**Registered number: 04518299 Charity number: 1099313**
## **The Tula Trust Limited**
**(A Company Limited by Guarantee)**
Trustees' Report and Financial Statements
_5 April 2022_
**The Tula Trust Limited**
**(A Company Limited by Guarantee)**
## **THE TULA TRUST LIMITED For the year ended 5 April 2022**
## **Trustees**
C R Howell A M Warner N Warner K Enevoldson
R J S Warner
## **Company registered number**
04518299
## **Charity registered number**
1099313
## **Registered office**
11 Chiltern Avenue Bushey Hertfordshire WD23 4PY
## **Company secretary**
K T Enevoldson
## **Accountants**
Blick Rothenberg Audit LLP 16 Great Queen Street London WC2B 5AH
Page 1
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT For the year ended 5 April 2022**
The Trustees present their annual report together with the financial statements of The Tula Trust Limited ('the charity') for the 6 April 2021 to 5 April 2022. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
## **Review of activities**
The Tula Trust Limited is a company limited by guarantee, and governed by its Memorandum and Articles of Association.
With effect from 8 September 2003 the charity became a Registered Charity.
Its aims are the advancement of education, the protection of health, and the relief of poverty, distress and sickness of the inhabitants of economically underdeveloped countries and of the disadvantages inhabitants of economically developed countries.
To achieve these aims the charity intends to issue appeals and take other such steps in order to raise awareness of the Charity in order to procure contributions, donations and subscriptions.
The trustees consider that they have complied with section 4 of the Charities Act 2011 with regard to the guidance on public benefit published by the Charity Commission.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Results**
The net deficit for the year ended 5 April 2022 was £12,592 (2021: surplus of £456,372). This was after net gains on investments of £112,644 (2021: £443,721).
Donations of £181,199 (2021: £255,549) were received during the year.
Grants of £316,338 (2021: £253,260) were made during the year. These covered a range of charities with donations in the range of £500 - £10,000.
## **Directors and their interests**
The directors of the company during the year, who were all trustees, were as follows:
C R Howell A M Warner
Each of the directors is also a member of the company who in the event of a winding-up of the company has a maximum liability of £1.
Page 2
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) For the year ended 5 April 2022**
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Financial review**
## **Investment policy**
Due to the size and nature of the charity no specific investment policy has currently been set. The directors monitor the position of available cash and the investments held. At the present time the level of cash is sufficient to meet the charity's day-to-day requirements.
As at 5 April 2022, the company had cash of £144,011 held in a number of bank accounts and £2,086,601 in an investment portfolio handled by Julius Baer Portfiolio Managers and Cazenove Capital.
## **Grant making policy**
No specific policy has been implemented in respect of the making of grants. As and when applications are received the directors consider these on merit and with reference to available reserves.
## **Reserves policy**
It is the policy of the directors to maintain the reserves as unrestricted funds, which are the free reserves of the charity. Whilst no specific minimum level of reserves has been set, the directors intend to ensure that future reserves levels are maintained to cover administration and support costs for at least the following three months. The directors consider that this ensures that they have sufficient time to address any potential shortfall.
## **Risk management**
The trustees have considered the major risks to which the charity is exposed, in particular those related to the operations and finances of the trust, and are satisfied that a system of control is in place to mitigate the exposure to the major risks.
Page 3
Th• Tul• Truyt Limit•d
For th• Wbd•d 5 April 2022
ternx cl Iho TNsi d••d.
A Ili Warn•r
DireGlor
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **INDEPENDENT EXAMINER'S REPORT For the year ended 5 April 2022**
## **Independent Examiner's Report to the Trustees of The Tula Trust Limited ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 22 December 2022 Shaun Melvin FCA
**Blick Rothenberg Audit LLP** 16 Great Queen Street London WC2B 5AH
Page 5
**The Tula Trust Limited**
**(A Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) For the year ended 5 April 2022**
|**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Charitable activities:
Grants paid
Administration Costs
**Total expenditure**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
**181,199**
**31,687**
**212,886**
**316,338**
**21,784**
**338,122**
**112,644**
**(12,592)**
**2,229,703**
**(12,592)**
**2,217,111**|**Total**
**funds**
**2022**
**£**
**181,199**
**31,687**
**212,886**
**316,338**
**21,784**
**338,122**
**112,644**
**(12,592)**
**2,229,703**
**(12,592)**
**2,217,111**|_Total_
_funds_
_2021_
_£_
_255,549_
_30,354_|
|---|---|---|---|
||||_285,903_|
||||_253,260_
_19,992_|
||||_273,252_|
||||_443,721_|
||||_456,372_|
||||_1,773,331_
_456,372_|
||||_2,229,703_|
The notes on pages 8 to 12 form part of these financial statements.
Page 6
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2,097.994
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131.7tXI
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2229.703
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2.217.111
2229. 703
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2022**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) issued on 2 October 2019 and the Companies Act 2006.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 2 October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Tula Trust Limited 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.
## **1.2 Cash Flow**
The financial statements do not include a statement of cash flows because the charitable company, as a small reporting entity, is exempt from the requirement to prepare such a statement.
## **1.3 Donations received**
Donations are included in incoming resources in the year received, unless offered in respect of a future year or a future project in which case they are treated as deferred income.
## **1.4 Trading activities**
Income is included in incoming resources on a receivable basis.
## **1.5 Expenditure**
Provision is made for grant payments at the time the decision is taken by the trustees, to the extent that this decision has been communicated to the recipient of the grant. Where grants have been determined by the trustees but have not been notified to the recipient a contingent liability results and the grant expense is transferred to a designated fund until such time as it falls due.
Resources expended are recognised in the period in which they are incurred.
## **1.6 Investments**
Investments are stated at market value at the balance sheet date. The statement of financial activities incorporating income and expenditure account includes the net gains and losses arising on revaluations and disposals throughout the year.
Page 8
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2022**
## **1. Accounting policies (continued)**
## **1.7 Foreign currencies**
The charity's functional and presentational currency is GBP.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the statement of financial activities.
## **1.8 Financial instruments**
The charity enters only into basic financial instruments. Investments are equity shares and other non-derivative instruments. They are held for long-term capital growth and are accounted for in accordance with the policy detailed above.
Debtors represent accrued interest on listed investments, and are initially recognised at market value on purchase of the respective instrument. Subsequently they are measured at fair value with movement shown under income from investments. They are derecognised when the investment is sold.
Creditors and provision are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliable. Creditors and provisions are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
The charity's cash holdings comprise on demand balances and deposit accounts. All cash is held with banks with strong external credit ratings.
## **2. Income from donations and legacies**
||**Unrestricte**|**Total**|_Total_|
|---|---|---|---|
||**d funds**|**funds**|_funds_|
||**2022**|**2022**|_2021_|
||**£**|**£**|_£_|
|Donations|181,199|**181,199**|_255,549_|
Page 9
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2022**
## **3. Investment income**
|Dividends received
Interest receivable|**Unrestricte**
**d funds**
**2022**
**£**
31,612
75
31,687|**Total**
**funds**
**2022**
**£**
**31,612**
**75**
**31,687**|_Total_
_funds_
_2021_
_£_
_14,737_
_15,617_|
|---|---|---|---|
||||_30,354_|
## **4. Analysis of grants**
||**Grants to**|**Total**|_Total_|
|---|---|---|---|
||**Institutions**|**funds**|_funds_|
||**2022**|**2022**|_2021_|
||**£**|**£**|_£_|
|Grants to institutions|316,338|**316,338**|_253,260_|
A list of the institutions supported by the charity is included as an appendix to these accounts.
## **5. Members' liability**
The charitable company is limited by guarantee without any share capital. In the event of its being wound up each member is liable to contribute for payment of debts and liabilities of the charitable company, such amount not exceeding £1.
## **6. Particulars of employees**
The company had no employees during the year. The trustees did not receive any remuneration during the year.
## **7. Taxation**
The company is a registered charity and as such is exempt from corporation tax.
Page 10
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2022**
|**8.**
**Fixed asset investments**
**Market value**
At 6 April 2021
Additions
Disposals
Revaluations
At 5 April 2022
**Net book value**
At 5 April 2022
_At 5 April 2021_
**9.**
**Creditors: Amounts falling due within one year**
**2022**
**£**
Accruals and deferred income
**13,500**|**Listed**
**investments**
**£**
**2,097,995**
**562,803**
**(686,842)**
**112,644**
**2,086,600**
**2,086,600**
_2,097,995_
_2021_
_£_
_9,000_|
|---|---|
Page 11
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2022**
## **10. Statement of funds**
||**Balance at 6**|||**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|
||**April 2021**|**Income**|**Expenditure**|**(Losses)**|**April 2022**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds - all funds|**2,229,703**|**212,886**|**(338,122)**|**112,644**|**2,217,111**|
## **11. Related party transactions**
Donations for the year include £140,745 (2021: £191,464) from A M Warner, a trustee, and £40,454 (2021: £64,085) from A Ulanowski, a close family member of A M Warner.
Page 12
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **APPENDIX TO THE FINANCIAL STATEMENTS For the Year Ended 5 April 2022**
## **DETAILS OF GRANTS PAID**
|**Recipient**|**Location**|**Grant**|
|---|---|---|
|||**£**|
|Able Kidz|United Kingdom|2,000|
|African Revival|Zambia|2,000|
|Amref|Africa|2,000|
|Bath And North East Somerset Carers Centre|United Kingdom|2,000|
|Bibic|United Kingdom|2,000|
|Blooming Blossoms Trust|United Kingdom|2,500|
|Blueprint Training & Enterprise|United Kingdom|1,000|
|Bowel Cancer UK|United Kingdom|2,000|
|Brain Tumour Support|United Kingdom|2,000|
|British Blind Sport|United Kingdom|2,000|
|British Friends of The Hebrew University|United Kingdom|500|
|British Red Cross|India|2,500|
|Building For the Future|United Kingdom|2,000|
|CPotential|United Kingdom|2,000|
|Cerebral Palsy Plus|United Kingdom|2,000|
|Child Hope|Bangladesh|2,000|
|Children Change Colombia|Colombia|2,000|
|Children Of Choba|Ethiopia|2,000|
|Children Of the Mekong|Cambodia|4,000|
|Children’s Hospice South West|United Kingdom|2,000|
|Clothing Solutions for Disabled People|United Kingdom|1,000|
|Deafblind UK|United Kingdom|2,000|
|Deafway|United Kingdom|2,000|
|DEC|Ukraine|15,000|
|Demand|United Kingdom|2,000|
|Designability|United Kingdom|2,000|
|Dhaka Ahsania Mission|Dhaka|2,000|
|Disability Africa|Africa|2,000|
|Dogs For Good|United Kingdom|2,000|
|East Side Community Trust (Formally Felix|||
|Road)|United Kingdom|1,000|
|EMMS International|Malawi|2,000|
|England & Wales Blind Golf|United Kingdom|1,000|
|Evergreen Africa|Africa|2,000|
|Exeter Community Transport Association|United Kingdom|2,000|
|EY Cambodia|Cambodia|2,145|
|Fare Share|United Kingdom|5,000|
|Foresight Gardening Enterprises Cic|United Kingdom|2,000|
|Forever Angels UK|Tanzania|2,000|
|Francis House Children’s Hospice|United Kingdom|4,000|
|Freedom Kit Bags|Nepal|2,000|
|Friends Of the Elderly|United Kingdom|3,000|
|Frozen Light|United Kingdom|2,000|
|Gateway Into the Community|United Kingdom|1,000|
|Giving World|United Kingdom|4,000|
|Global Care|Ethiopia|2,000|
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **APPENDIX TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 5 April 2022**
**DETAILS OF GRANTS PAID (continued)**
|Goodheart Animal Sanctuary|United Kingdom|500|
|---|---|---|
|Green Shoots Foundation|Kyrgyzstan|2,000|
|Groundwater Relief|Uganda|2,000|
|Happy Hill|United Kingdom|2,000|
|Havens Hospices|United Kingdom|2,000|
|Health Poverty Action|Sierra Leone|2,000|
|Helpage International|Ukraine|5,000|
|Hope And Homes for Children|Ukraine|5,000|
|Humanity & Inclusion UK|Madagascar|2,000|
|Intercare|Africa|3,000|
|International Rescue Committee|Ethiopia|2,000|
|It Schools Africa|Zambia|5,000|
|Kidasha|Nepal|2,000|
|Kids|United Kingdom|5,000|
|LAFF|Peru|2,000|
|Life Education Bristol|United Kingdom|2,000|
|Lucy Air Ambulance|United Kingdom|2,000|
|Lynda Jackson Macmillan Centre|United Kingdom|2,000|
|Macmillan|United Kingdom|1,500|
|MACS|United Kingdom|2,000|
|Makhad|Egypt|1,500|
|Malaika Kids|Tanzania|2,000|
|Martha Trust|United Kingdom|2,000|
|Maxability|United Kingdom|1,000|
|MNDA|United Kingdom|2,000|
|Nara - The Breathing Charity|United Kingdom|2,000|
|NPH UK|Bolivia|2,000|
|Orbis UK|Ethiopia|3,000|
|Parkinson’s UK|United Kingdom|2,000|
|Peter Pan Centre|United Kingdom|1,093|
|Phase Worldwide|Nepal|2,000|
|Pipal Tree (Chorachori)|Nepal|2,000|
|Prevent Breast Cancer|United Kingdom|2,000|
|Prospect Burma|Myanmar|2,100|
|Pump Aid|Malawi|2,000|
|Red Cross (Dec Appeal)|United Kingdom|10,000|
|Roald Dahl Marvellous Children’s Charity|United Kingdom|2,000|
|Royal Society for Blind Children|United Kingdom|2,000|
|Safe Families|Worldwide|2,000|
|Safehands|Ethiopia|2,000|
|Salve International|Uganda|2,000|
|Save The Children|Worldwide|7,500|
|Saving Suffering Strays|Bosnia|1,000|
|Scholarships For Street Kids (S4Sk)|Myanmar|2,000|
|See Beyond Borders|Cambodia|4,000|
|Sense International|Kenya|3,500|
|Serendip Children’s Home|Sri Lanka|2,000|
|Shelter Box|Ukraine|5,000|
**The Tula Trust Limited (A Company Limited by Guarantee)**
## **APPENDIX TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 5 April 2022**
## **DETAILS OF GRANTS PAID (continued)**
|Sightsavers
Worldwide
Simien Mountains Mobile Medical Service UK
United Kingdom
Snap
United Kingdom
Snowflake School
United Kingdom
St Joseph’s Hospice
United Kingdom
Starlight
United Kingdom
Stokenchurch Dog Rescue
Ethiopia
Sustainable Global Gardens
United Kingdom
The Butterfly Trust
United Kingdom
The Family Haven
United Kingdom
The Food Chain
Africa
The Leprosy Mission
Worldwide
The Lunchbowl Network
Nairobi
The Movement Centre
United Kingdom
The Seed Sowing Network
Kenya
The Separated Child Foundation
United Kingdom
Their Future Today
Sri Lanka
THET
Myanmar
Together We Learn (Kindu Trust)
Ethiopia
Tom’s Trust
United Kingdom
Tools For Self-Reliance
Ghana
Village Water
Zambia
Virgin Money
United Kingdom
Wallace And Gromit Grand Appeal
United Kingdom
Wamba Community Trust
Kenya
Wellspring Counselling
United Kingdom
Whoopsadaisy
United Kingdom
Willow
United Kingdom
Winston’s Wish
United Kingdom
Womankind
Zimbabwe
Women & Children First
Malawi
World Medical Fund for Children
Malawi
Young & Free
United Kingdom
Young & inspired
United Kingdom
Young Carers Development Trust
United Kingdom
Young Enterprise
United Kingdom
Your Park Bristol & Bath (Bristol and Bath
Parks Foundation)
United Kingdom
Zambia Orphans Aid UK
Zambia|3,000
4,000
2,000
2,000
1,000
2,000
3,000
2,000
2,000
1,000
3,000
4,000
2,000
2,000
2,000
2,000
2,000
3,000
2,000
2,000
2,000
2,000
2,000
2,000
4,000
2,000
2,000
2,000
2,000
2,000
2,000
6,000
2,000
2,000
1,000
2,000
1,000
2,000|
|---|---|
||**316,338**|