**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|
1
**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
2
**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
3
**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:
1. accounting records were not kept in respect of the Company as required by section 130 of the Act; or
2. the accounts do not accord with those 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.; or
4. 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
4
## **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**
|**Note**
**Fixed assets**
Investments
8
**Current assets**
Debtors
9
Cash at bank and in hand
10
**Current liabilities**
Creditors - amounts falling
11
due within one year
**Net current assets**
**Total net assets**
**Funds:**
Unrestricted funds
**Total funds**|**£**
**£**
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
6
**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.
7
**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.
8
## **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**|
9
## **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).
10
## **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**|
11
## **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.
12