REGISTERED CHARITY NUMBER: 287359
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Tormore Charitable Trust
Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY
Tormore Charitable Trust
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
Tormore Charitable Trust
Reference and Administrative Details for the Year Ended 31 March 2024
| TRUSTEES | Mrs M Nairac |
|---|---|
| Mr J B Quin | |
| Mr J Ryeland | |
| Mr R Mulhern | |
| Mrs C Glynn-Williams | |
| Mrs F Fox-Pitt | |
| Mrs M Fox-Pitt | |
| PRINCIPAL ADDRESS | Vine Hall Farm |
| Bethersden | |
| Ashford | |
| Kent | |
| TN26 3JY | |
| REGISTERED CHARITY | 287359 |
| NUMBER | |
| INDEPENDENT EXAMINER | Brightling & Co Accountants Ltd |
| Vine Hall Farm | |
| Bethersden | |
| Ashford | |
| Kent | |
| TN26 3JY | |
| SOLICITORS | Furley Page LLP |
| 39 St Margaret's Street | |
| Canterbury | |
| Kent | |
| CT1 2TX | |
| INVESTMENT MANAGERS | Evelyn Partners |
| 45 Gresham Street | |
| London | |
| EC2V 7BG |
Page 1
Tormore Charitable Trust
Report of the Trustees for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
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)".
ACHIEVEMENT AND PERFORMANCE
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 likeminded 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.
Review of Activities
The Charity made a deficit for the year of £7,780 (2023 - £6,365), before gains on investments of £59,025 (2023 - deficit of £6,365, before losses on investments of £3,782).
Income, solely from the Charity's investments, totalled £9,788 this year, down from £10,067 received in the comparative period.
Expenditure amounts to £17,568, higher than the £16,432 expended in 2022/23. The main costs were in the form of grants made to Northbourne Park School to award as scholarships and bursaries. These amounted to £10,668 during the year (2023 - £9,008). Other costs included investment management fees, and independent examination fees, as expected.
The £51,245 increase in funds has increased the overall fund balance to £627,740 at the Balance Sheet date (2023 - £10,147 decrease in funds to £576,495). Of this, £137,098 are being held in unrestricted funds (2023 - £128,870), and £490,642 in restricted funds (2023 - £447,625).
Investment Policy and Performance
The market value of the investments at 31st March 2024 was £626,479 (2023 - £575,565) and in addition cash funds of £3,019 (2023 - £3,583) were held with the Investment Managers
The management of the Trust investments is delegated by the Trustees to Evelyn Partners under a fully discretionary Investment Management agreement.
FINANCIAL REVIEW
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 as at 31st March 2024, the Trust's unrestricted funds are in excess of the amount required under the policy. To rectify this position, the Trust aims to increase the support given.
The total value of funds as 31st March 2024 was £627,740 (2023 - £576,495).
Page 2
Tormore Charitable Trust
Report of the Trustees for the Year Ended 31 March 2024
FINANCIAL REVIEW
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 adoption of the goring concern basis can be found in the accounting policies.
Material Investments
Material investments are considered to be those holdings with a value greater than or equal to 10% of the Charity's entire investment portfolio. These are separately disclosed within note 8 to the financial statements.
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.
FUTURE PLANS
The Trustees will continue to support the activities of the Charity for the foreseeable future, with currently no specific plans being in place, other than to support and promote charitable purposes primarily including the advancement of education of persons under eighteen year of age by the provision of bursaries and scholarships and by such other means including the making of grants or loans to educational establishments.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
Tomore Charitable Trust is a registered charity, number 287359, and is constituted under a Declaration of Trust dated 14 April 1983.
Recruitment and appointment of new 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.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mrs C Glynn-Williams - Trustee
Page 3
Independent Examiner's Report to the Trustees of Tormore Charitable Trust
Independent examiner's report to the trustees of Tormore Charitable Trust
I report to the charity trustees on my examination of the accounts of Tormore Charitable Trust (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Sarah Adamson BSc FCA CTA
Brightling & Co Accountants Ltd Vine Hall Farm Bethersden Ashford Kent TN26 3JY
Date: .............................................
Page 4
Tormore Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2024
| Unrestricted Endowment fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Investment income 3 9,788 - EXPENDITURE ON Raising funds 4 - 5,340 Charitable activities Grants payable - 10,668 Other 1,560 - Total 1,560 16,008 Net gains/(losses) on investments - 59,025 NET INCOME/(EXPENDITURE) 8,228 43,017 RECONCILIATION OF FUNDS Total funds brought forward 128,870 447,625 TOTAL FUNDS CARRIED FORWARD 137,098 490,642 |
2024 Total funds £ 9,788 5,340 10,668 1,560 17,568 59,025 51,245 576,495 627,740 |
2023 Total funds £ 10,067 5,072 9,008 2,352 16,432 (3,782) (10,147) 586,642 576,495 |
|---|---|---|
The notes form part of these financial statements
Page 5
Tormore Charitable Trust
Balance Sheet 31 March 2024
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 137,543 1,056 (1,501) (445) 137,098 137,098 |
Endowment funds £ 488,924 3,019 (1,301) 1,718 490,642 490,642 |
2024 Total funds £ 626,467 4,075 (2,802) 1,273 627,740 627,740 137,098 490,642 627,740 |
2023 Total funds £ 575,565 4,583 (3,653) 930 576,495 576,495 128,870 447,625 576,495 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 6
Tormore Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
1. GENERAL INFORMATION
The Tormore Charitable Trust is a charity domiciled in England and Wales, registration number 287359. The principal office is Vine Hall Farm, Bethersden, Ashford, Kent, TN26 3JY. The principal objectives of the Charity are as set out in the Trustees Report on page 2.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Investment Income | 9,788 | 10,067 |
continued...
Page 7
Tormore Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
4. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Portfolio management | 5,340 | 5,072 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Endowment fund funds £ £ INCOME AND ENDOWMENTS FROM Investment income 10,067 - EXPENDITURE ON Raising funds - 5,072 Charitable activities Grants payable - 9,008 Other 2,352 - Total 2,352 14,080 Net gains/(losses) on investments - (3,782) NET INCOME/(EXPENDITURE) 7,715 (17,862) RECONCILIATION OF FUNDS Total funds brought forward 121,155 465,487 TOTAL FUNDS CARRIED FORWARD 128,870 447,625 |
Total funds £ 10,067 5,072 9,008 2,352 16,432 (3,782) (10,147) 586,642 576,495 |
|---|---|
continued...
Page 8
Tormore Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2023 | 575,565 |
| Additions | 73,615 |
| Disposals | (81,738) |
| Revaluations | 59,025 |
| At 31 March 2024 | 626,467 |
| NET BOOK VALUE | |
| At 31 March 2024 | 626,467 |
| At 31 March 2023 | 575,565 |
There were no investment assets outside the UK.
Material Investments (items with a value of greater than 10% of the total investment portfolio)
| 2024 | 2023 | |
|---|---|---|
| Brown Advisory Funds Global Leaders SI GBP Inc | £76,125 | £60,966 |
| Findlay Park FD IC Findlay Park Amer I USD Dis | £94,228 | £71,557 |
| TB Evenlode Global Income F GBP Inc | £75,893 | £83,107 |
| TB Evenlode Income D Inc | £64,335 | £63,225 |
Cost or valuation at 31 March 2024 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2022 | 586,450 |
| Valuation in | 2023 | (10,885) |
| Valuation in | 2024 | 50,902 |
| 626,467 |
continued...
Page 9
Tormore Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 9. MOVEMENT IN FUNDS |
2024 £ 2,802 |
2023 £ 3,653 |
|---|---|---|
| Unrestricted funds General fund Endowment funds Permanent endowment fund Expendable endowment fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 9,788 Endowment funds Permanent endowment fund - Expendable endowment fund - - TOTAL FUNDS 9,788 Comparatives for movement in funds Unrestricted funds General fund Endowment funds Permanent endowment fund Expendable endowment fund TOTAL FUNDS |
At 1.4.23 £ 128,870 377,263 70,362 447,625 576,495 Resources expended £ (1,560) (5,340) (10,668) (16,008) (17,568) At 1.4.22 £ 121,155 386,117 79,370 465,487 586,642 |
Net movement At in funds 31.3.24 £ £ 8,228 137,098 53,685 430,948 (10,668) 59,694 43,017 490,642 51,245 627,740 Gains and Movement losses in funds £ £ - 8,228 59,025 53,685 - (10,668) 59,025 43,017 59,025 51,245 Net movement At in funds 31.3.23 £ £ 7,715 128,870 (8,854) 377,263 (9,008) 70,362 (17,862) 447,625 (10,147) 576,495 |
At 31.3.24 £ 137,098 430,948 59,694 |
|---|---|---|---|
| 490,642 | |||
| 627,740 | |||
| 447,625 | |||
| 576,495 |
continued...
Page 10
Tormore Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 10,067 | (2,352) | - | 7,715 |
| Endowment funds | ||||
| Permanent endowment fund | - | (5,072) | (3,782) | (8,854) |
| Expendable endowment fund | - | (9,008) | - | (9,008) |
| - | (14,080) | (3,782) | (17,862) | |
| TOTAL FUNDS | 10,067 | (16,432) | (3,782) | (10,147) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Permanent endowment fund Expendable endowment fund TOTAL FUNDS |
At 1.4.22 £ 121,155 386,117 79,370 465,487 586,642 |
Net movement in funds £ 15,943 44,831 (19,676) 25,155 41,098 |
At 31.3.24 £ 137,098 430,948 59,694 |
|---|---|---|---|
| 490,642 | |||
| 627,740 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 19,855 | (3,912) | - | 15,943 |
| Endowment funds | ||||
| Permanent endowment fund | - | (10,412) | 55,243 | 44,831 |
| Expendable endowment fund | - | (19,676) | - | (19,676) |
| - | (30,088) | 55,243 | 25,155 | |
| TOTAL FUNDS | 19,855 | (34,000) | 55,243 | 41,098 |
continued...
Page 11
Tormore Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 12
Tormore Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| Detailed Statement of Financial Activities for the Year Ended 31 March 2024 |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Investment Income | 9,788 | 10,067 |
| Total incoming resources | 9,788 | 10,067 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 5,340 | 5,072 |
| Charitable activities | ||
| Grants to individuals | 10,668 | 9,008 |
| Support costs | ||
| Governance costs | ||
| Independent examiners fee | 1,500 | 2,352 |
| Bank charges | 60 | - |
| 1,560 | 2,352 | |
| Total resources expended | 17,568 | 16,432 |
| Net expenditure before gains and losses | (7,780) | (6,365) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 59,025 | (3,782) |
| Net income/(expenditure) | 51,245 | (10,147) |
This page does not form part of the statutory financial statements
Page 13