Charity number: 1145114
JAMES TUTTIETT CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
JAMES TUTTIETT CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 21 |
JAMES TUTTIETT CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023
Trustees
J Tuttiett A Tuttiett
Charity registered number 1145114 Principal office Prospect Place Moorside Road Winchester SO23 7RX Independent auditors Harris & Trotter LLP Chartered Accountants & Statutory Auditors 101 New Cavendish Street 1st Floor South London United Kingdom W1W 6XH
Page 1
JAMES TUTTIETT CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
The Trustees present their annual report together with the financial statements of The Tuttiet Family Charitable Trust (the charity) for the year ended 31 October 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 16 July 2014.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The Trustees shall hold the Trust Fund and the income there of upon trust to pay there from all the proper costs and expenses incurred by the trustees in establishing and administering the charity and the Trust Fund and subject thereto to pay or apply the income thereof to such charitable institutions or towards the furtherance or advancement of such charitable purposes in such manner and in such proportions as the Trustees may from time to time in their absolute discretion determine.
In planning our activities for the year we kept in mind the Charity Commission’s guidance on public benefit at our trustee meetings.
Our main aim is to support and encourage the people, environment and wildlife of Hampshire. This ranges from support of the homeless, local wildlife and habitat charities, environment and to those with varying health issues.
The Trustees have worked this year with a view to supporting fewer principle causes of a more local nature with more substantial donations in the belief that a greater difference can be made in this way.
b. Strategies for achieving objectives
Our strategy in achieving our objectives is to hold an investment portfolio held by a Investment Management company that we continue to receive dividends and interest.
Also, we continue to hold an investment property that provides the charity with regular income as well as annual donations being received.
The income received is used to pay out grants according to our objectives.
c. Activities undertaken to achieve objectives
During the year the Trust did not carry out any fundraising activities and all the income was generated from voluntary donations and from its investments.
d. Grant-making policies
The charity has established its grants making policy to achieve its objectives for the public benefit in accordance to our trust deed.
Page 2
JAMES TUTTIETT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Achievements and performance
a. Main achievements of the Charity
The charity continues to support local and national charities, £71,590 (2022: £86,766) from the income being received during the year.
During the year we made larger donations to The Woodland Trust, South Downs Trust, Winchester Churches Night Shelter in addition to some smaller donations to both local and national charities.
b. Investment policy
The charity currently have an investment portfolio held by an external Investment Management company within the UK.
Also, the charity hold an investment property that generates rental income on an annual basis.
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
Total incoming resources for the year was £354,433 (2022: £353,921). Total grants paid out during the year towards various causes were £71,590 (2022: £86,766).
The main source of income is received from donations £254,000 (2022: £250,000) and investment income £100,433 (2022: £103,921).
The Charity’s total funds at the balance sheet date were £4,099,550 (2022: £3,898,420), of which cash reserves amount to £679,979 (2022: £804,538).
In accordance with the Charity Trust Deed, the trustees have the power to invest in such assets as they see fit. The Charity has a policy of keeping surplus liquid funds in short term deposits. This low risk investment policy provided the flexibility in making grants and ensures the charity has adequate funds to meet ongoing grant commitments and administration costs in accordance with its reserves policy.
The level of reserves is considered appropriate given the nature of income.
Page 3
JAMES TUTTIETT CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Structure, governance and management
a. Constitution
James Tuttiett Charitable Trust is a registered unincorporated charity, number 1145114, and is constituted under a Trust deed.
The charity was set up by way of a trust deed on the 5th of November 2011, and was registered with the Charity Commission on the 16th of December 2011.
Trustees who served during the year were: J Tuttiett A Tuttiett
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Financial 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.
Plans for future periods
The charity will continue to support organisations in line with the Trust's objectives.
Page 4
JAMES TUTnETT CHARITABLE TrUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Stalernent of Truste8s' responsibilities The Trustees are responsible for prep8ring the Trustees, report and the financial statements in accordance wilh applicable law and Unrted Kingdom Accounting Standatds (Unrted Kingdom Generally Accepted Accounting Practice). The law applicable lo chaiities in England & Wales requires the Trustees to prepare financial statements for each finanal year whh give a true and fair view of the Stale of affairs of the Charty and of its incoming resource5 and application of resources, including it5 income and expenditure, for that period. In preparing these financial stalements. the Trustees are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles of the Charf(ies SORP {FRS 102).. make judgmerrts and accounting estimates that are reasonable and prudent," stale whelher applicable UK Accounting Standard5 (FRS 102) have been followed. subject lo any material departures disclosed and explained in the financial statements., piepare the financial slatements on the going GOnrn ba515 unless it 15 inappropriate to presume that the Charity will continue in twsines5. The Trustees are responsible for keeping adequale accounting Tecords that are sufficient to show and explain the Charills transactions and disclose wi(h reasonoble aGcur8cy at any lime the financi81 position of the Charity and enab them to ensure that the fin8n0i81 statements comply wtth Ihe Charities Acl 2011, the Charty (Accounts and RepK)rts) Regulations 2008 and the provisions of the Trust deed. They ale 8IsD responsible for safeguarding the a55ets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Dis¢lo$urv of infonnation lo auditors Eath of the persons who are Trustees al the time when this Trustees. report is approved has confirmed that: so far as thal Tru51ee 15 aware, th8re is no relevant audit inf0mtIOn of which the CharitS auditors are naware, 2nd that Trustee has taken all the steps that ought to have teen taken as a Trustee in order to be aware of any revant audit infomalion and to establish that the charity's audli0 aTE aware of that information. Auditors The audf(ors, Harris & Trotter LLP, have indicated their willingne55 to conlinue in office. The de5ignaled Trustees will propose a motion reappointing the audrtor5 al a meeting of the Trustee5. Approved by order of the members of the board of Trustees on 23 August 2024 and signed on their behalf by- J Tutti Page 5
JAMES TUTTIETT CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES TUTTIETT CHARITABLE TRUST
Opinion
We have audited the financial statements of James Tuttiett Charitable Trust (the 'charity') for the year ended 31 October 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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.
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.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 October 2023 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity's ability to continue as a going concern for a 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.
Page 6
JAMES TUTTIETT CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES TUTTIETT CHARITABLE TRUST (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Page 7
JAMES TUTTIETT CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES TUTTIETT CHARITABLE TRUST (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the Charities Act 2022 and The Charities Regulations 2008.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
-
Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Page 8
JAMES TUTTIETT CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES TUTTIETT CHARITABLE TRUST (CONTINUED)
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors
101 New Cavendish Street
1st Floor South
London United Kingdom W1W 6XH
23 August 2024
Harris & Trotter LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
JAMES TUTTIETT CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities: 6 Grants paid Governance costs Property expenses Investment management fees Total expenditure Net income before net losses on investments Net losses on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 254,000 100,433 354,433 71,590 1,404 5,140 18,796 96,930 257,503 (82,790) 174,713 26,417 201,130 3,898,420 201,130 4,099,550 |
Total funds 2023 £ 254,000 100,433 354,433 71,590 1,404 5,140 18,796 96,930 257,503 (82,790) 174,713 26,417 201,130 3,898,420 201,130 4,099,550 |
Total funds 2022 £ 250,000 103,921 353,921 86,766 7,919 757 16,794 112,236 241,685 (283,663) (41,978) (32,332) (74,310) 3,972,730 (74,310) 3,898,420 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 21 form part of these financial statements.
Page 10
JAMES luTE CHARITABLE TRUST BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 Note Fixed assets Investments Investment property 11 2,888,164 525.000 2,559, 799 525,000 10 3,413,164 3.084, 799 Cuwrent assets Debto Cash al bank and in hand 12 10,800 679,979 11,769 804,538 690,779 816.307 Creditors.. amounts f811ing due within one year 13 (4.3931 (2, 686) Net current a55ets 686,386 813,627 Total assets less current liabilities 4,099,550 3,898,420 Net assets ex¢luding pension asset 4,099,550 3,898,420 Total net assets 4,099,550 3,898,420 Charity funds UnreslriGted fvnds 14 4,0990 3,898,420 Tolal funds 4.099,550 3,898,420 The financial statements were approved and alrthorised for issue by the Trustees on 23 August 2024 and slgned on their behalf by. J Tuttle The notes on pages 12 to 21 fomi part of these financial stalements. Page 11
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
1. General information
James Tuttiett Charitable Trust is an unincorporated charity incorporated in England and Wales (charity number: 1145114)
The charity registered address is Prospect Place, Moorside Road, Winchester, Hampshire, SO23 7RX.
2. Accounting policies
2.1 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 2022.
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.
James Tuttiett Charitable Trust 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.
2.2 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 investment income is recognised at the time the investment income is receivable.
2.3 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Page 12
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
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.
2.4 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.
2.5 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.
2.6 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.
2.7 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.
2.8 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 13
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
2. Accounting policies (continued)
2.9 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.
2.10 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 254,000 Total 2022 250,000 |
Total funds 2023 £ 254,000 250,000 |
Total funds 2022 £ 250,000 |
|---|---|---|
Page 14
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
4. Investment income
| Unrestricted funds 2023 £ Investment property rental income 13,070 Dividends from listed investment 42,972 Dividends from investment in associates 14,589 Bank interest received 3,454 Interest from investments 26,348 100,433 Total 2022 103,921 |
Total funds 2023 £ 13,070 42,972 14,589 3,454 26,348 100,433 103,921 |
Total funds 2022 £ 20,400 46,501 23,761 - 13,259 |
|---|---|---|
| 103,921 | ||
5. Analysis of grants
| Grants paid Total 2022 |
Grants to Institutions 2023 £ 71,590 86,766 |
Total funds 2023 £ 71,590 86,766 |
Total funds 2022 £ 86,766 |
|---|---|---|---|
Page 15
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Grants paid 71,590 Property expenses 5,140 Governance costs 1,404 Investment management fees 18,796 96,930 Total 2022 112,236 |
Total 2023 £ 71,590 5,140 1,404 18,796 96,930 112,236 |
Total 2022 £ 86,766 757 7,919 16,794 |
|---|---|---|
| 112,236 | ||
7. Analysis of expenditure by activities
| Grants paid Property expenses Governance costs Investment management fees Total 2022 |
Activities undertaken directly 2023 £ - 5,140 1,404 18,796 25,340 25,470 |
Grant funding of activities 2023 £ 71,590 - - - 71,590 86,766 |
Total funds 2023 £ 71,590 5,140 1,404 18,796 96,930 112,236 |
Total funds 2022 £ 86,766 757 7,919 16,794 |
|---|---|---|---|---|
| 112,236 | ||||
Page 16
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
8. Auditors' remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 1,800 | 1,800 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 October 2023, no Trustee expenses have been incurred (2022 - £NIL) .
10. Investment property
| Valuation At 1 November 2022 At 31 October 2023 |
Freehold investment property £ 525,000 |
|---|---|
| 525,000 |
The 2023 valuations were made by the trustees, on an open market value for existing use basis.
Page 17
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
11. Fixed asset investments
| Cost or valuation At 1 November 2022 Additions Disposals Revaluations At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 Listed and unlisted investments are stated at market value. |
Listed investments £ 2,443,577 1,219,101 (807,945) (78,658) 2,776,075 2,776,075 2,443,577 |
Unlisted investments £ 116,221 - - (4,132) 112,089 112,089 116,221 |
Total £ 2,559,798 1,219,101 (807,945) (82,790) |
|---|---|---|---|
| 2,888,164 | |||
| 2,888,164 | |||
| 2,559,798 | |||
12. Debtors
| Due within one year Prepayments and accrued income Creditors: Amounts falling due within one year Accruals and deferred income Grants accrued - institutional |
2023 £ 10,800 10,800 2023 £ 1,893 2,500 4,393 |
2022 £ 11,769 11,769 2022 £ 2,686 - 2,686 |
|---|---|---|
13. Creditors: Amounts falling due within one year
Page 18
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
14. Statement of funds Statement of funds - current year
| Unrestricted funds Designated funds Designated Funds - all funds General funds General Funds - all funds Total Unrestricted funds |
Balance at 1 November 2022 £ - 3,898,420 3,898,420 |
Income £ - 354,433 354,433 |
Expenditure £ (71,590) (25,340) (96,930) |
Transfers in/out £ 71,590 (71,590) - |
Gains/ (Losses) £ - (56,373) (56,373) |
Balance at 31 October 2023 £ - |
|---|---|---|---|---|---|---|
| 4,099,550 | ||||||
| 4,099,550 |
Page 19
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
14. Statement of funds (continued)
Statement of funds - prior year
| Balance at | Balance at | |||||
|---|---|---|---|---|---|---|
| 1 November | Transfers | Gains/ | 31 October | |||
| 2021 | Income | Expenditure | in/out | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | ||||||
| funds | ||||||
| General Funds - | ||||||
| all funds | 3,972,730 | 353,921 | (25,470) | (86,766) | (315,995) | 3,898,420 |
15. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 November 2022 £ - 3,898,420 3,898,420 |
Income £ - 354,433 354,433 Income £ 353,921 |
Expenditure £ (71,590) (25,340) (96,930) Expenditure £ (25,470) |
Transfers in/out £ 71,590 (71,590) - Transfers in/out £ (86,766) |
Gains/ (Losses) £ - (56,373) (56,373) Gains/ (Losses) £ (315,995) |
Balance at 31 October 2023 £ - 4,099,550 |
|---|---|---|---|---|---|---|
| 4,099,550 | ||||||
| Balance at 31 October 2022 £ 3,898,420 |
||||||
| Summary of funds - prior year | ||||||
| Balance at 1 November 2021 £ General funds 3,972,730 |
Page 20
JAMES TUTTIETT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments 2,888,164 Investment property 525,000 Current assets 690,779 Creditors due within one year (4,393) Total 4,099,550 |
Total funds 2023 £ 2,888,164 525,000 690,779 (4,393) 4,099,550 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 2,559,799 525,000 816,307 (2,686) 3,898,420 |
Total funds 2022 £ 2,559,799 525,000 816,307 (2,686) 3,898,420 |
|---|---|---|
17. Related party transactions
During the year a donation of £254,000 (2021: £502,000) was received, without restrictions, from a company in which a trustee is a director.
During the year dividends of £14,589 (2021: £13,380) were received, without restrictions, from a company in which a trustee is a director.
Page 21