**REGISTERED CHARITY NUMBER: 1184459** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **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 YEAR ENDED 31 MARCH 2023** |||**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 YEAR ENDED 31 MARCH 2023** The year 2022/3 has been a good one. With the invaluable diligence of Sue Hawes, our secretary, the trustees have met regularly to investigate the needs of the many applicants seeking financial assistance in their quest to help others. The figures are not strictly comparable since the last accounting period covered only 9 months of the year, whereas these accounts cover a full 12 months. The list of those benefitting from our foundation is as long as it is diverse, covering so many topics of community help and assistance. It is with a measure of pride that we can see grants made of £138,612. This exceeds our investment income of £112,440 but the shortfall is more than adequately covered by donations. We are robustly placed to continue to support those that need it in the Essex and Suffolk areas. The capital value of our investments is a little lower reflecting market conditions, especially in the property sector which remains profoundly out of favour. It is the generation of income which is the mainstay of what we do, however, and it is good to see that this measure continues to grow. Inflation and in particular higher food and energy costs are impacting almost everybody and increasing the financial need for many trying to impact the lives of those in the community most affected. We will continue to do our utmost to help in meeting these challenging times. My thanks, as usual to my co-trustees. ....................................... Colin Bennett - Chairman Page 1 **THE TUDWICK FOUNDATION** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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: |Greener Growth|Greener Growth|£1,000|Amy and Friends|£2,850| |---|---|---|---|---| |1st Whiston Scout Group||£3,000|Bridgeway Mission|£2,000| |Colchester Nepalese Society||£1,397|CVST (Harwich Litter Pickers)|£420| |Jaywick Sands Revival CIC||£3,000|Tots2Teens|£1,500| |Off the Streets CIC||£3,000|Volya Ukrainia|£3,000| |The Kinetic Science Foundation||£2,500|Aspirations Programme|£3,000| |Happy Hill Essex||£3,000|Braintree District Mencap|£3,000| |Reanella Trust||£1,000|Cruse Bereavement Support|£2,472| |Remap Essex North||£1,500|Little Lifts|£2,000| |Family First||£3,000|Stambourne Congregational Church|£1,000| |The Offshoot Foundation||£2,280|Y L Heung|£1,110| |Bar 'n' Bus Trust||£3,000|Heads 2 Minds|£2,900| |Framilingham Area Youth Action||||| |Programme||£1,000|Christine Truss|£500| |Primadonna Festival CIC||£800|Colchester Korban Project|£3,000| |The Quay Theatre at Sudbury||£2,195|Mistley Kids Club|£2,024| |Ipswich Transport Museum||£1,300|Music in Our Bones|£3,000| |The Harwich Festival||£893|Southen Carers|£3,000| |Tom's Trust||£1,000|Future Inclusions|£3,000| |MyOtas||£3,000|Aspire Educational Mentoring|£1,000| |Yoga4All Group CIC||£3,000|Bridgeway Mission CIO|£1,000| |Cobnuts Co-operative||£2,998|Clacton Cricket Club|£2,500| ||||Colchester Diverse Communities|| |Green Power Trading||£899|Network|£2,000| |Ellie Hopkins||£120|Essex Respite and Care Association|£2,000| |Cre8 Theatre Productions CIC||£2,595|Handicapped Childrens Action Group|£1,900| |South Hanningfield Village Hall||£3,000|Irvine Road Community Orchard|£3,000| |Ace Hounds CIC||£3,000|Jaywick Sands Revival CIC|£1,000| |iCARP CIC||£3,000|Little Heroes ASD Support Group|£1,900| |Divine Assembly Ministries||£1,500|Made for More|£3,000| |Suffolk Environmental Project||£2,700|Poppies Care Farm CIC|£3,000| |BASICS Essex||£1,840|Ramsey & Dovercourt Crusaders|£1,000| ||||Strongbones Childrens Charitable|| |The London Bus Theatre Co||£3,000|Trust|£2,500| |Stepping Stones Play & Learn||£3,000|The Caedmon Company|£2,669| |Trinovantes ESU||£500|The Sporting Memories Foundation|£1,350| ||||Total|£138,612| Page 2 **THE TUDWICK FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** ## **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. ## **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 26 June 2023 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 year ended 31 March 2023. ## **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** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 ACA The Institute of Chartered Accountants in England and Wales Baker Chapman & Bussey Chartered Accountants 3 North Hill Colchester Essex CO1 1DZ 27 June 2023 Page 4 **THE TUDWICK FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grant making
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Year Ended**
**31.3.23**
**Unrestricted**
**fund**
**£**
**200,005**
**112,440**
**-**
**312,445**
**143,859**
**(207,301)**
**(38,715)**
**2,601,400**
**2,562,685**|Period
1.8.21
to
31.3.22
Total
funds
£
135,000
62,494
900| |---|---|---| |||198,394| |||75,044| |||158,802| |||282,152
2,319,248| |||2,601,400| The notes form part of these financial statements Page 5 **THE TUDWICK FOUNDATION** ## **BALANCE SHEET 31 MARCH 2023** |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**|**2023**
**Unrestricted**
**fund**
**£**
**2,512,131**
**29,498**
**52,355**
**81,853**
**(31,299)**
**50,554**
**2,562,685**
**2,562,685**
**2,562,685**
**2,562,685**|2022
Total
funds
£
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| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 26 June 2023 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 YEAR ENDED 31 MARCH 2023** ## **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** |**Year Ended**
**31.3.23**
**£**
Other fixed asset inv - UnFII
**112,361**
Other interest
**79**
**112,440**|Period
1.8.21
to
31.3.22
£
62,486
8| |---|---| ||62,494| Page 7 **THE TUDWICK FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the period ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the period ended 31 March 2022. ## **4. STAFF COSTS** The average monthly number of employees during the year was as follows: ## **5.** |**Year Ended**
**31.3.23**
Management
**1**
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
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
31.3.22
1
Unrestricted
fund
£
135,000
62,494
900| |---|---| ||198,394| ||75,044| ||158,802| ||282,152
2,319,248| ||2,601,400| Page 8 **THE TUDWICK FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **6. FIXED ASSET INVESTMENTS** |Shares
Other
Additional information as follows:
**MARKET VALUE**
At 1 April 2022
Additions
Revaluations
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022|||**2023**
**£**
**2,448,695**
**63,436**
**2,512,131**||2022
£
2,410,840
150,929
2,561,769
Listed
investments
£
**2,410,840**
**245,156**
**(207,301)**
**2,448,695**
**2,448,695**
2,410,840|2022
£
2,410,840
150,929
2,561,769
Listed
investments
£
**2,410,840**
**245,156**
**(207,301)**
**2,448,695**
**2,448,695**
2,410,840| |---|---|---|---|---|---|---| |||||||| |||||||| |||||||| |||||||| |||||||| |||||||| ||||**2022**||2022|| ||||**£**||£|| |||||||| |UK equity funds|||**1,431,737**||1,286,850|| |International equity funds|||**628,733**|||675,890| |UK property funds|||**388,225**|||448,100| |||||||| |||||||| ||||**2,448,695**||2,410,840|| |||||||| |||||||| ||||**2022**|||| ||||**£**|||| |||||||| |Historic cost of investments|||2,279,066|||| |||||||| |Investments (neither listed nor unlisted) were as follows:
Cash|||**2023**
**£**
**63,436**|||| Page 9 **THE TUDWICK FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors
Tax
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**312,445**
**TOTAL FUNDS**
**312,445**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.22
£
**2,601,400**
**2,601,400**
Resources
expended
£
**(143,859)**
**(143,859)**
At 1.8.21
£
2,319,248
2,319,248||**2023**
**£**
**25,000**
**4,498**
**29,498**
**2023**
**£**
**31,299**
Net
movement
in funds
£
**(38,715)**
**(38,715)**
Gains and
losses
£
**(207,301)**
**(207,301)**
Net
movement
in funds
£
282,152
282,152|2022
£
-
4,086
4,086
2022
£
15,775
At
31.3.23
£
**2,562,685**
**2,562,685**
Movement
in funds
£
**(38,715)**
**(38,715)**
At
31.3.22
£
2,601,400
2,601,400| |---|---|---|---|---| |||||| |||||| |||||| Page 10 **THE TUDWICK FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|198,394|(75,044)|158,802|282,152| |**TOTAL FUNDS**|198,394|(75,044)|158,802|282,152| ## **10. RELATED PARTY DISCLOSURES** During the year the charity received donations totalling £200,000 (2022: £135,000) from C N Bennett, a trustee. Page 11