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2026-01-07-accounts

Trustees’ Annual Report for the period

From 8[th] January 2025 To 7[th] January 2026

Charity name: The Tor Trust Charity registration number: 1187325

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 The Trustees shall hold the capital and
income upon trust to apply the income and
all or such parts of the capital at such time
or times and in such manner to or for the
benefit of such exclusively charitable
objects and purposes in any part of the
world as the Trustees may in their absolute
discretion think fit.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.		 Para 1.17 and
1.19		 In furtherance of the charity’s objects for the
public benefit the trustees provide grants in
accordance with the deed.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 In determining the charity’s activities, the
trustees have had regard to the Charity
Commission’s guidance on public benefit.

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference Policy on grant making Para 1.38 Policy on social investment Para 1.38 including program related investment Contribution made by Para 1.38 volunteers Other

Achievements and Performance

SORP reference
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 During the year under review the charity
made grants to the following charities
totalling £28,000.
•
Towner Art Gallery - £17,500
(England)
•
Borde Hill Garden Charity - £10,000
(England)
•
Royal Botanic Gardens Kew - £500
(England)

Additional information (optional) You may choose to include further statements where relevant about: Achievements against Para 1.41 objectives set Performance of fundraising Para 1.41 activities against objectives set Para 1.41 Investment performance against objectives Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 Total incoming resources for the year were
£18,575 (2025: £25,071), comprising
investment income and bank interest.
During the year the charity made grants
totaling £28,000 (2025: £5,000), funded in
part by a transfer of £8,197 from the
expendable endowment fund to
unrestricted funds to support grant-making
activities.
At the year end the charity held total cash
balances of £51,859 (2025: £69,832), of
which £45,502 (2025: £55,920) represents
unrestricted free reserves. In addition, the
charity
held
investments
within
the
expendable endowment fund with a market
value of £1,068,037 (2025: £973,500)
These funds are available at the discretion
of the trustees to support the charity’s
objectives.
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 The trustees aim to maintain a modest level
of free reserves to provide flexibility in the
timing of grant-making and to meet ongoing
administration costs. Given the availability of
the expendable endowment fund, which can
be drawn upon at the trustees’ discretion,
the charity does not consider it necessary to
hold significant unrestricted reserves. The
level of free reserves is reviewed regularly
by the trustees to ensure it remains
appropriate in light of planned activities and
expected income.
Amount of reserves held Para 1.22 At the end of the reporting period the
charity had free reserves of £45,502 (2025:
£55,920)
Reasons for holding zero
reserves		 Para 1.22 N/A
Details of fund materially in
deficit		 Para 1.24 No funds in deficit
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 N/A
Additional information (optional)
You may choose to include further statements where relevant about:		 Additional information (optional)
You may choose to include further statements where relevant about:		 Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal
sources of funds (including
any fundraising)		 Para 1.47
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46
Other Expendable endowment funds are those
which are required to be invested to produce
income, but which may be transferred to
unrestricted funds at the discretion of the
trustees in order that they may be expended
in furtherance of the charity’s objectives.
Unrestricted income funds 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.
Structure, Governance and Management
Description of charity’s
trusts:
Type of governing document Para 1.25 Trust deed dated 7thJanuary 2020
How is the charity
constituted?		 Para 1.25 Trust
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Trustees are appointed by the existing
trustees.
Structure, Governance Structure, Governance and Management and Management
Description of charity’s
trusts:
Type of governing document Para 1.25 Trust deed dated 7thJanuary 2020
How is the charity Para 1.25 Trust
constituted?
Trustee selection methods Para 1.25 Trustees are appointed by the existing
including details of any trustees.
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees
Additional information (optional)
You may choose to include further statements where relevant about:		 Additional information (optional)
You may choose to include further statements where relevant about:		 Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures
adopted for the induction
and training of trustees		 Para 1.51
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51
Relationship with any related
parties		 Para 1.51 No trustee received any remuneration or
was reimbursed any expenses in the year
under review.
Ludlow Trust Company Ltd was paid £8,590
(2025: £8,120) for trust administration and
cash management fees during the year
under review. These fees are authorised
under clause 6 of the trust deed.
Other

Reference and Administrative details

Charity name The Tor Trust
Other name the charity uses None
Registered charity number 1187325
Charity’s principal address Ludlow Trust Company Ltd, First Floor, Tower Wharf,
Cheese Lane, Bristol, BS2 0JJ

Names of the charity trustees who manage the charity

Trustee Name Office (If Any) Date acted for if not whole year Name of person (or
body) entitled to appoint
trustee (if any)
Ludlow Trust
Company Limited
Lisa Welton
Stephen Frank
Welton

– Corporate trustees names of the directors at the date the report was approved

Director name
Gary St John Collins Resigned 31 March 2026
Walter Duncan Coxon
Ali Reza Sarikhani
Ziba Christina Sakine
Sarikani
Christopher Ian Thurlow
Matthew John Wickers
Alexander Edward Mulroe appointed 1 April 2026

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets
held in this capacity		 N/A
Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects		 N/A
Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets		 N/A

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of adviser Name Address
Investment Managers Coutts & Co Coutts & Co 440 Strand
London WC2R 0QS
Bankers Coutts & Co Coutts & Co 440 Strand
London WC2R 0QS
Accountants Charter Tax Consulting
Limited		 8th Floor, 1 Southampton St,
London WC2R 0LR
Independent Examiner Katie Wilson Blue Spire Limited, Cawley
Priory, South Pallant,
Chichester, PO19 1SY

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Alexander Mulroe Position (eg On behalf of Ludlow Trust Secretary, Chair, etc) Company Limited (Trustee) Date 21 May 2026

The Tor Trust The Tor Trust The Tor Trust 1187325 1187325 CC16a
For the period
from		 08/01/2025 To 07/01/2026
Section A Receipts and payments
A1 Receipts Unrestricted
funds
to the nearest £
15,597
2,978
-
-


18,575
-
-
-
18,575
28,000
-
8,468
122
600
-
-
37,190
-
-
-
37,190
- 18,615
8,197
55,920
45,502		 Restricted
funds
to the nearest £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Endowment
funds
to the nearest £
-
-
-
-
-
203,816
-
203,816
203,816
-
4,583
-
-
-
-
-
4,583
198,591
-
198,591
203,174
642
- 8,197
13,912
6,357		 Total funds
to the nearest £
15,597
2,978
-
-
18,575
203,816
-
203,816
222,391
28,000
4,583
8,468
122
600
-
-
41,773
198,591
-
198,591
240,364
- 17,973
-
69,832
51,859		 Last year
to the nearest £
Income from investments 15,597 22,609
Interest received 2,978 2,462
- -
- -
Sub total(Gross income for
AR)

18,575		 25,071
A2 Asset and investment sales,
(see table).
Sale of investments - 830,366
- -
Sub total - 830,366
Total receipts
A3 Payments
855,437
Grants awarded 28,000 5,000
Investment Manager Fees - 4,257
Trust administration fees 8,468 8,034
Cash Management charges 122 86
Independent Examiners fees 600 -
- -
- -
**Sub total ** 37,190 17,377
A4 Asset and investment
purchases, (see table)
Investmentpurchases - 814,148
-
**Sub total ** - 814,148
Total payments
Net of receipts/(payments)
A5 Transfers between funds
A6 Cash funds last year end
Cash funds this year end
831,525
- 18,615 - 642 - 17,973 23,912
8,197 - 8,197 - -
55,920 13,912 69,832 45,920
45,502 - 6,357 51,859 69,832

CCXX R1 accounts (SS)

20/05/2026

1

Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period Section B Statement of assets and liabilities at the end of the period
Categories
Signed by one or two trustees on
behalf of all the trustees
B5 Liabilities
B3 Investment assets
B2 Other monetary assets
B4 Assets retained for the
charity’s own use
B1 Cash funds		 Details
Investment portfolio
Details
Details
Details
Total cash funds
(agree balances with receipts and payments
account(s))
Details
Capital account
Income account
Signature		 Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
-
-
45,502
-
-
-
45,502
-
OK
OK
Unrestricted
funds
Restricted
funds
to nearest £
to nearest £
-
-
-
-
-
-
-
-
-
-
-
-
Fund to which
asset belongs
Cost (optional)
Endowment
-
-
-
-
-
Fund to which
asset belongs
Cost (optional)
-
-
-
-
-
-
-
-
-
Fund to which
liability relates
Amount due
(optional)
-
-
-
-
Print Name
Alexander Mulroe on behalf of Ludlow
Trust CompanyLimited(Trustee)		 Endowment
funds
to nearest £
6,357
-
-
6,357
OK
Endowment
funds
to nearest £
-
-
-
-
-
-
Current value
(optional)
1,068,037
-
-
-
-
Current value
(optional)
-
-
-
-
-
-
-
-
-
When due
(optional)
Date of
approval
Alexander Mulroe on behalf of Ludlow
Trust CompanyLimited(Trustee)		 21 May 2026

CCXX R2 accounts (SS)

20/05/2026

2

Independent Examiner's Report to the Trustees of The Tor Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 07 January 2026.

Responsibilities and basis of report

As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records.

  3. accounts comply with regulations

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.

Katie Wilson FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date 21 May 2026