Charity Registration No. 1184459
THE TUDWICK FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11 De Grey Square
De Grey Road Colchester Essex CO4 5YQ
THE TUDWICK FOUNDATION
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Chairman's report | 2 |
| Trustees' report | 3 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
THE TUDWICK FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees C N Bennett V R Shaikly J P Endacott T C Bennett Charity number 1184459 Principal address 17 James Carter Road Colchester Essex England CO3 9XA Independent examiner TC Group 11 De Grey Square De Grey Road Colchester Essex CO4 5YQ
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THE TUDWICK FOUNDATION
CHAIRMANS'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
As a grant making charity serving the needs of many, it has been a pleasure to report another busy year.
Within our focus area of Essex and Suffolk, we have done our best to extend our financial help in the most helpful and productive way to enhance community values. Post Covid, and with diminishing financial availability from councils and central government, we are seeing continually the immense effort that the charity sector and charitable minded individuals are making to help those, who for all orts of reasons, are finding life difficult. May I refer the reader to pages 2 and 3 of these accounts to ee the list of over 60 applicants who have successfully applied to us for grant assistance. Each of those applications have been carefully vetted since we do try to help, not the large well funded national charities, but those who may be starting a new charitable venture where they have identified a particular need. Such cases often find it difficult to source traditional funding yet may be the ears and eyes of the community to identify the areas which have fallen outside the radar of local and central government assistance.
The range of our grants is wide but increasingly, we are seeing significant growth in requests for help in those with special needs, whether they are physical or neurodivergent nature. The ability to do what we can to help these children and adults live a life integrated with our community is a reward in itself.
In total we gave over £156,000, an increase of nearly 13% from last year. This exceeded our investment income but the excess was comfortably covered by donations. Our investments made some progress, as well as providing a good income return, so our capital balances present a satisfactory picture.
With my thanks to my co trustees and my hard working and ever diligent secretary.
C N Bennett Chairman Dated: 6 August 2024
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FOR THE YEAR ENDED 31 MARCH 2024
THE TUDWICK FOUNDATION
TRUSTEES' REPORT
The trustees present their report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's deed of trust, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity's objects 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. The policies adopted in furtherance of these objects are the making of grants, principally to small organisations, for specific and well defined projects, and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
During the period the charity made grants to the following organisations and individuals:
| Dhamma Centre | £1,000 | The Legacy Guild CIC | £3,000 |
|---|---|---|---|
| Cancer Campaign in Suffolk | £3,000 | Memories are Golden | £850 |
| Disabilities Advice Service | £2,000 | BASICS Essex | £1,998 |
| SEND the Right Message | £3,000 | Little Lifts | £2,000 |
| The Sunflower Community Care Farm | £2,921 | Packed with Smiles | £3,000 |
| West Leigh Baptist Church | £3,000 | Bridge Community Church | £3,000 |
| Families in Focus | £3,000 | Castle Point Social Car Scheme | £3,000 |
| 1st Whiston Scouts | £3,000 | Hopefields Animal Sanctuary | £3,000 |
| Citizens Advice Braintree & Halsted | £3,000 | Suffolk Rape Crisis | £,1,500 |
| Cohere Arts CIC | £3,000 | Wecare Wildlife Rescue | £3,000 |
| Ipswich Canoe Club | £3,000 | National Song School CIC | £2,992 |
| Ipswich Playbus | £3,000 | Art Branches CIC | £3,000 |
| Primadonna Festival CIC | £1,000 | Rock Paper Scissors CIC | £1,440 |
| Crossroads Braintree & Chelmsford | £3,000 | Aspirations Day Programme | £3,000 |
| Kool Carers South East Ltd | £2,000 | 14th Colchester Christ Church | £422 |
| Bridgeway Mission CIO | £3,000 | 28th Colchester Brownies | £422 |
| Cruse Bereavement Support | £2,606 | Back in the Groove CIC | £2,957 |
| Framlingham Area Youth Association | £2,000 | Breast Friends CIC | £3,000 |
| The Kinetic Science Foundation | £2,484 | Chelmer Village Youth Club | £1,500 |
| The Reanella Trust | £1,000 | Colchester Diverse Communities | £3,000 |
| Thyroid UK | £3,000 | Dora Brown | £3,000 |
| Southend Communities Outreach Foodbank | £1,800 | Made for More | £3,000 |
| Earls Colne Baptist Church | £3,000 | Mistley Kids Club | £2,288 |
| Asperger East Anglia | £2,400 | Beth Chatto Education Trust | £2,750 |
| Challenging MND | £2,000 | Music in Our Bones | £3,000 |
| Epic Dad CIC | £3,000 | Chapter 82 CIC | £1,450 |
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THE TUDWICK FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| Freedom Bury St Edmunds | £3,000 | Eden's Project | £2,940 |
|---|---|---|---|
| Lighthouse Family Trust | £3,000 | The Chesterfords Community Preschool | £3,000 |
| National Schizophrenia Fellowship | £1,000 | Point Clear Community Association | £3,000 |
| Ramsey Crusaders | £1,000 | ||
| Oyster Community Press CIC | £3,000 | Rowan Hopkins | £600 |
| Rattlesden Play Group | £1,000 | Madeline Bracken | £1,700 |
| The Bus Shelter Ipswich | £3,000 | Angie Watson | £500 |
| Katie Richards | £2,760 | ||
| Total | £156,280 |
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is an unincorporated charity and is controlled by a deed of trust.
The trustees who served during the year and up to the date of signature of the financial statements were:
C N Bennett
V R Shaikly J P Endacott
T C Bennett
New trustees are recruited and appointed by the existing trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
C N Bennett
Trustee Dated: 6 August 2024
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THE TUDWICK FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TUDWICK FOUNDATION
I report to the trustees on my examination of the financial statements of The Tudwick Foundation (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Jacqueline Frost ACA TC Group
11 De Grey Square De Grey Road Colchester Essex CO4 5YQ
Dated: 6 August 2024
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THE TUDWICK FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds 2024 Notes £ Income from: Donations and legacies 3 145,026 Investments 4 121,604 Total income 266,630 Expenditure on: Grantmaking 5 162,029 Net gains/(losses) on investments 10 24,375 Net income/(expenditure) for the year/ Net movement in funds 128,976 Fund balances at 1 April 2023 2,562,685 Fund balances at 31 March 2024 2,691,661 |
Total 2023 £ 200,005 112,440 312,445 143,859 (207,301) (38,715) 2,601,400 2,562,685 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE TUDWICK FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2024 £ £ 2,662,866 29,983 3,392 33,375 (4,580) 28,795 2,691,661 2,691,661 2,691,661 |
2023 £ £ 2,512,131 29,498 52,355 81,853 (31,299) 50,554 2,562,685 2,562,685 2,562,685 |
2023 £ £ 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 | |||
| 2,562,685 | |||
| 2,562,685 |
The financial statements were approved by the Trustees on 6 August 2024
C N Bennett
Trustee
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THE TUDWICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
The Tudwick Foundation is a an unincorporated charity, governed by its deed of trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's deed of trust, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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FOR THE YEAR ENDED 31 MARCH 2024
THE TUDWICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income is recognised when received.
1.5 Resources expended
Liabilities are recognised 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.
Grants payable by the charity are recognised when they are awarded by the Trustees, unless they are awarded subject to conditions that have not been met at the year end, in which case they are noted as a commitment but not accrued as expenditure.
The charity only has one charitable activity, that of grantmaking, so all support and governance costs are allocated to that activity.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. Fair value is determined with reference to publicly available prices.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE TUDWICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3 Donations and legacies
| Unrestricted funds 2024 £ Donations and gifts 145,026 4 Investments Unrestricted funds 2024 £ Income from listed investments 120,083 Interest receivable 1,521 121,604 5 Grantmaking 2024 £ Grant funding of activities (see note 6) 156,280 Share of support costs (see note7) 4,143 Share of governance costs (see note7) 1,606 162,029 |
Total 2023 £ 200,005 |
|---|---|
| Total 2023 £ 112,361 79 |
|
| 112,440 | |
| 2023 £ 138,612 3,953 1,294 |
|
| 143,859 |
6 Grantmaking
The charity makes grants to institutions and individuals to further the objects of the charity. A full list of grants awarded during the year is given in the trustees' report.
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THE TUDWICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7 Support costs
| Support costs Governance costs £ £ Staff costs 3,486 - Insurance 210 - Sundries 187 - Bank charges 260 - Independent Examiner's fees - 1,606 4,143 1,606 Analysed between Charitable activities 4,143 1,606 |
2024 £ 3,486 210 187 260 1,606 5,749 5,749 |
2023 £ 3,296 187 198 272 1,294 |
|---|---|---|
| 5,247 | ||
| 5,247 |
All support and governance costs have been allocated to the charity's sole charitable activity of grantmaking.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 3,486 | 3,296 |
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THE TUDWICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10 Net gains/(losses) on investments
| Unrestricted funds 2024 £ Revaluation of investments 24,375 11 Fixed asset investments Listed investments Cash in portfolio £ Cost or valuation At 1 April 2023 2,448,695 63,436 Additions 55,331 337,110 Valuation changes 24,375 - Disposals - (266,081) At 31 March 2024 2,528,401 134,465 Carrying amount At 31 March 2024 2,528,401 134,465 At 31 March 2023 2,448,695 63,436 2024 £ Investments at fair value comprise: Listed investments 2,528,401 |
Total 2023 £ (207,301) Total £ 2,512,131 392,441 24,375 (266,081) 2,662,866 2,662,866 2,512,131 2023 £ 2,448,695 |
|---|---|
Listed investments are valued at market value by reference to publicly available unit prices. The historical cost of the listed investments at the year end was £2,334,397 (2023: £2,279,066).
Fixed asset investments not carried at market value
Cash balances in the investment portfolio are valued at cost.
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THE TUDWICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 12 Debtors Amounts falling due within one year: Corporation tax recoverable Other debtors 13 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 4,983 25,000 29,983 2024 £ 4,580 |
2023 £ 4,498 25,000 |
|---|---|---|
| 29,498 | ||
| 2023 £ 31,299 |
14 Related party transactions
During the year the charity received donations from trustees totalling £145,000 (2023: £200,000).
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