Charity number: 1128441
THE TAURUS FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE TAURUS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 - 2 |
| Trustees' report | 3 - 7 |
| Independent examiner's report | 8 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 21 |
THE TAURUS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
Ms C Cook Ms K Ekers Mr A Felsenstein Mr D Felsenstein Mr A Fenton Mr D Fenton Mrs P Fenton Mr A Forwood Mr J Goodman Ms W Pollecoff Mr C Vermont
Charity registered number
1128441
Principal office
c/o Forsters LLP 31 Hill Street London W1J 5LS
Correspondent
Cosmo Peach C/o Forsters LLP 31 Hill Street London W1J 5LS
Accountants
Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS
Bankers
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Page 1
THE TAURUS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Solicitors
Forsters LLP 31 Hill Street London W1J 5LS
Investment Managers
Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN
Page 2
THE TAURUS FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the charity for the 1 January 2022 to 31 December 2022.
Structure, governance and management
a. Constitution
The Taurus Foundation is a registered charity, number 1128441, and is constituted under a Trust deed dated 12 January 2009.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees, listed on page 1, who are appointed under the terms of the Trust Deed. New and additional Trustees may be appointed by Trustees as deemed necessary.
c. Policies adopted for the induction and training of Trustees
There is a process of induction for new Trustees which includes meetings with current Trustees and the provision of key information.
Trustees undergo training at meetings, as and when needed.
d. Organisational structure and decision making
Day-to-day management of the charity is undertaken by the Board of Trustees. Typically the Board of Trustees meets three times per annum. In 2022 the Board fulfilled its duties. Although it met only once in person, other meetings were held as required using electronic means. The Board recognises the need for meetings in person, but in that year pivoted to suit the Trustees due to health and other concerns.
e. Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Objectives and activities
a. Policies and objectives
The Trustees have due regard to the guidance on public benefit issued by the Charity Commission when making grants to operational charities who themselves act for public benefit.
The objects of the Foundation are such exclusively charitable purposes as the Trustees may from time to time decide. It is recognised that the definition of what is 'charitable' according to English Law changes over time and it is intended that (whilst nothing should be done which is not exclusively charitable at the date that it is done) the objects of the charity should change in line with the laws of England, so that in the future things may be done (when they are charitable) which were not thought to be charitable at the date of the trust deed. The Trustees shall pay or apply or cause to be applied at such time or times and in such manner as the Trustees shall in their discretion think fit the income and, if, and in so far as, the Trustees shall think fit the capital of the charity in promoting the objects.
Page 3
THE TAURUS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Objectives and activities (continued)
b. Grant-making policies
The Trustees identify organisations that could benefit from funding and invite such organisations to provide relevant information in paper and through a meeting, to allow the Trustees to consider the organisations for funding carefully against specific criteria as set out by the Trustees in accordance with the charity's objectives. The funding discussions are therefore held without applications being made, and decisions are based on research undertaken by the Foundation.
In February 2016, the Board adopted a set of Guidelines for its grant making after reviewing the range of its activities since inception. The Trustees had from the start appreciated the benefits, both for themselves and their grantees, of specialising in a few areas of interest. The review enabled them more clearly to determine causes on which to focus. Following on from this analysis, they have been able to develop their knowledge, expertise and networks, which has in turn made it easier to identify and analyse possible candidates for grants, and, ultimately, enable the Trustees to make grants to those charities which they consider will deliver the most benefit in their selected areas.
The Trustees’ policy, in general, is to select the organisations which deliver real benefit in particular areas of need and then give them unrestricted grants, based on their proven ability to achieve success. As a result, although the Trustees appreciate that there is an enormous number of registered charities and a very wide range of needs they seek to meet, they do not, and will not, consider unsolicited approaches.
The Trustees recognise that these continue to be difficult times for charities, and remain conscious of the economic situation and its effect on charities, and their beneficiaries. They bear that in mind in considering the amount of each grant and whether it should be a one-off donation or part of a series of grants over a period of years.
Page 4
THE TAURUS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements and performance
a. Key performance indicators
The Trustees make investment decisions and review investment performance to preserve and grow the trust fund in tandem with their grant making policy. Their instructions to their investment managers were to achieve a balanced return between income and capital at medium risk on a discretionary mandate over a period of 5 to 10 years. In light of the Coronavirus pandemic and the uncertain economic effects of Brexit, at the first Board meeting in 2020 the Trustees adopted a low risk investment approach. This policy was reviewed, with the Board continuing to adopt a low risk approach.
The Trustees are satisfied that, taking one year with another, the desired returns are being achieved.
Grants are made to charities out of a mixture of investment income and donations received (including Gift Aid) and, when other resources are not sufficient to cover the grants decided upon, out of capital, as is authorised by the trust deed.
The Trustees also aim to maintain the support costs of the foundation at a proportionately low level compared to grants made. The support costs for the year ended 31 December 2022 amounted to £19,965 which is 6.1% of overall grant expenditure (year ended 31 December 2021 £29,080 - 5.9%), which is considered to be satisfactory. It is worth noting that grants made in year ended 31 December 2021 were far higher than usual as the Trustees reacted to the global pandemic and made exceptional one off grants.
b. Review of activities
In reviewing their activities for the year, the Trustees endeavour to consider the impact of their grants. As part of the development process in drawing up the Guidelines, the Trustees identified certain overarching themes or areas of interest. The Trustees are in particular interested in charities that manage to create benefit in two or more of these areas, which they call “double-hitting”.
The Board believes that developing its strategy for its grant allocations will, over time, enable it to streamline its giving, improve its research, make more effective allocation decisions, support monitoring its relationships and, ultimately, achieve maximum benefit. As stated previously, the Trustees do not consider unsolicited approaches.
During the period grants were paid to a number of different organisations, as set out in Note 7.
c. Investment policy and performance
There are no restrictions on the charity's power to invest. The investment strategy is set by the Trustees who provide the investment manager with specific guidelines and certain restrictions. The general investment objectives are for a balance of income and capital growth.
The Trustees review the investment portfolio's performance regularly and meet with the investment managers at least annually. Two of the Trustees liaise with the Foundation's fund managers throughout the year.
The Trustees considered the Foundation’s approach to ethical and environmental investments and adopted a policy proposed by members of a sub-committee.
Page 5
THE TAURUS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The charity has significant unrestricted reserves covered by its investments and manages these funds to provide income to support the grants made in the year.
As the charity is not a service delivery charity, the Trustees do not believe that the obligation to maintain reserves at a specific level is appropriate.
c. Future developments
The Foundation's aims for 2022 have been and continue to be to make grants in pursuance of the charitable objectives. The Trustees are grateful for the donations made by the Founders demonstrating their commitment to the Foundation and to ensuring that it should have sufficient resources to fulfil its objectives.
The Board considers the current method of selecting, allocating and monitoring charities as appropriate for the current level of distributions. The Board discussed how charities might be researched, selected and monitored when the scale of the Foundation changes. The allocations would still be made in the proportions defined by the Funding document that will come into effect at that point, but the Board concluded that it was not appropriate for the current Board to define how the future Board should operate. The Board felt strongly that it would be detrimental to the current portfolio for a larger amount to be disproportionately allocated to one charity as a trial.
Page 6
THE TAURUS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Mr A G Fenton
Date: 25 October 2023
Page 7
THE TAURUS FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Independent examiner's report to the Trustees of The Taurus Foundation ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 8
THE TAURUS FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Jennifer L Tolmie FCA
Dated: 26 October 2023
Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS
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THE TAURUS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations 2 Investments 3 Other income 4 Total income Expenditure on: Raising funds 5 Charitable activities Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 615,625 30,034 126 645,785 10,891 344,965 355,856 289,929 (169,657) 120,272 1,345,531 120,272 1,465,803 |
Total funds 2022 £ 615,625 30,034 126 645,785 10,891 344,965 355,856 289,929 (169,657) 120,272 1,345,531 120,272 1,465,803 |
Total funds 2021 £ - 30,917 37 30,954 12,124 524,080 536,204 (505,250) 101,188 (404,062) 1,749,593 (404,062) 1,345,531 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 21 form part of these financial statements.
Page 10
THE TAURUS FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
147,254 113,833 261,087 (15,625) |
2022 £ 1,220,341 1,220,341 245,462 1,465,803 1,465,803 1,465,803 - 1,465,803 1,465,803 |
21,047 104,998 126,045 (19,984) |
2021 £ 1,239,470 |
|---|---|---|---|---|
| 1,239,470 106,061 |
||||
| 1,345,531 | ||||
| 1,345,531 | ||||
| 1,345,531 | ||||
| - 1,345,531 |
||||
| 1,345,531 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Mr A G Fenton
Date: 25 October 2023
The notes on pages 13 to 21 form part of these financial statements.
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THE TAURUS FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends and interest from investments Proceeds from sale of investments Purchase of investments Net cash (used in)/provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2022 £ 129,329 30,034 557,186 (707,714) (120,494) - 8,835 104,998 113,833 |
2021 £ (424,463) 30,917 645,660 (238,077) 438,500 - 14,037 90,961 104,998 |
|---|---|---|
The notes on pages 13 to 21 form part of these financial statements
Page 12
THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Taurus Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Accounting policies (continued)
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and 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.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Financial instruments
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.
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Income from donations
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Donations (including tax recoverable) | 615,625 | 615,625 | - |
3. Investment income
| Unrestricted funds 2022 £ Income from listed investments 29,871 Bank interest 163 30,034 |
Total funds 2022 £ 29,871 163 30,034 |
Total funds 2021 £ 30,789 128 |
|---|---|---|
| 30,917 |
4. Other incoming resources
| Gain on foreign exchange Total 2021 Investment management costs Investment management fees |
Unrestricted funds 2022 £ 126 37 Unrestricted funds 2022 £ 10,891 |
Total funds 2022 £ 126 37 Total funds 2022 £ 10,891 |
Total funds 2021 £ 37 |
|---|---|---|---|
| Total funds 2021 £ 12,124 |
5. Investment management costs
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Analysis of expenditure on charitable activities
| Grant | ||||
|---|---|---|---|---|
| funding | Support | Total | Total | |
| (Note 7) | costs | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Expenditure on charitable activities | 325,000 | 19,965 | 344,965 | 524,080 |
Analysis of support costs
| Administrator's fees Travel expenses Accountancy fees Bank charges Office expenses Legal fees Independent examiner's fee |
Total funds 2022 £ 20,000 148 114 2,292 1,528 (4,212) 95 19,965 |
Total funds 2021 £ 20,000 - 340 2,196 1,454 4,980 110 |
|---|---|---|
| 29,080 |
7. Grant funding
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Grants to organisations | 325,000 | 325,000 | 495,000 |
All grants made relate to the objects of the Charity. Grants were made to 37 organisations (2021: 46), ranging from £5,000 to £30,000 during the year to 31 December 2022 (2021: £5,000 to £50,000). The Trustees have taken exemption from disclosing the names of grant recipients as permitted under the Charities SORP reference 16.25.
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
8. Trustees' remuneration and expenses
During the year, fees totalling £20,000 (2020 - £19,999) were paid to one of the Trustees for the provision of administration services in addition to normal duties carried out by a Trustee of the Foundation. The nature and level of the fees is no more than reasonable in relation to the value of the services provided. No other remuneration or benefits were received by Trustees during the year.
During the year ended 31 December 2022, expenses totalling £285 were reimbursed or paid directly to Trustee (2021 - £355 to 1 Trustee). Such expenses included travel, office and other sundry costs.
9. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Listed investments £ 1,239,470 707,714 (544,818) (182,025) |
|---|---|
| 1,220,341 | |
| 1,220,341 | |
| 1,239,470 |
10. Debtors
| Due within one year Other debtors Accrued income |
2022 £ 146,709 545 147,254 |
2021 £ 19,715 1,332 21,047 |
|---|---|---|
Included in other debtors is £13,650 (2021 - £12,751) relating to the investment capital accounts and £9,934 (2021 - £6,964) relating to the investment income account.
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals | 15,625 | 19,984 |
12. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 113,833 | 104,998 |
Financial assets measured at fair value through income and expenditure comprise Cash at bank and in hand.
13. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2022 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,345,531 | 645,785 | (355,856) | (169,657) | 1,465,803 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2021 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 1,749,593 | 30,954 | (536,204) | 101,188 | 1,345,531 |
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 January 2022 £ 1,345,531 Balance at 1 January 2021 £ 1,749,593 |
Income £ 645,785 Income £ 30,954 |
Expenditure £ (355,856) Expenditure £ (536,204) |
Gains/ (Losses) £ (169,657) Gains/ (Losses) £ 101,188 |
Balance at 31 December 2022 £ 1,465,803 |
|---|---|---|---|---|---|
| Balance at 31 December 2021 £ 1,345,531 |
|||||
| Summary of funds - prior year | |||||
| General funds |
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 1,220,341 Current assets 261,087 Creditors due within one year (15,625) Total 1,465,803 |
Total funds 2022 £ 1,220,341 261,087 (15,625) |
|---|---|
| 1,465,803 |
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
15. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 1,239,470 126,045 (19,984) 1,345,531 |
Total funds 2021 £ 1,239,470 126,045 (19,984) |
|---|---|---|
| 1,345,531 |
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Losses/(gains) on investments Dividends, interests and rents from investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities |
2022 £ 120,272 169,657 (30,034) (126,207) (4,359) 129,329 |
2021 £ (404,062) |
|---|---|---|
| (101,188) (30,917) 108,939 2,765 |
||
| (424,463) |
17. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2022 £ 113,833 113,833 |
2021 £ 104,998 |
|---|---|---|
| 104,998 |
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THE TAURUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
18. Analysis of changes in net debt
| Cash at bank and in hand | At 1 January 2022 £ 104,998 104,998 |
Cash flows £ 8,835 8,835 |
At 31 December 2022 £ 113,833 |
|---|---|---|---|
| 113,833 |
19. Related party transactions
During the year, donations totalling £492,500 (2021 - NIL) were received from two Trustees.
Legal fees totalling £768 were payable to Forsters LLP, a firm in which Ms C Cook (a Trustee) is a partner. As at 31 December 2021 a provision for such costs was made totalling £4,980. As a result the overprovision of £4,212 was released in Year end 31 December 2022, hence the credit within support costs - see Note 6. It was not felt this overprovision warranted a prior period adjustment.
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