THE T ANGENT CHARITABLE TRUST REPORT AND FINANcL STATEmE[s 31 MAY 2023
THE TANGENT CHARITABLE TRUST CONTEY4TS Page Trust infomation Tru5tee5' report Independent Examiner's Report Staiement of financial activities Balance sheet Notes to the financial statements
THE TANGEiYf CHARITABLE TRUST TRUST llYFORMATION Trnslees M P Green T M Green R S Marks C V Robin50n Cbarity registered number 289729 Registered offi¢¢ 21 South Street tA)ndon WIK2XB Independent Examiner Keir Singleton Evelyn Partners (Thames Valley) Limited 22 Wycombe End Beaconsfield Buckinghamshire HP9 INB Solicitors Macfarlanes 10 Norwich Street London EC4A I BD Bankers HSBC pl 31 Holborn London ECIN 2HR Page I
THE TANGENT CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY 2023 The Trustees submit their report and financial statements of th¢ Tangent Charitable Trust for th¢ year ended 31 May 2023. Statement of trustees. responsibilities The trust¢cs are responsible for preparing the Trust¢¢s' Report and the financial ststements 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 stat¢ of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these flnancial statements. the trustees are required to: select suitsble accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stat¢m¢nls' prepare ihe financial statements on the going concern basis unless it is inappropriate to pSuMe that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tru deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Struclure* governance and management The Trustees who have served during the year were: M P Green T M Gre¢n R S Marks C V Robinson The power of appointing new Trnstees is vested in the existing TTUStees who must approve the appointment by a majority. Trustees will recruit new Trustees as a vacancy or need is identified. The Charity was established by a trust deed dated 31 May 1984. Objectives and activities The objectives of the Trust as stated in the trust deed are for the Trustees to seek to apply the fund and income arising thereof for the benefil of such charitable purposes or charitsble institutions as they. in their absolute discretion, may from time to time deterniine. The Trustees have decided to fulfil these objects through a programme of grant making. Page 2
THE TANGEIYT CHAIUTABLE TRUST TRUSTEES, REPORT (CONTINUED) The grants programme as described below fulfilled the aims and objectives of the Truslees for th¢ year and it 15 envisag it will continue in a similar fomiat in the future. Risk management The trustees have assessed the major strategic, business and operational risks facing the charity and have concluded that given the nature of the charity's ass¢ts and activities that adequate monitoring of the risks can be hIeVed on an informal basis. GrnD¢ making policy The size and scope of donations made depends on the nature of the appea15 under consideration. The Trustees endeavour to encourag¢ appeals and causes deemed worthy of support. All appeals are reviewed by the Trustees and they aim to give proper consideration and proTnpt response to all applicants. Grants given in one year do not necessarily serve a precedent for giving in subsequent years. Aebievements and perforniaDce The Charity made the following donalions in the year ended 31 May 2023: 2023 2022 Freud Museum Westminster Synagogue Maidenhead Synagogue Jewish Leadership Council Atzum Justice Works Parochial Church Council of Easton Grey The Twinning Project The National Gallery Other (below £l.000) 20,000 7,500 5,000 5,000 5,000 2,500 2,000 2.000 1,000 645 645 15,645 Financial review The Trust had total incoming resources of £30.000 (2022: £20.000) in th¢ year. After deductin8 administrative expenses of £1,683 (2022.. £62), the Trustees made donations of £35,645 (2022- £15,645). Investment policy Although the trustees have wide investment pow¢r5. they have adopted a low-risk policy of investing funds in cash deposits. Reserves pollcy The Trust Deed, whtch established the Charity, reserved to the Trustees very wide powers lo apply tK)th income and capital for charitable purposes as well as reserving the right to accumulate capital. To the extent that income is not distributed it can be regarded as reserves.
THE TANGENT CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) Grants made from this Charity are entirely at the discretion of the Trustees and theTe are no fixed undertakings or obligations. However, a pattern of donations has been established from which it would be difficult lo withdraw support and the Trustees believe that this requires a level of reserves to be maintained to absorb fluctuations in investment income and additional demands. Level of reserves Thc Trustees, policy is to review the level of r¢s¢rv¢s on a regular basis and maintain a level of reserYe5 which will provide a stable base for the Charity's continuing activities while at th¢ same time ensuring excessive funds are not a¢¢umulated. The unrestricted reserves of the Charity amounted to £527 (2022: £7.855) at the end of the year. The Trustees are satisfied that this level of reserves is adequal¢ for their present purposes. Monitoring The Charity's assels consist enlir¢ly of cash deposits and the Trustees approvc the financial statements and are thus able to direct any actions shown to be necessary. They are satisfied that this process provides adequate monitoring of the reserves. Public benefit The trustecs have referred to the guidance contained in the Charity Commission's g¢n¢ral guidance on public benefit when reviewing the aims and objectives and in planning the future activities. In particular, the trustees consider how plann¢d donations will contribute to the aims and objectives they have set. The trustees consider the current policy for making donations delivers public benefit. Details of the objects which fom the basis of this policy are given in the Objective5 and Activities section of this report. By order of the Trustees MP Green Trustee Pag¢ 4
THE TANGENT CHARITABLE TRUST Independent ExAmtner's Report to the Trustees of The TangeDt Charitable Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 May 2023 which are set out on pages 6 to 9. Respollsibilities and basis of report As the charity's trustees you &re 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 th¢ charity's accounts carried out under section 145 of the Act and in Carrying out my examinalion I have followed all the applicable Directions given by the Ch&rity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirni 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 wer¢ not kept in respect of the charity as required by section 130 of the Act; or 2. the accounls do not accord with those records- or 3. th¢ accounis do not comply with the applicable requirements ¢oncerningy the forn] 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 attenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 12 December 2023 ingleton Evelyn Partners (Thames Valley) Limited 22 Wycotnbe End Beaconsfield Buckinghamshire HP9 INB Page 5
THE TANGENT CHARITABLE TRUST STA TEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023 Unregtricted funds Unrestricted funds 2023 2022 Notes £ Income and endowments from Donalions 30,000 20,000 Total incoming resources 30,000 20.000 Resources expended Charitable activities Grants Governance costs 35.645 1.683 15.645 61 Total resources expended (37,328) (15,706) Net movement in funds {7J28) 4294 Fund balance brought forward 7.855 3,561 Fund balance carried fonvard 527 7,855 The notes on page 8 and 9 fomi part of these financial statements. All income and nel incoming resources are derived from continuing activities. Page 6
THE TANGENT CHARITABLE TRUST BALANCE SHEET AS AT 31 2023 2023 2022 Not£ Current assets Cash at bank 2.447 8275 Credltors: Amounts fallin8 due within one year: Accruals (1,920) (420) 527 7.855 Total funds 527 7055 Approved by the Trustee5 on M P GreeD Trustee T M Green Trustee The notes on page 8 and 9 forni part of these financial Statements. Page 7
THE T ANGENT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 AceountlDg policies Cbarlty informAtlon The Tangent Charitable Trust is a charitsble trust registered in England and Wales. The address of the principal office and the nature of the Charity's operations and principal activities is given in the Tru5tee5 on page l of these financial stalements. Accounting convention The accounts have been prepared in accordance with the Charity's trust deed, the Charities Act 2011 and ='Accounting and Reporting by the Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (as amended for accounting period commencing forni l January 2016) The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearesl £. Ineoming resources Donations are recognised when receivable. Resourtes expended Expenditure is included on an accruals basis for administrdtion expenses. Grants are charged to expenditure when the obligation in relation to each grant arises, except in Éh05e cases wher¢ the offer is Conditional. such grants except being recognised as expenditure when the conditions are no longer within the Control of the Trust¢es. Governance costs comprise the costs incurred for the running of ihe charity itself as an organisalion. Irrecoverdble VAT is charged as a cost against the activity for which the expcnditure was in¢utTed. Grants Lktails of grants ade are given in the Tru5tees' report on page 3. Page 8
THE TANGENT CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 IVIAY 2023 Govern*nee e05ts 2023 2022 Accountancy Bank Charges 1,500 183 62 62 An independent examination fee of £ 1,500 (2022- £Nil) has been charged for the 2023 year end. The charity had no employees during the pcriod. Administration of the charity is ¢wied out by the Truslees. No Trustees received any remuneration or reimbursement of expenses in ihis or the prior period. Accumulated fund All the Charity's funds and assets are unrestricted being funds which the Trustees are free to use in accordance with the charitable objects. Going concern The Trustees have prepared the financial statements on a going concern basis. All donations to third parties are discretionary and donation income is dependent on receipts from Tangent Industries Limited. a related party. Rel&ted party trnnsactions The Charity received donations of £30,000 (2021.. £20,000) from Tangent Industries Limited. a company controlled by M P Green, a trust¢¢. Page 9