**Charity number: 1145114**
## **JAMES TUTTIETT CHARITABLE TRUST**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 OCTOBER 2024**
## **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 - 22|
**JAMES TUTTIETT CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **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 2024**
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 2024. 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.
The Charity’s mission is to support two key areas:- protecting and enhancing wildlife through habitat stewardship and Hampshire community led projects.
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.
During the year the Charity secured agreement to purchase over 200 acres to become a dedicated nature reserve in perpetuity.
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 2024**
## **Achievements and performance**
## **a. Main achievements of the Charity**
The charity continues to support local and national charities, £26,700 (2023: £71,590) from the income being received during the year.
During the year the Charity secured agreement to purchase over 200 acres to become a dedicated nature reserve in perpetuity to be run with the assistance of the Hampshire and Isle of Wight Wildlife Trust.
## **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 £364,175 (2023: £354,433). Total grants paid out during the year towards various causes were £26,700 (2023: £71,590).
The main source of income is received from donations £252,000 (2023: £254,000) and investment income £112,175 (2023: £100,433).
The Charity’s total funds at the balance sheet date were £4,657,365 (2023: £4,099,550), of which cash reserves amount to £2,363,778 (2023: £679,979).
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 2024**
## **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 TUThlE CHARITABLE TRUST
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 OCTOBER 2024
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees, report and the financial slatements in accordance with
applicable law and United Kingdom Accounting Stsné8rds (United Kingdom Generally Accepted Accounting
Practice).
The law applicable lo charities in England & Wales requires the Tfuslees to prepaTe financial statements for
each financial which give a true and fair wew of the stale of affairs of the Charity and of ils incoming resources
and application of reSoUrs, including r(s income and expendrture. for that period. In preparing these financial
slatemenls. the Trustees are required lo..
select suitable accounting policies and then apply them consistently..
obseNe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accounting estimates that are reasonable 8nd prudent.,
slate whether applicable UK AccoLsnting Standards {FRS 1021 have been followed, subject lo 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 Ihal are sufficient 10 Show and explain
the Charity5 transactions and disclose with reasonable accuracy at any lime 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.
Olsclosure ol inforniation to auditors
Each of the persons who are Trustees al the time when this Tnjstees, report is approved has confimed that-.
so far as that Trustee is aware, there 15 no relevant audit information of which the charills auditors are
unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of
any relevant audit inforrnation and to establish that the charit¥s auditors are aware of that infomiation.
Auditors
The auditors. Harris & Trotter LLP, have indicated their willingness to continue in office. The designated Trustees
will propose a motion reappointing Ihe auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on 6 August 2025 and signed on their behalf by-
J Tuttle
Page S
**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 2024 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 2024 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.
- 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
Page 8
**JAMES TUTTIETT CHARITABLE TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES TUTTIETT CHARITABLE TRUST (CONTINUED)**
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
6 August 2025
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 2024**
|**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
Professional fees
**Total expenditure**
**Net income before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds before other recognised**
**gains/(losses)**
**Other recognised gains/(losses):**
Gains 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**
**2024**
**£**
**252,000**
**112,175**
**364,175**
**26,700**
**3,206**
**4,779**
**16,393**
**7,020**
**58,098**
**306,077**
**27,758**
**333,835**
**223,980**
**557,815**
**4,099,550**
**557,815**
**4,657,365**|**Total**
**funds**
**2024**
**£**
**252,000**
**112,175**
**364,175**
**26,700**
**3,206**
**4,779**
**16,393**
**7,020**
**58,098**
**306,077**
**27,758**
**333,835**
**223,980**
**557,815**
**4,099,550**
**557,815**
**4,657,365**|_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_|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 22 form part of these financial statements.
Page 10
JAMES TulETT CHARITABLE TRUST
BALANCE SHEET
AS AT 31 OCTOBER 2024
2024
2023
Note
Fixed assets
Investments
Investment property
1,598.358
525,000
2,888, 164
525,000
10
2.123.358
3,413, 164
Current assets
Debtors
Cash al bank and in hand
12
172,130
2,363.778
10,800
679.979
2.535,908
690. 779
Current liabilitigs
Creditors.. amounts falling due within one
year
13
11.901)
(4.393)
Net current assets
2.534,007
686, 386
Totsl assets less Gurrent liabllltles
4,657,36S
4.099, 550
Net a55ets excluding penslon asset
4,657,365
4.099, 550
Total net assets
4,657.365
4, 099,550
Charfty funds
Unrestricted funds
14
4,657.365
4,099,550
Totsl funds
4.657,365
4,099,550
The financial statements were approvetj and aulhortsed for issue by th8 Tnjstees on 06 August 2025 and signed
on their behalf by..
ett
The notes on pages 12 10 22 fomi part of these financial slatemenls.
Page 11
**JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **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 2024**
## **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 2024**
## **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**
**2024**
**£**
Donations
252,000
_Total 2023_
_254,000_|**Total**
**funds**
**2024**
**£**
**252,000**
_254,000_|_Total_
_funds_
_2023_
_£_
_254,000_|
|---|---|---|
||||
Page 14
**JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **4. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Investment property rental income
15,200
Dividends from listed investment
30,541
Dividends from investment in associates
20,700
Bank interest received
106
Interest from investments
45,628
112,175
_Total 2023_
_100,433_
**Analysis of grants**
**Grants to**
**Institutions**
**2024**
**£**
Grants paid
26,700
_Total 2023_
_71,590_|**Total**
**funds**
**2024**
**£**
**15,200**
**30,541**
**20,700**
**106**
**45,628**
**112,175**
_100,433_
**Total**
**funds**
**2024**
**£**
**26,700**
_71,590_|_Total_
_funds_
_2023_
_£_
_13,070_
_42,972_
_14,589_
_3,454_
_26,348_|
|---|---|---|
|||_100,433_|
|||_Total_
_funds_
_2023_
_£_
_71,590_|
||||
## **5. Analysis of grants**
Page 15
**JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Grants paid
26,700
Property expenses
4,779
Governance costs
3,206
Investment management fees
16,393
Professional fees
7,020
58,098
_Total 2023_
_96,930_|**Total**
**2024**
**£**
**26,700**
**4,779**
**3,206**
**16,393**
**7,020**
**58,098**
_96,930_|_Total_
_2023_
_£_
_71,590_
_5,140_
_1,404_
_18,796_
_-_|
|---|---|---|
|||_96,930_|
||||
## **7. Analysis of expenditure by activities**
|Grants paid
Property expenses
Governance costs
Investment management fees
Professional fees
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
-
4,779
3,206
16,393
7,020
31,398
_25,340_|**Grant**
**funding of**
**activities**
**2024**
**£**
26,700
-
-
-
-
26,700
_71,590_|**Total**
**funds**
**2024**
**£**
**26,700**
**4,779**
**3,206**
**16,393**
**7,020**
**58,098**
_96,930_|_Total_
_funds_
_2023_
_£_
_71,590_
_5,140_
_1,404_
_18,796_
_-_|
|---|---|---|---|---|
|||||_96,930_|
||||||
Page 16
## **JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **8. Auditors' remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|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 _(2023 - £NIL)_ .
During the year ended 31 October 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
## **10. Investment property**
|**Valuation**
At 1 November 2023
At 31 October 2024|**Freehold**
**investment**
**property**
**£**
**525,000**|
|---|---|
||**525,000**|
The 2024 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 2024**
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 November 2023
Additions
Disposals
Revaluations
At 31 October 2024
**Net book value**
At 31 October 2024
_At 31 October 2023_
Listed and unlisted investments are stated at market value.|**Listed**
**investments**
**£**
**2,776,075**
**997,697**
**(2,315,262)**
**47,923**
**1,506,433**
**1,506,433**
_2,776,075_|**Unlisted**
**investments**
**£**
**112,089**
**-**
**-**
**(20,165)**
**91,924**
**91,924**
_112,089_|**Total**
**£**
**2,888,164**
**997,697**
**(2,315,262)**
**27,758**|
|---|---|---|---|
||||**1,598,357**|
||||**1,598,357**|
||||_2,888,164_|
|||||
## **12. Debtors**
|**Due within one year**
Prepayments and accrued income
**Creditors: Amounts falling due within one year**
Accruals and deferred income
Grants accrued - institutional|**2024**
**£**
**172,130**
**172,130**
**2024**
**£**
**1,901**
**-**
**1,901**|_2023_
_£_
_10,800_
_10,800_
_2023_
_£_
_1,893_
_2,500_
_4,393_|
|---|---|---|
## **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 2024**
## **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**
**2023**
**£**
**-**
**4,099,550**
**4,099,550**|**Income**
**£**
**-**
**364,175**
**364,175**|**Expenditure**
**£**
**(26,700)**
**(31,398)**
**(58,098)**|**Transfers**
**in/out**
**£**
**26,700**
**(26,700)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**251,738**
**251,738**|**Balance at**
**31 October**
**2024**
**£**
**-**|
|---|---|---|---|---|---|---|
|||||||**4,657,365**|
|||||||**4,657,365**|
Page 19
**JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **14. Statement of funds (continued)**
## **Statement of funds - prior 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_|
## **15. Summary of funds**
## **Summary of funds - current year**
|Designated
funds
General funds|**Balance at 1**
**November**
**2023**
**£**
**-**
**4,099,550**
**4,099,550**|**Income**
**£**
**-**
**364,175**
**364,175**|**Expenditure**
**£**
**(26,700)**
**(31,398)**
**(58,098)**|**Transfers**
**in/out**
**£**
**26,700**
**(26,700)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**251,738**
**251,738**|**Balance at**
**31 October**
**2024**
**£**
**-**
**4,657,365**|
|---|---|---|---|---|---|---|
|||||||**4,657,365**|
Page 20
**JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **15. Summary of funds (continued)**
## **Summary of funds - prior year**
|Designated
funds
General 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_|
## **16. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|**Endowment**
**funds**
**2024**
**£**
-
-
-
-
-|**Restricted**
**funds**
**2024**
**£**
-
-
-
-
-|**Restricted**
**funds -**
**class ii**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
1,598,357
-
525,000
-
2,535,908
-
(1,901)
-
4,657,364|**Total**
**funds**
**2024**
**£**
**1,598,357**
**525,000**
**2,535,908**
**(1,901)**|
|---|---|---|---|---|
|||||**4,657,364**|
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Investment property
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_2,888,164_
_525,000_
_690,779_
_(4,393)_
_4,099,550_|_Total_
_funds_
_2023_
_£_
_2,888,164_
_525,000_
_690,779_
_(4,393)_|
|---|---|---|
|||_4,099,550_|
Page 21
**JAMES TUTTIETT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024**
## **17. Related party transactions**
During the year a donation of £252,000 (2023: £254,000) was received, without restrictions, from a company in which a trustee is a director.
During the year dividends of £20,700 (2023: £14,589) were received, without restrictions, from a company in which a trustee is a director.
Page 22