The Tanlaw Foundation Charity registration no. 1094181
Trustees' report and audited accounts
For the year ended 31 October 2023
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 auditor | Town and Forest |
| Chartered Accountants and Statutory Auditors | |
| First Floor, New Barnes Mill | |
| Cottonmill Lane | |
| St Albans | |
| AL1 2HA | |
| Investment advisors and banker | Rathbone Investment Management Limited |
| 8 Finsbury Circus | |
| London | |
| EC2M 7AZ |
The Tanlaw Foundation
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of trustees' responsibilities | 5 |
| Independent auditor's report | 6 - 8 |
| Statement of fnancial activities | 9 |
| Balance sheet | 10 |
| Cash fow statement | 11 |
| Notes to the accounts | 12 - 19 |
The Tanlaw Foundation
Trustees' report for the year ended 31 October 2023
The trustees have pleasure in presenting their report and accounts for the year ended 31 October 2023.
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 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 13 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 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 2023
The trustees are currently working to finalise the structure for the ongoing ownership and operation of the sites.
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 9 of the accounts. During the year the trustees received total incoming resources of £83,877 excluding new endowments (2022 - £64,023) and expended £1,283,084 (2022 - £458,152). The net outgoing resources for the year were £965,207 (2022 - £394,129).
During the year to 31 October 2023 The Right Honourable Lady Tanlaw made two gifts to the Foundation totalling £234,000. The full £234,000 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 expendable 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 2023 was £4,069,729 (2022 - £4,964,161), 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 economic conditions continue 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 accounts.
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 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.
The trustees also hope to expand their activities in Mackay country and its history.
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Trustees' report for the year ended 31 October 2023
The Tanlaw Foundation
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 (2022 - 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 2023
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 auditor
Town and Forest, First Floor, New Barnes Mill, Cottonmill Lane, St Albans, AL1 2HA.
Investment managers and bankers
Rathbone Investment Management Limited, 8 Finsbury Circus, London, EC2M 7AZ
On behalf of the board of trustees
The Hon Asia Brooke Trotter
................................................................................................
The Hon Asia Brooke Trotter Trustee
30/08/2024 Dated: .................................
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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;
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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 auditor's report to the trustees of The Tanlaw Foundation
Opinion
We have audited the accounts of The Tanlaw Foundation for the year ended 31 October 2023 set out on pages 9 to 19 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. 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 accounts:
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give a true and fair view of the state of the charity's affairs as at 31 October 2023 and of its incoming resources and application of resources for 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 Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees’ use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
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the trustees have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees annual report, other than the accounts and our auditor’s report thereon. Our opinion on the accounts 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 accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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.
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The Tanlaw Foundation
Independent auditor's report to the trustees of The Tanlaw Foundation
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the accounts;
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sufficient accounting records have not been kept;
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the accounts are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsiblities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, 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.
Auditor's responsibilities for the audit of the accounts
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance 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 accounts.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control;
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees;
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The Tanlaw Foundation
Independent auditor's report to the trustees of The Tanlaw Foundation
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Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern; and
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Evaluate the overall presentation, structure and content of the accounts, including the disclosures, and whether the accounts represent the underlying transactions and events in a manner that achieves fair presentation.
Use of this report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Zara Dunster
Zara Dunster FCA - Senior Statutory Auditor
Town and Forest Chartered Accountants and Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA
30/08/2024 Dated: ...........................................
Town and Forest is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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The Tanlaw Foundation
Statement of financial activites for the year ended 31 October 2023
| Unrestricted Endowment Total income funds funds 2023 Notes £ £ £ Income Deposit interest 9,497 - 9,497 Investment income 74,380 - 74,380 Donation to expendable endowment 1.2 - 234,000 234,000 Total income 83,877 234,000 317,877 Expenditure Costs of raising funds Investment management fees 3 - (21,740) (21,740) Expenditure on charitable activities Grants and support costs 4 & 5 (1,261,344) - (1,261,344) Total expenditure (1,261,344) (21,740) (1,283,084) Net expenditure before gains and losses on investments (1,177,467) 212,260 (965,207) Net gain/(loss) on investment assets 8 - 70,775 70,775 (1,177,467) 283,035 (894,432) Transfers between funds 1,165,500 (1,165,500) - Net movement in funds (11,967) (882,465) (894,432) Fund balances brought forward at 1 November 2022 235,733 4,728,428 4,964,161 Fund balances carried forward at 31 October 2023 223,766 3,845,963 4,069,729 |
Total 2022 £ 1,788 62,235 - 64,023 (24,280) (433,872) (458,152) (394,129) (822,568) (1,216,697) - (1,216,697) 6,180,858 4,964,161 |
|---|---|
The notes on pages 12 to 19 form part of the accounts.
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The Tanlaw Foundation
Balance sheet as at 31 October 2023
| Notes Fixed assets Quoted investments 8 Project related assets 9 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Total assets less current liabilities Net assets Creditors: amounts falling due after more than one year 11 Net assets Represented by: Unrestricted income funds Endowment funds |
£ 395,320 395,320 (277,642) |
2023 £ 4,056,591 395,460 4,452,051 117,678 4,569,729 (500,000) 4,069,729 223,766 3,845,963 4,069,729 |
£ 331,005 331,005 (20,682) |
2022 £ 4,263,280 390,558 |
|---|---|---|---|---|
| 4,653,838 310,323 |
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| 4,964,161 - |
||||
| 4,964,161 | ||||
| 235,733 4,728,428 |
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| 4,964,161 |
30/08/2024 The accounts were approved by the trustees on .....................................
The Hon Asia Brooke Trotter
................................................................................................
The Hon Asia Brooke Trotter Trustee
The notes on pages 12 to 19 form part of the accounts.
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The Tanlaw Foundation
Cash flow statement for the year ended 31 October 2023
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Net movement in funds (as per Statement of | |||
| fnancial activities) | |||
| (894,432) | (1,216,697) | ||
| Increase in creditors | 756,960 | 6,702 | |
| Decrease in debtors | - | 766 | |
| Depreciation | 39,855 | 39,310 | |
| Net (gain)/loss on investments | (70,775) | 822,568 | |
| Payments to acquire investments | (933,315) | (528,362) | |
| Payments to acquire fxed assets | (44,757) | - | |
| Receipts from sale of investments | 1,210,779 | 522,922 | |
| Increase/(decrease) in cash | 64,315 | (352,791) | |
| Cash and cash equivalents at the beginning of the | |||
| year | 331,005 | 683,796 | |
| Cash and cash equivalents at the end of the year | 395,320 | 331,005 | |
| Analysis of net funds | |||
| At 1 November | Cash fows | At 31 October | |
| 2022 | 2023 | ||
| Cash at bank and in hand | 331,005 | 64,315 | 395,320 |
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2023
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 accounts 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, other than investments, are recognised at transaction value and subsequently measured at their settlement value.
1.2 Fund accounting
The funds held comprise an expendable endowment fund and an unrestricted income fund. The expendable endowment fund is invested and income from the investments is available for the general purposes of the Charity. The income fund is available for use at the discretion of the trustees in furtherance of the general objects of the trust.
During the year ended 31 October 2023, The Right Honourable the Lord and Lady Tanlaw each made gift to the Foundation, totalling £234,000. This is considered to be an endowment to the Foundation, held in a designated fund, and used to provide ongoing income for the Foundation.
1.3 Going concern
The trustees are confident that the charity will continue to be a going concern and the accounts have been prepared on this basis.
1.4 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 £.
1.5 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 2023
(Continued)
1 Accounting policies
1.6 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.
1.7 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.
1.8 Project related assets
These assets are provided by the Foundation for the use and enjoyment of the scientific community and wider public.
1.9 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 as it is assessed to have an indefinite useful life.
1.10 Grants paid
Donations granted are recognised in the year in which the award was formally approved and communicated to the recipients, irrespective of the period covered by the donation.
1.11 Liabilities
Liabilities are recognised on the balance sheet as soon as an actual or 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 updated on 11 September 2002 and is constituted as a charitable trust.
3 Costs of raising funds
| Costs of raising funds | ||
|---|---|---|
| Investment management fees | 2023 £ 21,740 21,740 |
2022 £ 24,280 |
| 24,280 |
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2023
| 4 Grants Medical and disability Alzheimers Scotland Brain Tumor Charity Cancer Research UK Gastroenterology and Nutrition Research Trust Great Ormond Street Hospital IBS Research Appeal Insitute of Cancer Research Rainbow Trust Royal Marsden Cancer Starlight Children's Foundation Wellbeing of Women Overseas Aid Disasters Emergency Committee Rokpa Trust Education Book Trust Bude Surf Life Saving Club Crichton Foundation Doorstep Library Friends of Westfeld School in a Bag Strathnaver Museum The Bryan Adams Foundation Wildlife and environment Borneo Rescue Centre Relief of Poverty Childhood Trust Felix Project The Trussell Trust |
2023 £ £ - - 20,000 5,000 1,000,000 - - - - - 5,000 1,030,000 10,000 5,000 15,000 5,000 25,000 (35,000) 3,000 - - 2,500 40,000 40,500 - - - 30,000 50,000 80,000 1,165,500 |
2022 £ £ 25,000 60,000 20,000 - - 5,000 25,000 30,000 25,000 52,000 - 242,000 - 5,000 5,000 5,000 - 25,000 3,000 25,000 1,000 2,500 - 61,500 10,000 10,000 10,000 10,000 40,000 60,000 378,500 |
2022 £ £ 25,000 60,000 20,000 - - 5,000 25,000 30,000 25,000 52,000 - 242,000 - 5,000 5,000 5,000 - 25,000 3,000 25,000 1,000 2,500 - 61,500 10,000 10,000 10,000 10,000 40,000 60,000 378,500 |
|---|---|---|---|
| - | |||
| - 30,000 50,000 |
|||
| 378,500 |
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2023
| Grants Reconciliation of grants payable Commitments made in the year Grants paid during the year Commitments at 31 October 2023 Commitments at 31 October 2023 are payable as follows: Within one year After more than one year |
(Continued) 1,165,500 378,500 (415,500) (378,500 750,000 - 250,000 - 500,000 - 750,000 - |
(Continued) 1,165,500 378,500 (415,500) (378,500 750,000 - 250,000 - 500,000 - 750,000 - |
|---|---|---|
| - | ||
| - - |
||
| - |
4 Grants
5 Support costs
| Support costs | |
|---|---|
| Unrestricted Endowment income funds funds £ £ Depreciation 39,855 - Accountancy fees 14,170 - Independent auditor's fee 6,000 - Independent examiner's fees (under provision re prior year) 891 - Legal fees 11,400 - Bank interest and charges 20 - Project costs 23,508 - 95,844 - |
Total Total 2023 2022 £ £ 39,855 39,310 14,170 14,562 6,000 - 891 1,500 11,400 - 20 - 23,508 - |
| 95,844 55,372 |
Other than the depreciation of the project related assets and project costs, 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 (2022 - none).
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2023
| 8 Fixed asset investments Quoted investment summary Market value at 1 November 2022 Disposal proceeds Additions Net investment gains/(losses) Market value at 31 October 2023 Net investment gains on quoted investments comprised: Realised gains Unrealised losses Cost of listed investments at 31 October 2023 Investments at market value comprised: UK interest bearing securities UK equities Overseas equities Material investments (greater than 5% of portfolio) Janus Henderson Investments Global Tech Leaders I Acc |
2023 £ 4,263,280 (1,210,779) 933,315 70,775 4,056,591 113,551 (42,776) 70,775 3,772,966 269,705 2,196,339 1,590,547 4,056,591 - - |
2022 £ 5,080,408 (522,922) 528,362 (822,568) 4,263,280 40,726 (863,294) (822,568) 3,936,878 216,700 2,665,402 1,381,178 4,263,280 366,899 366,899 |
|---|---|---|
There were no individual listed investment holdings with a material market value during the year ended 31 October 2023.
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The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2023
| 9 Project related assets Radio telescope at Tanlawhill Cost value at 1 November 2022 Project expenditure Depreciation Cost value at 31 October 2023 Clan Mackay Wind Harp at Dalharrold Cost value at 1 November 2022 Project expenditure Cost value at 31 October 2023 Net book value at 31 October 2023 10 Creditors: amounts falling due within one year Accountancy fees Independent auditor's fees Independent examiner's fees Grants payable 11 Creditors: amounts falling due after more than one year Grants payable |
2023 £ 353,791 44,757 (39,855) 358,693 36,767 - 36,767 395,460 2023 £ 19,251 6,000 2,391 250,000 277,642 2023 £ 500,000 500,000 |
2022 £ 393,101 - (39,310) 353,791 36,767 - 36,767 390,558 2022 £ 19,182 - 1,500 - 20,682 2022 £ - - |
|---|---|---|
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| Total | 223,766 | 3,845,963 | 4,069,729 | 235,733 | 4,728,428 | 4,964,161 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interfund | 604,465 | (604,465) | - | (135,209) | 135,209 | - | |||||
| Creditors | (777,642) | - | (777,642) | (20,682) | - | (20,682) | |||||
| Cash at | bank | 1,483 | 393,837 | 395,320 | 1,066 | 329,939 | 331,005 | ||||
| Project | related | assets | 395,460 | - | 395,460 | 390,558 | - | 390,558 | |||
| Investments | - | 4,056,591 | 4,056,591 | - | 4,263,280 | 4,263,280 | |||||
| Year ended 31 October 2023 | Unrestricted income fund | Expendable Endowment Fund | Year ended 31 October 2022 | Unrestricted income fund | Expendable Endowment Fund |
The Tanlaw Foundation
Notes to the accounts for the year ended 31 October 2023
13 Related parties
There were no related party transactions during the year (2022 - none).
14 Transfer between funds
The transfer between funds arises from the trustees’ decision to expend part of the endowment fund.
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