Charity Reglstratlon No. 1131611 {England and Wales) Company Reglstration No. 06988361 {En8land and Wales} The Tavistock Trust for Aphasia Charitable Trust (Limited by guarantee) Report and flnanclal statements 31 March 2023
The Ta¥istock Trust for Aphasla Legal and administrative inforrnation Charity rezhtratlon number 1131611 Compary registratitM numbèr 06988361 Reglstered office Bedford House 15 Geor8e Street Woburn MK17 9PX Governlng Instrurnent Memorandum and articles of associatlon dated 12 August Charitable objects The diagnosis, Ca and treatment of Sufferers from Aphasla including, without limitation, their treatment In any Centre Of elsewhere; the promotlon of research land the publlcation and di55emination of the results of such research) for the public benefit Into the condition of Aphasia or any subject whlch may be relevant to such research. Trustees Henrletta. Duchess of Bedford Professor Hu8h Alan Crockard, MB Bch BAO FRCSEd FRCS The Hon Nlcole Campbell Profe550r Martln Meredlth Brown. MA MD FRCP (Reslgned 13106120221 Professor Jane Frances Marshall IAppolnted 14110120221 The Most Noble Andrew lan Henry Russell 15 Duke of Bedford Mrs Lynne Ross Mr Kevin Shurrock Mr Edward Whitley Secretary Mr Kevin Shurrock Banker5 Weatherbys Bank Sanders Road Wellingborough Northamptonshlre NN8 4BX Audltor steve Robinson FCA Mercer & Hole LLP Silbury Court 420 Silbury Boulevard Central Mllton Keynes MK92AF
The Tav15to¢k Trust forAphasla Contsnts Trusteeg report Statement of Trustee5' responsibilitie5 Independent audltorfs report to the Trustees Statement of flnancial activities Balance sheet io-ii Cashflow Ststement 12 Notes to the flnanclal statements 13-21
The Tavlstock Trust for Aphasla Tru5tee5' report For the year ended 31 March 2023 The Trustees present their report and the audited accounts for the year ended 31 March 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice,. Accounting and Reporting by Charities. effective from January 2019, as applicable to those companies reporting under Financial Reportlng Standard 102, In preparlng the annual report and financial statements of the Charity, Structurei governance and management The Tavistock Trust for Aphasia is a charltable company, limited by 8uarantee, incorporated on 12 Au8USt 2C(19 with the company registration number 06988361 and is a registered charity, number 1131611. The principal office of the charity is Bedford House, 15 George Street, Woburn, MK17 9PX. The company was established under a Memorandum of Association and is governed under it5 Article5 of Association. On 24 September 2009 all of the actlvities and net assels of the unlncorporated charity of the Same name Ire8lstered charlty number 1093231 were transferred to this company. The Trustees, who are director5 of the cornpanyi and, who seThed durlng the year to 31 March 2023 were,. Henrietta, Duchess of Bedford Professor Hugh Alan Crockard, MB Bch BAO FRCSEd FRCS The Hon Nlcole Campbell Professor Martin Meredlth Brown, MA MD FRCP IReslgned 13106120221 Professor Jane Frances Marshall (Appointed 14110120221 The Most Noble Andrew lan Henry Ru55ell 15th Duke of Bedford Mrs Lynne Ross Mr Edward Whitley Mr Kevin Shurrock Llablllty of Mernber5 Every Member promises, If the Charlty Is dlssolved whlle he, she or It remalns a Member or within 12 months afterwards, to pay £10 towards the costs of dissolution and the liabilities incurred by the Charity while he or she was a Member. AIITrustee5 are Members. Prlnclpal objectlves and actl¥ltles The prlncipal actlvlty of the Trust Is the promotion of research land the publication and dlssemination of the results of such research) for the public benefit into the conditlon of Aphasla or any Subject which might be relevant to such research and funding the diagnosis, care and treatrnent of sufferers from Aphasia includin& wlthout limitation, their treatment in any centre or elsewhere. Publlc Benefit The objects of the Trust are to support the dia8nosis, care and treatment of sufferers from Apha5i3, the promotion of research for the publ1¢ beneflt into the condltlon of Aphasla and the publlcation and dissemination of the results of such research. The Trustees malntaln close links with the bodies it makes grants to and these bodies report regularly and in detail to the Trust about the research and projects belng supported by the Trust. The Trust carries out Its oblectives for the public benefit by funding pioneering research and proSects that will improve Services and therapie5,' by supporting the production of material for the provision of therapv; by providing small grants on a regular basis to provide as515tance at the point of need for people with Aphasla.. by strategically using Prizes to raise the profile of aphasia amongst students and Awards recognising excellence, raisir)g awarene55 of aphasia across the board. The Trust also funds the Collaboration of Aphasia Trialists that has become internationally recognised to have made a Significant difference to the world of aphasia research. The Trust also maintains a website called the Aphasia Software Page I
The Tavlstock Trust forAphasla Trustees. report For the year ended 31 March ZOZ3 Finder which 15 successful in helping aphasia sufferers land their clinical support teams) to acSS appropriate digital products for use in conjunctlon with therapies as an aid to recovery. The Tru5tee5 confirm that they have referred to the 8uidance contained in the Charity Commissions General Guidance on Publlc Benefit when revlewing the Trusts aims and objectives and in planning future activitles and settinB the grant making policy for the year. Summary of achlevements and artlvltles The Trust has continued Its programme of provldin8 support for projerts researching into the condition of Aphasia. During the year ended 31 March 2023 total grants funded by The Trust amounted to £72,899 12022: £48,549). Or8anlsatlon The Trust Is controlled by a board of Trustees which meets formally at regular interva15. The Board Is responsible for strategy and for financial controls, and delegates day to day management to the Trust's Administrator. Administratlon is carried out from the Trust's Reglstered Address. Method of recrultment and appolntment of Trustee5 Henrletta, Duchess of Bedford has the power to appolnt Trustees durin8 her lifetime. New Trustees may be appointed when the need arlses based on an assessment of ihe skllls they can brlng to the body of Trustees. Results for the year and flnanclal revlew At the year end the charlty held net a55ets of £2,5,47012022. £937,066}, underplnned by an Investment portfolio totalling £1,973,07512022: £958,268). Donatlons, income tax CoVerable, investment distributions and bank interest receivable for the year amounted to £1,169.14012022.' £52,581). The Trust made grants totalling £72,899 thi5 year12022.. £48,549) to charitable causes. After deductlon of expenses. the year resulted In a surplus of £1,068,40412022: £3,912). The surplus has increased available funds to £2,005,47012022'. £937.0661 at the year end. R5sk Management The Trustees have assessed the major risks to whlch the charity Is exposed, In partlcular those related to the operation5 and finances of the Trust, and are 5ati5fied that 5y5tem5 are in place to mitigate exposure to the major risks. Reserves pollcv At the year end unrestrlcted reserves totalled £2,CK)5,47012022- £887.7221 and restricted resetves totalle £nil12022: £49,344). The Trustees. policy is to maintain a level of reserves which will provide a stable base for it5 continuing activities, and thi5 is reviewed regularly. Page I
The Tavlstock Trust for Aphasla Trustees. report For the year ended 31 March 2023 Substantially all of the Charity's funds are unrestricted, can be used for the general purposes of the Trust and can be turned into cash at short notice if necessary. Accordingly, the Trustees do not consider that it is necessary to allocate a specific sum to be held a5 a short term reserve. Investment pollcv The Trustees contlnue to keep their investment policy under review. Their investments are currently managed by Evelyn Partners LLP on the ba515 that the Trustees are risk averse whllst wlshing to optimise their Income from the Investments. Trurtees, expenses It Is the pollcy of the Trust to relmburse Trustees for legltlmate expenses where requested. Expenses claimed during the year totalled £nil {2022.' £nill. Future Plans The Trustees have si8nlflcant evidence of the Influence the Trust has, throughout the world, In relatlon to research, educatlon and supportlng Indlvlduals wlth aphasla. Wlth the 8enerous donation to the Trust durin8 the year from one of its Trustee5 the Trustees plan to expand the Trust's work In the areas it already 5UPPOrts as and when appropriate opportunities arlse. Audltors Mercer & Hole LLP has taken over the office of auditors. Thi5 report ha5 been prepared in accordance with the Statement of Recommended Practice,. Accounting and Reporting by Charities, effective from January 2019, as applicable to those companies reF)Orting under Flnancial Reportlng Standard 102 and In actordance with the 5petial provlsions relatlng to small companies within Part IS of the Companies Act 2006. Approved by the Trustees on 12 December 2023 and 518ned on their behalf by: Kevin Shurrock Trustee Page I
The Tavi5tock Trust for Aphasla Statement of Trustees, responsibilities Forthe year ended 31 March 2023 The Trustees Iwho are a150 directors of The Tavlstock Trust for Aphasia for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accountin8 Practice). Company law requlres the trustees to prepare financial statements for each financial year which glve a true and fair view of the state of affairs of the charitable company and of the Incomlng resources and application of resources, Includln8 the income and e¥pendlture, of the charitable company for that perlod. In preparing these financial statements, the Trustees are required to.. select suitable accounting policles and then apply them consistently: observe the meihods and prlnclple5 In the Charities SORP IFRS 102); make judgements and estimates that are reasonable and prudent; State whether appllcable accountlng standards have been followed. subject to any materlal departures disclosed and explalned In the financial statements,. and prepare the financial statements on the going concern basis unle55 It15 Inapproprlate to presume that the charity wlll contlnue In buslness. The trustees are responslble for keeping proper accountlng records that dlsclose the reasonable accuracy at any tlme the flnancial p051tlon of the charitable company and enable them to ensure that the financial Statements comply wlth the Companles Act 2CL)6. They are also responslble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles. In so far as the trustees are aware.. there Is no relevant audit informatlon of whlch the charitable company's audltor is unaware: and the trustees have taken steps that they ought to have taken to make themselves aware of anv relevant audit informatSon and to establlsh that the audltor Is aware of that information. Pège 4
The Tavistock Trust for Aphasla Independent Auditorfs report to the Trustees Icontlnued) For the year ended 31 March 2023 Oplnlon We have audited the financial statements of The Tavistock Trust for Aphasia for the year ended 31 March 2023 which comprise Statement of Financial Adivities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accountlng policie5. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, Includlng Financial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republlc of Ireland Iunlted Klngdom Generally Accepted Accountin8 Practlcel. In our opinion the financial statements: give a true and fair view of the state of the charltable company's affalrs as at 31 March 2023, and of It5 incomlng resource5 and applicatlon of resources, Includlng its income and expenditure. for the year then ended,. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accountlng Practice,, and have been prepared in accordance wlth the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audll In accordance wlth Internatlonal Standord5 on Audltlng IUKI 11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibllltles for the audlt of the financial statements sectlon of our report. We are independent of the charitable company in accordance with the ethical requirement5 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 wlth these requirements. We believe that the audlt evidence we have obtained is suITicient and appropriate to provide a basis for our opinion. Other Matters The flnancial statements for the year ended 31 March 2022 were unaudited. Concluslons relallng to 80Sng concern We have nothing to report In respect of the following matter5 in relation to which the ISAS IUKI requlre us to report to you where- the Trustees, use of the Boing concern basis of accounting in the preparation of the financial statements is not appropriate,. or the Trustees have not disclosed in the financial statements any Identified material uncertaintie5 that may cast significant doubt about the charitable company'5 ability to continue to adopt the going concern basis of accountlng for a period of at least twelve months from the date when the financial statements are authorised for Issue. Page 5
The Tavi5tock Trust for Aphasla Independent Auditorfs report to the Trustees {continued) For the year ended 31 March 2023 Other Informatlon The Trustees are responsible for the other information. The other information comprises the information included In the Tru5tees' annual report, other than the financial 5tatement5 and our audltorfs report thereon. Our oplnlon on the flnanclal statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expfess any form of assurance conclusion thereon. In connection wSth our audlt of the financlal statements, our responslbility is to read the other information and, Sn doin8 so, consider whether the other informatlon is materially Incon51Stent with the financial statements or our knowledge obtained in the audlt or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the financial statements or a material m15Statement of the other InformatSon. If. based on the work we have performed. we conclude that there is a materlal misstatement of this Other information. we are required to report that fact. We have nothing to report In thls re8ard. Oplnlons on other matters pr05crlbed by the Companles Act 2006 In our oplnlon, based on the work undertaken In the course of the audit.. the Information glven In the Trustees, report for the flnanclal year for whlch the financlal statements are prepared is consistent wlth the financial statements: and the Trustees. report has been prepared in accordance wlth appllcable legal requirements. Matters on whlch we are requlred to report by ex¢eptlon In the light of our knowledge and under5tandinB of the charitable company and its environment obtained In the course of the audit, we have not identified material misstatements In the Trustees, report. We have nothin8 to report in respect of the following matters Sn relation to whlch the Companles Act 2006 require5 US to report to you if, in our opinion: adequate accountlng records have not been kept. or returns adequate for our audlt have not been recelved from branches not Vislted by us,. or the financial ststements are not in agreement with the accounting records and turns. or certain disclosures of directors, remuneration speclfied by law are not made,. or we have not received all the informatlon and explanations we requlre for our audit: or the Trustee5 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 directors. report and from the requirement to prepare a strategic report. Page 6
The Tavistock Trust for Aphasia Independent Auditor's report to the Trustees Icontinuedl For the year ended 31 Marth 2023 Re$ponslbllltles of Trnstees As explained more fully in the Trustees, responsibilities statement set out on page 4, Ihe Trustees (who are also the dlrectors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair vlew, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material mlsstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assesslng the charttable companvs ability to continue as a 80in8 concern, disclosin& as applicable, matters related to goin8 concern and using the going concern ba515 of accounting unle55 the Trustees either Intend to liquidate the charitable company or to cease operations, or have no realistic alternatlve but to do 50. Audltorfs responsibilities for the audit of the financial statements Our objectlves are to obtaln 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 auditorf5 report that Includes our opinion. Reasonable assurance Is a high level of assurance. but is not a guarantee that an audlt conducted In accordance with ISAS IUKI wlll always detect a materlal mi55tatement when it exlsts. M155tatements 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 declslons of users taken on the basi5 of these financial Statements Irregularltles, 5ncludlng fraud, are instances of non-compllance with laws and regulatlons. We deslgn procedures in line wlth our responslbilltles. outllned above, to detect materlal misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularltles, Includlng fraud. Is det3lled below. Explanation as to what extsnt the audlt wa5con51dered capable of detectlna Irreiularltles, In¢ludin8fraud We gained an understandlng of the legal and regulatory framework appllcable to the company and the industry In which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, Including fraud. These included, but were not Ilmlted to, the Companles Act 2006. Charities Act 2011, Charities SORP 2019 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report lincluding the risk of overrlde of controls). and determlned that the principal risks were related to P05ting Inappropriate entries including journals to overstate revenue or understate expenditure and management blas in accounting estimates. Audit procedures perfomed by the engaEement team included: discus510115 Wlth management, including considerations of known or suspected instance5 of non- compliance with laws and regulations and fraud,. gaining an understanding of management'5 controls deslgned to prevent and detect irregularitie5: and identifying and testlng Journal entrles. Pale 7
The Tavlstock Trust for Aphasia Independent Audltorfs report lo the Trustees (continued) For the year ended 31 March 2023 Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some materlal mItateMentS in the financial statements, even though we have property planned and performed our audit in accordance with auditing stsndards. For example, the further removed non- compllance with laws and regulatlon5 Ilrregularitiesl Is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedure5 required by auditing standards would identify it. In addition, as with any audit, there remained a hiBher risk of non-detection of irregularlties, as these may involve collusion, forgery, intentional omissions. mi5repre5entations, or the overrlde of internal controls. We are not responslble for preventing non- compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=l/ www.frc.orB.uVauditor5responsibilitles. Thi5 de5crlptlon fom5 part of our auditor's report. Use of our report Thls report15 made 501ely to the charltable company's members, as a body. In occordance wlth Chapter 3 of Part 16 of the Companies Act 21x16. Our audlt work has been undertaken so that we might State to the charltable company's members those rnatter5 we are required to state to them In an auditorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsiblllty to anyone other than the charitable company and the charitable CoMpanS members as a body, for our audit work, for this report, or for the opinions we have formed. Steve Roblnson FCA Isenior Statutory Audltorl Mercer & Hole LLP Silbury Court 420 Silbury Boulevard Central Milton Keynes MK9 2AF Date: 15 December 2023 Page 8
The Tavi5tock Trust for Wasla Statement of financial artivities lincorporatirg an income and expenditu account) For the year ended 31 Marth 2023 Total funds Total funds Unaudited 2022 Unr¢strftted R¢strlrted Unrestrfrted Restricted N¢ funds funds 2023 funds lunds Income from Donatlons Donation from Henrletta, Duchess of Bedford Investment Income Bank Interest recelved 4,477 4,477 5,683 7,000 12,683 2,3 1,135.079 29,571 13 1,135,079 29,571 13 39,898 39,898 Total 1,169,140 1,169,140 45,581 7,000 52,S81 Expendlture on: CharStable actlvltle5 Investment manaBement costs I,984 100,984 69,505 11,568 81,073 7,393 7,393 3,058 3,OS8 Non-recoverable Tax 404 404 Tot1 108,781 108,781 72,563 11,568 84,131 Net lout8oln8llln¢omln8 resourc•s 1,060,359 1,060,359 126,9821 14,5681 131,5501 other recognised 8aln5 and105ses io 13.168 13,168 35,462 35,462 Loss on Forel8n Exehange Transfer to Unrestricted 15,1231 15,1231 Funds 49,344 149,3441 N•t mov•m•nt In funds 1,117,748 149,3441 L068,404 14,5681 3,912 Reconclllatlon of funds: Total fund5 brought forward 12 887,722 49,344 937,066 879,242 53,912 933,154 Total funds carrled forward 13 2,005,470 2,005,470 887,722 49,344 937,066 In the prior year. funds were incorrectly categorised as restricted rather than designated. Subsequently the Trustees have decided not to designate these funds and therefore they have correctly been transferred to unrestricted general funds. All recognised 8ains and 1055es are included within the above statement. All amount5 relate to continuin8 activities. The notes on pages 13 to 21 form part of these financial statements. Page 9
The Tavlsto¢k Trust for Aphasla Balance sheet At 31 March 2023 Total Unaudited 2022 Total 2023 Unrestrfcted Unrestrlcted Restrlcted Note Re5trlrted Flxed assets Tangible assets Investments 10 1,973,075 1.973.075 958,268 958,268 1,973,075 1.973.075 958,268 958,268 Current assets Prepaid expenses Accrued income Cash at bank and in hand 1,809 68,261 1.809 68,261 1,043 1,043 49,344 49,344 70,070 70,070 1.043 49,344 50,387 Current Ilabilit5es Accrued expense5 and charitable donations Grants payable 1.642 36,033 1,642 36,033 2.224 51,472 2,224 51,472 Cash at bank and In hand 17,893 17.893 37,675 37,675 71.589 71,589 Net current 32,395 32,395 170,5461 49,344 121,2021 a$setsl{Ilabllltle$) Total assets less current Ilabilities 2,005.470 2,LX)5,470 887.722 49.344 937.066 Non-current Ilabllities Net assets 12, 13 2.5.470 2,005.470 887,722 49,344 937,066 The funds of the charity Unrestricted Fund5 2,5,470 2,LX)5,470 887,722 887.722 Restricted Fund5 49,344 49,344 Total Fund5 2.QMJ5.470 2,LK15.470 887,722 49,344 937,066 Page 10
The Tavlsto¢k Trust for Aphasia Balance sheet (continued) At 31 March 2023 These financial statements have been prepared In accordance wlth the special provisions latIng to small companies within Part 15 of the Companies Act 2006. The notes on pages 13 to 21 form part of these financlal Statements. These financial statements were approved by the Trustees on 12 December 2023. Ke¥ln hurrock Trustee Company Reglstratlon No. 06988361 Page 11
The Tavistock Trust forAphasia Ca5hflow Statement At 31 March 2023 Z023 2022 Unaudlted Profil for the year Non Cash Donation 1,068.404 1847,0361 3.912 Movement In workln8 capltsl.. Ilncreaselldecrea5e In debtors Increase/ldecreasel in creditors Cash generated from operatlons 17661 116,0211 204.581 13781 174.2851 170,7511 Investlng actlvltles Disposals Additions 8ook cost ADJIEquallsatlon Accrued Interest IGainl/L055 on Disposal IGainl/Loss on Revaluatlon Net cash used In Investln8 artlvltle$ 1,847,173 12,003,032> 1,307 1511 123,0581 9,890 {167,7711 60,000 135,4621 24,538 Net Increasel{decre¥se) In cash and cash equlvalents Cash and cash equivalents at be8innin8 of period Cash and cash equlvalents at end of perlod 36,810 31,451 68.261 {49,2221 77,664 31,451 Page 12
The Tavlstock Trust for Aphasla Notes to the financial Statements For the year ended 31 March 2023 Charlty Informatlon The Tavi5tock Trust for Aphasia is a private company limited by guarantee registered in England and Wales. In the event of the charlty being WOLtnd up. the Ilability in respect of the guarantee is limited to £10 per member of the charlty. The registered office 15 Bedford House, 15 George Street. Woburn. MK17 9PX. Accounting policies Basls of preparatlon The financial statements have been prepared In accordance with Accounting and Reporting bv Charities.. Statement of Recommended Practite; Attounting and Reportin8 by Charitie5. effectlve from January 2019. The Tavistock Trust for Aphasia meets the definition of a public beneflt entity under FRS 102. Assets and liabilities are initially reco8nised at historical cost or transaction value unless otherwlse stated in the relevant accountin8 pollcy note. At the tlme of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. Thus the trustees contlnue to adopt the Boin8 Concern basis of ac¢ountln8 in preparin8 the financial statements. Income All incoming resources are Included In the statement of flnanclal activStles when the charlty becomes entltled to the Income, It Is probable that the economic benefits wlll flow to the charltyand the amount can be rellably measured. The following speclfic policies are applled to particular categories of Income.. Incoming resources from grants, where entltlement Is not conditional on the delivery of a speclflc performance by the charlty. are recognlsed vthen It 15 probable the economic beneflts will flow to the charity. Incoming resource5 from 8rants, where entitlement 15 related to performance, are accounted for a5 the charity eams the rl8ht to conslderation by its performance. Donated setvlces and facilities are included at the value to the charity where these can be quantified. Annual donatlons are included wlthln the Income of the year of receipt. Dlvldend income is included In the year that It Is received. Expendlture Is charged on an accruals ba51S. Donated fixed assets and investments are capitalised at market value at the time of receipt. Income relating to fundralslng events Is recognised in the year In whlch the event takes place, however. any donation5 relating to the fundraising event are recogni5ed on a receipt5 ba515. Expendlture Expenditure is recognised on an accruals basis as a liability Is incurred. Charitable expenditure comprise5 th05e costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to Such activities and those costs of an indirect nature necessary to SUPPOrt them. PaÈè 13
The Tavlstock Trust for Aphasla Notes to the financlal statements (continued) For the year ended 11 March 2023 IA Cost allocation The Trust allocates SUPPOrt costs on a direct basls where applicable, otherwise it allocates support costs on a time taken basis across the charitable activities, Within the statement of financial activities {see note 71. Flxed assets Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to wrlte off the cost less estlmated residual value of each asset over it5 expected useful Ilfe, as follow5.. Computer equipment Offlce equipment 33% per annum 20% per annum Investments Investments are included in the financial statements at fairvalue, as determined by the Trustees based on professlonal advice. at the balance sheet date. Realised and unreallsed gains and losses are included in the statement of financial activities in the year in which they arise. Flnanclal Instruments The charity only has flnanclal a55ets and liabilities of a klnd that qualify as baslc financlal Instruments. Baslc flnanclal Instruments are initlally reco8nlsed at transactlon value and subsequently measured at thelr settlement value. Corporatlon tax The Charlty has charltable status and Is exempt from corporatlon tax on the income It ha5 recelved. Fund accountlng Unrestrlcted fund5 are available for use at the dlscretion of the trustee5 In furtherance of the general activities of the charlty. Designated funds are unrestricted fund5 earmarked by the trustee5 for particular purposes (see note 121. Where speclfic provlslons imposed by the donor would re5trlct the use of unspent funds. the income is taken dlrectly to the relevant restricted fund Isee note 121. i.io Grants payable Grants payable are payments made to thlrd partles In furtherance of the char5table objectives. Grants which are free from speclflc conditlons are recognlsed In full as soon as there Is a legal or constructive obligatlon committing the charity. Multiyear grants are condltional on an annual review of pro8re55 which will determine if future funding is provlded. Due to this condltion only one yearfs funding commitment is recognised PaÈe 14
The Tavi5tock Trust forAphasla otes to the financial statements (contlnued) For the year ended 31 March 2023 i.ii Retirement benefits Defined contributlon scheme The pension costs charged against the SOFA are the contributions payable to the scheme in respect of the accounting perlod. Related party transactlons and Trustees, remuneratlon There was one donation during the year from a trustee of £1,135,07912022: nil) a5 noted In the Statement of Financial activities on page 9. No Trustee recelved remuneration during the current year. Donatlons Total 2023 Unrestrlcted Restrlrted Total 2022 Unrestrlrted Restrlrted General donations Henrietta. Duchess of Bedford donatlon 1,135,079 2,477 2,477 5,683 5.683 1,135,079 Grants recelved The Lynne & Nlgel Ross Charitable Trust Woburn 1986 2,000 2,000 2,0 5,000 1,139,556 1,139,556 5.683 7,000 12.683 Investment Income 2023 2022 Dlstribution5 from investments Interest recelved 9.681 5,608 39,898 Dlvldends received 14,282 29,571 39,898 Page 15
The Tavlrtock Trust for Apha51a Notes to the flnanclal statements (continued) For the year ended 31 March 2023 Charltable artlvltles Unrestrfrted Restrirted 2023 UnrestActed Restricted 2022 Grants awarded University student prizes Distinguished Scholar Award- USA Aphasia Software Finder website development Support costs Inote 71 72,899 72,899 48,549 48,549 5,646 5,646 2,400 6,900 3,531 3,531 2,907 2,907 2.066 2.066 7,068 7,068 16,842 16,842 15,649 15,649 l(XJ,984 ICil.984 69,505 11,568 81,073 Grants awarded Unrestrlrted Unrestrlcted 2023 2012 Grants pald to Instltutlons: Robin Tavlstock Award La Trobe University Bowling Green State University The Aphasia Centre - University of Sheffleld Dyscover University of Newcastle-upon-Tyne Small grant scheme Glasgow Caledonian Unlverslty, CATS 8rants Curtin Univer51ty 333 16,276 7,433 10,994 32,935 5,639 20,000 9,432 10,338 8.804 13,513 67,704 8,986 Aphasla New Zealand I,(0 88,338 125.057 Grants provlded for In the year of award: Unlverslty of Newca5tle-upon-Tyne 111,263} 18.8041 167,7041 Glasgow Caledonian Universlty, CATS grants 5heffleld Clinic 14,1761 72,899 48,549 Page 16
Thg Tavistock Trusl for Aphasia Note5 to the financial ststements (contlnued) For the year ended 31 March 2023 Support costs Unrestri¢t¢d Rostrirted 2023 Unrestrirted Restrlcted 2022 Grants awarded Unlver51ty Student prizes Aphasia Software Finder website Development 5.614 5,614 5.216 5,216 5.614 5,614 5.216 5,216 5,614 5,614 5,216 5.216 16,842 16,842 15,649 15,649 b) Breakdown of support costs: 2023 2022 Staff costs Travel expenses Postage. println8 and stationery Bank charges Depreclatlon Office expenses 13,767 39 510 45 12,669 616 2,481 2,304 16.842 15.649 Support costs are allocated on either a direct basis and are all allocated to charitable activities based on time taken per actlvltv. Page 17
The Tavlstock Trnst for Aphasia Notes to the financlal statements Icontlnued) For the year ended 31 March 2023 Staff costs 2023 2022 Wages and salarles Soclal security costs Pension 12,450 11,486 1,317 1,183 13.767 12,669 The average number of full tlme employees during the perlod, analysed by actlvlty, were as follows: 2028 Number 2022 Number Adminlstratlon Durlng the perlod no employee receNed emoluments of more than £60,00012022'. nonel. Tan8lble flxed a$s¢ts Computer equlpment equlpment Total As at l Aprll 2022 Additions 1,256 1,440 Disposa15 A5 at 31 March 2023 1.256 Depreclation Accumulated depreciation as at l April 2022 Charge for the year Released on disposals 1,256 1.440 As at 31 March 2023 1,256 1,440 Net book values As at 31 March 2023 As at 31 March 2022 Page 18
The Tavlstock Trust forAphasia Notes to the financial statements Icontlnued) For the year ended 31 March 2023 io. Investments Llsted Investments Gizenove Market value As at l Aprll 2022 Disposals Los5 on D15posal 958,268 1935,2301 {23,0381 At 31 Morch 2023 As at l April 2022 Dlsposals 794,962 1794,962} At 31 March 2023 Llsted Investments Evel n Partners fvlarket value Additions Dlsposals Profit on Dlsposal Book Cost ADJIEqualisation Revaluatlon 2,850.068 1911.9431 46,096 11.3071 {9,8901 Accrued Interest 51 At 31 March 2023 1.973,075 Net AdditionslDisposals Proflt on Disposal 1.938,125 46,096 Book Cost ADJIEqualisation 11,3071 At 31 March 2023 1,982,914 The investments were sold In Cazenove during the year. and the funds transferred to Evelyn Partners and invested. There was also cash and investment donatlons recelved Into Evelyn Partners of £288,043 and £847,036 respectively. Page 19
The Tavlstock Tntst for Aphasia Notes to the financial statements (continued) For the year ended 31 March 2023 The materlal investment holdlngs at the year-end were as follows: Equities Bond5 Multi Asset Property Cash Altematives ii. Flnanclal commltm•nts Donation5 approved which hove not been accrued in the financial statements as the payment of the grants have contlngent commltments assoclated with them.. nil12022: nlll 12. FuDd movements Balance as l Aprll 202Z IncoTnln8 resources Out8oln( Transfers resources Balan¢e at 31 March 2023 Restrlrted funds Aphasia Software Finder New Zealand Student Prizes Australian Studenl Prizes Woburn 1986 Charltable Trust 36.352 5,142 136,3521 15,1421 7,850 17,8501 149.3441 49,344 Unrestrlcted funds General fund Desl8nated fund 884,273 1,177,185 3,449 {108.781) 52,793 13,449) 2.lJ)5,470 887,722 1,177,185 1108,7811 49,344 2,005,470 Total funds 937,066 1,177,185 1108.7811 2,005,470 Reslrlrted funds: Aphasla Software Flnder Thi5 fund exists to facilitate the contlnued maintenance and development of the Aphasia Software Flnder website. The website, owned by the Trust, is a resource that provides a comprehensive list and analy515 of aphasia therapy apps and software avallable in the English language. The project has been supported by the generous grants from The Eranda Rothschild Foundation, Mr5 Charmaine Mallinckrodt and the Montagu Family Charitable Trust. The website is supported by a team, including Nicole Carnpbell a Trustee of The Tavistock Trust for Aphasia. Dr Brian Petheram, Dr Abi Roper and Kathy Qnn who are active Consultants to the projert. Page 20
The Tavlstock Trust for Aphasia Notss to the financlal statements (contlnued) For the year ended 31 March 2023 12. Fund movements (Continued) New Zealand Sttsdent Prizes The Lynne & Nigel Ross Charitable Trust support the student awards to New Zealand students with these funds annuallv, Austrnllan Student Prfzes The Lynne & Nlgel R055 Charltable Trust support the student awards to Australian students with these funds. Unltod Kln8dom Student Prlzes The Woburn 1986 Charitable Trust supports the student awards to UnSted Kln8dom students wlth these funds. Oeslgnated funds: Australlan and Can•dlan Prfzes The Trustees have designated a fund speclflcally for £2.7 annually to be Issued as student prizes for each of Australlan and Canadlan students for 5 years. The Trustee5 decided not to designate these funds and therefore they have been tranSferd to the Unrestrlcted General Fund. 13. Analys1$ of net assets between funds Net current Non<urrent Llabllltles Flxed as5et5 Total As at 31 March 2023 Restricted Unrestricted 1.973.075 32,395 2,005,470 1,973.075 32,395 2,LKJS,470 Page 21