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2024-04-05-accounts

THE TOMPKINS FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2024

Registered Charity No. 281405

THE TOMPKINS FOUNDATION

INDEX TO FINANCIAL STATEMENTS

CONTENTS

Page

THE TOMPKINS FOUNDATION CHARITY NO. 281405

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mrs E N Tompkins Mr P S Vaines Mrs V E Brenninkmeijer

Principal Address

7 Belgrave Square London SW1X 8PH

Registered Auditor

Mercer & Hole LLP 72 London Road St Albans Herts AL1 1NS

Bankers

Lloyds Bank Plc 2[nd] Floor 39 Threadneedle Street London EC2R 8AU

Solicitors

Hodge Jones & Allen 180 North Gower Street London NW1 2NB

1

THE TOMPKINS FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their report and audited accounts for the year ended 5 April 2024. These have been prepared in accordance with the provisions of the trust deed, Charities Act 2011 and the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” 2019.

PARTICULARS OF THE TOMPKINS FOUNDATION

Granville Richard Francis Tompkins executed a Charitable Trust Deed (constituting The Tompkins Foundation Charity No. 281405) on 10 November 1980 whereupon the sum of £1,000 was payable to the trustees thereof to be held for the advancement of education and learning, religion, the provision of facilities for recreation and other purposes beneficial to the community in the parishes of Hampstead Norreys in the county of Berkshire and of West Grinstead in the county of West Sussex and in any other parish or parishes in the United Kingdom with which the Patron may have a connection or association from time to time, and to carry out such other charitable purpose or purposes and to support and assist such other charitable institution or institutions in the United Kingdom or elsewhere as the trustees shall from time to time with the consent of the Patron determine.

The trustees have a discretionary power to pay or apply the income and any part of the capital to or for any one or more of the objects of the Foundation.

Subsequent to the execution of the deed, the following assets were gifted to the Foundation:

On 28 March 1994 the shares in GRFT Holdings Limited were sold for £6,900,000 which was invested in listed investments and investment property and provided the capital fund of the charity.

The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the donor through the careful stewardship of its existing resources.

G R F Tompkins was Patron of The Tompkins Foundation until his death on 6December 1992, whereupon he was succeeded as Patron by his widow, Mrs E N Tompkins.

The patron Mrs E N Tompkins pays the costs of staff and overheads used by the Foundation. It is not feasible to quantify this accurately. In preparing these accounts the trustees have noted the Charity Commissions guidance on public benefit.

TRUSTEES

Mrs E N Tompkins Mr P S Vaines Mrs V E Brenninkmeijer

The power of appointing new or additional trustees is vested in the Patron. Trustees are recruited on the basis of additional skills and experience they can bring to the Foundation. Trustees do not undertake formal training but are advised by their professional advisors as and when necessary on any developments effecting the charity.

2

THE TOMPKINS FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 – continued

The minimum number of trustees is two and there is no maximum. The trustees meet at least once annually and at such other times as they see fit. The trustees are advised by their professional advisors as and when necessary on any developments effecting the charity.

The day to day administration of grants and the processing and handling of applications prior to the consideration of the trustees is delegated to the administrator.

REVIEW OF THE YEAR

The investment income arising in the period amounted to £361,998 (2023: £292,917) and enabled the trustees to make charitable donations of £449,000 (2023: £335,000). These are detailed in note 5 to the accounts. The trustees are pleased to report that since the constitution of The Tompkins Foundation in 1980 cumulative charitable donations of over £14 million have been made.

This has been achieved by allowing the original capital fund as enhanced by realised and unrealised capital gains to remain as a permanent fund and the income arising therefrom to be donated to various charitable organisations. It is the trustee’s intention that this policy should continue, although a £244,400 (2023: £195,000) transfer was made this year from the capital to the income fund.

INVESTMENT POLICY AND PERFORMANCE

The trustees have delegated the investment management to Close Brothers Ltd (previously Mirabaud Investment Management Ltd).

The target set to the fund managers was to produce sufficient income to cover the normal level of charitable distributions while maintaining the value of the capital against inflation

The investment income yield on net assets was 1.50% (2023: 1.06%) after deduction of investment management fees.

RESERVES POLICY

The Foundation incurs minor administration expenses within governance costs of £7,230 (2023: £5,610) and therefore the trustees consider that the minimum of realised income reserves are required to be retained subject to the relative merits of application for charitable donations the trustees receive and the timing thereof. The trustees seek to maintain the real value of the funds.

RISK MANAGEMENT

The major risks, to which the Foundation is exposed as identified by the trustees, have been reviewed and systems established to mitigate those risks.

PLANS FOR FUTURE PERIODS

The trustees intend to continue the philanthropic activities of the Foundation and build on the previous generosity of the donors, the Tompkins Family. The trustees aim to respond to need and therefore consider more specific plans would be too restrictive.

3

THE TOMPKINS FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 – continued

STATEMENT OF THE TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The charitys’ auditor, Mercer & Hole, incorporated on 1 October 2022 to become Mercer & Hole LLP. The trustees have consented to treating the incorporation of Mercer & Hole LLP as a continuation of the existing audit arrangement.

This report and the accounts set out on pages 2 to 16 were approved by the trustees on 28.1.25.

Elizabeth N Tompkins Trustee

Date

4

THE TOMPKINS FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TOMPKINS FOUNDATION

Opinion

We have audited the financial statements of the Tompkins Foundation (the ‘charity’) for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

5

THE TOMPKINS FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TOMPKINS FOUNDATION - continued

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in

any material respect with the trustees’ report; or the charity has

not kept adequate accounting records; or

the financial statements are not in agreement with

the accounting records and returns; or we have

not received all the information and explanations

we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.

6

THE TOMPKINS FOUNDATION

TO THE TRUSTEES OF THE TOMPKINS FOUNDATION - continued

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Robinson Senior Statutory Auditor For and on behalf of Mercer and Hole LLP Chartered Accountants and Registered Auditors St Albans AL1 1NS

Mercer & Hole LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

7

THE TOMPKINS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Note
Income and Endowments
Investment income
2
Total income
Expenditure
Cost of raising funds:
Investment managers fees
Charitable activities
5, 6
Total expenditure
Net income/(expenditure)
before gains and losses on
investments
Other recognised gains and
losses
Net gains/(losses) on
investments
8
Net income/ (expenditure)
after gains and losses on
investments
Transfer between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 2024
2024
2024
Unrestricted
Income
Funds
Unrestricted
Capital
Funds
Total
Funds
£
£
£
361,998
-
361,998
361,998
-
361,998
150,167
-
150,167
456,230
-
456,230
606,397
-
606,397
(244,399)
-
(244,399)
-
567,105
567,105		 2023
Total
Funds
£
292,917
292,917
145,981
340,610
486,591
(193,674)
(292,791)
(244,399)
567,105
322,706		 (486,465)
244,400
(244,400)
-
1
322,705
322,706
93,279
13,743,225
13,836,504
93,280
14,065,930
14,159,210		 -
(486,465)
14,322,969
13,836,504

All results for the period relate to continuing operations.

The Foundation had no recognised gains or losses other than those included in the results above and, therefore, no separate statement of total recognised gains and losses has been presented.

8

THE TOMPKINS FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2024

FIXED ASSETS
Investments
8
CURRENT ASSETS
Cash at bank and in hand
LIABILITIES
Creditors falling due within one
year
9
Net current assets
TOTAL ASSETS
LESS CURRENT LIABILITIES
NET ASSETS
Represented by:
CAPITAL FUND
Unrestricted
10/11
INCOME FUND
Unrestricted
10/11
Total Charity Funds
10/11		 £
44,888		 2024
£
14,159,258
(48)
14,159,210
14,159,210
14,065,930
93,280
14,159,210		 2023
£
£
13,878,800
519
519
42,815
(42,296)
13,836,504
13,836,504
13,743,225
93,279
13,836,504
44,888
44,936

The financial statements on pages 10 to 16 were approved by the trustees on 28.1.25 and signed on the charity's behalf by

E N Tompkins

Registered Charity No. 281405

9

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. ACCOUNTING POLICIES

1.1 Accounting Convention

The accounts have been prepared in accordance with applicable accounting standards under the historical cost basis of accounting, as modified by the revaluation of the investments and follow the recommendations in Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” FRS102 1A (effective January 2019) and in accordance with the provisions of The Charities Act 2011.

1.2 Going concern

Given the Foundation’s minor administration expenses and substantial reserves, the trustees believe that they can maintain their support of the charitable sector notwithstanding poor investment performance in the short term, whilst still seeking to maintain the real value of their reserves in the long term.

1.3 Income

All income is included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.

No amounts are included in the financial statements for services donated by volunteers.

Investment income is included in the statement of financial activities on the receivable basis.

1.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Charitable distributions are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year distributions are accounted for when either the recipient has a reasonable expectation that they will receive a donation and the trustees have agreed to pay the donation without condition, or the recipient has a reasonable expectation that they will receive a donation and any condition attaching to the donation is outside of the control of the Trust.

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 and legal fees together with an apportionment of overhead and support costs.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

10

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

The cost of generating funds consist of investment management and certain legal fees.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

1.5 Investments and Investment Gains and Losses

Investments are included in the balance sheet at market value.

In the case of investments held as fixed assets, realised profits and losses on disposals and unrealised profits and losses on revaluation are included in the statement of financial activities.

1.6 Fund accounting

Income funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital funds represent those assets which are held permanently by the charity, principally investments. Income arising on the capital funds is used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

1.7

Foreign currency

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All exchange rate differences are taken to statement of financial activities for the year.

11

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

2 INVESTMENT INCOME

UK Listed equities
Income from fixed interest securities
Interest received on short term deposits
Other income		 2024
£
245,994
116,004
-
-
361,998		 2023
£
219,035
73,882
-
-
292,917

3 EMPLOYEES

The Foundation has no employees. The patron Mrs E N Tompkins pays the costs of staff used by the Foundation. It is not feasible to quantify this accurately.

4 TRANSACTIONS WITH TRUSTEES

No trustee received any remuneration or reimbursement for expenses (2023: nil).

12

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 continued

5 DIRECT CHARITABLE DISTRIBUTIONS

All distributions were made to institutions as follows:

Alexander Devine Hospice
Arthroplasty for Arthritis
British Red Cross
Childhood First
Demand Design & Manufacture For Disability
Disability Huntingdonshire
Douglas Macmillan Hospice
Families United Network
The Foundation of Nursing Studies (FONS)
Guide Dogs For The Blind
Interact Stroke Support
Jolesfield School Association
Lennox Children’s Cancer Fund
London’s Air Ambulance
Medecins Sans Frontiers
NSPCC
Ovarian Cancer Action
Place 2 be
Revive healthy living
St Johns Hospice
St Mary's Coronary Flow Trust
The Great Ormond St Hospital
The Leonard Cheshire Foundation
The Passage
The Police Foundation
Toynbee Hall
Waterloo Uncovered
Willow Foundation		 2024
£
5,000
25,000
25,000
25,000
2,000
5,000
5,000
5,000
20,000
20,000
-
10,000
5,000
25,000
25,000
2,000
-
10,000
5,000
25,000
25,000
25,000
25,000
50,000
25,000
25,000
5,000
25,000
449,000		 2023
£
-
25,000
25,000
25,000
-
-
5,000
-
30,000
20,000
5,000
-
-
-
-
-
5,000
10,000
5,000
25,000
25,000
25,000
25,000
30,000
25,000
-
-
25,000
335,000

6 GOVERNANCE COSTS

Bank charges and interest
Audit		 2024
£
30
7,200
7,230		 2023
£
30
5,580
5,610

13

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 continued

7 CORPORATION TAXATION

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Market value 6 April 2023
Additions
Disposal proceeds
Revaluation to market value
Market value at 5 April 2024
Market value at 5 April 2023		 UK Listed
Investments
Cash
deposits
£
£
13,292,908
585,892
2,842,124
3,116,761
(2,782,622)
(3,462,910)
567,105
-
13,919,515
239,743
13,292,908
585,892		 Total
£
13,878,800
5,958,885
(6,245,532)
567,105
14,159,258
13,878,800

The listed investments are all quoted on the UK Stock Exchange, with the exception of Nestle SA Nom, which is listed in Switzerland, LVMH Moet Hennessy Vuitton, which is listed in France, Siemens, which is listed in German and Alphabet Inc, Findlay Park American, Johnson and Johnson, Astrazeneca, McDonalds and Starbucks which are listed in USA.

9
CREDITORS – Falling due within one year
Accruals		 2024
£
44,936
44,936		 2023
£
42,815
42,815

14

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 continued

10 MOVEMENTS IN FUNDS

Unrestricted Funds:

Income
Capital
Total funds		 At 6 April
2023
Income
Expenditure
Gains/
(losses) on
investments
Transfer
Between
funds
At 5 April
2024
£
£
£
£
£
£
93,279
361,998
(606,397)
-
244,400
93,280
13,743,225
-
-
567,105
(244,400)
14,065,930
13,836,504
361,998
(606,397)
567,105
-
14,159,210

The unrestricted capital fund relates to the original capital fund as enhanced by realised and unrealised capital gains to remain as a permanent fund and the income arising therefrom to be donated to various charitable organisations which is reflected through the unrestricted income fund. There are no restrictions imposed on these funds. As decided by the trustees a transfer from the capital to income fund was made in the year to cover the amount of expenditure that exceeded income.

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Short term deposits
Creditors		 Unrestricted
Income fund
Unrestricted
Capital fund
£
£
93,328
14,065,930
44,888
-
(44,936)
-
93,280
14,065,930		 Total
£
14,159,258
44,888
(44,936)
14,159,210

12 CHARITABLE COMMITMENTS

The Foundation had no charitable commitments as at 5 April 2024.

13 APPROVAL OF ACCOUNTS

The accounts set out on pages 8 to 16 were approved by the trustees.

15

THE TOMPKINS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 continued

14 RELATED PARTY TRANSACTIONS

There were no related party transactions during the year other than those noted in note 4.

15 POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

16