CharSty number 258665 THE T.U.U.T CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2023 THE T.U.U.T CHARITABLE TRUST GENERAL INFORMATION YEAR ENDED 31 MARCH 2023 TRUSTEES: S Ferns BaFoness Pro55er OBE P Nowak D SaLlion M Twalsh P ]Nhil8man SECRETARY.. S K Ellis ADDRESS.. Tha T.U.Ll.T Charitable Trust Congress HOUSÈ GreÉt Russell Street London WC18 3LQ BANKERS: Co-operative Bank ple P.0. Box 250 Dell House Skelmersdale WN8 6WT ALJDITORS: Shiplèys LLP 10 Orang8 Stre61 H8ymarkel London WC2H 7Da CHARITY NUMBER.. 258665 Page 1 THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 FINANCIAL STATEMENTS The TIu5tee5 present their report and accounls for th& year ended 31 March 2023. The linancisl slat&ments comply with eur¥ent statutory requirements, the trust deed and the Slalemenl of Recommended Practice 'Accaunting and Reporting by Charitiès, {Chaiitiés SORP FRS 102). BACKGROUND AND OBJECTIVES OF THE TRUST Th& T.U.U.T Charitable TTUSt was established by a d6elarallon of Trusl dated 26 March 1969 rThe Tr￿st Dèed'l. The purpose ol the Trust was lo hold Ilie shares of th& Gompally now known as TU Fund Managers Limited ITUFMI, use dislributed prolils from this, and other sources lor cha¥itable purposes. The General Coujcil of the Trades Union Congress may. from time to lime. by written notice, suggest lo Ihe Trustees charitable causes, which they feel, would benefit from our support. In the absence ol Èueh. the Trustees shall hold the Trust fund for the benefit ol such charitable purposes a5 they, in their absolute discrollon. see ffl. STATEMENT OF TRUSTEES, RESPONSI8ILITIES FOR THE ACCOUNTS The Tluslees aro responsible lor preparlng the trustees, report and the financdal statements in accordance with applicablg law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practice). Law applicable lo chaiilios in E￿land and Wales requires the Trustees lo pr8pare accounts IOT eaLh liTrariLldl yeiir, wliiLh give a Irue and lair wew ol the stale of affairs of the charity and of th@ income and expendilurB of the charlly. In preparing these accounls. thè Trustees are required lo'.- selocl suitable accountirtg pollcies 8nd apply them consistently., observe the methods and principles in the chaiitles SORP., make judgements and estimalgs that are reasonable and prudent.. statg whether applicable accounllng standards and statements csf recommended prdclice have been lollowed, subje¢l lo any dep8rtui8s dlsclosed and explained in the accounts.. prepare the accounts on tho going concern basis unless il is inapproprtale to assume Ihal Ihe eharity wlll be able to continue in operalian. The Tnsslees are responslble lor keeping sufficienl accounlirio records whsch disclose, with reasonable accuracy, the financigl position ol the charlty al any lime, and which enable them to ensure that Ihe aCLoun(5 coinply wilh the Ch2rities Act 2011, the Charity IAccounts and Reports) Regulalions 2008 and the provision5 of the Irtsst deed. They are also responsible for safeguarding the assets of the charity, and henc8 lor taklng rèasonable steps for the prevention and detection of error, fra4Jd and other irregularities. TRUSTEES The Trustees who served during the year aro as follows.. Sue Ferns Baroness Prosser OBE M T Walsh P Nowak Irosignod 24 May 2Q231 D Sachon P Whiteman M Quiney was appolnted as a trustee on 24 May 2023. On the retirement of any Trustee, the power of appointing a replacement Is nomally vested in the Stjrviving Trustees providing the appoinlmenl takes place within thr8e tnonths. Page 2 THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES ICONTINUEDI YEAR ENDED 31 MARCH 2023 ENQUIRIES Any 6nquiries regarding the Trust should be addressed as follows.. Ms S K Ellis The T.U.U.T Charitable Trust Congress House Greal Russell Street London WCIB 3LQ REVIEW OF ACTIVITIES AND ACHIEVEMENTS The Iruslo8s have givgri du8 regsrd to the Charily Commission'5 guidanoe on publlc bonefil when reviewing the aim and objectives and in planning luture activities ol Ihe charity, All decis￿n5 ate made by the tNslees. The (ruslees give their time freely and recelve no remuneration for their services. The aim of the chaiity Is to provlde benefrt to charitable causes as t￿nSIdered approprlate by the Iruslegs. The ch£iftly's slriilEgy for achieving ils slaled aims and objBctives is Eo make charitable donalions lo causes that would be supported by thB trade union movemenl. Duriiig 11)e pabl yEar the chdrily agreed to fund over £500,000 of projects (before rev¥rsal of prior year cDrnrnitments no longer required by Ihe reeipienll, the most ever allocated in a single year, continuing its support ror charilics working in different spheres. both in the UK and overseas. Bclow are some of the proje¢ls we have fijnded this year. A full list of charities supported this year is ir) note 4 lo this Report and Accounts. UK projects The wèlfare of children has been at the forefront ol our donalior¥s this year. We try to support charilies working at a political level and thosè working directly to positively inlluenca th6 future ol OLJr childr@n and society. The largest donatson this year 1£90kl was given to UK loodbanks, mainly those belonging to the Trussell Trnst netwoi'k. Foodbanks ¢ontinued lo offer 8 liféline lo thousands during the winter of 2022123, even though the gowernmonl provided somo SUPPOrt for fuel bills, general inflation left many struggling to heal their homes and eat. Few life events are more Confusing a￿d distressing than the daalh of a loved one. Boreavemenl in childhotsj can have a long.laslino impact on a person's life. 11 can trigger anger, i8sues with family life, bullying, separaljon anxiety, disturbed sleep, lack ol conlldence, poor school attendanee and depression. Guy's Gift has provided 5pecl£ilised supporl to increasing numbers ol bereaved children and young people in Coventry and WarNickshire since 2009. A dwalion of £17,750 facilitated the empknyment ol an extra part-llme couns&llor lor the team lor one year. With the aim of keeping children oul ol jall The No Way Trust based in Hull work5 in schools with childron aged 12-15 across England & Wal6s lo help prev8nt children from b8comlng involv8d in risky behaviour or ¢rime, lo slay sale and hopefully r&alise their lull polenlial. Our grant of £30k was lo be used lo support the salary of an ex-prisoner who takes part in their school workshops explaining what Page 3 THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUED) YEAR ENDED 31 MARCH 2023 Placè2bÈ works with Children in schools providing high quality emotional support helping them develop copin9 slralegies. Our £30k donation wss lo fund Personalised Individual Par6nling Trainino IPIPTI lor 20 farnilies in Yorkshire. PIPT is a six-lo-ten-week programme aimed al parents ol young pyimary-aged children displaying challenging behaviours e.g. lying, being aggressive, or frequently defying adults and rulÉs. The Family Praclilloner works alongside parent and ehild through live coaching, Modelling and role play lo help build more posiltwe communic81B)n 8nd ways of inleiacling wilh one another. The programme helps build a more harmonious relationship positively impacting on the well-being of whole fÉmilies. Overseas prolects Lond(￿ based ¢ha¥ily Ashanti Development was sat up by Ghanaians INing in th8 UK to support and develop their hotne region in Ghana. They began work in 2005 originally lo improve the eye health of local people mainly caused by a form ol conlLJncllvilis brough south across the Sahara by Iradeis. Over lime they have improved wat8r supplies, s2nitath)n, rnatemily care, created a micro ltsans qyslem, create.d a spwino school lor girl8 and impraved work opp()rli)nitios lor Ihp di82hled. Having been a regular supporter of their many schemes over the past ten years with donaiions varying between £1k-£Sk they cam8 to us knokinq for some support for a tmuch bigg8r w&ll thought out scheme lo improve agriculture in the region, ulili8ing knowledge from Iho regic)n's agrieiillural rollege regaiding dimate change and the bèst crops to grow, encouraging loesl farmers to lèach and supervise others in their localily how io Improve their farmlng methods and exop choicès. The trustees decided lo fund the whole of the three-year project with a donation of £50,000. The Brittsh Asian Trust asked loi our help lo fund a 2 yaar project in 5 8angladesh garment fa¢tories18pprox. 2,500 workers) to improve the mental health of the mainly lemale worklor¢e. Trade Union member workers wll be trained as lay counsellors, then they and Ihose who have benefilted from this support will speak about the benefits ol the programme al their local trade union meetings which should galvanise further collective demand lor th¢ provision ol such rnfjnlal health support across other laclories. A donation of £50.000 was agfeed being ot the eslimaled proied cost, the balance to be provided by a UK garmenl retaller. Madhesh Provlnce ol Nepal has both tho largosl population yol is tho most ncglecl¢d in the country, with the highesl levels ol miiliiulrltiun. To coinpound all vl Ihal they are now experiencing the worsl exoesses of the climate crisis, wth Cha￿e8 irTr weather patterns rlilnlng Imdlllonal crops and causing natural diSa￿lOrS such as floods. Pipal Tree a Devon based charity is helping people to r8Store th8 ndlural eTrviiuiimenl and helping communities lo become more resilient wilh a reforestation programme that primarily benefits women who plant and nurture the saplings. Environmenlal work needs to encompass soaal welfare and education, it wlll not SUCC8ed where peoples focu5 on daily survival. Our donalion of £5,000 provides funding for th8m ta set up and a distiicl school for on8 year in Madhesh province. Children are the future. FINANCIAL REVIEW During th8 year, th8 Trust r￿e7ved ineome of £502,893 12022.. £202.9531 and m8de ehariiable donations of £469,65812022.' £310,080>. Aftér taking into account a small amount ol other expenses of £5.651 12022.. £5,451) and nel decrease in value of inveslmeiils of £411,647 12022., gain of £14,8Q91 thè accumulated fund decreased lo £2.006.68412022'. £2,390,747). The principal funding ol the charity is donations frorn ils Subsidlary, tho TU Fund Manggers Gioup. The audited accounts ol TU Fund Managws Group Iwthose principal aotivily is Ihg oversighl and supervision ol its customers, investments in bDlh the Aberdeen funds and the Trade Union Unil Trusll, which is wholly owned by the Trust. to 31 Maich 2023 show a Consolidaled loss for the year ol £401,25212C122.' £46.7301 after making donations of £5W.00012022.' £200.0001 lo the Tiusl, and nel assets ol £1,488,88012022.. £1,902.0081. Pagg 4 THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 MARCH 2023 FUTURE PLANS The Trustees expect to rnakB Substantial charitable don21ions in future years, bul this policy is dependent on the lgvel of income generated and upon the Tiustees, objective of malnlalnlng a continuing Charitable Trusl fund. THE POLICY ON RESERVES The Trust's income remains heavily dependent on one source ITU Fund Managers Group) whose trading 8Ctivities are 118ble to be affected by eireumstances entirely outside its control. Tl)e Trustees Iherelor9 feel il appropriate to build up and malnt8in a reserva In order.. to provÉde continully ol funding without concern about the vagaries of income., lo have the abillty to respond quickly to emergency appèals", and lo permit th? Trusteés lo diversify their porifolio without the need to realise part ol their core Investment. Accordingly, the TrusleÈs' paliry is to continue to mzintain a reasonable reserve fund lexcluding tho value of shares in TU Fund Managers Limiledl which will enable the Trust lo continue ils work. At the ypar-gnd, the Charity had r8S8rves. exclLJding tho valug ol shargs In TU Fund Managers Ltd and restricted funds, ol E513.09412022'. £484,042). The minimum reseTve fund the Gharily needs lo continua ils work should $qual tho 8moui)I required to fund all grants already committed, Al the year-end future grant cornmilments lolalled £325,02012022', 11 Jf2,7601. REMUNERATION AND LIABILITY OF TRUSTEES Thè Tr￿SteeS are enlilled to reimbursement of expenses Incurred In the execution ol their duties. The Trust d8ed slates that they ale also lo be lully indBmnilied uul ol Ilie Trubl dbbels dgdinsl all Iicibililieb incurred Ihrouoh the ex8Gulion ol their duties. During the year in quest￿rn, no such reitnbijrsemenl or indemnilicallon has been made. APPOINTMENT OF TRUSTEES The 8odrd ol Truslees is aulhorised lo appoint new Trustees lo fill vacancies aTising through resignation or death of an exisung Trnt51ee. It is a requirement ol the Trust Deed that 211 trustees must be trade unionists, lh8 int8nlion b8lng to ensure that causes wh￿h benefit should broadly be those that would be supported by the movement. New trustees are appointed following due CDnsideratloTr ol the skills and experience r8qulred. Fitness & propemess checks are carried out. Appointees are made aware of the role of Iruslee under Charity 18w and ar8 provld8d with all relevant govemance documents and Annual Accounts. INVESTMENT POWERS & POLICY The Trustees hav8 power to invest the trust funds in such investrNenls as they think fil as if Ihey were themselves th8 beneficial owners. Current policy is to hold inveslmenls that are ol lowlm8dium risk that can be liouidaled easily as the need 3ris9s. No social, $nvironmenlal or ethical considerations are applied. IFSL Trade Union Unit Trust increased in value by 3% during the year {2022.. 4%) and MSG Gill & Flxed Inleresl Income F*Jnd decreased in valua by 18Y.12022.. 6/1. Page S THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 MARCH 2023 CHARITABLE DONATIONS POLICY though Ih8Ye is no legal reslriclion on Ihe chaiitable causes that may bg awarded grants, the Irustees give priority to charit￿$ Ihal dernonslrale a close relationship with the trade union movement, either in Ihe UK or abroad or whSch are seeking support for objecllves whKh Ihe movement would be likoly to endorse. 11 is not nO￿allY the Truslees. policy to make grants lo individuals for their own benefit. To apply lor a grant, charitabl& oiganisalions should apply for a Form of Request and submil this. duly tompleled. The Trustees meet al least twice a year to Consider requests received. RISK MANAGEMENT The Trustèes confirm that thèy hÈve assessed the risks lo which this Charlty Is exposEd. The Trust holds investments in equiliÈs and gilts whose PrI￿S il monitors regularly. alc*¥g with easily accesslb16 eash Investments. which 11 uses to maintain the liquidity of its bank balances. Though the Trust has only two Core donors, TU Fund Managers Limited ITUFMI and TU Fund Management SeNices Limited ITUFIrtSl, the Trustees feel Ihe risks lo which they arè exposed are minimal. Th@y ar6. novèrthelèss, sensitive to tha potenti81 risk that could aflse should th8 Trust's full own@r8hip of TUFM and TUFMS be reduced. One area whpre the Trust rould be viilnerahle is in antieipaling income from TUFM and TUFMS. The trustees are regularly kept up to date by the direotors ol TUFM and TUFMS of any matters ol interest to them. Subsequent events sin￿ the yeÈr end, thè chailty's listed Investment porllolio has decreased in value by approximaloly £50k due lo fluclualing markgl conditions. The Iiustees are monitoring th¢ position. Approved by Ihe Trustees on.. .1.10, Signed on their behalf by.. 8aron&ss PTOSS8r OBE Page 6 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST Opinion W8 hav6 audited the fEnancial statements of The T.U.U.T Charitable Trust Irx the year ended 31 March 2D23 which compThse the Slalemenl ol Financial Aoliviligs. the 8&lan¢e Sheet, Slalemenl of ¢8sh flows and the rèlated notes. The financial reporting framework that has been applied in their preparation is aPpI￿8b[@ 18w 2nd United Kingdom Accounting Standards. including Financial Reporting Standard 102 Tho Finanoial Reporting Sl8ndard epplicablè in the UK and Republic ol Ireland (United Kingdom Generally AC￿pIed Accounting Praclicel, In our opinion, the flnanclal slalements,. give a true and lair vlew Df the slate ol th$ charills affairs as at 31 March 2023, and ol ils income and expenditure for the yèar theft ended,. have been properly prepared in accordance w*th Llniled Kingdorm Generally Accepted Accounting Practice., and havs been pr9P8red in accoid3nEB Wlth Ihe requiretnenls of Ihe Chaiities Act 2011. Basls for oplnlon We conducted our audit in ac¢ordan¢e wlth Int8rnalional Standards on Auditlno IUKI IISAS IUKII and appliccible law. Our respoiisibililies under Ih09e standards are further described in the auditor's responsibilities for the audit of Ihe IlnaTr¢ial stalemenls section ol our report. We are independent ol Ihe charity in 8CCOTdance with the elhleal requirements that ara relevant to our audit ol the financlal slalemenls in Ihe UK, in¢ludinq the FRC'S Ethical St8ndard, and we have luifilled our other ethical iespollsibllitles in accordance with these rpouiremgnts. We bpligvp Ihat the audit evidence we have obtainod is sufficient and appropriate to provid6 8 basls for our opinion. Conclu51ons rèlating to golng concern In auditing the financial slalements, we have con¢ludod that the Irusle8s' use ol the going ¢on¢trrn b8s1s of accounting in the prepar8lson ol the financial slalements is appropriate. Based on the work w¢ have perfom8d, we have not tdeTrtilied any material uncertaintles relating to events or conditions that, individually or collectively, may casl significant doubt on the oh8rtty s abiltty lo Continue as a going Concern lor a period of at leasl twelve months from when the liiiancial slal&ments are aulhori8ed lor issue. Our responslbllltles and the responsibililles ol the trustees wilh respect lo going ￿nCern are described in the relev8nl sections of this report. Other Informatlon The other ir)formalion comprises the infO￿all0￿ included in Ihe allnual report, other than the financial slatemenls and our auditor's report Ihereon. The Irusloes arg rgsponsible for the other information. Our oplnlcn on (he financial slalemenls does not cover the other information and we do not express any forrn of assurance conduslon thereon. Our re5ponsibilily is lo read the other inforrnation and, in doing so, consider whether the other Infomatlon is materially inconsistent with the fi'nancial slato.mg.nts, or our knowledge obtained in the audit or oth8Mise appears to be matèrially misslaled. 11 we identify such rnalerial inconsislencies or apparent material fflisstatements, we 8re required lo determine whether there is a material misslatemenl in the financial slalemenls or a material misslalemg111 ol the other information. 11, based on tho work we hav¢ P6rformed, w6 conclude that there is a material misslalemenl ol this other informalion, we are required lo r8POrt that f8Ct. We have nothing lo re￿rt in this regard. Page 7 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST {CONTINUEDI Matters on which we are required to report by exception In the Ilght of the knowledge and understanding of the charity and Ils envlronmenl oblalned in the eours0 ol the audit, we have not identified material misstatements in the Iruslees, report. We have nothing lo report in respecl of the following matt￿S In relation lo whleh the Charl￿8S IAceounls and Reports) Regulations 2008 requires us lo report lo you rf, in our opinion., the inltsrmalion given in tha Irltrslees, rewrt Is inconsistent In any mater181 ¥Èspect wllh th8 financial slatem8nts', or sufficient accounting records have not been kept., or the financial stalemBnts ale nol In agreement wilh the accounting records. 01 we have not received all the information and exp12nations we require for (>ur audit. R8spotEslbllities of trustèes As explained more fully in the Trustees. Responsibilities Statement set oijl on page 2, the trustees are responsible for the preparation of financial slalements which givè a true and lair view, and for such intèrnal control 8s th8 trusté6s det6rmine is necessary to 6nabl6 thè proparalion ol financial Stslemenls that are free from rnalerial misslatement, whether due lo fraud or error. In preparlng the flnaneial statements, the Irustees are ￿spOnSible for assessing the eherity's ability lo conlillu8 as a going concerll, disclosing, a5 applioable, matters relalod lo going conoern and using the going concern basis of accounting unl8ss the trusl8es either intend lo liquidale Ihe company or to cease operations, or have no iealislic alternative but lo do so. Audllor's responsibilitles for the audit o* th8 financial statements We have been appointed as auditor under section 145 of the Charllies Act 2011 and re￿rt In accordan¢9 with the A¢1 and relevant regulalfjons made or having effect Ihereunder. Our obleclivos are to obtain reasonable assuiance about whelher Ihe 1Snandal stalemenls as a whole a￿ free from malerlal tnlsstalemenl, whether due lo fraud or error, and to issue an audllor'5 report that includes our opinion. Reasonable assurancè Is a hlgh level of assurance, but is not 8 guarant8e that an audit conducted in accordance with ISAS IUKI wi11 always detect a material mi5Statgmenl when il &xisls. Misslatem8nts can 8riS8 from fraud or ermr and ar8 consider8d tnat8rial if, individually or in th8 aggregate, they could reasonably be expect8d to influence the economic d&cisions of users taken on the basis cif these financial stalemenls. Irregularities, including fraud, are instanc85 of non-cotMp5iance with laws and r8gul8tiDns. We design procedures in line with our responsibilities, outlined above, to detect material misstalements in respect of Itregul811118s, including fraud. The extent to whieh our procedures are capable of d8tecting Irregulaiiti68, Induding fraud is detailed below.. We obtained an understanding of the charity's activities, controls and laws and regulations and a5585sed the 5kssceplibility ol the charily's financial stalemenls lo malerial misstatement from irregularities, including fraud. We determined thal the laws and regulations that are most significant to the charity a￿ the Charities IAccounts and Reports) Regulations 2008, the Charities Acl 2011, the Financial Rèporting Standard applicable in the UK and Republio of Ireland IFRS 1021, Aceountinu and Reporting by Ch¥rilies'. Statement c>f Reeommended Pracli¢e 8pplleabl& lo Gh8ril1os preparin their accounts in 8ccordanc& wlh th8 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP FRS 1 CI21 and the Trust Deed. Page 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST (CONTINUED} Based on this un(Serslanding we desioned our audit piDcedures to deteeling irregula¥ities, including fraud. Testing undertaken included msking enouiries ol those charged witkt goverllance.. journal entry lesling., review ol bank letters, Iruslee tninules and governing document,. reviewing financial statement disdosures and lesling lo supporting documentation to assess compliance with applicable laws and regulations. These procedures wère designed lo provide reasonablg assuran¢& that the finan¢i81 slalements wore free from fraDd or error. A further descriplion ol our responsibilities for Ihe audit of the financial slalemenls is located on Ihe Financial R8porting Counetl's wèbsite al.. www.Irc.org.uklaudilorsrosponsibililies. Thls des¢riplion forms part of our auditor's rsport. Use of our report This report is made solely lo the Iruslees as a body, in accordance with Section 144 of the Charities Act 2011 and the regu131(ons made under seclion 1 $4 01 that Act. Oui audit work has beeii undertakeii so that we might slate lo the Iruslee those tmatleis we are required lo slate lo them in an auditor's report and for no other purpose. To Ihe fullesl exlenl permitted by law, we do not accept or assume responbibilily lo anyontr uther than the Iruslees as a body, lor our audil work, for this report, or for the opinions we have formed. Shipleys LLP Chartered Accounlknls and Statutory Auditors 10 Orang8 Street Haymarkel London, WC2H 7DQ 10 November 2023 Shipleys LLP is eliqible for appointment ss audllor of the charity by vtrtue of its eligibility for appDintrnent as auditor ol a comp2ny under section 1212 01 the Companies Acl 2006. Page 9 THE T.U.U.T CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023 Nc>l8S Unreslricled Reslricled Funds Funds Total Funds 2023 lolal Funds 2022 INCOME.. Dividends and non-bank inlere51 Bank inlerost Donatlc>ns 2,880 2,880 13 500,000 2,900 13 500,000 200,DS0 Totsl Income 502.880 13 502.893 202,953 EXPENDITURE.. Charitable aclivil%es- grant5 Charitable aclivili85- governance 469,658 5,651 469,658 310,080 5,451 Total Expenditure 475,3C19 475,309 315,531 Net Incom&llexpenditurel before (10ss8sI I gains on investm&nts 27,571 27,584 1112.578} Nel Ilossesl I gatns on investment5 411,6471 11,647 14.809 Nèt l&xp&ndlturel I Income {384,0761 1384,0631 197,7691 Rtsconclllation of funds.. Total funds blfwd 1 April 2022 2,386.050 4.697 2,390,747 2,488.516 Total funds 31 March 2023 2,001.974 4,710 2,006,684 2.390,747 The notes on pagès 13 to 20 form part of thesa accounts. Pa90 10 THE T.U.U.T CHARITABLE TRUST BALANCE SHEET YEAR ENDED 31 MARCH 2023 Notes 2023 2022 FIXED ASSETS Investm&nts 2,280,559 2,502,050 CURRENT ASSETS Cash at bank 56,581 46,893 Credltors: Amounts due withln one year Grant ¢0￿mItM￿nIS Other creditors 1300,5201 15,4361 1113,7601 15.4361 1305,9561 1119,1961 1249,3751 172,3031 NET CURRENT ASSETS 2,031,184 2,429,747 Credltors= Amounts due after more than one year Grant commitments 124,5001 I39,0￿) NET ASSETS 2,QQ6,684 2,390,747 FUNDS Unrestricled Reslrioled 2,001.974 2,386,050 4,710 4.697 2,006,684 2,390,747 Approvéd by th8 TrLJSt8es on 2SI. !OI,.Z022 Slgned on their behalf by.. Barone9s Prosser OBE The note5 pages 13 10 20 form part of these accounts. Page11 THE T.U.U.T CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from operating activities Net lexpendilurel l ineome 1384,0631 {97,7691 Adjuslmenls for.. Losses I Igainsl on investments Dividends and inleresl from investments 411,647 12,8931 114,8091 12,9031 Changes in.. Increase in creditNs 172,260 89,000 Cash provlded by I lus8d in) operating activities 196.951 (26,481) Gash flow5 from investlng actlvltles Dividends and interèst from investrnents Procped8 from Salg Jf invg8tmgnts Purchase of investments 2,893 270,821 1460,977) 2.903 74,595 149,4421 Cash provlded by I (used Inl Invèstlvbg actlvitlès 1187,2631 28,056 Nel inciease in cash and cash equivalents Cash and cash eouivalents at the start ol the year 9,688 4e,893 1,575 45,318 Cash and cash equivalents al the end of Ihe year 56,581 46,893 The notes on pages 13 to 20 form part of thes6 accounts. Page 12 THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Genèral InfomiatSon The T.U,U.T Charitable Trust is an unincorporated trust govomed by a trust deod and r6gistered with Ihe Charity Commission in England. The prtncipal address is Congress House, Great Russell Slre¢l. London, WC1 B 3LQ, The obj¢clives ol Ihe trust are s¢1 out on page 2. bl Basis of Ac¢ountlng The financial slatemenls have been prepared under Ihe historical cost convention as tnodified by tho revaluation of investments, The Tr(Jstees have ctrmplied with the Financial Reporting Slanclard applicable in the UK and R&publi¢ ol Ir8land IFRS 1021. A￿0￿￿ting and Reporting by Charities.. Slatomenl of Recommanded Praclico applicablo lo Charilios prepdriDg Ilieir accounts in accurddnce wilh Ihe Fiii