**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:
1. accounting records were not kept in respect of the Trust 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.
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