THE TILLAID CHARITABLE TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
**THE TILLAID CHARITABLE TRUST**
CONTENTS **FOR THE YEAR ENDED 5 APRIL 2021**
__________________________________________________________________________________
||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Trustees’ Report – Structure Governance and Management|2|
|Trustees’ Report – Objectives and Activities, Achievements and Performance|3|
|Trustees’ Report – Financial Review|4|
|Independent examiners report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 – 11|
## **THE TILLAID CHARITABLE TRUST**
## REFERENCE AND ADMINISTRATIVE DETAILS **FOR THE YEAR ENDED 5 APRIL 2021**
__________________________________________________________________________________
|**Charity Name**|The Tillaid Charitable Trust|
|---|---|
|**Charity number**|279988|
|**Trustees**|Philip Edward Hannay Scott|
||Victoria Gillian Scott|
|**Principal Office**|Azets|
||Athenia House|
||10-14 Andover Road|
||Winchester|
||SO23 7BS|
|**Principal Bankers**|Lloyds TSB PLC|
||High Street|
||Andover|
||Hampshire|
|**Investment Managers**|Cazenove Capital Limited|
||12 Moorgate|
||London|
||EC2R 6DA|
|**Independent Examiners**|Azets Audit Services|
||Athenia House|
||10-14 Andover Road|
||Winchester|
||Hampshire|
||SO23 7BS|
1
## **THE TILLAID CHARITABLE TRUST**
TRUSTEES’ REPORT
## **FOR THE YEAR ENDED 5 APRIL 2021**
__________________________________________________________________________________
## **Structure, Governance and Management**
The charity was created by a settlement deed dated 13 March 1980. The Trustees hold the capital and income of the charity upon trust to apply it for or towards such charitable purposes as they shall, in their absolute discretion, think fit.
The charity is unincorporated and all of the Trustees are individuals. The Trustees have the statutory power (under the Trustee Act 1925) to appoint new Trustees. The Trust Deed provides that if at any time there are less than two Trustees none of the powers and discretions vested in the Trustees may be exercised until one or more new or additional Trustees are appointed. The Trustees have formulated a policy to ensure that any new Trustee is fully aware of the charity’s aims and objectives. New Trustees are appointed by Deed and existing Trustees are discharged by Deed.
The records are maintained by the Trustees and staff in their office.
The charity is not part of a wider network of charitable organisations and there are no subsidiaries nor any other charities and organisations with which it co-operates in the pursuit of its charitable objectives. The Trustees have considered the major risks to which the charity is exposed and have formulated policies to mitigate those risks. The risks are perceived to be
## 1. Record keeping
The Trust’s records are kept by the trustees.
2. Investments and income
The Trustees in conjunction with the Investment Managers operate a diverse investment portfolio in order that stock specific risks can be mitigated.
2
## **THE TILLAID CHARITABLE TRUST**
TRUSTEES’ REPORT
## **FOR THE YEAR ENDED 5 APRIL 2021**
__________________________________________________________________________________
## **Objectives and Activities**
The charity’s funds are held to be applied for or towards such charitable purposes as the Trustees at their discretion think fit. The accumulation period ended on 13 March 2001.
The Trustees make a number of charitable donations each year.
## **Public Benefit**
The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have regard to the public benefit guidance published by the Charity Commission.
## **Achievements and Performance**
The value of the investment portfolio overall decreased in value by £24,470 during the year. A profit of £10,389 was made on the portfolio. Investment income amounted to £566 which was retained within the portfolio and management charges of £925 were paid for the management of the portfolio. During the year £34,500 was transferred out of the investment portfolio to fund charitable payments.
Charitable donations made totalled £32,567 and were made from reserves held at the trust bank consisting of income for past years, and the transfer from investment funds detailed above.
The charity does not engage in fundraising. The major factor outside the Trustees’ control that has an impact on the charity’s objectives is the performance of the investments. This is covered on page 4.
3
THE TILLAID CHARITABLE TRUST
TRUSTEES, RÈPORT
Fop THE YEAR ENDeD 6 APPJL 2021
Flnan¢lal Revlow
The unrestricted IrMe includes inVeStnnt income of£W. and a donati1 oftwo properties recefftJ
during the year with a value of £820,000 which were then rented out eaming rental income of £20,438
and costs of upkegp of£14.757. The increase on unrestrt funds of£799.475 was added to reserves
vin9 a balance of £946,025 to cany forward.
Grnnts Pollcy
For the financial wiod 6 April 2020 to 5 April 2021. a total of £32.567 was thjnated. The charitses that
beneffted are IFSted pag8 10 ofthese accounts.
Rourvos Pollcy
The Trustees have consKlered their retained cash balance8 and feel they are aFpropriate to )Ver
anlieipated expendittFre and contingencies during the next accounting year.
Invostmont Pollcy
During the year the Trustees chose tg minimise exwsure to investment risk by investing in a diversffied
fvnd managed by Cazenove. This reduces the cost of administratKJn yet insures a risk profile. S
April 2021, 95% of the p)rttolio was invested in equities and 5% in cash or cash products.
-sfted on"behaW of
Philip Edward Hannay Scott
**THE TILLAID CHARITABLE TRUST**
TRUSTEES’ REPORT **FOR THE YEAR ENDED 5 APRIL 2021**
__________________________________________________________________________________
## **Independent Examiner's Report to the Trustees of The Tillaid Charitable Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2021 which are set out on pages 6 to 11.
## **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’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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 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.
Signed:
Michael Tizard
Azets Winchester, 10-14 Athenia House, Andover Road, Winchester, SO23 7BS
Date[03/02/2021]
5
**THE TILLAID CHARITABLE TRUST**
## STATEMENT OF FINANCIAL ACTIVITIES **FOR THE YEAR TO 5 APRIL 2021**
__________________________________________________________________________________
|**Note**
**Income from**
Dividends and interest on UK investments
Interest received
Donations
Rental income
**Total income**
**Expenditure from**
Investment Management costs
Charitable activities
_2_
Governance costs
_3_
Rental expenses
**Total expenditure**
**Net income/(expenditure) before gains and losses**
**Other recognised gains and losses**
Net gains/(losses) on investment assets
**Net income/(expenditure) for the year**
**Fund balances brought forward as at 5 April 2020**
**Fund balances carried forward as at 5 April 2021**|**2021**
**2020**
**£**
**£**
566
1,700
1
1
820,000
-
20,438
-|
|---|---|
||**841,005**
1,701|
||612
1,991
32,567
52,543
3,983
2,410
14,757
-|
||**51,919**
56,944|
||**789,086**
(55,243)
10,389
(6,154)|
||**799,475**
(61,397)
**146,550**
207,947|
||**946,025**
**146,550**|
_The notes on pages 8 – 11 form part of these Accounts. All of the Charity’s activities are classed as continuing._
6
THE TILLAID CHARITABLE TRUST
BAiANCE SHEET
FOR THE YEAR ENDED 5 APRIL 2021
2021
2020
Fixod Assets
Investments
Tangible assets
933.565
138.035
933.565
138,035
CurT•nl A•ts
Debtors and prepayments
Ca$h at bank arKI in hand
19.385
1.836
10,760
21.221
10,760
Creditorn: amoufits falling due
withln ono year
Other credilo
8.761
2.245
8,761
N•t ¢urr•nt •sMts
12.460
8.515
Total Net Asaots
946,025
146,550
Total Fund•
946.025
148.550
The notes on pages 8- 11 fomy port of these Accounts.
All ofthe Chanl*s adwities are d8&8ed as continuing.
The finanthal statements We approved by the Tnislees on oqlo.L.12c3Lin approving them rhe
Trustees confinn that the financial statements mplY wth the cunEnt statutory requKBmentS and the
requi
Is ofthe charf30ming documenL
Philip Et**ard Hannay S¢ott
V4Ctoria Gillknqn So)tt
**THE TILLAID CHARITABLE TRUST** NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
__________________________________________________________________________________
## **1 ACCOUNTING POLICIES**
## **Basis of Accounting**
The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments to market value and certain other assets at market value, and in accordance with the provisions of the Statement of Recommended Practice : Accounting and Reporting by Charities: Charities SORP FRS102 and the Charities Act 2011. They also comply with applicable UK accounting standards.
## **Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
## **Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
## **Investment properties**
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.
8
**THE TILLAID CHARITABLE TRUST** NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
__________________________________________________________________________________
## **Grants Payable**
Grants are recognised as expenditure when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
## **Tangible Fixed Assets**
Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful economic life:-
Computer Equipment 33% straight line basis
## **Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
9
**THE TILLAID CHARITABLE TRUST** NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
__________________________________________________________________________________
## **2 CHARITABLE ACTIVITIES**
|Grant Making
Winchester Arts
Friends of Stockbridge School
Medicins Sans Frontieres
Winchester Basics Bank
Trussell Trust
Wilton Riding for the Disabled
UNICEF
Other Educational/Training Grants
Other Poverty Grants
Other sundry donations
St Matthew with St Paul
**3**
**GOVERNANCE COSTS**
Professional fees
**4**
**FIXED ASSET INVESTMENTS**
Market value at 5 April 2020
Investment income
Additions in the year
Net gain in the year
Management fee
Transfer to bank account
Market value at 5 April 2021
Historical cost at 5 April 2021
Investments whose market value was greater than 5%
of the total market value of the portfolio were as follows:-
SUTL Caz GBP Balanced|Investment
Portfolio
138,035
566
-
10,389
(925)
(34,500)|**2021**
**2020**
**£**
**£**
10,000
-
3,000
-
3,000
-
2,250
250
1,250
250
1,250
-
1,000
8,740
1,321
1,082
-
995
722
-
50,000|
|---|---|---|
|||**32,567**
**52,543**|
|||**2021**
**2020**
**£**
**£**
3,983
2,410|
|||Investment
Property
Total
-
138,035
-
566
820,000
820,000
-
10,389
- (925)
-
(34,500)|
||**113,565**|**820,000**
**933,565**|
||107,989
95%|820,000
927,989|
10
**THE TILLAID CHARITABLE TRUST** NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
__________________________________________________________________________________
Investment property comprises of 2 Cottages in Andover. The fair value of the investment property of £820,000 has been arrived at on the basis of a valuation carried out at 10 September 2020 Trethowans LLP, solicitors for the Trust.
|**5**
**TANGIBLE FIXED ASSETS**
Cost
At 6 April 2020
Additions
Disposals
At 5 April 2021
Depreciation
At 6 April 2020
Charge for year
At 5 April 2021
Net Book Value
At 5 April 2020
At 5 April 2021
**6**
**DEBTORS**
Accrued income
Prepayment
Other debtors
**7**
**CREDITORS DUE IN ONE YEAR**
Rental creditors
Accruals
**8**
**TOTAL FUNDS**
Balance brought forward
Net income /(expenditure) for the year
**Balance carried forward**|**Computer**
**Equipment**
**Total**
2,199
2,199
-
-
-
-|
|---|---|
||2,199
2,199|
||2,199
2,199
-
-|
||2,199
2,199|
||-
-|
||-
-|
||972
-
18,063
-
350
-|
||19,385
-|
||4,771
-
3,990
2,245|
||8,761
2,245|
||**2021**
**2020**
**£**
**£**
146,550
207,947
799,475
(61,397)|
||**£946,025**
£146,55
0|
11