Registered number: CE002651 Charity number: 1159986
## THE TITSEY FOUNDATION CIO
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE TITSEY FOUNDATION CIO
## CONTENTS
||Page|
|---|---|
|Reference and Administrative Details of the Charity, its Trustees and Advisers|1|
|Trustees' Report|2 - 8|
|Trustees' Responsibilities Statement|9|
|Independent Auditor's Report on the Financial Statements|10 - 13|
|Statement of Financial Activities|14|
|Balance Sheet|15 - 16|
|Statement of Cash Flows|17|
|Notes to the Financial Statements|18 - 38|
THE TITSEY FOUNDATION CIO
## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Trustees
The Earl of Woolton, Chairman Mr Ewen Cameron Mr John St John
Mr Simon Vandeleur
Company registered number
CE002651
Charity registered number
1159986
Registered office
Titsey Place, Titsey, Oxted, Surrey, RH8 0SD
Managing Agents
Strutt & Parker, 201 High Street, Lewes, East Sussex, BN7 2NR
## Governor
G A Innes
## Independent auditor
CLA Evelyn Partners Limited, Onslow House, Onslow Street, Guildford, GU1 4TL
## Bankers
C. Hoare & Co, 37 Fleet Street, London, EC4P 4DQ
## Solicitors
Stone King LLP, Boundary House, 91 Charterhouse Street, London, EC1M 6HR
## Investment Advisers
Schroder & Co. Limited, 100 Wood Street, London, EC2V 7ER
Page 1
THE TITSEY FOUNDATION CIO
## TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees are pleased to present their report, together with the financial statements of The Titsey Foundation CIO (the "Foundation") for the year ended 30 September 2022.
## Trustees
The Trustees who served during the financial year and since the year end were: The Earl of Woolton (Chairman) Mr Ewen Cameron Mr John St John Mr Simon Vandeleur
Structure, Governance and Management
The Foundation was incorporated on 16 January 2015 as the successor of the charitable activities and assets of the former unincorporated charitable trust, The Titsey Foundation (previously registered under number 277943) which had been established by a trust deed on 26 April 1979.
The Foundation operates under its Constitution.
The management of the Foundation is the responsibility of the Trustees. In turn, the Trustees have appointed Mr G A Innes as the Governor, effectively the unpaid chief executive of the Foundation, to manage the day to day running of the Foundation. The Trustees wish to record their on-going thanks to Mr Innes for his dedicated work on behalf of the Foundation.
The Trustees are regularly briefed by CLA Evelyn Partners Limited, Stone King and Strutt & Parker on accountancy, legal and property management issues respectively, and are confident that they are receiving appropriate specialised advice to enable them to effectively fulfil their duties as trustees.
There are two subcommittees of the Trustees with delegated powers and a requirement to report back to the Trustees on their deliberations:
- Investment (comprising The Earl of Woolton & Mr John Innes (co-opted))
- Titsey Place Management (comprising The Earl of Woolton & Mr Cameron)
The Trustees continue to administer the Foundation, meeting three times a year to discuss matters relating to the Foundation, though some of their work is delegated to the subcommittees of the Trustees and the day to day management of the Foundation is carried out by the Governor with the support of the Managing Agents.
During the year the Trustees were pleased to resume in person trustee meetings.
The Trustees do not consider it necessary to appoint any further trustees at present, but continue to keep the position under review.
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THE TITSEY FOUNDATION CIO
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Objects & Objectives of the Foundation
The Foundation's objects are "the advancement of education, the relief of poverty, the advancement of religion and the promotion and aid of such other purposes as are recognised by English law to be exclusively charitable and in particular and without prejudice to the foregoing:
- the preservation for the public benefit of the whole of such part or parts of the buildings and their grounds and surroundings known as Titsey Place in the County of Surrey (“Titsey Place”) as shall or may hereafter be vested in the charity trustees;
- the protection and improvement of the amenities of Titsey Place for the public benefit;
- the preservation for the public benefit of furniture and pictures and chattels of any description ordinarily kept at Titsey Place;
- the facilitation and encouragement of the study and appreciation of Titsey Place and such furniture, pictures and chattels aforesaid by the general public;
- the provision at Titsey Place or such part of it as shall be appropriate in the interest of social welfare and for the purpose of improving the conditions of life for the persons whom the same are intended of facilities for physical recreation which shall be available to members of the public at large; and
- the facilitation and encouragement of the use and occupation of the whole or part of Titsey Place and the use of such chattels as aforesaid for charitable purposes."
The Trustees' main strategic objectives are;
- to continue to improve and maintain Titsey Place and the other land and buildings used by the Foundation to the highest standards for the public benefit
- to encourage and promote members of the public to visit Titsey Place and its grounds; and
- to provide the highest standard of education and advice to visitors.
Page 3
THE TITSEY FOUNDATION CIO
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Charitable Activities
## Public Benefit
The Trustees confirm that they have complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission on public benefit in exercising their powers. In terms of reporting on public benefit, the statement of activities set out below is in their view sufficient evidence of compliance.
The Foundation undertakes a range of activities in furtherance of its charitable objects and for the benefit of the public. The Foundation's activities during the year can be summarised as follows:
## Preservation of Titsey Place, The Buildings, Grounds and Surroundings
The Foundation continues to preserve and protect Titsey Place and its associated buildings to the highest possible standards so that visitors may enjoy the house and grounds in their intended state, as a lived-in family home and working estate. During the year the work to renew, extend and modernise the kitchen at Titsey Place was finally completed.
The Trustees’ have a 20 years Woodland Management Plan for improving public access, conservation and to maximise short term income from the sale of timber (as approved by the Forestry Commission). The Trustees consider the maintenance of these woodlands, for the protection of the environment and for the enjoyment of the public, is a key way in which the Foundation provides a benefit to a wide section of the public.
The Foundation carried out works in the Church of St. James the Greater to repair the floor where it had been made unsafe by woodworm.
The Trustees were delighted to congratulate Angela Tester, who works at Titsey Place as a gardener, on completing 40 years of service as an employee in June 2022. The Trustees are very grateful to Angela for her dedicated service and contribution to the life of Titsey Place over this period.
The Trustees permitted the Surrey Archaeological Society access to Titsey Place to carry out surveys to learn more about the Roman ruins at the site. During the 1870s excavations were carried out at Titsey Place by G W G Leveson Gower which revealed something which was thought be in the nature of a Roman watch tower. During later excavations in 1935, Colonel R H Cunnington and James Graham identified a RomanoCeltic temple and Roman road at Titsey Place. During 2022 members of the Surrey Archaeological Society carried out magnetometry, resistivity and metal detecting surveys at Titsey Place with a view to understanding more about the history of the estate. In particular, the Society wanted to locate the temple site and identify possible archaeological features in nearby features that could be contemporary with the temple and the Roman road. The metal detection recovered 22 finds, which support the interpretation that there is a Roman site that began in the early 2nd century and then became derelict sometime in the 3rd century. The hot summer of 2022 was also helpful as the parch marks showing the outline of the temple were particularly detailed. These confirmed the size and layout of the perimeter wall and central structure, as well as revealing previously unrecorded details of what appear to be party walls. These newly discovered markings suggest possible earth-filled oblong features, that could be part of a cella or even represent three tombs. There remain a number of unexplained anomalies about the site and the Society are considering further activity. The Society’s findings are reported in more detail in the October 2022 issue of their journal, “Surrey’s Past”. The Trustees look forward to learning more about the site and its history from future surveys.
Page 4
THE TITSEY FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Visitors to Titsey Place and Gardens
The 2022 Public Opening Season was to the 29th year of the house and gardens being fully open to the public.
Titsey Place, the Gardens and the tea rooms were opened to the public in mid-May 2022 and remained open until 28 September 2022.
During the season from May through to September, the Foundation had approximately 4,600 visitors to the house and gardens, which was an increase on the previous year and a return to the level that was usual prior to the COVID-19 Pandemic. The Foundation continued to operate within the maximum level imposed by the Planning Authority of 5,000 annual visitors to Titsey Place itself.
## A review on Trip Advisor from August 2022 commented:
_“Not only a very well stocked walled garden with amazing vegetables and greenhouses but an amazing house full of treasures-and I am not including the guides, who were not 'stuffy', very personal and great delivery of information.”_
The Trustees were pleased that the National Garden Scheme requested to use the Tea Rooms to host their Surrey Gardener Owners Lunch, during which there was an opportunity to tour the gardens. The Foundation was pleased to welcome NGS back to Titsey Place after an absence of 2 years due to the pandemic. Opening the gardens for the NGS days also raised £1,707 for the charity.
The Foundation also hosted an awards ceremony at Titsey Place for the Order of St. John and the NHS to give awards to families of people who have died and donated their organs for transplant. This was a regular annual occurrence prior to the pandemic and has not been able to take place for two years, so it was pleasing that this was able to resume. The awards ceremony took place in the presence of a representative of the Lord Lieutenant of Kent and approximately 20 families were present.
## Educational programmes
No educational programmes were carried out during the year, as the effects of the pandemic were still an issue, but it is hoped that these will be able to resume during 2023.
## Online resources
The Titsey website (www.titsey.org) provides a detailed history of the house and grounds as well as practical information for visitors. There were 38,991 unique visits to the website in the financial year to which this report relates. The website continues to act as a valuable resource for those who wish to learn more about Titsey and the Gresham and Leveson Gower families.
## Future Plans
At each meeting of the Trustees, plans for the management of the Titsey Estate and its grounds are produced by the Managing Trustees and debated by the Trustees.
The Trustees received the results of the Quinquennial survey for the period 2022 to 2027 which, apart from routine maintenance and refurbishment, did not identify any major issues of concern for the Foundation. Following the outcome of the survey the Trustees have begun exploring, as part of a long term strategy, reviewing potential options for the future heating of Titsey Place and the ability to consider green alternatives to traditional methods of heating.
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THE TITSEY FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Grant Funding
The Foundation makes grants on an occasional basis to support local charities and voluntary organisations. During the year the Foundation made a three year grant to Tandridge Voluntary Action to assist with the costs of employing a co-ordinator to run the Tandridge Befriending Scheme. The Scheme aims to provide friendship to those in the area who are feeling lonely or socially isolated. It also made a one off grant of £5,000 to support Oxted Infant School, and a payment of £585 towards installing a new kissing gate to benefit local walkers.
Throughout the year, the Foundation donated prizes in the form of vouchers for a tour of Titsey Place with a cream tea. 13 prizes were given this year to various charities and good causes including Cambridge Fundraising Choir, North West Surrey Integrated Care Services and Children’s Hospital Pyjamas.
## Other
The Trustees were pleased to learn that one of the Foundation’s tenants has been able to provide support and accommodation in their cottage to a family of Ukrainian Refugees.
## Financial Review
The net income for the year was £2,104,382 _(2021 - £9,456,293),_ the substantive decrease was due to the fact that the previous year’s figure include a revaluation of the Redlands Moorhouse Site. Total income for the year was £1,215,102 _(2021 - £1,160,325)._ Income from charitable activities was £242,857 _(2021 - £212,978)._ This was primarily from Public Benefit activities.
Charitable expenditure relates to expenditure associated with managing Titsey Place, the gardens and the associated properties, together with the costs of facilitating public access to Titsey Place and its gardens. In addition, a small number of donations were made to the local community.
- For accounting purposes, the charitable expenditure is analysed between:
- Costs directly associated with Titsey Place and the gardens, and the woodlands
- The cost of managing and maintaining the other properties associated with the historic house, including St James’s Church
## Titsey Place and gardens
The expenditure comprises day to day running costs, the costs associated with facilitating public access and the cost of repairs and preservation works.
The expenditure in the year on Titsey Place and gardens was £494,900 _(2021 - £404,311)._
## _Estate costs_
This expenditure comprises the direct costs relating to the wider Estate, including St James’s Church, and its management and was £367,745 _(2021 - £316,972)_ in the year. Input VAT is also incurred on the charity’s expenditure, the majority of which cannot be recovered. During the year the irrecoverable VAT was £104,627 _(2021 - £107,260)._
Gains on investments totalled £1,993,583 _(2021 - £9,380,062 – again the significant difference being due to the revaluation of the Redlands Moorhouse Site)._
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THE TITSEY FOUNDATION CIO
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Investment powers and policy
The Foundation has the power to invest funds in accordance with the provisions of its Constitution.
The Foundation was established to maintain and preserve Titsey in perpetuity. The Constitution places no restriction on the Trustees’ power to invest the monies of the Foundation. The Trustees have agreed that the investment portfolio of the Foundation should continue to be run on a discretionary basis by Schroder & Co. Limited, with the objective of growing the capital over the long term. The objective is to be achieved by investment in a portfolio invested primarily in equities with a smaller allocation in hedge funds, private equity, fixed interest and cash.
At the start of the year the investment portfolio was valued at £8,517,004 and by the end of the year it was valued at £6,875,643, comprising listed investments of £6,875,643 _(2021 - £8,517,004),_ due to the prevailing economic circumstances. However, the Foundation also increased the cash held with its investment manager from £419,898 at the start of the year, to £939,208 at the end of the year which reflects part of the change in the value of the investment portfolio.
The portfolio made a total return of -9.9% over the 12-month period; the comparative benchmark used by the Trustees to monitor investment performance was -7.0%.
## Risk management
The Trustees have reviewed the significant risks to which the charity is exposed and have ensured that there are sufficient controls to manage those risks. During the year the Trustees have continued to review and update the Foundation’s risk policy.
The Trustees have a risk management strategy which comprises a regular review of the risks the Foundation may face, the establishment of systems and procedures to mitigate those risks identified, and the implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise. The Trustees confirm that they have examined the major risks to which the Foundation is exposed and that there are appropriate systems and procedures to manage those risks.
## The main risks identified are:
- the departure for whatever reason of the Governor – as the current Governor was appointed in 2013, the risk of his departure is considered low;
- the reduction in income required to cover core expenditure. Trustees meet on a regular basis with their investment advisors to ensure that the assets of the Foundation are managed appropriately;
- damage to or theft of the Foundation’s property with a continued focus on managing Titsey Place and the security arrangements that are in place;
- health and safety issues which are managed in conjunction with the Managing Agents as many of these relate to the operation of the Estate. The Trustees pay particular attention to ensuring that the properties are well maintained and properly secured, and all associated risks minimised. All of the properties owned by the Foundation are included in a maintenance programme to ensure that they are put into a good state of repair and condition and kept in that state.
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THE TITSEY FOUNDATION CIO
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
## Reserves
The Foundation has total reserves of £42,405,967 _(2021 - £40,301,585)_ and a balance, after taking account of the amount of reserves invested in the Foundation’s property assets, of free reserves of £33,750,234 _(2021 - £31,863,018)_ which are invested to provide an income to pay for the running costs of Titsey Place and its grounds. The public have access to the parkland and woodland walks free of charge, though they are expensive to maintain and the Trustees continue to keep under review the admission prices charged to visitors (currently £8 per adult to visit both the House and the Gardens).
The Trustees have designated three funds totalling £3 million as reserves and the Foundation continued to maintain the three designated reserve funds which helped to ensure that the Foundation was able to meet the future costs of maintaining the properties and the contents:
- £1,000,000 designated to fund emergency or unplanned repairs to Titsey Place. By its nature there is no specific time frame for the use of this fund and it is to be used as and when needed.
- £1,500,000 designated to provide a fund which will generate income in the future to offset the loss of income now that the Tile Works lease has expired.
- £500,000 designated to fund the replacement of soft furnishings, mainly carpets and curtains.
## Fundraising
In accordance with Section 162A Charities Act 2011, the Trustees of the Foundation confirm that:
(a) The Foundation does not actively fund-raise from members of the public and relies upon its investment income and revenue from ticket prices and sales in the tea rooms to fund its charitable activity.
(b) The Foundation does not make use of any professional fund-raisers and has not entered into any agreements with any commercial participators.
- (c) Neither the Foundation nor any person acting on its behalf was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or any voluntary standard of fund-raising, in respect of the Foundation’s activities.
- (d) The Foundation has not received any complaints during the year in relation to fund-raising.
(e) As the Foundation does not carry out any fund-raising activity it does not consider it necessary, at present, to have any arrangements in place to monitor fund-raising activity and has not needed to take any steps to ensure that any fund-raising activity is carried out in a way that protects vulnerable people and members of the public from the behaviour as set out in Section 162A(2) Charities Act 2011. If the Trustees decide to undertake fundraising activity appropriate arrangements would be put in place.
This report was approved by the Trustees and signed on their behalf by:
Lord Woolton (Jun 28, 2023 19:25 GMT+1)
The Earl of Woolton
> Date: 28/06/2023
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THE TITSEY FOUNDATION CIO
## STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees 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).
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources 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 of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 Constitution. 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.
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THE TITSEY FOUNDATION CIO
## INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TITSEY FOUNDATION CIO
## Opinion
We have audited the financial statements of The Titsey Foundation CIO (the 'Charity') for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Charity's affairs as at 30 September 2022 and of its result 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 Charities Act 2011.
## 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 Charity 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.
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THE TITSEY FOUNDATION CIO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TITSEY FOUNDATION CIO (CONTINUED)
## Other information
The other information comprises the information included in the Trustees' Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees' are responsible for the other information contained within the Trustees' Report and Financial Statements. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- sufficient accounting records have not been kept; or
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ Annual Report; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the trustees 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.
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THE TITSEY FOUNDATION CIO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TITSEY FOUNDATION CIO (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 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:
We obtained a general understanding of the charity’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations and the entity’s policies and procedures regarding compliance.
- We understand that the charity complies with the framework through:
- Outsourcing property management, accounts preparation and tax compliance to external experts
- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charity’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the charity’s activities:
- the Charities Act 2011
- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP (FRS 102)
Based on our understanding we performed the following specific procedures to gain evidence about compliance ith the significant laws and regulations identified above:
- making enquiries of management and those charged with governance to understand their awareness of any on-compliance of laws and regulations
- inquiring about the policies that have been established to prevent non-compliance with laws and regulations by officers of the charity
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
- Manipulation of the financial statements via fraudulent journal entries
These areas were communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas included:
- Testing journal entries in the underlying accounting records which are deemed to present specific risks
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THE TITSEY FOUNDATION CIO
## INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TITSEY FOUNDATION CIO (CONTINUED)
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## CLA Evelyn Partners LimitedCLA Evelyn Partners Limited (Jun 29, 2023 11:16 GMT+1)
CLA Evelyn Partners Limited
Chartered Accountants Statutory Auditor Onslow House Onslow Street Guildford GU1 4TL Date: 29/06/2023
CLA Evelyn Partners Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE TITSEY FOUNDATION CIO
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
|Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net gains on investments
Net income
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward|Unrestricted
funds
2022
£
13
242,857
971,707
525
1,215,102
242,300
862,003
1,104,303
1,993,583
2,104,382
40,301,585
2,104,382
42,405,967|Total
funds
2022
£
13
242,857
971,707
525
1,215,102
242,300
862,003
1,104,303
1,993,583
2,104,382
40,301,585
2,104,382
42,405,967|_Total_
_funds_
_2021_
_£_
_66,917_
_212,978_
_876,099_
_4,331_|
|---|---|---|---|
||||_1,160,325_|
||||_362,841_
_721,253_|
||||_1,084,094_|
||||_9,380,062_|
||||_9,456,293_|
||||_30,845,292_
_9,456,293_|
||||_40,301,585_|
All activities relate to continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 38 form part of these financial statements.
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THE TITSEY FOUNDATION CIO REGISTERED NUMBER: CE002651
## BALANCE SHEET AS AT 30 SEPTEMBER 2022
|Note
Fixed assets
Tangible assets
12
Heritage assets
14
Investments
15
Investment property
13
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total net assets
Charity funds
Designated funds
18
General funds
18
Total unrestricted funds
18
Total funds|199,599
1,323,490
1,523,089
(363,350)
3,000,000
39,405,967|2022
£
82,377
3,383,208
6,875,643
30,905,000
41,246,228
1,159,739
42,405,967
42,405,967
42,405,967|_183,235_
_745,581_
_928,816_
_(256,649)_
_3,000,000_
_37,301,585_|_2021_
_£_
_121,544_
_3,006,116_
_8,517,004_
_27,984,754_|
|---|---|---|---|---|
|||||_39,629,418_
_672,167_|
||||||
|||||_40,301,585_|
|||||_40,301,585_|
||||||
|||||_40,301,585_|
Page 15
THE TITSEY FOUNDATION CIO
BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2022
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Lord Woolton (Jun 28, 2023 19:25 GMT+1)
The Earl of Woolton
Date: 28/06/2023
The notes on pages 18 to 38 form part of these financial statements.
Page 16
THE TITSEY FOUNDATION CIO
## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022
|Cash flows from operating activities
Net cash used in operating activities (Note 20)
Cash flows from investing activities
Proceeds from sale of investments
Additions to investments properties
Additions to investments
Additions to heritage assets
Surplus from investing activities
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year|2022
£
(472,249)
1,884,045
(10,415)
(1,158,931)
(393,948)
729,407
1,050,158
577,909
745,581
1,323,490|_2021_
_£_
_(344,770)_|
|---|---|---|
|||_2,237,003_
_-_
_(2,113,260)_
_(441,949)_
_524,265_|
|||206,059|
|||(138,711)
_884,292_|
||||
|||_745,581_|
Page 17
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 1. General information
Titsey Foundation CIO is a charitable incorporated organisation, having restricted funds and incorporated in England and Wales (charity number: 1159986). The principal office is Titsey Place, Titsey, Oxted, Surrey, RH8 0SD.
The Charity's functional and presentational currency is GBP.
## 2. Accounting policies
## 2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## CIO Status
The Titsey Foundation CIO 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.
## 2.2 Going concern
There are no material uncertainites about the CIO's ability to continue as a going concern. The CIO has unrestricted reserves of £42m and free reserves of £36m which is considered sufficient to enable it to continue as a going concern for the forseeable future.
## 2.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 18
THE TITSEY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 2. Accounting policies (continued)
## 2.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivables can be measured reliably.
Interest on funds held on deposit is included when receivables and the amount can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is usually upon notification from investment managers.
Rental income is recognised net of VAT on an accruals basis in accordance with the relevant rental agreements.
Gifted assets are recognised at fair value when they meet the criteria for recognition as income.
## 2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on raising funds consists of the costs of running the Charity's investment property portfolio and management fees payable to the investment managers.
Cost of charitable activities includes costs in relation to the preservation of Titsey Place and making the estate available to the public, as well as governance costs which are in relation to the Charity’s public accountability and compliance with regulation.
## 2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying amount value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
Freehold land and buildings - Nil Plant, machinery and vehicles - 20-25% Office equipment - 25% Improvements - 5%
Page 19
THE TITSEY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 2. Accounting policies (continued)
## 2.7 Heritage assets
The Foundation's heritage assets comprise Titsey Place and its contents, Titsey Park, the Woodlands, St James Church in Titsey village and some of the surrounding farmland.
The heritage assets were acquired by way of gifts from the two founders and by subsequent purchase of a leasehold interest in the Woodlands. The Trustees' policy is to retain, manage and preserve these heritage assets for the benefit of the public and future generations. The Trustees do not envisage acquiring any further heritage assets, but capital improvements directly associated with these assets are also considered to be heritage in nature and are capitalised along with the underlying assets.
Expenditure incurred to maintain the assets is expensed as incurred.
Land and buildings encompasses Titsey Place, Titsey Park, St James' Church, the Woodlands and surrounding farmland.
The deemed cost of the land and buildings was derived from valuations undertaken just prior to the orignal donations from the Foundation's founders in 1979. St James' Church on Titsey Estate was subsequently transferred to the Foundation for £1 consideration. Additionally, the Foundation, as freeholder, bought out a leasehold interest in 157 acres of Woodland adjacent to the Estate 1997. As the Foundation's heritage land and buildings are considered to be both inalienable and have an almost indefinite useful life, they are not depreciated, but rather held at their orignal transfer value in the account subject to an impairment review.
Impairment reviews for all property are undertaken whenever there is evidence that the value of the underlying assets may be less than their carrying amounts in the accounts; no impairment has been required since the original transfer.
Heritage contents include furniture, pictures, porcelain and a library of books held within Titsey Place. As with the Land & Buildings, they were professionally valued in 1979 upon the transfer to the Foundation.
These are also considered to have an indefinite useful life and have therefore been capitalised at their original valuation when transferred to the Foundation, and are not depreciated.
Improvements consist of construction and other fixed assets additions directly attributable to the aforementioned heritage land & buildings which have been capitalised since the orignal transfer of the assets. Only those improvements which directly enhance the underlying heritage asset's value to the public have been classifed as heritage assets.
Depreciation is provided on the following bases:
Freehold land and buildings - Nil Contents - Nil Improvements - 5%
## 2.8 Investment property
Investment property is carried out at fair value. Revaluation surpluses are recognised in the Statement of Financial Activites.
Page 20
THE TITSEY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 2. Accounting policies (continued)
## 2.9 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains/(losses) on investments’ in the Statement of Financial Activities.
## 2.10 Financial instruments
Financial assets and financial liabilities are recognised in the Balance Sheet when the Charity becomes a party to the contractual provisions of the instrument.
Investments in listed shares are classified as basic financial instruments. They are initially measured at transaction price and subsequently measured at fair value, with changes in fair value being recognised in profit or loss. Fair value is determined using the quoted bid price at the balance sheet date.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Charity will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Charity’s cash management.
## 3. Critical accounting estimates and areas of judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.
## Investment properties valuation
Land and buildings are stated at fair value based on the valuation performed by an independent professional valuer, Strutt & Parker, with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.
Page 21
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 4. Income from donations and legacies
|Donations
Legacies
Income from charitable activities
House admissions and tearoom income
Public benefit
Woodland income
House admissions and tearoom income
Public benefit
Woodland income|Unrestricted
funds
2022
£
13
_Unrestricted_
_funds_
_2021_
_£_
_66,917_
Unrestricted
funds
2022
£
67,080
153,450
22,327
242,857
_Unrestricted_
_funds_
_2021_
_£_
_71,133_
_133,269_
_8,576_
_212,978_|Total
funds
2022
£
13|
|---|---|---|
|||_Total_
_funds_
_2021_
_£_
_66,917_|
|||Total
funds
2022
£
67,080
153,450
22,327|
|||242,857|
|||_Total_
_funds_
_2021_
_£_
_71,133_
_133,269_
_8,576_|
|||_212,978_|
5. Income from charitable activities
Page 22
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 6. Investment income
## 7.
|Rental income
Investment income
Rental income
Investment income
Cost of raising funds
Investment advice
Property costs|Unrestricted
funds
2022
£
831,934
139,773
971,707
_Unrestricted_
_funds_
_2021_
_£_
_768,162_
_107,937_
_876,099_
Unrestricted
funds
2022
£
53,645
188,655
242,300|Total
funds
2022
£
831,934
139,773|
|---|---|---|
|||971,707|
|||_Total_
_funds_
_2021_
_£_
_768,162_
_107,937_|
|||_876,099_|
|||Total
funds
2022
£
53,645
188,655|
|||242,300|
Page 23
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 7. Cost of raising funds (continued)
|Investment advice
Property costs|_Unrestricted_
_funds_
_2021_
_£_
_58,700_
_304,141_
_362,841_|_Total_
_funds_
_2021_
_£_
_58,700_
_304,141_|
|---|---|---|
|||_362,841_|
8. Analysis of expenditure on charitable activities Summary by fund type
|Estate costs
Titsey Place and Garden
Estate costs
Titsey Place and Garden|Unrestricted
funds
2022
£
367,103
494,900
862,003
_Unrestricted_
_funds_
_2021_
_£_
_316,942_
_404,311_
_721,253_|Total
funds
2022
£
367,103
494,900|
|---|---|---|
|||862,003|
|||_Total_
_funds_
_2021_
_£_
_316,942_
_404,311_|
|||_721,253_|
Page 24
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 9. Analysis of expenditure by activities
|Estate costs
Titsey Place and Garden|Activities
undertaken
directly
2022
£
353,866
481,662
835,528|Support
costs
2022
£
13,237
13,238
26,475|Total
funds
2022
£
367,103
494,900|
|---|---|---|---|
||||862,003|
|Estate costs
Titsey Place and Garden|_Activities_
_undertaken_
_directly_
_2021_
_£_
_305,492_
_392,861_
_698,353_|_Support_
_costs_
_2021_
_£_
_11,450_
_11,450_
_22,900_|_Total_
_funds_
_2021_
_£_
_316,942_
_404,311_|
|---|---|---|---|
||||_721,253_|
Page 25
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 9. Analysis of expenditure by activities (continued)
Analysis of direct costs
|Staff costs including tea room
Depreciation
Professional fees
Property account expenditure
Titsey Place and garden expenditure
Utilities
Insurance
Titsey Church expenses
Tree surgery
Irrecoverable VAT
Sundry expenses
Advertising
Tea room expenses
Rates
Bad debts|Estate costs
2022
£
-
44,342
37,340
38,684
-
6,459
23,390
10,693
73,006
104,627
11,664
-
-
3,534
127
353,866|Titsey Place
and Garden
2022
£
216,036
11,000
19,212
28,234
13,661
43,017
29,179
-
-
-
71,502
22,276
22,863
4,682
-
481,662|Total
funds
2022
£
216,036
55,342
56,552
66,918
13,661
49,476
52,569
10,693
73,006
104,627
83,166
22,276
22,863
8,216
127|
|---|---|---|---|
||||835,528|
Page 26
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 9. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
|Staff costs including tea room
Depreciation
Professional fees
Property account expenditure
Titsey Place and garden expenditure
Utilities
Insurance
Titsey Church expenses
Tree surgery
Irrecoverable VAT
Sundry expenses
Advertising
Tea room expenses
Rates
Bad debts
Loss on disposal of fixed assets|_Estate costs_
_2021_
_£_
_-_
_41,747_
_36,190_
_22,604_
_-_
_11,661_
_28,098_
_1,071_
_11,732_
_107,260_
_48,873_
_-_
_-_
_-_
_(3,744)_
_-_
_305,492_|_Titsey Place_
_and Garden_
_2021_
_£_
_195,795_
_4,975_
_20,472_
_48,980_
_8,990_
_22,050_
_28,383_
_-_
_-_
_-_
_28,753_
_13,925_
_14,752_
_4,515_
_-_
_1,271_
_392,861_|_Total_
_funds_
_2021_
_£_
_195,795_
_46,722_
_56,662_
_71,584_
_8,990_
_33,711_
_56,481_
_1,071_
_11,732_
_107,260_
_77,626_
_13,925_
_14,752_
_4,515_
_(3,744)_
_1,271_|
|---|---|---|---|
||||_698,353_|
Page 27
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 9. Analysis of expenditure by activities (continued)
Analysis of support costs
|Governance costs
Governance costs|Estate costs
2022
£
13,237
_Estate costs_
_2021_
_£_
_11,450_|Titsey Place
and Garden
2022
£
13,238
_Titsey Place_
_and Garden_
_2021_
_£_
_11,450_|Total
funds
2022
£
26,475|
|---|---|---|---|
||||_Total_
_funds_
_2021_
_£_
_22,900_|
## 10. Auditor's remuneration
||2022|_2021_|
|---|---|---|
||£|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|24,175|_21,775_|
|Fees payable to the Charity's auditor in respect of:|||
|All taxation advisory services not included above|900|_-_|
|All non-audit services not included above|1,800|_1,800_|
Page 28
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 11. Staff costs
||2022|2022||_2021_|
|---|---|---|---|---|
||£|||_£_|
|Wages and salaries|193,913|||_175,188_|
|Social security costs|17,994|||_16,704_|
|Contribution to defined contribution pension schemes|4,129|||_3,903_|
||216,036|||_195,795_|
|The average number of persons employed by the Charity during the year was as follows:|||||
||2022|||_2021_|
||No.|||_No._|
|Estate staff|12|||_10_|
No employee received remuneration amounting to more than £60,000 in either year. During the year, no Trustees received any remuneration or other benefits _(2021 - Nil)._
During the year ended 30 September 2022, no Trustee expenses have been incurred _(2021 - Nil)._
Page 29
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 12. Tangible fixed assets
|Cost
At 1 October 2021
Disposals
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
On disposals
At 30 September 2022
Net book value
At 30 September 2022
_At 30 September 2021_|Improvements
£
2,235,327
-
2,235,327
2,125,758
28,167
-
2,153,925
81,402
_109,569_|Plant &
machinery
and vehicles
£
193,252
(91,897)
101,355
181,277
11,000
(91,897)
100,380
975
_11,975_|Office
equipment
£
3,872
-
3,872
3,872
-
-
3,872
-
_-_|Total
£
2,432,451
(91,897)|
|---|---|---|---|---|
|||||2,340,554|
|||||2,310,907
39,167
(91,897)|
|||||2,258,177|
|||||82,377|
|||||_121,544_|
Page 30
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 13. Investment property
|Valuation
At 1 October 2021
Additions
Surplus on revaluation
At 30 September 2022|Freehold
investment
property
£
27,984,754
10,415
2,909,831|
|---|---|
||30,905,000|
The 2022 valuations were made by Strutt & Parker, on an open market basis. The historical cost of investment properties held at fair value is £4,569,908 _(2021 - £4,559,493)._
## 14. Heritage assets
Assets recognised at cost
|Improvements
2022
£
Carrying value at 1 October 2021
1,675,596
Additions
393,948
Depreciation
(16,856)
At 30 September 2022
2,052,688
Analysis of heritage asset transactions
2022
_2021_
£
£
Additions
393,948
_380,299_|Land and
buildings
2022
£
450,557
-
-
450,557
_2020_
£
_365,809_|Contents
2022
£
879,963
-
-
879,963
_2019_
£
_12,522_|Total
2022
£
3,006,116
393,948
(16,856)|
|---|---|---|---|
||||3,383,208|
||||_2018_
£
_28,772_|
Page 31
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
|15.
Fixed asset investments
Cost or valuation
At 1 October 2021
Additions
Disposals
Revaluations
At 30 September 2022
Net book value
At 30 September 2022
_At 30 September 2021_
Analysis of investments
Equities
Bonds
Alternatives
Total|2022
£
6,017,143
91,640
766,860
6,875,643|Listed
investments
£
8,517,004
1,158,931
(2,115,238)
(685,054)|
|---|---|---|
|||6,875,643|
|||6,875,643|
|||_8,517,004_|
|||_2021_
_£_
_7,665,562_
_128,120_
_723,322_
_8,517,004_|
Page 32
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 16. Debtors
|Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|2022
£
126,510
22,269
50,820
199,599
2022
£
66,926
30,571
63,518
202,335
363,350|_2021_
_£_
_106,582_
_18,747_
_57,906_|
|---|---|---|
||||
|||_183,235_|
|||_2021_
_£_
_60,651_
_24,552_
_13,798_
_157,648_|
||||
|||_256,649_|
## 17. Creditors: Amounts falling due within one year
Page 33
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 18. Statement of funds
Statement of funds - current year
|Unrestricted funds
Designated funds
Lease replacement reserves
Repairs and improvement
reserves
Soft furnishings renewal
reserve
General funds
Reserves
Total Unrestricted funds|Balance at 1
October
2021
£
1,500,000
1,000,000
500,000
3,000,000
37,301,585
40,301,585|Income
£
-
-
-
-
1,215,102
1,215,102|Expenditure
£
-
-
-
-
(1,104,303)
(1,104,303)|Gains/
(Losses)
£
-
-
-
-
1,993,583
1,993,583|Balance at
30
September
2022
£
1,500,000
1,000,000
500,000|
|---|---|---|---|---|---|
||||||3,000,000|
||||||39,405,967|
||||||42,405,967|
The lease replacement reserve is designated to enable income to be maintained in the event of let investment properties becoming totally or partially void or lettable at reduced rates.
The repairs and improvements reserve is designated to fund emergency or unplanned repairs to Titsey Place.
The soft furnishings renewal reserve is designated to fund the replacement of soft furnishing, mainly carpets and curtains, at Titsey Place.
Page 34
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 18. Statement of funds (continued)
Statement of funds - prior year
|Unrestricted
funds
Designated
funds
Lease
replacement
reserves
Repairs and
improvement
reserves
Soft furnishings
renewal reserve
General funds
Reserves
Total
Unrestricted
funds||_Balance at_
_1 October_
_2020_
_£_
_1,483,667_
_650,000_
_300,000_||_Income_
_£_
_-_
_-_
_-_||_Expenditure_
_£_
_-_
_-_
_-_||_Transfers_
_in/out_
_£_
_16,333_
_350,000_
_200,000_||_Gains/_
_(Losses)_
_£_
_-_
_-_
_-_||_Balance at_
_30_
_September_
_2021_
_£_
_1,500,000_
_1,000,000_
_500,000_|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||_3,000,000_|
|||_2,433,667_||_-_||_-_||_566,333_||_-_|||
||||||||||||||
|||_28,411,625_
_30,845,292_||_1,160,325_
_1,160,325_||_(1,084,094)_
_(1,084,094)_||_(566,333)_
_-_||_9,380,062_
_9,380,062_||_37,301,585_
_40,301,585_|
||||||||||||||
||||||||||||||
Page 35
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 19. Summary of funds
Summary of funds - current year
|Designated funds
General funds|Balance at 1
October
2021
£
3,000,000
37,301,585
40,301,585|Income
£
-
1,215,102
1,215,102|Expenditure
£
-
(1,104,303)
(1,104,303)|Gains/
(Losses)
£
-
1,993,583
1,993,583|Balance at
30
September
2022
£
3,000,000
39,405,967|
|---|---|---|---|---|---|
||||||42,405,967|
Summary of funds - prior year
|Designated
funds
General funds|_Balance at_
_1 October_
_2020_
_£_
_2,433,667_
_28,411,625_
_30,845,292_|_Income_
_£_
_-_
_1,160,325_
_1,160,325_|_Expenditure_
_£_
_-_
_(1,084,094)_
_(1,084,094)_|_Transfers_
_in/out_
_£_
_566,333_
_(566,333)_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_9,380,062_
_9,380,062_|_Balance at_
_30_
_September_
_2021_
_£_
_3,000,000_
_37,301,585_|
|---|---|---|---|---|---|---|
|||||||_40,301,585_|
Page 36
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 20. Reconciliation of net movement in funds to net cash flow from operating activities
|Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Surplus on investing activities
(Increase)/decrease in debtors
(Increase)/decrease in creditors
Profit on sale on fixed assets
Net gains on investments
Net cash used in operating activities
21.
Analysis of cash and cash equivalents
Cash and cash equivalents
22.
Analysis of changes in net debt
At 1 October
2021
£
Cash at bank and in hand
745,581|2022
£
56,023
(729,407)
(16,364)
106,700
-
(1,993,583)
2,104,382
(472,249)
2022
£
1,323,490
Cash flows
£
577,909|_2021_
_£_
_9,470,641_|
|---|---|---|
|||_46,722_
_(524,265)_
_56,487_
_(15,564)_
_1,271_
_(9,380,062)_|
||||
|||_(344,770)_|
|||_2021_
_£_
_745,581_|
|||At 30
September
2022
£
1,323,490|
Page 37
THE TITSEY FOUNDATION CIO
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
## 23. Related party transactions
During the year, the CIO received rental income of £35,000 _(2021 - £35,000)_ from the governor G A Innes and recharged expenses totalling £47,151 _(2021 - £42,979)_ to G A Innes. At the year-end G A Innes owed the CIO £10,942 _(2021 - £10,769)_ . The CIO also received rental income from Pitchfont Farm Partnership, an entity in which G A Innes is a partner, of £37,000 _(2021 - £37,000)_ . At the yearend the CIO owed Pitchfont Farm Partnership, an entity in which G A Innes is a partner, £146 _(2021 - £Nil)._
## 24. Controlling party
There is considered to be no ultimate controlling party.
Page 38