MRS R P TINDALL'S CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
31 December 2020
Charity Number: 250558
Contents
| Page | |
|---|---|
| 1 - 3 | Report of the Trustees |
| 4 | Report of the Independent Examiner |
| 5 | Statement of Financial Activities |
| 6 | Balance Sheet |
| 7 - 11 | Notes to the Accounts |
| 12 | Detailed list of grants (for trustees' use only) |
FLETCHER & PARTNERS CHARTERED ACCOUNTANTS SALISBURY
Page 1
MRS R P TINDALL'S CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees G Fletcher (Chairman) Mrs N A Halls S G P Herbert (resigned 5.5.20) Miss C Newman M R F Newman Rev Canon A C Philp Secretary Mrs I Rider (retired 5.5.20) Mrs A Pietersen (appointed 6.11.20) Principal Office Crown Chambers Bridge Street Salisbury Wiltshire SP1 2LZ Charity Number 250558 Independent Examiner A J Radice FCA Guelder Cottage Hanging Langford Salisbury SP3 4NW Bankers National Westminster Bank plc 48 Blue Boar Row Salisbury Wiltshire SP1 1DF Solicitors BDB Pitmans 50 Broadway Westminster London SW1H 0BL Investment Managers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
Page 2
MRS R P TINDALL'S CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their annual report along with the financial statements of the charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 7 and 8 and comply with the charity's trust deed, the Charities Act 2011, 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 effective from 1 January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland effective from 1 January 2019 (FRS 102).
Constitution and objects
Mrs R P Tindall's Charitable Trust is constituted under a trust deed dated 4 October 1966 and is a registered charity number 250558. Mrs Tindall died on 31 December 1999.
The objects of the charity are to apply the Trust fund and income therefrom for the benefit or furtherance of such charitable purposes, charitable institutions or charitable foundations and in such manner and in such proportions as the trustees may determine. In particular, the trustees may relieve poverty, further the work of the Christian Church and advance education, and may make grants for the welfare of the Clergy and their dependants. The Trust furthers its charitable purposes for the public benefit through its grant-making policy.
Organisation
The trustees who have served during the year and since the year end are set out on page 1. Trustees are appointed by the board of trustees and, at any one time, the number of trustees is restricted to six, having been increased from four by a resolution dated 25 March 2010. The trustees meet twice a year to review and manage the charity, including the assessment, approval and refusal of grants. New trustees are recruited and appointed following personal recommendation by the existing Trustee body and are trained by the Chairman of trustees.
They have a part-time secretary to assist with the administration of the charity.
Grant- making policy
The Trust has established its grant- making policy to achieve its objects for the public benefit. The charity invites applications for funding by advertising in charitable trusts' registers. The trustees' current policy in making grants is broadly in the following categories: Christian Church, Education, Music, Medical, Welfare, Madagascar/Africa and Miscellaneous. This policy may be modified in the future. For many years the trust has supported the Anglican Diocese of Antsiranana in Madagascar.
Investment policy
Since January 2000, the trustees' intention has been to manage these funds with the object to provide a rising total return in real terms over the foreseeable future, being taken to be the next 60 to 80 years. There are no restrictions as to how funds are to be invested. During October 2006 the trustees authorised the investment of the entire fund into Sarasin & Partners' "Alpha Common Investment Fund for Endowments" (Income units). In 2018 the fund became "Sarasin Endowments Fund Class A Income". This common investment fund's objective is to seek a combined income and capital return over the long term of 4.0% above inflation (CPI). It is a global multi-asset portfolio with an integrated socially responsible investment policy and is a sub-fund of Sarasin CAIF (Charity Authorised Investment Funds). Unit holders do not have any proprietary interest in the underlying assets of the Fund.
The Trustee Act 2000 applied from 1 February 2001, and the trustees have delegated their discretionary powers of investment to Sarasin & Partners LLP, who report quarterly to the trustees and whose appointment was reviewed in 2016 and renewed for five years. The trustees will carry out a portfolio review half-yearly to ensure the assets are meeting the charity's objects to generate income to be used to make grants for the foreseeable future.
All the charity's funds are unrestricted, but are being invested by the trustees to achieve a long- term real total return.
Public benefit
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
The charity meets its public benefit remit by providing grants to various categories of beneficiaries and charities covered in the grant -making policy.
MRS R P TINDALL'S CHARITABLE TRUST
Page 3
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Review of Activities and Achievements
During the year the charity received numerous applications for funding and also made 11 special grants totalling £24,000 to charities which support those affected by the Covid-19 pandemic. The trust made payments to 51 (2019 - 41) institutions and 30 (2019 - 32) individuals. As described in note 5 on page 9, the total of direct costs of grants made under the category of Christian Church was £18,000 (2019 - £16,000), Education £34,250 (2019 - £44,400), Music £18,875 (2019 - £4,250), Medical £16,000 (2019 - £15,000), Welfare £35,500 (2019 - £21,500), Madagascar and Africa £4,500 (2019 - £5,778). The total of all direct and support cost of all the grants made was £133,656 (2019 - £112,876). Once again, the ongoing monitoring of investment performance played an important part in this year's activities, particularly in light of the turbulent effects on stock markets and dividends of Covid-19.
Financial Review
The Trust's work is entirely reliant on income from its investments. The total income for the year was £119,872 (2019 - £118,191). The total expenditure was £133,656 (2019 - £112,877). Grants committed for future years were £46,875 (2019 - £34,875). The trust's support and governance expenses were £6,531 (2019 - £5,948).
Realised and unrealised gains on investments were £228,363 (compared to gains of £507,202 during the previous year). The net movement in funds for the year was an increase of £214,579 (2019 - an increase of £512,516). The investment performance showed a total return of +9.6% (2019:+19.6%) over the calendar year, which compared with a total return for the Sarasin Endowments Fund Class A Income bespoke benchmark of +6.8% (2019:+18.5%). At the year end the net assets of the charity were £3,993,122 (2019 - £3,778,543).
Reserves policy
It is the policy of the charity to maintain a level of reserves that will produce an annual income sufficient to cover the grant applications and management and administration costs.
Risk management
The principal risks faced by the Trust lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Trust to make effective grants. The trustees consider variability of investment returns on the investments to constitute the charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing the trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under the law applicable to charities in England and Wales, the trustees have elected to prepare accruals accounts which must give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and
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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 operational existence.
The trustees are responsible for keeping accounting records which 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 applicable Charity (Accounts and Reports) Regulations and the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 7 July 2021 and signed on their behalf by:
G Fletcher Trustee
M R F Newman Trustee
Page 4
MRS R P TINDALL'S CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MRS R P TINDALL'S CHARITABLE TRUST
I report to the trustees on my examination of the accounts of Mrs R P Tindall's Charitable Trust (the Trust) for the year ended 31 December 2020, which are set out on pages 5 to 11.
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 Trustees’ accounts carried out under section 145 of the 2011 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 2011 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 Trust as required by section 130 of the Act; or
(2) the accounts do not accord with the accounting records; or
(3) 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.
Signed:
Name: A J Radice
Relevant professional qualification or membership of professional body (if any): FCA
Address: Guelder Cottage, Hanging Langford, Salisbury, SP3 4NW
Date: 29 September 2021
Page 5
MRS R P TINDALL'S CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 DECEMBER 2020
| Notes Income from: Investments 3 Total income Expenditure on: Charitable activities: Grants payable 5 Total expenditure Net income/(expenditure) before gains and losses on investments Gains/(losses) on investment assets 7 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
||
|---|---|---|
The notes on pages 7 to 11 form part of these accounts.
Page 6
MRS R P TINDALL'S CHARITABLE TRUST
BALANCE SHEET AS AT 31 DECEMBER 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets: | |||||
| Office Equipment | 6 | 371 | 0 | ||
| Listed investments | 7 | 3,991,256 | 3,751,980 | ||
| Current assets: | |||||
| Cash at investment manager | 1 | - | |||
| Cash at bank and in hand | 52,613 | 64,848 | |||
| Total current assets | 52,614 | 64,848 | |||
| Liabilities: | |||||
| Creditors: Amounts falling due within | |||||
| one year | 8 | (51,119) | (26,285) | ||
| Net current assets/(liabilities) | 1,495 | 38,563 | |||
| Total assets less current liabilities | 3,993,122 | 3,790,543 | |||
| Creditors: Amounts falling due after more | |||||
| than one year | 9 | - | (12,000) | ||
| Total net assets | 3,993,122 | 3,778,543 | |||
| The funds of the charity: | |||||
| Unrestricted funds | 11 | 2,537,614 | 2,551,398 | ||
| Revaluation reserve | 11 | 1,455,508 | 1,227,145 | ||
| Total unrestricted funds/Total charity funds | 3,993,122 | 3,778,543 | |||
| - | - | ||||
| Approved by the trustees on 7 July | 2021 | and signed on their behalf by: |
M R F Newman G Fletcher Trustee Trustee
The notes on pages 7 to 11 form part of these accounts.
Page 7
MRS R P TINDALL'S CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Principal accounting policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from 1 January 2019), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts (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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The trust constitutes a public benefit entity as defined by FRS102.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next reporting period 2021 the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets.
(b) Funds Structure
The funds of the charity are represented by unrestricted funds. Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objectives.
(c) Income recognition
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. Investment income is accounted for in the period in which the charity is entitled to receipt. Legacies are recognised at the earlier of the time at which the charity is notified of an impending distribution or the legacy being received. Gift Aid donations and investment income are stated inclusive of the income tax recoverable thereon.
(d) Expenditure recognition
Expenditure and related liability is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Grants offered subject to conditions which have not been met at the year end are disclosed as a commitment, but not accrued as expenditure
(e) Costs of raising funds
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio.
(f) Charitable activities
The expenditure on charitable activities includes grants made, governance costs and an apportionment of support costs as shown in note 4 and 5.
(g) Support costs, governance costs and their allocation
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees together with an apportionment of overhead and support costs. The total support and governance cost is apportioned between charitable activities pro rata to the number of grants awarded.
Page 8
MRS R P TINDALL'S CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Principal accounting policies (continued)
(h) Tangible fixed assets
All assets costing more than £500 are capitalised and valued at historical cost. Depreciation is charged at rates calculated to write off the cost over the asset's estimated useful life. Computers are depreciated on a straight line basis over three years from the year of acquisition.
(i) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing bid price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investments markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Social investments are measured at cost.
(j) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(k) Financial Instruments
Financial assets and financial liabilities are initially recognised at transaction value and subsequently measured at their settlement value with the exception of investments which are, after initial recognition at transaction value, measured at market value. The trust does not use complex financial instruments.
(i) Concessionary loans Concessionary loans are measured at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment.
(l) Debtors
Debtors are measured at the amounts the charity anticipates it will receive from a debt.
(m) Cash at bank and in hand
Cash at bank and in hand includes cash and cash on deposit.
(n) Liabilities
Liabilities are measured at the amounts the charity anticipates it will pay to settle a commitment or debt.
2. Related party transactions and trustees' expenses and remuneration
The trustees received no remuneration or other benefits (2019 - £nil) and 6 trustees were reimbursed for subsistence expenses of £nil in the year (2019 - £273). Fletcher & Partners received book-keeping and accountancy fees net of VAT of £3,771 (2019: £2,173). Mrs N Halls (a trustee) is a partner, and Mr Giles Fletcher (a trustee) is a relation of a partner, in this firm. Such payment is authorised under the Trust Deed.
| 3. Investment income Dividends - UK unit trusts Interest on cash deposits Sarasin fund management fee rebate |
2020 £ 118,873 81 918 119,872 |
2019 £ 117,380 154 657 |
|
|---|---|---|---|
| 118,191 |
The fund manager's charges are made within the fund itself at the rate 0.86% pa on the value of the fund, with 100% charged to the capital fund, thus reducing the value per unit. Total charges for 2020 were £26,690 (2019 - £25,695), net of the fee rebate.
MRS R P TINDALL'S CHARITABLE TRUST
Page 9
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Allocation of governance and support costs
The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below:
| Cost type Independent examination fee Accountants' fees Secretarial fees and expenses Employer's liability insurance Bank charges Depreciation of computer Legal fees Meetings, Computer, Sundries |
Other 2020 Other 2019 Governance support Total Governance support Total costs support costs costs support costs 450 - 450 350 - 350 3,325 1,200 4,525 2,483 125 2,608 - 219 219 - 1,389 1,389 - 377 377 - 377 377 - 35 35 - 69 69 - 185 185 - 241 241 - - - 480 - 480 - 740 740 273 162 435 |
|---|---|
| 3,775 2,756 6,531 3,586 2,363 5,949 |
The apportionment of costs is based on usage. The total support costs are then apportioned between charitable activities pro rata to the number of grants awarded.
5. Charitable activities
The charity undertakes its charitable activities through grant- making and awards grants to a number of individuals and institutions in furtherance of its charitable activities.
| Christian Church Education Music Medical Welfare Madagascar and Africa Miscellaneous |
Grants to Grants to Support institutions individuals costs |
2020 | Grants to Grants to Support institutions individuals costs |
2019 | |
|---|---|---|---|---|---|
| Total | Total | ||||
| £ 18,000 - 1,256 19,256 32,000 2,250 879 35,129 18,875 - 502 19,377 16,000 - 1,130 17,130 35,500 - 2,513 38,013 4,500 - 251 4,751 - - - - |
16,000 - 1,133 42,000 2,400 850 4,250 - 283 15,000 - 1,275 21,500 - 2,125 5,778 - 283 - |
£ 17,133 45,250 4,533 16,275 23,625 6,061 - |
|||
| 124,875 2,250 6,531 133,656 |
104,528 2,400 5,949 |
112,877 |
| Recipients of larger institutional grants were: Salisbury Cathedral School - choristers' music lessons Sarum College- computer system Salisbury-Sudan Medical Link Salisbury Diocesan Board of Finance - Pipe Up Organ lessons Faith in Kids Samaritans Other grants (none more than £3,000 each) |
£ 9,000 25,000 5,000 6,875 4,000 5,000 70,000 |
|---|---|
| 124,875 |
MRS R P TINDALL'S CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Page 10
| 6. Fixed Assets - Office equipment Cost at 1 January 2020 Additions Disposals Cost at 31 December 2020 Depreciation at 1 January 2020 Charge for the year Elimination on disposal Depreciation at 31 December 2020 Net Book Value at 31 December 2020 Net Book Value at 1 January 2020 7. Fixed Asset Investments Listed Investments Market value at 1 January 2020 Additions at cost Transfer to income Gain/(loss) in the year Market value at 31 December 2020 Historical cost as at 31 December 2020 Investments at market value comprised: Listed unit trust investments Capital cash held within the investment portfolio |
2020 £ 3,751,980 10,918 (5) 228,363 3,991,256 2,529,996 2020 £ 3,985,504 5,752 3,991,256 |
£ 722 556 (722) |
|
|---|---|---|---|
| 556 | |||
| 722 185 (722) |
|||
| 185 | |||
| 371 | |||
| - | |||
| 2019 £ 3,244,122 656 - 507,202 |
|||
| 3,751,980 | |||
| 2,523,996 | |||
| 2019 £ 3,751,141 839 |
|||
| 3,751,980 |
Listed investments comprises of 3,340,740.79 Sarasin Endowments Fund Class A Income units.
| 8. Creditors: Amounts falling due within one year Accruals for grants payable Other accruals 9. Creditors: Amounts falling due after more than one year Accruals for grants payable |
2020 £ 46,875 4,244 51,119 2020 £ - |
2019 £ 22,875 3,410 |
||
|---|---|---|---|---|
| 26,285 | ||||
| 2019 £ 12,000 |
Page 11
MRS R P TINDALL'S CHARITABLE TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
10. Movement in funding commitments for grants during the year
| Grant commitments recognised as at 1 January 2020 New grant commitments charged to the SOFA in year (see Note 5) Grants paid during the year Grant commitments recognised as at 31 December 2020 |
£ 34,875 127,125 (115,125) |
|---|---|
| 46,875 |
The commitments include grants for schools, supporting musical activities and music lessons for those in need to the end of academic year 2020/21.
Support for church work in Madagascar is a long- term commitment by the charity in accordance with the wishes of Mrs Tindall. Future commitments cannot be calculated because the grant does not have a termination date.
11. Analysis of movements in unrestricted funds
| Unrestricted funds Revaluation reserve |
Fund balances brought forward 2,551,398 1,227,145 |
Income 119,872 - |
Expenditure (133,656) - |
Gains and (losses) - 228,363 228,363 |
Fund balances carried forward £ 2,537,614 1,455,508 |
|---|---|---|---|---|---|
| 3,778,543 | 119,872 | (133,656) | 3,993,122 |
The Unrestricted funds are available to be spent for any of the purposes of the charity.