Comp•ny rnglstratlon nwnb•r l)4618299 (England and Wal0•1 Charlty re41 numb•r 1099313 IEngland and Wal> THE TULA TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE TULA TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tru•t4 C R Huwel N Wamer K Enevoldsc RJSVamer K Enevokl6on Country of Incorporntlon Unrted Kywadl (England aTrJ l•lkn) 04518299 Ch•rfty r•ghtratl¢)n Erwjland and V&le• 1099313 R•9lit•r•d offlc• 11 Chthrn Avenu• Hertlord8hire WD23 4PY Indgpendont euffllnw Glazers 843 Finchley Road Lond NW11 8NA
THE TULA TRUST LIMITED CONTENTS Tru$t88s' repLvt IrKlepeThJenl ex•minerf¥ rekK¥t Statement ol fThnc aclivib•s Balance Sheet Sl8l•m•nt of cwh fl¢y Note8 to the finanual statemen18 7-13
THE TULA TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 5 APRIL 2025 The trustees Prent their annual report and financiol atatements for the year ended SApril 2025. The financ4al statemerrt3 have teen PTepaTed in accordan with the accounttng poliuej set out in note 1 to the financial staternents and comply with Ihe chaiity's goveming d¢xumenl. the Companies Act 2006. FRS 102 'The Financial Report"ng StarKlard awicable the UK and RepubliG of Ireland- and the Charities SORP -Accounts'ng and Reports'ng by Ch3nb"es." Siatement ol Rec(ynmended PTaclice appli to chanties preparlng their accounts in accoTdan¢e with the Financ1 Reportj'ng S13ndord apble in the UK aThJ Republic of Ireland IFRS 102}" Obl•ctfvM and aclMtle• The chantys objects ore the ad¥8ncemt of education, and ts reSef ol Foverty. diytrets and sicneu of the IntTabitants ol economk?Hy undeTthveW countiies and of Ihe thsadvanlaged Inhabltants of economlcally developed ¢ountrws. Public b8nefft The trustees ha p•d due regard to guKlance issued by the Chwity C(wnmission in deciding what activities the ch8rity $hould undertake. Achl•v•m•nts and p•rtofm•n¢• Significant 8ch'vibe$ 4nLI a¢h¥smen1$ 8gainsl (4¥•d8 Donakn"on$ of £ff29,672 {2024 £441.108I wer• 11•d r¢ tho year and grants w•re made 01 £393,S28 12024 £382.7341. The net ¥urplu¥ for the year wa• £471.361 12024 £392,929) after not gains on investrnents of £218,625 12024 £295,393). Duiing the year, the tharRy continued to make grants lo a raThJe of cb8rilable and educatlonal Instsluttons whose acts'vitie5 are cOnslent the charty's otyects. Grants were made lo siw the advancement of educallon and to assist organisabons w0"n9 for Ihe wEliel of povety, distress and both in economic4lly underdeveloped ¢ountn"es and among disadvantaged COMMUnrt devel0kd countrw. The trustees consthr grant applicab.ons and m8ke owwds where tly 8Te sgts'sfd that Ihe funds will •pph'•d for charilabk puwes in line wrth the chafity's eCtiveS. Durww the year. 156 grants were made lo 148 instilulions, with indivhlual grants rangiry from £525 to £S,CW. These enabled the chanty to further rts charitable purpose5 by 5UPPOrting a broad Tange of cryanisab'ons out wryk for public nefiL Fln•nclal v•vl•w The trustees consthr the fnanL?al Ftion of charity at year erd to satisfactory, wth unreslrthd reserves of £3.039.949 of wlm'th £171,684 are fr rnserves. Reserv&s polty It is the policy of the chanty that unr8stn.cted trjnds ha¥t not been d8svJnatsd for a speufic use should be mairrtained at a kvel equivalent to bttsyeen three and month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a snIficant drop In funding, they w1 be ab to contsnue the th8rlty's Currenl o¢tivities while ¢¢nsider8D'on is ways in Tthicti &Y4"ttonal funds may b8 raised. This18vel of re8eNes has been maintained throughout the year. Inve$tmgnt polKy The tnjstees, Objecli 15 to manage the thaiity's in74e51ments n a manner. b8lanong the n••d to Pfe$•rv• caprtal with the generab.on of income to supwt the chartys grant-making acwties. The charlty's Investments are hekt in a ol ltsted investments. The trustees monitor the perfOMan of the portfoSK) regulady. lakThJ into a¢count inveslment perfomanee, income generation. risk. liquJity arKF the thanty's e• cash requirements. The trustse5 also review the level of cash hebj lo ensL¢re that suffiuent fijnds are av8ilable to wt the charity's ongoing grant-making commrtments and other obligations. No fomial written investrnent polw has teen adopted, but the trustees keep Ihe inve5trnenl strategy under regular review and conshder that the current arrangements remain aKyT0ple for the c*arity's size, è¢tsvFtsÈ8 and long-term 0b1eLtes.
THE TULA TRUST UIAITED TRUSTEE3' REPORT {IIKLUDW•G DEcToRs. REPORn Ic0NTNDl C R PJSV•wr
THE TULA TRUST LIMITED INDEPENDENT EXAhllNER'S REPORT TO THE TRUSTEES OF THE TULA TRUST UMITED I report to the Irustees on my examination ol the fin•nc4al •tat•ments ol The Tula Twt Ith ehaiityl for the year ended 5 April 2025. R•spon•lbllltlo• •nd bMS• of r•port As the trustees ol the thanty {and also ts direilorn ts Ihe purpjses of ?panY Ivw), you are resp(81e lor the eporalM)n of the finanual $taiwnents In acaYd•rt¢ the r•J4Mftynonts ol Its Cthnpanw Act 2LKO. Having $'$rd mysell that the financial Statem of drty are not requirod to bg audrted under Part 18 of the C¢Jmpanie5 Aci and are WKlependent examinalion. I re in re¥ect of my examination of the charity's fin8nual $t8tement3 carried under seclion 145 of the Charibes Act 2011. In C•frying out my ex8minalion I have followed the tJTedlon8 given by fv Chaiity C(KMIis6ion uryjer seaK)n 1445}Ib) of the CharItAll 2011. Ind•p•ndent •wnln•rf• •t•t•m•Tht Since thè charty's gross ineomè oxcedthJ £250.1JJ). the indepondent 0Xwner must be ¥ member of a body Itsted in seth.on 145 of the chaIrt Act 2011. 1 confinn Ihat l am ql1d to undetske the •xaminaty"on bKause l am a member of theAssLwatson of Chartwed Certtsd A¢¢ants, whth is one of the bodM. I have comtyeted my examfftalion. I confiffti that no matters have Dyne lo my altentlon In connedon wtth I examinalior giving me cause to bele that in any material re8pectr. accounting recd5 were r1 kepl in respeL of Ihe ¢wnty as requir•d by se¢tity¢ 388 d the Companies AGt Ihe finanoal statemerits do not thow rfjc4)rd8.' L the finanaol ststements do not COM with the acttuntsng rèquirements of sectw 396 of the CcKnpanlgs Act 20C6 other than any requirement at the finanoo13tatements give a true and hir v*w. which 18 not a matter ConSered as part of an independerrt examinat. or the financial $t8tements have not tn prepared m accud8nce wth the methods and princlptes of the Statement of ReCoMmend Practice for accounb"rrfJ and repo.ng by d)ants'8s applicable to charities eparing their financlal statements in with Fin8ncio1 Repo.ng st81d applicab wi the UK and Republic of Irelartd IFRS 1021. I have no Concerns 8nd have Come across no other matters In connecllon with the ex8min8tson io whlch allentlon should bè drawn In thls rnport In order lo enab a proper underst8ndHw ol the finanryal statements to bo reached. B•njIn All•n FCCA G1•2•rn 843 Finthloy Rd London NW11 8NA
THE TULA TRUST LIMITED STATEMENT OF FINANCIAL ACTwinES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 5 APRIL 2025 fund 2025 2024 In¢(mo trtrom: Donations and kgaaes Investments 629,672 44.816 441,108 44,911 Total IoM• 674,488 466,019 Exp•ndltur• on: ChantatAe a¢vth8 421.752 388,483 Totsl •xp•ndltur• 421.7S2 388,483 Nel gains Inveltments 12 218,625 29S,393 N•t Incom• and mov•mont In fun 471,361 392,929 R•conclll•llon olfvndl: Fund balances ot 6 April 2024 2,588,588 2.175.e59 Fund baln¢M •t 6 AprS12025 3,039,949 2,588,588 The ststemenl olfinancial acbvibes inc*Jdes an gains •nd Itss Tecognis•J in the yew. All irKome and •xpendiiure d¢rNe from continuing activ118.
THE TULA TRUST UhffTED AS AT S APRIL 2025 14 ?.W2q& 2231019 43 fAhry 133.226 43 2VJ.48t I5.1) 14 YAII 171.fy14 ox¥.• 2,880.518 17 AIA V¢kn¥
THE TULA TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025 2024 Cash flow• fr(m op•i•llng actfvlllg Cash generated frornllabsorbed by) operats'ons 19 208.570 {4,4831 ImTUtlng •ctlvltl6s Pur¢hse of inveslmeftis Pro¢e8ds frcffl disposal of investments Imieslment InMe rweived I997,1} 581,440 44.816 {1,106.8171 759,252 44,911 Net cmh w•d In Invmllng actl¥ltl•• <370,605) 1302,8541 N•t e••h g•n•r*t•d from fimnclng acll¥lll•• N•t d•cr••8• In cxh •qulv41gnts {162,235) 1307,1371 Cash and txh equivafents at beglnnry ol year 295,461 602,598 Cuh and •qulv•lwrt• al •nd of y•w 133,226 295.461
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Aceountlng pollel•• Charfty information The Tula TnLst Limited is 3 private ccrfnpany lThtted by guaranteg incorpwatsd in EnglarKI and INale5. The registered office is 11 Chiltem Avenue. BLrnhey, Hertfordthre IID23 4PY. 1.1 8a•l• of w•yr4U The financial stalements have been prepared in aIxordan wth the chartys goveming document, the Companw Act 2CKAS, FRS 102 The Fan81 Rert.1ftg St8nd8r(l applicable in the UK and Republic of IrelarHI" and the Charrt5 SORP -AccountsThJ aTh1 Reportrng by Chantse8'. Slatement ol Recommended Practice appIable to tharities pwaring their •ccunts in accordanc with the Financial Reports"ng Standard applicable in th8 UK and Republic ol Ireland IFRS 102}-. The tharity ts a Public 6enèfit Enlty as defined by FRS 102. Tho flnano81 statom•nts are prepored in stethg. whth * the lunc181 curronry 01 the charty. Mor• •mounls in th•se finan1 it•lffn•nts we rourthd to th• n1•51 o The finanul it•tement# have been Kepared under t hmtoncal c1 conventw,mtrYffi8d to indude the rw•hJ•tion of investrnents at la vduo. The prrnpol •¢counb"rvd 8dopted ore et out b•lty¥. 1.2 Golng eone•m At the Ime of approwng the finanoal Stslements, trLtstees have a reasonable expectation that Ihe charity hag adequat• re8oureo8 lo COnb"n in ¢yraton•l oxYstsnc for the foresoeable lulurv. Thus tho tru$loe$ continue to adopt the png concwn basm of accountsng in Fryariry tho financial statgmonts. 1.3 Charttabh fund Unrestricted fvnds are ailable f¢Y use at fv di5rydiffi of ts tru8tae$ in fvrtherance of Iheir charitable objeth"¥rf. Regtri¢t¢d funds are sul'ect to spedfie crt)n1 by donorn or grantOfS as to they may be used. The purposes and use8 of restric fvrKls ar• ¥¢t out in the ns)tsJ io finantsNI tatents. Endowmerrt fvnds ore sul4ect to ¥e condrfions by donorn that the cawl must be makntalned ty the ch¥nty. 1.4 Incom• Income 15 recogni5ed vthen the carfty Is legalty enbiled to It after any perfomance (xndlUons have been me( the 8mounts can be measured relw, and rt L8 probable that in(xne ill be recerved. Cash donalons are recognised on receipl. Other donaD'ons a rects3nised once the charity has been notif of the donatbon, unfess perfomanea conditior6 require defaTh ot the amount Incom8 tax recoverable in relatw to donations rgceNgd under GiftAJd ordoeds ofe01 is recognwd at th¢ time ofthe dOtiOn. Legaaes are recoJni5&J on * or Other rf the dtaity ha¥ been notffi of an impending distributson, Ihe amount is krM)wn. and reeetrt Is extcbJ. 11 Ihe amount is not kn(Ywn, the legacy is treated as a ¢ontingenl a5seL
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 lconl1nu) 1.6 Exp•ndltuv• Expenditure is Tecognised once there is a legal or conslwctive rt11 to trnnsfer economK benefft to third party, rt is probable that a trarsfer of ecOrliC b8neffts WAI te required in setllemenl, and the amount of the oblKaation c•n be m&3•ured reliaw. Expenditurg is clas5Tfi¢d by acb¥ity. The costs ol eath activity are made up of tot81 of dired costs and Bhared co3ts. Induding 8UPPOrt costs invofved in Undertang each a('¥ty. Direcl costs atth'bLrtat4e to a 8ingle 8cts.vity are alkxated directty to th81 4clNFty. Shared costs whth ¢£'bUte to more than one activity and 8UPPOrt costs which are not attnbutsble lo a wngle acllvty are aFlYOltoned between Ihose aGb'vlbes on a basis ¢on8iJtent wth the use of resources. Centsal staff costs are allocated on the basis of ts.me 8pent. and dcla0Th charges are albcal the of tlw asgèt's use. 1.8 Fbxad aM•t In¥Mlm•nts Fixed asset inveslments ar• inibaty Measur •t trnnsaclion pri¢a •xduding transackn.on costs. and are subsequentty measured at fair ¥ae al each repo"n9 dale. Chanys in fair value are reeognised in net incomellexF¢ndilurel lor the year. TranSacbc costs ore exFenW 85 inuirred. 1.7 C••h •nd •qulv•lonts Cash and cash equNaknts IrKlude cash In hand. 4powts hekl al call with banks, other 8hort-temi liquid Inve8bnenls with 0gInal malurilie5 of three montrts or le, aThl bank obrdrafts. 0raftS are 8hown within bofrowlngs in currenl ]blIn. 1.8 Fln•nclal In•trum•nts The charity has elected to aFWy the provMi(M of Section 11 'Ba•ic Fin•na•l Inslruments, and Section 12 'Other Finana81 Instntments l¥sues' of FRS 1U2 to 84 01 its fin8n¢ial instwments. FIn4nd Instruments recognised in V)0 ¢h8rty$ bfilance shoel tho ch•rity bot06 paty lo tho contraLtual w11)n3 of the In8trumenL Flnan¢wl assets 8NI liablibes are offsec with the t amounts prnsented in the fin8ncial statemonts. when there is a legalty enfDrceable rKJhl lo set off ihe recogniwj amounts and there18 an Yitenlion to settk on a net bas or to re81ise the 8ssel and seltle the liabthty simultaneousfy. Basic financi81 assets, whk Ind debtOFS arKJ cash arKI bank bal•nctJ. are inltialty measured at transacts'on price induding tr•nsad•Jn costs and are subwJuenUy carrtrJ al 8morty.sed c051 using the effective interest method unless the %angem8nt Conskntut a finanang transath'on. where the transactlon Is measured at the present value of ts future rewpts dCOunted at a mathel iale of InleresL Finanual assets d839111ed as rece6vable wltrtln one year are not amorti8ed. B•¥l¢ fln•n¢l•l Il•blllW•s Basic financial h'abilsbe5, indudirKJ ¢ditO and bank loan3 are inFtally reco9nised at transact¢on price unless the arraryemenl con¥btutes a finanfang transacts'on, vknere Ihe debt instrumènt is measurod at the present value of the future payments disled at a marf(et rate ol intere81. Finan(yal liats'lth'es dassified as payable thin one year are nol aMsed. Debt instNments a 8theq canied at •morfised cost using effethe inlerest rate method. Trade creditor5 are ot4yab.ons to pay for gwjs LY services that have been ao4uifed in Ihe ordinary course of operations from Suppl5. Amounts payable we doled as current kabi1"e5 rf yyment is due within one year or less. If no( they are presented as non-cjmnt liabilÉbes. Trade creditots a recognisgd inrtially at
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 AeeouThting polielthi ICondnu•dl Dwv¢ognlllon of Iln•J¢W Il•bllltl•s Financial liabilitses are dWec(3nd when the (ariVs oJnlrnLLwI (ligalions ewre or are discharged or canlled. Crltlcal accountlng ••tlmat•• and Judgwn•nt• In the applicats'on of tho tharity's aL7))untbng p(¢188. Ihe trustees are requife(I lo make judgements. estimates and assumptions at)ut the caTryiThJ amount of assets and liotmlities that ar8 nol readity apparent from other sources. The estsmates and assoc0 assumptions are based on histon'cal e)perience and ¢)ther factrys Ihat are considered to be relevanL h£tual resulls may dffier from these esbm•tes. The e3b"males and undertyw assumpkns re¥ie¥Rd on an onwng basis. Revisions lo accounting estimates are reccgnised in the pCy in which the estimate is Teviseil where the re$) affects only that period, or in the of the reviryion and pwicJs where the Tevision affeds both cJJrrent and futur penods. Inc¢xn• from donallw •nd l•qa¢l•• fund• 2025 2024 Dgnotiw$ and gift• 629,872 441,108 Income Irom Inv••lm•nts lund• n¢J• 2026 2024 Income frem Th8ted wive•tments Interest reclvable 39,242 5,574 2Q,596 15,315 44,818 44.911
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Exp•ndltur• on elh•rltsbl• acllvlu Grnnt n¥akln9 Grant m•klng actlvlti 3024 2026 DIMct co•ts Grant lunding of actr•ks (see note 7) 399.526 382,734 Shar• of support and gov•rnanc• co•ts not• 8) Support Gov•man 16,776 5,450 4,800 421.752 388.483 Analy•h ty fund Unrestrict•d funds 421,752 388.483 D••¢rlpllon of ¢h•rtt•bl• •¢trlll•• Gr•nl• Y•bI• Grnnt Grant maklng •ctlvltleJ 2024 •cltvttle• 2026 Grants to Instltutlons 399,528 382.734 A total of 156 grants made. n amwnts 1rj from £525 to £S.TrX, to 148 inststubon$. 2026 2024 Administrab"on costs Govemance custs 1fj,776 5,450 949 4,800 22,226 5.749 Analys l>•tw•en: Grnnt making actrvibes 22,228 5.749 10-
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2025 N•t m4w•m•nt in fvnd• 2025 2Q24 The net movement in funds stated alter chargin9l(rxeIting)'. Feu payth for the independent examination of the cbanVs financaal 3,900 4,800 10 Tru•t• None ol the trustees lof ary persMs connected Wilh them) receTrKd remunerallon or benefits from the charity duriw the year. 11 Employw• The averag• monthty number of wnpknyee8 the year was". 2025 Numbw 2024 Numb•r Total 12 Galn• and lo•M• on Inv••lm•nts Unr••trlcted Unr•Jtrlctod fund• fund• 2026 2024 Gain81110$8e81 arising M. Rbv8lu8tion of wMslnnts 218,625 295,393 13 T•MYon The charity is exempt from laxthn on its acivitNqs because am its inc¢Th 15 appliod lor dwritablv wrp¢)ses. 11
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 14 Flx•d •M•t Inv••tm•nl• Llstéd Invmtments Cost or Valuatlon AI 6W'I 2024 Additions valuati char Disposa18 2.234,019 997,061 218.62S 1581.4401 AI 5ArKil 2025 2,888.265 Carrylng wnount AI OS April 2025 2,888.265 At 05 April 2024 2.234.019 15 D•btor• 2026 2024 Amounts f•lllng du• wlthln on• y••r. Oiher debtorg 43.608 43,608 The above SLtm. being a loon lor charrt#bl• PUfpO, IB f•pay8ble in l)8c8mb8r 2028. 18 Cr•dI1. •m(wnts f•lllng du• TAlthln on• y•w 2024 Accrual$ and deferred inme 5.150 4.500 17 Unmtrfctod funds The unrestrictsd funds of the charity comprise the une>pended balances of donations and grants whid) are not subjed to speufic c11nd"On3 by don¢)rs and grantm as to hty¥ Ihey moy be used. These indude deslgnatsd funds which have been set asth (Krt of Unrestr lunds by ts tru5tses for specafic purposes. At 6 Aprfl kncomkng G*lM and At 6 Aprll 2026 General funds 2.W.588 674.488 (421.752) 218.625 3.039.949 12-
THE TULA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 17 Unr••trlet•d fvnd8 Icontlnu•d) Prnvlou• y•Ar. Al 6 Aprll Incoffllno G•ln• and l¢x• At S Aprll 2024 G8n8ral lund$ 2,175,659 486.019 {388,4831 295,393 2,568,588 18 R•l•tsd pwty tran•acllon• The wholv at the charity$ trixn datiOnS in this and the wec4ding year was r1ved Irom the tru$t8ts and thelr dose famty membws. 19 C••h g•n•r•t•d lrnmll•b•ortKd ty) owatl•Jn 2025 2024 Surplus lor the ytar 471,361 392,929 AdJu•trM•nt• lor. Investment income re(wni8ed in statwnent IA financi81 adItiO$ Fair vatue gains and los on investments 144,818) 1218,6251 144,9111 1295.3931 Mov•m•nts In pItal. {Increase) In debtlX8 In04$•/(dacf89sel in CrlitorS 143,6081 113,5001 850 C••h g•n•r•t•d from11•b•or by) opwl 208,570 14,4831 20 Analy•l• of chan9•• In fwKI• The thartty had no materHI debt dwing the year. 13-