2021-09-30-accounts - The Titsey Foundation CIO

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			Page
Reference and Administrative		Details ofthe Charity, its Trustees and Advisers
Trustees' Report			2-7
Trustees' Responsibilities Statement
independent Auditor's	Report	on the Financial Statements
Statement ofFinancial	Activities		13
Balance Sheet			14
Statement of Cash Flows			15
Notes to the Financial	Statements		16-33

				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021	2020
			Note
Income from:
Donations and	legacies			66,917	66,917	3,015,291
Charitable activities				212,978	212,978	204,014
investments				876,099	876,099	700,370
Other income				4,331	4,331	8,530
Total income				1,160,325	1,160,325	3,928,205
Expenditure on:
Raising funds				362,841	362,841	220,894
Charitable activities				721,253	721,253	867,076
Total expenditure				1,084,094	1,084,094	1,087,970
Net gains on investments				9,380,062	9,380,062	570,652
Net income				9,456,293	9,456,293	3,410,887
Reconciliation	offunds:
Total funds brought		forward		30,845,292	30,845,292	27,434,405
Net movement	in funds			9,456,293	9,456,293	3,410,887
Total funds carried		forward		40,301,585	40,301,585	30,845,292

			BALANCE SHEET	BALANCE SHEET
			AS AT 30SEPTEMBER2021
				2021		2020
			Note
Fixed assets
Tangible assets			12	121,644		152,884
Heritage assets			14	3,006,'I16		2,642,470
Investments			15	8,517,004		7,223,339
Investment property			13	27,984,764		20,022,100
				39,629,418		30,040,793
Current assets
Debtors				183,235	239,722
Cash at bank and		in hand		745„581	884,292
				928,816	1,124,014
Creditors; amounts		falling due within one
year			17	(266,649)	(3/9,515)
Net current assets				672,167		804,499
Total net assets				40,301,585		30,845,292
Charity funds
Unrestricted funds
Designated funds			18	3,000,000	2,433,667
General funds			18	37,301,585	28,411,625
Total unrestricted	funds		18	40,301,585		30,845,292
Total funds				40,301,685		30,845,292

			2021	2020
Cash flows from operating activities
Net cash used in operating activities (Note		20)	(344,770)	(494,346)
Cash flows from investing activities
Proceeds from sale of investments			2,237,003	868,426
Additions to tangible fixed assets				(f,317)
Additions to heritage assets			(441,949)	(304,249)
Additions to investments			(2,113,260)	(666,797)
Surplus from investing activities			524,265	479,476
Net cash from investing activities			206,059	375,539
Change in cash and cash equivalents	in	the year	(138,711)	(118,807)
Cash and cash equivalents at the beginning		ofthe year	884,292	'/,003,099
Cash and cash equivalents at the end	of	the year	745,581	884,292
The notes on pages 16to 33form part ofthese financial statements

4.	Income	from donations	from donations	and legacies
					Unrestricted	Total
					funds	funds
					2021	2021
	Legacies				66,917	66,917
					Unrestricted	Total
					funds	funds
					2020	2020
	Donations				3,015,291	3,015,291
5.	Income from charitable			activities
					Unrestricted	Total
					funds	funds
					2021	2021
						F
	House admissions		and tearoom income		71,133	71,133
	Public benefit				133,269	133,269
	Woodland	income			8,576	8,576
					212,978	212,978
					Unrestricted	Total
					funds	funds
					2020	2020
	House admissions		and tearoom income		38,231	38,231
	Public benefit				150,696	150,696
	Woodland	income			15,087	15,087
					204,014	204,014

			Unrestricted	Total
			funds	funds
			2021	2021
			E	F
	Rental income		768, 'I 62	768,162
	Investment	income	107,937	107,937
			876,099	876,099
			Unrestricted	Total
			funds	funds
			2020	2020
	Rental income		528,182	526,182
	Investment	income	174,188	174,188
			700,370	700,370
7.	Cost ofraising funds
			Unrestricted	Total
			funds	funds
			2021	2021
				E
	Investment	advice	58,700	68,700
	Property costs		304,141	304,141
			362,841	362,841

		Unrestricted	Total
		funds	funds
		2020	2020
Investment	advice	24,460	24,460
Property costs		196,434	f96,434
		220,894	220,894

				Unrestricted	Total
				funds	funds
				2021	2021
				f.	E
Estate	costs			316,942	316,942
Titsey	Place	and	Garden	404,311	404,311
				721,253	721,253
				Unrestricted	Total
				funds	funds
				2020	2020
Estate	costs			402,404	402,404
Titsey	Place	and	Garden	464,672	464,672
				867,076	867,076

				Activities
				undertaken	Support	Total
				directly	costs	funds
				2021	2021	2021
						E
Estate	costs			305,492	11,450	316,942
Titsey	Place	and	Garden	392,861	11,450	404,311
				698,353	22,900	721,253
				Activities
				undejtal&en	Support	Total
				directly	costs	funds
				2020	2020	2020
Estate	costs			390,744	'l1,660	402,404
Titsey	Place	and	Garden	453,011	11,661	464,672
				843,755	23,321	867,076

					Titsey Place	Total
				Estate costs	and Garden	funds
				2021	2021	2021
				K	f.	E
Staff costs including		tea	room		195,795	195,795
Depreciation				41,747	4,975	46,722
Professional	fees			36,190	20,472	56,662
Property account expenditure				22,604	48,980	71,584
Titsey Place	and garden		expenditure		8,990	8,990
Utilities				11,661	22,050	33,711
Insurance				28,098	28,383	56,481
Titsey Church	expenses			1,071		1,071
Tree surgery				11,732		11,732
Irrecoverable	VAT			107,260		107,260
Sundry expenses				48,873	28,753	77,626
Advertising					13,925	13,925
Tea room expenses					14,752	14,752
Rates					4,515	4,515
Bad debts				(3,744)		(3,744}
Loss / (profit)	on disposal		ofassets		1,271	1,271
				305,492	392,861	698,353

Analysis o	fdirect	cost	s (continued)
					Titsey Place	Total
				Estate costs	and Garden	funds
				2020	2020	2020
Staffcosts including		tea	room		212,422	212,422
Depreciation				42,686	7,622	50,308
Professional	fees			35,447	30,693	66,140
Property account expenditure				64,376	59,940	124,316
Titsey Place	and garden		expenditure		8,589	8,589
Utilities				1,214	18,'l00	19,314
Insurance				28,956	22,351	51,307
Titsey Church expenses				10,082		10,082
Tree surgery				76,719		76,719
Irrecoverable	VAT			105,643		105,643
Sundry expenses				12,769	57,192	69,961
Advertising					14,549	14,549
Tea room expenses					17,184	17,184
Rates				5,172	4,369	9,541
Bad debts				7,680		7,680
				390,744	453,011	843,755
Analysis of	support	costs
					Titsey Place	Total
				Estate costs	and Garden	funds
				2021	2021	2021
				F
Governance	costs			11,450	11,450	22,900
					Tltsey Place	Total
				Estate costs	and Garden	funds
				2020	2020	2020
Governance	costs			11,660	11,661	23,321

							2021	2020
							F
This is stated after charging:
Depreciation	oftangible	fixed assets - owned				by the Charity	30,069	39,434
Depreciation	of heritage assets - owned			by	the Charity		16,653	10,875
Auditor's remuneration		-accounting	services				1„800	1,800
Auditor's remuneration		-audit					21,775	19,825
Staff costs
							2021	2020
Wages and	salaries						175,188	188,915
Social security costs							16,704	19,455
Contribution	to defined	contribution	pension		schemes		3,903	4,052
							195,795	212,422
The average	number ofpersons employed				by	the Charity during	the year was as follows:
							2021	2020
							No.	No.
Estate staff							10	10

			Plant 8~
			machinery	Office
		Improvements	and vehicles	equipment	Total
			E		E
	Cost
	At 1 October 2020	2,236,598	193,252	3,872	2,433,722
	Disposals	(1,271)			(1,271)
	At 30September 2021	2,235,327	193,252	3,872	2,432,451
	Depreciation
	At I October 2020	2,100,665	176,301	3,872	2,280,838
	Charge for the year	25,093	4,976		30,069
	At 30September 2021	2,125,758	181,277	3,872	2,310,907
	Net book value
	At 30September 2021	109,569	11,975		121,544
	At30September 2020	135,933	16,951		152,884
13.	Investment property

	Freehold
	investment
	property
	E
Valuation
At 1 October 2020	20,022,100
Surplus on revaluation	7,962,654
At 30September 2021	27,984,754

				Land and
			Improvements	buildings	Contents	Total
			2021	2021	2021	2021
			F		E
	Carrying value
	at 1 October 2020		1,311,950	450,557	879,963	2,642,470
	Additions		380,299			380,299
	Depreciation		(16,653)			(16,653)
	At 30September 2021		1,675,596	450,557	879,963	3,006,116
	Analysis ofheritage asset	transactions
		2021	2020	2019	2018	2017
		F	E
	Additions	380,299	365,809	12,522	28,772	275,870
15.	Fixed asset investments
						Listed
					investments
						E
	Market value
	At 1 October 2020					7,223,339
	Additions					2,113,260
	Disposals				(1,982,637)
	Revaluations					1,163,042
	At 30September 2021					8,517,004
	Net book value
	At 30 September 2021					8,517,004
	At 30September 2020					7,223,339

Fixed asset investments (continued)
	2021	2020
	E
Analysis ofinvestments
Equities	7,665,562	6,333,281
Bonds	128,120	188,424
Alternatives	723 322	701,634
Total	8,517,004	7,223,339

Debtors
		2021	2020
Due within one year
Trade debtors		106,582	152,529
Other debtors		18,747	15,807
Prepayments	and accrued income	57,906	71,386
		183,235	239,722

Creditors: Amounts falling due within one year
	2021	2020f
Trade creditors	60,651	147,750
Other taxation and social security	24,552	25,638
Other creditors	13,798	8,588
Accruals and deferred income	157,648	137,539
	256,649	319,515

			NOTES TO THE FINANCIAL STATEMENTS	NOTES TO THE FINANCIAL STATEMENTS	NOTES TO THE FINANCIAL STATEMENTS	NOTES TO THE FINANCIAL STATEMENTS	NOTES TO THE FINANCIAL STATEMENTS
			FOR	THE	YEAR ENDED 30SEPTEMBER 2021
18.	Statement offunds
	Statement offunds		-current	year
									Balance at
		Balance at 1							30
			October				Transfers	Gains/	September
			2020		Income	Expenditure	in/out	(Losses)	2021
					E	F	F	E	E
	Unrestricted
	funds
	Designated
	funds
	Lease
	replacement
	reserve	1,483,667					16,333		1,500,000
	Repairs	and
	improvement
	reserve		650,000				350,000		1,000,000
	Soft furnishings
	renewal	reserve	300,000				200,000		500,000
		2,433,667					566,333		3,000,000
	General	funds
	Reserves	28,411,625		1,160,325		(1,084,094)	(566,333)	9,380,062	37,301,585
	Total
	Unrestricted
	funds	30,845,292		1,160,325		(1,084,094)		9,380,062	40,301,585

Statement	offunds (continued)	offunds (continued)	offunds (continued)
Statement	offunds - prior year
								Balance al
				Balance at				30
				1 October			Gains'	Sepfember
				2019	Income	Expendifure	(Losses)	2020
Unrestricted		funds
Designated	funds
Lease replacement			reserve	1,483,667				/,483,667
Repairs and	improvement
reserve				650,000				650,000
Soft furnishings		renewal
reserve				300,000				300,000
				2,433,667				2,433,667
General funds
Reserves				25,000,738	3,928,205	(1,087,970)	570,652	28,411,625
Total Unrestricted			funds	27,434,405	3,928,205	(1,087,970)	5?0,652	30,845,292

Summary	offunds	offunds
Summary	offunds		- current		year
											Balance at
		Balance at			1						30
			October						Transfers	Gains/	September
			2020			Income		Expenditure	in/out	(Losses)	2021
					E		F	F	E	F
Designated
funds			2,433,667						566,333		3,000,000
General funds		28,411,625				1,160,325		(1,084,094)	(566,333)	9,380,062	37,301,585
		30,845,292				1,160,325		(1,084,094)		9,380,062	40,301,585
Summary	offunds		- prior year
											Balance at
						Balance	at				30
						1October				Gainsi	September
						2019		Income	Expenditure	(Losses)	2020
Designated	funds					2,433,667					2,433,667
General funds						25,000,738		3,928,205	(1,087,970)	570,652	28,411,625
						27,434,405		3,928,205	(1,087,970)	570,652	30,845,292
Reconciliation ofnet movement						in funds	to	net cash flow	from operating	activities
										2021	2020
										f.
Net income	for the	period (as		per		Statement	of	Financial Activities)		9,470,641	3,410,887
Add back:
Depreciation	charges									46,722	50,308
Surplus on	investing		activities							(524,265)	(479,476)
Decrease/(increase)			in debtors							66,487	(118,921)
(Decrease)/increase			in creditors							(16,564)	103,508
Profit on sale on fixed assets										1,271
Net gains on investments										(9,380,062)	(570,652)
Donation of property											(2, 890,000)
Net cash used in		operating		activities						(344,770)	(494,346)