The Tanlaw Foundation Charity registration no. 1094181
Trustees' report and accounts
For the year ended 31 October 2021
The Tanlaw Foundation
Legal and administrative information
| Settlors | The Right Honourable the Lord Tanlaw |
|---|---|
| The Right Honourable the Lady Tanlaw | |
| Trustees | The Right Honourable the Lord Tanlaw |
| The Right Honourable the Lady Tanlaw | |
| The Hon Asia Brooke Trotter | |
| The Hon Brooke Brooke Mackay | |
| Date of settlement | 10 July 1996 |
| Charity number | 1094181 |
| Principal address | 8 Finsbury Circus |
| London | |
| EC2M 7AZ | |
| Accountants | Evelyn Partners LLP |
| 45 Gresham Street | |
| London | |
| EC2V 7BG | |
| Independent examiners | Holden Granat LLP |
| Springfield House | |
| 23 Oatlands Drive | |
| Weybridge | |
| Surrey | |
| KT13 9LZ | |
| Investment advisors and banker | Rathbone Investment Management Ltd |
| 8 Finsbury Circus | |
| London | |
| EC2M 7AZ |
The Tanlaw Foundation
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of trustees' responsibilities | 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 14 |
The Tanlaw Foundation
Trustees' report for the year ended 31 October 2021
The trustees have pleasure in presenting their report and accounts for the year ended 31 October 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the attached accounts and the recommendations of the 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).
Activities, specific objects and relevant policies
Objects and activities
The Trust Deed was varied on 11 September 2002 to include the following objectives:
The trustees shall hold the capital and income of the Foundation upon trust and apply the income and all or such parts of the capital to charitable purposes and in particular, but not limited to, the provision of grants to support individuals or registered charities for people with learning difficulties or other special needs in the United Kingdom.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and, when reviewing the Foundation's aims and objectives, managing the Foundation's assets and considering any applications for financial assistance.
Investment policy
The trustees currently hold the Foundation's funds at Rathbones Investment Management Limited. The trustees have a wide power of investment which work to achieve the charity's aims and objectives.
The Foundation's assets have been invested on a balanced approach between capital growth and income, with investments managed at the upper end of medium risk (Rathbones risk profile 4 out of 6).
The trustees regularly review the performance of all the Foundation's assets and the investment criteria will be regularly discussed by the trustees, with assistance from the investment advisors.
Achievements and performance
Grants
During the year the trustees agreed to provide funding to 20 charitable causes, both in the United Kingdom and overseas, which are detailed in note 4 to the accounts. These have been made in line with the Foundation's objectives, and with due regard to the guidance issued by the Charity Commission on public benefit.
Projects
The trustees continue to support any project costs incurred to support the wind harp installed at Dalharrold, in memory of all those who were forced to leave Mackay country during the Sutherland clearances in the 18th & 19th centuries.
The trustees continue to expand their radio telescope project, with sites now in operation in Scotland and Northumberland.
The sites are available to the scientific community. Each telescope can be independently or collectively controlled from a remote location and will have a special program related to: Astro-chronometry (time measurement by counting the oscillations of neutron (Pulsar) stars); the study of NEOs (Near Earth objects that might pose a threat to the planet including derelict satellites etc); daily imaging of the Sun and relation to Northern Lights (Aurora Borealis); SETI (Search for Extra Terrestrial Intelligence); and satellite communications.
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The Tanlaw Foundation
Trustees' report for the year ended 31 October 2021
The trustees are currently working to finalise the structure for the ongoing ownership and operation of the sites, which they aim to finalise in 2022.
Investments
During the period the main source of funding was investment income, arising from the portfolio of investments held at Rathbones Investment Management Limited.
The trustees are satisfied with the performance of the Foundation's investments.
Financial review
Results for the year
The financial activities are summarised on page 7 of the accounts. During the year the trustees received total incoming resources of £50,697 (2020 - £234,084) and expended £460,456 (2020 - £637,063). The net outgoing resources for the year were outgoing £409,759 (2020 - outgoing £402,979).
The Right Honourable the Lord and Lady Tanlaw made gift to the Foundation, totalling £1,082,978. Of this, £586,517 was gifted by Lord Tanlaw and £496,461 was gifted by Lady Tanlaw. The full £1,082,978 is considered to be an endowment to the Foundation, held in a designated fund, and used to provide ongoing income for the Foundation.
Reserves policy
The Endowment Fund is unrestricted and is held to provide future income for the Unrestricted Fund for distribution by the trustees, in order to further the aims and objectives of the Foundation. The trustees have power to make transfers between the Endowment and Unrestricted Funds.
The level of free reserves at 31 October 2021 was £6,180,859 (2020 - £4,677,299), which is held on both the Unrestricted income fund and the Endowment Fund. The Foundation's assets are adequate to fufill its obligations to apply funds for charitable purposes, as defined in the Deed, in the next financial year.
Whilst the ongoing coronavirus pandemic continues to cause volatility in global markets, the trustees have considered the potential impact on the financial position of the charity over the next 12 months and have concluded that there is no reason why the charity should not continue to adopt the going concern basis in the preparation of its financial statements.
Plans for future periods
The trustees continue to work with the Strathnavar Museum and Mackay Country Community Centre to encourage the local and wider communities to visit the wind harp site. It is anticipated that the music produced by the harp will be made available online for a small charge to support of the costs of the harp.
The trustees continue to expand their radio telescope project, with sites now in operation in Scotland and Northumberland. The trustees are currently working to finalise the structure for the ongoing ownership and operation of the sites, which they aim to finalise in 2022.
The trustees also hope to expand their activities in Mackay country and its history.
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The Tanlaw Foundation
Trustees' report for the year ended 31 October 2021
Governance, structure and management
Governance
The Foundation was established by a charitable trust deed on 10 July 1996 and is registered with the Charity Commission, Charity Registration number 1094181.
Settlors
The Right Honourable the Lord Tanlaw The Right Honourable the Lady Tanlaw
Trustees
The trustees who served during the year were:
The Right Honourable the Lord Tanlaw The Right Honourable the Lady Tanlaw The Hon Asia Brooke Trotter The Hon Brooke Brooke Mackay
The current settlors of the Trust Deed have the power to appoint new trustees by a resolution at a meeting. The number of serving trustees shall at no point exceed four in number.
When appointing new trustees, the settlors will give full consideration to the Foundation's purpose and aims to ensure that they appoint individuals who understand the duties expected of them, and who will act in the best interests of the Foundation.
The trustees feel that their combined skill set is sufficient to ensure the efficient performance of the Foundation at this time and feel that, given the size and nature of the Foundation, a formal programme of training is not currently necessary, but they will continue to monitor the situation and will provide suitable training where circumstances arise.
The Foundation is administered by all the trustees and they conduct the affairs of the Foundation and exercise all the powers and discretions conferred upon them by law, provided that no such power or discretion shall be exercised except in furtherance of the charitable objects. The trustees do not receive remuneration or reimbursement of expenses, nor are there any employees.
Related parties
There were no related party transactions during the year (2020 - none).
Structure and management reporting
The trustees are ultimately responsible for the policies, activities and assets of the Foundation. They are in regular and frequent contact to review the developments with regard to the Foundation, its activities and to make any important decisions. The trustees review the proposals for grants to be made and approve such grants as appropriate. When necessary, the trustees seek advice and support from the Foundation's professional advisers including investment managers and accountants.
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The Tanlaw Foundation
Trustees' report for the year ended 31 October 2021
Risk factors
The trustees have assessed the major risks to which the Foundation is exposed. The Foundation does not have any supplier or employment contracts and therefore it has no financial commitments other than the charitable funding commitments. A formal review of the Foundation's risk management process is undertaken on an annual basis.
Principal address
8 Finsbury Circus, London, EC2M 7AZ
Accountants
Evelyn Partners LLP, 45 Gresham Street, London, EC2V 7BG
Independent examiners
Holden Granat LLP, Springfield House, 23 Oatlands Drive, Weybridge, Surrey, KT13 9LZ
Investment managers and bankers
Rathbone Investment Management Ltd, 8 Finsbury Circus, London, EC2M 7AZ
On behalf of the board of trustees
The Right Honourable the Lord Tanlaw Trustee
Dated: 31 August 2022
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The Tanlaw Foundation
Statement of trustees' responsibilities
The trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
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 Foundation's financial activities during the year and of its financial position at the end of the year.
In preparing accounts giving a true and fair view, the trustees should follow best practice and:
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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 2019 (FRS102);
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make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; 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 accounting records that disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the Foundation and which enable them to ensure that the accounts comply with the applicable law. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Tanlaw Foundation
Independent examiner's report to the trustees of The Tanlaw Foundation
I report on the accounts of the charity for the year ended 31 October 2021, which are set out on pages 7 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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(a) examine the accounts under section 145 of the 2011 Act;
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(b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(c) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that, in any material respect, the requirements:
-
(i) to keep accounting records in accordance with s130 of the 2011 Act; and
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(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Susan Kumar ACA Holden Granat LLP Springfield House 23 Oatlands Drive Weybridge Surrey KT13 9LZ
Dated: 31 August 2022
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The Tanlaw Foundation
Statement of financial activites for the year ended 31 October 2021
| Unrestricted Endowment income funds funds Notes £ £ Income Deposit interest 14 - Investment income 50,684 - Additions 1.3 - 1,082,978 Total income 50,698 1,082,978 Expenditure Costs of raising funds Investment management fees 3 (25,498) - Expenditure on charitable activities Grants and support costs 4 & 5 (434,958) - Total expenditure (460,456) - Net expenditure before gains and losses on investments (409,758) 1,082,978 Transfers between funds - - (409,758) 1,082,978 Net gains on investment assets 8 830,340 - Net movement in funds 420,582 1,082,978 Fund balances brought forward at 1 November 2020 - 4,677,299 Fund balances carried forward at 31 October 2021 420,582 5,760,277 |
Total 2021 £ 14 50,684 1,082,978 1,133,676 (25,498) (434,958) (460,456) 673,220 - 673,220 830,340 1,505,746 4,677,299 6,183,045 |
Total 2020 £ 901 63,183 1,170,000 1,234,084 (19,945) (617,118) (637,063) 597,021 - 597,021 50,019 647,040 4,030,259 4,677,299 |
|---|---|---|
The notes on pages 9 to 14 form part of the accounts.
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The Tanlaw Foundation
Balance sheet as at 31 October 2021
| Notes Fixed assets Quoted investments 8 Project related assets 9 Current assets Cash at bank and in hand Debtors 10 Current liabilities Creditors: amounts falling due within one year 11 Net current assets Net assets Represented by: Unrestricted income funds Endowment funds |
£ 683,796 766 684,562 (13,980) |
2021 £ 5,080,409 429,868 5,510,277 670,582 6,180,859 420,582 5,760,277 6,180,859 |
£ 618,890 664 619,554 (77,460) |
2020 £ 3,718,293 416,912 |
|---|---|---|---|---|
| 4,135,205 542,094 |
||||
| 4,677,299 | ||||
| - 4,677,299 |
||||
| 4,677,299 |
The accounts were approved by the trustees on 31 August 2022
The Right Honourable the Lord Tanlaw Trustee
The notes on pages 9 to 14 form part of the accounts.
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2021
1 Accounting policies
1.1 Basis of preparation
These accounts have been prepared under the historical cost convention, as amended to include quoted investments at market value.
These accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"), and with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102 effective from 1 January 2019. The accounts are also prepared in accordance with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.
1.2 Exemption
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102:
- the requirements of section 7 Statement of Cash Flows.
1.3 Fund accounting
The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the trust and which have not been designated for any other purposes.
The Right Honourable the Lord and Lady Tanlaw made gift to the Foundation, totalling £1,082,978. Of this, £586,517 was gifted by Lord Tanlaw and £496,461 was gifted by Lady Tanlaw. The full £1,082,978 is considered to be an endowment to the Foundation, held in a designated fund, and used to provide ongoing income for the Foundation.
1.4 Going concern
The trustees are confident that the charity will continue to be a going concern and the financial statements have been prepared on this basis.
1.5 Functional currency
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these accounts are rounded to the nearest £.
1.6 Incoming resources
All incoming resources are included in the Statement of Financial Activities when the trust is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2021
(Continued)
1 Accounting policies
1.7 Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
1.8 Quoted investments
Investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the difference between the sale proceeds and their cost are credited or charged to the Statement of Financial Activities (SOFA) in the year of gains or losses.
Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the SOFA in the year of the gains or losses.
1.9 Project related assets
These assets are provided by the Foundation for the use and enjoyment of the scientific community and wider public.
1.10 Depreciation
Expenditure on the radio telescopes are subject to an annual depreciation charge at 10% on a reducing balance basis.
The wind harp at Dalharrold is considered to be a piece of artwork and is therefore not subject to depreciation.
1.11 Grants paid
Donations granted are recognised in the year in which the award was formally approved, irrespective of the period covered by the donation.
1.12 Liabilities
Liabilities are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.
2 Legal status of the trust
The Foundation is governed by a Trust Deed dated 10 July 1996 and in constituted as a charitable trust.
3 Costs of raising funds
| Investment management fees | 2021 £ 25,498 25,498 |
2020 £ 19,945 |
|---|---|---|
| 19,945 |
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2021
| 4 Grants Medical and disability Cancer Research UK Medical Research Foundation Great Ormond Street Hospital The Brain Tumor Charity IBS Research Appeal Parkinson Disease Society Bude Surf Life Saving Club Rainbow Trust Cornwall Air Ambulance Trust Starlight Children's Foundation Barts Charity Overseas Aid Rokpa Trust UNICEF UK Religion All Saints, Isleworth (The Joshua Chapel) Education Book Trust Doorstep Library Education Endowment Foundation Farr Primary School, Inverness Strathnaver Museum United World Schools Wildlife and environment Animal Aid Unlimited (USA) Cornish Seal Sanctuary Borneo Rescue Centre Relief of Poverty Childhood Trust Felix Project Trussel Trust |
£ 20,000 - - 2,500 5,000 2,500 10,000 30,000 30,000 20,000 - 5,000 40,000 - 5,000 3,000 - 8,000 2,500 100,000 10,000 20,000 - 10,000 10,000 40,000 |
2021 £ 120,000 45,000 - 118,500 30,000 60,000 373,500 |
£ 20,000 10,000 255,000 - 5,000 - - 30,000 - - 10,000 5,000 - 5,000 5,000 3,000 20,000 - 3,220 100,000 10,000 - 10,000 10,000 10,000 40,000 |
2020 £ 330,000 5,000 5,000 131,220 20,000 60,000 |
|---|---|---|---|---|
| 551,220 |
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2021
| 4 Grants Reconciliation of grants payable Commitments made in the year 373,500 Grants paid during the year (373,500) Commitments at 31 October 2021 - 5 Support costs Unrestricted Endowment income funds funds £ £ Depreciation 43,678 - Accountancy fees 7,980 - Independent auditor's fee - - Independent examiner's fees 1,380 - Legal fees 8,400 - Bank interest and charges 20 - 61,458 - |
(Continued) 551,220 (551,220) - Total Total 2021 2020 £ £ 43,678 37,318 7,980 26,400 - 2,160 1,380 - 8,400 - 20 20 61,458 65,898 |
|---|---|
All support costs are considered to be costs of governance.
6 Trustees' remuneration
The trustees do not receive remuneration from the charity and are not reimbursed for any expenses.
7 Employees
There were no employees during the year (2020 - none).
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2021
| 8 Fixed asset investments Quoted investment summary Market value at 1 November 2020 Disposal proceeds Additions Net investment gains Market value at 31 October 2021 Net investment gains on quoted investments comprised: Realised gains/(losses) Unrealised gains/(losses) Investments at market value comprised: UK interest bearing securities UK equities Overseas equities Material investments (greater than 5% of portfolio) Findlay Park Funds American Fund Unhedged Link Funds Solutions Trojan Inc S Inc Janus Henderson Investments Global Tech Leaders I Acc M&G Securities Ltd Global Macro Bond J Inc Scottish Mortgage Inv Trust 5p Ordinary |
2021 £ 3,718,293 (556,965) 1,088,740 830,341 5,080,409 (2,186) 832,526 830,341 371,685 3,076,306 1,632,418 5,080,409 526,527 - 461,305 - 300,300 1,288,132 |
2020 £ 3,408,416 (638,445) 898,303 50,019 3,718,293 (115,939) 165,958 50,019 346,768 2,486,729 884,796 3,718,293 220,120 223,512 - 226,640 198,900 869,172 |
|---|---|---|
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2021
| 9 Project related assets Radio telescope at Tanlawhill Cost value at 1 November 2020 Project expenditure Depreciation Cost value at 31 October 2021 Clan Mackay Wind Harp at Dalharrold Cost value at 1 November 2020 Project expenditure Cost value at 31 October 2021 Total cost value at 31 October 2021 10 Debtors Investment income not received at year end 11 Creditors: amounts falling due within one year Accountancy fees Independent auditor's fees Independent examiner's fees Project expenditure (radio telescope) 12 Related parties |
2021 £ 380,145 56,634 (43,678) 393,101 36,767 - 36,767 429,868 2021 £ 766 766 2021 £ 12,600 - 1,380 - 13,980 |
2020 £ 311,460 106,003 (37,318) 380,145 36,767 - 36,767 416,912 2020 £ 664 664 2020 £ 31,020 2,160 - 44,280 77,460 |
|---|---|---|
There were no related party transactions during the year (2020 - none).
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