THE TANGENT CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS 31 MAY 2021
THE TANGEiYf CHARITABLE TRUST CONTENTS Page TTUSt infornlI0ll Tntees. rew)rt Ind¢pendent Examiner's report Statetnent of financial activities BalaDce sheet Notes to th¢ financial statements
THE TANGENf CHARITABLE TRUST TRUST llYFORMATION Trustees M P Green T M Green R S Marks C V Robinson Charity registered number 289729 Registered office 21 South Street London WIK 2XB Independent Examlner Subarna Baneriee UHY Hacker Young LLP Quadrant House 4 Thomas More Square tA)ndon Elw IYW Sollcltors Macfarlanes 10 Norwich Street London EC4A IBD Bankers HSBC plc 31 Holborn London BCIN 2HR Page I
THE TAFIGENT CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR EIYDED 31 MAY 2021 The Trustees submit tb¢iT report aud fJJ]anci&l st&teTnents of the Tangen¢ Charitable Trust for the yeaT ended 31 May 2021. Statement of trustees, responslbllltles The tTUStees are responsible for preparing the Trustees. Report and the firwicial statements in accordance with applicable law and United KiThgdom A¢eowLting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England& Wales requires the trustees topryare financial statements for each fillcIal year which give a tnje and fair view of the state of affairs of the charity and of the incoming resources and application of resources of th¢ charity foT that peri(ML In PTeparing these flljancial statements. the tteeS are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements atld estimates that are reasouable andprudent. state whether applicable accounting standards have been followe& subject to any material departures disclosed and explained ill the fmancial statements. prepare the fll)8ncial statements on the going concern basis unless it ig inappropriate to presume that the charity will continue in busine&g. The trustees are responsible for keeping proper accounting records that disclose with reasonable crY at any time the fllwicial position of the charity and enable them to ensure that the financial statements comply with the ChaTities Art 2011. the Charity (Accounts and Reports) Regul&tions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the cl)arity and heD¢e for tsking reasonable slep8 for the prevenlion and detection of fraud and otherirregularities. Structure. governanee and management The Tnl£eS who have Seed during the ye4r were.. M P Green T M Green R S Marks C V Robinson The power of appointing new TTUStees is vested in the existing Trustees who must approve the appoiffjtment by a majority. TteeS will recruit new Trustees as a vacancy or need is identifie(L The Charity was established by a tn]st deed dated 31 May 1984. ObJectlve8 and actlrftles The obj¢¢tives of the Trust as stsled in the tNst deed are for the Trustees to seek to apply the fid and income aTisillg thereof for the benefit of such charitsble purposes OT charitable institutiolls as they, in their absolute discretion, may from time to time determine. The Trnstees have decided to fulfil tb¢s¢ objects through a programme of wt making. Page 2
THE TANGENT CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) The grants programme as described below fulfilled the aims and objectives of the TnteeS for the year and it 19 envisaged it will contTrnue in a similar format in the fvture. Rlsk management The trustees have assessed the nMjor strategic, busiDess and operational risks facing the charity and have Concluded that given the nature of the charity's assets and activities that adequate monitoring of the risks catL be achieved on an infornial basis. Grant making poIicy The size and scope of donations made depends on the Thatse of the applS under ¢onsid¢ration. The Trngtees endeavour to encourage appeals and causes deemed worthy of support. All appeals are reviewed by the Tte¢S and th¢y aim to give prOr consid¢ration and prompt respOll to all applicants. Grants giv¢D in one year do aot necessarily serve a precedent for giving in 5ub5equeDt y¢ars. Achievements and performlnce The Charity nHle the following donations in the yeaT ended 31 May 2021: 2021 2020 WestiDinster Synagogue Freud Museum Imperial Health Charity Beder Mitiall Ltd Maidenhead Synagogu¢ Parochial Church Council of Easton Grey Jewish Leaderthip Council St. Luke's Hospice The Country Food Trust Down Syn(]rome GTOUP l Lady Garden Foundationl A]Lhein)ds Society Adelallte Muler Bolivia Other (below £1,000) 15.016 10.000 10,0 10.000 1,000 5.000 2.OIK> 2.000 5,000 5.000 1.500 3,020 2.000 1,125 645 28,645 44,661 Flnanelal revlew The Tnt had total incoming resources of £30,0(K) (2020: £35,IKK)) ID the year. After deducting adMitrative expenses of £1.438 (2020.. £Nil}. the TnteeS made donations of £28,645 (2020: £44.661). Investment polley Although the tSt¢eS have wid¢ investD]ent pow¢rs. they have adopted a Iow-Tisk policy of investing funds in cash deposits. Re&erve$ polley The Trust Deed, which tabliShed the Charity, rVed to the Trustses very wide powers to apply both income and capital for cbaritable purpose5 as well a5 reserving the rtght to accurnulate capital. To the extent that income is not distributed it can be regarded as reserves. Page 3
THE TANGENT CHARABLE TRUST TRUSTEES. REPORT (CONTINUED) Grants mad¢ from this Charity are entirely at th¢ discretion of the Trustees and there are no fed undertakings or obligations. However. a pattern of doJ)ations has been established from which it would be difficult to withdraw support and the Trustees believe that this requires a level of res¢rves to be maintained to absorb fluctuations in investment income and additional demands. Level of reserves The Tn]stees' policy is tOTeview the level of resetves on aregular basis and maintain a level of reserves which will provide a stable base for the ChaTity's ¢ODtinuing activities while at the same time ¢Dsuring excessive fun(Ls are not auMulated. Thc unrestricted Teserves of the Charity amounted to £3.561 (2020: £3,644} at the end of the year. The Trustees are satisfied that this level of reserves is adequat¢ for their present purposes. MonltorEng The Charity's assets consist entirely of cash deposits and the Trustees approve the financial statements and are thus able to direct any actioDS shown to be necessary. They are satisfied that this process provides adequate monitoring of the reserves. Publle benefit Th¢ trustees have refetTed to th¢ guidan¢¢ Wntajffj io the Charity CoD)missioD'S general guidance on public benefit when reviewing the aims and objectives and in pla[ltig the activities. In particular, the trustees consider how plaDtLed donatioDS will contribute to the aitns and objectives they have set. The trustees consider th¢ Quent policy for rnaking donations delivers public benefit. Details of the objects whtch forn) the b&sis of lS policy are given in the Objectives and Activilies section of thisreport. By order of the Tntee8 M P Green Trustee Page 4
THE TANGENT CHARITABLE TRUST INJ)EPEIYDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021 I report to the tnte£S on my examination of the accounts of the Tangent Charitable Trust ("the Trust") for the year ended 31 May 2021, whith are set out on pagcs 6 to 9. Responsibhlldes Ydnd basls 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 Clwities Act 2011('the Act,). I report in respect of my examitwtion of tbe TJuslees' accounts carried out under section 145 of the 2011 Actand ID ¢aTrying out my ex8]nination I have followed all the applicabl¢ Directions givenby the Charity Commission under section 145(5Kb) of the 2011 Act. Illdependent ¢xaminer'5 Statsment I have completed my ¢xamtnation. I CODfiDD that no material matters hav¢ come to my attention in connection WAth the examinatiou giving rnc causc to believc that ill ally material respect: (l) 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 accounls do not comply with the applicable re(iremellts concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other thall any requiremeDt that the accounts give a .tn and fair view, which is not a matter considered as part of an independ¢nt examination. I have no concerns and have Comc across no othcr mattcrs in connection with thc examination to which attention should be drawn in this Teport in order to enable a proper understanding of the accounts to be reached. Subarna BaDeriee (ACA) UHY Hacker Young LLP QuadraTht House 4 Thom&s More Squ¢ London Elw IYW 14 December 2021 Page 5
THE TANGENT CIL4RITABLE TRUST STATEMENT OF FINANCIAL ACTrvtfiES FOR THE ENDED 31 MAY 2021 Ullrestricted funds 2021 Unrestrieted funds 2020 otes £ Ineome and endowinents from Donatii)Ds 30.(K)O 35,000 Total incoming resources 30.000 35,000 Resources expellded Charitable activities Gratjts Governanc¢ costs 28,645 1,438 44.661 Totsl resources expendcd (30,083) (44.661) Net movement In funds (83) (9.661) Fund balanc¢ brought forward 13.305 Fund balance carrled fonvard 3361 The notes on page 8 and 9 forni part of these financial Statements, All income and net incoming resources are derived from continuing activities. Pa£¢ 6
E TAI¥4GENT clIARABLE TRUST BALANCE SHEET AS AT 31 MAY 2021 2021 2020 Notes Current assets Cash at bank 6,081 4.727 Credltors: Amounts falling due within one y¢ar: A¢enlS (2.520) (1,083) 3,561 Total funds 3561 3.644 Approved by the Tnte¢S ou 14. Joti M P Green Trustee T M Green Trustee The notes on page 8 aDd 9 folm part of these financial statements. Page 7
THE TANGENf CHARITABLE TRUST NOTES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 Aetounting policies Accounting convention The fmancial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicabl¢ to c1]tieS preparing their accounts in accordance with theF1n¢1al Reporting Stsndard applicablc in the UKaDd Republic of Irelat (C]wities SORP - FRS 102). The Financial Reporting Standard applicable in the UK and Republic of treland (FRS102) and the Charities Act 2011 as applicable to companies subject to the small companies Tcgime. The fitwicial statements are prepared in sterling. which is the functional currency of the compaDy. Monetary amounts in these fllwicial statements aTe rounded to the nearest £. Investment income Investment income is accounted for ITh the period in which the charity is entitled to receipt. Resources expended Expendith is included on an accruals b&sis for administration expenses. GTaDts are charged to expenditure when the obligation in relation lo each grant arises. except in those cases where the offeris Collditional, such grallls exceptbeing reColSed as expenditure when the conditioDS are no longer within the control of the Trustees. Governance costs comprise the costs incuTred for the running of the charity itself as an organisation. GoveTnaDce costs 2021 2020 Accountancy 1.438 An iDdepeDdent examination fee of £1,2 (2020 - £1,020) has been charged for the 2021 year end. The remainder of the charge represents an under accrnal for 2020. The charity had no employees duTing the period. Administration of the charity is carried out by the Tntstees. No Trustees received ally remuneration or reimbutsement of expenses in this or the prior period. Grnts Details of grants made are given itl the Trustees, report on pag¢ 3. Pag¢ 8
TEf£ TANGENT CHARrfABLE TRUST NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 MAY 2021 Accumulated fund All tbe Charity's fulld5 and assets are UDr¢stri¢ted being fimds wbi¢h the Tnte¢S aT¢ free to use in accordance with the charitable objects. Golng concern The TTUStees have pr¢parcd th¢ fanCIal statements on a going concern basis. All donatiODS to third parties discretion8ry and donation income is depeDdent on receipts from Tangent Industries Limited, a r¢lat¢d party. Related party trr4llSaCtions The Charity received donations of £30.INKJ (2020: £35.0(Ml) from Tangent tndustries Limited, a compaDy controlled by M P Green, a tnjstee. Page 9