Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
Charity number: 1204665
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
TARRISSE-MURPHY FOUNDATION CIO
Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2024
Trustees D Murphy (appointed 12 September 2023) F Stewart (appointed 4 October 2023) J Stewart (appointed 12 September 2023) D Moran (appointed 12 September 2023) Charity registered number 1204665 Principal office High Bank Shore Road Ventor PO38 1RN Accountants Menzies LLP Chartered Accountants Richmond House Walkern Road Stevenage Herts SG1 3QP Independent examiner Janice Matthews FCA Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024
Report of the Trustees for period ending 31 December 2024:
The Trustees present their report and financial statements for the charity for the period ended 31 December 2024. The financial accounts have been prepared in accordance with relevant accounting policies and best practice, as set out below.
The Tarrisse-Murphy Foundation (CIO) was established following the death of Francois Tarrisse on 28 December 2021 at the age of 52, by his civil partner, Dary Murphy. The CIO was registered with the Charity Commission on 13 September 2023 and HMRC recognition achieved on 5 February 2024.
Francois died of a brain tumour but he had Type 1 Diabetes since his early 20s and had supported Diabetes research in the UK for many years. He gave annually to both Diabetes UK and the Juvenile Diabetes Research Fund (JDRF, now renamed Breakthrough T1D) and sat on the grants approval panel for Diabetes UK.
Objectives and activities.
The aim of the CIO is to continue with the commitment made by Francois to support research and those with long term health conditions. This is set out in the Objectives section of the CIO’s Constitution:
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The relief of sickness and the preservation of health for the public benefit by providing grant funding to registered charities and other organisations carrying out and disseminating medical research; and
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To relieve the charitable needs of people who are diagnosed with a long-term health condition for the public benefit by providing grant funding to registered charities and other organisations in particular but not exclusively for research, awareness raising and for the development of resources so that such people, their families and carers, are enabled to live with and manage such conditions.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Structure, government and management:
Tarrisse-Murphy Foundation CIO is a registered charity, number 1204665, and is constituted as a Charitable Incorporated Organisation governed by a constitution dated 12 September 2023.
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Trustees met five times during the period.
There were initially three Trustees but it was decided at the 21 August 2023 Trustees meeting to add Fiona Stuart: Fiona and Francois were friends since their 20s and it was agreed that her financial background and the history of diabetes in her close family place her well to strengthen the charity’s management structure.
Financial review
Sources of income for the CIO:
Daryl donated two investment properties to create an endowment fund for the CIO in order to provide ongoing income. Daryl had owned Flat 6 jointly with Francois and the other he owned outright:
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Flat 6, Horseshoe Wharf, Clink Street, SE1 9FE (Title No: TGL 175901). After expenses and ignoring void periods and repair costs, this flat generates a monthly income of approximately £3,000 per month.
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Flat 307, 118 Southwark Bridge Road, SE1 0BQ (Title No: TGL 349724). After expenses and ignoring void periods and repair costs, this flat generates a monthly income of approximately £1,500 per month.
Approval for these transfers were sought in advance from the Charities Commission and this was received, as an Order, on 13 February 2024. Ownership of both properties was transferred to the CIO in March / April 2024.
Daryl additionally gave money to the foundation as follows:
-
£100,000 on 16 January 2024
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£80,000 on 12 November 2024
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024
The CIO applied for registration for Gift Aid with HMRC, but this was not received until after the year-end. This is reflected in the accounts.
Charitable giving:
Face to face and virtual meetings have been held with DiabetesUK and BreakthroughT1D throughout the period. Following these, formal decisions were made at Trustee meetings about Charitable Giving for the year.
Trustees decided to support two ongoing research programmes:
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The Accelerator Programme for Breakthrough T1D. This programme has three research portfolios; Improve, Transform and Eradicate. It is a 4-year programme requiring a minimum commitment from doners of £25,000 a year. The CIO has committed to give £30,00 a year for 4 years and the first payment was made in March 2024.
-
The Reith Lawrence Circle for Diabetes UK. This is a similar programme which is working towards an outright cure for Diabetes. It is a 3-year programme requiring a minimum commitment from donors of £25,000 a year. The CIO has committed to give £30,00 a year for 3 years and the first payment was made in March 2024.
These funding commitments to support charities are in accordance with the Charities SORP are accounted for at the point the recipient charities were notified. The amount of outstanding commitments at the year-end were £60,000 payable within twelve months and £90,000 payable after twelve months. The Trustees are however confident that sufficient income will be received to ensure that funds are available to meet these commitments as they fall due. The Trustees therefore consider that the charity is a going concern, and the accounts are accordingly prepared on this basis.
It was additionally decided to make a one-off gift of £100,000 to BreakthroughT1D. At the CIO’s request they prepared a list of possible projects for us to support and it was agreed that we would part-fund research into the drug Sotagliflozin and how it can beneficially affect people with Type 1 Diabetes and heart failure. This is a national research programme being organised by the University of Dundee.
Rental income, professional fees and interest are shown in the accounts. As of 31 December 2024, there was £50,130 cash in the CIO’s bank account.
Reserves policy: -
The charity's funds are invested in investment properties to generate an income stream to support future grant funding activities. These are regarded as expendable endowment funds. The charity's overheads are limited and accordingly there is no need to hold specific reserves.
Achievements and performance:
This has been the first financial year for the CIO, although it has been operational for 15 months. In that time:
-
Trustees have been appointed
-
The Constitution has been agreed and Charity Commission registration achieved
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A bank account has been opened and HMRC recognition has been gained
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An Order has been granted by the Charity Commission authorising the acquisition of property, as an endowment, to the CIO and two income-generating properties have been transferred over.
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Multi-year commitments have been made to support two ongoing research programmes
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A one-off gift has been made to fund specific research into a drug that may improve outcomes for those with Type 1 Diabetes and heart failure.
The Trustees have met all of their objectives for the year and set the CIO in good financial shape, under sound management and governance, for future years.
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material 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 in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ D Murphy
Date: 13-May-2025
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
INDEPENDENT EXAMINER'S REPORT
Independent examiner's report to the Trustees of Tarrisse-Murphy Foundation CIO ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 December 2024.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.
I understand that 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.
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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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 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.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 13-May-2025 Janice Matthews FCA Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2024
| Note Income and endowments from: Donations and legacies 3 Investments 4 Total income and endowments Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Endowment funds Period from 13/09/2023 to 31/12/2024 £ 2,300,000 - 2,300,000 - - - 2,300,000 2,300,000 2,300,000 |
Unrestricted funds Period from 13/09/2023 to 31/12/2024 £ 225,000 43,387 268,387 6,446 324,494 330,940 (62,553) (62,553) (62,553) |
Total funds Period from 13/09/2023 to 31/12/2024 £ 2,525,000 43,387 2,568,387 |
|---|---|---|---|
| 6,446 324,494 330,940 |
|||
| 2,237,447 | |||
| 2,237,447 2,237,447 |
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 8 to 14 form part of these financial statements.
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Investment property 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets excluding pension asset Total net assets Charity funds Endowment funds 14 Unrestricted funds 14 Total funds |
45,000 50,130 95,130 (67,683) |
2024 £ 2,300,000 |
|---|---|---|
| 2,300,000 27,447 |
||
| 2,327,447 (90,000) |
||
| 2,237,447 | ||
| 2,237,447 2,300,000 (62,553) |
||
| 2,237,447 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ D Murphy Date: 13-May-2025
The notes on pages 8 to 14 form part of these financial statements.
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
1. General information
The charity is registered as a CIO in England and Wales, with the charity number: 1204665. The registered office can be found in Trustees annual report.
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.
Tarrisse-Murphy Foundation CIO 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
The trustees anticipate that sufficient funds will be available to nmeet expenditure as it arises and in particular that expenditure in relation to grant commitments will be funded from rental income streams. The trustees accordingly are confident that the charity will remain a going concern for at least twelve months from the date of approval of these accounts and for the forseeable future and the accounts are accordingly prepared on the going concern basis.
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.
Donated investment assets are measured at fair value. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class. The asset is restated at fair value each year in accordance with the Charity's accounting policies.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Rental income is recognised in the period in which it is receivable in accordance with the property lease.
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the period 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 period 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 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.
2.7 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.
Endowment funds are funds which have been given to the charity to be held to generate an investment return.
Investment income, gains and losses are allocated to the appropriate fund.
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
- Income from donations and legacies
| Donations Gift aid 4. Investment income Investment properties income Interest income 5. Analysis of grants Grants to institutions Reith Lawrence Circle Juvenile Diabetes Research Foundation |
Endowment funds Period from 13/09/2023 to 31/12/2024 £ 2,300,000 - 2,300,000 |
Unrestricted funds Period from 13/09/2023 to 31/12/2024 £ 180,000 45,000 225,000 Unrestricted funds Period from 13 September 2023 to 31 December 2024 £ 42,949 438 43,387 |
Total funds Period from 13/09/2023 to 31/12/2024 £ 2,480,000 45,000 2,525,000 Total funds Period from 13 September 2023 to 31 December 2024 £ 42,949 438 43,387 |
|---|---|---|---|
| Period from 13/09/2023 to 31/12/2024 £ 90,000 220,000 |
|||
| 310,000 |
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
6. Expenditure on raising funds
Costs of raising income
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| Period from | Period from | |
| 13/09/2023 to | 13/09/2023 to | |
| 31/12/2024 | 31/12/2024 | |
| £ | £ | |
| Service charge | 6,446 | 6,446 |
7. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| Period from | Period from | Period from | |
| 13/09/2023 to | 13/09/2023 to | 13/09/2023 to | |
| 31/12/2024 | 31/12/2024 | 31/12/2024 | |
| £ | £ | £ | |
| Direct costs | 310,000 | 14,494 | 324,494 |
Analysis of support costs
| Professional fees Accountancy fees |
Activities Period from 13/09/2023 to 31/12/2024 £ 8,014 6,480 14,494 |
Total funds Period from 13/09/2023 to 31/12/2024 £ 8,014 6,480 14,494 |
|---|---|---|
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,400 (2023 - £ -), and tax and statutory account preparation fees of £4,080 (2023 - £ -).
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
| 9. Trustees' remuneration and expenses During the period, no Trustees received any remuneration or other benefits. During the period ended 31 December 2024, no Trustee expenses have been incurred. 10. Investment property Valuation Additions At 31 December 2024 11. Debtors Due within one year Other debtors 12. Creditors: Amounts falling due within one year Accruals and deferred income Accrued grants payable to institutions 13. Creditors: Amounts falling due after more than one year Accrued grants payable to institutions |
Freehold investment property £ 2,300,000 2,300,000 2024 £ 45,000 |
|
|---|---|---|
| 45,000 | ||
| 2024 £ 7,683 60,000 |
||
| 67,683 | ||
| 2024 £ 90,000 |
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
14. Statement of funds
Statement of funds - current period
| Unrestricted funds General Funds Endowment funds Endowment Fund Total of funds |
Income £ 268,387 2,300,000 2,568,387 |
Expenditure £ (330,940) - (330,940) |
Balance at 31 December 2024 £ (62,553) 2,300,000 2,237,447 |
|---|---|---|---|
The endowment fund represents properties given by the founding donor to be held to generate an investment profit. This is an expendable endowment.
15. Summary of funds
Summary of funds - current period
| General funds Endowment funds |
Income £ 268,387 2,300,000 2,568,387 |
Expenditure £ (330,940) - (330,940) |
Balance at 31 December 2024 £ (62,553) 2,300,000 2,237,447 |
|---|---|---|---|
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Docusign Envelope ID: 62A339AF-50E5-4A1D-8FEF-1E7D3DE93AA1
TARRISSE-MURPHY FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
16. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Investment property Current assets Creditors due within one year Creditors due in more than one year Total |
Endowment funds 2024 £ 2,300,000 - - - 2,300,000 |
Unrestricted funds 2024 £ - 95,130 (67,683) (90,000) (62,553) |
Total funds 2024 £ 2,300,000 95,130 (67,683) (90,000) 2,237,447 |
|---|---|---|---|
17. Related party transactions
During the year, Daryl Murphy donated properties to the Charity with a combined value of £2,300,000. This has been recognised as an expendable endowment in the financial statements. Further cash donations of £180,000 were made in the year which are treated as unrestricted funds.
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