REGISTERED CHARITY NUMBER: 1186137
Report of the Trustees and
Financial Statements for the Year Ended 5 April 2024
for TIOC
THB LLP 1 & 2 Studley Court Mews Studley Court Guildford Road Chobham Surrey GU24 8EB
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Contents of the Financial Statements for the Year Ended 5 April 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
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Report of the Trustees
for the Year Ended 5 April 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. 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
We have continued to work towards establishing our purpose and setting in place good governance structures for the future. Our funding has accrued to enable the charity to support a wide range of projects and to commit to multi-year gifts, better helping organisations meet their long-term goals.
We have continued to develop strong relationships with the charities we support, to understand them better and maximise the impact of our donations. Our focus lies in supporting projects that relate to young people and the arts, as well as autism, Type 1 diabetes, and child loss.
Our objectives for the upcoming year are to continue to distributing funds to projects that are aligned with our giving policy. We continue to run a three-year rolling model of financial distribution which enables us to maintain a dedicated reserve fund.
ACHIEVEMENT AND PERFORMANCE
This year we made a number of donations to worthy charities and projects closely aligned with our above giving policy. We continue to build our reserves to set us in good standing for the future.
Fundraising activities
During the year the Charity has not held any of Fundraising activities.
FINANCIAL REVIEW
Reserves policy
The charity is in a positive financial position; we have not accrued any debt; have no unfulfilled pledges and are able to continue making donations into the next financial year.
Our policy for holding reserves is to ensure the longevity of the charity. It enables us to continue supporting a wide range of projects and to commit to multi-year gifts, better helping organisations meet their long-term goals.
The reserves at the end of the year to 5[th] April 2024 comprised a total of £2,112,382.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Organisational structure and Trustee Recruitment
The organisation of the charity consists of a panel of trustees who act on behalf of the charity. The charity is chaired by Mrs Catherine Hogel and managed with Trustees Mr Benjamin Mardle and Mr Phillip Walsh. Ms Áine McNamara assists with management, secretarial duties and day to day running.
Trustees are selected on a personal basis and based on a skills matrix of management, arts, and accounting. No trustees are remunerated for their trustee services to the charity.
Risk management
The Trustees / Governors have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against frauds and errors.
The Charity has established measures to control and mitigate the possible impact of known risks. There are appropriate internal control systems, procedures, policies and principles in place to tackle and minimize those risks.
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Report of the Trustees
for the Year Ended 5 April 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1186137
Principal address Unit 14 Admiralty Way Camberley Surrey GU15 3DT
Trustees
Mrs Catherine C Hogel (Chair) Mr Benjamin J Mardle Mr Philip Walsh
Trust Administrator Áine McNamara
Bankers
Kleinwort Hambros 8 St James's Square London SW1Y 4JU
Independent Examiner
THB LLP 1 & 2 Studley Court Mews Studley Court Guildford Road Chobham Surrey GU24 8EB
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Mr B J Mardle - Trustee
.......................................................................... Mrs Catherine C Hogel (Chair)
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Independent Examiner's Report to the Trustees of TIOC
Independent examiner's report to the trustees of TIOC
I report to the charity trustees on my examination of the accounts of TIOC (the Trust) for the year ended 5 April 2024.
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 ACCA 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
THB LLP
THB LLP 1 & 2 Studley Court Mews Studley Court Guildford Road Chobham Surrey GU24 8EB
Date: .............................................
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Statement of Financial Activities for the Year Ended 5 April 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Donation Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Year Ended 5.4.24 Unrestricted fund £ 574,000 24,654 598,654 238,250 3,770 242,020 356,634 1,755,748 2,112,382 |
Period 1.4.22 to 5.4.23 Total funds £ 403,212 - |
|---|---|---|
| 403,212 | ||
| 285,497 50 |
||
| 285,547 | ||
| 117,665 1,638,083 |
||
| 1,755,748 |
The notes form part of these financial statements
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| Balance Sheet 5 April 2024 Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
5/4/24 Unrestricted fund £ 2,114,101 (1,719) 2,112,382 2,112,382 2,112,382 2,112,382 2,112,382 |
5/4/23 Total funds £ 1,759,447 (3,699) 1,755,748 1,755,748 1,755,748 1,755,748 1,755,748 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr B J Mardle - Trustee
............................................. Mrs C C Hogel (Chair)
The notes form part of these financial statements
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Notes to the Financial Statements for the Year Ended 5 April 2024
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.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
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.
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continued...
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Notes to the Financial Statements - continued
for the Year Ended 5 April 2024
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| Period | |||
| 1.4.22 | |||
| Year Ended | to | ||
| 5.4.24 | 5.4.23 | ||
| £ | £ | ||
| Donations | 574,000 | 403,212 | |
| 3. | INVESTMENT INCOME | ||
| Period | |||
| 1.4.22 | |||
| Year Ended | to | ||
| 5.4.24 | 5.4.23 | ||
| £ | £ | ||
| Deposit account interest | 24,654 | - | |
| 4. | CHARITABLE ACTIVITIES COSTS | ||
| Grant | |||
| funding of | |||
| activities | |||
| (see note | |||
| 5) | |||
| £ | |||
| Donation | 238,250 | ||
| 5. | GRANTS PAYABLE | ||
| Period | |||
| 1.4.22 | |||
| Year Ended | to | ||
| 5.4.24 | 5.4.23 | ||
| £ | £ | ||
| Donation | 238,250 | 285,497 |
continued...
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Notes to the Financial Statements - continued
for the Year Ended 5 April 2024
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Other | |
| £ | |
| Other resources expended | 3,770 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the period ended 5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the period ended 5 April 2023.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 403,212 |
| EXPENDITURE ON | |
| Charitable activities | |
| Donation | 285,497 |
| Other | 50 |
| Total | 285,547 |
| NET INCOME | 117,665 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 1,638,083 |
| TOTAL FUNDS CARRIED FORWARD | 1,755,748 |
continued...
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Notes to the Financial Statements - continued for the Year Ended 5 April 2024
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 6.4.23 £ Unrestricted funds General fund 1,755,748 TOTAL FUNDS 1,755,748 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 598,654 TOTAL FUNDS 598,654 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 1,638,083 TOTAL FUNDS 1,638,083 |
5/4/24 £ 1,719 Net movement in funds £ 356,634 356,634 Resources expended £ (242,020) (242,020) Net movement in funds £ 117,665 117,665 |
5/4/23 £ 3,699 At 5.4.24 £ 2,112,382 2,112,382 Movement in funds £ 356,634 356,634 At 5.4.23 £ 1,755,748 1,755,748 |
|---|---|---|
continued...
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Notes to the Financial Statements - continued
for the Year Ended 5 April 2024
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 403,212 403,212 |
Resources Movement expended in funds £ £ (285,547) 117,665 (285,547) 117,665 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2024.
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Detailed Statement of Financial Activities
for the Year Ended 5 April 2024
| Detailed Statement of Financial Activities for the Year Ended 5 April 2024 |
||
|---|---|---|
| Period | ||
| 1.4.22 | ||
| Year Ended | to | |
| 5.4.24 | 5.4.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 574,000 | 403,212 |
| Investment income | ||
| Deposit account interest | 24,654 | - |
| Total incoming resources | 598,654 | 403,212 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations given | 238,250 | 285,497 |
| Support costs | ||
| Other | ||
| Accountancy & audit | 3,770 | 50 |
| Total resources expended | 242,020 | 285,547 |
| Net income | 356,634 | 117,665 |
This page does not form part of the statutory financial statements
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