DocuSign Envelope ID: E8840211-DAF3-4789-B0A0-6827A78A1F6C
Charity number 1154321 CIO number CE001305
THE TDS CHARITABLE FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
DocuSign Envelope ID: E8840211-DAF3-4789-B0A0-6827A78A1F6C
THE TDS CHARITABLE FOUNDATION
CHARITY INFORMATION
| Charity registration number | 1154321 |
|---|---|
| **CIO number ** | CE001305 |
| Address | West Wing First Floor |
| The Maylands Building | |
| 200 Maylands Avenue | |
| Hemel Hempstead | |
| Hertfordshire | |
| HP2 7TG | |
| Trustees | Prof. Thomas Martin Partington CBE QC |
| Martin Blakey | |
| David Cox | |
| Katherine Faulkner | |
| Stephen Harriott | |
| Peter Bolton King | |
| John Kraus | |
| Alison MacDougall | |
| Bankers | METRO BANK |
| One Southampton Row | |
| London | |
| WC1B 5HA | |
| Solicitors: | Trowers and Hamlins |
| 3 Bunhill Row | |
| London | |
| EC1Y 8YZ | |
| Independent examiner | Gareth Norris FCA |
| Grant Thornton UK LLP | |
| 4th Floor | |
| Victoria House | |
| 199 Avebury Boulevard | |
| MILTON KEYNES | |
| MK9 1AU |
DocuSign Envelope ID: E8840211-DAF3-4789-B0A0-6827A78A1F6C
THE TDS CHARITABLE FOUNDATION
CONTENTS
| PAGE | |
|---|---|
| Trustees’ Report | 1 – 6 |
| Independent Examiner’s Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the financial statements | 11 - 14 |
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THE TDS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their report together with the unaudited financial statements for the year ended 31 March 2022.
Reference and administrative information
The name of the charity is The TDS Charitable Foundation.
The charity is a Charitable Incorporated Organisation. The charity is governed by the Constitution of a Charitable Incorporated Organisation.
Please refer to the charity information page for the registration numbers, address of the principal office and the names of Trustees who served during the year.
Structure, governance and management
The TDS Charitable Foundation exists to raise standards in the private rented sector (mainly through the promotion of education in rights and responsibilities of landlords and tenants) and to promote the wider use of Alternative Dispute Resolution mechanisms to deal with tenant and landlord disputes.
The Foundation’s aims are to:
-
1 To advance education about housing rights and obligations in general, and in particular about:
-
(a) best practice in the management of private rented housing;
-
(b) legal rights and obligations which are of particular relevance to those who are involved in the provision or management of private rented housing or who hold tenancies within the private rented housing sector; and
-
(c) use of alternative dispute resolution processes for the more efficient and effective resolution of disputes between landlords and tenants.
-
2 To advance conflict resolution through promoting the use of alternative dispute resolution processes for the more efficient resolution of disputes between landlords and tenants within the private rented housing sector.
Recruitment and appointment of Trustees
Three of the Trustees are appointed by The Dispute Service Limited while the remaining trustees are appointed as independent trustees by the Board. The maximum size of the Board is nine Trustees and Trustees are appointed on three-year terms of office.
Training of Trustees
The Trustees are updated on new legislation on an on-going basis.
Organisational structure
The Trustees are responsible for the strategic direction and policy of the charity and meet up to three times a year to discuss these, to review grant applications and award grants.
The Charity receives the benefits of administrative support from The Dispute Service Limited. This is provided free of charge, but the Charity is required to meet the costs of operating its website, its bank accounts and other miscellaneous expenses. The Charity does not employ any staff directly.
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THE TDS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Risk management
The Trustees conduct a review of the major risks to which the Charity is exposed. A risk register has been established and is updated annually.
Objectives and activities
The TDS Charitable Foundation aims to advance education about housing rights and obligation in the private rented sector and the use of alternative dispute resolution mechanisms to deal with conflicts between landlords and tenants.
The private rented sector in England and Wales now houses 4.477 million households (c10m individuals), represents 18.3% of all tenures and is now larger than the social rented sector. As such the services which the Charity provides are beneficial to those landlords and tenants who may not have a good understanding of their respective rights and obligations.
Grant Making Policy
In order to be awarded a grant, applicants must put forward a bid, in accordance with the guidance which can be found on the Charity’s website. Grant applications are discussed at most board meetings, where a final decision is then reached on whether the bids comply with the requirements and objectives of The TDS Charitable Foundation and whether there are adequate funds to fund all compliant bids.
The Board is now reviewing its approach to grants and may move in 2022-23 to more of a commissioning model in the future.
Restrictions on grants
The Trustees have agreed a number of restrictions as to what bids can be awarded a grant. Specifically, The TDS Charitable Foundation will not meet:
-
Non project-specific salaries;
-
Day to day overheads/running costs (although bids can include a contribution to general overheads where these can legitimately be allocated to the bid); or
-
Continuation funding (although bids for a repeat of the project may be considered afresh during a subsequent bid round).
Public benefit
The Trustees keep the objectives of the Foundation under review and in undertaking this exercise have considered the Charity Commission’s guidance on public benefit.
The grant giving work of the Charitable Foundation has been used by Trustees to meet the public benefit in terms of assisting landlords and tenants through education to be better informed about their respective rights and responsibilities.
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THE TDS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance
The Trustees met once in 2021-22. The impact of Covid-19 and the pandemic meant that little progress was made on projects that had previously been funded and projects that relied on face-to-face contact could clearly not be considered in a time of lockdown and social distancing.
The Board did however consider several new projects in September 2021 and agreed to fund one project in a total sum of £9,919. In the year, the Foundation paid an initial tranche of funding in the sum of £3,307 in respect of this project. The balance of £6,612 is carried forward.
Grants are not payable until the grantees reach certain milestones within the project. If costs are incurred but the milestone is not reached the grant is not payable, therefore amounts carried forward are not treated as liabilities.
New Projects
During 2021-2022 the TDS Charitable Foundation awarded grants to a total of one new project in the sum of £9,919. A balance of £6,612 is being carried forward.
| Bid | Total amount awarded |
Amounts paid in year |
Amount carried forward |
|---|---|---|---|
| Peterborough Asylum and Refuge Community Association The funding will be used to run training sessions for staff and volunteers to understand the PRS, the rights of the tenants and develop knowledge to support clients more effectively with these issues. A second focus will be a campaign to increase landlords renting to migrants and refugees. |
£9,919 | (£3,307) | £6,612 |
| Total | £9,919 | (£3,307) | £6,612 |
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THE TDS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
On-going Projects
During 2021-22 The TDS Charitable Foundation continued to make interim payments to projects accepted for funding in previous years. In the year payments of £26,639 were recognised for ongoing projects leaving a balance of £82,292 to be paid in due course [the bulk of which relates to the CACHE project which is entering its final year in 2022-23].
| Bid | Revised brought forward |
Cancelled | Recognised as cost in period |
Carried forward |
|---|---|---|---|---|
| Bromley by Bow Centre | £4,686 | (£480) | (£4,207) | £NIL |
| Ulster University Students Union |
£2,646 | - | -- | £2,646 |
| CACHE | £66,382 | - | - | £66,382 |
| Manchester CAB | £17,500 | - | (£12,500) | £5,000 |
| People, Potential, Possibilities |
£3,950 | - | - | £3,950 |
| The EyeFM | £1,000 | - | - | £1,000 |
| Exeter Private Rental Forum | £6,629 | - | (£3,314) | £3,314 |
| Centre for Sustainable Energy |
£6,657 | (£39) | (£6,618) | NIL |
| Total | £109,450 | (£519) | (£26,639) | £82,292 |
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THE TDS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Financial review
The Trustees have reviewed the financial statements of The TDS Charitable Foundation and confirm that these give a true and fair view of the financial transactions and position of The TDS Charitable foundation for the period ended 31 March 2022 and contain no misleading, or incorrect transactions.
The TDS Charitable Foundation has received £100,000 in donations from the Dispute Service Limited, awarded £29,946 in grants, and incurred administrative costs of £1,976 leaving a closing surplus of £68,078.
Principal funding sources
The TDS Charitable Foundation received funding of £100,000 from The Dispute Service Limited in the year to 31 March 2022. It is anticipated that The Dispute Service Limited will continue to fund the Charitable Foundation into the future. Trustees will also seek additional sources of funding where opportunities allow. However, given the uncertainties of future funding streams the Trustees will continue to limit the allocation of monies to projects to ensure that all grants are fully cash backed at the time the award is made and these allocations are carried froward in the accounts until the last grant tranche is paid.
Reserves policy
The Board considers that its objective is to spend its income on grants so that it aims to retain a nominal reserve of £10,000 at any one time to meet its on-going expenses. The charity is currently holding £347,842 in reserves but it has commitments of £88,904 in respect of projects where it has agreed to support but not yet expended the full sum awarded.
Plans for future periods
The TDS Charitable Foundation plans to continue its work in educating both landlords and tenants of their rights and obligations within the private rented sector, by issuing grants to applicants that have proved that they meet the required criteria for meeting The TDS Charitable Foundation’s objectives.
However, in 2022-23 the Foundation may move to more of a commissioning model where it seeks to fund a smaller number of larger projects.
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THE TDS CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
-
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;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE TRUSTEES
Prof. Thomas Martin Partington CBE QC Trustee
Date 12/7/2022
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TDS CHARITABLE FOUNDATION
I report on the accounts of The TDS Charitable Foundation for the year ended 31 March 2022, which are set out on pages 9 to 14.
Your attention is drawn to the fact that the charity's trustees have prepared the charity's accounts in accordance with the Statement of Recommended Practice '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) issued in October 2019 in preference to the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005)' issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn. I understand that the charity's trustees have done this in order for the charity's accounts to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
This report is made solely to the charity's trustees, as a body, in accordance with the regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act 2011;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TDS CHARITABLE FOUNDATION
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011;
-
to prepare accounts which accord with the accounting records; and
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to comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Gareth Norris FCA Grant Thornton UK LLP Chartered Accountants Milton Keynes
Date: 12/7/2022
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THE TDS CHARITABLE FOUNDATION CHARITY NUMBER: 1154321
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations 7 Interest Total Income Expenditure on: Charitable activities 2 Support costs 2 Total Net movement in funds Reconciliation of funds Total funds brought forward 9 Total funds carried forward 9 |
Unrestricted Total Unrestricted Total funds 2022 funds 2021 £ £ £ £ 100,000 100,000 78,519 78,519 - - - - |
|---|---|
| 100,000 100,000 78,519 78,519 |
|
| (29,946) (29,946) (94,428) (94,428) (1,976) (1,976) (2,145) (2,145) |
|
| (31,922) (31,922) (96,573) (96,573) |
|
| 68,078 68,078 (18,054) (18,054) 279,764 279,764 297,818 297,818 |
|
| 347,842 347,842 279,764 279,764 |
There are no recognised gains or losses other than those included above. The results shown above relate to continuing activities.
The income and expenditure are measured under the historical cost convention.
The notes on pages 12 - 14 form part of these financial statements.
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THE TDS CHARITABLE FOUNDATION CHARITY NUMBER: 1154321
BALANCE SHEET AS AT 31 MARCH 2022
| Note Current assets Debtors 4 Cash and cash equivalents Total current assets Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Funds Income funds 8 & 9 |
2022 2021 £ £ 303 237 348,259 280,217 |
|---|---|
| 348,562 280,454 (720) (690) |
|
| 347,842 279,764 |
|
| 347,842 279,764 347,842 279,764 |
The financial statements were approved by the Board of Trustees on and were signed 12/7/2022 on its behalf by:
Prof. Thomas Martin Partington CBE QC Trustee
The notes on pages 12 - 14 form part of these financial statements.
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1 Accounting Policies
THE TDS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities 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 FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
The charity is a public benefit entity as defined by FRS 102.
The financial statements are presented in Sterling (£).
For charity details see charity information page.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts.
Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.
Grants only become payable when grantees reach certain milestones. Amounts are only recognised as liabilities once a milestone is reached and the amount becomes payable.
1.2 Incoming resources
Donations
All monetary donations are included in full in the Statement of Financial Activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.
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THE TDS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Accounting Policies (continued)
1.3 Resources expended
Raising funds
Expenditure incurred directly in the effort to generate funds which are then applied to the charity’s work.
Classification of expenditure
Expenditure, which is charged on an accruals basis, is allocated between:
- expenditure incurred directly for the furtherance of the charity's objectives including support costs and management and governance and administration costs of the charity
All expenditure is shown gross, inclusive of unrecoverable VAT, and has been classified under headings that aggregate all costs related to the specific activity.
1.4 Fund accounting
Unrestricted funds are fees and other incoming resources received or generated for expenditure on the general objectives of the charity and which have not been designated for other purposes. All of The TDS Charitable Foundation’s funds have to date been unrestricted.
1.5 Key sources of judgement and estimation uncertainty
In preparing the financial statements, the trustees have made no significant judgements or estimates that would have a significant impact on any of the amounts as currently reported.
1.6 Going concern
The charity's financial statements have been prepared on a going concern basis. Donations from The Dispute Service Limited are expected to continue into the foreseeable future, and there are sufficient reserves held for the charity to continue in existence for at least 12 months from date of signing these financial statements.
| Independent examination fees Grants payable Other Total resources expanded |
Charitable Activities £ - 29,946 - |
Support Cost £ 720 - 1,256 |
2022 £ 720 29,946 1,256 |
2021 £ 546 94,428 1,599 |
|---|---|---|---|---|
| 29,946 | 1,976 | 31,922 | 96,573 |
All other support costs relate to the running of the charity. All grants payable were paid to institutions. For full details refer to page 3 - 4 of the trustees report.
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2 Analysis of expenditure on charitable activities
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5
6
THE TDS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
3 Payments to trustees
No Trustee or person with a family or business connection with a Trustee, received remuneration (2021: £Nil) or expenses (2021: £Nil) in the year, directly or indirectly, from the charity.
4
Debtors and prepayments
Prepayments
| 2022 | 2021 |
|---|---|
| £ | £ |
| 303 | 237 |
All debtors in 2021 and 2022 related to unrestricted funds
Creditors: amounts falling due within one year
2022 2021 £ £ Accruals 720 690
All creditors in 2021 and 2022 related to unrestricted funds
Employees
The charity has no employees (2021: Nil). No staff received benefits of £60,000 or more.
7 Related party transactions
The Dispute Service Limited is a substantial donor to The TDS Charitable Foundation. During the year they donated £100,000 (2021: £78,519).
Two trustees (Stephen Harriot and Martin Partington) of The TDS Charitable Foundation are also key management personnel of The Dispute Service Limited.
Despite being related parties, The TDS Charitable Foundation is operated as a completely separate charity and The Dispute Service Limited does not control the charity.
Neither the Trustee nor any other persons related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2021: none).
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THE TDS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
8 Analysis of net assets between funds
| Unrestricted Funds £ Current assets 348,562 Current liabilities (720) 347,842 Funds reconciliation Unrestricted Funds Funds brought forward Net incoming / (outgoing) resources Funds at 31 March 2022 |
Unrestricted Funds £ 348,562 (720) |
2022 Total Funds £ 348,562 (720) |
Unrestricted Funds £ 280,454 (690) |
2021 Total Funds £ 280,454 (690) |
|
|---|---|---|---|---|---|
| 347,842 | 347,842 | 279,764 2022 £ 279,764 68,078 |
279,764 2021 £ 297,818 (18,054) |
||
| 347,842 | 279,764 |
9 Funds reconciliation
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