2023-03-31-accounts

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

THE TUDOR TRUST

Annual Report and Accounts 2022/23

Company number 5196041 Registered charity number 1105580

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Contents
Trustees' report for the year ended 31 March	2023
Tudor's principles		1
Introduction		2
Structure, governance and management		3
Grant-making policy and aims		4
Objectives and activities		5
Achievements and performance		5
Looking ahead		6
Financial review		8
Statement of trustees' responsibilities		11
Independent Auditor's Report to the Members of	The Tudor Trust	13
Reference and administrative information		18
Financial statements		19
Statement of Financial Activities		19
Balance Sheet		20
Statement of Cash Flows		21
Notes to the annual accounts		22

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Trustees' report for the year ended 31 March 2023

Tudor's principles

Tudor's principles underpin all aspects of our work and are intended to guide us as we reflect on our practice or consider challenging issues.

1. Supporting communities to drive their own positive change.

2. Investing in relationships as the foundation of all we do - starting from a position of trust and demonstrating that we can be trusted.

3. Listening with intent: always trying to hear the real voice.

4. Valuing people's time: acting quickly where helpful and taking time where needed.

5. Drawing on learning, creativity and experience to offer flexible, practical support to people, ideas and communities.

6. Making the most of our resources and independence and being open to challenge

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The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Introduction

The Tudor Trust is an independent grant-making trust which has traditionally supported voluntary and community groups working to meet the needs of people at the margins of UK society. In this reporting year, our distinctive philosophy continued to be rooted in trusting those we support to be able to articulate the needs of the community. This is reflected in our commitment to ongoing core funding to build capacity and resilience in the sector.

In 2022/23, we have approved 276 grants with a value of over £20m and we are grateful to all our staff for their involvement in this. Not only do they ensure timely and fair grantmaking processes, they also work to maintain strong relationships with those we fund. We also continued to support the wellbeing needs of the organisations we fund as well as responding to their development needs.

In addition to our grant-making, we also went through a period of self-reflection through a series of internal staff and trustee facilitated events under the theme of “Reimagining” to better understand how mainstream models of grant-making risk reinforcing existing inequitable structures within the sector and wider society. A particular focus was on antiracism and understanding what this means from an organisational perspective. Whilst difficult and sometimes uncomfortable, the Reimagining work generated rich learning and we remain committed to completing the vital process of change that we have begun.

A significant staffing change was that in February 2023, our long-standing Director, Christopher Graves, announced his retirement. Christopher’s remarkable contribution to Tudor and to the voluntary sector spanned nearly four decades. The appointment of an Interim Director, following Christopher’s departure, coincided with Trustees beginning the implementation of a long-standing decision to retire and refresh the whole Board. Though we were originally established as a family trust, we have for some time been exploring how we can transition into a new, more open and diverse structure and culture. A total Board refresh allows for significant changes to our governance, culture and long-term strategic grantmaking.

We very much look forward to sharing more with the sector as our plans continue to take shape.

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The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Structure, governance and management

On 1[st ] March 1955 Sir Godfrey Mitchell endowed a charitable trust with a gift of shares in the construction company George Wimpey. In 1979 this trust became known as The Tudor Trust. The Tudor Trust's governing document is its memorandum and articles (incorporated 3[rd ] August 2004 and amended by special resolution(s) dated 29[th ] May 2014). The Trust was incorporated as a company limited by guarantee on 1[st ] April 2005, with all assets and liabilities of the previous Trust being transferred to the current legal entity on that date. The company is also registered with the Charity Commission (registered 20[th ] August 2004).

Trustees

The Trust's trustees are listed on page 18 of this report. The Board of Trustees appoints the trustees and while the articles of association provide for a minimum of six and there are currently 6 trustees.

The composition of the Board is kept under review and if additional trustees are needed, we look to recruit new members with relevant skills and experience. An induction programme and trustee handbook are provided for all new trustees and as part of their introduction and subsequent induction a new trustee meets key staff and attends a wide range of meetings and committees. Trustees also receive updates and informal training through briefing papers and newsletters, by taking part in regular meetings and discussions with applicants and grant holders and through attending inhouse discussion, training and skill-sharing sessions. No new trustees were appointed in the year under review. Nell Buckler and Roz Dunwell retired as trustees on 31st December 2022. Louise Collins retired as trustee on 31st March 2023.

Decision making

The Board of Trustees normally meets three times a year and holds ultimate responsibility for the Trust. The Board agrees the broad strategy of the Trust, reviews and confirms policy decisions, ratifies grant approvals, and discusses financial and investment issues. The following is the list of committees, sub-committees and groups that were live in this reporting year.

• The Trustee Committee review and develop grant-making policy, confirm grants and investigate and make decisions on more complex applications.

• The Investment Committee focuses on the development and implementation of Tudor's investment policy, asset allocation and the performance of investments, including social investments.

• The Audit Group and Remuneration Committee

• The Delegated Decision Committee considers straightforward requests for continuation funding, requests to reassess or 'flex' a grant during its term and recommendations for development grants and Africa Group capacity-building grants.

• Initial Assessments Decisions Committee consider and decide allocations of funding of a straightforward continuation request for an organisation, which doesn’t require the level of further work. Gants are submitted for ratification to the Trustee Committee,

• The Agroecology Group (previously called the Africa Group) reviews and run a targeted grants programme promoting ecological agriculture in Zimbabwe,

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The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

Kenya, and Uganda. This group reports to the Trustee Committee.

Day-to-day operation of the Trust

The trustees delegate the day-to-day management and operation of the Trust to the Director and the Head of Finance and Resources, Head of Grant Making and Head of Research and Information. This management team implements policies and strategy on the trustees' behalf, giving direction and support to the staff.

Grant-making policy and aims

The Tudor Trust operates for the public benefit. The ultimate beneficiaries of the Trust are the people that the groups we fund work with and support, rather than the groups themselves. The trustees have considered the Charity Commission's general guidance on public benefit when reviewing Tudor's aims and objectives and when planning future activities, setting grant-making policy and making grants.

When Sir Godfrey Mitchell endowed the charitable trust with an expendable endowment, he specified that the trustees should be able to apply the funds to any charitable purpose. Over the years the breadth of these objects and powers has allowed the trustees to reassess how best we can make best use of Tudor's funds.

While we made no fundamental changes to our funding guidelines for 2022-2023, we did provide more guidance on some key issues including our particular focus on core funding, our thinking around reserves and our understanding of the challenges faced by groups in a time of great uncertainty.

Tudor doesn't only support 'direct work' in communities: we are also interested in funding social change and advocacy work challenging injustice and inequality, particularly where this is rooted in lived experience.

Whilst we continued to commit £20m in grants to organisations across the UK, we made a decision to focus on repeat funding for current grant holders and put a pause on new applications. This allowed for time to rethink our strategies and all our work through the lens of reimagining.

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The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Our funding guidelines set out the Trust's aims in the UK as follows:

The Tudor Trust wants to support smaller groups, embedded in their communities, which work directly with people who are on the edges of mainstream society in ways which encourage inclusion, integration and independence.

We don't have specific funding programmes designed to advance a particular agenda as we think that the groups we support are best placed to identify problems and develop solutions.

Our funding guidelines are broad because we want to support the work that groups really want to do. We seek to give those organisations we support the opportunity and practical tools to do the work that they know is needed.

Objectives and activities

Over the year, Tudor continued to fund work across the UK which met our overarching aim of addressing the many different needs of people at the margins of society. A detailed breakdown of our grant making is available on our website or on request from the Trust.

Our responsive approach has enabled us to fund a broad range of organisations, focusing on a range of different issues across the UK including:

• Families and Friends of Prisoners to support children, parents and partners of prisoners at HMP Swansea.

• Recycling Unlimited to provide a supportive recovery space for people with mental health problems.

• Harrow Law Centre to provide legal support in North West London

• Signal Film and Media to provide arts activities for marginalised young people and adults in Barrow-in-Furness.

• Armagh Roma Traveller Support to provide family support to Traveller and Roma communities in Armagh, Northern Ireland

Achievements and Performance

We made 276 grants, totalling £20,014,000. This was primarily continuation funding for grant holders already in our grantmaking portfolio, reflecting our ongoing commitment to longer term funding and developing strong relationships with our grantees.

In addition to awarding a multi-year grant, grant holders were also offered a small wellbeing grant of £2,000. Wellbeing grants were introduced at the beginning of the pandemic, to provide groups the ability to offer wellbeing support to staff, trustees and volunteers. Having discovered through feedback, the value of these small grants in terms of responding to an unarticulated but clear need for groups to focus on wellbeing without having to justify the expenditure, we committed to continuing this practice. During the year 206 organisations and groups were given wellbeing grants to a total of £412,000.

The Tudor Trust - Trust report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Tudor is primarily a UK funder, but we also continued our targeted grants programme promoting ecological agriculture in Zimbabwe, Kenya and Uganda. In this year, we provide core funding to 11 organisations, totalling £456,204.

We also continued our work with five other funders - City Bridge Trust, Esmee Fairbairn Foundation, LankellyChase Foundation, Lloyds Bank Foundation for England and Wales and Paul Hamlyn Foundation and six local places - on LocalMotion. This is a long-term initiative to support local people to address social, environmental and economic injustices that they have identified. It has also been designed to help trusts learn as much as possible about how collective philanthropy can support long-term systemic change with local communities.

In April 2022 the Trust embarked on an ambitious ‘Reimagining’ process, intended to help it embed anti-racism both internally and externally and to rethink its offer to the community and voluntary sector. Closing to new applications made time and space for this work to take place, although we continued to provide support (including further funding) to the 700 plus grant holders that were live in our portfolio.

Over the course of the year, it became clear in all our learning across the Board and the staff, that there was a need for Tudor to transform into an organisation better equipped to distribute resources in a post pandemic context and with a deeper focus on inequity. This learning will be integral to our plans going forward as described below.

Looking Ahead

Following on from the year currently under review, in June 2023, an Interim Director was appointed to support the Trust to develop change plans to oversee governance and strategic changes across all of Tudor’s work, including its grant making.

The Board felt the time was right to begin to implement their plans to exit as long-standing trustees of Tudor. They spent time understanding different models of governance and what it means to exit an organisation responsibly. In September 2023, work to exit the whole Board over a 12-to-18-month period, and recruitment for new trustees began.

In addition, long-standing staff who were ready to move on were also supported in their professional, personal and career development through coaching support and the option of an exit plan.

The next 18 months will focus on implementing change plans to ensure the transformation and long-term effectiveness of the Tudor Trust.

Changes to governance

• The Board will move from being deeply embedded in the grant making, to an oversight model which will allow for a greater focus on long-term strategy and investments.

• A new and more diverse Board with lived experience as well as the skills and competencies to implement strategies, systems and processes that

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The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

intentionally tackle inequity and racism.

• Responsible exit of long-standing trustees who are ready to retire, ensuring knowledge transfer and learning to be embedded.

• A review of all our sub-committees to ensure they are in line with other planned changes.

People Culture

• Overhaul of all our staff, trustee and volunteer policies, handbook and recruitment processes to ensure a robust implementation of Equity, Diversity, Inclusion and Behaviours

• Clearer support for all our staff and volunteers in their personal and professional development.

• A review of all our staffing structures and skill sets to ensure we are equipped to plan and implement a new strategy.

Grant making Strategy

• Formal closure of our existing strategy, with exit grants to enable current grant holders to business plan for their longer term sustainability.

• Continued support and engagement with our existing grant holders, and exploring ways in which they can contribute to strategy development.

• Research and wider engagement with stakeholders to develop a new strategy that builds on our long standing commitment to smaller groups and the grassroots, paying attention to race and intersectionality.

• Launch of a three year strategy that opens up some grantmaking, whilst allowing space for continued learning to develop a longer term strategy, looking out ten years.

Investments

• A review of our investments sub-committee and how we ensure a robust oversight of all our investments.

• Plans to further align our investments strategies to our longer term grant making strategies.

• Further investigation in social investments and ESG to understand how our strategies can be more intentionally aligned to our commitment to Equity, Diversity and Inclusion.

Operational systems

• Ensure the robustness and effectiveness of all our operating systems for a model of hybrid working. This includes maximising our use of office 365 tools and cloud based software to ensure a culture of collaboration and learning.

• A review of the best use of our office space, ensuring that it is a welcoming and productive space for all our staff, trustees and volunteers, as well as our external partners and stakeholders.

The Tudor Trust - Trust report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Financial review

During the financial year, Tudor focused on maintaining a high level of support to existing grant holders and was closed to new applications. For the year under review, Tudor's Board approved a grant commitment range of £19 million to £21 million. Over the year, Tudor entered new grant commitments to the value of £20.4 million (2022: 20.2 million), comprising 408, including wellbeing grants of £2k to 206 (2022: 292) individual grants.

Note 5 of the financial statements, provides further analysis of the grant commitments made in the year.

Throughout the year, trustees regularly reviewed the overall level of grants being committed: the level of funding recommended by the Initial Assessments Decisions Committee, Delegated Decisions Committee and the Grants Committees, and the level of funding approved by the Trustee Committee. Grants commitments remained within the upper limit of the budget set for the year, and the level of grant making undertaken by the various Committees was within the parameters set by the Board.

In line with a policy adopted some years ago, which is periodically reviewed, Tudor's expenditure continues to exceed its income. Net charitable expenditure for the year was £17.9 million (2022: £18.5 million) and was funded through capital withdrawals from the expendable endowment.

The trustees monitor the long-term real return of the portfolio and recognise that, in some years, this will result in the underlying value of the fund increasing and in other years diminishing. At this year's balance sheet date, the investments were valued at £247.5 million (2022: £284.8 million), reflecting pressures on the markets in the final quarter of the financial year. The market movement on investments has increased the year's net charitable expenditure position of £17.9 million to a deficit of £38.2 million (2022: £8.2 million).

Income earned on Tudor's investment portfolio this year has increased to £5.6 million (2022: £4.3 million).

As an endowed foundation, Tudor does not engage in public fundraising and does not use professional fundraisers or commercial participators.

Remuneration

The trustees consider the Board of Trustees, the Director, Head of Finance and Resources, Head of Grant Making and Head of Research and Information as the key management personnel of the charity, in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. During the year four (2022: 5) of the trustees were remunerated, including Christopher Graves, Executive Director, and their remuneration is set out in note 5 to the accounts. This remuneration is paid in accordance with Tudor's memorandum.

Trustees are required to disclose all relevant interests and register them with the Head of Finance and Resources and, in accordance with the Trust's conflicts of interest policy, withdraw from decisions where a conflict of interest arises. The Chair reviews the conflicts of interest register.

The Tudor Trust - Trust report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

The remuneration of the paid trustees, Director, Head of Finance and Resources, Head of Grant Making and Head of Research and Information is reviewed annually and usually increased in accordance with the Consumer Price Index including owner-occupied housing costs (CPIH). The trustees and Director's salary are reviewed by the Remuneration Committee and the staff salaries are reviewed by the Trustee Committee. Staff salaries are also benchmarked with grant-making charities of a similar size and activity on a regular basis to ensure that the remuneration set is fair and not out of line with that paid for similar roles.

Investments

Tudor has adopted an investment policy for its expendable endowment which seeks to optimise performance through a diversified asset portfolio applying a medium risk strategy. This is reflected in its asset allocation as shown in note 7. The performance of the portfolio is monitored monthly and reviewed on a quarterly basis by the Investment Committee. At these meetings trustees discuss investment strategy and asset allocation. Investment performance and market trends are discussed with the Trust's investment managers at regular meetings.

Tudor has operated a responsible investment policy for 21 years. It seeks to invest in companies that demonstrate socially responsible values, and which offer the potential for sustainable growth in the future. This positive, long-term approach to investing is a key part of the strategy for the portfolio. Negative screening, where industry sectors or companies are excluded from investment, may limit future opportunities - however some investments are not held as they are inimical to the work of the Trust.

Tudor remains a long-term social investor in ameliorating society's ills and its investment strategy continues to look for long-term performance rather than short-term gain. The trustees believe that taking a responsible, long-term approach to investment will ultimately improve returns.

Sarasin manages a global equity portfolio for Tudor: the Responsible Fund. At the yearend Tudor's equity portfolio was valued at £169.9 million (2022: £193.4 million). Liontrust manages Tudor's SRI Corporate Bond Fund, which was valued at £43.65 million (2022: £55.2 million) at the year end.

A combination of prior year withdrawals from the investment portfolio and current year repayments from the Paloma Real Estate Funds I II and III have sustained Tudor's activities in the year. In addition; to rebalance the portfolio, £19 million (2022: £12.5 million) was taken out of equities during the year. This was to guard against markets overheating and to ensure that Tudor was not a forced seller in turbulent markets.

The market value of Tudor's investments at 31st March 2023 was £250.5 million (2022: £287.3 million), including social investments. The portfolio at this date comprised 68% UK and global equities, 18% fixed interest holdings, 3% in Real Estate Funds, 10% in cash and 1% as social/unlisted investments (2021: 67%, 19%, 4%, 9% and 1% respectively).

Cash flow requirement is reviewed at each Investment Committee meeting.

During the year in review, the financial markets have had some periods of growth but have, in the main, been somewhat volatile. As Tudor holds an overseas equity portfolio the Investment Committee has agreed to allow Sarasin to hold limited forward foreign exchange positions to mitigate, partly, the effect of sterling movements. Valuations

The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

have seen large swings in the year, sometimes on a monthly basis. We end the year with an investment loss totaling to £20.2 million (2022: £10.3 million gain).

Tudor's portfolios are all managed against a range of indicators and benchmarks deemed to be appropriate by the trustees. The trustees are committed to seeking good longterm performance from the funds and therefore monitor the performance of the equity portfolio against the MSCI All Countries World Daily.

During the year the Responsible Fund underperformed its benchmark by 4.5% for the year (2022: underperformance of 4.4%). The Corporate Bond Fund is managed against a bespoke benchmark and during the year has outperformed its benchmark by 1.27% (2021: outperformance of 1.12%). The Investment Committee continues to review and discuss performance on a quarterly basis.

Social investments

Tudor has been interested in using part of its endowment for social investment for a number of years. The trustees have continued to discuss how social investment might enhance Tudor's work and how this is best reported. We look for good opportunities for social investment which are closely aligned with Tudor's aims but are mindful of the time and resources well-judged social investment requires and the need to balance this with Tudor's core work as a grant maker operating in a difficult funding environment. At the year end the value of social investments held was £3.02 million (2022: £2.5 million), representing 1.21% (2022: 0.87%) of the endowment.

The trustees review the value of social investments annually and this year agreed to close and dispose two funds, Gloucestershire Gateway Trust and Comrie Development Trust.

Reserves

Under the terms of the Trust Deed, the Unrestricted Fund is expendable at the trustees' discretion. All unexpended funds are therefore held in the Unrestricted Fund. The trustees intend to continue monitoring the value of the Fund in real terms to ensure that they are able to achieve both income and capital appreciation so as to maintain the existing level of charitable giving for the foreseeable future. At the year end the value of unrestricted reserves held was £226 million (2022: £264.4 million).

Risk management

The trustees are responsible for establishing and monitoring internal control systems within the Trust. They review the major risks which may impact on the operations of the Trust on an ongoing basis and are satisfied that the system of internal controls currently in place is adequate, whilst recognising that it is designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Trust.

The trustees continue to consider the principal risk to the Trust is that of not fulfilling its core purpose: good grant making. Failure to maximise the opportunities afforded an independently endowed grant maker would be damaging to the communities we work with and those we might work with in the future. In order to mitigate this, we regularly review our grant-making practices and monitor and evaluate grants made.

Tudor's resources are also subject to the unpredictability of the financial markets. To

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The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

mitigate this risk the trustees, review the asset allocation and fund performance at each Board meeting. The Trust also retains expert investment managers. Lack of resources would affect our ability to make available as much funding support as we might like and to deliver the objectives set out in our funding guidelines.

Auditor

Sayer Vincent LLP has indicated its willingness to continue in office.

Statement of trustees' responsibilities

The trustees (who are also directors of The Tudor Trust for the purposes of company law) 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).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is in appropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• There is no relevant audit information of which the charitable company's auditors are unaware; and

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The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

• The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees of Tudor Trust on 26 January 2024 and signed on their behalf by:

Matt Dunwell Chair

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The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

Independent auditor's report to the members of The Tudor Trust

Opinion

We have audited the financial statements of The Tudor Trust (the 'charitable company') for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

• In our opinion, the financial statements:

• Give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

• Have been prepared in accordance with the requirements of the Companies Act 2006

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 Trust's ability to continue as a going concern for a

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The Tudor Trust - Trust report for the year ended 31 March 2023

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The Tudor Trust

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 other information comprises the information included in the trustees' annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• The information given in the trustees' annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The trustees' annual report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception.

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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The Tudor Trust - Trust report for the year ended 31 March 2023

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• The financial statements are not in agreement with the accounting records and returns; or

• Certain disclosures of trustees' remuneration specified by law are not made; or

• • We have not received all the information and explanations we require for our audit; or

• The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small

• ·companies' exemptions in preparing the trustees'_ annual report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities set out in the trustees' annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The

15

The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management and the Audit Group, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• • We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding

16

The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) 30 January 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor lnvicta House, 110 Golden Lane, LONDON, EC1Y 0TG

17

The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

The Tudor Trust

Reference and administrative information

The Tudor Trust is a charitable company limited by guarantee, incorporated in the United Kingdom, Company Number 5196041 and Charity Number 1105580. The principal and registered office address is 7 Ladbroke Grove, London W11 3BD.Website: www.tudortrust.org.uk

Trustees of the Tudor Trust

Catherine Antcliff (Retired 29[th] November 2023) Matt Dunwell * # (Chair from 23rd August 2022) Holly Baine * # Roz Dunwell (Retired 31st December 2022) Monika Barlow * # Christopher Graves * # (Retired 30th April 2023) Jonathan Bell # James Long * # Nell Buckler * (Retired 31st December 2022) Francis Runacres Louise Collins (Retired 31st March 2023) Ben Dunwell * # (Retired 29[th] November 2023) Elizabeth Crawshaw # (Retired 29[th] November 2023)

* member of the Trustee Committee; # member of the Investment Committee

Executive Director

Christopher Graves * # (retired 30th April 2023) Raji Hunjan * # (appointed 5th June 2023)

Associates of the Tudor Trust

John Wilson Associate - Africa

Bankers

Auditor

Barclays Bank PLC Sayer Vincent LLP Marble Arch Corporate Invicta House Banking PO Box 32016 110 Golden Lane London NW1H 2ZH London EC1Y 0TG

Investment managers, advisers and custodian

Liontrust Sarasin & Partners LLP 8 West Marketgait (including provision of equity custodian services) Dundee DD1 1QN Juxon House 100 St Paul's Churchyard London EC4M 8BU

Solicitors

Bates Wells LLP Russell-Cooke LLP 10 Queen Street Place 2 Putney Hill London EC4R 1BE London SW15 6AB

18

The Tudor Trust - Trust report for the year ended 31 March 2023

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Statement of Financial Activities

(incorporating an income and expenditure account) Year ended 31 March 2023

		Unrestricted	Restricted	Total	Total
	Notes	2023	2023	2023	2022
		£000	£000	£000	£000
Income
Donations		1	-	-	399
Investment income	2	5,645	-	5,645	4,323
Total income		5,646	-	5,646	4,725
Expenditure
Costs of raising funds
Investment Management Costs	3	860	-	860	1,118
Expenditure on charitable activities
Grantmaking
Grants approved	4/5a	20,426	-	-	20,207
Grants withdrawn	5a	(137)	-	(137)	(12)
Management of grants	5b	2,220	-	2,220	1,799
Professional support costs	5b	80	-	80	83
Governance costs	5b	83	-	83	28
Cost ofgrantmaking		22,672	-	22,672	22,105
Total expenditure		23,532	-	23,532	23,224
Net(expenditure)/income beforegains and losses on investments		(17,886)	-	(17,886)	(18,499)
Net gains on investments	7	(20,282)	-	(20,282)	10,382
(Increase)/decrease in provisions on social investments	8	5	-	5	(69)
(Deficit)/surplus for the year and net movement in funds		(38,163)	0	(38,163)	(8,186)
Funds balance at beginning of year	13	264,422	291	264,713	272,899
Funds balance at the end of theyear	13	226,259	291	226,550	264,713

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. A copy of the 2022 Statement of Financial Activities is included at note 21

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Company number: 5196041

Balance Sheet

As at 31 March 2023

	Notes		2023	2022
			£000	£000
Fixed Assets
Investments		7	247,531	284,836
Social investments		8	3,023	2,503
Tangible assets		9	887	898
			251,441	288,236
Current Assets
Debtors		10	294	258
Cash at bank and in hand			1,000	1,293
			1,294	1,551
Current liabilities
Creditors: amounts falling due within one year		11	(17,602)	(16,976)
Net current liabilities			(16,308)	(15,425)
Total assets less current liabilities			235,133	272,811
Creditors: amounts falling due after more
than one year		12	(8,583)	(8,098)
Net assets			226,550	264,713
Funds
Unrestricted fund		13	226,259	264,422
Restricted fund		13	291	291
			226,550	264,713

The financial statements were approved and authorised for issue by the Trustees of the Tudor Trust on 26 January 2024 and signed on their behalf by:

Matt Dunwell Trustee/Director

The Tudor Trust - report for the year ended 31 March 2023

20

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Statement of Cash Flows

Year ended 31 March 2023

	2023	2022
	£000	£000
Net cash used in operating activities (note 14)	(22,201)	(21,457)
Cash flows from investing activities:
Interest and dividends	5,645	4,323
Proceeds from sale of investments	70,297	66,634
Purchase of investments	(51,639)	(54,016)
Forward foreign exchange transactions	(1,682)	(702)
Repayments from social investments	69	141
Purchase of social investments	(636)	(465)
Purchase of fixed assets	(52)	(27)
Net cashprovided byinvestingactivities	22,002	15,888
Change in cash and cash equivalents in the year	(199)	(5,569)
Cash and cash equivalents at the beginning of the year	27,420	32,989
Cash and cash equivalents at the end of the year (note 15)	27,222	27,420

The Tudor Trust - report for the year ended 31 March 2023

21

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

1. Accounting policies

a Basis of accounts preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Tudor is a public benefit entity as defined by FRS 102. Tudor is also a Charitable company limited by guarantee and is incorporated in the United Kingdom. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The registered office address is 7 Ladbroke Grove, London, W11 3B0.

In view of the level of investments held at the balance sheet date the trustees are of the opinion that the Trust is a going concern. The trustees consider this at each board meeting and are of the view that the Tudor Trust will remain able to meet its commitments as they arise for a period of at least 12 months from the date of this report. The Trust has no material uncertainties.

The results of the subsidiary The Family Centre Trust have not been consolidated with the Trust's accounts in the year to 31 March 2022 or prior year. This is due to the immaterial nature of the transactions through this charity during the year. Further details of the Family Centre Trust are given in note 18.

b Investments

All investments are stated at market value. It is the Trust's policy to keep valuations up to date such that when investments are sold there is no gain or loss arising. As a result the Statement of Financial Activities (SOFA) only includes those unrealised losses or gains arising from the investment portfolio throughout the year. Any change in fair value will be recognised in the statement of financial activities.

The Tudor Trust - report for the year ended 31 March 2023

22

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

1. Accounting policies

During the year Tudor has taken sterling hedge positions against the effect of fluctuations in the Euro and US dollar as Tudor's equity portfolio is mainly held in these currencies. Provisions are recognised on a monthly basis. The hedge position is realised on a quarterly basis and the resulting cash movement is recognised through the SOFA. The accounting policy for financial instruments is included as note 1 l).

Social investments are carried at fair value where practicable otherwise at cost less impairment. Such investments are subject to regular review, and any diminution is charged to the SOFA. Investments valuations are not enhanced to more than original cost. Tudor considers all social investments to be mixed motive investments, rather than programme related investments.

c Investment income

Investment income is stated on an accruals basis and includes the related tax credit. As a charity the Trust has an exemption to income tax and capital gains tax granted by HM Revenue and Customs..

d Voluntary income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

e Tangible fixed assets

Fixed assets acquired with a value below £1,000 are evaluated for capitalisation based on the economic benefit derived in use. All other assets are capitalised on acquisition.

The value of freehold land cannot be separately identified as such the entire cost of the freehold property is depreciated. The impact of this is not material. Depreciation is calculated to write-off the cost less residual value of tangible assets on a·straight-line basis over their estimated useful economic lives as follows:

Freehold building Fifty years Furniture, fittings and equipment Five to ten years Computer equipment Three to five years

f Resources expended

i. Cost of generating funds

The fees due in respect of investment managers' services are charged against income as the cost of generating funds.

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

1. Accounting policies

ii. Charitable donations

Grants awarded are charged in full against income when a grant has been approved by the Trustee Committee and communicated to the recipient;

hence the Trust is considered to have a legal or constructive obligation, irrespective of the time period it may cover. Grants awarded but unpaid at the balance sheet date are recognised as grant commitments under creditors. Grants withdrawn or cancelled in the year are credited against new grant commitments made in the same year.

iii. Support costs

All expenditure incurred in the course of grant making is shown as support costs. Resources

iv. Governance costs

Governance costs relate to direct expenditure incurred in compliance with the constitutional and statutory requirements of the Trust. Due to the way in which the Trust works it is difficult to attribute a meaningful breakdown of staff costs and other support costs relating to governance work.

g Exchange gains and losses

All realised and unrealised exchange gains and losses on investments are accounted for in the SOFA.

h Leased assets

The cost of operating leases is charged to the Statement of Financial Activities on a straight line basis.

i Pension schemes

The Trust makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the Trust in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The Trust has no liability under the schemes other than the payment of those contributions.

j Funds

All unexpended funds are held in the General Fund (expendable endowment) which can, under the terms of the Trust Deed, be used at the discretion of the trustees.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure

k VAT Status and Irrecoverable VAT

Tudor cannot be registered for VAT. All VAT suffered by the Trust is irrecoverable and all expenditure is stated gross of VAT.

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

1. Accounting policies

• l Financial instruments With the exception of the listed investments described above and derivative financial instruments as described below, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

The Trust uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re- measured at their fair value. Changes in the fair value of derivatives at the reporting date are taken to the relevant income/expenditure heading(s) in the SoFA as appropriate.

The Trust does not currently apply hedge accounting for foreign exchange derivatives.

m Cash at bank and in hand

• Cash at bank and cash in hand includes the regular bank account. Short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account are reported within fixed asset investments as cash, but are included within the statement of cash flows as cash and cash equivalents.

The Tudor Trust - report for the year ended 31 March 2023

25

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

2. Investment income

	2023	2022
	Total	Total
	£000	£000
Dividends and Interest
Equity investments	2,404	2,279
Fixed interest	1,852	1,807
Real Estate Fund distributions	889	175
Social investments	58	49
Misc income	51	-
Bank interest	390	13
	5,645	4,323

3. Investment management costs

					2023	2022
					£000	£000
Investment management fees					856	1,113
Accountancyfees re tax reclaims					4	4
					860	1,118
4. Analysis of grants by classification
	% by number		2023	% by number		2022
	of grants	Number	Total	of grants	Number	Total
			£000			£000
Grants by classification
Youth	12	32	2,264	9	25	1,652
Older People	2	5	328	3	8	529
Community	55	153	11,202	49	144	10,480
Relationships	11	29	1,922	11	31	1,932
Housing	4	10	917	5	15	914
Mental Health	7	19	1,492	8	23	1,311
Substance Misuse	-	1	63	4	11	895
Learning	1	2	125	1	4	326
Financial Security	1	2	205	1	3	260
Criminal Justice	4	12	1,040	5	15	1,088
Overseas	4	11	456	4	13	820
Wellbeing (£2k)		206	412
	101	482	20,426	100	292	20,207

A full list of grants is available from the Trust's website http://tudortrust.org.uk/downloads or by application for a printed copy.

The Tudor Trust - report for the year ended 31 March 2023

26

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

5. Expenditure

a) Grants approved

	2023	2023	2022	2022
	Number	£000	Number	£000
Mainstream grants approved during the year	276	20,014	288	20,199
Immediate support grants made during the year	-		2	4
Wellbeing grants made during the year	206	412	2	4
Grants cancelled or adjusted duringtheyear	(4)	(137)	(3)	(12)
	478	20,289	289	20,195

The number of cancelled grants in the year was 7 (2022: 1), adjustments were made to 2 other grants (2022: 2).

b) Resources expended

			2023	2022
			Total	Total
			£000	£000
Management	of grants
		Staff costs	1,686	1,347
		Office expenses	133	130
		Depreciation	62	60
		Accommodation costs	132	55
		IT costs	113	113
		Trustee remuneration	85	93
		Trustees' expenses	9	1
			2,220	1,799
Professional	support costs		80	83

Professional support costs include amounts paid to consultants and professional advisors who are providing beneficiaries with expert support. They also include costs associated with work around new grantmaking approaches and the implementation of Tudor's values.

Governance costs

Legal & professional fees	62	10
Auditor's remuneration	21	18
	83	28

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

5. Expenditure (continued)

The Trustees are reimbursed for out-of-pocket travel and subsistence expenses. During the year, 5 trustees (2022: three) received reimbursement of £8,875 (2022: £1,235) for travel expenses, subsistece and overnight accommodation.

There is provision in the Memorandum of Association that no more than half of the trustee board can be offered reasonable remuneration. Members of the Trustee Committee can work up to 60 days a year for the Trust with other trustees working up to 25 days.

	2023	2022
	Total	Total
	£000	£000
	£	£
James Long	30	26
Monica Barlow	30	26
Shilpa Shah	-	24
Holly Baine	25	10

In addition on 4th July 2014, following a change to Tudor's memorandum, the Charity Commission gave its consent to remunerate Christopher Graves (a trustee) in his role as Executive Director of the Trust. This is a role that he held on an unpaid basis for a number of years. His remuneration in the year was £105,406 (2022: £102,958) and Tudor made contributions of £11,595 towards his pension (2022: £20,587). In the year, his hours were brought more in line with prepandemic levels.

The Executive Director's remuneration costs are included in the employment costs note. The other trustees' remuneration costs are shown separately as part of the management of grants costs.

None of the other trustees received remuneration.

c) Net expenditure for the year
	2023	2022
	Total	Total
	£000	£000
This is stated after charging:
Operating leases	77	16
Auditor's remuneration (net of VAT) - statutory audit	18	15
Depreciation	63	60

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

6. Employment costs

6. Employment costs
	2023	2022
	£000	£000
Wages and salaries	1,211	1,070
Termination payments	130
Social Security costs	159	121
Pension costs	187	192
	1,686	1,383

The average head count for the year was 23.3 (2022: 21). The average full-time equivalent number of employees during the year was 18.2 (2022: 18).

The following number of employees received employee benefits (excluding employer pension costs and employer national insurance) during the year between:

	2023	2022
	£000	£000
£60,000 - £69,999	1	1
£70,000 - £79,999	2	-
£80,000 - £89,999	-	1
£90,000 - £99,999	-	1
£100,000 - £109,999	1	1
£300,000 - £310,000	1	-

Tudor considers that its key management personnel are the trustees, the Director, the Head of Finance and Resources, the Head of Grantmaking and the Head of Research and Information. The total employment benefits of the key management personnel (including employer national insurance and employer pension contributions) were £ 752,386 (2022: £535,795).

7. Investments

	2023	2022
	£000	£000
Fair value of investments at 1 April	284,836	291,451
Purchases at cost made during the year	51,639	54,016
Sales proceeds on disposal	(70,297)	(66,634)
Forward foreign exchange transactions in year	1,682	721
(Decrease)/Increase in investment cash held	(47)	(5,101)
Netgain on change in fair value	(20,282)	10,382
Fair value of investments at 31 March	247,531	284,836

With the exception of the Unlisted UK fixed interest investments and Unlisted Jersey-based Real Estate Fund all investments are listed investments.

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

7. Investments (continued)

Fair value comprised:

Fair value comprised:
	2023	2022
	£000	£000
UK equity investments	27,350	21,691
UK fixed interest investments	43,655	55,177
Overseas equity investments	142,258	171,687
Foreign exchange hedge	183	42
Cash on deposit awaiting investment held in the UK	26,038	26,085
Unlisted Jersey-based Real Estate Fund	8,047	10,153
	247,531	284,836

Derivative financial instruments - foreign exchange contracts

The Trust enters into foreign currency contracts to mitigate the exchange risk for certain foreign currency transactions within its equity investment portfolio. At 31 March 2023 there were 2 (2022: two) open currency commitments.

The forward currency contracts are measured at fair value using quoted forward exchange rates.

8. Social investments

8. Social investments
	2023	2022
	£000	£000
Value of investments at 1 April	2,503	2,327
Additions during the year	636	465
Sales proceeds on disposal	(69)	(141)
Conversion of social investment to grant	(40)	(50)
Net expenditure including management fees	(12)	(29)
Provisions against investments	5	(69)
Value of social investments at 31 March	3,023	2,503

Social investments comprise of:

Social investments comprise of:
	2023	2022
	£000	£000
Charity Bank Limited	455	455
Charities Aid Foundation Community Land Trust Fund I	16	25
Charities Aid Foundation Community Land Trust Fund II	247	197
Charities Aid Foundation Venturesome	238	254
Charities Aid Foundation Venturesome Community Led Housing Fund	89	123
Comrie Development Trust	-	50
Ethical Property Company	170	170
Fair for You	250	250
Gloucestershire Gateway Trust	-	50
Social and Sustainable Housing	1,558	929
Value of social investments at 31 March	3,023	2,503

The value of the social investments at the end of year is shown at cost less amounts either provided for or written off. The trustees review the value of the investments annually and where necessary make provisions.

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

9. Tangible fixed assets

	Freehold	Furniture,
	land &	fittings &	Computer
	building	equipment	equipment	Total
	£000	£000	£000	£000
Cost
At 1 April 2022	2,145	169	77	2,391
Additions in the year	-	35	17	52
Assets written off inyear	-	-	-	-
At 31 March 2023	2,145	204	94	2,443
Depreciation
At 1 April 2022	1,299	133	62	1,494
Charge for theyear	43	10	10	63
At 31 March 2023	1,342	143	72	1,557
Net book value at 31 March 2023	803	61	22	886
Net book value at 31 March 2022	846	36	15	897

All fixed assets are used for charitable purposes.

10. Debtors

	2023	2022
	£000	£000
Accrued investment income	231	211
Other debtors andprepayments	63	47
	294	258

The Tudor Trust - report for the year ended 31 March 2023

31

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

11. Creditors: amounts falling due within one year

	2023	2022
	£000	£000
Grants payable (note 16)	17,034	16,467
Trade creditors	91	27
Taxation and Social Security	2	35
Other creditors	17	167
Accruals	458	280
	17,602	16,976

12. Creditors: amounts falling due after more than one year

						2023	2022
						£000	£000
Grants payable in	2	-	5	years (note	16)	8,583	8,098

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 of year
	£000	£000	£000	£000	£000
Restricted fund
Salvaire	185	-	-	-	185
Four Acre Trust	-	-	-	-	-
Grant funds	106	-	-	-	106
Total restricted funds	291	-	-	-	291
Total unrestricted fund	264,422	5,646	(23,527)	(20,282)	226,259
Total funds	264,713	5,646	(23,527)	(20,282)	226,550
			Net current	Creditors
Represented by:		Fixed assets	liabilities	>1 year	Net assets
		£000	£000	£000	£000
Unrestricted fund		251,441	(16,599)	(8,583)	226,259
Restricted funds		-	291	-	291
		251,441	(16,308)	(8,583)	226,550

Restricted funds

During the 2019 year Tudor was asked to distribute the closing funds of Salvaire (charity number: 1150709). In keeping with its objects Tudor has committed to distribute the £302,000 received during 2019 and 2020 from Salvaire as new grant commitments to charities working in the criminal justice sphere within the greater Sheffield area. In the year, two new grant commitments were made.

The Tudor Trust - report for the year ended 31 March 2023

32

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

13. Movement in funds note (continued)

Restricted funds (continued)

During the 2022 year Four Acre Trust agreed to contribute to Tudor's grant making to youth projects. In the current year Four Acre funds covered grants totalling £399,000 (in 2021 the funds covered grants totalling £400,000), which were made through our normal grant making process.

During the 2021 year funds to the equivalent of £106,204 were received as a contribution towards a Tudor-funded project in Kampala, Uganda. The implementing partner is expected to draw down these funds across two financial years.

Unrestricted funds

Under the Articles of Association, Capital and Accumulated income are expendable at the trustees' discretion. The Trust has adopted a total return basis of investing. All unexpended funds are therefore held as unrestricted funds.

It is the trustees' current intention to monitor the value of the unrestricted funds in real terms to ensure that they can maintain the Trust's existing level of charitable donations and meet its outstanding grant commitments over future years.

13b. Movement in funds for the year ended 31 March 2022

	Funds balances					Net	Funds
	at start of the				investment		balance at
	year	Income		Expenditure		gains	end of year
	£000	£000		£000		£000	£000
Restricted fund
Salvaire	302	-	-	117		-	185
Four Acre Trust	-	399		(399)		-	-
Grant funds	106	-		-		-	106
Total restricted funds	408	399		(516)		-	291
Total unrestricted funds	272,491	4,326		(22,777)	10,382		264,422
Total funds	272,899	4,725		(23,293)	10,382		264,713
				Net current	Creditors	>1
		Fixed assets		liabilities		year	Net assets
		£000		£000		£000	£000
Unrestricted fund		288,236		(15,716)	(8,098)		264,422
Restricted funds		-		291		-	291
Represented by:
		288,236		(15,425)	(8,098)		264,713

The Tudor Trust - report for the year ended 31 March 2023

33

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

14. Reconciliation of net (expenditure) to net cash flow from operating activities

	2023	2022
	£000	£000
Net (expenditure) for the reporting period	(17,886)	(18,499)
(as per the statement of financial activities)
Depreciation charges	62	60
Investment income	(5,645)	(4,323)
Other movements on social investments	52	79
Movement in working capital:	141	-
decrease in debtors	(36)	12
increase in creditors	59	164
increase ingrant commitments	1,052	1,050
Cash outflow from operating activities	(22,201)	(21,457)

15. Analysis of cash and cash equivalents

Cash at bank and in hand Investment cash	At 1 April 2022 At 31 March 2023 £000 £000 1,293 1,000 26,127 26,221
	27,420 27,221
16. Grant commitment reconciliation Commitment at the start of the year Payable in less than one year (note 11) Payable in more than one year (note 12) Grants committed during the year (note 5a) Grants written back or adjusted (note 5a) Grants paid during the year Commitment at the end of the year Payable in less than one year (note 11) Payable in more than oneyear(note 12)	2023 2022 £000 £000 16,467 15,204 8,098 8,311
	24,565 23,515 20,426 20,207 (137) (12) (19,237) (19,145) 17,034 16,467 8,583 8,098
	25,617 24,565

The Tudor Trust - report for the year ended 31 March 2023

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DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

17. Operating lease commitments

The Trust's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

	2023	2022
	£000	£000
Payable within one year	86	81
Payable within two to fiveyears	79	166
	166	247

During the 2022 year, Tudor entered into a new lease agreement for office premises with an annual charge of £86,400. The minimum term of the lease is three years. In the previous year, Tudor entered into a new lease agreement for office equipment with an annual charge of £8,985.

The minimum term of this lease is also three years.

18. Related organisations

In 2009 the Board agreed to finance the construction of a new family visitors' centre at HMP Wormwood Scrubs through The Family Centre Trust, a new charitable company.

Tudor's director Christopher Graves and trustee Nell Buckler are two of the three directors of this company. During the 2010 year Tudor committed a grant of £1.35m to FCT for the costs of developing the family and visitors' centre. Practical completion was achieved on 18 May 2011 and the centre was donated to the Ministry of Justice on 29 June 2011.

The Tudor Trust is the sole member of the Family Centre Trust. All trustees of FCT are appointed by the Tudor Trust. When considering future appointments at least three trustees must be individuals who are neither directors of the Tudor Trust nor employed by the Tudor Trust.

The centre continued to operate throughout the year and transactions through FCT are now minimal. In March 2020, following a review, the trustees took the decision to wind the charity up and have instructed solicitors. FCT's balance sheet as at 31 March 2023, 2022 and 2021 is as follows; these entries have not been consolidated into the Tudor accounts in this accounting period.

Cash at bank and in hand Creditors: amounts due within one year	2023 £000 17 (4) 13	2022 £000 17 (4)
		13

19. Capital and other commitments

In December 2015, Tudor entered into a legal agreement with Paloma to invest £7,500,000 in their Real Estate Fund I. At this year's balance sheet date £375,247 of the commitment remained to be drawn.

In June 2018, Tudor entered into a legal agreement with Paloma to invest £7,500,000 in their Real Estate Fund II. At this year's balance sheet date £1,917,086 of the commitment remained to be drawn.

In May 2019, Tudor entered into a legal agreement with Social and Sustainable Capital to invest £1,500,000 into their Building Fund. In October 2020, a further £500,000 was committed to the Fund. At this year's balance sheet date £1,005,207 of the commitment remained to be drawn.

In January 2020, Tudor entered into a legal agreement with Charities Aid Foundation to invest £400,000 in their Venturesome Community Led Housing Fund. At this year's balance sheet date £250,000 of the commitment remained to be drawn.

The Tudor Trust - report for the year ended 31 March 2023

35

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

20. Related party transactions

Christopher Graves is both the salaried director of Tudor and a trustee. Full details of his remuneration are set out in note 5. Tudor has four other paid trustees; all of whom are non executive, details of their remuneration is also set out in note 5.

There were no other related party transactions.

The Tudor Trust - report for the year ended 31 March 2023

36

DocuSign Envelope ID: 2382232D-2CBB-41D596E7F00C-801A-440D -A 7148 E- 12C91210B146 933EB4F2B72F

Notes to the Accounts

Note 21. Statement of Financial Activities for the previous year

(incorporating an income and expenditure account) Year ended 31 March 2022

		Unrestricted	Restricted	Total
	Notes	2022	2022	2022
		£000	£000	£000
Income
Donations	13	3	399	402
Investment income	2	4,323	-	4,323
Total income		4,326	399	4,725
Expenditure
Costs of raising funds
Investment Management Costs	3	1,118	-	1,118
Expenditure on charitable activities
Grantmaking
Grants approved	4/5a	19,691	516	20,207
Grants withdrawn	5a	(12)	-	(12)
Management of grants	5b	1,799	-	1,799
Professional support costs	5b	83	-	83
Governance costs	5b	28	-	28
Cost ofgrantmaking		21,589	516	22,105
Total expenditure		22,708	516	23,224
Net(expenditure)/income beforegains and losses on investments		(18,382)	106	(18,276)
Net gains on investments	7	10,382	-	10,382
Decrease/(increase) in provisions on social investments	8	(69)	-	(69)
Surplus/(deficit) for the year and net movement in funds		(8,069)	(117)	(8,186)
Funds balance at beginning of year	13	272,491	408	272,899
Funds balance at the end of theyear	13	264,422	291	264,713

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The Tudor Trust - report for the year ended 31 March 2023

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