2020-09-30-accounts - The Tillett Trust

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Charity registration number 257329

The Tillett Trust

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

for the year ended

30th September 2020

The Tillett Trust Report and Financial Statements Year ended 30th September 2020

Contents	Page
Members of the Board and Professional Advisers	1
Report of the Trustees	2 - 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 - 12

The Tillett Trust

Members of the Board and Professional Advisers

The Board of Trustees	Ms Fiona Margaret Grant (Chairman)
	Mr Derek Aviss
	Mr Harvey Chalmers
	Mr Paul Harris
	Ms Yvonne Minton
	Mr Roger Vignoles
Administrator	Ms Katie Avey
Registered Office	PO Box 771
	Kenton
	EX6 8XA
Independent Examiner	R F Hughes
	3 Deane Croft Road
	Pinner
	Middlesex
	HA5 1SS
Bankers	HSBC (Midland) Plc
	129 New Bond Street
	London
	W1A 2JA
Investment Managers	Vermeer Investment Management Limited
	130 Jermyn Street
	St. James's
	London
	SW1Y 4UR

The Tillett Trust Report of the Trustees Year ended 30th September 2020

The Trustees present their report and the financial statements for the year ended 30 September 2020 which have been prepared to comply with the Charities Act 2011 and Charity Commission’s 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).

Structure, Governance and Management

The Tillett Trust (“the Trust”), registered charity No. 257329, was constituted on 9th September 1963 as an unincorporated charitable trust by a Declaration of Trust. The Trust Deed was amended by resolution of the Board of Trustees 10th February 2010 under section 74 of the Charities Act.

The registered address is PO Box 771, Kenton, EX6 8XA.

Objectives of the Charity

The main objectives of the Charity are the promotion and advancement of education and in particular musical education and the encouragement of the arts of music, drama, mime, dancing and singing.

Organisation and Financial Controls

The Charity employs one member of staff to assist with the day to day administration, secretarial and accounting services. Additional financial assistance and additional administrative support is provided by two paid freelance consultants.

The Trustees meet quarterly to discuss the best ways for the Charity to meet its objectives, and the Trustees regularly review the Trust’s investment strategy with the Trust’s investment fund managers.

Review of Developments, Activities and Achievements

Total funds decreased in the year from £598,386 to £571,830. This resulted from a net ordinary loss of £1,137, and unrealised losses in investment values of £25,419.

The Trustees

The Trustees who served the Charity during the period were as follows:-

Ms Fiona Margaret Grant (Chairman) Mr Derek Aviss Mr Harvey Chalmers Mr Paul Harris Ms Yvonne Minton Mr Roger Vignoles

The Tillett Trust Report of the Trustees (continued) Year ended 30th September 2020

Going Concern and COVID-19

The accounts are approved during a period where there is much uncertainty as a result of the emergence and international spread of a coronavirus (COVID-19). The Charity has been able to implement contingency planning arrangements for such circumstances - staff and consultants already work from home. The ultimate impact of COVID-19 on the UK, the world, the economy, the education community and the Charity is yet to be seen. However, through appropriate consideration of risks as part of its normal risk management processes and mitigating actions both already taken and available to be taken, the Trustees consider it appropriate for the going concern basis to be adopted for these accounts.

Statement of Trustees' Responsibilities

The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its surplus or deficit for that period. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently,
observe the methods and principles in the Charities SORP,
make judgements and estimates that are reasonable and prudent,
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on …………………………………………………. 2021, and signed on their behalf by

………………………………………………………..

Ms Fiona Grant (Chairman) Trustee

………………………………………………………..

Mr Harvey Chalmers Trustee

INDEPENDENT EXAMINER'S REPORT to the Trustees of The Tillett Trust Year ended 30th September 2020

I report to the Trustees on my examination of the accounts of The Tillett Trust (the Trust) for the year ended 30th September 2020.

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’).

Having satisfied myself that the accounts of the Trust are not required to be audited under the Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

……………………………………………………………..

Date

…………………………………………………….

R F Hughes Chartered Accountant

3 Deane Croft Road Pinner Middlesex HA5 1SS

The Tillett Trust

Statement of Financial Activities (including an income and expenditure account) Year ended 30th September 2020

Note Income from: Donations and legacies 2 Other income 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net loss before gains on investments Other recognised gains / (losses) Net (losses) / gains on investments 8 Net movement in funds Total funds brought forward Total funds carried forward	2020 £ 28,898 2,385 14,053 45,336 46,473 46,473 (1,137) (25,419) (26,556) 598,386 571,830	2019 £ 48,868 829 20,795
		70,492
		59,546
		59,546
		10,946 29,763
		40,709 557,677
		598,386

All transactions derive from continuing activities.
All recognised gains and losses are included in the Statement of Financial Activities.

The notes on pages 7 to 12 form part of these financial statements.

Page 5

The Tillett Trust Balance Sheet As at 30th September 2020

£ £ 549,360 549,360 - 31,865 31,865 (9,395) 22,470 571,830 571,830 571,830 2020	2019	2019
£ - 31,865 31,865 (9,395)	£ - 76,217 76,217 (7,806)	£ 529,975
		529,975 68,411

		598,386
		598,386
		598,386

The financial statements were approved and authorised for issue by the Board of the Trustees

on …………………….……………..…………………… 2021 and were signed on its behalf by:

………………………………………………………..

Ms Fiona Grant (Chairman) Trustee

………………………………………………………..

Mr Harvey Chalmers Trustee

The Tillett Trust Notes to the financial statements Year ended 30th September 2020

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1a General information and basis of preparation of accounts

The financial statements have been prepared 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) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Tillett Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

1b Going concern

The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves level and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

1c Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the charity’s general charitable objectives.

1d Income

All income is recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Income from investments comprises dividends and interest on shares and stocks, plus interest on all bank balances and deposits and royalties.

1e Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable

Grants are included in the period of account when they are approved at a meeting of the Trustees.

Support costs

These relate to grant administration and evaluation and comprise all services identifiable as wholly or mainly in support of charitable purposes.

Governance 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 statutory audit.

The Tillett Trust Notes to the financial statements (continued)

Year ended 30th September 2020

1f Investments

Investments are included in the balance sheet at market value on the basis of the middle market prices ruling at the close of business on the balance sheet date.

Realised gains and losses arising on the disposal of investments are credited or debited to the Statement of Financial Activities, as are any amounts written off the book value of investments.

The unrealised gain or loss movement in the market value of investments from one year to another is also credited or debited to the Statement of Financial Activities.

1g Furniture, fittings and equipment

Furniture, fittings and equipment are reported in the balance sheet at original cost. Depreciation is charged over the estimated useful life of the assets using the straight line method. A rate of depreciation of 20% is used.

1h Cash and cash equivalents

Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1i Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1j Estimates and judgments

Estimates and judgements 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. Although these estimates are based on the trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements.

1k Financial instrument

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. The portfolio of investments held by the charity is included at fair value.

The Tillett Trust

Notes to the financial statements (continued) Year ended 30th September 2020

2 Income from donations and legacies

2 Income from donations and legacies Donations and donated services 3 Other income Other income and fees charged 4 Investment income 2020 Value £ UK Investments 385,587 Non-UK Investments 163,773 549,360 5 Charitable activities Salaries Consultancy fees Investment management fees Office administration Print, postage, stationery, advertising Independent examiner's remuneration Young Artists Platform / Debut - Publicity & London Promotions Grants, Donations & Bursaries Grants, Donations & Bursaries included above are as follows: Young Artists Platform / Debut - Auditions Young Artists Platform / Debut - Artist Engagements Bursaries awarded Donations given	2019 Value £ 409,668 120,307 529,975	2020 £ 28,898 28,898 2020 £ 2,385 2020 Income £ 14,053 - 14,053 2020 £ 15,283 4,980 3,322 449 560 675 2,030 19,174 46,473 2020 £ 2,298 8,250 8,626 - 19,174	2019 £ 48,868
			48,868
			2019 £
			829
			2019 Income £ 17,035 3,760
			20,795
			2019 £ 18,530 - 5,801 2,841 305 675 7,198 24,196
			59,546
			2019 £ 5,050 10,865 7,281 1,000
			24,196

The Tillett Trust

Notes to the financial statements (continued) Year ended 30th September 2020

6 Payments to Trustees

Neither the Trustees nor any person connected with them have received any remuneration or expenses (2019:£0).

7 Staff Costs and employee benefits Wages and salaries Social security costs Pension costs The average monthly number of employees during the year was as follows:	2020 £ 15,283 - - 15,283 1	2019 £ 18,530 - -
		18,530
		1

No employee received remuneration amounting to more than £60,000 in either year. The key management personnel of the Charity comprise the Trustees and Administrator listed on page 1. The total amount of employee benefits received by key management personnel for their services to the Charity was £15,283 (2019: £18,530).

The Tillett Trust

Notes to the financial statements (continued) Year ended 30th September 2020

8 Investments Market value at 1st October Additions Disposals at realised value Realised gains / (losses) on sale of Investments Unrealised gains /(losses) Investments Market value at 30th September Historical cost Analysis of investments at 30 September between funds Listed investments Fixed interest loans and bond notes Non UK quoted shares UK quoted shares	2020 £ 529,975 128,720 (95,364) 11,448 (25,419) 549,360 512,846 2020 £ 122,229 163,773 263,358 549,360	2019 £ 544,554 188,401 (232,743) 53,032 (23,269)
		529,975
		398,179 2019 £ 85,526 120,307 324,142
		529,975

The value of the investments allotted under ranges under the Trustee Investment Act is as follows:

Broad range Narrow range Analysis of investments at 30 September between funds Broad Range £ Quoted investments Fixed interest UK and overseas corporate bonds - Equities UK 263,358 Overseas - 263,358	Narrow Range £ 122,229 - 163,773 286,002	2020 £ 263,358 286,002 549,360 Total 2020 £ 122,229 263,358 163,773 549,360	2019 £ 304,215 225,760
			529,975
			Total 2019 £ 85,526 324,142 120,307
			529,975

The Tillett Trust

Notes to the financial statements (continued) Year ended 30th September 2020

9 Debtors Trade debtors Prepayments and accrued income Other debtors 10 Cash at bank and in hand Investment fund managers accounts Bank current accounts Bank deposit account Cash in hand 11 Creditors:amounts falling due within one year Trade creditors Bursaries payable Taxes and social security Accruals 12 Analysis of net assets between funds Fixed assets Investments Current assets Current liabilities	2020 £ - - - - 2020 £ 16,426 15,439 - - 31,865 2020 £ - 8,500 220 675 9,395 Total funds 2020 £ - 549,360 31,865 (9,395) 571,830	2019 £ - - -
		-
		2019 £ 70,230 5,983 4 -
		76,217
		2019 £ - 7,000 131 675
		7,806
		Total funds 2019 £ - 529,975 76,217 (7,806)
		598,386

13 Post balance sheet event

The accounts are approved during a period where there is much uncertainty as a result of the emergence and international spread of a coronavirus (COVID-19) however there is so far no material impact on the charity. After an initial fall in the Trust's investments in the early weeks of the pandemic, the value as at 30th September 2020 had recovered to £549,360. Over the medium term the investment values are expected to sustain their value. This is therefore considered to be a non adjusting event.