**REGISTERED CHARITY NUMBER: 1184459**
## **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
## **FOR**
## **THE TUDWICK FOUNDATION**
Baker Chapman & Bussey Chartered Accountants 3 North Hill Colchester Essex CO1 1DZ
**THE TUDWICK FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
|||**Page**||
|---|---|---|---|
|**Chairman's Report**||1||
|**Report of the Trustees**|2|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|11|
**THE TUDWICK FOUNDATION**
## **CHAIRMAN'S REPORT FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
It made sense, for future administrative ease, to rearrange our accounting period to end in March each year. For this reason, these accounts cover just 7 months from August 2021 to March 2022. In those 7 months, we have continued most effectively to maintain and grow the help we have been able to give those who help others.
In a completely cost-effective manner, we have given, or have committed to give, over 40 grants expending around £75,000, exceeding our investment income of about £62,000. With donations more than bridging the gap and with income holding up, we can look back with a great deal of satisfaction at the worthwhile assistance we have able to pass on to a wide variety of excellent causes, all of which should benefit our community against the backdrop of growing economic uncertainty and pressure.
I refer to the list of those we have helped, which embraces a kaleidoscope of activities, ranging from village halls, music, nurseries, respite care, debt counselling, physical and mental disabilities, sport, scouts, to name just a few. Our beneficiaries report back to us and in some cases request continued funding and we are happy to monitor and respond to need as it arises.
At the moment, our guideline maximum grant is £3000, but this is something which will be kept under review and we can respond to specific needs in a flexible and sensible manner.
It is good to see that our investments at the end of March were standing in value above the pre-Covid cost, but that does reflect changeable market sentiment. The income flow is the means of providing the help we can, and we believe that our assets are well placed to provide that, and to give us a long-term hedge against the inflation rate which is showing a concerning trend.
My thanks to my co-trustees, all of whom provide valuable input, and to Sue Hawes, our secretary who does an amazing job backed, with many years of experience in the world of charity.
....................................
C N Bennett - Chairman
Page 1
**THE TUDWICK FOUNDATION**
**REPORT OF THE TRUSTEES FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
The trustees present their report with the financial statements of the charity for the period 1 August 2021 to 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the charity are the promotion of any charitable purposes for the benefit of the community primarily, but not exclusively, in Essex and Suffolk, in the advancement of education, the protection of mental and physical health and the relief of poverty and sickness.
## **Significant activities**
The charity seeks to achieve its objects by making grants, principally to small organisations, for specific and well defined projects.
## **Public benefit**
The trustees have paid due regard to the Charity Commission guidance on public benefit.
## **Grantmaking**
During the period the charity made grants to the following organisations:
|Riding for the Disabled|Riding for the Disabled|£1,292|Welcome to the UK||£1,500|
|---|---|---|---|---|---|
|Tendring Brass Band||£1,500|Music in Our Bones||£3,000|
|Cobnuts Co-op||£2,976|Vibe Southend||£1,000|
|Stansfield Village Hall||£2,500|Mettingham Bowls Club||£2,853|
|Coffin Club Colchester||£1,870|Greenpath Ventures||£500|
|Acehounds CIC||£1,600|Beccles Community Hub||£3,000|
|CHAPS||£3,000|Alumah CIO||£2,500|
|Wivenhoe Congregational Church||£1,000|Little Heros ASD Support||£1,800|
|Beth Chatto||£2,700|St Mary's Broomfield PCC||£3,000|
|Hope House Essex||£2,000|Soundabout||£1,008|
|The Robin Cancer Trust||£3,000|Lowestoft & District Scouts||£500|
|West Cliff Theatre||£1,000|Handicapped Children's Action Group||£1,625|
|Chelmondiston PC||£682|SPOT wellbeing CIC||£3,000|
|Colchester CAP Debt Centre||£1,550|Hour Community||£3,000|
|SEND The Right Message||£2,808|Leiston Community Land Trust||£2,000|
|Rattlesden Community Council||£1,500|Beccles Institute Bowls Club||£1,000|
|Packed with Smiles||£1,950|Tsunami ESU Chelmsford|Scouts|£500|
|Great Barton Free Church||£1,000|LEAPS Suffolk||£3,030|
|Essex Respite & Care Association||£2,000||||
||||Total||£70,744|
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The objectives of the foundation have been successfully achieved.
## **Investment performance**
The charity's investments were standing in value above market cost at the year end, reflecting changeable market sentiment.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The charity's principal source of funds is Colin Bennett.
Page 2
**THE TUDWICK FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
It is the trustees' policy that the capital is employed to give an income which will fund the grants. This is found in first class low geared investment trusts managed by the leading City fund managers providing us with relatively inexpensive expertise, as well as industrial and geographical diversification.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1184459
## **Principal address**
17 James Carter Road Colchester Essex CO3 9XA
## **Trustees**
C N Bennett V R Shaikly J P Endacott T C Bennett
## **Independent Examiner**
Baker Chapman & Bussey Chartered Accountants 3 North Hill Colchester Essex CO1 1DZ
Approved by order of the board of trustees on 31 July 2022 and signed on its behalf by:
C N Bennett - Trustee
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TUDWICK FOUNDATION**
## **Independent examiner's report to the trustees of The Tudwick Foundation**
I report to the charity trustees on my examination of the accounts of The Tudwick Foundation (the Trust) for the period 1 August 2021 to 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jacqueline Frost Baker Chapman & Bussey Chartered Accountants 3 North Hill Colchester Essex CO1 1DZ
2 August 2022
Page 4
**THE TUDWICK FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grant making
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**Period**
**1.8.21**
**to**
Year Ended
**31.3.22**
31.7.21
**Unrestricted**
Total
**fund**
funds
**£**
£
**135,000**
125,005
**62,494**
91,593
**900**
-
**198,394**
216,598
**75,044**
110,149
**158,802**
591,294
**282,152**
697,743
**2,319,248**
1,621,505
**2,601,400**
2,319,248|**Period**
**1.8.21**
**to**
Year Ended
**31.3.22**
31.7.21
**Unrestricted**
Total
**fund**
funds
**£**
£
**135,000**
125,005
**62,494**
91,593
**900**
-
**198,394**
216,598
**75,044**
110,149
**158,802**
591,294
**282,152**
697,743
**2,319,248**
1,621,505
**2,601,400**
2,319,248|
|---|---|---|
|||216,598
110,149
591,294|
|||697,743
1,621,505|
|||2,319,248|
The notes form part of these financial statements
Page 5
**THE TUDWICK FOUNDATION**
## **BALANCE SHEET 31 MARCH 2022**
|Notes
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|**2022**
**Unrestricted**
**fund**
**£**
**2,561,769**
**4,086**
**51,320**
**55,406**
**(15,775)**
**39,631**
**2,601,400**
**2,601,400**
**2,601,400**
**2,601,400**|2021
Total
funds
£
2,277,456
4,783
41,449
46,232
(4,440)
41,792
2,319,248
2,319,248
2,319,248
2,319,248|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 July 2022 and were signed on its behalf by:
C N Bennett - Trustee
The notes form part of these financial statements
Page 6
**THE TUDWICK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
Listed fixed asset investments are valued by the fund managers on an open market basis.
## **2. INVESTMENT INCOME**
|||**Period**||
|---|---|---|---|
|||**1.8.21**||
|||**to**|Year Ended|
|||**31.3.22**|31.7.21|
|||**£**|£|
|Other|fixed asset inv - UnFII|**62,486**|91,593|
|Other|interest|**8**|-|
|||**62,494**|91,593|
Page 7
**THE TUDWICK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the period ended 31 March 2022 nor for the year ended 31 July 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the period ended 31 March 2022 nor for the year ended 31 July 2021.
## **4. STAFF COSTS**
The average monthly number of employees during the period was as follows:
## **5.**
|Management
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grant making
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**Period**
**1.8.21**
**to**
Year Ended
**31.3.22**
31.7.21
**1**
1
Unrestricted
fund
£
125,005
91,593
216,598
110,149
591,294
697,743
1,621,505
2,319,248|**Period**
**1.8.21**
**to**
Year Ended
**31.3.22**
31.7.21
**1**
1
Unrestricted
fund
£
125,005
91,593
216,598
110,149
591,294
697,743
1,621,505
2,319,248|
|---|---|---|
|||216,598
110,149
591,294|
|||697,743
1,621,505|
|||2,319,248|
Page 8
**THE TUDWICK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
## **6. FIXED ASSET INVESTMENTS**
|Shares
Other
Additional information as follows:
**MARKET VALUE**
At 1 August 2021
Revaluations
At 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 July 2021|||**2022**
**£**
**2,410,840**
**150,929**
**2,561,769**||2021
£
2,252,038
25,418
2,277,456
Listed
investments
£
**2,252,038**
**158,802**
**2,410,840**
**2,410,840**
2,252,038|2021
£
2,252,038
25,418
2,277,456
Listed
investments
£
**2,252,038**
**158,802**
**2,410,840**
**2,410,840**
2,252,038|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
||||||||
||||||||
||||||||
||||**2022**||2021||
||||**£**||£||
||||||||
|UK equity funds|||**1,286,850**||1,513,288||
|International equity funds|||**675,890**|||369,000|
|UK property funds|||**448,100**|||369,750|
||||||||
||||||||
||||**2,410,840**||2,252,038||
||||||||
||||||||
||||**2022**||||
||||**£**||||
||||||||
|Historic cost of investments|||2,033,910||||
||||||||
|Investments (neither listed nor unlisted) were as follows:
Cash|||**2022**
**£**
**150,929**||||
Page 9
**THE TUDWICK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
|**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Tax
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
At 1.8.21
£
**Unrestricted funds**
General fund
**2,319,248**
**TOTAL FUNDS**
**2,319,248**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**198,394**
**(75,044)**
**TOTAL FUNDS**
**198,394**
**(75,044)**
**Comparatives for movement in funds**
At 1.8.20
£
**Unrestricted funds**
General fund
1,621,505
**TOTAL FUNDS**
1,621,505
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
216,598
(110,149)
**TOTAL FUNDS**
216,598
(110,149)||**2022**
**£**
**4,086**
**2022**
**£**
**15,775**
Net
movement
in funds
£
**282,152**
**282,152**
Gains and
losses
£
**158,802**
**158,802**
Net
movement
in funds
£
697,743
697,743
Gains and
losses
£
591,294
591,294|2021
£
4,783
2021
£
4,440
At
31.3.22
£
**2,601,400**|2021
£
4,783
2021
£
4,440
At
31.3.22
£
**2,601,400**||2021
£
4,783|
|---|---|---|---|---|---|---|
|||||||2021
£
4,440|
||||**2,601,400**||||
||||Movement
in funds
£
**282,152**
**282,152**
At
31.7.21
£
2,319,248||||
||||2,319,248||||
||||Movement
in funds
£
697,743
697,743||||
|||||697,743|||
Page 10
**THE TUDWICK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 AUGUST 2021 TO 31 MARCH 2022**
## **10. RELATED PARTY DISCLOSURES**
During the year the charity received donations totalling £135,000 (2021: £125,000) from C N Bennett, a trustee.
Page 11