Charity No. 271795 (England and Wales)
Tollemache (Buckminster) Charitable Trust
Trustees. report and financial statements
for the year ended 5 April 2021

Tollemache IBuckmin5terl Charitable Tntst
Contents
Page
Trustee's and charity information
Trustee's report
Independent examinerfs report
Statement of financial activities
Ba13nce sheet
Notes to the financial statements
io
Pa8e 2

Tollema¢he18uckminsterl Charitsble Trust
Trustee's and charity information
For the year ended 5 April 2021
Re8iStered charity number
271795
Trustees
Sir Richard Tollemache
William Wilks Iresigned 4 December 20201
Lady Tollemache (appointed 4 De￿mber 20201
Administrative office
GranEe Farmyard
Main Sireet
Buckminster
Grantham
NG33 SSD
Bankers
Barclay$ Bank UK PIC
I Churchill Place
London
E145HP
Investment advisers
Aberdeen Standard Capital Limited
l George Street
Edinburgh
EHH 2LL
Indepèndent examiner
Timothy Gregory FCAcfA
Saffery Champness LLP
71 Queon Vittoria Street
London
EC4V4BE
Page 3

Tollemache (Buckminsterl Charltsble Trusl
Trustee's report
For the year ended 5 April 2021
The Trustees present their Report toeether with the financial statements for the Trust for the year ended 5
April 2021. The legal and administrativc infomTration set out on page 3 fomis part of this report.
Objects
The Tollemache (Buckminsterl Charttable Trust 15 a charitable trust for gener31 charitable purposes
governed by a Charitable Trust Deed and constituted as an unincorporated a5s0ciation.
A¢tivities and athievements during the year
During the year the Trijst made donations of £21,35012020.. £19,950) to various organisations in line with
its objects.
Financial review
During the year the charity received incoming re50urce5 of £28,15412020.. £33.246I and had total outgoing
resources of £32,70412020.. E31,7541 which resulted in net outgoing resources £4,55012020.. net incoming
re50urce5 £1.4921. The Trust made a total gain on investments during the year of £231,45912020'. £98,697).
Overall, the Trust showed a net intrease in funds of £226.90912020.. £100.1891.
Statement of trustees, responsibilities
The Tru5tee5 are responsible for preparing the Trustees, Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in England & Wales requires the Trusiees to prepare financial statements for
each financial year which give a tnje and fair view of the state of affairs of the Trust and of the intoming
resources and application of resources of the Trust for that period. In preparin8 these financial statements,
the trustee is required to..
selert suitable accounting policies and then apply them con5151ently,'
observe the methods and principles in the Charities SORP IFRS1021.'
make judgements and estimate5 that are reasonable and prudent..
state whèther applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements,.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy
at any time the financial position of the Trust and to enable them to ensure that the financial statemeni
comply with the Charities Act 2011, the applicable accounting regulations, and the provision of the Trust
deeds. They are also responsible for safeguarding the assets of the Trusl and taking reasonable steps for
the prevention and deteition of fraud and other irregularities.
The financial Statements have been prepared in accordance with the accounting policies set out in notes io
the accounts and comply wilh the Trust'5 governing document. the Charities Act 20113nd Accounting ancj
Reporting by Charitie5', Statement of Recommended Practice applicable to charities preparing their
accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic ol Ireland
published on 16 july 2014.
PÈ8È 4

Tollemache (Buckminster) Charitable Trust
Trusteds reF)Ort Iconlinuedl
For the year ended 5 April 2021
Organisational structure
The Trustees who have seNed during the year and since the year end are set out on trustee's and charitable
information page. Trustees are appointed by thÈ Board of Trustees.
Major decisions relating to the strategy and policies of the Trust are made bythe Trustees as a board. The
Trustees meet regularly to review the performance of the investmeni portfolio and discuss donations. The
day to day administration is carried out by the Buckminster Management Limited.
Risks
The major risks to which the Trust is exposed. as identified by the Tru5tee5. have been reviewed and the
Trustees are satisfied ihat systems have been established to mitigate these risks. The Trustees recognise
that one of the main risks they face include5 the performance of their investments. To mitig3te thi5 risk.
investment5 are held by reputable investment managers authorised by the FCA and Trustees receive
quarterly performance reports and meet with the investment managers to review investment performance
against recognised benchmarks.
Reserves policy and grant making poll¢v
Oonations made by ihi5 Trust are entirely at the discretion of the Truslee5 and there are no material fixed
obligations or undertakings. However. the Trustees ￿¢08n1$e the need to rnaintain a level of reserves in
order for the Trust to continue. Free reserves at the year ended were £45.96912020.. £38,856). The TrLJSt
owns an investment portfolio and although the Trustees have the Power to use investment$ 8$ income.
those Investfflerht5 are not regarded a5 reserves. The Trustee5 have identified that reserves other than the
investment portfolio need only to be a minimal level and this level continues to be maintained. To maintain
the reserves ne￿SSary to continue in the future. the Trustees reiognise that total expenditure during the
year should match total income. in so far as it is possible, whilst also recognising that the Trustees lin
conjunctiorh with the investment manager51 may need to consider rep051tioning the inveslment portfolio
where appropriate to maintain the historical level of income
The petrnanent endowrnent fund represents the value of the assets received from the Earl of Dysart Will
Trust Charitable Fund, together with the capital profits or losses arising from revaluation and reinvestment
of Ih05e a55etS.
Surplus income not distributed during the year 15 added to the unrestricted f und, and 15 available for fijture
charitable distributions.
Public benefit
The Trustees have referred to the Euidance corbtained in the Charity Cofftmi55ion's general guidance on
public benefit when reviewing the aims and objectwes and in planr)ingthe future activities. In particular the
Trustees consider how planned donations will contribute to the aims and objeclives they have set. The
Trustee5 consider the current poliry for making donalions delivers public benefit. Details of the objects
which form the basis of this policy are given in the 'Reserves policy 3nd grant making policy, section of ihis
report.
Investment policy and power5
There are no restrictions on the Trusvs powei to invest. The investment Strateey is Set by the Trustees at
such times as they deem this necessary. The Trustees consider the incorne requirements. the risk profile
and the investment managerfs view of the market prospects in the medium term. The unrestricted arbd
PJEeS

Tollemache {Buckmlnsterl Charitable Trust
Trustee's report {COntin￿dI
For the year ended 5 April 2021
permanent endowment funds may be invested in anytype of investment. The strategy 15 reviewed regularly
with the Trust's investment managers.
By virtue of the governlng document the Trustees have (subject to the matters therein mentioned) all the
investment powers of benefitial owners.
Plans for the future
The Trustees intend for the Trust to Continue operating with the same aim5 and objectives as set out above
in the report for the foreseeable future.
Post year end- COVID-19
The Trustees consider that the Trust is able to operate for at least 12 months from the date of signing the
accounts and, as such. is a going concern.
Signed on behalf of the Trustees
Sir Richard Tollem3che
Trustee
25 January 2022
Pa8e6

**Tollemache (Buckminster) Charitable Trust** 

## **Independent examiner’s report For the year ended 5 April 2021** 

I report to the Trustees on my examination of the accounts of the Tollemache (Buckminster) Charitable Trust (the Trust) for the year ended 5 April 2021. 

## **Respective Responsibilities of trustees and examiner** 

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 Trust’s 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 Act. 

## **Basis of independent examiner’s report** 

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. 

## **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 Charity 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. 

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. 


> **Timothy Gregory FCA CTA** 31    January 2022 For and on behalf of **Saffery Champness LLP** 71 Queen Victoria Street **Chartered Accountants** London EC4V 4BE 

Page 7 



Tollemache (Butkminster) Charltable Tiwst
Statement of Financial Activities
For the year ended 5 April 2021
Unrestrirted
fund
2021
Pemanent
endowment
2021
Total
2021
Total
2020
Note
Income from
Investments
Interest
28,136
18
28.136
18
33,161
85
Total income
28,154
28,154
33,246
Expenditure on
Raising fLJnds
9.263
137
9,400
8,884
Charitable activities
23.304
23,304
22,870
Total expenditure
32.567
137
32.704
31,754
Net Idefi¢itl/income before
investment movement
{4,413)
11371
14,5501
1,492
Net gains on investments
228,125
3,334
231.459
98,697
Net income
223.712
3,197
226,￿9
100,189
Net movement In funds
223,712
3.197
226,909
100.189
Total funds brought forward
1.009,322
12,749
1.022,071
921,882
Total funds carrled forward
1,233,034
15.946
1,248.980
1,022,071
The Statement of Financi31 Activilies includes all gairbs and losses in the year.
All of the above amounts relate lo continuing activities.
The notes on page$ 10 to IS form part of these financial statements.
Page

Tollema¢he IBuckmlnster} Charitable Trust
Balancè sheèt
As at 5 April 2021
2021
2020
Notes
Fixed assets
Investments
1,203,011
983.215
Current assets
Cash at bank and in hand
51,289
42.348
51,289
42,348
Current liabilities
Creditor5.' amounts falling due
within one year
15,3201
13,4921
Net current asset5
45.969
38,856
Net assets
1,248,980
1.022,071
Funds
Permanent endowment fund
Unrestrirted fund
15,946
1.233,034
12,749
I,(K)9,322
1.248,980
1,022,071
These financial statements were approved by the Board of Trusteès on 25 January 2022 and signed on its
behalf by..
Sir Richard Tollemache
Trvstee
Charity No. 271795
PaEe9

Tollemache (Buckminsterl Charitable Trust
Notes to the financial statements
For the year ended 5 April 2021
Accounting policies
8asis of a¢¢ounting
The accounts have been prepared under the historical cost convention with items recogni5ed at
cost or transaction value unle55 OthÈrwisÈ stated in the notes lo thèse accounts. The financial
statements have been prepared in accordance with the Statement of Recommended Practice..
Accounting and Reporting by Charities preparing their 3ctounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 10215econd edition, and the
Financi31 Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021
and the Charitie5 Act 2011.
The accounts Ifinancial statements) have been prepared to give a 'true and fairf view and have
departed from the Charities (Accounts and Reports) Regulation$ 2008 only to the extent required
to provide a 'true and fair vie￿. This departure has involved following Accouniing and Reporting
by Charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting
by Charities- Statement of Recommended Practice effective from l April 2005 which has since
been withdrawn.
The Trust has takerh advantage of the provisions available t9 smaller entities as prescribed in the
SORP, including the abilily to dispense with the presentation of a cash flow statement.
The Trust constitutes a public benefit entity as (lefined by FRS 102.
Going ¢on¢ern
The Trustees consider that there are no material untertainties about the Trust's ability to continue
as a going concern. and thal the Trust has adequate resource5 to continue in operational existence
for the foreseeable future.
Investment income
Irbvestment income is accounted for in the period in which the Trust Is entitled to receipt.
Expenditure
Liabilitie$ are recognised as expenditure as soon as there is a legal or constructive obligation
committing the Trust to th3t expenditure. it is probable that settlement will be required and the
amount of the obligation can be measured reliablv.
Expenditure 15 recogni5ed on an accruals basis. All expen5e5 includin6 supporl costs and
governance costs are allocated or apportioned lo the applicable expenditure headings.
Investments
Investments are a form of basic financial instrument and are initially recognised at their tran$3Ction
value and subsequently me35ured at their fair value as at the balance sheei date usinE the closing
quoted markel price. The statement of financial activities includes the net gains and losses arising on
revaluation and dispos31s throughout the year.
Page 10

Tollemache (Buckminster) Charilable Trust
Notes to the financlal statements Icontinued)
For the year ended 5 April 2021
Accounting policies
Icontinued)
Reallsed and unrealised gains and losses
All 83in5 and losses are taken to the Statement of Financial Activitie5 as they arise. Realised gains
and losses on investments are calculated as the dwfference between sales proceeds and their
opening carrying value or their purchase value if acquired after the first day of the financ131 year.
Unrealised gains and losses are calculated as the difference between the fairvalue at the year-end
and their carrying value. Realised an(1 unreali5ed investment gains and losses are combined in the
Statement of Financial Activities.
Resources expended
No remuneration or expenses were paid to the Trustees in the year. The Trust has no directly
employed staff.
Cost5 of generation income compromise those costs directly attributable to managing the
investment portfolio and raisTrng investment income.
i.io
Taxation
The Trust is a registered charity and is not liable to United Kingdorn income tax or corporation tax on
charitable attivities.
i.ii
Fund accountlng
Unrestricted funds are spent or applied at the discretion of the Trustees to further the TIu5t's
purpose.
A receipt from the Earl of Dysart Will Trust Charitable fund has been included as a permanent
endowment fund and the income arising is classed as unrestrirteil.
Expenditure
Direct
costs
Support
¢osts
2021
Total
2020
Total
Noles
Raising funds
9,400
8,884
Charitable activities=
Donations
Accountanty and administration
21,350
21,350
1,954
19,950
2,920
1.954
Total charitable activities
21.350
1,954
23.304
22,870
Total expenditure
30.750
1,954
32,704
31.754
Page 11

Tollemache (Bu¢kniinsterl CharitableTrust
Notes to the financial statemenls Icontinuedl
For the year ended 5 April 2021
Investments
2021
2020
Quoted investments
Cash held as part of portfolio
1,203,011
6,720
983,215
4.070
Total Investments
1,209,731
987,28S
Quoted investments:
Market value 6 April 2020
Addition5 at C05t
Disposals at opening book value
Net unrealised investment gains
983,215
862,718
21,800
19.141)
228,937
98,697
Market value 5 Awil 2021
1,203,011
983,215
Historical cost a5 at 5 Aprll 2021
875,377
884,518
Investment at market value comprised=
Oversea5 unit trust
1,203,011
983,215
Toial
1,203,011
983,215
All investmonts are held for charitable purposes and are listed on a recogni5ed Stock Exchange in
the UK.
The Aberdeen Standard Capital (Offshore) Income Fund Z Inc investment 15 considered material to
the Trust. The Trust holds 1,756,733 units in the fund with a rrarket value of £1,203,011 and a
historic book cost of £875,377.
Creditors: amounts falling due with one year
2021
2020
Accruals
Trade creditors
3.880
1,440
5.320
3,492
3.492
Page 12

Tollemache IBuckmlnrter} Charilable Trust
Notes to the financial statements Icontlnuedl
For the year ended 5 April 2021
Charitable donations
2021
2020
Charitable donation5 to institutions:
Alzheimers Society
Army Benevolent Fund
Bassingthorpe PCC
Brain Tumour Charity
Buckminster & Sewstem PCC
Buckminster Church
-Buckminster Cricket Club
Buekminster Gliding Club
CALM
250
250
loo
loo
500
50
250
8.000
11.900
I,OCK)
50
50
50
500
250
1,000
loo
loo
50
1,000
250
500
Cancer Research
Clean Up UK
Coldstream Guards Association
Combat Stress
Coston PCC
250
I,LK)O
loo
loo
500
2,000
250
500
Derby. Leicester & Rutland Air Ambulante
Friends of Urambo & Mwahnala
Grantham PCC Churchwardens
The Grocers Companv
Honington PCC
Humanitarian Aid Relief Trust
King Edward Vll's Hospital for Officers
Medecin5 5an5 Frontiers
Medical Detection Dogs
MIND
Noith East Red Squirrels
NSPCC
50
loo
50
500
250
loo
loo
250
250
500
500
250
250
250
osteoporosis Charity
Oxfam
Parkinson's Disease Society
Royal Star & Garter Home
Sewstern Horticultural Society
Sight Savers
South Witham PCC
I,(K)O
I,(K)O
250
50
200
250
500
500
1,000
250
50
50
250
50
Sproxton PCC
SSAFA (Foston
Stroke Association
Thromb05is UK
500
50
100
loo
250
250
250
Tolal charitable donations
21,350
19,950
Page 13

Tollema¢he16u¢kmlnster) Charitable Trust
Notes to the financial statements l¢ontinued)
For the year ended 5 April 2021
Related party transactions
During the currenr and previous years there were no transactions with any parties related to the
charitable trust.
Capitsl and Reserves
Unrestrirted
fund
Permanent
endowment
fund
Total
funds
Current year
At 5 April 2020
Income
Expenditure
Other gain5 and losses
ProfitllLossl on disposal
1,009322
28,154
132.5671
225.603
2,522
12.749
1,022,071
28,154
132,704
228,937
2,522
11371
3,334
At 5April 2021
1,233,034
15.946
1,248,980
Represented by:
Investments
Ner current assets
1,187,065
45.969
15.946
1,203,011
45,969
1,233,034
15,946
1,248,980
Vnresirlaed
lund
Pemianent
endowment
fund
Total
funds
Comparative year
At S ApTiI 2019
910,308
11,574
921,882
Income
Expenditure
Other 8ains and1055e5
33,246
131.6381
97,406
33.246
131,7541
98.697
11161
1,291
At 5 April Z020
1,009,322
12,749
1,022,071
Represented by:
Investments
Net current assets
970.466
38.856
12,749
983,215
38,856
1,009,322
12,749
1,022,071
Pa8e 14

Tollemache (Buckminster) Charitable Trust
Notes to the financial statements Icontlnued)
For the year ended 5 April 2021
Prlor year SOFA
Unrestricted
fund
2020
Permanent
endowment
2020
Total
2020
Total
2019
Income from
Investments
Interest
33.161
85
33,161
85
32,428
106
Total income
33.246
33.246
32,534
Expenditure on
Raising funds
8.768
116
8,884
8,335
Charitable activwties
22.870
22.870
22.040
Yotal expenditure
31,638
116
31,754
30,375
Net income before investment
movement
1.608
11161
1,492
2,159
NÈt Ilossesllgains on investtnents
97.406
1.291
98.697
1,107
Net lexpenditurellincome
99.014
1.175
ICH),189
3,266
Net movement in funds
99,014
1.175
100,189
3,266
Total fund5 brought forward
910.308
11,574
921,882
918,616
Total funds carried forward
i.(W)9.322
12.749
1.022.071
921.882
Page 15