**REGISTERED CHARITY NUMBER: 1103150** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 NOVEMBER 2021** ## **FOR** ## **THE TRESANTON TRUST** HPCA Limited Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER **THE TRESANTON TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 November 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Report of the Independent Auditors**|4|to|7| |**Statement of Financial Activities**||8|| |**Balance Sheet**||9|| |**Cash Flow Statement**||10|| |**Notes to the Cash Flow Statement**||11|| |**Notes to the Financial Statements**|12|to|18| |**Detailed Statement of Financial Activities**||19|| **THE TRESANTON TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 November 2021** The trustees present their report with the financial statements of the charity for the year ended 30 November 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the Trust as specified in the Trust Deed, are a) the making of donations to charitable institutions and b) otherwise supporting such charitable purposes as the Trustees or Founder shall see fit. ## **Significant activities** The principal charitable activities during the period were the making of grants to relevant beneficiaries. ## **Grantmaking** During the period the grantmaking activities of the charity were focussed on the following areas : Medical Research, Children's Welfare, Wildlife & the Environment, and Social Justice & Issues impacting the poor. The trustees have taken the view that it is helpful to many of the projects they support to provide grant funding over extended periods. For this reason they have specifically adopted a strategy of providing multi year funding to selected beneficiaries. The total of grants awarded in the period was £535,881 (2020 - £268,116) and this amount has been reflected as expenditure in the Statement of Financial Activities. £374,120 (2020 - £550,727) was actually paid out to beneficiaries during the period, with the difference reflecting the commitments of grants for future prior periods and accrued as liabilities at 30 November 2021. New commitments arising in the year for future grant payments have been included within grant expenditure in the Statement of Financial Activities and are recognised as liabilities at the balance sheet date in line with the requirements of the Statement of Recommended Practice and the accounting policy set out in note 1. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the period the Trust carried out its charitable activities through the making of grants to institutions. ## **FINANCIAL REVIEW** ## **Financial position** The Trust holds a part interest in freehold land, with an estimated value of around £9m. The trustees plan to hold this asset for income generation. At the balance sheet date the Trust had total undistributed funds of £8,959,300 (2020 - £9,041,844). In line with the requirements of the Statement of Recommended Practice and the accounting policy in note 1, qualifying grants payable in future periods have been reflected as a liability at the balance sheet date. In the normal course of events such grants will be met out of future annual income, which the trustees expect will remain stable. Should the charity suffer any interruption to its anticipated income level, the trust held sufficient cash balances at 30 November 2021 to meet more than 12 months of its future grant commitments. ## **Principal funding sources** The principal source of funding in the period was investment income from the charity's interest in freehold property held via the Hatton Garden Trust. ## **Reserves policy** All of the charity's funds are unrestricted. At present the running costs of the charity are minimal and therefore the trustees do not consider it necessary to hold general reserve funds of any significant amount. It is the general policy of the trustees to distribute all surplus funds once suitable projects have been identified. ## **FUTURE PLANS** The Trustees anticipate that the Trust will continue to seek to identify projects and beneficiaries for grant support, within its stated principal areas of focus. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Page 1 **THE TRESANTON TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 November 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** The Trustees do not anticipate a high level of turnover amongst the trustee body. New trustees will be recruited where a need is identified and suitable training and induction provided to enable them to fulfil their role. ## **Organisational structure** Day to day management of the Trust is carried out by Mr J and Mrs S Lawson. The Trustees meet as a body, either in person or remotely as required, in order to discuss and approve general strategy, and significant grant expenditure. ## **Key management remuneration** The total remuneration for trustees and its key management personnel in the year was £Nil (2020 - £Nil) There were no employees during the current or previous accounting periods and therefore none with remuneration in excess of £60,000. ## **Risk management** The major risks to which the charity is exposed as identified by the trustees have been reviewed and systems have been established to mitigate those risks. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1103150 ## **Principal address** Birch Hall Church Road Windlesham Surrey GU20 6BN ## **Trustees** J S Lawson Mrs S C Lawson C Orton S Meixner ## **Auditors** Andrew Hodgetts FCA HPCA Limited Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 2 **THE TRESANTON TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 November 2021** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. Approved by order of the board of trustees on ............................................. and signed on its behalf by: 26 April 2022 **----- Start of picture text -----**
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J S Lawson - Trustee Page 3 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Opinion** We have audited the financial statements of The Tresanton Trust (the 'charity') for the year ended 30 November 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 30 November 2021 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. Page 4 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, 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. Page 5 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 financial statements. ## **The extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, notably compliance with the Charity Act 2011; -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and -considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions: -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation: - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with the Charity Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 6 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Use of our 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 auditors' 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. HPCA Limited Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER Date: ............................................. Page 7 **THE TRESANTON TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 30 November 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Charitable Grantmaking
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2021
Unrestricted
fund
£
-
457,847
457,847
540,391
(82,544)
9,041,844
8,959,300|2020
Total
funds
£
10,935
446,564| |---|---|---| |||457,499
272,516| |||184,983
8,856,861| |||9,041,844| The notes form part of these financial statements Page 8 **THE TRESANTON TRUST** ## **BALANCE SHEET** ## **30 November 2021** |||2021|2020| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**FIXED ASSETS**|||| |**Investments**|||| |Investments|9|10,935|10,935| |Investment property|10|9,100,000|9,100,000| |||9,110,935|9,110,935| |**CURRENT ASSETS**|||| |Cash at bank||498,882|418,420| |**CREDITORS**|||| |Amounts falling due within one year|11|(339,617)|(357,511)| |**NET CURRENT ASSETS**||159,265|60,909| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||9,270,200|9,171,844| |**CREDITORS**|||| |Amounts falling due after more than one year|12|(310,900)|(130,000)| |**NET ASSETS**||8,959,300|9,041,844| |**FUNDS**|13||| |Unrestricted funds||8,959,300|9,041,844| |**TOTAL FUNDS**||8,959,300|9,041,844| The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2022 ............................................. and were signed on its behalf by: ............................................. J S Lawson - Trustee ............................................. telly Lawdon S C Lawson - Trustee The notes form part of these financial statements Page 9 **THE TRESANTON TRUST** ## **CASH FLOW STATEMENT** ## **for the year ended 30 November 2021** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Interest received
Dividends received
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2021
£
80,072
80,072
-
1
389
390
80,462
418,420
498,882|2020
£
(91,015)
(91,015)
(10,935)
439
133
(10,363)
(101,378)
519,798
418,420| |---|---|---| The notes form part of these financial statements Page 10 **THE TRESANTON TRUST** ## **NOTES TO THE CASH FLOW STATEMENT for the year ended 30 November 2021** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Interest received
Dividends received
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**|2021
£
(82,544)
(1)
(389)
163,006
80,072|2020
£
184,983
(439)
(133)
(275,426)
(91,015)| |---|---|---| ## 2. **ANALYSIS OF CHANGES IN NET FUNDS** ||At 1.12.20|Cash flow|At 30.11.21| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|418,420|80,462|498,882| ||418,420|80,462|498,882| |**Total**|418,420|80,462|498,882| The notes form part of these financial statements Page 11 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Net rental income arising from the charity's interest in investment property is recognised according to the period to which the rental income relates. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants payable after the balance sheet date are recognised as liabilities in the financial statements where, in the opinion of the trustees, they meet the criteria for recognition as constructive obligations. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Investment property** The charity is a joint beneficial owner of freehold property currently being held for income generation. The property is legally held by professional trustees who also administer the collection and distribution of the net rental income. The charity's interest in the property is shown in the financial statements under the heading "Investment Property" and is reflected on the balance sheet at the trustees' estimate of market value, being an amount determined based on rental yields. Any aggregate surplus or deficit arising from changes in the valuation is recognised in the Statement of Financial Activities under the heading "Net gains / (losses) on investments". ## **Taxation** The charity is exempt from Corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Investments** Investments are included in the financial statements at their market value at the balance sheet date. Gains and losses arising on disposals and on revaluation at the balance sheet date are included in the Statement of Financial Activities. Realised gains and losses are calculated based on the difference between the proceeds and the carrying value on the first day of the year under review. continued... Page 12 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** |**2.**
**DONATIONS AND LEGACIES**
Donations in kind
**3.**
**INVESTMENT INCOME**
Share of property income
Investment income
Deposit account interest
**4.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
(see note
5)
£
Charitable Grantmaking
535,881
**5.**
**GRANTS PAYABLE**
Charitable Grantmaking|2021
£
-
2021
£
457,457
389
1
457,847
Support
costs (see
note 6)
£
4,510
2021
£
535,881|2020
£
10,935
2020
£
445,992
133
439|2020
£
10,935| |---|---|---|---| |||446,564|| |||Totals
£
540,391|| |||2020
£
268,116|| continued... Page 13 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **5. GRANTS PAYABLE - continued** |**Analysis of grants by activity type**|2021|2021|2020|2020|2020| |---|---|---|---|---|---| ||£||£||| |Social justice & poverty|213,000||60,000||| |Wildlife & environmental|180,200||25,294||| |Medical|15,572||40,000||| |Children & youth welfare|104,400||103,600||| |
Subtotal - see detail below|513,172||228,894||| |Other (not exceeding £10,000 individually)||22,709|||39,222| ||535,881||268,116||| ||||||| |**Principal beneficiaries included above (all institutions)**|||||| |Water Harvest|90,000|||30,000|| |Belong : Making Justice Happen|88,000|||-|| |Liberty Kitchen|-|||-|| |Durrell Wildlife|90,200|||25,294|| |Action Medical Research|15,572|||-|| |Plan International|25,600|||25,600|| |Nyumbani UK|-|||50,000|| |Prince's Trust|-|||-|| |Honeypot Children's Charity|-|||28,000|| |The Big Leaf|78,800|||-|| |Sebastian's Action Trust|-|||-|| |Berks, Bucks & Oxon Wildlife Trust||||-|| |FOP Friends||||15,000|| |Nightingale Hammerson||||15,000|| |Hunger Project||||30,000|| |Juvenile Diabetes||||10,000|| |Advocacy in Barnet|35,000|||-|| |World Land Trust|90,000|||-|| |Total|513,172|||228,894|| ||||||| |**6.**|**SUPPORT COSTS**|||| |---|---|---|---|---| ||||Governance|| |||Finance|costs|Totals| |||£|£|£| ||Charitable Grantmaking|70|4,440|4,510| Included within Governance costs above are the following amounts: Audit fees £2,480 (2020 : £2,480) Accountancy £1,960 (2020 : £1,920) continued... Page 14 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020. ## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||Unrestricted| |---|---|---| |||fund| |||£| ||**INCOME AND ENDOWMENTS FROM**|| ||Donations and legacies|10,935| ||Investment income|446,564| ||**Total**|457,499| ||**EXPENDITURE ON**|| ||**Charitable activities**|| ||Charitable Grantmaking|272,516| ||**NET INCOME**|184,983| ||**RECONCILIATION OF FUNDS**|| ||**Total funds brought forward**|8,856,861| ||**TOTAL FUNDS CARRIED FORWARD**|9,041,844| |**9.**|**FIXED ASSET INVESTMENTS**|| |||Listed| |||investments| |||£| ||**MARKET VALUE**|| ||At 1 December 2020 and 30 November 2021|10,935| ||**NET BOOK VALUE**|| ||At 30 November 2021|10,935| ||At 30 November 2020|10,935| There were no investment assets outside the UK. continued... Page 15 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **10. INVESTMENT PROPERTY** |**FAIR VALUE**
At 1 December 2020
and 30 November 2021
**NET BOOK VALUE**
At 30 November 2021
At 30 November 2020
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2021
£
Other creditors
339,617
**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2021
£
Other creditors
310,900
**13.**
**MOVEMENT IN FUNDS**
Net
At
movement
1.12.20
in funds
£
£
**Unrestricted funds**
General fund
9,041,844
(82,544)
**TOTAL FUNDS**
9,041,844
(82,544)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
457,847
(540,391)
**TOTAL FUNDS**
457,847
(540,391)|£
9,100,000
9,100,000
9,100,000
2020
£
357,511
2020
£
130,000
At
30.11.21
£
8,959,300
8,959,300
Movement
in funds
£
(82,544)
(82,544)| |---|---| continued... Page 16 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **13. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1.12.19
£
8,856,861
8,856,861|Net
movement
in funds
£
184,983
184,983|At
30.11.20
£
9,041,844| |---|---|---|---| ||||9,041,844| Comparative net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
457,499
(272,516)
**TOTAL FUNDS**
457,499
(272,516)
A current year 12 months and prior year 12 months combined position is as follows:
Net
At
movement
1.12.19
in funds
£
£
**Unrestricted funds**
General fund
8,856,861
102,439
**TOTAL FUNDS**
8,856,861
102,439|Movement
in funds
£
184,983
184,983
At
30.11.21
£
8,959,300
8,959,300| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
915,346
(812,907)
102,439
915,346
(812,907)
102,439| |---|---| continued... Page 17 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 November 2021. Page 18 **THE TRESANTON TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2021** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations in kind
**Investment income**
Share of property income
Investment income
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Finance**
Bank charges
**Governance costs**
Auditors' remuneration
Total resources expended
**Net (expenditure)/income**|2021
£
-
457,457
389
1
457,847
457,847
535,881
70
4,440
540,391
(82,544)|2020
£
10,935
445,992
133
439| |---|---|---| |||446,564| |||457,499
268,116
-
4,400| |||272,516| |||184,983| This page does not form part of the statutory financial statements Page 19 RECISTERED CHAIUTY NUMBER: 11113150 REPORT OF THE TRusfEEI S AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 VOR THE TRESANfoN TRUST HPCA Limited Chartered A¢¢ounlants and StY4tutory Audi101s Station House Ctsnnalight Road Brookwood Woking Surrey GU24 OER THEI TRESANTON TRUST CONTENTS OF THE FINANCIAL STATEI Mri NTS for Ilie ear ended 30 November 2021 Pfige R¢port of the Ti'ust¢es Roport of tlit Indopondéiit Aiidltors Statement of Attivities BAIAnte Sheet Cash Flow Statement 10 Notes to the CA$1) Flow Statement Tr4otes to the Ifinantlil Stfitements 12 to 18 DetHlled St#temettt of filiiAlitlal Aetlvlti 19 THE TRCI SANTON TRUST REPORT OF THE TRUSTEES Lar vnded 30 Noyemhei. 2021 Th¢ Iruslees prc56nt t]i¢ir rcport wÉth the financial ￿ateme1]IS of the charity for the yesw ended 30 Novembei. 2021. The 'usfees have adopted the provisiotjs of A¢counting and Reporting by CharitiC5'. Stat¢in¢nt of Recomtnended Practice Rpplicable to Gharit1¢5 pIEparing their accoullls in accordance with the Financial Reporting ST&ndard applicable in thc UK and Republic of Irel&lld {FRS 102) Itfftctive I Ianuary 2019). OBJICCTIVES AND ACTtVITIES ObJc£tives and llims Tlie obje¢ts of ihe Tiust tys specified in the Trust Deed, a) th¢ tr)aking of don&lions to charilable illstitulions alld b) odierwise supporting such charitsble puivoses a8 tbe ￿SleeS or Founder shall s¢¢ fit. Slgnlficxnt activities The principal choritable a¢tÉYities dui'in8 the period were the making of grant5 to Kcl£vant b6neficiaries. Grantinakixg During the period the gTantm&king activities of the charity were focussed on the following a]ras . Medical Re5¢arch. Children's Welfare, Wildlife & the Environment, and Social Justice & Issues impacting thc poor. The Iruslces have tak¢n the view that it is h61pfiil to many of the projects they 511PPOft lo provide grant fundiijg over extettded periods. For this reason they have spe¢ifi¢ally adopleil & slixlegy of providing multi year funding lo selected beneficiaties. The total of grilllts awAT(l¢d ill the perÉod was £535.881 (2020 - £268.1161 and this anK)unl has b¢en r¢fle¢l¢d as cxp¢iiditur¢ in tlie Statement of Financial Ac(ivilies. £374,12012020 £S50,727) i*blLidlly p&id uul lo benefiLiaries durin& the period, with tlie dillerence reflectitkg the commitments of grants for f￿tUre prior perÉods aikd liabililies at 30 November 2021. New ¢ommttments arisiDg in the year for future gratLt payments ha￿ been included wiihijj grdiil cxptnditure iTr th¢ Si&lementof I,in&ncial Activities and &ir recognised as liabililies at the balance sheet dale in line with Ihc rcqusrcmenls of thc Statcment of Recrjmmended Prnctice dnd th¢ accouJ)ting policy set ￿lt ill not¢ l. ACHIEVEMEPIT AND PERFORMANCE ChatitAble sctivittes Dyring the period the Tiusl cori'ied out its charitable a¢tiviti¢s th]Dugh Ihc making of grarkls to tnstitut2ons. IriNANCIAL REI VIEW rinancial pDsitLOn The I'rnst holds a part inr¢rest in freehold l&nd. with an ¢stin]ated value of around L9ni. The trustees ylan to hDld this asset for iticornE generation. At the balance sheet date the IILisi had total undistribuied funds of £8.959.300 12020 £9.041,844). In linc with tlic rcqiiircmcnts of Ihc.8talement of Recottitnended J'ractice and ihc accounting poltcy in not¢ qualÈfying grants payable in fiiiure periods have been Tet]¢cled &8 a liability at thc balancc shect datt. lrt the nortnal cour56 of 6vcnt5 such grallt5 will be met out of futuir annual In￿￿￿e, wljich the trustees expecl will remain stable. Shoiild the charity $ufY¢r any interruption to its anticipat￿ ijicome levcl, the trust held sufficient cash balances at 30 Nuvetnber 202 I lo Jn¢¢l Fnort tha￿ 12 rn()nths of its future commitments. Pri￿¢￿paI fuRdlRg ¥ourcis The priiicipal sourLe of fundin¥ in the period wos investtnent anetsme fiY>m the charity's interest in fi'eehold prop¢ty Iield via ¢h¢ H>tton G)rd¢n Trust. Reserves pollcy All of the charity's fvnds are utirestricted. At present tlhe running costs of the charity are minimal and iher¢forc th¢ truste¢s do not ¢onsid¢r it n¢¢¢ssary to hold genei?I r&*rvc fiiiids of any significant anioutit. l¢ is dje general policy of the trustees to dislribul¢ all Burplus funds once suitabl¢ projects have b¢¢Th id¢ntifJed. FUTURE PLANS The Trustees anticipate Iliat the Tiust will continueto 5eckto identify projects and benefjciaries for grant 5UPPOrt, withsn ils staled prinGipal area5 of focus. STRuvfuRE, GOVERNANCE AND MANAGCI rvtEP4T G0vey￿l￿g doeiiinen¢ The charily is controlled by its governing documenl. a deed of trust and constitutes an unincorporated charity. Page I THE TRE ANTON TRUST REPORT OFTHETRUSTEEIS for the ear ended 30 November 2021 STRucfuRE. GOVEI RNANCE AND MANAGCI MENT Reciwltinent aiid 8ppolx)ImeAt of truslees The Trustees do not anticipatc a Iiigh level of tiirtEov£r amtslbgstthe trustee body. New t￿St£eS will be ircruited where a eed is identified and suitable traiThin8 and induction provided to enable them to fulfil tlJ¢ii' rol¢. OvynisatiDm¥l St¥￿tt￿re Day to day n]ana¥einenl of the Trust is cari'i¢d out by Mr l and MIE S Lawsoii. The Tnistees nieet as & body, eitller ID person or remotely as IEquired. in order to discuss and approve general slrategy. and significant grajil eX￿ndIture. Key manage￿eNt I'CTnuner￿tiOll The lol&l remun¢ration foi. trustees and its key management personnel in the year was £Nil (2020- £Nil) There were no employees during the current or previous accounting periods and therefore none with tEmun¢ratiott in excess of £60,000. RTsk ￿nn￿geMe]lt Thc major risks to whith the charity is ¢xposrd Js id¢ttlifi¢d by th¢ tiustert l)av¢ rcvicwed and 5ySteT115 havE been establishcd to mitigatc those risks. REifri RENCE AND ADMINISTRATIVE DETAILS Registered Cliai'ity niirnber 1103150 Principhl Address Birch Hull Church Road Windl&Fham SLirrcy GU20 6BN Trustees J S Law50Ti Mrs S C Lawson C Orton S Meixner Auditors Andrew Hodgelts FCA HPCA Limited Chartet'ed Accounl&nlS and Slaluiory Auditors Station Housc ConThau¥ht Road Brookwood Wokin8 SuTrey GU24 OER srATEMEKT OF TRUSTEES, RBSPONSIBILITIES The Irllslees are responsible foi. pirpai'itlg tlic Repoil of the Trustees and tlje financial slatsments its #ccordanc¢ with applicable law and UTriled Kingdom AecouThling Standards (United Kirtgdo￿ Generally Accepted Accaunting Practice). PaLFe 2 THK TRESANTON TRUST RF,PORT OF THf. TRusfF.FS for tlie ear ended 30 Novelliber 2021 STATKMENT OF TRUSTEES, RESPONSIBILITIEI S- £oDtinued Th¢ laiv oppli¢oble to Cliarities in England and Wales, tlie Ch&rities Act 2011, Charity (A¢¢ounts and R¢ports} Regulations 2008 and Ihe proYL5Lolls Df the trL151 deed ￿qUirES thr Iruslees lo prepa￿ financial 5tal¢m¢nts for ¢aGh finattcial year which give a IME &nd fair view of the state of affairs of ihe chai'ily and of the incomirtg resO￿l￿eS and applicatiott of resources. inoluding th¢ incoine and expendiiure. of the ¢harity for that period. In preparing those f￿al}Cial slatemet]Is, the tyllslees are required to s¢le¢t suitfyble ac¢outJling policies ond thell apply them consi5tently', observe the methods and pJ'iTrbiples in the ChaTily SORP. make jud¥¢m¢nts' and estiinaies that are ￿sonable alld pnjdent,. state whethcT applicable accoLinting standards have been followed, subjeet to any material departur¢s disclosed Attd explained in the financial stat¢m¢nts' prepare IhE fiTranGidl 5tat¢rnent% on thÈ gping CDnrKrn basis uttle55 it 15 iiiappropriate to presutne that the charity will Continue in busit)ess. The tnjstees are responsible for keeping proper accounting records which di5GIosB Wlth reasonable accuracy &1 any time tli¢ fitLanGLal position of the ¢l)arity and to enabl¢ them to ensure tho1 the finallcial statements ¢omply with the Cliariti65 Act 2011, the Cliarity (Accounts and Reports) Reuwulalions 2008 and th¢ pruvisions of the trust deed. They are &150 respoth5ible for barE￿U￿rd1￿g th¥ I￿¥¥1s of the chartty and hence f(br takithg reasonable steps for the preY¢ntion and detection of fraud and othcr irre¥ularities. Approved by Ordcr of the board of truste¢5 on 26.April.21]22................. signed on its behalf by.. J S Luwson- fruslee Page 3 REI PORT OF THE tNDEI PEI f4DENT AUDITORS TO THE TRUSTEES OF THEI TRESANTON TRUST OpiihioD We have audiltd the fiThanGial slal¢ments of The Tirsanton Twst {Ihe'charity'l for the year tnded 30 Noveniber 2021 which cornprise the St8tcmetJl of Financial Aclkvities, the Balance Sheet, the Casli Flow Statejnent and i)otes to tlle f￿anCial statement5. iTrcludillg a summary of significantaccountitkg ￿liCLes. Tlje fjllancial reportin# framework that ljas been applied in their pJEparation is applicable law and u￿lled Kitigdom Accounting Standards (United Kingdorn GtthCTally Accepted ArcoiiTrting pr￿lice}. In our opinion the fjnattcial statenients: give a liue atbd faii'view of the State of the cliai'ity's aifRirs as at 30 NoveiiJb¢r 2021 and of ils ineoming resouwe$ and 8pplic&lion of ￿$OurCes, for the year tlien et]d¢d. have been pl1)p￿]Y prepared accordance witli UnÉttd KiiigiloIJi Gtnerally Accepted Accounting Pj'actiev. and liave been prepared &ccordance with the requireTncnts of tlie Charities Act 2011. Ilasis for opinion We colldllcled oui. audit in accordatbct with Jnt¢Tn&tional StandArds on Auditing (UK) (ISAS {UKI) and applicable law. Our irsponsibiliti¢s uiid¢i' thos¢ standards al'e further described iji the Auditor5, responsibilities foi. the audit of tlie finan¢ial sl&temenls Section of our report. We are ind¥prndentof th¢ ¢haTÈty in accurdance with ethical requiremefjts that are relevalll to our au(lit of th¢ financÉal slattnietits iIi tlje UK, including ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordaTr¢e with th65e r¢qiiiY¢m¢nts. W¢ b¢li¢v¢ that th¢ audii ¢vid¢n¢¢ w¢ havE obtained is sÈillcient anil apptt)priate to provide a basis for our opinioll. Coiiclu5ions i'elAting to Eoing cnncerii Jn a￿dIting the flnancial slatcmcnts, wc have coneluded that the triistees, use of the going concern basis of &ccoullting in thc prcpaiation of the fiLikn¢ial siat¢m¢nts is appropriate. Based otl th6 work w6 li&v6 perfoiThed. we have not identifi¢d any malei'ial utjcertainties relating to events or conditions that, individually or collectively. may cast SignifEL￿nI dDubi on thc Lharily's Mbilily lu ronlinue as & going ¢oncern for period ofat l¢ast Iw61v6 niorttlis from whets the fJnaiJcÉal stslemenls ￿e &￿thorIsed for issue. Our r¢spDnsibilities and th¢ r¢sp)nsibilities of the truslecs with respect lo going conceTll are described in the TEl¢vant sections of this report. Otlier iDformxtio Th¢ Iriistees are responsible for the other inf0l.n￿tI0n. The other infoFmatioTh coinprisc5 lh¢ infortnatiotl included in th6 Annual Rcport. othEr tlian the financial s1ot¢ments and our R¢port gf the Independent AvditoiE there0￿. OUT opinion on the fEnèncixl statcments does not cover the otlier infoi'matiotE and. except to the cxtcnt otbcTWiSC expliGitty statrd iii our t?￿rt, we do noi ¢xpreu any form of assuran¢¢ ¢oiJ¢lusioll tliereon. In connecti￿n with our audit of lh¢ fInanttal stat¢mcllts, Qill. Ifspoiisibilily is to rcad tljc othcr snfotnnation and, in doin8 so, considcy wliethcr the other inforniatiott is materially inconsistent wilh the financial statements or our knowledge obtained in ihe audii or oihewis¢ appears to be malerially misstated. If we identify sucli material inc0￿SiStencjeS or apparent material tni55tat¢m¢nts, we &re required to deteymine whether this giv¢s rise lo a material misstotement in the financial statements Ihems¢lv¢s. If, based on th¢ work we have perfoi'med, we conclude that Ihei'e is a materlal misstateTllellt of Ihi5 Other tThfoTm&tion, we are Tcquired to rq>Drt that facl. We have nothÉng lo repoil in this reg&rd. MAtteiY on wbtcli we Rre required to I'tport by ¢x¢eptlon We Iiave nothing to iEport in respect of the following malters Whe￿ th¢ Charili¢5 (AGcounts aTrd RepDrt5) Rcgulations 200¥ Tequires us to report to you if, in our opinion: the information given in the Report of tlLe Ti'ustees is lllcotisistent in any material respect wlth the fitjancial statemeThts' or siifficienl accounting rceords have not bcen kept,. or Ihc finatk¢ial statements are not in agi'¢¢ment with the accounting recojyls and returns. or we liave iiot rec¢ived all Ihe informalioD aThd explanation5 we r¢quiie fDf Dur audit. Page 4 REPORT OF THE INDEPENDEI NT AUD￿oRs TO THEI TRUSTfi [1 S OIC THE TRESANTON TRUST Responsibilities of trustees As expl&illed tnore fully in th6 Statement of Tru5tees' Responsibilities, the trustees are I'esponsible for tlit pyepwatton of the finaiicial slatemellt5 which give a Irue and fair view, and for such internal ¢onlrol ￿ the I￿Stee$ determinc is n¢cessary to rnable the prepaTalion of financial 51&tern¢nt5 that are free fi￿nI material ￿lSsIatel￿e]1l, wlietherdue to fraud tsi. errnr. IA prepaTing tIK finanGiiII statem¢nts, the Irustecs are responsible far assessing the chartly's ability lo Continue as a going ¢oncern, dis¢losin& as applicabl¢, Inatteis related to going concern and iisirhg tlie going eoncern basis of accotsllling iinless th¢ truste￿ ¢illiEr intend to liquidate the c&&rity or to cease op¢rations. or have no iealistic alternative but lo do so. Page 5 REPORT OF THE INDEI PEI NDENT AUDITORS TO THE TRUSTfi ES OF TIIE TRF.,SANTON TRUST Olli. respon5iblllti¢s foi. tlie Aiidit oftlie fillAnCi￿A 8tatcmcnt$ We have be•1 apyoinled a5 audilors under Section 144 of the Charities AGt 2011 and r¢port in aecoixlance witli the Act and relevanl irgulations made or baving eff¢¢i tliereunder. Our objectives ar¢ to obtain rcasonable assurahcB abolit whether the flnancial statements as a whole ?¥e free from n)aterial ￿￿$stateMent, whether dv¢ to fraud OT eiyur, and lo issue a Report of th¢ Independent Auditors tliat includes our opinion. ReasLinable assurart¢¢ is a high lev¢1 of 15suiance, but is not a guaiBnteB IhaÉ ati audit conducted in accordance with ISAS (UK) iyill alwAyS detect a malerial misstatement when it exis15. Misstatements can ai'ise from fraud or error and are eonstdered material if, individually or in Ilie aggrcgate, they could reasonably be expecled lo influEtEce the ecollomio decisions of Iisers taken on tlic basis of these flnancial sl&iements. The extent to ivhicli tlie audlt was toll5idei.ed eapable of (letecting iryegularlties ineludillg frxud Our approach to idcntifyillg assessing the risk5 of rnttterial misstatement iti iYspe¢t (If iTregvlarities, including fraud and non-complian¢e with laws and regulations, was as follows= the etigagemeiit partner ensured that the engauemetit team colle¢tiv¢ly hRd tlie appropTiatc cotl]PEten¢e, capabililies and skills to identify 01 re£oEiii5e non-¢omplion¢e with applicable laws aftd regulations.. we identifjvd th< laws and regulaiions fftpplicable lo th¢ ch&i'ity through discussions with trustees slld other malla¥¥ETrBnl, and from our commeroial knowledge and expericncc of the se¢ioY' we focused on sp¢cifie laws and regulation.% which we considered may have a direct material effect on the finan¢ial 51atc1ne￿1S or the opeTations of the charity, notably ¢ompliart¢e witlJ the Charity Act 2011,. -we as5¢5sed ihe exlcnl of complianbe wÈrh tlie laws and regulations id¢ntified above Ihrough makin£ rDqI)iritq of managemenl and inspectitlE legal Co￿¢s￿)￿dence- and sdEntifJrd lilws aijd irgulatlOR5 were communicated witliin the audit team regularly and the team remained aleil lo irt%twJces of non-cornpliaoce throughout the audil. We assessed the susceptibility of the ¢harily's flnancial stY4t6ments lo n￿terial misstatement, ijisluding obtaining an undeistandiiig of how fraud ttJi£hi occur. by: -makit]g enquiritt of managemrnt as to where they considcred there was su5CePtibility to fraud, their kiiuwledge of aC￿al. suspected a￿d alleged fi'aud,. and -cottsideiing the inteTI)al conlio15 ill pla¢e to tnitigaie risks of fralld and non-compliance with liws and r¢gul&iioll5. To address the i'isk of fraud through nthn&gem¢nt bias and overrid¢ of controls, we.. performed analytical pr￿ed11r¢S to identify any iinu5ual or unexpect¢d rrlalionships. tested journal entries to identify ullu5ual transactions.. -8ss¢ssed whethcT jud¥£tnents and assumptions made it) determining th¢ a¢wuiiting ¢stimates indicative of potential bids. and investigated the rationale behind signifiGanl or urbusual transaciions. It) IE5POn5e to th¢ iisk of irregularities and n(hn-complianc¢ with laws and regulations. we desigtted procedurcs whicli includcd, but were not limited to.. agreeing finattcial 5tatcm¢nt dis¢losuiES to ulldci'lying sUPP)rtinE d(￿Ill￿ejitfttiO￿.' enquirillg of management as lo aLlual and potential litigation and clatm5,' and r6viewin8 correspondcnre with the Charity Commission. Th¢re are inherent limilatioajs kn our audit P1￿cedureS described above. The more rethoved ¢hat law5 and reglllations &Ye froin financial IrangwtEon4 thc le55 likely il is that we would bewme aware of non-complianc¢. Auditing standards also limit the audit pro¢¢dur¢s r¢quiiEd to idenlify non-Lx>Mplia￿c¢ with laws gnd r¢gulaSions to enquiry of th¢ dÉreLIoTS and othej. ¥nanagement and the inspeclion of regulatory a[￿ Irgal corirsponde4Jce, if ￿ly. Material misstalemtnts thai arise du¢lo fraud can b¢ liardcr to dettLt than those tliai arise from error &5 they may involvc deliberate oon¢¢¢¥lm¢nt or collu510H. A fijilherdesciiption of our responsibilities for the audit of the fillancial statenients is ioc&ted on the financial Reporting Council's website ar www.frc.org.uklaiiditonresponsibilities. This description forms p8rl of our Re]x>rt of the Independent Auditors. Page 6 REPORT OF THEI INDEPFNDKNT AUDITORS TO THE TRUSTEES OF TH]C TRESArqroN TRUST Use ofour tepoi* This report is made soltly 10 the ¢l)arity's trustees, os a body, in accordance with Pari 4 of the Charities (Ac¢ounis &tkd R¢ports) Regulations 2008. Our audit work h&5 been undeilaketb SO that we [nI￿t slate lo IhE Ghai'ity's ITiislee5 11105¢ mallers we are rEqusred 10 5tatc to tlicm in Mn auditoi%' rq)orl and for no oilier purpose. To the fullest extent perniilted by law, we do not accept or assunie rcsponsibility to atkyone other thart the cha]'ity and Ihe ¢harity'S trustees as a body, for our audit work. for iliis report, or for the opijuons we have fornied. HPCA Limited Lhaitsred Accountants and Slaliitory Auditor5 StatioIJ House Coni)au8ht Road Brookwood Woking Syrr¢y GU24 OER Dalc.. Page 7 THEI TRESANTON TRUST srATfi MENT OF fi INANCIAL AcrtVITIES for ibc ear ended 30 November 2021 2021 Unirstyicled fiind 202Q Total funds Notes INCOMK AND ENDOWMENTS PROM Donations and le¥&Gi 10,935 Inveslmellt income 457.847 446,564 Total 457.847 457,499 EXPEI NDITURE OIY Charithbl¢ aetivities Charitable GranlTnaking 540,391 272,516 NET tNCOMEI(EXPENDITURE) {82,544) 184,983 RECONCILIA'rioN or FUNDS Totfil fund8 brouglit foiyard 9.041.844 8,856,861 TOTAL FUNDS CARIUED FORWARD 8.959.300 9.041.844 The notes fotin part of these financial slalemenls Page 8 THE TRESANTON TRUST BAIANCF SHEET 30 Novembcr 2021 2021 Unrestricted fund 2020 Total nds Notes FIXED ASSCITS Investments IAvestmeThts IEivestment propcrty 10,935 9,100,000 10.935 9,100,000 10 9,110,935 9.1 10,935 CURRENT ASSETS Cash at bank 498,882 418,420 CREDITORS Amounts falling due within one year (339,617) 1357,511) NET CURRENT ASSETS 159,265 60.909 TOTAL ASSETS LEI SS CURRbNT LIABILITIES 9270,200 9,171,844 CREDITORS AJn(>unts falling due after more than one year 12 {310.9QO) {130,000) NET AssKrs 8.959,300 9.041,844 IPUNDS Unrestricted funds 13 8.959.300 9.041,844 TOTAL fi UNDS 8.959.300 9.041,844 Th¢ f￿￿11}Cial 5t&t6mtnts were approved by Ihe Board Df Truslees and authorised for issu¢ 2fi.Apr.il.2022................. and wcre Signed on its behalf by.. on J S Lowson- Trustee SCLaw on - Trustee The notes form part of these finan¢ial statements Page 9 THE TRESANTON TRUST CASH FLOW STATEMENT for tlie eqr en(led 30 November 2021 2021 202Q Note5 Cash tlows fi¥bM operntlng Aelivltlos C￿h g¢ncrated frotn operations 80,072 191,015} Ncl rash provided byl(u5ed in) OPEratiTrg activities 80,072 (91.015) C9sh floivs from investing xctlVLties Purchase of fIxed as56t investm¢tLts Int¢resi IE¢eived Dividends reeeived 110,935) 439 133 389 Net cash provided byl{used in) investit)g activities 390 (10.363) ChATrge in CA811 Hiid CHsh equivalents In the r¢poYling period Cjsb gnd equivAleTr*s at tlie begI￿ning ofthc i'cporting pei'lod 80.462 (101,378) 418.420 519.798 Ch$h ensh equlvAl¢nts ae tho tnd tlie reporlinR period 498.882 418,420 The notes fom part ofihese financtal slalements Page 10 THE TRE+ SANTON TRUST NOTES TO THEI CASII FLOW STATEMEI NT foi. tlhe 'ear ended 30 November 2021 RECONCILIATION OV NET (EXPENDITURK)/INCOMIL TO Nrr CASH FLOW FROM OPERATING AcfiviTIES 2021 2020 Net {eXpendilureyincoi￿Q for the reporting period {i?s per the Statetntnt of Finfineiiql Activitie$) Adjustments foi.: Inierest received Dividejids reccivcd Inrrta5cI{d¢¢reas¢) in ¢reditors {82,544) 184,98) (4391 {1331 (275,4261 (3891 163,006 Net eAsh provlded byl(llstd In) opeyatious 80,072 (91,0151 ANALYSIS OF CHANCES IN NET FUNDS At 1.12.20 Cash flow At30.11.21 Net cash Cash at bank 418.420 80,462 498.882 418,420 80,462 498.882 Total 418.420 80,462 498,882 The notes form part of these financial 51al¢menls Pagell THII TRESANTON TRUST NOTII S TO TIIE filNANCIAL STATF,MF,wrs fnr thL Laf Lniltd 30 November 2021 ACCOUNTING POLICIES B45is of prep#¥lng tlie tln*tieig1 stgtemeiits The finartcial slaleniejits of tlie charity, Ivhich is a public benefit eTrtity undw FRS 102, have been Prepared ID accordance with tlie Charities SOIiP {FRS 102) 'Accountillg and Reporlins by Charitics.. Slalement of R¢¢ommended Praclice applirable lo charities prep&ring thcir accounts itt accordatice wilh the FiTrancial Rrporting Stand&rd applicable in the UK and Republic of Irelatid (FRS 102) {effe¢tive l January 2019),, Financial Reporting Stand&rd 102 The Finaiicial Reporting Standard appli¢abl¢ in the UK and Republi¢ of Ireland, and Ihe Charities Act 2011. T]i¢ financial stat¢ments have been prepared under Ilie Iiistorical cost eonvention. with thc ex¢eption of investments which are in¢luded at market v&llle. llleome All iDboJYie is ieco£iJised in the Stat¢m¢nt of Finan¢i41 Activities ollce ihe chaTity ha5 EnlitletneTht to ihe funds, it is probable that the income will be received and tli¢ aniount tatt be Jneasuird iEliably. Net irntal in¢om¢ arising from th¢ charity's intere8t in lllvestm￿t pr()pei*y is recognised accorditkg to the period to which the rental incon)e relates. Expenditure Liabilities are recognised as expendslurr as soon as there is a legal or constructive obligation committing the cliarity to ihat expenditur4 it is probabl¢ tha¢ a tTansfer of cLonutniL bEn¥fils will be req￿ll￿d in settlement and th¢ amount of the obligation c&n be measured relidibly. ExpellditUlE 15 accoiltkted for on an kecruals basis and has been classified und¢r lieadings that aggregate all ¢ost related to the category. WheTE C0515 Gannnt he directly ttttiibul6d tu particular headings they have b¢ell allocated to activities on & basis con51Stcnt with the use of resourc65. Grants payab16 aftei. the balancc shcet date &re recognised as liabilities it) tbe fittajicial statement5 wliere, in thc opinioD of the trustces. they meet the criterift for recognition as coll5tru¢tive oblig&lions. Grajils offeird subject to Gonditions which liave noi beeji met at the year end date are noted as & comniitment but not accrued as ¢xpendi¢ure. Investment property The chai'ity is a joÈnt beneficial owner of freehold prop¢rty GUTr¢ntly being held for income generation. T]ie property is legally held by prt)fessiottal trustccs who also adtniTristtr fhe ¢oll¢ciion ond digtribution of tlie net rental inct)me. Tlic charity's interest in the property is sjiowii the [￿ancial stalcfflcnts ￿nder the heading "InYC5t￿ent PIDpeily 1$ reflected on Ihc balatLC¢ 5he¢t al thc ti'ustees, estimat¢ of market value, bein8 ati Amount detewiitied based on reTrlal yields. Any a￿regate surplus or deficit arising fTorn chiinges in lhe valujlion is LEcogTri5ed in the Sialement of Fin&ncÉal Aclivilie5 under thE hEadiThg"Nel gains I Ilosscs) oil investments" TaxHtlon ThB cliarily is exempt Irom Corporation tax on tts ¢harÈtable activities. FuJ)d ft¢collnting Utti'£stsiGt¢d funds ¢an b¢ used in acCo￿an¢¢ wilh Ihe Charitsble objectÉves at the disci'e(ion of the tru5te¢s. Restricted funds can only bt iised for particular restricted purposes within the objects of the charity- Restrictions aTise when specified by th¢ donor or when funds arc r&i5¢d for paiticular restricted PUTposes. FuTther explanatlOIi Df the nature and purpose of each fund is included in Ihe not¢s to the financial statements. Investments Investn)ents are included in IhE finan¢ial stal¢m¢nts al their morket value at tlje balaTrcc sheet date. Gains 2nd 1055es arising on disposals and on revaluaiion al ihe bolaJ¢e sheet date are iiicluded in the Statement of Financial Activities. Realised gains and loss¢g are c&lculaled based on th6 diffcrcnct b¢tWe￿ th¢ pro¢¢¢ds atsd the c&irying value oll ihe fErst day of th6 year under w¢vi¢w. Page 12 continued... THII TRKSAP4TON TRUST NOTES TO THE FINANCIAL STATfi,Mfi NTS- eontilliicd foi. the L'Af Lnded 30 N'ovember 2021 DONATIONS AND LEGACIKS 2021 2020 Donations in kind 10.935 INVEgfMEKf INCOME 2021 2020 Share of property incomc Investment inconie Deposit A¢¢ounl interest 457,457 389 445,992 133 439 457,847 440,564 CHAIIITABLE AcfIviTIES COSTS GTant funding of activities (s¢e note Siipport costs (see nol¢ 6) 5) Tota15 Charitable Grwjtmaking 535,881 4,510 540,391 GRANTS PAYABI,E 2021 2020 Charitable GraThtrn&king 535.B81 268,116 Page 13 continued... THE TREI SATr4TON TRUST NOTEI S TO TIIE fi INANCIAL STATF.Mfi,NTS_ contlnued for Élle ear ended 30 Noveinber 2021 GRANTS PAYABLE- eontinu¢d S15 of raiits b kcttvlt 2021 2020 Social jusiice & poverty Wildlife & cnviTonm¢nlal Medical Chtldien & youth welfare SubtutJl- see detail b61ow Oihei. (tM)t Excceding £IO.000 individually) 213,000 180,200 15,572 104400 513.172 60.QQO 25,294 40,000 103 600 228.894 222 535 881 Princi Al beneficiRrie5 ineluded #bove Water Harvest Belong.. Making Justice Happ¢n Liberty Kitchen Dui'rell Wildlife Acttun Mediial ReseArch Plaii InternalionRI Nyumbani UK Prin¢e's I-r￿1 14oneypc>t ehildren's Charity Thc Big Lcaf Sebastik)n's Action Trust Berks, Bucks & Oxon Wildlife Trust FOP Friends Nightingal¢ Hatnmersotk 14ungtt Project Juvenile Diabetes Advocacy in IAarn¢t World Lathd Trust Total 911 Rnstitutions 90,000 88,000 30,OQO 90,200 15.572 25.60D 25,294 25,600 50,000 28,000 78.BOO 15,000 15.000 30.000 io,000 35,IK>O 90,000 2 228 894 SUPPORT COSTS Governance COSts Finance Totals Charitable Grantmakitkg 70 4,440 4,510 Included within Govcinance costs above arc th¢ following amoiints.. Aiidii fees £2,48012020 £2.480) AccOunt￿ncY £1.96012020 . £1.920) Page 14 contitEued... THE TRESANTON TRUST NOTES TO THfi FTNANCIAL STATEMENTS - eontinued for Ihe eAr ended 30 Navcmbcr 2021 TRusfEES' RCI MUNILRATION AND BCI blTS Tliere weiE no tiustEts' remuneration or other benefits for the year ¢nded 30 November 2021 nor for th6 y¢ir ended 30 November 2020. Triistees exp¢nses There were no tsust¢es' expenses p&id for th¢ year ended 30 NDvetnb2r 2021 llor fov the year et)d¢d 30 November 2020. COMPARATIVES FOR THE STATEMENT OF fiINANCIAL AcrivrriKs Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 10,935 Inveshnent income 446,564 TotAJ 457,499 EXPEI NDITURE ON Charitable actlvitles Charitable Grantmakitig 272,516 NET INCOME 184,983 RECONCILIATION OF FUNDS Total funds brought fonvgrd 8,856,861 TOTAL FUNDS CARRIKD FORWARD 9,041,844 FIXED ASSET INvEsfMENTS Listed investments MARK14T VALUK At l De¢emb¢r 2020 and 30 November 2021 10.935 Nrf BOOK VALUE At 30 November 2021 10,935 At 30 Nov¢mb¢r 2020 10.935 There were no Inv￿￿ent assets oulsidc the UK. Page 15 conlinu¢d... THL TRRSANTON TRUST NOTES TO TIIE FINANCLiL STATF.Mfi.NTS- for the ear 30 Novcinber 2Q21 Inlled io. INVESTMENT PROPERTY FAIR VALUE At l December 2020 aIid 30 Novtinber 2021 9.100,000 NET BOOK VALUE At 30 November 2021 9.100,0(10 A¢ 30 Novetnber 2020 9.100.000 ii. CREDITORS: AMOUNTS FALLING DU14 WITHIN ONE YEAR 2021 2Q20 Other creditors 339.617 357.511 12. CREDrroRS: AMOUNTS FALLING DUE AFYER MORE THAN ONE YEAR 2021 2020 Other Greditors 310.900 130,000 13. MOVEMENT IN FUNDS N¢1 movemenl in funds At 1.12.20 At 30.11.21 Unrestricted funds General fund 9,041,844 (82,5441 8,959,300 TOTAL FUNDS 9,041,844 (82.544) ,959,300 Net movetttent in fund$, ttjcluded in the al￿ve are as follow8.. Incoming resoui'ces ResouTC¢S exp¢nded Moveinent in funds Unrestyicted f￿ndS General fiind 457,847 1540,391) (82.5441 T￿AL FUIYDS 457.847 1540.391) (82,5441 Page 16 continued... THE TRESANTON TRUST NOTES TO THE FtNANC.IA T.,STATF,MF,NTS- eobtinutd roy tlie ear ended 30 November202K 13. MOVEMENT IN FUNDS- contintied CoMiparAtlves for movement ill fuThd$ Net movement in fiinds At 1.12.19 At 30.11.20 Unrestricted funds General fund 8,856,861 184.983 9,041,844 TOTAL FUNDS 8,856,861 184,983 9,041,844 eomparative net movement in funds. ittcluded in the above as follows: Incoming resources Resoui'ces expended Movement in funds Unresti'icted fuiid5 General fund 457,499 (272,516) 184,983 TOTAL FUNDS 457,499 (272,516) 184,983 A ourr¢nt y¢ar 12 months ajid PTior year 12 ￿￿￿t￿S combined position is follows.. Net movement in funds At 1.12.19 At 30.11.21 Unresti'lcted fllRds G¢neral £uiJd 8,856,861 102.439 8.959,300 TOTAL FUNDS 8,856,861 102,439 ,959,300 A current ycar 12 tnortths and prior year 12 montlis combined net movemetht funds, in¢luded it* Ilie above aTe as follows- Jncoming resources R￿oi1rceS expended Movement in funds Unrestricted fllnds General fund 915,346 (812,9071 102,439 TOTAL FUNDS 915,346 1812.9071 102,439 Page 17 continued... THE TRESANTON TRUST NOTEI S TO THEI FINANCIAL STATEMENTS - continued foi. tlie ear ended 30 November 2U21 14. RCI LATED PARTY DISCiDSURICS T&iere were no related pirty trnnsactioiis for the yeai. ctlded 30 Novembcr 2021. Page 18 THE TRfi SANTON TRUST D]QTAILED STATEMEI NT OF IIINANC.IAL AcrtVlTIES for Ilie ear ended 30 Nov¥mbei' 2021 2021 2020 INCOME AND ENDOWMEKrs DonAtionB aiid legacies Donatiotts in kind 10.935 Investment iThcome Share of pro￿rty incoTtL¢ Investment income Deposat account interest 457,457 389 445.992 133 439 457.847 446,564 Totlll incomiRg resource 457,847 457,499 EXPEI NDITURE Chhrltable Aetlvities Grants to inslitutlOnS 535,881 268,116 Support costl Bank charges 70 Coverttllnee eosts Auditors Femuneration 4,440 4.400 T￿al rcsoiirGcs expended 540,391 272,516 Net (expenditure)liDeome {82.544) 184.983 Tliis page does not forni part of the staliitory financial slat¢rnents Page 19 **REGISTERED CHARITY NUMBER: 1103150** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 NOVEMBER 2021** ## **FOR** ## **THE TRESANTON TRUST** HPCA Limited Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER **THE TRESANTON TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 November 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Report of the Independent Auditors**|4|to|7| |**Statement of Financial Activities**||8|| |**Balance Sheet**||9|| |**Cash Flow Statement**||10|| |**Notes to the Cash Flow Statement**||11|| |**Notes to the Financial Statements**|12|to|18| |**Detailed Statement of Financial Activities**||19|| **THE TRESANTON TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 November 2021** The trustees present their report with the financial statements of the charity for the year ended 30 November 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the Trust as specified in the Trust Deed, are a) the making of donations to charitable institutions and b) otherwise supporting such charitable purposes as the Trustees or Founder shall see fit. ## **Significant activities** The principal charitable activities during the period were the making of grants to relevant beneficiaries. ## **Grantmaking** During the period the grantmaking activities of the charity were focussed on the following areas : Medical Research, Children's Welfare, Wildlife & the Environment, and Social Justice & Issues impacting the poor. The trustees have taken the view that it is helpful to many of the projects they support to provide grant funding over extended periods. For this reason they have specifically adopted a strategy of providing multi year funding to selected beneficiaries. The total of grants awarded in the period was £535,881 (2020 - £268,116) and this amount has been reflected as expenditure in the Statement of Financial Activities. £374,120 (2020 - £550,727) was actually paid out to beneficiaries during the period, with the difference reflecting the commitments of grants for future prior periods and accrued as liabilities at 30 November 2021. New commitments arising in the year for future grant payments have been included within grant expenditure in the Statement of Financial Activities and are recognised as liabilities at the balance sheet date in line with the requirements of the Statement of Recommended Practice and the accounting policy set out in note 1. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the period the Trust carried out its charitable activities through the making of grants to institutions. ## **FINANCIAL REVIEW** ## **Financial position** The Trust holds a part interest in freehold land, with an estimated value of around £9m. The trustees plan to hold this asset for income generation. At the balance sheet date the Trust had total undistributed funds of £8,959,300 (2020 - £9,041,844). In line with the requirements of the Statement of Recommended Practice and the accounting policy in note 1, qualifying grants payable in future periods have been reflected as a liability at the balance sheet date. In the normal course of events such grants will be met out of future annual income, which the trustees expect will remain stable. Should the charity suffer any interruption to its anticipated income level, the trust held sufficient cash balances at 30 November 2021 to meet more than 12 months of its future grant commitments. ## **Principal funding sources** The principal source of funding in the period was investment income from the charity's interest in freehold property held via the Hatton Garden Trust. ## **Reserves policy** All of the charity's funds are unrestricted. At present the running costs of the charity are minimal and therefore the trustees do not consider it necessary to hold general reserve funds of any significant amount. It is the general policy of the trustees to distribute all surplus funds once suitable projects have been identified. ## **FUTURE PLANS** The Trustees anticipate that the Trust will continue to seek to identify projects and beneficiaries for grant support, within its stated principal areas of focus. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Page 1 **THE TRESANTON TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 November 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** The Trustees do not anticipate a high level of turnover amongst the trustee body. New trustees will be recruited where a need is identified and suitable training and induction provided to enable them to fulfil their role. ## **Organisational structure** Day to day management of the Trust is carried out by Mr J and Mrs S Lawson. The Trustees meet as a body, either in person or remotely as required, in order to discuss and approve general strategy, and significant grant expenditure. ## **Key management remuneration** The total remuneration for trustees and its key management personnel in the year was £Nil (2020 - £Nil) There were no employees during the current or previous accounting periods and therefore none with remuneration in excess of £60,000. ## **Risk management** The major risks to which the charity is exposed as identified by the trustees have been reviewed and systems have been established to mitigate those risks. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1103150 ## **Principal address** Birch Hall Church Road Windlesham Surrey GU20 6BN ## **Trustees** J S Lawson Mrs S C Lawson C Orton S Meixner ## **Auditors** Andrew Hodgetts FCA HPCA Limited Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 2 **THE TRESANTON TRUST** ## **REPORT OF THE TRUSTEES for the year ended 30 November 2021** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. Approved by order of the board of trustees on ............................................. and signed on its behalf by: 26 April 2022 **----- Start of picture text -----**
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J S Lawson - Trustee Page 3 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Opinion** We have audited the financial statements of The Tresanton Trust (the 'charity') for the year ended 30 November 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 30 November 2021 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. Page 4 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, 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. Page 5 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 financial statements. ## **The extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, notably compliance with the Charity Act 2011; -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and -considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions: -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation: - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with the Charity Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 6 **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRESANTON TRUST** ## **Use of our 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 auditors' 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. HPCA Limited Chartered Accountants and Statutory Auditors Station House Connaught Road Brookwood Woking Surrey GU24 0ER Date: ............................................. Page 7 **THE TRESANTON TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 30 November 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Charitable Grantmaking
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2021
Unrestricted
fund
£
-
457,847
457,847
540,391
(82,544)
9,041,844
8,959,300|2020
Total
funds
£
10,935
446,564| |---|---|---| |||457,499
272,516| |||184,983
8,856,861| |||9,041,844| The notes form part of these financial statements Page 8 **THE TRESANTON TRUST** ## **BALANCE SHEET** ## **30 November 2021** |||2021|2020| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**FIXED ASSETS**|||| |**Investments**|||| |Investments|9|10,935|10,935| |Investment property|10|9,100,000|9,100,000| |||9,110,935|9,110,935| |**CURRENT ASSETS**|||| |Cash at bank||498,882|418,420| |**CREDITORS**|||| |Amounts falling due within one year|11|(339,617)|(357,511)| |**NET CURRENT ASSETS**||159,265|60,909| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||9,270,200|9,171,844| |**CREDITORS**|||| |Amounts falling due after more than one year|12|(310,900)|(130,000)| |**NET ASSETS**||8,959,300|9,041,844| |**FUNDS**|13||| |Unrestricted funds||8,959,300|9,041,844| |**TOTAL FUNDS**||8,959,300|9,041,844| The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2022 ............................................. and were signed on its behalf by: ............................................. J S Lawson - Trustee ............................................. telly Lawdon S C Lawson - Trustee The notes form part of these financial statements Page 9 **THE TRESANTON TRUST** ## **CASH FLOW STATEMENT** ## **for the year ended 30 November 2021** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Interest received
Dividends received
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2021
£
80,072
80,072
-
1
389
390
80,462
418,420
498,882|2020
£
(91,015)
(91,015)
(10,935)
439
133
(10,363)
(101,378)
519,798
418,420| |---|---|---| The notes form part of these financial statements Page 10 **THE TRESANTON TRUST** ## **NOTES TO THE CASH FLOW STATEMENT for the year ended 30 November 2021** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Interest received
Dividends received
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**|2021
£
(82,544)
(1)
(389)
163,006
80,072|2020
£
184,983
(439)
(133)
(275,426)
(91,015)| |---|---|---| ## 2. **ANALYSIS OF CHANGES IN NET FUNDS** ||At 1.12.20|Cash flow|At 30.11.21| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|418,420|80,462|498,882| ||418,420|80,462|498,882| |**Total**|418,420|80,462|498,882| The notes form part of these financial statements Page 11 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Net rental income arising from the charity's interest in investment property is recognised according to the period to which the rental income relates. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants payable after the balance sheet date are recognised as liabilities in the financial statements where, in the opinion of the trustees, they meet the criteria for recognition as constructive obligations. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Investment property** The charity is a joint beneficial owner of freehold property currently being held for income generation. The property is legally held by professional trustees who also administer the collection and distribution of the net rental income. The charity's interest in the property is shown in the financial statements under the heading "Investment Property" and is reflected on the balance sheet at the trustees' estimate of market value, being an amount determined based on rental yields. Any aggregate surplus or deficit arising from changes in the valuation is recognised in the Statement of Financial Activities under the heading "Net gains / (losses) on investments". ## **Taxation** The charity is exempt from Corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Investments** Investments are included in the financial statements at their market value at the balance sheet date. Gains and losses arising on disposals and on revaluation at the balance sheet date are included in the Statement of Financial Activities. Realised gains and losses are calculated based on the difference between the proceeds and the carrying value on the first day of the year under review. continued... Page 12 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** |**2.**
**DONATIONS AND LEGACIES**
Donations in kind
**3.**
**INVESTMENT INCOME**
Share of property income
Investment income
Deposit account interest
**4.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
(see note
5)
£
Charitable Grantmaking
535,881
**5.**
**GRANTS PAYABLE**
Charitable Grantmaking|2021
£
-
2021
£
457,457
389
1
457,847
Support
costs (see
note 6)
£
4,510
2021
£
535,881|2020
£
10,935
2020
£
445,992
133
439|2020
£
10,935| |---|---|---|---| |||446,564|| |||Totals
£
540,391|| |||2020
£
268,116|| continued... Page 13 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **5. GRANTS PAYABLE - continued** |**Analysis of grants by activity type**|2021|2021|2020|2020|2020| |---|---|---|---|---|---| ||£||£||| |Social justice & poverty|213,000||60,000||| |Wildlife & environmental|180,200||25,294||| |Medical|15,572||40,000||| |Children & youth welfare|104,400||103,600||| |
Subtotal - see detail below|513,172||228,894||| |Other (not exceeding £10,000 individually)||22,709|||39,222| ||535,881||268,116||| ||||||| |**Principal beneficiaries included above (all institutions)**|||||| |Water Harvest|90,000|||30,000|| |Belong : Making Justice Happen|88,000|||-|| |Liberty Kitchen|-|||-|| |Durrell Wildlife|90,200|||25,294|| |Action Medical Research|15,572|||-|| |Plan International|25,600|||25,600|| |Nyumbani UK|-|||50,000|| |Prince's Trust|-|||-|| |Honeypot Children's Charity|-|||28,000|| |The Big Leaf|78,800|||-|| |Sebastian's Action Trust|-|||-|| |Berks, Bucks & Oxon Wildlife Trust||||-|| |FOP Friends||||15,000|| |Nightingale Hammerson||||15,000|| |Hunger Project||||30,000|| |Juvenile Diabetes||||10,000|| |Advocacy in Barnet|35,000|||-|| |World Land Trust|90,000|||-|| |Total|513,172|||228,894|| ||||||| |**6.**|**SUPPORT COSTS**|||| |---|---|---|---|---| ||||Governance|| |||Finance|costs|Totals| |||£|£|£| ||Charitable Grantmaking|70|4,440|4,510| Included within Governance costs above are the following amounts: Audit fees £2,480 (2020 : £2,480) Accountancy £1,960 (2020 : £1,920) continued... Page 14 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020. ## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||Unrestricted| |---|---|---| |||fund| |||£| ||**INCOME AND ENDOWMENTS FROM**|| ||Donations and legacies|10,935| ||Investment income|446,564| ||**Total**|457,499| ||**EXPENDITURE ON**|| ||**Charitable activities**|| ||Charitable Grantmaking|272,516| ||**NET INCOME**|184,983| ||**RECONCILIATION OF FUNDS**|| ||**Total funds brought forward**|8,856,861| ||**TOTAL FUNDS CARRIED FORWARD**|9,041,844| |**9.**|**FIXED ASSET INVESTMENTS**|| |||Listed| |||investments| |||£| ||**MARKET VALUE**|| ||At 1 December 2020 and 30 November 2021|10,935| ||**NET BOOK VALUE**|| ||At 30 November 2021|10,935| ||At 30 November 2020|10,935| There were no investment assets outside the UK. continued... Page 15 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **10. INVESTMENT PROPERTY** |**FAIR VALUE**
At 1 December 2020
and 30 November 2021
**NET BOOK VALUE**
At 30 November 2021
At 30 November 2020
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2021
£
Other creditors
339,617
**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2021
£
Other creditors
310,900
**13.**
**MOVEMENT IN FUNDS**
Net
At
movement
1.12.20
in funds
£
£
**Unrestricted funds**
General fund
9,041,844
(82,544)
**TOTAL FUNDS**
9,041,844
(82,544)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
457,847
(540,391)
**TOTAL FUNDS**
457,847
(540,391)|£
9,100,000
9,100,000
9,100,000
2020
£
357,511
2020
£
130,000
At
30.11.21
£
8,959,300
8,959,300
Movement
in funds
£
(82,544)
(82,544)| |---|---| continued... Page 16 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **13. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1.12.19
£
8,856,861
8,856,861|Net
movement
in funds
£
184,983
184,983|At
30.11.20
£
9,041,844| |---|---|---|---| ||||9,041,844| Comparative net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
457,499
(272,516)
**TOTAL FUNDS**
457,499
(272,516)
A current year 12 months and prior year 12 months combined position is as follows:
Net
At
movement
1.12.19
in funds
£
£
**Unrestricted funds**
General fund
8,856,861
102,439
**TOTAL FUNDS**
8,856,861
102,439|Movement
in funds
£
184,983
184,983
At
30.11.21
£
8,959,300
8,959,300| |---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
915,346
(812,907)
102,439
915,346
(812,907)
102,439| |---|---| continued... Page 17 **THE TRESANTON TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2021** ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 November 2021. Page 18 **THE TRESANTON TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2021** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations in kind
**Investment income**
Share of property income
Investment income
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Finance**
Bank charges
**Governance costs**
Auditors' remuneration
Total resources expended
**Net (expenditure)/income**|2021
£
-
457,457
389
1
457,847
457,847
535,881
70
4,440
540,391
(82,544)|2020
£
10,935
445,992
133
439| |---|---|---| |||446,564| |||457,499
268,116
-
4,400| |||272,516| |||184,983| This page does not form part of the statutory financial statements Page 19