference and administrative details of the Trust, its Trustees and advisors
The charity number, present Trustees and advisors are given on page 1.
The Trustees who held office throughout the year, unless otherwise stated, were as follows:
P Clements P D Englander L A Kroll S M Rosefield S J Englander W D Englander (appointed 3 July 2021)
Structure, governance and management
The Trust was created by a deed dated 5 April 2000.
The Trust is administered by the Trustees. A Trustee may be appointed or discharged by a resolution of a meeting of Trustees.
The Trustees meet periodically to consider reports from their investment advisers and proposals for distributions to beneficiaries.
The Trustees are considered to be the key management personnel of the charity and are not remunerated for their role.
Risk management statement
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable these risks to be managed. The major risk affecting the charity is that of a fall in the value of its investments, a risk that has been highlighted as a result of the Covid-19 pandemic and the resulting volatility in the stock market. This risk is managed by the Trustees through regular monitoring of its investments for any potential impact upon the valuation.
Public benefit
The Trustees have referred to the gu������������������������������������������������������������������������benefit when reviewing our aims and objectives and in planning future activities. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.
Objectives and activities
������������������������������������������������������������������������������������������� to such charitable purposes, charitable institutions or foundations as the Trustees shall select.
The Trust is a grant making charity which derives the bulk of its income from investments.
Grant making policy
�������������������������������������������ke grants to individuals but to make grants to registered charities, or to hospitals and schools and similar charitable institutions.
Activities and charitable donations
In the year to 5 April 2021, £924,500 (2020: £958,940) has been donated by the Trust by way of direct grants to operational charities. Donations are listed in note 5 of the financial statements.
Investment policy
�������������������������������������������������������������������������������������������������
2
THE TUIXEP4 FOUNDATION TRUSTEES REPORT (cotived} FOR I'HE YEAR LP4DLD5 APKIL20ZI Athievements and perforniaDce The Ttustees consid¢r the TnLSt ¢ontinued to a¢hreY¢ its objtttjvts aid has Maintain a ¢onsis¢¢ni l¢v¢l of donations reported aboi'¢. The TrSteeS are satisfjed iiith the perf0mbce of the TrusL inanciai tyview The siatemLmt of fanCIal actii'lties sho5 a nei incrwe in funds of £14:427 1)30 12020.. £5.448.(X)81 aft¢r donalions. The ba[ce sheet show5 an In¢rea5e in the rd5 ai'ailable to £63:449.46512020.. £49.021.5351. Th¢ Inci&e in fund5 15 pnmarily the resuii of unreajized and reaiizd gwns of £15:031.969 incurred on the Tr1 s investments. The ialue of the Trusl's investments at the timeof gpwoval of th¢ financi 5t#teiEJaJts of £60m. Reserveswlicy TheTrnstees are satisfiedthat the current level of uJre5tiicted funds 1$ nKJre than sufficientto meet day lo dav needs 2nd likely commitments. The Tnte&S consider that its inestrnents are held fcr the longer tenn in order to provide income from which granis H'ill be a'arded. Fundraisittg The Foundation not Tnade any fundraising appeals to thegajerai wblic during thevearand i5 unlikely to do so in the fiJtUTe. There ha5 bBeTL no outsourced fwJdtai5ing i'la P[of510nal fundrai%15 or other third partie5 and as a result the Foundation Js not regISted with the fwjdraising i¢gthaioi aTKI E¢eii"ed no fundrn"stDg corywlaints in the l'ear. Plan5 for future periods Th¢ Trustees intend the Trust to continue to pursueits dwitrble objea& continue its inve5trnentstrategy ld distribute income generaied in the forni ofgr3nis io ch3rities. Ststement of tr115tees' respO$bIlItieS The Tntstees are responsible for preparing the Trees. Repon and the finan¢iai siaimts in a¢¢ordance with applacablt law and United Kingdom Accounting Standards lulut Kingdom ceIl Accepied AccoLmiin8 Praeuce). The laiv applicable to chan"tie5 in England and Wale5 requires the TnJsiee5 to prepare fInCIal sLern for &2ch fin2ncial }'e3r i¥hich gil'e a trne and fair iieii. of the siaie of affairs of the clwits" and of the in¢oming resources artd applithiiioo OF resources ofihe charits. for that period. In prepwing these f]nanci StateMts, rhe Trusiees are reqwrd to.. select suitable accowiting p)lIci aT appli- theTll consi5taJth.. obsen'c the tnethi¥15 arml pnDciples in the Chan"bes SORP; make judgments ¢stimale5 that are reaS(ab]e and prlent. State whether applicable accountsng 5tandar& have been followed subjea to atw malerial departures disdos¢d and explained in the finaThcial Slatemts; prepare the flnancial 5talements on a Boing concern 1$ lesS li is inappropriale to e that the tharity" will continue in bu8ine5S. The Trustees are responsible for keepÉng pmper aceouming records Mthich disclose Mith r&tSOn2ble at time th¢ rinaneiai po8itEOn of the chants. and enable them to etLsure that the financial SL21ements compl%. Mith the Charities Aci 2011. The Charty' (Accounts and Reports) Re8u]l mld the pr"is1Ons of th¢ Tn]si ded. Thtr. are a]$0 responsible for safeguarding the &%seÈs of the charity and hence for tskiltg reasonable steps for the prei"thiion and deLeetion of fraud and other irregulafilles. Thi$ report was approyut the TnLsiees on 11 2021 and on their brhalf. Payl Clem¢nts Trustee
������������������������������������������������
THE TUIXEN FOUNDATION
Opinion
We have audited the financial statements of The Tuixen Foundation for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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������������������������������������������������������������������������������2021 ����������������������������������������������� the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) �����������������������������������������������������������������������������������������������������������������������������ities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements ������������������������������������������������������������������������������������������������������������and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing th����������������������������������������������������������������������������������������������������������������� preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises t����������������������������������������� Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the charity; or
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sufficient accounting records have not been kept; or
-
the charity financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees for the financial statements
����������������������������������������������������������������������������on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control
4
������������������������������������������������
THE TUIXEN FOUNDATION (continued)
as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In �����������������������������������������������������������������������������������������������������������������������������oncern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
��������������������������������������������������������������������
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material ����������������������������������������������������������������������������������������������������������������������������� is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011 and the Charities SORP.
���������������������������������������d opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals entries and management bias in certain accounting estimates and judgements such as valuation of the unlisted investments. Audit procedures performed by the engagement team included:
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Inspecting correspondence with regulators and tax authorities;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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��������������������������������������������������������������������������������
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Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
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Challenging assumptions and judgements made by management in their critical accounting estimates including valuation of the unlisted investments.
A further description of our responsibilities for the audit of ������������������������������������������������������������������������� website at: www.frc.org.uk/auditorsresponsibilities. This �����������������������������������������������
Use of our report
����������������������������������������������������������������������������������������������������������������������������� regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilit������������������������������������������������������������������������rk, for this report, or for the opinions we have formed.
Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG
Date: 13 December 2021
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
5
THE TUIXEN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
| Expendable | Total | Total | |||
|---|---|---|---|---|---|
| General | Endowment | 2021 | 2020 | ||
| Notes | £ | £ | £ | £ | |
| Income and endowments from | |||||
| Investments | 3 | 654,424 | - | 654,424 | 792,871 |
| ------------------- | ------------------ | -------------------- | -------------------- | ||
| Total income | 654,424 | - | 654,424 | 792,871 | |
| ------------------- | ----------------- | -------------------- | -------------------- | ||
| Expenditure on | |||||
| Raising funds | |||||
| Investment management costs | 3 | - | (262,958) | (262,958) | (256,825) |
| Charitable expenditure | |||||
| Donations | 5 | (924,500) | - | (924,500) | (958,940) |
| Charitable activity | |||||
| Other costs | 4 | (71,005) | - | (71,005) | (66,086) |
| ------------------- | ------------------- | -------------------- | -------------------- | ||
| Total expenditure | (995,505) | (262,958) | (1,258,463) | £1,281,851) | |
| ------------------- | ------------------- | -------------------- | -------------------- | ||
| Net income / (expenditure) for the | |||||
| year before revaluations of | (341,081) | (262,958) | (604,039) | (488,980) | |
| investments | |||||
| Unrealised gains/(losses) | 6/7 | - | 9,340,187 | 9,340,187 | (5,284,395) |
| Realised gains | 6/7 | - | 5,691,782 | 5,691,782 | 325,367 |
| ------------------- | ------------------ | -------------------- | -------------------- | ||
| Net income/(expenditure) before | (341,081) | 14,769,011 | 14,427,930 | (5,448,008) | |
| transfers | |||||
| Transfer between funds | 341,081 | (341,081) | - | - | |
| ------------------ | --------------------- | -------------------- | -------------------- | ||
| Net movement in funds | - | 14,427,930 | 14,427,930 | (5,448,008) | |
| Fund balances brought forward | 1,061 | 49,020,474 | 49,021,535 | 54,469,543 | |
| ------------------ | ------------------------- | --------------------- | --------------------- | ||
| Fund balances carried forward | 1,061 | 63,448,404 | 63,449,465 | 49,021,535 | |
| ========= | ============ | ========== | =========== |
All amounts relate to continuing activities.
There were no recognised gains and losses other than those stated above.
A comparative statement of financial activities is provided in note 15 on page 15.
The notes on pages 9 to 16 form part of these financial statements.
6
THE TUIXEN FOUNDATION ALANCE SHErr ASAT SAPRIL 1021 2020 VLXED ASSETS List invesimtth¢s Unlisied invesiTnt 60JJ4,02Q 0,0 5286 43.351.645 175.OL 5279 (&NJ9.3( 43531.924 CIIRRENT ASSETS DelMQ CASI * bAnk ond 10. 21452 5.536.761 1915 5J$9213 CREDITOIISZ fAllln£ dts• ithitt on• year (75,3 {69.(th> NETCURRENT ASSETS 1841159 J.489.611 NET ASSETS 63,449.46J 49.021,535 R•prn¢nthd by: Unrtstiitltd funds EXdb]e d0ent Fwd a¢n¢r•J fwd io 10 fa,448,404 49,020.474 1.061 NET AssErs 63.449.463 49,021.533 Th• finan¢iaf statements wre approv•l iy theTnote¥ their beh(bY.. ror issu¢r)n. P&trQ021 whd M*r• signed ort Paul cl¢M Tnwe¢ Ptr EnBlander Tnt P qknAILv Th¢ nota p4es 9 10 16 f(rfm part the5¢ rittanc1
THE TUIXEN FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Cash flows from operating activities | (1,244,326) | (1,261,035) | ||
| Cash flows from investing activities | ||||
| Dividends and interests from investments | 654,424 | 792,871 | ||
| Purchase of investments | (35,857,306) | (24,248,625) | ||
| Proceeds from sale of investments | 33,815,590 | 26,590,000 | ||
| ----------------------- | ----------------------- | |||
| Net cash used in investing activities | (1,387,292) | 3,134,246 | ||
| ---------------------- | ---------------------- | |||
| Change in cash and cash equivalents in the reporting period | (2,631,618) | 1,873,311 | ||
| Cash and cash equivalents at the beginning of the reporting period | 5,536,761 | 3,663,550 | ||
| ---------------------- | ---------------------- | |||
| Cash and cash equivalents at the end of the reporting period | 2,905,143 | 5,536,761 | ||
| =========== | ============ | |||
| NOTES TO THE CASH FLOW STATEMENT | 2021 | 2020 | ||
| £ | £ | |||
| Reconciliation of net income to net cash flow from operating activities | ||||
| Net income for the reporting period | 14,427,930 | (5,448,008) | ||
| Net gains on investments | (15,114,507) | 4,961,344 | ||
| Impairments | 75,000 | - | ||
| Decrease in debtors | 12,049 | 2,033 | ||
| Increase in creditors | 5,785 | 5,681 | ||
| Dividends and interest | (654,424) | (792,871) | ||
| Non cash investment management fees | 3,841 | 10,786 | ||
| ---------------------- | ---------------------- | |||
| Net cash used in operating activities | (1,244,326) | (1,261,035) | ||
| =========== | =========== | |||
| Analysis of cash and cash equivalents | ||||
| Cash at bank and in hand | 1,781,468 | 2,899,217 | ||
| Cash held in Investments | 1,123,675 | 2,637,544 | ||
| --------------------- | --------------------- | |||
| 2,905,143 | 5,536,761 | |||
| =========== | =========== | |||
| Analysis of changes in net debt | At the start | Cash-flow | Other | At end of |
| of the year | movements | year | ||
| £ | £ | £ | £ | |
| Cash | 5,536,761 | (2,631,618) | - | 2,905,143 |
| --------------------- | --------------------- | --------------------- | --------------------- | |
| Total | 5,536,761 | (2,631,618) | - | 2,905,143 |
| =========== | =========== | =========== | =========== |
8
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
1. GENERAL INFORMAION
The Tuixen Foundation is a charity registered with the Charity Commission for England and Wales. Its registered charity number is 1081124 and its principal office is 440 Strand, London, WC2R 0QS.
2. ACCOUNTING POLICIES
Basis of accounting
The accounts have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
Going concern
�����������������������������������������������������������������������������������������ility to continue as a going concern. ��������������������������������������������������������������������recast income and expenditure for the next twelve months, and the potential impact of Covid-19 and are satisfied that the Trust has a sufficient level of reserves that this will not impact its status as a going concern.
Accounting Convention
The financial statements are prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Expendable Endowment Funds
���������������������������������������������������������������ents, both realised and unrealised.
Fixed Asset Investments
Fixed asset investments are carried out at market value at the year end. Realised and unrealised gains and losses are shown in the Statement of Financial Activities separately as gains/losses on disposals of investment assets and arising on revaluations.
Income from Investments
Income from investments is included, together with the related tax credit, in the income and expenditure account on the accruals basis.
Deposit and Loan Interest
Interest is included in the income and expenditure account on a receivable basis.
Financial Instruments
Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities are measured at the present value of the obligation.
Expenditure
All expenditure is accounted for on an accruals basis and is allocated to the appropriate heading in the accounts.
Cost of generating funds comprise the investment managers� fees and the cost of advice relating to investment management.
Charitable activities comprise grants which are provided for when they are approved by the Trustees and communicated to the recipient. Governance costs comprise the costs of compliance with constitutional and statutory requirements such as audit fees.
9
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
Critical estimates and judgments
The trustees considers that the valuation of social investments is a key estimate. The Trustees consider the valuation and recoverability of its social investments annually and any impairment required.
| 3. | INCOME FROM INVESTMENTS | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Investment income - dividends and interest | |||
| Dividends | 625,290 | 777,285 | |
| Bank and other interest | 29,134 | 15,585 | |
| ------------------- | ------------------- | ||
| 654,424 | 792,871 | ||
| Investment management costs | (262,958) | (256,825) | |
| ------------------- | ------------------- | ||
| 391,466 | 536,046 | ||
| ========= | ========= | ||
| 4. | OTHER COSTS | 2021 | 2020 |
| £ | £ | ||
| Audit & accountancy | 9,420 | 8,760 | |
| Administration & secretarial | 56,546 | 55,670 | |
| Bank charges | 2,039 | 1,956 | |
| Consultancy | 3,000 | - | |
| ---------------- | ---------------- | ||
| 71,005 | 66,086 | ||
| ======== | ======== | ||
| 5. | DONATIONS - EXPENDITURE | 2021 | 2020 |
| £ | £ | ||
| 1625 Independent People | 30,000 | 30,000 | |
| Ascension Eagles | 30,000 | 30,000 | |
| Bristol University | 20,000 | 20,000 | |
| British Library | 10,000 | 10,940 | |
| Camp & Trek | 10,000 | 10,000 | |
| Chance UK | 30,000 | 30,000 | |
| CHICKS | - | 10,000 | |
| City United | 30,000 | 30,000 | |
| CLIC Sargent | - | 500 | |
| Company Three | 22,000 | 22,000 | |
| Disasters Emergency Committee | - | 10,000 | |
| Duchenne UK | - | 1,000 | |
| Fight for Peace | 40,000 | 40,000 | |
| Greenhouse | 30,000 | 30,000 | |
| Impetus Trust | 100,000 | 100,000 | |
| Into University | 50,000 | 50,000 | |
| Jewish Council for Racial Equality | 7,500 | 10,000 | |
| Jewish Care | 25,000 | 25,000 | |
| Kennedy Memorial Trust | 25,000 | 25,000 | |
| Kids Inspire | 50,000 | 30,000 | |
| Leap Confronting Conflict | 50,000 | 50,000 | |
| Learn to Love to Read | 7,500 | 7,500 | |
| MIT | 17,500 | 17,500 |
10
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
| 5. | DONATIONS - EXPENDITURE (continued) | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Royal National Theatre | 20,000 | 10,000 | |
| New Philanthropy Capital | 30,000 | 30,000 | |
| Power 2 | - | 30,000 | |
| Refugee Council | 10,000 | 10,000 | |
| Resurgo | 50,000 | 50,000 | |
| Richard House Hospice | 30,000 | 30,000 | |
| Save The Elephants | 10,000 | 10,000 | |
| Shannon Trust | 30,000 | 30,000 | |
| Shine Cancer Support | - | 500 | |
| Storybook Dads | 10,000 | 10,000 | |
| Thrive | 30,000 | 30,000 | |
| Transforming Lives for Good (TLG) Ltd | 50,000 | 50,000 | |
| University College London | - | 9,000 | |
| WAC Arts | 20,000 | 20,000 | |
| ������������� | 50,000 | 50,000 | |
| ---------------- | ---------------- | ||
| 924,500 | 958,940 | ||
| ======== | ======== | ||
| 6. | LISTED INVESTMENTS | 2021 | 2020 |
| £ | £ | ||
| Movements on listed investments were: | |||
| Market value at 6 April 2020 | 43,351,645 | 50,665,182 | |
| Additions at cost | 35,707,307 | 24,248,625 | |
| Proceeds of sale at market value | (33,815,590) | (26,590,000) | |
| Management fees paid direct from investments | (3,841) | (10,786) | |
| Net realised gains/(losses) on disposals | 5,691,782 | 325,367 | |
| Unrealised gains/(losses) on revaluations | 9,422,717 | (5,286,743) | |
| --------------------- | --------------------- | ||
| Market value at 5 April 2021 | 60,354,020 | 43,351,645 | |
| =========== | =========== | ||
| Historical cost at 5 April 2021 | 50,395,981 | 45,152,682 | |
| =========== | =========== | ||
| Made up as follows: | |||
| Listed UK equities and unit trusts | 5,405,937 | 3,759,574 | |
| Listed overseas equities and unit trusts | 39,917,298 | 27,032,531 | |
| Listed bonds and high yield | 10,049,591 | 10,106,744 | |
| Listed commodities | 343,480 | 338,823 | |
| Alternative investments / property / thematic funds | 4,637,714 | 2,113,973 | |
| --------------------- | --------------------- | ||
| 60,354,020 | 43,351,645 | ||
| =========== | =========== |
11
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
| 7. | UNLISTED INVESTMENTS | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Movements on unlisted investments were: | |||
| Market value at 6 April 2020 | 175,000 | 175,000 | |
| Additions | 150,000 | - | |
| Proceeds of Sales | - | - | |
| Realised gains/(losses) | - | - | |
| Unrealised gains | - | 175,000 | |
| Impairment of investments | (75,000) | - | |
| ---------------- | ---------------- | ||
| Market value at 5 April 2021 | 250,000 | 175,000 | |
| ======= | ======= | ||
| Historical cost at 5 April 2021 | 350,000 | 200,000 | |
| ======= | ======= | ||
| Consisting of: | |||
| Social Investments | 250,000 | 175,000 | |
| --------------- | --------------- | ||
| 250,000 | 175,000 | ||
| ======= | ========= |
The social investments held at year end relate to amounts provided to charitable organisations, Glasgow Together, Bristol Together and the Thera Trust���������������������������������������������������������������������������objects. These investments generate interest at a rate of 4%, 5% and 5.5% respectively per annum, and are recognised at cost less any accumulated impairment.
| 8. | DEBTORS | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Prepayments | 8,457 | 1,226 | |
| Accrued interest | 1,946 | 21,226 | |
| --------------- | --------------- | ||
| 10,403 | 22,452 | ||
| ======= | ======= | ||
| 9. | CREDITORS: amounts falling due within one year | 2021 | 2020 |
| £ | £ | ||
| Accruals | 75,387 | 69,602 | |
| ======== | ======== |
12
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
| 10. | MOVEMENTS IN FUNDS | MOVEMENTS IN FUNDS | |||||
|---|---|---|---|---|---|---|---|
| Realised / | Total | ||||||
| At | unrealised | 5 April | |||||
| 6 April 2020 | Income | Expenditure | gains | Transfers | 2021 | ||
| £ | £ | £ | £ | £ | £ | ||
| General fund | 1,061 | 654,424 | (995,505) | - | 341,081 | 1,061 | |
| Endowment fund | 49,020,474 | - | (262,958) | 15,031,969 | (341,081) | 63,448,404 | |
| ---------------------- | -------------------- | --------------------- | --------------------- | ------------------- | ---------------------- | ||
| 49,021,535 | 654,424 | (1,258,463) | 15,031,969 | - | 63,449,465 | ||
| =========== | ========== | =========== | ========== | ========= | =========== | ||
| 11. | ANALYSIS OF NET ASSETS | Expendable | Total | ||||
| General | endowment | 5 April | |||||
| Fund | Fund | 2021 | |||||
| £ | £ | £ | |||||
| Investments | - | 60,609,306 | 60,609,306 | ||||
| Net current assets | 1,061 | 2,839,098 | 2,840,159 | ||||
| ---------------- | ----------------------- | ------------------------ | |||||
| 1,061 | 63,448,404 | 63,449,465 | |||||
| ======== | =========== | =========== | |||||
| 12. | FINANCIAL INSTRUMENTS | 2021 | 2020 | ||||
| £ | £ | ||||||
| Financial Assets | |||||||
| Financial assets measured at fair value through profit | or loss | 60,359,307 | 43,356,923 | ||||
| Financial assets measured at cost less impairment | 250,000 | 175,000 | |||||
| Financial assets measured at amortised cost | 2,913,600 | 5,559,214 | |||||
| ----------------------- | ----------------------- | ||||||
| 63,522,907 | 49,091,137 | ||||||
| =========== | =========== | ||||||
| Financial Liabilities | |||||||
| Financial liabilities measured at amortised cost | 75,387 | 69,602 | |||||
| ----------------------- | ----------------------- | ||||||
| 75,387 | 69,602 | ||||||
| =========== | =========== |
Financial assets measured at fair value through profit or loss comprise listed investments, and other investments whose fair value can otherwise be measured reliably. Financial assets measured at cost less impairment comprise investments whose fair value cannot be measured reliably. Financial assets measured at amortised cost comprise cash and accrued income.
Financial liabilities measured at amortised costs comprise accruals.
13
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
13. RELATED PARTY TRANSACTIONS
The Trustees of the Charity received no remuneration nor any reimbursed expenses in the current and preceding years. �������������������������������������������������������������������������������������������������������d. In 2021 the Tuixen Foundation paid grants of £25,000 (2020: £25,000) to the Kennedy Memorial Fund. In the prior year one of ����������������������s Trustees, Stephen Rosefield, was a Trustee of the Jewish Council for Racial Equality. In the prior year the Tuixen Foundation paid a grant of £10,000 to the Jewish Council for Racial Equality. There were no other related parties in the year or in the prior year.
14. COMMITMENTS
In addition to the grants included in expenditure during the year, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised to the end of 2021 but not accrued as expenditure at the year-end was £955,500 (2020: £879,500).
14
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
15. 2020 STATEMENT OF FINANCIAL ACTIVITIES
| Expendable | Total | |||
|---|---|---|---|---|
| General | Endowment | 2020 | ||
| Notes | £ | £ | £ | |
| Income and endowments from | ||||
| Investments | 3 | 792,871 | - | 792,871 |
| Other capital receipts | 7 | - | - | - |
| ------------------- | ------------------ | -------------------- | ||
| Total income | 792,871 | - | 792,871 | |
| ------------------- | ----------------- | -------------------- | ||
| Expenditure on | ||||
| Raising funds | ||||
| Investment management costs | 3 | - | (256,825) | (256,825) |
| Charitable expenditure | ||||
| Donations | 5 | (958,940) | - | (958,940) |
| Charitable activity | ||||
| Other costs | 4 | (66,086) | - | (66,086) |
| ------------------- | ------------------- | -------------------- | ||
| Total expenditure | (1,025,026) | (256,825) | (1,281,851) | |
| ------------------- | ------------------- | -------------------- | ||
| Net income / (expenditure) for the | ||||
| year before revaluations of | (232,155) | (256,825) | (488,980) | |
| investments | ||||
| Unrealised gains | 6, 7 | - | (5,284,395) | (5,284,395) |
| Realised losses | 6, 7 | - | 325,367 | 325,367 |
| ------------------- | ------------------ | -------------------- | ||
| Net income/(expenditure) before | (232,155) | (5,215,853) | (5,448,008) | |
| transfers | ||||
| Transfer between funds | 232,155 | (232,155) | - | |
| ------------------ | --------------------- | -------------------- | ||
| Net movement in funds | - | (5,448,008) | (5,448,008) | |
| Fund balances brought forward | 1,061 | 54,468,482 | 54,469,543 | |
| ------------------ | ------------------------- | --------------------- | ||
| Fund balances carried forward | 1,061 | 49,020,474 | 49,021,535 | |
| ========= | ============ | =========== |
15
THE TUIXEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 5 APRIL 2021
16. 2020 MOVEMENTS IN FUNDS
| Realised / | Total | ||||||
|---|---|---|---|---|---|---|---|
| At | unrealised | 5 April | |||||
| 6 April 2019 | Income | Expenditure | gains/(losses) | Transfers | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| General fund | 1,061 | 792,871 | (1,025,026) | - | 232,155 | 1,061 | |
| Endowment fund | 54,468,482 | - | (256,825) | (4,959,028) | (232,155) | 49,020,474 | |
| ---------------------- | -------------------- | --------------------- | --------------------- | ------------------- | ---------------------- | ||
| 54,469,543 | 792,871 | (1,281,851) | (4,959,028) | - | 49,021,535 | ||
| =========== | ========== | =========== | ========== | ========= | =========== | ||
| 17. | 2020 ANALYSIS | OF NET ASSETS | Expendable | Total | |||
| General | endowment | 5 April | |||||
| Fund | Fund | 2020 | |||||
| £ | £ | £ | |||||
| Investments | - | 43,531,924 | 43,531,924 | ||||
| Net current assets | 1,061 | 5,488,550 | 5,489,611 | ||||
| ---------------- | ----------------------- | ------------------------ | |||||
| 1,061 | 49,020,474 | 49,021,535 | |||||
| ======== | =========== | =========== |
16