Charity number: 287359
Tormore Charitable Trust
Unaudited
Trustees' report and financial statements
for the year ended 31 March 2022
Tormore Charitable Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Trust, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
Tormore Charitable Trust
Reference and administrative details of the Trust, its Trustees and advisers for the year ended 31 March 2022
Trustees
Mrs Marian Nairac Mr John Barrington Quin Mr James Ryeland Ms Susie Barter Mr Robin Mulhern Mr Peter Roberts - Mrs Celia Glynn Williams, Chair Mrs Fenella Fox-Pitt Mrs Marietta Fox-Pitt
Charity registered number
287359
Principal office
Kreston Reeves LLP 37 St Margaret's Street Canterbury Kent CT1 2TU
Accountants
Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU
Investment Managers
Evelyn Partners 45 Gresham Street London EC2V 7BG
Page 1
Tormore Charitable Trust
Trustees' report for the year ended 31 March 2022
The Trustees present their annual report together with the financial statements of the Trust for the year from 1 April 2021 to 31 March 2022.
Objectives and activities
a. Policies and objectives
The principal objectives of the Trust are to support and promote charitable purposes primarily including the advancement of education of persons under eighteen years of age by the provision of bursaries and scholarships and by such other means including the making of grants or loans to educational establishments.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Key performance indicators
The Trust has continued to provide financial support in the form of grants to Northbourne Park School.
The Trustees are minded to strengthen the permanent endowment funds of the Trust in order to be able to provide more bursaries and scholarships. They are looking for like minded charities to co-operate with on this.
In March 2011 the Trustees, with the agreement of the Charity Commission, passed a resolution to allow up to £200,000 of the permanent endowment to be spent over the following 15 years to enable the Trust to continue to meet its objectives.
b. Review of activities
Grants were made to Northbourne Park School to award as scholarships and bursaries. These amounted to £6,142 during the year (2021: £6,690).
In June 2020, a donation of £40,000 was given to Northbourne Park School to support the school’s fundraising appeal to complete a new Multi-Use Games Area sports pitch and towards the start of the next phase of fundraising for an arts centre. No such donation was paid in the 2021/22 financial year.
In October 2020, The Tormore Trust received a donation of £60,941 as a beneficiary of the Askaig Trust. No such donation was received in the 2021/22 financial year.
c. Investment policy and performance
The market value of the investments at 31 March 2022, was £586,450 (2021: £542,454) and in addition cash funds of £2,545 (2021: £7,856) were held with the Investment Managers.
The management of the Trust investments is delegated by the Trustees to Tilney under a fully discretionary Investment Management Agreement.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
Tormore Charitable Trust
Trustees' report (continued) for the year ended 31 March 2022
b. Reserves policy
The Trust's policy is to hold unrestricted funds high enough to cover any grants payable within the year. This is dependent on the performance of the investments and how many pupils the Trust want to help to meet their objectives.
The Trustees acknowledge that at 31 March 2022, the Trust's unrestricted funds are in excess of the amount required under this policy. To rectify this position, the Trust aims to increase the support given.
The total value of funds at 31 March 2022, was £586,642 (2021: £548,029).
c. Principal risks and uncertainties
The principal risk identified by the Trust relates to the uncertainty of the performance of the investment funds year on year. Although managed by reputable investment managers, there is always an investment risk in purchasing/selling funds due to variant economic conditions.
The Trust have tried to manage the risk by using the same investment manager and building a relationship with regular contact to ensure correct decision making and the avoidance of transactional risk.
Structure, governance and management
a. Constitution
Tormore Charitable Trust is a registered charity, number 287359, and is constituted under a Declaration of Trust dated 14 April 1983.
b. Methods of appointment or election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Risk management
The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Trustees will continue to support the activities of the Charity for the foreseeable future.
Page 3
Tormore Charitable Trust
Trustees' report (continued) for the year ended 31 March 2022
Statement of Trustees' responsibilities
The Trustees 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 Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Trust and of its income and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the Board of Trustees on and signed30 November 2022 on their behalf by:
Mrs Celia Glynn-Williams Chair of Trustees
Mr Robin Mulhern Trustee
Page 4
Tormore Charitable Trust
Independent examiner's report for the year ended 31 March 2022
Independent examiner's report to the Trustees of Tormore Charitable Trust ('the Trust')
I report to the Charity Trustees on my examination of the accounts of the Trust for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Trust has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report.
Signed: Dated: S M Rouse FCCA DChA
Kreston Reeves LLP
Chartered Accountants
Canterbury
Page 5
Tormore Charitable Trust
Statement of financial activities for the year ended 31 March 2022
| Note Income and endowments from: Donations and legacies 3 Investments 4 Total income and endowments Expenditure on: Charitable activities 5 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ - - - 11,600 11,600 (11,600) 44,143 32,543 432,944 32,543 465,487 |
Unrestricted funds 2022 £ - 8,152 8,152 2,082 2,082 6,070 - 6,070 115,085 6,070 121,155 |
Total funds 2022 £ - 8,152 8,152 13,682 13,682 (5,530) 44,143 38,613 548,029 38,613 586,642 |
Total funds 2021 £ 60,941 10,011 |
|---|---|---|---|---|
| 70,952 | ||||
| 54,412 | ||||
| 54,412 | ||||
| 16,540 88,303 |
||||
| 104,843 | ||||
| 443,186 104,843 |
||||
| 548,029 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
Tormore Charitable Trust
Balance sheet as at 31 March 2022
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Endowment funds 10 Unrestricted funds 10 Total funds |
54 3,545 3,599 (3,407) |
2022 £ 586,450 192 586,642 465,487 121,155 586,642 |
37 8,756 8,793 (3,218) |
2021 £ 542,454 5,575 |
|---|---|---|---|---|
| 548,029 | ||||
| 432,944 115,085 |
||||
| 548,029 |
The financial statements were approved and authorised for issue by the Trustees on _______30 November 2022 and signed on their behalf by:
Mrs Celia Glynn-Williams Chair of Trustees
Mr Robin Mulhern Trustee
The notes on pages 8 to 15 form part of these financial statements.
Page 7
Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
1. General information
The Tormore Charitable Trust is a charity domiciled in England and Wales, registration number 287359. The principal office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU. The principal objectives of the Charity are as set out in the Trustees Report on page 2.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Tormore Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 9
Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
2. Accounting policies (continued)
2.10 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
2.12 Permanent Endowment Funds
The endowment fund represents those assets which must be held permanently by the Trust, principally investments.
Income arising on the endowment fund can be used in accordance with the objectives of the Trust and is included as unrestricted income except for scrip dividends which are reinvested into the endowment fund.
Any capital gains or losses arising on the investments form part of the fund.
Investment management charges and legal advice relating to the fund are charged against the fund.
The endowment fund may be paid to any other charity to be used in accordance with the objectives of the Trust in which event the Trustees are not responsible for seeing to the application thereof.
2.13 Expendable Endowment Funds
In March 2011 the Trustees passed a resolution to allow up to £200,000 of the permanent endowment to be spent over the following 15 years to enable the charity to continue to meet its objectives. This resolution was approved by the Charity Commission and subsequently the sum of £200,000 was transferred to establish an expendable endowment fund.
Page 10
Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
3. Income from donations and legacies
| Donations Total 2021 Investment income Investment income Interest receivable Total 2021 |
Unrestricted funds 2022 £ - 60,941 Unrestricted funds 2022 £ 8,152 - 8,152 10,011 |
Total funds 2022 £ - 60,941 Total funds 2022 £ 8,152 - 8,152 10,011 |
Total funds 2021 £ 60,941 |
|---|---|---|---|
| Total funds 2021 £ 10,006 5 |
|||
| 10,011 | |||
4. Investment income
5. Analysis of expenditure on charitable activities
| Grants to Northbourne Park School Independent examination fee Investment management fees Total 2021 |
Endowment funds 2022 £ 6,142 - 5,458 11,600 12,432 |
Unrestricted funds 2022 £ - 2,082 - 2,082 41,980 |
Total funds 2022 £ 6,142 2,082 5,458 13,682 54,412 |
Total funds 2021 £ 46,690 1,980 5,742 |
|---|---|---|---|---|
| 54,412 | ||||
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).
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Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
7. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Listed investments £ 542,454 21,829 (22,756) 44,923 |
|---|---|
| 586,450 | |
| 586,450 | |
| 542,454 |
Material investments (items with a value of greater than 10% of the total investment portfolio)
| Findlay Park FDS American USD Dis Evenlode Inv Mgmt TB Evenlode Income T Bailey Fund Serv Evenlode Gbl Inc Brown Advisory FDS Global Leaders SI GBP Dis |
2022 £ 77,164 60,570 80,149 63,722 281,605 |
2021 £ 66,817 56,443 73,067 57,402 |
|---|---|---|
| 253,729 |
8. Debtors
| Due within one year Accrued income Creditors: Amounts falling due within one year Accruals |
2022 £ 54 54 2022 £ 3,407 |
2021 £ 37 |
|---|---|---|
| 37 2021 £ 3,218 |
9. Creditors: Amounts falling due within one year
Page 12
Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
10. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted income fund | 115,085 | 8,152 | (2,082) | - | 121,155 |
| Endowment funds | |||||
| Permanent endowment fund | 347,432 | - | (5,458) | 44,143 | 386,117 |
| Expendable endowment fund | 85,512 | - | (6,142) | - | 79,370 |
| 432,944 | - | (11,600) | 44,143 | 465,487 | |
| Total of funds | 548,029 | 8,152 | (13,682) | 44,143 | 586,642 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted income fund | 86,113 | 70,952 | (41,980) | - | 115,085 |
| Endowment funds | |||||
| Permanent endowment fund | 264,871 | - | (5,742) | 88,303 | 347,432 |
| Expendable endowment fund | 92,202 | - | (6,690) | - | 85,512 |
| 357,073 | - | (12,432) | 88,303 | 432,944 | |
| Total of funds | 443,186 | 70,952 | (54,412) | 88,303 | 548,029 |
Page 13
Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
11. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 1 April 2021 £ 115,085 432,944 548,029 Balance at 1 April 2020 £ 86,113 357,073 443,186 |
Income £ 8,152 - 8,152 Income £ 70,952 - 70,952 |
Expenditure £ (2,082) (11,600) (13,682) Expenditure £ (41,980) (12,432) (54,412) |
Gains/ (Losses) £ - 44,143 44,143 Gains/ (Losses) £ - 88,303 88,303 |
Balance at 31 March 2022 £ 121,155 465,487 |
|---|---|---|---|---|---|
| 586,642 | |||||
| Balance at 31 March 2021 £ 115,085 432,944 |
|||||
| Summary of funds - prior year | |||||
| General funds Endowment funds |
|||||
| 548,029 |
Page 14
Tormore Charitable Trust
Notes to the financial statements for the year ended 31 March 2022
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2022 £ 463,213 3,599 (1,325) 465,487 |
Unrestricted funds 2022 £ 123,237 - (2,082) 121,155 |
Total funds 2022 £ 586,450 3,599 (3,407) |
|---|---|---|---|
| 586,642 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 £ 425,426 8,756 (1,238) 432,944 |
Unrestricted funds 2021 £ 117,028 37 (1,980) 115,085 |
Total funds 2021 £ 542,454 8,793 (3,218) |
|---|---|---|---|
| 548,029 |
13. Related party transactions
The Charity has not entered into any related party transactions during the financial year (2021: £Nil) and there are no balances outstanding with any related parties at the Balance sheet date (2021: £Nil).
Page 15