Company registration number: 08362580 ChuTity re8istration n¥Jmber. 1151448 The Tunstall Jubilee Foundation (A company limited by guarantee) Annual Report and Financial Ststements for the Year Ended 31 December 2023 Monningtons 8 High Street Heathfield East Sussex TN218LS
The Tunstall Jubilee Foundation Contents R¢f¢ren¢e and Administrative Details Trustees. Report 2toS Independent Auditors, Report 6tolO Statement of Financlal Activities Balan¢e Sheet 12 Notes to the Financlal Ststements 13to24
The Tunstsll Jubilee FoundtioD Referenee and Admintstrative DetaiLq Trnstefs BB1 D G Wright£ A Benne¢¢ SRPal AFOX L H Crozi Cbarlty Reglstr*tiDD Number 1151448 Company Rytradon Nmber 08362580 The charity 15 in¢0TpoTr] in England and Wale5. TwL5tall House Station Road Heathfield Registered orrK¢ Tr1218LD Audltor Momiirtwons 8 High Street Heothfield Easl Sussex TN218LS Solleltors: DGB Solicitors LLP Central Avenue Pembroke Keni ME4 4UF Bankers
The Tunstall Jubilee Foundation Trustees, Report The trustees, who are diTector5 for the purpos¢$ of company law, present the annual report together with the finan¢ial statements and auditors, report of the ¢hari¢able ¢ompany for the year ended 31 December 2023. The TnL%tees eonfirni that the Annual report and finan¢ial $ta¢¢ments of the company comply with the current sIAtutory requirements, the requirements of the govtming do¢uments and the provisions of "Accounting and Reporting by Charities: Statement of Recommended Pra¢tice applI]e to Charities pr¢paring their accounts in a¢¢ordaftee with the Financial Reporting Stsndard appli¢able in the UK and R¢publi¢ of Ireland IFRS 102). {eff¢ctive l O¢tober2019) (Charities SORP {FRS 102)). Status The Tunstall Jubilee FoUndlOn was Incorpordied on 16 January 2013 and began operating in May 2013. The cornpany 15 limited by guarartte¢ and a registered charity (No 1151448). The ChaTiWs governing dwument is the M¢MotdUrn and Articles of Association. which have been approved by the Charity Commission, and its affairs ar¢ odminiskred by the Tntees. Trtee5 The Trustees Are elected or re4le¢i¢d by rotation by the ordinary membership of The Tunstall Jubilee Found*ion at the Annual General Meeting. Each year the TnL8iees review the skills and experience of those on the Trustee Board so that any skill gap5 can be id¢ntified ond 4)propriate candidates can be encouraged to stand for election. New trustee5 are recThit¢d by prof¢55ionAI w]d personal contacts and CVS and references are considered by the TTUStees before appointment. Governa#¢e and In¢¢nl ¢ontrol The Board of Ttustees is responsible for selecting and recruiting suitable TTre¢s to office at the Annual Genernl Meeting. A minimum number of 3 Trustees must be in place at all times. There 15 no upper age limit imposed ort Trustees. but any new Trustees must be at least 18 years old. New Trtee$ are tndu¢ted through a pr¢$$ of briefings by the Board. They are PTOVtded with key infOrntion relating to the Charitys goveman¢e and operation. The Board of Trustees meets on avernge 4 limes per year. The Board contro15 the a1VitieS of the ¢lwity. The charity con5ideTS Key Management Personnel to ¢ompromis¢ the trustees only? who receive no remuneration. Trustee Indemnlty Tn Ind&nnity insurance was in place during the p¢riod. FundrAlslng No fundrnising by ¢emaI Consultants is undertaken by the charity. All fimdraising by the ¢harity is moni¢ored by the trustees. Relaled partles One trustee is also a trLL%tee of 8 foundation which receives grant funding from the charity. no benefit is obtsined by the ffiEStee from this. Publlcbenefii Th¢ trus¢ee$ confim) that they have complied with the requirements of se¢tion 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Clwity Commission for England and Wale& Page 2
The Tunstall Jubilee Foundatlon Trustees, Report ObJe¢tlves 4nd ¥etfvltl The charitable company was gifted the freehold properties of the ISP F05tering Agency. which were transferred to the charity by the Board of ISP when the fostering ageney w&% sold. The prop¢rtl¢s nSISt of offi¢e& s¢hwl$ and a f8rn1. which were leased back to the agency on 10-yeaT le¥se$. The three founding Inlee5 were fornKr m¢mbeTS of the ISP Board with social work. fostering and legal backgrounds. The objects of the ¢harilable company are for the public benefii. to meet any elwittible n¢¢d of those who have at any tirn¢ been in the care of lo[ authorities. in particular {but rtot limited to) those who have at any lime been in foster care. Also. to carry out any other eh8ritable a¢tiviti¢s under the laws of England and Wales. The charity achieves thi5 through the provision of grants individuals and organi5ations. A¢hlevem¢nts •nd performan¢¢ 2023 wL8 a somewhat momentous year as the Foundation became 10 years old in March. During that time it has now donated Approaching one million pounds in grants to many individuals and clMr&ties to support young p¢opl¢ faeing all sorts of difficulti4 with £85,500 given in this year. We are extremety 8ra¢¢ful io the three new Trustees who have b¢come s¢ttl¢d imo their new roles and are providing expert advice and support to the origina] T across several discipline$. W¢ hav¢ continued th offer very substaniial fmaneia] support to Spgrks which giv¢$ individual to several hundred young people ea¢h year and we have continued this support over the lif¢ of the Foundation. W¢ have also continued to develop our strategy of providing suitabl¢ buildings for now two small chariiies who are Struggling both with accommodation and finance. We h&ve also established our new Registered Offi¢¢ in small part of one of these in Heathfield. E&8t Sussex. In addition w¢ hav¢ developed our work in helping deprived and troubled children in ¢heir edu¢otion ambitions. As w¢ll a5 OtT¢ring individual seholarships to students attending university from Whorton A¢ad¢my we hav¢ been able io se the knowledge and contracLs of the Trustees to help young people with their appli¢ations and through in¢0 the workpla¢¢. Our la¢est proj¢¢t is investigating fimding an integra¢iv¢ therapy servi¢¢ for ¢hildrert in three alt¢rnativ¢ provision projects for rhildren temporarily p¢rman¢ntly excluded from mainstream schools wher¢ this seryi¢e has b¢en lost due io loeal governm¢ni euts. We are also working with ar¢hii¢¢ts to plan the best use of the buildings we a¢quired when we ¢ompleted the pureh&se of the extra land at Castlewood Farn). Te, and these may aiso add io the special education provision already on that farn]. Flnanelal revlew The charitsble company's income for the year ended 31 December 2023 tothlled £384,482 (2022.. £479.232). Expenditure totslled £214,575 (2022: £183,773) and nel gains on investment assets totalled £214.110 (2022: £130,867 loss) resulting in net income of £384.017 (2022- £164,592). At 31 December 2023 the unrestricted fid balance was £7.858,858 including fvnds held as fix¢d assds of £5.283.195. In 2023 grant panents of £85.500 (2022.. £102.000) were made. Page 3
The Tunstall Jllbllee Foundgtion Trustees, Report Pollcy reserves The Tnlee$. agreed poliw 1$ lo mointsin a Resetve Fund of around £750,000 to provide protection in case of a sudden Ioss of income from its property portfolio. Funds are invested in an investment portfolio and after ¢ounting for lows in the year, the balance on the fund at 31 December 2023 was £2271,273. Free reserves in excess of the Reserve Fund will be held &% general fimds for distribyiion. General funds at 31 December 2023 were £543.925. Trnstees and officers The truM¢es ond otTicers serving during the year and since the year end were as follows: Trust¢es: B Bishop D G Wrighton A Bennett S R Patel AFOX L H Crozier Sttemetyl of trw$tees' respobslbllhles The tnjstees (who aTe also the directOT5 of The Tunstall Jubilee Foundation for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicabl¢ law and United Kingdom Accounting Standards (United Kingdi)rn Generally Accepted Accounting Practice). including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trnstees to prepare financial statements for each financial year. Under company. law the trustees must not approve the financial stalernents Imless they are satisfied that they give a true and fair view of the state of affaiTS of the chaTitable company and of the incoming resou¢5 and application of r¢sourees, includin8 its income and expenditur¢ of the charitable company for that period. In prepartng the5¢ financial ststements. the ttvstees are required to: select suitable a¢¢oun¢ing poli¢t¢s and apply them consistentty. observe the methods and prin¢iples in the Clwities SORP; make judgements and estimates that are reasonable and Pnent, state whether applicable accounting stsndards. ¢omprising FRS 102 hav¢ been followed. subjed to any material departUS disclosed and explained in th¢ fman¢ial statem¢n¢s; and prepare the financial statements on the going ¢on¢ern basis unless it is inappropria ¢0 presume that the charithble company will continue in business. The trSte¢S are responsible for keeping proper accouTrting records that ¢an dis¢lose with reasonable atturdcy at any time the financial position of the charitsble company and ertable them to ensure that the financial statements mply with the Companies Act 2006. They are also r¢sponsible for safeguarding the assets of the charitable company and hence for toking reasonable steps for the prevention and detection of fraud and other irregularitie The tNstees are r¢sponsible for the maintenance and in¢egrity of the ¢orporate and financial inforn]ation included on the ¢haritsble companys website. Legislation governing the preparation and dissemination of financial statements may differ from legi51alion in other jurisdiction Page 4
The Tunstall Jubilee Foundation Trnstees, Report Disclosure ofinformation to auditor Ea¢h trusttt h&8 taken steps that they ought to have taken as a truste¢ in order to make themselves aware of any rel¢vant audit inforniation and to establish that the charity's auditor is aware of that infonnation. The trustees onfinn tha¢ ther¢ is no relevant infornTration that they know of and of which they know the auditor is unaware. Reappolntmellt of audltor In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointsnent of MaThiing¢i)ns as auditors of the charity is to be proposed at the fortknming Annual General Meetin& Small ¢omp4nt¥ provlslon ststement This report has been pr¢par¢d in accordance with the smoll companies regime und¢r the Cornpanies Act 2006. The annual report was approved by the tntstees of the charity on . .. and signed on its behalf by: BBI Trustee Page 5
The Tunstall Jubllee FouDdation Independent Auditor•$ Report to the Members of The Tunstall Jubilee Foundation QlIs11¢d oplnlon We hove audited the finan¢ial swements of The Tunstall Jubilee Foundation (the'charity) for the year ended 31 December 2023, which compri$¢ the Sta¢emenl of Financial Activities, Balance Sheet. and Note$ to the Financial Ststements, including 4 gummary of Significant a¢¢ounting policies. The financial reporting fram¢work that hos been applied in their preparation is Uniied Kingdom Ac¢ounting Standards. comprising Chariiies SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of IrelAnd' ond appli¢able law (Unil¢d Kingdom Generally Accepted Accounting Prdctice). In our opinion. ex¢¢pt for the possible effects of the matter described in th¢ basis for qualified opinion section of our report. the finAn¢ial ststements.. 81V¢ A true and fair view of the sthte of the ¢harity's affaits as at 31 D¢cember 2023 and of its incoming resources and application of resourtts. includin8 its income and expenditure. for the year then ended. have been properly prepar*1 in a¢cordan¢e with United Kingdom G¢n¢rally A¢cepted Accounting Prnctice; have been prep in aOrdance with the requirernents of the Companies Act 2006. BASSS for quAllfi¢d oplnlon on flnanelal statements The trustees have assessed the fair value of the Ch8ritl8 investhwil properties at the yew end using their understanding of the properties and relevant morkei data. However, the Board of Trustee$ do¢s not have anyon¢ with an appropriate professional qualification io fornially value the properties and due lo ihe complex na¢ur¢ ond Significant value of these propertie5. have not been able io provide sufficieni audit evidence to demonsirate the fair vAlue of ¢A¢h property at the year end date. As a result. we have been unable lo obtain sufficieni and appropriate evidence concerning the fair values of the prop¢rtie$ as 8131 Decernber 2023 and io lIsfy ourselves thai the Investh)eni propertles as at 31 December 2023. being £5,283,195 Are free from material missratemeni. We ¢ondu¢t¢d our audit in accordance with Intemalional Stsndards on Auditing (UK) (ISAS IUK)) and appli¢abl¢ law. Our responsibilities under those gthndards are further des¢ribed in the audiior r¢spon$ibilities for the audit of the finan¢ial stytements section of our report. We are independent of the ¢harity in ac¢ordance with the ethical requirem¢nts that are relevont to our audit of ¢he financial s¢at¢ments in th¢ UK including the PRC'3 Ethical Standard. and the provisions available for small enlitie$. in the rir¢umstance$ sei oui in not¢ to the financial sthtemenls, and we have lfIlled our other ethi1 re5ponsibili¢i¢s In ar¢ordan¢e with these requirements. We believ¢ that the audit evidence we have obtained is sufficient and appropriate to provide basis for our qualified opinion.
The TuDstsII Jub61ee Foundation Independent Auditor•s Report to the Members of The TuDStall Jubilee Foundation Con¢lusk)ns r¢iotlng to 8olng CODcern In auditing the financial Statemen w¢ hav¢ eoncluded that the trustees use of going concern basis of a¢¢ounting in the preparati¢)n of the financial $18tements is appropriate. Based on the work we have perfornied. we have not identified any matertal uncertatntie5 relating to events or conditions thaL individually or ¢olle¢tively. may cast significant doubt on the charity's ability to continue a5 a going concern for a period of at leas¢ twelve months from when the Origin fmancial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Inforni8tlo The tn]stees are responsible for the Oth ]nfOrnlOn. The other infommion ¢omprises the infornlation included in the annual reporL other than the finan¢ial sthtements and auditor's report th¢reon. Our opinion on the fmancial statements doe5 not cover the other infom)alion ond ex¢ep¢ to the exieni otherwise expli¢iily stated in Jr reporL we do not express any fonn of assurnn¢e ¢on¢lusion thereon. In Connection with our audit of the financial statements. our responsibility is to read the other inforniation and, in doing so. ¢on5ider whether th¢ other inforniation is materially inconsistent with the fmancial statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent rnateTial rnis51Otements. we Bre Tequired to deterniine whether there is a material misstaternent in the financial $eMents or a material misstatemeni of the other infomation. If. bL8ed on the work we have perfornied. we conclude that there is a material misslatement of this other infornrdtion. we are Tequired to report that fact. As des¢ribed in the b1$ for qualified opinion section of rep)rl we were unable to 1Sfy ourselves concerning the fair Yalue of investh)eni properties of £5,283.195. We have concluded thai where the other inforntion referg to these amoun it may be materially misstated for the same re&80n. Oplnlon on other matter prescribed by the COM[eS Act 21106 Except for the p055ible ¢ffe¢ts of the matter described in the bosis for qua]ified opinion section of our TeporL in our Opinio based on the work undertaken in the course of the audit: the inforniation given in the Trusttts. Report for the financial year for which the flnancial sthtem¢nts ore prepared is consistent with the financial ststements. and the TTUStees' Report has been pr¢por¢d in accord8n¢e with applicable le1 requirements. M8tler3 on which we are required to report by ¢x¢eptlon Exrxpt for the matter d¢s¢ribed in the basis for qualified opinion section of our repoTL in the light of our knowl¢dg¢ and understanding of the charity and its environment obtsined in the course of the audiL we have not identified Mtrial misstaiements in the TrsteeS, Report. We have nothing to report in re5pe¢t of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: Page 7
The Tungtall Jubilee Foundation Independent Auditor's Report to the Membery ofThe Tunstall Jllbfilee Foundatlon adequate ac¢ouMin8 re¢ord% have not been W or rekn quate for ¢)ur audit have not been Te¢¢ived from branches not visited by or certain disclosures of trustees remuneration specified by #re not nth: ( we have not received all the information and explanatityts w¢ require f(Y our awlil. regime and take advantag¢ of the small ¢ompanies' exanptions in the dire¢tors' report and from the requirement to prepare a slrat¢gic rew)rL Responsibilities of trujtees As explait)ed m¢ fully in the Statemert of trusted responsibilities (set out on page 4), the ttee5 are responsible for the prepardtion of the financial statements 8TH1 f(x being tIsfied that tlKy give a true and fair view. and for such internal control as the tnte¢S det¢rniine is necessary to enable the preparation of financial Swements that are free from material misstatem( Wheth due to fra1 or error. In preparing the financial statement4 the ttee5 are r¢5ponsible for a551ng the chariws ability to conSIn a5 a going concern. disclosin& as applicable. matler5 related kn going concern and using the going concern ba515 of ac¢¢)unfin8 1¢$5 the bvstees either intend to liquid¢ the charity or to Cease operations. or have no realistic altern1Ve bui io do so. Audltor respDTrslbllltles for tbt *lldft of tbe fiDancial statemeots Our objectives are io obtain reasonable aswrw about whether the finwKial swements as a whole ore fffe from material mt55tat¢menL whether due to fiwj or eThor. and to issue an audtior's report that in¢ludes o opinion. Reasonable assur is a high level of assurance. but is noi a gumtee that an audit ¢ortdu¢ in ae¢ordan¢¢ with ISAS (UK) will deteu a tnaterial mi%yatemen¢ when it exists. could reasonably be expected to influence the decisions of tsk¢n on the basis of these finwJ¢ial statements. A5 part of the audit in accordance with ISAs(UK). exe1$¢ professional judpMnt and maintsin professional scepticism throughout the audiL
The Tunstall Jubllee Foundatlon
Independent Audito$ Report to the Members of The Tunstsu Jubilee Foundation
ITregularilie& in¢luding fraud, are instances of non-wmplian¢¢ with taws and regulations. We desi procedures
in line with our responsibilities, outlined above. lo detec¢ mat¢rial misstatements in respect of irreguiariiies,
including fraud. The extent to which our PredUreS are capable of de¢ecting irregulariti4 including fraud,
listed below.
We obtained an und¢rs¢andin8 of the legal and r¢8ulatory fram¢work applying to th¢ eharitable compony and
the pro¢edures that management adopt to ensure compliance and have considered the extent to which
non-compliance might have a maierial effect on the firwKial statements and in particular, we id¢n¢ifi¢d - th¢
Companies Act 2006, the cEitIeS Act 2011 and the Charities SORP FRSIO2.
We have also identified other laws and regulations that do not have a d1ct effect on the amounts or di5cIosur¢s
within the financial statements. but for which ¢ompliance is fundomental to the chority's operations and to avoid
material penaltie4 including regulations relating lo landlords such as the Landlord and Tenant Act 1985.
Having reviewed the law5 and regulalions applicable to the CrIty. we designed and perfornied audit
procedures to obtsin sufficient audit evidence. Specifically we..
. Obthined an understsndtng of the charity¥ procedures for ensuring compliance with laws and regulatio
Made enquiries of kntstees regarding whether they were aware of any actual or suspected incidences of
nonvcornpliance with laws and regUl10n$.
. Obtsined and reviewed minute meetings.
. Obtained and reviewed cijrrespondence with the regulator.
. Reviewed legal expenses accounts for indicaiions of any possible non-complian¢e; and
Reviewed the completeness and accurdcy of any dis¢losur¢s made in the financial Statements.
We assessed the susceptibility of the charity's fin8n¢ial statements to MtrIal misstatemenL in¢ludin8
considering how fraud might occur. This was perfonned by:
Making an assessment of the ¢harity¥ ¢ontrol environm¢nL systems And ¢ontrols including identifying ony
weaknesses and considering the risk of management override of wntrol;
Assessing the susceptibility of the charitys finwKial swements to mattrial misstat¢menL includin8
considering how fraud could occur.
. Considering whether there are any incentives or opportunili¢s for management lo manipulate financial results.
Obtaining and evaluating the trustees asses5m¢nt of the risk of fraud and enquiring as to wh¢ther they are
aware of any a¢tyal or suspected incidences of fraud.
Reviewing the a¢untIng policies and accounting estimates for signs of management bias. and
Identifying key risks relating io irregularities as rel]ng to revenue recoLI10n including fraL. management
oveTride of controls and the assessment of the fair value of the investment properties.
We then designed audit pro¢edwes in response to the risk5 idenlified. including perfonning 5ubstarttive testing
on all material i0¢ streams and reviewing the basis for key coUntIng e5timate5 suth the fair value of
investsnents.
Due to the inherent limitations of an audiL th¢r¢ is a risk that we will not detect all irregul&Titie4 including those
leading to a material misstatement in the financial srotrmthts or non
The Tunstall Jubilee Foundation Independent Auditor's Report to the Members of The Tunstall Jubilee Foundation A funher description of our re5ponsibililies for the audii of the financial siaiemenis 15 located on the Financial Reponing Council's websiie at '.Mww.frc.or¥.UaUdilorsIe5ptsnSibl1t5ts. This de5criplion fornis part of our audiiows repon. Use ofour report This report Is Hiadc solely 10 the charitable company's tTusiees. as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audii work has been undertaken so that ive might State to ihe charity'5 trustees thu5c nilc Iters we clre required (o siaie to thein in an auditor's repon and lor no other purpose. To the fullcst extcnt peTmittcd by law. we do not accepi or assume responsibiliiy to anyone oiher ihan the charitable company and its tru5tecs as a body, for our udit work, for this repon, or for the opinions we have fonned. A E J SiaplLS (Senior Statutory Audiior} For and on behalf of Manningions. Siatutory Auditor 8 High Sireet l.leaihfield East Su55ex TN218LS Date.. Page 10
The Tunstall Jubilee Foundation Statement of Flnaneial Activiti for the Year Ended 31 Deeember 2023 ncluding Ineome and Expenditure Aceount and Statement of Total Reeognlsed Gains 2nd Losses) Unrestrlcted fund$ Tothl 2023 No¢¢ In¢ome and EndowmeDts from: Investment incom¢ 355 820 355.820 Totsl income 355.820 355,820 Expenditure om: Raising fimds Charitable activities (129,075) (85,500 (129.075) 85.500 Total expenditure Gainsllosses on investment a55ets {214.575} 214.110 (214.575) 214.110 Net Iome 355J55 355,355 Net movement in fjjnds 355J55 355.355 Reconeiliation of funds Total fimds brought fonvard Totyl fimds catTied fonward 7,474,841 7.474,841 14 7,830.196 UDrestrleted fndS 7,830 196 Total 2022 Note Ille(*me and Endowmellts from: Inveslment income Other income 359232 120.000 359.232 120.000 Total income 479 479.232 Expenditure on: Raising fimds chitable a¢tivities (81,773) (102.000 (81,773) (102,000) Total expenditure Gaingloss¢s on investsnent assets (183.773) (130.867) (183.773) 130,86 Net income 164,592 164 592 Net movement in funds 164.592 164.592 Reeon¢ili4tion of funds Total fund5 brought forward Total funds cwried fon¥ard 7,310,249 7,310.249 14 7,474.841 7.474,841 All of the ¢hariry's activities derive from continuing operations during the above two periods. The funds bt¢akdown for 2022 is shown in note 14. The notes on pages 13 to 24 forni an integral part of these financial statrments. Pagell
The Tunstall Jubilee Foundation (Registr&tlon number: 08362580) BalAnce Sheet as at 31 December 2023 2023 2022 Note Fixed ets lrtve$tsnents 10 7,554,468 6.631.738 Current ssets Debtors Cash at bank and in hand 29.837 325,178 355,015 144.029 794.733 12 938.762 Credltor8: Amounts falling due within ODe year 13 79,287) (95.659 Ne¢ curr¢n¢ assets 275.728 843.103 Ne¢ assets 7,830,196 7.474,841 Fun(ts of the chirlty: UnTeStric¢ed in¢on)¢ UnTestricd funds 7.830,196 7.474,841 Totsl funds 14 7,830.196 7.474.841 These financial statements have been prepared in a¢¢ordan¢e with the special provisions rela¢ing to o)mpanies subj¢ci to the small companies regime within Part 15 of the Companies A¢r 2(X)6. The financial statements on pages 11 to 24 were approved by the ts$tee$. and authorised for issue on .. and signed on their behalf by: B Bishop The note5 on pages 13 24 forni an integral part of these financial statements. Pa8e 12
The Tustsll Jubilee Foundatio Notu to the Flnanelal Statements for the Year Ended 31 Dttember 2023 I Charlty sttVS The charity is limiied by grantre. incryrated in EnglaTh] and wa and ¢onsequ¢n¢ty not have share capital. Each of the trSt¢es is liable w contribute an amount exceeding £1 Wwards the assets of the charity in the event of liquidation. The address of its registeytd office is: Tunsthll House Sthtion Road Heathfield East Sussex TN218LD 2 AeeouDtADg polleles Summary of slgttlf&cant ieeouDting por1¢5 nd key Aeeounting estimates The principal accounting polici¢s appli¢d in the preparation of these financial stateMts are set below. These policies have been consi5tentty applied w all the years pSents unless Othe stated. Ststsment oC¢omp114nee The financial ststements have been preparwj in wcordanee with Accouniing and Reporting by Charities: Stamet)t of RecOmnded Practice (applicable io charities pwaring their aecourtts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Chariiies SORP (FRS 102)). the Financial Reporting Standard applithl¢ ID the UK and R¢publie of Ireland (FRS 102) and the Comp8ni¢s Act 2rA6. Basis of preprnllt)n The Tunstall Jubilee Found70n meets the definilim of a public benefit thtity under FRS 102. Assets and liabiliiies are initialty recogni5ed at hiNIcal c<& or trans¥tiM value unless otherwi stated in the relevant a¢¢ounting policy notes. The financid statements are wep&ed tn St¢Tling (£X whi¢h is fimctional curreJKy of the Charity, and rounded to the nearest Pd. Going Coiicerii The trusttts Consider that there are no rnaterial 4lKMrt th¢ charitys abilty to continue as a going ¢onc¢rn nor ary SiBnificont areas of uncutainty that affe¢t the ¢anY value of &98ets held by the charity. Py13
The Tunstall J•bilee Foundation Notes to the FinAnciAI StAtemeRts for the Year Ended 31 December 2023 Key sourees of estlmation uneertainty Critical accounting estirnes and aTtas of Elmatts and judgements ar¢ Cominualty evaluated and are based on histori¢al ewien¢e and other fador% including expectations of events are b¢lieved to be reasonable underthe circum¢¢& They key source of estimation uncertainty at the bai91 sheet date relates to the property valuations. The trustees have reviewed the prnpety valuations at the year end and made an esiimatr as to their fair market value. The calrying amouni is £5283.195 (2o22-£4.6(K).(i). Income and endowmeDts All in¢oming resour¢es are included on the Sttternt of finCial activiti¢s ert the ¢harity is ¢ntttled to th¢ income. th¢ receipt is probable aDd the amourtt cart be me&sured reliably. the following $Irl¢ policies ar¢ applied to particular categories of income. Rent and in$urart¢e reeeivable is accounted for in the pemd to which it Yell Inv¢stsn¢nr inwn¢ is in¢luded kn receivable. Expenditure All eXditure is r¢¢ognised on¢¢ there is a legal or consuv¢tive obligatim ¢xp¢nditure, it is probable settlemeni is required and the amOt Can be mewred r¢li•bly. All costs are allocated to the applicable expenditure heading that awegate similar ¢osts io that ¢¢gory. Where costs cannot be directly attributed to particular headings they have be¢n ullo¢ed on 4 b&%is Consistent with the use of resou, with central stsff costs allocated on the basis of tim¢ sprt and depre¢iation ¢knge5 alkycated on the portion of the asset's use. Other support Costs are allocated based on the 5prel of aff costs. trading adiwties that rnise funds. Charitable expenditure comprises those costs incurred by the charity in the delivery of iLq activities and services for its berteficiaries. It includes l)oth costs that can be allocate41 directly to such Xtiviti¢S and those costs of an Grants payabl¢ aye recognised &% liabilities when canmunicated in writing to the recipien( except trre the otf¢r is conditioTMI and lfilmettt of the conditions is not COn8idered probable. or where meeting the conditions is not within the corttrol of the recipienL In these clrcwn the 8rant is rttognised when the Conditions have been meL Support eosts Support costs include central functions have been allocated to activity c05t categorie5 on a basis consistent with the le of resouyces, for examp allocating proputy co&s by floor are or per capit4 staff costs by the tnne spent aThl othercosts by their usage. Page 14
The Tunstall Jubilee Foundatlon Notes to the Flnancial Slatements for the Year Ended 31 December 2023 Govertt8Ce e•sts Governance costs include those costs associated with meeting the constitutional and statutory requitennts of the charity and include the audit fee5 and costs linked io strategi¢ management of the charity. Tanglble Ilxed assets Individual fixed assets 1Th8 £100 or mor¢ 8r¢ capitslised at $t. A r¢vi¢w for impairnien¢ is ¢arri¢d oui if events or Changes in cir¢wnth¢es indi¢aie thot th¢ ¢aryin8 8moiml of th¢ fixed assets may not be rewveTAbl Tangible fixed assets aye sthted ai cost less aUmulated depreciaiion. Depreciation is provided at rates alculated to write off the cost less e$tlmatsd ttAlibIe value of all each asset over its expected estimated useful life Bs follows: Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less es¢imated residual value, over th¢ir expected useful e¢onomic life as follows.. Amet elii FIXtt¢, fittin85 & equipment MOr Vehicles Depreelatlon method and r8t¢ 25% reducing balance 25% red]ng balance Invutment propertlu Inve5tsnent propertie5 are measured at fair value at the reporting date with chonges in fair value r¢¢ogni$¢d in the siaiement of financial activities. The investment propety valuations are a key source of esiimation uncertainty ttnd the charity uses expert valuers in estirnatin8 the fair values of the properties. Fornial valuaiions are carried at regulftr intervals in line with rent review$ with inRrim revlews bein8 undertaken by the trustees. Flxed •s$et Inyestments Investments are recognised initially at ¢ost, and then subsequently at th¢ir fair value al the balance sheei dale, U5in8 the quoted morket price. Chan8e$ in fair value are included in th¢ ststement of finan¢i41 a¢tlvilies under net gain{lo$s¢s> on inve5knents. Fln8DcknI Inrtrnments Financial instruments other than investments qualify as basi¢ financial instnmients. Short-lerni debtors and creditors are measured at the settlement value. Any losses from impairm¢nt ar¢ recognised in income and expenditure. Fund $tru¢ture Unrestricted income funds ore 8eneral funds that are available for us¢ at the trustees discretion in furtherance of the objectives of the charity. Designated funds art unre8tri¢t¢d fithds set aside for specifi¢ purpos¢$ at the dis¢retion of the trustees. Po8e 15
The Tunstall Jubilee Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Unrestrictsd funds General Totsl funds Interest receivable and 5rmilar ineome. Interest receivable on bank deposits Other inv¢sttnent income Income from rents 822 43.669 311.329 822 43.669 311,329 Total for2(123 355,820 355.820 Totsl for21122 359,232 359,232 4 Expendlture OD ratslng fund$ a) Costs of g¢n¢rA¢ln8 dOtIOnS and le88cles Unrestricted funds General Total funds Nots Allocated support costs 45.593 45,593 Totsl Cor 2023 45,593 45,593 To¢•1 for2022 37.184 37.184 b) Costs of trnding aetlvltles Unrestrlcted funds CeDer*l Totsl funds Other direct costs of activities for generating funds 765 765 Totsl for 2023 765 765 Totsl for 2022 637 637 Page 16
The Tunstsll Jubilee FoundAtion Notes to the Financial Statements for the Year Ended 31 December 2023 ¢) Investment Dnagement eosts iJTrrestrieted funds General Total funds Iwl fees Oth¢r invesDnent management costs: Amounts payable io investtneni managers Amounts payable to property managers 46,525 46.525 18244 17.948 18.244 17.948 Total for 2(123 82.717 82.717 Total for 21122 43.952 43,952 Tot*1 costs 5 Expenditure on charilable a¢tiYities Uttrestricted funds General Totsl funds N•t¢ Grani funding of 8¢tivitie$ 85.500 85,500 TotAI for 2023 85,500 85,500 Total for 2022 102.000 Page 17
The Tunstall Jubilee Foffjndalion Notes to the Flnanelal StateDwIts for the Year Ended 31 Dttember 2023 6 ADatysis of support costs Supptsrt ¢•$ts Totsl Insuran¢¢ Fann Costs Trustees Travel and PPS 29.152 7.941 1,156 592 200 5.4Th) 636 516 29,152 7.941 1,156 592 200 5.400 636 516 Advertising The audit of th¢ Charitys annual accou Auditots Temunerntion. non alIt wo Professional indellmity insu Totsl f(tyr 2023 45.593 45.593 Total for 2022 37.821 37.821 7 Gr•nt-DMkln8 Analysij of grnthts Below are details of Materi made to in$trtOAS 2023 2022 Iyame ofinstltlltion The Spark Found*i The Entham Foundation FASD Awarentss The Creed 0dOOr Leorning Trust Grants to Individuals Support Costs 55,0 17200 15.000 300 8,500 9.455 110.455 30.51XI 85J(Kl P¥8e 18
The Tunstall Jubilee Foundatio Notes to tbe Flnancial Ststem¢nts for the Year Ended 31 Dettmber 2023 T#x#tlo The charity 1$ a regist¢r¢d charity and is therefore exemp¢ from lax10n. 9 Tnglble fixed as5¢ts Furnlture gnd equlpment Motor Y¢hl¢l Total Cost Ai l January 2023 57 2,204 Ai 31 De¢ember 2023 57 2.147 Depreeltlon At l January 2023 57 2,204 At 31 December 2023 57 2,204 N¢¢ book valu¢ Al 31 De¢¢mb¢r 2023 Ai 31 December 2022 10 Flxed amet InvestrneDts 2023 2022 Invesnnent properties Other investhients 5,283.195 2271273 4.600.000 2,031738 7.554.468 6631738 Page 19
The Tunstall Jubilee Foundation Notes to the Flnvdneial Statements for the Year Ended 31 Deeember 2023 Investment propertles Investment prop¢rtl¢s C•M¢ or Valu%tloD At I JAnuary 2023 Additions 4.600.000 683,195 At 31 December 2023 5,283,195 Provlslon At 31 December 2023 Net book vilue Ai 31 December 2023 5,283,195 Ai 31 December 2022 4 600,000 A proftssional valuation was last Carried oui on 31 December 2020 by a Member of the Royal Institute of Chartered Surveyors from Martine Waghorne Chthered Surveyor5 on an open markeL exsisting Use, valuation basis. The trusttts have reviewed the value of the propenies ai 31 December 2023 and ¢on$ider there to be no material change. Pag¢ 20
The Tunstall Jubilee Foundation Notes to the FinvdDcial Stgtements for the Year Ended 31 December 2023 Other Investments Listed InvestTheDts Unlisted investments Totl Cost or Valuation Ai l January 2023 Revaluation Disposals At 31 December 2023 1,872,704 318,437 159,034 2,031.738 318,437 (78.902 78,902 2.191.141 80.132 2.271.273 Net btsok value At 31 De¢ember 2023 2,191,141 80.132 2.271,273 At 31 De¢ember 2022 1.872.704 159,034 2.031.738 Listed investments are slated at their mid market value as at the balance shed date. Disposa]5 includ¢ realised l¢)sses on disposal of £18.244. I l Debtors 2023 2022 Trade debtors PrePaents Accrned income 3,604 26,233 1.825 22,204 120.000 144,029 29,837 12 Cash and easb equivalents 2023 2022 Cash at bank 325,178 794,733 13 Credltors: Itnounts falling dwt wlthln one year 2023 2022 Other creditors A¢¢nwis 73.287 89.659 6.000 95.659 Other Crediiors in¢ludes deferred income of £28,662 (2022:£79,659, which was released in full during 2023). which r¢l¢s to rent and insurance income fiDm the inv¢5tment properties received in advance. Page21
The Tunstall Jubilee Foundation Notes to the Financlal Ststements for tbe Year Ended 31 December 2023 14 Funds Balance at I January 2023 Other recogn15ed g*lnsl(10sses) R0re¢S exptnded resour¢es TrgD$f¢rs Unrestrieted funds Generol Genernl 843.103 355.820 {214.575) (683.195) 214.110 DeNzn&red Reserve Fund Fixed Assd Fund 2.031.738 4,600,O¢XI 683.195 6.631.738 683.195 Totsl fuDds 7.474.841 355.820 214,575 214 110 Balanee at 31 December 2023 unT¢r1¢¢¢d funds Genernl Genernl 515.263 DeJlgnaied Reserve Fund Fixed Asset Fund 2.031,738 83,195 7.314,933 Tot81 fund$ 7.830,196 Page 22
The Tunstall Jubilee FoundatlOD Notes to the Flnancial Ststsments for the Year Ended 31 Deeember 2023 Balance at 31 D¢tember 2022 B#l4nce at I January 2022 Other Resour recogDlsed expended g4lnsl(k)$ses) In¢omlng r¢8our¢es Unrestrlettd funds Genernl General 570.540 479,232 (183.773) (22,896) 843,103 Deslxnaled Reserve Fund Fixed Asset Fund 2,139.709 4,600.000 (107.971) 2.031,738 4.600 0( 6 739.709 107.971 6.631738 Totsl fund 7.310249 183.773 130.867 7474 841 The spe¢ifi¢ puryjows for whi¢h th¢ fund5 are to be applied are as follows.. The Reserve Fund includes tlllxls required to provide prote¢lion In case of a sudden loss of income from the charity$ property portfolio. The fvnds are held in an inv¢slment portfolio. The Fixed Ast Fund includes Ilmds held as fixed ossets, includin8 investh)eni propertles and inveskn¢ni property held for sale. IS Anilyils of net ijsets between Total funds 8¢ 31 December 2023 Unrejtrltted funds G¢n¢rnl DeJlgnat¢d Fixed wet Invesknents Currenl usets Current liabilities 2,271,273 355.015 79.287 5.283,195 7,554,468 355,015 79,28 Tot41 net assets 2 547,001 5,283 195 7 830 196 Tot*1 funds at 31 December 2022 Unre8trl¢¢¢d funds General De51gnA¢ed Fixed asset investments Current assets cUent liabilities 2.031.738 938.762 95,659 2,874 841 4,600.000 6.631.738 938.702 Total net assets 4 600.000 7.474.841 Page 23
Tb¢ T•nstall Jubilee FouDdatioA Notes to the Finxnelal Statements for the Year Ended 31 December 2023 10 Anly•b of Det funds At31 Defembtr 2023 At l January FlnTrclTrg euh 2023 flDWS Cash a¢ bIT and in hd 470J7 Net debt 470J 324 356 17 ObllgAtlons under leues And hlre purthue ¢•n¢r•¢ts Optratlni ¢•mmltm¢nts Tothl future rninimum leue payments uTrler notr¢onc¢llabl¢ opeNing le•ses are as follows: 2023 2022 nd #nd bulldlnp Within one year Between one and five >t4rs After five yeus 104,957 419.828 73.430 151.691 419.828 167.897 598.215 739416 18 Related party trnnM¢tloni During the period. no Tn&¢es receiv aTry remu10n {2022: £Nil). The Trustees Are the only key managemeni personnel. Ci)e Trustee re¢l8imed expenses totalling £1,078.15 (2022: £486) in respect of travel and offKe expenses. Ai end. no expenses were owed the Trustee$12022:£Nil). The charity purchased a new office in He*thfield for £316.513.54 IM the 3 November 2023. This 1$ to be rented out by WeaEden Works 1¢h one of the Tnee$ works fiff. P•8e 24
The Tunstsll Jubilee Foundation Statement of Flnancial A¢tivitiu by fund for the Year Ended 31 Deeember 2023 Unrestricted Funds Tot#1 Totsl Unrestr1e¢ Unregtrl¢ted Funds Funds 2023 2022 Ineome and Endowments from: Investtnenc in¢ome Other income 355.820 359232 120.000 Totsl inwme 479 355,820 32 Expendlture on: Rai$in8 fijnds Charitabl¢ oCtiviti¢y (129.075) (81,773) 102 000 Toial expendiftre Nel income 214575 183 773 141245 295 439 Nei movement In fimd8 141,245 295,459 ReNtIllatIOn offvnds Totsl fijnds brought forward Total fimds carried fonvard 7,474.841 7310249 7616 086 7 605 708 Thi5 P48¢ does not forni part of the ststutory financial statements. Page 25
The TuDgtsll Jublltt Foundition Detail Statem¢nt of Financial Aetivltk8 for the Year Ended 31 December 2023 Tot•1 2023 Totwl 2022 lll¢ome •Dd ETrdowmeots from: Investment income (8nalys¢d below) Other incorne {analysed below) Totsl in¢ome 355.820 359.232 120.000 479 232 Expendlture on: Raising funds {analysed below) Clwitable activities (analysed below) Tothl expenditur¢ (129.075) 85.5(KJ (81,773) 102.000 214.575 183.773 Net in¢ome 141.245 295,459 Net movemenl in fimds 141.245 295.459 Re¢on¢lll8ttOD of fyThd• Totsl funds brought foThYard Total orried forward 7 474.841 7 310249 7616086 7 605 708 This page does not forni part of the statsrtory financial statemts. Pa8¢ 26
The Tunstall Jubilee Foundation Detalled Staten)ent of Financial Activities for the Year Ended 31 December 2023 Total 2023 Total 2022 Income from investsnent properties Interest on ¢a5h d¢posiL% Income frorn other investsn¢nLS Insurance from investment properties 314.155 822 43.669 (2,826) 355.820 293.395 239 40,388 25.210 359,232 her ltteon Other Inco 120.000 120.OIXI Ralslngfmnds Sundry ¢xp¢nse5 LighL heat and power Insurance Fann Costs Trustees travel and PPS Computer software and mainnan¢e cost$ Advertisin8 The audit of the Charitys annual accounts Auditoiy. remuneration - non audit work Managemeni fees Professional indemnity insurance Lgal and professional fees Property Management Fees (282) (483} {29.152) (7.941) (1.156) (592) (200) (5,400) (636) (18244) (516) (46,525) 17.948 (637) (29,325) (387) (685) (4) (5.400) (600) {17,492) (387) {723D 19223 81.773 129 075 Charllable 4e¢lvklLf Grants payable- instimtions Grants payable- individuals (55,000) 30,500) (93,500) (8,51JO) 102,000 (85,500) This page does not ftinn part of the sthtuiory finan¢iaI ststements. Page 27