REGISTERED CHARITY NUMBER: 1153712 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE TANTUM TRUST Knox Cropper LLP Office Suite I H&slemere House Lower Street Haslemere Surrey GU27 2PE
THE TANTUM TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Page Report of the Trustees I to 4 Independent Examiner's Report Statement of Flnancfial Activities Balance Sheet Notes to the Financial Statements 8 to 15
THE TANTUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 March 2024 The trustees present their report with the fmancial statements of the charity for the year ended 31 March 2024. The trustees have adopted 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 l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Charity raises money through its four charity shops sited in Bordon, Liphook, Haslemere and Grayshott and from occasional generous donations received from benefactors. The trustees distribute the SUTpluses to people in need in North East Hampshire and South West Surrey. Distributions are made by awarding grants to local individuals or groups who have been referred to the Charity and endorsed by support agencies such as local Citizen Advice, Social Services, Schools and Family Centres. We also award grants to local organisations and charities. Significant activitie5 The major cost was funding Christmas of supennarkei food vouchers. These are distributed to local schools who identify the neediest families for children receiving free school meals. Twenty schools appli¢d and vouchers with over £28,000 spent in December 2023. This compared to £24,000 spent in 2022. We continued providing support in other ways where other charities may be unable. Exarnples included paying for psychotherapy sessions for children or funding shortfalls for school trips. Agencies have approached us for finan¢ial help lo re-house individual families fleeing domestic violence by providing ess¢ntial fiJrnitLre and flooring. As well as generating lld8 through our shops. donated items are an opporthnity for those on lower incomes to buy clothes, toys and household items. Total grants awarded in 2023 - 2024 totalled £45,828 excluding £3,200 of grants approved at 31 March 2024 payable in 2024-25. New tills were introduced to the shops in late 2023. Detailed sales analysis now available provides shop managers and trustees with to offer mor¢ popular donated goods, making best use of retail areas.The tills also provide easier to sign up new gift aid donors,Goods donated under gift aid allows to claim an additional 25 /0 from HMRC adding to the available funds we can give as grants. The website was updated, allowing for online gift aid donations and up to date on the work of the Gharity. This includes an ¢lectroni¢ copy of the new brochure Prepared in 2023. The brochure explains the work of the charity wilh some examples of how we have helped. Publie benefit The Trustees review the aims, objectives and activities of the charity in the year. It considers what has been achieved and the outcomes of their work over the previous 12 months. This considers the Success of each key activity and the benefits they have brought to those groups of people which the charity was forn]ed to h¢lp. It helps the Trustees ensure that the aims, objectives and activities of the charity remain focused ou the stated purposes. The Trnstees have referred to guidance contained in the Charity Commission's g¢n¢ral guidance on public benefit when reviewing the aims and obje¢tives, and in planning tUre activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives they have set. Page I
THE TANTUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2024 OBJECTIVES AND ACTIVITIES Volunteers The Charity relies on the generous support of over 40 volunteers who give up their time to assist in our shops. This ranges from serving customers, sorting donations ready for sale or valuing items. The pandemic saw the charity retail sector .8uffered a 200/. drop in volunteers who decidcd not lo return when retail reopcncd. The Charity did not suffer as badly and has been fortunale to have recruited replacement volunteers allowing all shops to trade norn]ally. Thc charity provide8 the opporlunity for younger volunteers on iheir Duke of Edinburgh Award schemc who hclp out 8lc)ng8idL cxi.sting volunteers. FINANCIAL REVIEW Principal funding sollrces Thc Charity rclic% almo%t cntircly on thc gcnciou% donations of clothes and other goods to be sold through four retail outlets. Retail incomc recovcred further in 2023-24 and totalled £256,345 compared with £239,439 in 2022-23. Bags and Rags collections also rose lo £7.611 from £7,294 in 2022-23. Donations from g¢n¢rous individuals. the ChalliGe Fund in Haslemere and endowment income from historical donations to The Hampshire and Isle of Wight Community Fund totalled £25,006 on par with the previous year. Reserves poliey The Trustees have considered what minimum financial reserves The Tantum Tst (Trr) should seek to maintain in order to meet the unexpected impact of reduced or zero income. Based on a detailed review of its ongoing financial obligations the Trustees have assessed that £IOO,000 would provide sufficient reserves to meet the following.. This is unchanged from the previous year. l. The estimated ¢ost of TfT's lease commitments for its reiail and office preinises for a period of twelve months. 2. The settlement of statutory redundancy obligations to staff if the relail operations had to close for up lo a year. 3. Other ov¢rheads, such as insurdnce, which would need to be continued even if the shops and office were closed for business. The Trustees, policy has been influenced as a result of the Covid-19 pandemic and the requirement to close the charity's retail units for various periods with the accompanying loss of revenue. The Trustees acknowledge that rrr has limited scope for increasing its income faced with another similar scenario. FUTURE PLANS Emphasis 1% on increasing shop income through higher gin aid inLome. Signirjg up more donors SIng the simplifled process of the tills is beginning lo show through. Since the year-end new donor sign up has doubled leading to higher HMRC gift aid reclaim. A retail focu%ed trustee was recrnited in July 2024 to a88l%t 8hop managers on intemal layout and our offering. Improved ales reporting of the most popular itcm%, particular ladies fashions should see betler use of Ictail areas. We continue to promotc our name in the local area through awarcncss of our to give to those in nccd in the local ommunity. Local businesses and .g¢hoo18 choosc to fund raise for us. We are looking to increase our support of pupils in local schools. The consequences of the pandemic and lockdowns on pupils is now presenting itself. Pressure on school budgets restricts how much is available to fi]nd targeted therapy. We have already agreed to fLd additional Speech and Language Therapy (SaLT) sessions at a local infant school. Page 2
THE TANTUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documLnt The charity is controlled by its governing document, a trnst deed constiNt¢s its¢lf as a charity incorporated organisation (CIO) under UK Charity Cornmission law.A copy of the latest trust deed is available online from the Charity Commission. Recruitment and appointment of lleiv IrustCCS New Trnbtees are %ubjcct to a fonnal induction process, which includes introductions to their legal obligations under Charity l.aw, the relcvant Charity Commi.s.sion's guidance. such as on public benefit, the Charity's governing documents, thc committLC structure and deci8ion-making processes, and recent financial perforiDaiicc of thc Lharity. Trustecs are recruited based upon their skills, sector knowledge and experience and may attend relevant courses as training to enhance their knowlcdge and the undertaking of iheir role. REFERENCE AND ADMINISTRATIVE DLTAILS ReEistered Charity number 1153712 Principal address Uiiit 29 Passfi¢ld Business Park Lynchborough Road Passfteld Liphook Hampshire GU30 7SB Trustees J Bonnett (resigned I3.8.24) M Lawden (resigned 31.12.24) V Prior M J Traviss FCA J Barnard (resigned 14.8.24) Ms J Slater G Vernor- Miles J Atkinson (appointed 3.4.23) A Nobes (appointed 25.7.24) Mrs II Stevens (appointed 30.10.24) Independent Examiner J IIolland-Leader FCA Knox Cropper LLP OffiLe suitc I Haslcmere House Lower Street I.Iaslemere Surrey GU27 2PE Approved by order of the board of trustees on 16 January 2025 and signed on its behalf by.. M J Traviss - Trustee Page 3
INDEPENDF,NT Li XAMINfi R'S REPORT TO THE TRUSTELS OF I'HE TANTUM TRiLST liidependeiit exnni1n 8 repoi't to the tru$tees of 'fkne'fnntiiin Triisl I r4)011 to tli¢ cliarily Iru81ees on my examinAtion ot tho aoGount.4 of Thc TNntum Tnist (tlic Trn81) for tli¢ yc8r eThd¢d 31 MAr6112024, Rcspoiislbilltles And hn418 of i'eport As Ihe Gliarity INslee8 of tlie TniAt you are It8PQn8iblc for tlic preparniinll of the n¢county In accordance wlth the 'rcquirem¢iitg of the Charilie8 Act 2011 Cth¢ Acrfi. I r¢porl in r¢spetyl ofiiiy ¥xainination of ihe TTh¥L'% accoiinty Latricd out uii(ki' S¢Glioi) 145 ot. th¢ Atst anil ift c8wying oiit iiiy ¥xainiiMlioii I liaye followcd all Rpplicllble DiirGiioii% givcn by Ili¢ Cliarily Coiiukni&sion undET Seclioii 145(5)(b) of Indepeiideiit exR?niner's Statement Siii¢¥ yow. oh.1[S gro¥s iiKoJs]e exceedcd £250,OIXJ )T exoinirtei. In$1 be a Inembcr of a listcd body. I can ¢ODfirni thiit I gni qLialified to lindkL. Ihe cxall)i1141ion b¢¢aus¢ L a nicmher of the Institutc ol Charlered Accountants in F.ngland anil Wale& wliicli is one ofihe li¥l¢d l)odi¢i. I liave rompleled my examinaliDn. I confirni thol no n)aterial mattw& havc coine lo otlontion im connvlIn1i with thc exxmlnation giving Ine cause lo belicve Ihul iii mnterial reectr ounling rccords were not kwt in TE8pecl vf tli¢ Tru8t aB reqiui'ed by SlI0n 130 ofih¢ A¢l,' or th¢ D¢GNinls do not accord wilh Ilioqe rc¢ords' or th¢ RQui]ts do not coniyly witli Ihc applicabl¢ oun¢enJlttg tI16 forni llnd ¢oii¢ei)t of aGcoun18 Bet oui in Ihe Choriri08 (A¢coLin18 ftiid Roporls) RegulmiioJ)% 2008 011]er than any requir¢ih¢nt (hal Ihc 4Ggounts give Ii'ue and fair vi¢w wliich is i?ol a iiial¢¢r considered as pail of ali indcpend¢nt ¢xaminalioii. I no ooiicems Oiid l)Ave Come [J$S no oiher matl¢r% ii) coniieclioii witli ihe exjinination LL) which attentloll ghould be drawn iii Ibis repoit iii order IL) enabl¢ a prop¢r iii?dors'lattding of Ilie A¢¢oiiiits' ¢0 bc aChed. J 540114lld-Lcader FCA The In¥littile of Chartered A01)IanLI in England and Walox Kno.x Cropper LIP otrice Suitc I lJa8lemere House Low¢i- Siretsl Ha¥lttTncre U27 2F Zts Pa8¢ 4
THE TANTUM TRUST STATEMENT OF FINANCIAL ACTIvrriES FOR THE YEAR ETr4DED 31 March 2024 2024 Total funds 2023 Total Unrestricted fimd Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 39J69 39J69 42.434 Other trading activities Investment income 263.956 3,768 263,956 3,768 246,733 490 Total 307,093 307,093 289,657 COST OF SALES ON Raising funds 6J41 6,341 2,814 Charitable activities Community grants Other charitablc activities 45,828 239,786 45,828 239,786 46,642 220,261 Total 291,955 291,955 269,717 NET INCOME 15.138 15,138 19,940 RF.CO]YCII.IATION OF FUNDS Total funds brought fonvard 187,957 187,957 168,017 TOTAL FUNDS CARRIED FORWARD 203,095 203,095 187,957 The notes forn] part of these financial statements Page 5
THE TAIYTUM TRUST BALANCE SHEET 31 March 2024 2024 Total funds 2023 Tothl fidS Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets io 13,684 13,684 53 CURREN'f ASSE"rs Debiors Cash at bank and in hand 26,049 178,090 26,049 178,800 27,084 175,575 710 204,139 710 204,849 202,659 CREDITORS Amvunts falling duc within one year 12 (14,728) {710) {15,438) (14,755) IYET CURRENT ASSETS 189,411 189,411 187.904 TOTAL ASSETS LESS CURRENT LIABILITIES 203,095 203,095 187,957 ET ASSETS 203,095 203,095 187,957 FUNDS Unrestricted ndS 14 203,095 187,957 TOTAL FUNDS 203,095 187,957 The financial statetnents were approved by the Board of Tntee8 and authorised for issue on 16 January 2025 and were sign¢d on its behalf by.. M J Traviss - Trustee The notes forni part of these financial statements Page 6
THE TAINTUM TRUST NOTES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 ACCOUNTIIYG POLICIES Basis of preparing the finanelal statements The Financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with th¢ Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accoTdanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial R¢porling Standard applicable in the UK and Republic of Ireland, and the Charitie8 A¢t 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a l¢gal OT constructive obligation commilling the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to ¢onditions which have not been met at the year end date are noted as a commitment but not accrned as expendIre. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery Fixtures and fittings 25 % on reducing balance 25 % on reducing balance and 150/0 on cost Taxatlon The charity is exempt from tax on its charitable activities. Fund aeeounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted ndS can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial gtatemenls. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of FinancAal Activities on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charity operates a defined contribution pei)sion scheme operated by The National Employment Saving Tnjst (NEST). Contributions to NEST are charged lo the Statement of Financial activities in the period to which they relate. Page 7 continued...
THE TANTUM TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2024 OTHER TRADING ACTIVITIES 2024 2023 Shop income Bags and rags collection 256,345 7,611 239,439 7,294 263,956 246,733 INVESTMELYT INCOM 2024 2023 Deposit account interest 3,768 490 RAISING FUNDS Other trading activitie5 2024 2023 Purchases 6,341 2,814 CHAIUTABLE ACTIVITIES COSTS Grant f]di1]g of activities Support costs (see note 6) Totals Community grants Other charitable activities 45,828 45,828 239,786 239,786 45,828 239,786 285,614 SUPPORT COSTS G0vennCe 9Sts Management I,-inwice Other Totals Other charitable activities 228,521 7,464 1,107 2,694 239,786 Page 8 continued..
THE TANTUM TRUST NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 Mareh 2024 SUPPORT COSTS - eontinued Support costs, included in the above. are as follows: 2024 Other charitable activities 2023 Total activities Wages Social security Pensions Rent and rates Light and heat Telephone Postage and stationery Advertising Sundries Repair8 and maintenance Cleaning Travel 133,274 2,460 2,803 58,273 10,154 4,173 1,397 917 2,580 4,402 813 200 3,991 2,118 966 3,189 60 4,215 1,107 1,800 894 124,919 893 1,701 56,761 10,787 2J85 1,415 256 1,964 3,587 597 694 3,688 1,537 18 3,862 72 2,885 Volunteer expenses Depreciation tangible assets Insurdnc Bank charges Card fees Lease renewal costs Independcnt examiners fee Payroll services 1,250 990 239,786 220,261 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, r¢muneralion or oth¢r benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses Thcre were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 9 continued...
THE TAIYTUM TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR Ef4DED 31 March 2024 STAFF COSTS 2024 2023 Wages and salaries Social Security cosls Other pension costs 133,274 2,460 2,803 124.919 893 1,701 138,537 127,513 The average monthly number of employees during the year was as follows.. 2024 2023 Part time administration Parl time shop employees No employe¢s received en]oluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Reslricted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 42,434 42.434 Other trading activities Investment income 246,733 490 246,733 490 Total 289,657 289,657 COST OF SALES ON Raising funds 2,814 2,814 Charitable activities Community grants Other charitable activities 46,642 220,261 46,642 220,261 Total 269,717 269,717 NET INCOME 19,940 19,940 RECONCILIATION OF FUNDS Total funds brought forward l68,Ol7 168,017 TOTAL FUNDS CARRIED FORWARD 187,957 187,957 Page 10 continued...
THE TANTUM TRUST NOTES TO THE FINANCIAL STATEMEIYTS - continued FOR THE YEAR ENDED 31 March 2024 io. TANGIBLE FIXED ASSETS FiXre8 and fittings Plant and machinery Totals COST At l April 2023 Additions Disposals 22 512 14,596 {512) 534 14,596 (534) (22) At 31 March 2024 14.596 14,596 DEPRECIATION At l April 2023 Charge for year F.liminatcd on di%po%al 20 461 963 (512) 481 965 (534) (22) At 31 March 2024 912 912 NET BOOK VALUE At 31 March 2024 13,684 13,684 At 31 March 2023 51 53 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors VAT Prepayments 9,792 3,289 12,908 8,685 3,607 14,792 26,049 27,084 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade credilors Taxation and social security Other creditor8 2,395 989 12,054 1,684 771 12.300 15,438 14,755 Pagell Continu..
THE TAINTUM TRUST NOTES TO THE FINANCIAL STATEMFNTS - continued FOR THE YEAR Ef4DED 31 March 2024 13. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Belween one and five years In inore than five years 42,000 107,158 17,500 40,000 146.417 31,260 106,658 217,677 14. MOVEMLlY'f IN PUNDS Net movement in ndS At 31.3.24 At l.4.23 Unrestricted funds General fund 187,957 15,138 203,095 TOTAL FUIYDS 187,957 15,138 203,095 Net movement in fimds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 307,093 (291,955) 15,138 TOTAL FUNDS 307,093 (291,95S) 15,138 Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted fund5 General fiu]d 168.017 19,940 187.957 TOTAL FUL¥IDS 168,017 19,940 187.957 Pag¢ 12 continued...
THE TANTUM TRUST NOTES TO THE FINANCIAL STATEMENTS - Contlnued FOR THE YEAR ENDED 31 March 2024 14. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incorning resources Resources expended Movernent in fimds Unrestrficted funds General fund 289,657 (269,717) 19,940 TOTAL FUNDS 289,657 (269,717) 19,940 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestricted funds General fund 168,017 35,078 203,095 TOTAL FUNDS 168.017 35,078 203,095 A current year 12 months and prior year 12 months combined net movement in fids, included in the above are as follows: Incoming resources Resources expended Movement in lldS Unrestricted fund5 General fund 596,750 (561,672) 35,078 TOT AL FUTr4DS 596,750 (561,672) 35,078 15. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 13 ¢ontinued.-
THE TANTUM TRUST NOTES TO THE FINAT4CIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 March 2024 16. VOLUNTEERS The Charity relies on the generous support of over 40 volunteers who give up their time to assist in our shops. This ranges from serving customers, Sorting donations ready for sale or valuing items. The pandemic saw the charity retail 8e¢tor suffered a 200/0 drop in volunteers who decided not to return when retail reopened. The Charity did not suffcr as badly and has been fornmat¢ to hav¢ recruit¢d replacement volunteers allowing all shops to trade norn]ally. The charity provides the opportunity for younger volunteers on their Duke of Edinburgh Award sch¢me who help out alongside existing volunteers. Page 14