Registered Charity No: 1151448 Company No: 08362580
THE TUNSTALL JUBILEE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
THE TUNSTALL JUBILEE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administration page | 1 |
| Trustees’ report | 2 - 5 |
| Independent auditors' report | 6 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 – 19 |
THE TUNSTALL JUBILEE FOUNDATION
REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020
| Company Number | 08362580 |
|---|---|
| Registered Charity | 1151448 |
| Trustees and directors | Mr Brian Bishop |
| Mr Andrew Fox | |
| Mrs Sheila Patel | |
| Mr Gavin Wraith-Carter (deceased 24/09/2020) | |
| Mr Amir Bennett (appointed 11/12/2020) | |
| Mrs Lisa Crozier (appointed 11/12/2020) | |
| Mr David Wrighton (appointed 11/12/2020) | |
| Registered Office | Pollards Down |
| Middle Lane | |
| Rushlake Green | |
| Heathfield | |
| East Sussex | |
| TN21 9QX | |
| Bankers | The Co-Operative Bank |
| Business Direct | |
| PO Box 250 | |
| WN8 6WT | |
| Auditors | Lindeyer Francis Ferguson Limited |
| Statutory Auditors | |
| Chartered Accountants | |
| North House, 198 High Street | |
| Tonbridge | |
| Kent | |
| TN9 1BE | |
| Solicitors | DGB Solicitors LLP |
| Central Avenue | |
| Pembroke | |
| Chatham Maritime | |
| Kent ME4 4UF | |
| Investment managers | Waverton Investment Management Limited |
| 16 Babmaes Street | |
| London | |
| SW1Y 6AH | |
| Property managers | Watson Day LLP |
| Revenge Road | |
| Lordswood | |
| Chatham ME5 8LF |
1
THE TUNSTALL JUBILEE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees, who are also the Directors of the charity for the purposes of the Companies Act, present their annual report and the financial statements for the year ended 31 December 2020. The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the governing document and the provisions of "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) (Charities SORP (FRS 102)).
The reference and administrative details on page 1 form part of this report.
Status
The Tunstall Jubilee Foundation was incorporated on 28 March 2013 and began operating in May 2013. The company is limited by guarantee and a registered charity (No 1151448).
The Charity’s governing document is the Memorandum and Articles of Association, which have been approved by the Charity Commission, and its affairs are administered by the Trustees.
Trustees
The Trustees are elected or re-elected by rotation by the ordinary membership of The Tunstall Jubilee Foundation at the Annual General Meeting. Each year the Trustees review the skills and experience of those on the Trustee Board so that any skill gaps can be identified and appropriate candidates can be encouraged to stand for election.
Governance and internal control
The Board of Trustees is responsible for selecting and recruiting suitable Trustees to office at the Annual General Meeting. A minimum number of 3 Trustees must be in place at all times. There is no upper age limit imposed on Trustees, but any new Trustees must be at least 18 years old.
New Trustees are inducted through a process of briefings by the Board. They are provided with key information relating to the charity’s governance and operation.
The Board of Trustees meets on average 4 times per year.
The Board controls the activities of the charity.
Trustee indemnity
Trustee indemnity insurance was in place during the period.
Objectives and activities
The charitable company was gifted with the freehold properties of the ISP Fostering Agency, which were transferred to the charity by the Board of ISP when the fostering agency was sold. The properties consist of offices, schools and a farm, which were leased back to the agency on 10 year leases.
2
THE TUNSTALL JUBILEE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
The three founding trustees were former members of the ISP Board with social work, fostering and legal backgrounds.
The objects of the charitable company are for the public benefit, to meet any charitable need of those who have at any time been in the care of local authorities, in particular (but not limited to) those who have at any time been in foster care. Also to carry out any other charitable activities under the laws of England and Wales.
Public benefit
In accordance with Section 17 of the Charities Act 2011, the Trustees have had due regard to the guidance published by the Charity Commission on public benefit when reviewing the charity’s objectives and planning future activities.
Review of activities and future developments
The charitable company’s income for the year ended 31 December 2020 totalled £366,933 (2019: £363,275). Expenditure totalled £197,226 (2019: £190,979) and net gains on investment assets totalled £170,176 (2019: losses of £14,280) resulting in net income of £339,883 (2019: £158,016). Net gains on investment assets included Investment property revaluation gains of £38,000 (2019: loss of £109,760). At 31 December 2020 the unrestricted fund balance was £6,914,953 including funds held as fixed assets of £6,502,387.
2020 was a sad year for the Trust as our colleague Trustee Gavin Wraith-Carter died suddenly and tragically of a heart attack in September 2020, aged 53 years. Gavin had been a Trustee for only a short period of time, but his financial expertise as a senior manager in a multi-national finance company brought great knowledge and skill to the management of the Trust. He had a passion for helping disadvantaged young people to access good educational and skill training opportunities. In recognition of this the Trustees are aiming to set up some scholarships in his name, possibly connected to his old school in Yorkshire.
Whilst on the subject of education, ISP, the lessees of the school on our farm at Teynham, are already indicating that they have plans to increase the numbers there, in addition to the extra modern classrooms that we financed last year. This would require a longer new lease to them at a higher rent, putting in place an assured income stream for the Trust into the future, to reimburse the Trust’s capital expenditure. Also on the farm the youth project at the Millennium Wood is now well established and is providing a valuable outdoor resource as well as protecting and maintaining the woodland asset.
Our grants policy is currently in two streams but increasingly we want to invest money in innovative projects for young people rather than individual grants to them. We have increased our grant to Sparks Foundation (the successor to the ISP Fund) to £50,000 this year, to be used for individual grants to young people, mostly from the Care system, to help them in a variety of ways. The second stream of grants is directed towards helping established or start up projects for a variety of young people in need, including unaccompanied minors. We have also contemplated providing capital as well as revenue, where one project needs a building, which we might purchase and let to them at a discounted rent. There are currently two such projects where discussions are taking place on this point.
New Trustees
During the year the number of trustees fell to three. Therefore we decided to increase this by three new trustees with the relevant knowledge and experience to continue the development of the Trust into the future. These appointments were made at the year end. It should be noted, as with many other charities, the Coronavirus pandemic has led to a fall in the activities of the charity and meetings held by trustees during the year.
3
THE TUNSTALL JUBILEE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Reserves policy
The Trustees’ agreed policy is to maintain a Reserve Fund of around £750,000 to provide protection in case of a sudden loss of income from its property portfolio. Funds are invested in an investment portfolio and together with gains arising in the year, the balance on the fund at 31 December 2020 was £1,902,154.
Free reserves in excess of the Reserve Fund will be held as general funds for distribution. General funds at 31 December 2020 were £412,566 as shown in Note 12 to the accounts.
Auditors
In accordance with section 485 of the Companies Act 2006, a resolution proposing that Lindeyer Francis Ferguson Limited be reappointed as auditors of the charitable company will be put to the Annual General Meeting.
Statement of trustees’ responsibilities
The Trustees (who are the directors of the company under company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditors
So far as the Trustees are aware, there is no relevant audit information which has not been disclosed to the company’s auditors. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any matters which would be relevant for audit purposes, and to ensure that such information has been communicated to the Company’s auditors.
4
THE TUNSTALL JUBILEE FOUNDATION
REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime in Part 15 of the Companies Act 2006.
Approved by the Trustees on 19 January 2022 and signed on their behalf by:
Brian Bishop Trustee
5
THE TUNSTALL JUBILEE FOUNDATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF TUNSTALL JUBILEE FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2020
Opinion
We have audited the financial statements of The Tunstall Jubilee Foundation (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet and notes to the financial statements, 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).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 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 Companies Act 2006.
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other
6
THE TUNSTALL JUBILEE FOUNDATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF TUNSTALL JUBILEE FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2020
information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 auditor’s 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
7
THE TUNSTALL JUBILEE FOUNDATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF TUNSTALL JUBILEE FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2020
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:
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We obtained an understanding of the legal and regulatory framework applying to the charitable company, in particular the Companies Act 2006 and the Charities SORP FRS 102;
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We assessed the susceptibility of the charitable company's financial statements to material misstatement due to fraud, including consideration of how fraud might occur and evaluating management’s assessment of the risk of fraud and whether they are aware of any actual or suspected incidences of fraud;
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We considered whether management have incentives and opportunities to manipulate financial results (including overriding controls) and determined that the key risks related to the valuation of the investment properties, and the completeness of income and creditors;
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We obtained the Board of trustees' assessment of fraud risk and enquired as to any known or suspected instances of fraud in the year; and
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We designed and performed audit procedures to respond to the risks identified, including review of relevant correspondence and minutes, discussions with management and corroboration of their statements, a review of systems and controls, a review of investment property valuations and performing substantive testing in respect of completeness of income and creditors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and, the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Amy Healey FCA CTA DChA (Senior Statutory Auditor)
for and on behalf of Lindeyer Francis Ferguson Limited
Chartered Accountants Statutory Auditor North House 198 High Street Tonbridge Kent TN9 1BE Date: 24 January 2022
8
THE TUNSTALL JUBILEE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Income from: Investments 2 Total Expenditure on: Raising funds 3 Charitable activities 4 Total Net gains on investment assets 6 Net income and net movement in funds Reconciliation of funds Brought forward: As originally stated Prior period adjustment 1.10 As restated Carried forward 12 |
2020 Total funds £ 366,933 366,933 85,904 111,322 197,226 170,176 339,883 7,059,727 ( 484,657) 6,575,070 6,914,953 |
2019 Total funds £ Restated 363,275 |
|---|---|---|
| 363,275 | ||
| 79,702 111,277 |
||
| 190,979 | ||
| ( 14,280) | ||
| 158,016 6,405,316 11,738 |
||
| 6,417,054 | ||
| 6,575,070 |
9
THE TUNSTALL JUBILEE FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2020
| 2020 Notes £ £ Fixed Assets Tangible assets 7 233 Investment properties 8 4,600,000 Investments 9 1,902,154 6,502,387 Current assets Debtors 10 31,726 Cash at bank and in hand 499,568 531,294 Creditors:Amounts falling due within one year 11 ( 118,728) Net current assets 412,566 Net assets 6,914,953 Charity funds Unrestricted funds 6,914,953 Total unrestricted funds 12 6,914,953 |
£ 120,361 635,765 |
2019 £ Restated 317 4,562,000 1,352,235 |
|---|---|---|
| 6,575,070 | ||
| 6,575,070 | ||
| 6,575,070 |
The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006.
Approved by the Board of Trustees on 19 January 2022 and signed on their behalf by:
Brian Bishop
Chair of the Trustees
Company number: 08362580
10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE TUNSTALL JUBILEE FOUNDATION
1 Accounting policies
1.1 General information
The Tunstall Jubilee Foundation is a company limited by guarantee and incorporated in England and Wales (charity number 1151448, company number 08362580). The address of the registered office is Pollards Down, Middle Lake, Rushlake Green, Heathfield Green, Heathfield, East Sussex, TN21 9QX.
Tunstall Jubilee meets the definition of a public benefit entity under FRS 102 and its principal activity is to meet any charitable need of those who have at any time been in the care of local authorities, in particular (but not limited to) those who have at any time been in foster care.
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
1.2 Basis of accounting
The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) - Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Tunstall Jubilee Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
There are no material uncertainties about the charity's ability to continue and so the going concern basis of accounting has been adopted. The financial statements are prepared in sterling, which is the functional currency of the Charity, and rounded to the nearest pound.
1.3 Incoming resources
All incoming resources are included on the statement of financial activities when the charity is entitled to the income, the receipt is probable and the amount can be measured reliably. The following specific policies are applied to particular categories of income.
Rent receivable is accounted for in the period to which it relates.
Investment income is included when receivable.
11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE TUNSTALL JUBILEE FOUNDATION
1 Accounting policies (continued)
1.4 Resources expended
Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.
Expenditure on raising funds relates to those costs incurred in raising income, primarily from the charity's investment properties.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries, which is primarily the provision of grants and donations. Grants payable are recognised as liabilities when communicated in writing to the recipient, except where the offer is conditional and fulfilment of the conditions is not considered probable, or where meeting the conditions is not within the control of the recipient. In these circumstances, the grant is recognised when the conditions have been met.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. Support costs, including governance costs, are apportioned on estimated usage.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
1.5 Tangible fixed assets
Individual fixed assets costing £100 or more are capitalised at cost. A review for impairment is carried out if events or changes in circumstances indicate that the carrying amount of the fixed assets may not be recoverable.
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less estimated realisable value of all each asset over its expected estimated useful life as follows:
Plant and machinery 25% reducing balance Fixture, fittings & equipment 25% reducing balance Motor vehicles 25% reducing balance
12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE TUNSTALL JUBILEE FOUNDATION
1 Accounting policies (continued)
1.6 Investment properties
Investment properties are measured at fair value at the reporting date with changes in fair value recognised in the statement of financial activities. The investment property valuations are a key source of estimation uncertainty and the charity uses expert valuers in estimating the fair values of the properties. Formal valuations are carried out at regular intervals in line with rent reviews with interim reviews being undertaken by the trustees.
1.7 Listed Investments
Investments are recognised initially at cost, and then subsequently at their fair value at the balance sheet date, using the quoted market price. Changes in fair value are included in the statement of financial activities under net gains/(losses) on investments.
1.8 Financial instruments
Financial instruments other than investments qualify as basic financial instruments. Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in income and expenditure.
1.9 Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of the designated funds is set out in the notes to the financial statements.
1.10 Prior period adjustments
Insurance
In the previous period the insurance income re-charged to tenants was netted off from insurance costs. However as the charity is not acting as an agent these should be shown gross. The comparatives have therefore been adjusted for this, along with a correction to prepayments and deferred income as the period of the invoices did not align with the year end. The effect on opening reserves at the beginning of the comparative period was an increase of £554. The effect on the comparative period's result was an increase of £8,739.
Rent received
During the year it was identified that backdated rent for 2019 and 2018 was not received until 2020 and therefore had not been accounted for. The comparatives have therefore been adjusted for this. The effect on opening reserves at the beginning of the comparative period was an increase of £11,184. The effect on the comparative period's results was an increase of £8,626.
13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE TUNSTALL JUBILEE FOUNDATION
1.10 Prior period adjustments (continued)
Investment properties
In the previous period an informal valuation was undertaken of the investment properties based on current rents and rental yields. The increase in value in the properties was adjusted in the accounts. However capital additions were also included which had already been incorporated into the closing valuation and were therefore double counted. The effect on the opening reserves at the beginning of the comparative period was nil. The effect on the comparative period's result was a decrease of £513,760.
2 Investment income
| Rent from investment properties Insurance from investment properties Bank interest received Other property income Dividends received |
2020 £ 308,954 24,054 1,776 - 32,149 366,933 |
2019 £ 308,758 20,433 333 12,875 20,876 |
|---|---|---|
| 363,275 |
- 3 Expenditure on raising funds
| Investment management fees Property management fees Repairs and maintenance Legal and professional fees Support costs (note 5) |
2020 £ 14,411 21,313 420 19,274 30,486 85,904 |
2019 £ 8,054 10,894 8,871 28,852 23,031 |
|---|---|---|
| 79,702 |
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THE TUNSTALL JUBILEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4 Expenditure on charitable activities
| 4 Expenditure on charitable activities |
||
|---|---|---|
| Grants The Spark Foundation The Entham Foundation Brogdale CIC The Breck Foundation Kent Refugee Action Wealden Works One Voice Kestrel Gym ADHD Sheppey Smaller grants Grants to individuals Support costs (note 5) 5 Support costs Farm costs Depreciation Insurance Trustee travel and PPS Sundry expenses Governance costs: Auditor's remuneration - audit services Auditor's remuneration - accountancy and taxation services Trustee indemnity insurance Allocated: Expenditure on raising funds Expenditure on charitable activities |
2020 £ 50,000 30,000 6,000 - - - - - - - 15,160 10,162 111,322 2020 £ 608 84 33,307 612 58 4,480 500 999 40,648 30,486 10,162 |
2019 £ 45,000 - - 10,000 10,000 15,000 1,500 10,000 10,000 2,100 - 7,677 |
| 111,277 | ||
| 2019 £ 603 107 23,305 439 818 4,332 200 904 |
||
| 30,708 | ||
| 23,031 7,677 |
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THE TUNSTALL JUBILEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6 Net gains/(losses) on investment assets
| Net gains/(losses) on investment assets | ||
|---|---|---|
| Net gains/ (losses) on investment properties (note 8) Realised loss on investment disposals (note 9) Unreaslised gains on investments (note 9) |
2020 £ 38,000 ( 38,474) 170,650 170,176 |
2019 £ ( 109,760) - 95,480 |
| ( 14,280) |
- 7 Tangible fixed assets
| Cost At 1 January 2020 At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Fixtures, fittings and equipment £ 57 57 51 6 57 - 6 |
Motor vehicles £ 2,147 2,147 1,836 78 1,914 233 311 |
Total £ 2,204 |
|---|---|---|---|
| 2,204 | |||
| 1,887 84 |
|||
| 1,971 | |||
| 233 | |||
| 317 |
16
THE TUNSTALL JUBILEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
8 Investment property
| Fair value At January 2020 Gain on revaluation At 31 December 2020 |
Freehold investment property £ 4,562,000 38,000 |
|---|---|
| 4,600,000 |
The properties were professionally valued at 31 December 2020 by a Member of the Royal Institution of Chartered Surveyors from Martine Waghorne on an open market, existing use, valuation basis.
9 Fixed Asset Investments
| UK listed investments: Market value at 1 January 2020 Additions at cost Disposals Market value at 31 December 2020 Cash held for investment purposes As at 31 December 2020 Unrealised gains on investments |
2020 £ 1,307,730 786,494 ( 535,689) 170,650 1,729,185 172,969 1,902,154 |
2019 £ 718,806 698,006 ( 204,562) 95,480 |
|---|---|---|
| 1,307,730 44,505 |
||
| 1,352,235 |
Listed investments are stated at their mid market value as at the balance sheet date.
Disposals include realised losses on disposals of £38,474.
17
THE TUNSTALL JUBILEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| 10 Debtors: amounts falling due within one year Prepayments 11 Creditors: amounts falling due within one year Accruals Grants payable Deferred income Deferred income: Deferred income brought forward Released in the year Deferred income arising during current year Deferred income carried forward Trade debtors |
2020 £ 9,773 21,953 31,726 2020 £ 18,570 5,000 95,158 118,728 84,883 ( 84,883) 95,158 95,158 |
2019 £ 98,169 22,192 |
|---|---|---|
| 120,361 | ||
| 2019 £ 10,725 - 84,883 |
||
| 95,608 | ||
| 61,531 ( 61,531) 84,883 |
||
| 84,883 |
Deferred income relates to rent and insurance income from the investment properties received in advance.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE TUNSTALL JUBILEE FOUNDATION
12 Funds
| Current year Unrestricted funds General funds Designated funds: Reserve fund Fixed assets fund |
Brought forward £ 660,518 1,352,235 4,562,317 6,575,070 |
Income £ 366,933 - - 366,933 |
Expenditure £ ( 197,226) - - ( 197,226) |
Gains and Transfers £ ( 417,659) 549,919 37,916 170,176 |
Carried forward £ 412,566 1,902,154 4,600,233 |
|---|---|---|---|---|---|
| 6,914,953 |
The reserve fund includes funds required to provide protection in case of a sudden loss of income from the charity's property portfolio. The funds are held in an investment portfolio.
The fixed asset fund includes funds held as fixed assets, including investment properties and investment property held for sale.
| Prior year Unrestricted funds General funds Designated funds: Reserve fund Fixed assets fund |
Brought forward £ 76,561 743,936 5,596,557 6,417,054 |
Income £ 363,275 - - 363,275 |
Expenditure £ ( 190,979) - - ( 190,979) |
Transfers £ 411,661 608,299 ( 1,034,240) ( 14,280) |
Carried forward £ 660,518 1,352,235 4,562,317 |
|---|---|---|---|---|---|
| 6,575,070 |
13 Related parties
During the period, no Trustees received any remuneration (2019: £nil). The Trustees are the only key management personnel. Three Trustees reclaimed expenses totalling £625 (2019: one Trustee reclaimed £439) in respect of travelling and stationery costs. At the year end no expenses were owed to trustees (2019: £Nil). There were no other transactions with related parties.
19