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2024-04-05-accounts

Registered number: 04518299 Charity number: 1099313

THE TULA TRUST LIMITED

(A Company Limited by Guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE TULA TRUST LIMITED

(A Company Limited by Guarantee)

THE TULA TRUST LIMITED FOR THE YEAR ENDED 5 APRIL 2024

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 Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH

Page 1

THE TULA TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their annual report together with the financial statements of The Tula Trust Limited ('the charity') for the 6 April 2023 to 5 April 2024. 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)'.

a. Results

The net surplus for the year ended 5 April 2023 was £392,929 (2023: net deficit of £41,452). This was after net gains on investments of £295,393 (2023: net losses of £157,187).

Donations of £441,108 (2023: £356,942) were received during the year.

Grants of £382,734 (2023: £257,583) were made during the year. These covered a range of charities with donations in the range of £100 - £10,000.

b. 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 2024

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:

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

a. 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 2024, the company had cash of £295,461 held in a number of bank accounts and £2,234,019 in an investment portfolio handled by Cazenove Capital.

b. 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.

c. 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.

Page 3

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THE TULA TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024

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 2024.

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

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the FCA, which is one of the listed bodies.

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: 23 December 2024 Shaun Melvin FCA

Blick Rothenberg Limited

Chartered Accountants 16 Great Queen Street Covent Garden 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 2024

Note
Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Charitable activities:
Grants paid
Administration costs
Total expenditure
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
funds
2024
£
441,108
44,911
486,019
382,734
5,749
388,483
295,393
392,929
2,175,659
392,929
2,568,588
Total
funds
2024
£
441,108
44,911
486,019
382,734
5,749
388,483
295,393
392,929
2,175,659
392,929
2,568,588
Total
funds
2023
£
356,942
33,901
390,843
257,583
17,525
275,108
(157,187)
(41,452)
2,217,111
(41,452)
2,175,659

The notes on pages 8 to 12 form part of these financial statements.

Page 6

THE TULA TRUST LlhWTED REGISTEAED NUIIBER: 0451Q29• BAL￿•CE SHEET AS AT 5 APRIL 2024 2014 Flx•d M••t• 2.2X01• 1.591.061 Cufv•rt ￿•11 43.600 295.481 io .gx)I 334,￿9 2.17&O59 Nel M••l• •dudvJ pn•lDn ••••t 2, t7S.fj59 2.175659 fiff￿$ 11 2.fj6J.5 2. 175,659 2ITs,059 T￿￿ howv roquiifvl lh ¢•r7y ID In SLxtsNi 478 d Comp￿leS A(J 2( 4¥)d ol Iiii¥vwJdl 51aleM￿lS Thts apwoved •￿1 iisuè Il* li￿10¢¥a￿l wd on thev b¢W ty" A IA IPl¥n•f IhiM'J(Y 20 JJZ4 Th• on paBe4 8 k) 12 lorm p•1 c4 those

THE TULA TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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 2024

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 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Financial instruments

The charity enters only into basic financial instruments. Investments are equity shares and other nonderivative 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

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Donations 441,108 441,108 356,942

Page 9

THE TULA TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

3. Investment income

Unrestricted
funds
2024
£
Dividends received
29,596
Interest receivable
15,315
44,911
Total
funds
2024
£
29,596
15,315
44,911
Total
funds
2023
£
30,534
3,367
33,901

4. Analysis of grants

Grants to Total Total
Institutions funds funds
2024 2024 2023
£ £ £
Grants to institutions 382,734 382,734 257,583

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 2024

8.
Fixed asset investments
Cost or valuation
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
Net book value
At 5 April 2024
At 5 April 2023
9.
Debtors
Due after more than one year
Loans advanced
10.
Creditors: Amounts falling due within one year
Accruals and deferred income
2024
£
43,608
43,608
2024
£
4,500
Listed
investments
£
1,591,061
1,106,817
(759,252)
295,393
2,234,019
2,234,019
1,591,061
2023
£
-
-
2023
£
18,000

Page 11

THE TULA TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

11. Statement of funds

Balance at 6 Gains/ Balance at 5
April 2023 Income Expenditure (Losses) April 2024
£ £ £ £ £
Unrestricted funds
General Funds - all funds 2,175,659 486,019 (388,483) 295,393 2,568,588

12. Related party transactions

Donations for the year are from trustees and close family members.

Page 12

The Tula Trust Limited (A Company Limited by Guarantee)

APPENDIX TO THE FINANCIAL STATEMENTS For the Year Ended 5 April 2024

DETAILS OF GRANTS PAID

Recipient Location Grant
Out Of Class UK UK 1,000
Prevent Breast Cancer UK 2,000
Kent Association for the Blind UK 2,000
Sensory Services by Sight for Surrey UK 2,000
Prevent 2 Protect UK 2,000
Women’s Aid UK 2,000
Children of The Mekong Cambodia 2,000
Snap Charity UK 2,000
Porridge and Pens Ghana Ghana 2,000
Impact Foundation India 2,000
Re Engage Ltd UK 2,000
Serendip Children’s Home Sri Lanka 2,000
Freedom Kit Bags Nepal 2,000
Lennox Children's Cancer Fund UK 2,000
Nicodemus Guatemala 2,000
Forever Angels Tanzania 2,000
Royal Society for Blind Children RSBC UK 2,000
Willow UK 2,000
Re-Cycle Africa 2,000
3H Foundation UK 2,000
The Movement Centre for Targeted Training UK 2,000
Young Carers Development Trust YCDT UK 2,000
Little Hiccups UK 3,000
It Schools Africa Africa 3,000
Macmillan Cancer Support UK 5,000
Whoopsadaisy UK 2,000
Lia's Wings UK 2,000
Malaika Kids UK Tanzania 2,000
Dogs for Good UK 2,000
Essex Respite & Care Ass UK 2,000
Motivation Uganda, India 2,000
Phab UK 2,000
Save the Children Sophie House Sudan 5,000
Medair UK Sudan 3,000
HF Trust Ltd UK 3,000
Supportline UK 1,000
Versus Arthritis UK 2,000
Braille Chess Association UK 1,000
Safe Child Thailand Myanmar 2,000
Prospect Burma Myanmar 2,000
Wellspring Counselling UK 2,000
C Potential UK 2,000
Building for the Future UK 2,000
Incredible Kids UK 2,000
Peter Pan Centre UK 1,495
Support Dogs UK 2,000

The Tula Trust Limited (A Company Limited by Guarantee)

APPENDIX TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 5 April 2024

DETAILS OF GRANTS PAID (continued)

Caudwell Children UK 2,000
The Family Haven UK 2,000
British Wireless for the Blind Fund UK 1,000
Rainbow Trust UK 2,000
Kids UK 5,000
England & Wales Blind Golf Trust UK 1,000
Hope and Homes for Children Ukraine 3,000
Essex Dementia Care UK 3,000
Shooting Star UK 2,000
Concrete Youth UK 1,000
Action Against Hunger UK Libya 5,000
ShelterBox Libya 5,000
Solving Kids Cancer UK UK 2,000
Education for the Children Foundation UK 2,000
Soundabout UK 2,000
Sebastians Action Trust UK 2,000
NPH UK UK 2,000
Frank Water Kenya 2,000
UNICEF Libya 5,000
United World Schools Cambodia 2,000
Disability Africa Africa 2,000
Cherry Trees UK 2,000
Tear Fund Bolivia 2,000
The Children’s Trust UK 2,000
St Joseph’s Hospice UK 2,000
Empowering Youth in Cambodia Cambodia 2,239
Bibic UK 2,000
Sand Dams Worldwide East Africa 2,000
Zambia Orphans Aid UK Zambia 2,000
Village Water Zambia 2,000
Able Child Africa Africa 2,000
Laff Peru 2,000
Tibet Relief Fund Tibet 2,000
World Villages for Children Sao Paola 2,000
Young Lives Vs Cancer UK 2,000
Separated Child Foundation UK 2,000
Refugee Biriyani Bananas Greece 2,000
Ant Barlow Foundation UK 2,000
Butterfly Trust UK 2,000
Winstons Wish UK 2,000
The Leprosy Mission India 3,000
Women & Children First Africa 2,000
Demand UK 2,000
Headstart 4 Babies UK 3,000
Deafblind UK UK 3,000
Great Ormond Street Hospital Charity UK 5,000

The Tula Trust Limited (A Company Limited by Guarantee)

APPENDIX TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 5 April 2024

DETAILS OF GRANTS PAID (continued)

Starlight UK 2,000
Action for Kids (My AFK) UK 2,000
Battersea Dogs & Cats Home UK 3,000
Young & Free UK 2,000
Designability UK 2,000
African Mission Africa 2,000
Children’s Hospice Southwest UK 2,000
Hands Around the World Worldwide 2,000
The British Children’s Hospital Charity UK 5,000
Newlife UK 2,000
Therapet UK 1,000
Royal National Orthopaedic Hospital NHS Trust UK 3,000
Motor Neurone Disease Association UK 5,000
Oak Tree Animals Charity UK 1,000
Pipal Tree Nepal 2,000
Karuna Trust Pradesh 2,000
Frozen Light UK 2,000
Friends of the Elderly UK 2,000
Toms Trust UK 2,000
The Harbour UK 2,000
The Lunchbowl Network UK 2,000
St Margaret's Hospice UK 2,000
Hourglass UK 2,000
Kidasha Nepal 2,000
See Beyond Borders Cambodia 2,000
Add International Africa 2,000
East Africa Children’s Project Africa 2,000
Age UK Israel 5,000
Second Sight India 5,000
Save the Children Israel 5,000
Vision Action Ethiopia, Ghana, Zambia 3,000
Dementia Carers Count UK 3,000
Empowering Kids in Kenya Kenya 3,000
Stokenchurch Dog Rescue UK 3,000
Sightsavers Africa 3,000
Children’s Voices in Action Uganda & Mexico 3,000
Nightingales Children’s Project Romania 2,000
Tea Leaf Trust Sri Lanka 2,000
Nara - The Breathing Charity UK 3,000
Able Kidz UK 3,000
Brain Tumour Support UK 2,000
Safe Families UK 2,000
Fitzroy UK 2,000
East Side Community Trust UK 1,000
England & Wales Blind Golf UK 1,000
Pump Aid Malawi 2,000
Green Shoots Foundation Cambodia 2,000

The Tula Trust Limited (A Company Limited by Guarantee)

APPENDIX TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 5 April 2024

DETAILS OF GRANTS PAID (continued)

Nestling Trust Nepal 2,000
Sense International Worldwide 3,000
Together We Learn Ethiopia 2,000
Deki West Africa 3,000
Cecily’s Fund Zambia 2,000
Action for Me UK 3,000
Worldwide Veterinary Service/ Mission Rabies Cambodia 3,000
Renewable World Kenya & Nepal 3,000
Temwa Malawi 3,000
Orbis UK Mongolia, Bangladesh, India 3,000
War Child UK Gaza 5,000
Porridge and Pens Ghana Ghana 2,000
Blooming Blossoms Trust UK 2,000
Lia’s Wings UK 2,000
Lennox Children’s Cancer Fund UK 2,000
Amref Africa 2,000
Freedom Kit Bags Nepal 2,000
Giving World UK 2,000
Kent Association for the Blind UK 2,000
Martha Trust UK 3,000
Street Child Africa Asia Ukraine 2,000
Nicodemus Guatemala 2,000
ShelterBox Gaza 5,000

382,734