Charity number: 1184963
TIM FRESHWATER TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
TIM FRESHWATER TRUST
| Contents | |
|---|---|
| Page | |
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditor's report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 19 |
TIM FRESHWATER TRUST
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 June 2022
| Trustees | Timothy G Freshwater, Chair |
|---|---|
| David G Lovell, Trustee | |
| Guy Reynolds, Trustee | |
| Charity registered number 1184963 Principal office London Wall Partners LLP Salisbury House London Wall London EC2M 5QQ Independent auditor Sayers Butterworth LLP Chartered Accountants & Statutory Auditors 3rd Floor 12 Gough Square London EC4A 3DW Bankers Cater Allen 9 Nelson Street Bradford BD1 5AN Investment Manager Embark Investment Services Ltd 100 Cannon Street London EC4N 6EU Investment Advisor London Wall Partners LLP Salisbury House London Wall London EC2M 5QQ |
Page 1
TIM FRESHWATER TRUST
Trustees' report For the year ended 30 June 2022
The Trustees present their annual report together with the audited financial statements for the year ended 30 June 2022.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Trust's governing document. The financial statements also comply with 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The Trust was set up to apply funds of the Trust towards such exclusively charitable objects and purposes (according to the laws of England and Wales) in any part of the world as the Trustees in their discretion think fit from time to time. During the year the Trustees have considered and made grants to the organisations as detailed in note 6.
The Trustees have given due regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011.
PLANS FOR THE FUTURE
The Trustees continue to aim to maintain, and if possible increase the investment return and support the widest range of charitable activity consistent with the Trust’s objectives.
GOING CONCERN
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
RESERVES POLICY
It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should normally be maintained at a level at least equivalent to between three and six month's expenditure, with a minimum of 1% of total assets to be kept in cash or near cash at all times. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is a registered charity, number 1184963, and was established by Declaration of Trust dated 26 June 2019.
The organisation’s matters are conducted by the Trustees who meet throughout the year and who have the power to appoint new Trustees at their discretion. The Trust does not have a formal programme for the induction and training of new Trustees. The Trustees are required to be re-elected as follows (in accordance with the Trust's governing document):
Timothy G Freshwater – for life. Guy Reynolds – every 4 years from the date of the Trust deed. David G Lovell – every 5 years from the date of the Trust deed.
Future Trustees must be appointed for terms of office of three years by resolution of the Trustees.
The Trust is UK based with its headquarters in London. A board of Trustees administers the Trust. The day to day management of the Trust has been delegated to David G Lovell, who is also a Trustee.
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TIM FRESHWATER TRUST
Trustees' report (continued) For the year ended 30 June 2022
David Lovell is a member of London Wall Partners LLP, the Trust’s current investment adviser. The Trustees resolved on 28 June 2019 that David Lovell would not be entitled to vote or count in the quorum on matters relating to the management of the Trust’s assets.
INVESTMENT POLICY
The Trust seeks to produce the best financial return within an acceptable level of risk. The Trust’s assets can be invested widely and should be diversified by asset class, manager and security. Asset classes can include cash, bonds, equities, property, private equity and any other asset that is deemed suitable for the Trust by the Trustees. Further details are set out in the Trust’s Investment Policy Statement.
Currently the Trust’s assets comprise a bank account held with Cater Allen Private Bank and a portfolio of investments held in an account with Embark Investment Services Limited.
GRANT MAKING POLICY
The Trust has established its grant making policy to achieve its objects for the public benefit to apply funds of the Trust towards those charitable activities which the Trustees consider in line with the Trust's objectives. Applications for grants received by the Trust are considered by the Trustees and discussed at Trustees' meetings.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of legal and administrative information on page 1 of the financial statements.
THE TRUSTEES
The Trustees who served the Trust during the year were as follows:
Timothy G Freshwater David G Lovell Guy Reynolds
MAJOR RISKS
The Trustees have assessed the major risks to which the Trust is exposed, and the following major risks and arrangements to avoid or mitigate those risks were identified.
Funding risk – the Trust is funded by donations and returns from investments. The main financial objective of the Trust is to at least maintain the real value of the assets, while generating a return to fund grant making. Funding risk is mitigated by the discretionary nature of the grants payable.
Grant programmes are designed with sufficient flexibility to accommodate changes and grants are only made following recommendations and research by the Trustees.
Investment risk – the Trust’s cash balances are maintained with institutions with a minimum credit rating of A or in diversified money market funds. Other investments are arranged following the receipt of professional investment advice, operating within a pre-designated risk mandate.
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TIM FRESHWATER TRUST
Trustees' report (continued) For the year ended 30 June 2022
ACHIEVEMENTS, FINANCIAL REVIEW AND PERFORMANCE
Investment income for the year was £41,446 (2021 - £41,093).
Grants made to beneficiaries in the year totalled £Nil (2021 - £1,005,000), and governance costs amounted to £39,028 (2021 - £38,533).
Total funds held by the Trust at the period end were £3,654,126 (2021 - £4,399,395).
The Trust’s investment performance is considered by the Trustees for rolling twelve-month periods ending each 31 March and 30 September. Investment markets have proved challenging in the period under review and it has not been possible to achieve the objective set out in the Investment Policy Statement. It is hoped that global inflationary pressures will be brought under control in the next period, enabling better investment performance.
RESPONSIBILITIES OF THE TRUSTEES
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material
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departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for keeping sufficient accounting records that 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 trust deed. 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.
PROVISION OF INFORMATION TO AUDITOR
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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there is no relevant audit information of which the charity’s auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any
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relevant audit information and to establish that the auditor is aware of that information.
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TIM FRESHWATER TRUST Trustees. report {continued) Forthe year ended 30 June 2022 AUDITOR The auditor, Sayers Butterworth LLP. has indicated its willingness to Continue in office. The Tnjstees will propose a motion re-appointing the auditor at a meeting of Ihe Trustees. The report was approved by the Trustees, on 9 Dè¢omber 2022 and signed on their behalf by. T G Fr9$hwatgr Trustee Page 5
TIM FRESHWATER TRUST
Independent auditor's report to the Members of Tim Freshwater Trust
Opinion
We have audited the financial statements of Tim Freshwater Trust (the 'charity') for the year ended 30 June 2022 which comprise the Statement of financial activities, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 30 June 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of 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 United Kingdom, including the Financial Reporting Council'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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TIM FRESHWATER TRUST
Independent auditor's report to the Members of Tim Freshwater Trust (continued)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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, the Trustees are responsible for the preparation of the financial statements which 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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TIM FRESHWATER TRUST
Independent auditor's report to the Members of Tim Freshwater Trust (continued)
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 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:
Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
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Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.
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Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit and fundraising regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of Trustees meeting minutes; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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TIM FRESHWATER TRUST
Independent auditor's report to the Members of Tim Freshwater Trust (continued)
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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor
3rd Floor
12 Gough Square
London EC4A 3DW
Date: 19 December 2022
Sayers Butterworth LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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TIM FRESHWATER TRUST
Statement of financial activities For the year ended 30 June 2022
| Note Income from: Investments 4 Total income Expenditure on: Raising funds: Investment management Charitable activities 5 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 41,446 41,446 605 39,028 39,633 1,813 (747,082) (745,269) 4,399,395 (745,269) 3,654,126 |
Total funds 2022 £ 41,446 41,446 605 39,028 39,633 1,813 (747,082) (745,269) 4,399,395 (745,269) 3,654,126 |
Total funds 2021 £ 41,093 41,093 754 1,043,533 1,044,287 (1,003,194) 706,159 (297,035) 4,696,430 (297,035) 4,399,395 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 19 form part of these financial statements.
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TIM FRESHWATER TRUST Balance shegt As at 30 June 2022 2022 2021 Note Fixed assets Investment$ 4.175.675 5, t29,682 4.175.675 5,129,682 Curront assets Debtors Cash at bank and in hand 10 7,170 69,143 285,231 285,231 76.313 Creditors.. amounts falling due within one year 11 {406.780) (206.600) Net current1Sabllilies 1121,Wa} {130,287) Total assets less current liabilities 4.054.126 4,999.395 Credf(ors'. amounts falling due after more than one year 12 (400,1100) (600.000) Not assgts excluding pension asset 3,654.126 4,399,395 Total net assets 3,654,126 4.399.395 Charlty funds Restricted funds Unrestricted funds 14 14 3,654,126 4,399,395 Total funds 3,654.126 4,399,395 The financial statements were approved and aulhorised for issu8 by the Trustees on 9 Decèmber 2022 and signed on their behalf by.. Timothy G Freshwater Trustee The notes on pages 12 to 19 form part of these financial statements. Page 11
TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
1. General information
Tim Freshwater Trust is an unincorporated registered charity. The registered office address is Salisbury House, London Wall, London, EC2M 5QQ.
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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Tim Freshwater Trust 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
After making the necessary enquiries, the Trustees have a reasonable expecation that the Charity has adeqaute reserves to continue in existence for the forseeable future. On this basis the Charity continues to adopt the going concern basis in preparing its financial statements.
2.3 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 receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.4 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 is classified by activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
2. Accounting policies (continued)
2.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 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 ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of multi-year grants which are subsequently measured at amortised cost using the effective interest method.
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
2. Accounting policies (continued)
2.10 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.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
4. Investment income
| Unrestricted funds 2022 £ Income from listed investments 41,446 Unrestricted funds 2021 £ Income from listed investments 41,093 |
Total funds 2022 £ 41,446 |
|---|---|
| Total funds 2021 £ 41,093 |
5. Analysis of expenditure by activities
| Activities | ||
|---|---|---|
| undertaken | Total | |
| directly | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Expenditure on charitable activities | 39,028 | 39,028 |
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
5. Analysis of expenditure by activities (continued)
| Expenditure on charitable activities Analysis of direct costs Governance costs (note 7) Governance costs (note 7) Grants to institutions Emmanuel College in the University of Cambridge The Wheelyboat Trust |
Activities undertaken directly 2021 £ 38,533 |
Grant funding of activities 2021 £ 1,005,000 Activities 2022 £ 39,028 Activities 2021 £ 38,533 2022 £ - - - |
Total funds 2021 £ 1,043,533 |
|---|---|---|---|
| Total funds 2022 £ 39,028 |
|||
| Total funds 2021 £ 38,533 |
|||
| 2021 £ 1,000,000 5,000 |
|||
| 1,005,000 |
6. Grants to institutions
In the year ended 30 June 2021 the Trust made a pledge to Emmanuel College to pay £200,000 per year for 5 years. This donation was recognised in the Statement of Financial Activity in full in that year, with a corresponding liability recognised on the Balance sheet. The Trust continues to meet this obligation each year, with a corresponding reduction in the liability. The Trustees continue to look for suitable beneficiaries of the Trust.
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
7. Governance costs
| Audit remuneration Accountancy fees Legal and professional fees Audit remuneration Accountancy fees Legal and professional fees Bank charges |
Unrestricted funds 2022 £ 4,339 2,441 32,248 39,028 Unrestricted funds 2021 £ 4,224 2,376 31,908 25 38,533 |
Total funds 2022 £ 4,339 2,441 32,248 |
|---|---|---|
| 39,028 | ||
| Total funds 2021 £ 4,224 2,376 31,908 25 |
||
| 38,533 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year, no Trustee expenses have been incurred (2021 - £NIL) .
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
9. Fixed asset investments
| Cost or valuation At 1 July 2021 Acquisitions at cost Disposal proceeds Unrealised gain on revaluations in year Realised gain on disposal At 30 June 2022 Net book value At 30 June 2022 At 30 June 2021 |
Listed investments £ 5,129,682 241,839 (448,764) (788,288) 41,206 4,175,675 4,175,675 5,129,682 |
|---|---|
The listed investments held by the charity represents securities held in the UK and foreign listed entities.
10. Debtors
| Due within one year Prepayments and accrued income |
2022 £ - - |
2021 £ 7,170 |
|---|---|---|
| 7,170 |
11. Creditors: Amounts falling due within one year
| Accruals and deferred income Accrued grants payable to institutions |
2022 £ 6,780 400,000 406,780 |
2021 £ 6,600 200,000 |
|---|---|---|
| 206,600 |
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
12. Creditors: Amounts falling due after more than one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accrued grants payable to institutions | 400,000 | 600,000 |
13. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 4,175,675 | 5,129,682 |
Financial assets measured at fair value through income and expenditure comprise investments.
14. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 30 June | |||
| July 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 4,399,395 | 41,446 | (39,633) | (747,082) | 3,654,126 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 30 June | |||
| 1 July 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 4,696,430 | 41,093 | (1,044,287) | 706,159 | 4,399,395 |
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TIM FRESHWATER TRUST
Notes to the financial statements For the year ended 30 June 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 4,175,675 Current assets 285,231 Creditors due within one year (406,780) Creditors due in more than one year (400,000) Total 3,654,126 |
Total funds 2022 £ 4,175,675 285,231 (406,780) (400,000) 3,654,126 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2021 £ 5,129,682 76,313 (206,600) (600,000) 4,399,395 |
Total funds 2021 £ 5,129,682 76,313 (206,600) (600,000) 4,399,395 |
|---|---|---|
16. Related party transactions
During the period professional fees of £32,248 (2021 - £31,829) were charged to the Charity by London Wall Partners LLP, a firm of which the Trustee David G Lovell is a member. At 30 June 2022 the Charity owed London Wall Partners LLP £Nil (2021 - £Nil).
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