**REGISTERED CHARITY NUMBER: 298450**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022**
## **FOR**
## **THE TITCOMB FOUNDATION**
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
**THE TITCOMB FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|10|
**THE TITCOMB FOUNDATION**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2022**
The trustees present their report with the financial statements of the charity for the year ended 5th April 2022. 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**
## **Objectives and aims**
The charitable Trust was established on 9 February 1987. Both the initial donation and additional amounts donated since have been under terms which allow the trustees to either retain the amounts as capital or to spend them.
The Trust deed gives the trustees the power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose.
The trustees identify projects and organisations as they wish to support and so the Trust does not make grants to people or organisations who apply speculatively.
## **Public benefit**
The trustees have had regard to the Charity Commission guidance on public benefit and paid due regard to it in deciding what activities the charity should undertake.
The trustees are satisfied that the ongoing grants they are making means that the charity is continuing to meet the public benefit requirement.
## **Grantmaking**
The trustees normally meet quarterly to consider what grants they will make and to review any feedback they have received.
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
During the year the Foundation made grants totalling £10,500 (2021: £77,785).
## **FINANCIAL REVIEW**
## **Financial position**
The trustees have set a policy that the expendable endowment should be invested so as to maximize the total return (capital growth plus income) with a medium level of risk. The income from investments for the year was £34,730..
The net incoming resources, after grants and operational expenses of £46,527 for the year and gains on investments of £13,501 was £1,704. The adequacy of the reserves is reviewed annually.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
298450
## **Principal address**
Little Orchard Rickmans Lane Plaistow Billingshurst RH14 0NT
Page 1
**THE TITCOMB FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2022**
**Trustees** Clarissa Bushell Mark Titcomb Clive Titcomb **Independent Examiner** John Thacker FCA DChA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA **Bankers** Barclays Bank PLC The Old Bank High Street Lewes BN7 2JP **Investment Managers** Barclays Stockbrokers Tay House 300 Bath Street Glasgow G2 4LH
Approved by order of the board of trustees on 15th March 2023 and signed on its behalf by:
Clarissa Bushell - Trustee
Page 2
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TITCOMB FOUNDATION**
## **Independent examiner's report to the trustees of The Titcomb Foundation**
I report to the charity trustees on my examination of the accounts of The Titcomb Foundation (the Trust) for the year ended 5th April 2022.
## **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.
John Thacker FCA DChA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
22nd March 2023
Page 3
**THE TITCOMB FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Grants
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
8
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
34,730
33,927
12,600
46,527
-
(11,797)
11,797
-
-
-|Endowment
fund
£
-
-
-
-
13,501
13,501
(11,797)
1,704
4,382,810
4,384,514|2022
Total
funds
£
34,730
33,927
12,600
46,527
13,501
1,704
-
1,704
4,382,810
4,384,514|2021
Total
funds
£
46,223|
|---|---|---|---|---|
|||||27,057
79,885|
|||||106,942|
|||||641,947|
|||||581,228
-|
|||||581,228
3,801,582|
|||||4,382,810|
The notes form part of these financial statements
Page 4
**THE TITCOMB FOUNDATION**
## **BALANCE SHEET**
## **5TH APRIL 2022**
|Notes
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
-
-
-
-
-
-|Endowment
fund
£
3,874,015
512,659
(2,160)
510,499
4,384,514
4,384,514|2022
Total
funds
£
3,874,015
512,659
(2,160)
510,499
4,384,514
4,384,514
4,384,514
4,384,514|2021
Total
funds
£
3,890,997
493,973
(2,160)
491,813
4,382,810
4,382,810
4,382,810
4,382,810|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15th March 2023 and were signed on its behalf by:
Clarissa Bushell - Trustee
The notes form part of these financial statements
Page 5
**THE TITCOMB FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022**
## **1. 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.
## **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.
## **2. INVESTMENT INCOME**
|Interest on treasury stock
Dividends|2022
£
46
34,684
34,730|2021
£
477
45,746|
|---|---|---|
|||46,223|
Page 6
continued...
**THE TITCOMB FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022**
## **3. GRANTS PAYABLE**
|Grants
The total grants paid to institutions during the year was as follows:
The Grimley Peace Hall Foundation
Cokenach Cricket Club
Greenpeace
SCSG Together in Unity
Southmead Project
The Weald Lawn Tennis and SRC
Kingfishers Bridge Wetland Creation Trust
The National Trust
Cancer Research UK
Marie Curie
British Heart Foundation
RSPB
MacMillan Cancer Support
Heartburn Cancer UK
Charity Buddy
Whitley Fund|2022
£
10,500
2022
£
-
3,000
-
-
-
-
-
-
-
-
-
-
-
-
5,000
2,500
10,500|2021
£
77,785|
|---|---|---|
|||2021
£
12,785
3,000
5,000
1,000
1,000
3,000
20,000
5,000
5,000
5,000
5,000
5,000
5,000
2,000
-
-|
|||77,785|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5th April 2022 nor for the year ended 5th April 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5th April 2022 nor for the year ended 5th April 2021.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Grants
**Total**|Unrestricted
fund
£
46,223
27,057
79,885
106,942|Endowment
fund
£
-
-
-
-|Total
funds
£
46,223|
|---|---|---|---|
||||27,057
79,885|
||||106,942|
continued...
Page 7
**THE TITCOMB FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022**
|**5.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Endowment
fund
fund
£
£
Net gains on investments
-
641,947
**NET INCOME/(EXPENDITURE)**
(60,719)
641,947
**Transfers between funds**
17,566
(17,566)
**Net movement in funds**
(43,153)
624,381
**RECONCILIATION OF FUNDS**
Total funds brought forward
43,153
3,758,429
**TOTAL FUNDS CARRIED FORWARD**
-
4,382,810
**6.**
**FIXED ASSET INVESTMENTS**
Valuation:
At 6 April 2021
Additions
Disposals
Realised gain/(loss)
Unrealised gain/(loss)
Valuation at 5 April 2022
Cost at 5 April 2022
Investments comprising more than 5% of the portfolio value at 5 April 2022 were in the equities of
companies:
Troy Trojan Fund
Other Investment Portfolio Management Holdings:
- Barclays Wealth Stockbrokers
- Citi Private Bank
Valuation at 5 April 2022|**ACTIVITIES -**
Unrestricted
fund
£
-
(60,719)
17,566
(43,153)
43,153
-|**continued**
Endowment
fund
£
641,947
641,947
(17,566)
624,381
3,758,429
4,382,810|Total
funds
£
641,947
581,228
-
581,228
3,801,582
4,382,810
£
3,890,997
645,645
(676,128
)
3,860,514
57,517
(44,016
)
3,874,015
3,246,182
the following
1,452,253
2,402,270
19,042
3,874,015|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
|||||
continued...
Page 8
**THE TITCOMB FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022**
## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**8.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Endowment funds**
Expendable Endowment Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**Endowment funds**
Expendable Endowment Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Endowment funds**
Expendable Endowment Fund
**TOTAL FUNDS**|At 6/4/21
£
-
4,382,810
4,382,810
as follows:
Incoming
resources
£
34,730
-
34,730
At 6/4/20
£
43,153
3,758,429
3,801,582|Net
movement
in funds
£
(11,797)
13,501
1,704
Resources
expended
£
(46,527)
-
(46,527)
Net
movement
in funds
£
(60,719)
641,947
581,228|2022
£
2,160
Transfers
between
funds
£
11,797
(11,797)
-
Gains and
losses
£
-
13,501
13,501
Transfers
between
funds
£
17,566
(17,566)
-|2021
£
2,160
At
5/4/22
£
-
4,384,514
4,384,514
Movement
in funds
£
(11,797)
13,501
1,704
At
5/4/21
£
-
4,382,810
4,382,810|
|---|---|---|---|---|
continued...
Page 9
**THE TITCOMB FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2022**
## **8. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Expendable Endowment Fund
**TOTAL FUNDS**|Incoming
resources
£
46,223
-
46,223|Resources
expended
£
(106,942)
-
(106,942)|Gains and
Movement
losses
in funds
£
£
-
(60,719)
641,947
641,947
641,947
581,228|
|---|---|---|---|
## **9. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 5th April 2022.
Page 10