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2022-03-31-accounts

Contents Contents
Trustees'
report for the		 year ended 31 March 2022
Tudor's principles
Introduction
Structure,
governance		 and management
Trustees
Decision making
Day-to-day
operation		 of the Trust
Grant-making
policy and		 aims
Objectives and activities
Achievements
and performance
Looking ahead 23
Financial review 24
Charitable
expenditure		 24
Remuneration 25
Investments 26
Social investments 28
Reserves 28
Risk management 28
Statement oftrustees' responsibilities 29
Financial statements 31
Statement of Financial Activities 31
Balance Sheet 32
Statement of Cash Flows 33
Notes to the annual
accounts		 2021/2022 34
Independent
Auditor's		 Report to the Members ofThe Tudor Trust 50
Reference and administrative information
(continuation
of		 Trustees' report) 55

East Midlands 12 E809 000 4% 7% E0.17
Eastern 15 E1 054 000 5% 9% E0.17
London 37 E2 151,275 11% 13% E0.24
North East 17 E1 138 500 6% 4% E0.43
North West 34 E2 456 100 12X 11% E0.33
Northern
Ireland		 E620 500 3X 3% EO.33
Scotland 24 E1 654 500 8% 8% E0.30
South East 12 E771 390 4% 14X E0.08
South West 15 E967 500 5% BX E0.17
Wales 12 E918 800 4% 5% E0.29
West Midlands E823 650 4% 9X 80.14
Yorkshire
& the
Number 22 E1 803 900 9% BX EO.33
National/multi-
re ional 59 E4 216 500 21% NA NA
Overseas 14 E821 522 4% NA NA
Total 292 E20 207 137 100% NA NA

Year ended 31 March 202 2
Unrestricted Restricted Total Total
Notes 2022 ZOZZ 2022 2021
EOOD 6000 E000 6000
Income
Donations 13 3 402 506
Investment
income		 2 4,323 4,323 4,355
Tool( 'lissome 4,326 399 4,725 4,IMI
Expenditure
Costs of raising funds
Iiwestrmn t Misaagelne lit Costs 3 1,118 1,118 1,093
Expenditure
on charitable		 activities
Grantmaking
Grants approved 4/5a 19,691 516 20,207 21,449
Grants withdrawn 5a (12) (12) (94)
Management
oferants		 56 1,799 i,799 1,732
Professionalsupport costs 56 83 83 48
Governance
costs		 50 28 28 17
cost of grantmaklng 21,589 516 22,105 23.15Z
Total expend! ture 516 23,224 24,245
Net (expenditure)/income before gains and losses on investments (18,382) (117) (18,499) 119,384)
Net gains on investments 10,382 10,382 65,111
(Increase)/decrease
in provisions		 on social investments (69) (69) 67
(Deficit)/surplus
for the year and		 net movement in funds (8,069) (117) (8,186) 45,794
Funds balance at beginning ofyear 13 272,491 408 272,899 227,105
Funds balance atthe end ofthe year 13 7.64,422 291 264,713 272,899

Balance Shee
 t
As at 31 March 2022 Company
number:		 5196041
Notes 2022 2021
EOOO EOOO
Fixed Assets
Investments 7 284,836 291,451
Social investments 8 2,503 2,327
Tangible assets 9 898 930
288,236 294,709
Current Assets
Debtors 10 258 270
Cash at bank and in hand 1,293 1,781
1,551 2,051
Current
liabilities
Creditors:
amounts		 falling due within one year (16,976) (15,550)
Net current
liabilities		 (15,425) (13,498)
Total assets less current liabilities 272,811 281,210
Creditors:
amounts		 falling due after more
than one year 12 (8,098) (8,311)
Net assets 264,713 272,899
Funds
Unrestricted fund 13 264,422 272,491
Restricted
fund		 13 291 408
264,713 272,899

Statement
of Cash Flows
Year ended 31 March 2022
2022 2021
EOOO E000
Net cash used in operating
activities		 (note 14) (21,457) (21,357)
Cash flows from investing
activities:
Interest and dividends 4,323 4,355
Proceeds from sale of investments 66,634 90,055
Purchase of investments (54,016) (74,786)
Forward
foreign exchange transactions		 (702) 2,425
Repayments
from social investments		 141 204
Purchase of social investments (465) (446)
Purchase of fixed assets (27) (13)
Net cash provided
by investing
activities		 15,888 21,794
Change in cash and cash equivalents in the year (5,569) 437
Cash and cash equivalents
at the beginning		 of the year 32,989 32,552
Cash and cash e uivalents
at the end		 of the year (note 15 27,420 32,989

2. Investment inco me
2022 2021
Total Totai
EOOD EOOD
Dividends
and Interest
Equity investments 2,279 1,842
Fixed interest 1,807 2,109
Real Estate Fund distributions 175 328
Socialinvestrnents 49 31
Bank interest 13 45
4,323 4,355
3. Investment management costs
2022 2021
EOOD EOOD
Investment
management		 fees 1,113 '1,089
Accountancy
fees		 re tax reclaims 5 4
1,118 1,093

X by number 2022 II by number 2021
of grants Number Total of grants Number Total
E000 EOOO
Grants by classification
Youth 9 25 1,652 13 139 3,414
Older People 3 8 529 2 18 331
Community 49 144 10,480 52 545 10,769
Relationships 11 31 1,932 11 117 2,464
Housing 5 15 914 6 64 902
Mental
Health		 8 23 1,311 7 72 1,316
Substance
Misuse		 4 11 895 2 18 469
Learning 1 4 326 1 12 287
Financial Security 1 3 260 1 16 420
Criminal Justice 5 15 1,088 4 39 564
Overseas 4 13 820 1 12 513
100 292 20,207 100 'l,052 21,449

a) Grants approved
2022 2022 2021 2021
Number E000 Number EOOO
Mainstream grants approved during the year 288 20, 'l99 347 20,056
Immediate support
grants made during the year		 2 4 91 165
We((being grants made during the year 2 4 614 1,228
Grants cancelled or adjusted during the year (3) (12) (8) (94)
289 20,195 1,044 21,355
2022 2021
Total Total
f000 E000
Management ofgrants
Staff costs 1,347 1,342
Office expenses 130 120
Depreciation 60 63
Accommodation costs 55 30
ITcosts 113 89
Trustee remuneration 93 88
Trustees' expenses 1
1,799 1,732
Professional support costs 83 48

2022 2021
Total Total
EOOD EOOD
E E
James Long 26 25
Monica Barlow 26 25
Shilpa Shah 24 22
Holly Baine 10 8
c) Net expenditure for the year
2022 2021
Total Total
EOOD EOOD
This is stated after charging:
Operating leases 16 9
Auditor's remuneration (net of VAT) - statutory audit 15 14
Depreciation 60 64

6. Employment
costs
2022 2021
EOOD EOOD
Wages and salaries 1,070 1,075
Social Security costs 121 120
Pension costs 192 171
1,383 1,366
2022 2021
f000 EOOD

7. Investments
2022 2021
EOOD EOOD
Fair value of investments at 1 April 291,451 239,200
Purchases at cost made during the year 54,016 74,786
Saies proceeds on disposal (66,634) (90,055)
Forward foreign exchange transactions in year 721 (3,290)
(Decrease)/Increase
in investment		 cash held (5,101) 5,699
Net gain on change
in fair		 value 10,382 65,111
Fair value of investments at 31 Nlarch 284,836 291,451

Fair value comprised: Fair value comprised:
2022 2021
EOOD EOOD
UK equity investments 21,691 16,145
UK fixed interest investments 55,177 60,172
Overseas equity investments 171,688 176,464
Foreign exchange
hedge		 42 23
Cash on deposit awaiting investment held in the UK 26,085 31,186
Unlisted Jersey-based
Real Estate Fund		 10,153 7,462
284,836 291,451

8. Social investments
2022 2021
EOOD EOOD
Value of investments
at 1 April		 2,327 2,078
Additions
during the year		 465 446
Sales proceeds on disposal (141) (204)
Conversion
of social investment		 to grant (50)
Net expenditure
including
management		 fees (29) (60)
Provisions
against investments		 (69) 67
Value of social investments
at		 31 March 2,503 2,327
Social investments
comprise of:
2021 2021
EOOD EOOD
Charity
Bank Limited		 455 455
Charities
Aid Foundation
Community		 Land Trust Fund) 25 14
Charities
Aid Foundation
Community		 Land Trust Fund ii 197 300
Charities
Aid Foundation
Venturesome		 254 148
Charities
Aid Foundation
Venturesome		 Community Led Housing Fund 123 139
Cornrie Development
Trust		 50 100
Ethical Property
Company		 170 230
Fair for You 150 250
Gloucestershire
Gateway Trust		 50 50
Social and Sustainable
Housing		 929 540
Value of social investments
at		 31 March 1,503 2,327

Freehold Furniture,
land
Et		 fittings
Et		 Computer
building equipment equipment Total
EOOO EOOO EOOO EOOO
Cost
At 1 April 2021 2,145 155 64 2,364
Additions
in the year		 14 13 27
Assets written off in year
At 31 March 2022 2,145 169 77 2,391
Oepreciation
At 1 April 2021 1,256 127 51 1,434
Charge for the year 43 6 11 60
Assets written off in year
At 31 March 2022 1,299 133 62 1,494
Net book value at 31 March 2022 846 36 15 898
Net book value at 31 March 2021 889 28 13 930

ors
2022 2021
EOOO EOOO
Accrued investment income 211 103
Other debtors and prepayments 47 167
258 270

11. Creditor s: amounts falling due within one year
2022 2021
f000 EOOD
Grants payabie (note 16) 16,467 15,204
Trade creditors 27 15
Taxation and SocialSecurity 35 31
Other creditors 167 14
Accrue(a 280 286
'I6,9/6 15,55u
12. Creditors: amounts falling due after more than one year
2022 2021
EOOD EOOD
Grants payable in 2 - 5years (note 16) 8,098 8,311
13. Movement in funds for the current year
Funds Net
balances at investment Funds
start of the gains/ balance at
year' Income Expenditure (losses) end ofyear
EDOO EOOD EDOO EOOD
Restricted
fund
Salvaire 302 (117) 185
Four Acre Trust 399 (399)
Grant funds 106 106
Total restricted funds 408 399 (516) 291
Total unrestrkted fund 272.491 4.32fr (22,777) 10,382 264,422
Totalfunds 272,899 4,725 (23,293) 10,382 264,713
Net current Creditors
Represented
by:		 Fixed assets liabilities I year Net assets
EOOD EOOD EODO EODO
Unrestricted fund 288,236 (15,716) (8,098) 264,422
Restricted funds 291 291
288,236 (15,425) (8,098) 264,713

Funds
balances Net Funds
at start of investment balance at
the year Income Expenditure gains end ofyear
EOOD EOOD EOOD EOOD EOOD
Restricted
fund
Salvaire 302 302
Four Acre Trust 400 (400)
Grant funds 106
Total restricted funds 302 506 (400) 408
Total unrestricted fends 226,803 4,355 (23,778) 65,111 272,491
Totalfunds 227,105 4,861 (24,178) 65,111 272,899
Net current Cred&ters «1
Fixed assets liabilities year Net assets
EOOD E000 EOOD EOOD
Unrestricted fund 294,709 (13,906) (8,311) 272,491
Restricted funds 408 408
Represented by:
294,709 (13,498) (8,311) 272,899

14. Rec onciliat ion
of n		 e t ( ex penditure)
to net cash		 flow from operatin g
activities
2022 2021
EOOD EOOD
Net (expenditure) for the reporting period (18,499) (19,384)
(as per the statement
of financial		 activities)
Depreciation
charges		 60 63
Investment income (4,323) (4 355)
Other movements on social investments 79 60
Movement in working capital:
decrease in debtors 12 16
increase in creditors 164 89
increase in grant commitments 1,050 2,154
Cash outflow from operating
activities		 (21,457) (21,357)
15.Analysis of cash and cash equivalents
At 31
At 1 April March
2021 Cash Flows 2022
EOOD EOOD E000
Cash at bank and in hand 1,781 (488) 1,293
Investment cash 31,208 (5,081) 26,127
32,989 (5,569) 27,420
16. Grant commitment reconciliation
2022 2021
EOOO E000
Commitment
at the start of the year
Payable in less than one year (note 11) 'I5,2D4 14,272
Payable in more than one year (note 12) 8,311 7,0S9
23,515 2'!,361
Grants committed during the year (note 5a) 20,207 20,056
Grants written
back or adjusted		 (note 5a) (12) (94)
Grants paid during the year (19,145) (17,808)
Commitment
at the end of the		 year
Payable in less than one year (note 11) 16,467 15,204
Payable in more than one year (note 12) 8,098 8,311
24,565 23,515

2022 2021
EOOD EOOD
Payable within one year 81 9
Payable within two to five years 166 11
247 20

Year ended 31 March 202 1
Unrestricted Restricted Total
Notes 2021 2021 2021
EOOO EOOD EOOD
Income
Donations 13 506 506
Investment
income		 2 4,355 4,355
Total income 4,355 506 4,861
Expenditure
Costs of raising funds
Investment
Management		 Costs 3 1,093 1,093
Expenditure
on charitable		 activities
Grantmaking
Grants approved 4/Sa 21,049 21,449
Grants withdrawn Sa (94) (94)
Management
of grants		 5b 1,732 1,732
Professional
support costs		 5b 48 48
Governance
costs		 sb 17 17
Cost ofgrantmaking 22,752 400 23,152
Total expenditure 23,845 400 24,245
Net (expenditure)/income before gains and losses on investments (19,490) 106 (19,384)
Net gains on investments 65,111 65,111
Decrease/(increase)
in provisions		 on social investments 67 67
Surplus/(defidt)
for the year and net movement		 in funds 45,688 106 45,794
Funds balance at beginning of year 13 226,803 302 227,105
Funds balance at the end ofthe year 13 272,49) 408 272,899