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|Contents|Contents||||||
|---|---|---|---|---|---|---|
|Trustees'<br>report for the||year|ended 31 March 2022||||
|Tudor's principles|||||||
|Introduction|||||||
|Structure,<br>governance|and management||||||
|Trustees|||||||
|Decision making|||||||
|Day-to-day<br>operation||of the Trust|||||
|Grant-making<br>policy and||aims|||||
|Objectives and activities|||||||
|Achievements<br>and performance|||||||
|Looking ahead||||||23|
|Financial review||||||24|
|Charitable<br>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<br>accounts|||2021/2022|||34|
|Independent<br>Auditor's|Report||to|the Members ofThe|Tudor Trust|50|
|Reference and administrative|||information||||
|(continuation<br>of|Trustees'|||report)||55|





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|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<br>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<br>& 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|





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|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<br>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<br>on charitable|activities||||||||
|Grantmaking|||||||||
|Grants approved||||4/5a|19,691|516|20,207|21,449|
|Grants withdrawn||||5a|(12)||(12)|(94)|
|Management<br>oferants||||56|1,799||i,799|1,732|
|Professionalsupport|costs|||56|83||83|48|
|Governance<br>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<br>in provisions||on social investments|||(69)||(69)|67|
|(Deficit)/surplus<br>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<br>|t<br>|||||||
|---|---|---|---|---|---|---|---|
|As at 31 March|2022|||||Company<br>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<br>liabilities||||||||
|Creditors:<br>amounts|falling|due within|one year|||(16,976)|(15,550)|
|Net current<br>liabilities||||||(15,425)|(13,498)|
|Total assets less current||liabilities||||272,811|281,210|
|Creditors:<br>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<br>fund|||||13|291|408|
|||||||264,713|272,899|



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|Statement<br>of Cash Flows<br>Year ended 31 March 2022|||||
|---|---|---|---|---|
||||2022|2021|
||||EOOO|E000|
|Net cash used in operating<br>activities|(note 14)||(21,457)|(21,357)|
|Cash flows from investing<br>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<br>foreign exchange transactions|||(702)|2,425|
|Repayments<br>from social investments|||141|204|
|Purchase of social investments|||(465)|(446)|
|Purchase of fixed assets|||(27)|(13)|
|Net cash provided<br>by investing<br>activities|||15,888|21,794|
|Change in cash and cash equivalents|in the year||(5,569)|437|
|Cash and cash equivalents<br>at the beginning||of the year|32,989|32,552|
|Cash and cash e uivalents<br>at the end|of|the year (note 15|27,420|32,989|





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|2. Investment|inco|me||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||Total|Totai|
|||||EOOD|EOOD|
|Dividends<br>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<br>management||fees||1,113|'1,089|
|Accountancy<br>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<br>Health||8|23|1,311||7|72|1,316|
|Substance<br>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<br>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<br>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<br>in investment||cash|held|(5,101)|5,699|
|Net gain on change<br>in fair|value|||10,382|65,111|
|Fair value of investments|at 31 Nlarch|||284,836|291,451|





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|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<br>hedge|||42|23|
|Cash on|deposit awaiting|investment|held in the UK|26,085|31,186|
|Unlisted|Jersey-based<br>Real Estate Fund|||10,153|7,462|
|||||284,836|291,451|



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





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||Freehold|Furniture,|||
|---|---|---|---|---|
||land<br>Et|fittings<br>Et|Computer||
||building|equipment|equipment|Total|
||EOOO|EOOO|EOOO|EOOO|
|Cost|||||
|At 1 April 2021|2,145|155|64|2,364|
|Additions<br>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|



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





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|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<br>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<br>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|



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||||||Funds||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||balances||||Net|Funds|
||||||at start of|||investment||balance at|
||||||the year|Income|Expenditure||gains|end ofyear|
||||||EOOD|EOOD|EOOD||EOOD|EOOD|
|Restricted<br>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|





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|14. Rec|onciliat|ion<br>of n|e|t (|ex|penditure)<br>to net cash|flow from operatin|g<br>activities||
|---|---|---|---|---|---|---|---|---|---|
||||||||2022||2021|
||||||||EOOD||EOOD|
|Net (expenditure)||for the reporting||||period|(18,499)||(19,384)|
|(as per the|statement<br>of financial||||activities)|||||
|Depreciation<br>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<br>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<br>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<br>back or adjusted||||(note 5a)|||(12)||(94)|
|Grants paid|during|the year|||||(19,145)||(17,808)|
|Commitment<br>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|





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



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|Year ended 31 March|202|1||||||
|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total|
|||||Notes|2021|2021|2021|
||||||EOOO|EOOD|EOOD|
|Income||||||||
|Donations||||13||506|506|
|Investment<br>income||||2|4,355||4,355|
|Total income|||||4,355|506|4,861|
|Expenditure||||||||
|Costs of raising funds||||||||
|Investment<br>Management||Costs||3|1,093||1,093|
|Expenditure<br>on charitable|activities|||||||
|Grantmaking||||||||
|Grants approved||||4/Sa|21,049||21,449|
|Grants withdrawn||||Sa|(94)||(94)|
|Management<br>of grants||||5b|1,732||1,732|
|Professional<br>support costs||||5b|48||48|
|Governance<br>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)<br>in provisions||on social investments|||67||67|
|Surplus/(defidt)<br>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|





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