Charity number: 326S84 THE TORY FAMILY FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
THE TORY FAMILY FOUNDATION CONTENTS Page Rèfèrence and Administrative Details of the Charity, Its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements 7-10 Statement ol Financial Activities Balance Sheet 12 Statement of Cash Flows Notes to the Financial Statements 14-24
THE TORY FAMILY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 30 APRIL 2023 Trustees Mr PN Tory Mr JN Tory Mr DJ Callister SATory Charty registered number 326584 Principal office The Estate Office Elehinghill Golf Club Elchinghill Folkestone Kent CT18 8FA Indèpendent auditors Pure Audil Limited Chartered Certrfied A¢¢ountants and Slalutory Auditors 76 Canterbury Innovation Centre Universty Ro*J Canlert)ury Kent CT2 7FG Page 1
THE TORY FAMILY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2023 The Trustees present their annual report together wrth the audrted financial statements ot the Chanty foi the period from 1 May 2022 to 3a Apnl 2023. a. Objectives and aGtivities ObSe¢ts and aims The charity was lormed lo prowde financial assistance to a wide Tange of charitable needs. H Is currently supporting a wide range of causes both from a n3tK)nal perspective and an IntnatIonal perspective. These causes Include educational. religious. social and medical subjects and the donees themselves are often registered charrties. The trustees continue lo pursue the policy of the donations and grants in line with the finanaal posrtion of the chanty. To keep expenses to a minimum, only successful applunts are rePld to, and priority is given to applicants from East Ken Public benefft The charity has pakl donatT"ons lotalling £248k in the year12022." £4.15ml. All of these grants have enabled the recipients lo further Iheir char(table purposes. TIE trustees confimi that Ihey have complied wrth the requirements of section 4 of the Charities Act 2Q11 10 have due gard to the publ benefit guidance published by the Charty Commission for England and Wales. b. Financial review Investment policy and objectives The value of the investment pothlio has decSed due to slod¢ market fluctuation and also as Ihe land at Peene was sold in July 2022_ Page 2
THE TORY FAMILY FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2023 {continued} c. Structure. governance and managemènt Rruitrnent and appointmènt of trustees The management of the ¢harrty is the responsibility of the trustees who a elected and COthOPted under the terms of the trust deec+. The board of trustees meels at suitable inteNals during the year to decide on policy. review actsvf(ies, and consider wrilled requests for financial assistance. The chartty does not nom)ally aim to fund the whole of any gwen project and Ihus applicanis are expected lo demonstrate a degree ol èxisting and regular support. The trustees have the powei to app¢int or rerrthie felkm trustees. All investrnenls held by the charity have been acquired in accordance wrth power available Its the trustees. The trustees are aayS mindful of the performance of the stock market in the management of these investments. Mf Steve Coates has resigned durin9 the yeai. There have been no other Changes in the trustees since the year end. Oryanisational structure The charity was created under a Tnjst instrument dated 17 April 1984 and is registered with the Charity Commission under charily number 326584. Page 3
THE TORY FAMILY FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 APRIL 2023 Icontinuedl d. Financial instrument Objectlves and policies Tho chartys 2XtNities exp)se it lo a number of fin¥rKial nsks Irrj uedil risk. cash rtsk and liquid(ty risk. The use of financial derivatives Is governed by the charity's policies approved by the board of IrLJslees, which provide written princtples on the use of financial dertvatNes to manage these risks. The chaity does not use derivative finanaal inslrLtments for speculative purposes. Cash flow risk The charity's aclivrties expose tt primarity lo the financial risks of changes in foreign currency exchange rates and interest rates. Interest bearing assets and liabiltties are held al fvxed rale to ensure rtaInty of eash ffows. Credit risk The charitls principal financi assets are bank balanS and Cash. other recejvables, and investments. The Charity's credit risk Is pnmarily attributablè to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impaimient Is made where there is an identified loss event which. based on prevtous experien. is eVlee of a redudion In the reGoverabilily of the cash flows. Thè credi( risk on liquid funds and derivative financial instruments is limited because the Counterparties are banks with high credrt-rah.ngs assigned by international credil-raling agencies. The charity has no signrficant conntration of credit risk. wrth exposure spread over a large number of counterparties and customers_ Liquidity risk In order to maintain liquidity lo ensure Ihat SUfflent funds are availab for ongoing operabons and future developments, the charity hdds inveslmenls. È. Going concern After making appropriate enquiries. the Trustses have a reas¢¥ts1? eypectatson that Ihe Charity has adequate resources lo continue in cperatvjnal existence lor Uie foreseeable fLrture. Fof Ihis reason, they continue lo adopt the going ¢oncem basis in preparing the linancid statements_ f. Fundraisin9 aetivities and income generation The charity does not raise fund from public and during the year there were no fvndiaising a¢lNilies. Page 4
THE TORY FAMILY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 g. Princlpal lunding Th9 chaiivs principal fvnding source i8 income from tts inveslmenls. h. Methods of appointment or election of Trustses The management of the Charty is the responsibilty of the Trustees who are elected and co-opted under the lemis of the Trust deed. a. Financial risk management The Trustees have assessed the major risks lo whth the Chanty ts exposed. in pth'cuiar those r¢lated to the operations and fillances of the Charty. and are satisfied that systems and procedure5 are In place to milEate exposure lo the major rtsks. Statement of Trustees. responsibilities The Trustees are respon51ble for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandatds (unit Kingdom Generally Acceptecl Accounting Practicel. The law applicable lo charities in England & Wales requires the Tru51ees to prepare financial statements for each financial which give a true arKf far vrew of the state of affairs of the Charity arKJ of 115 incoming resources and application ol resources, including Ils income and expenditure, for that penod. In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them consislentfy.. observe the methods and principles of the Charrties SORP IFRS 1021". ake judgments and accounting estimates Ihat are reasonable and prudent." state whether applicable UK Actounling Standards IFRS 1021 have been followed, subje¢t to any material departures disclosed and explained in the financial statements", prepare the financBI slalements on the goin9 concem basis unless It is inappropriate to presume that the Charity will contsnue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements compty th the Chanties Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity arml hence for taking reasonable steps for the prevention and detection of fraud and other IrregUlatIes. Page 5
THE TORY FAMILY FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2023 Disclosure of information to auditors Each of the persons who are Trustees at the lime when thi5 Trustees, Report is approved has confimied Ihal.. so far as that Trustee is aware. there is no relevant audrt information of which the charitys auditors are unaware. and that Trustee has taken all the steps th* ought to have been taken as a Trustee in order lo be aware of any relevant audtt inforrnatK)n and tr) estsblish thal the charity's auditors are aware of that information. Auditors The auditors. Pure Audrt Limrted, have indicaled their wllingness lo continue in office. The designated Trustees will propose a motion reappoinb.ng the audrtors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and sMJned on their behaw by.. Mr PN Tory (Chair of Trustees} Dale.. Page 6
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION Opinion We have audited the financial statements of The Tory Famity Foundation Ilhe 'charityl for the year ended 30 April 2023 which comprise the Statèment of Financial Activities. the Balan Sheet. the Statement of Cash Flows and the related notes: induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparakn.on is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland, IUnf(ed Kingdom Geneolty Accepted Accounting Practi¢el. The financial Statements have been prepared in OrdanCe wth Accounting and Reporting by Charities prèparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 In preference lo the Accounting and Reporting by Charrties Statement ol Recommended Practice issued on 1 April 2005 whh is referred to in the extsnt regulations but has been withdrawn. This has been done in order for the accounts lo prowde a true and fair view In accordance wrth the Generally Accepted Accountsng Practice effe¢tive for reporting pent)Js beginning on or after 1 January 2015. In wr opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 30 April 2023 and ol ils incoming resources and application of resources for the year then ended". havè been piopefly PTepared in accordan wrth United Kingdom Generalty Accepted Accounts'ng Practice". and have been prepared in accordan¢e wrth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law Our iesponsibilibes under those standards are further des¢ribed in the Auditors. responsibilities for the audrt of the financial stalemenls section of our report. We are Independent of the charity in accordance with the elhjcal requirements that are relevant lo our audrt of the financial statements in the Unrted Kingdom, including the Financial Reporting Council's Elhb(31 Standard, and we have fuffilkd our other ethical responsibilities in accordance with these requiremen15. We believe that the audrt ewdence we have obtained is SLrfficienl and appropriate to provide a basis for our Opin. Conclusions relaling to going con¢em In dUd'ng the financial statements, we have concluded that the Trustees, use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based Ihe work have perfgrmed. have not klentrf*d any material uncertain$ relats'ng lo events or conditions that, indivklually or colleth"vdy. may cast signfficant doubt on the charrtls ability to ¢onlinue as a going con¢ern for a pefiod of al least twetve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Tnjslees with respect to going concern are described in the relevant sections of this report. Page 7
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION (CONTINUED Other informatlon The other inlomialion compnses the inf0mli0n InclLthd in the Anfiu31 Report c4hef than the financial statements and our Audrtors, Report thereon. The Trustees ale responsole for the other Infomation contained within the Ann(tal Report Our (jpin on the financ1 statements does nol cover the other Information and, except lo the extent otheiSe explKrtJy staled in our report. we do not express any fo¥m of a5ssJrance conclL*sion thereon. Our reSponSlIrtY LS to read the olhef InfoatK)n and. ift doiThJ so. consi(ler whether the other informabon is mat8rialty i[sistenI wrth the financial statements or OLtr knowledge obtained in the course of the audrt, Dr olherwise appears lo be matenally mi55tated. 11 we KlerEIfy sitch matenal inn$tene$ or apparent material misslatement5. we are required lo detemine whether this gives rise lo a material misslalemenl In the financial statements themselves. 11, based on the work we have perfomied, we conclude that there is a Material misslalement of thi5 Other information. we are required to report that facL We have nothing to report in this regard. Matters on which we are r4uired to report by exception Vvo have nothing lo report in respect of the following matters where the Chanth"es (Accounts and Reports) Regulats"ons 2008 iequires us to report lo you if. In our opinion.. the infom)ation given in the Trustees, Report is inconsistent in any material respect with the finanaal slalements", or sufficient accounting records have not been kept." or the financial statements are not In agreement with the accounting records and retum5- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. Responsibilths Statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view. and for such internal control as the Trustees determine is necessary lo enable the prepatatwjn ol financial stalemenls that are free from material misstalemenl. whether due lo fraud or error. In preparing the financial statements. the Trustees are responsble for assessing the charty's abilrty lo continue as a going concern. disclosing. as applicable, matte¥5 related to going concern and using the going concem basis ol accounling unless the Trustees erther tend to liquhjate the ¢harty or to ase operations, or have no iealistic atternalive bul lo do so. Page 8
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION ICONTINUEDI Audttors. responsibilities for the audit of the financial ststements We have been appointed as audrtor under seclion 144 of the Charities Acl 2011 and report in accordance with the Act and revant regulatn$ made or haing effect thereunder. Our objectives are lo obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error. and lo issue an Audrtors, Report that includes our opinion. Reasonable assurance Is a high level of assurance. bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will abayS detect a matenal mi5slatement when il exisis. Misslalements can arise from fraud or error and are considered material rf. individualty or in the a99gate. they could reasonably be expected lo inftuence the economic decisions of user5 taken on the basis ol these finanaal statements_ Irregularities, including f¥aud. are rnslances of non-ccwnplrance with13ws and regulations. We dosign procedures in line wrth our responsibilrties: outl1rd above. lo detect material misstatements in respect of irregularities, including liaud. The exienl to which our procedures are capable of delecling irregularrties, Including fraud is detailed below.. Extent to which the audit was considered capable of detecting irregularrties, includlng fraud.. We identfy and assess the risks of material misststement of the financial Statements. whether due lo fraud or error, and then design and perform audrt procedures responsive to those risks. inclLKling obtaining audit evidence that is sufficient and appropriate to prowde a basis for our opinion. Identifying and assessing potential risks related to irregularitie5." In Idenlifw'ng and assessing risks of material misststement in respect of Irregularities. induding fraud and noncomplnce wrth laws and regulations. we considered the following". The nature of the industry and sector. control environment and business perforniance including the design of the entity's rernuneralion policiès. results of our enquiries of management about their own identtfication and assessment of the risks of irregularities and any matters we Identifd having fewewed the enlty's policies and procedures". the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial slalements and any potential indicators of fraud. As a result of these procedures. we considered the opportunities and incenlrves that may exist wilhin the organisation for fraud and identified the greatest potential for fraud In reletion to revenue recognition. In common with all audits under ISAS IUKI. we are also required to perfo specific procedures lo respond to the risk of management override. We also obtained an understanding of the legal and regulatory framewoths that the entty operates in and focused on those laws and regulations that had a direct effect on the delerniination of material amounts and disclosures in the financial statements. The key laws and regulations we nSidered in this context included the Charities Act 2011. Pag8 9
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION ICONTINUEDI Audlt response to risks identified: As a resutt of perfomiing the above. we identified revenue recognrtion as key audrt matter related lo the potential risk of fraud. Our procedures lo respond to risks identrfied included the following." reviewing the financial ststemenl disdosures and testing to supporting documentation lo assess Complian with provisions of relevant jaws and regulations ¢Jescribed as having a direct effect on the financial slalemenls.. enquiring of management. conceming actual and potential litigation and claims.. performing anatytical procedures to Klenlify any unusual or unexpected latIonShipS that may indicate risks of material misstalemenl due to Iraud. Vve a150 communicated relevant idenlrfied laws and regulations and potential fraud risks to all engagement team members alld remained alert to any indications of fraud or noncomplian wth kws and regulatK)ns throughout the audiL 8ecause of the inherent limttations of an audit. there is a risk that we wll not delecl all irregylarilies. including those leading to a malenal misstatement in the financial slalements OT non<ompliance wtth regulation. This iisk increases the more that Complian wi(h a law or regulation is removed from the events and transactions reflected In the financial slalements. as we will be less likely to become aware of instances of non-complian¢e. The risk is also grealei regarding irregularities occurring due lo fraud rather than errol, as fraud Involves inlenb'onal concealment, forgery. collusion. omission or misrepresentation. A further description of our responsibiltties for Ihe audit of the financial statements is located on the Financial Reporting Council's websrte at." wNvw.frc_or .uklaudrtorsies Auditors. Report. onsibililies. This description torms part of our Use ofour report This report is made solety to the charrtls trustees. as a body. in acctydance with Part 4 01 the Charities IAc¢ounts and R&portsl Regulations 2008 Our audit work has been undertaken so that we might slate to the charity's trustee5 those malters we are requiied to stste lo them in an AudJt()r5' Report and fot no other purpose. To the fullest extent pemrtted by law, we do nol xcept or assume responsibilty to anyone other than the charity and ils trustees. as a body, for our audrt wod(. for this report, or for the opinions we have forrned. Pu Audit Limited Chartered Certified Accountants and statOry Auditors Dale. 23 February 2024 Pure Audit Limited are eligible to acl as audrtors in ternis of secb.on 1212 of the Companies Act 2006. Page 10
THE TORY FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legaGie5 Investments 4.450, (n) 221, 152 311,009 311,009 Total income 311,009 311,009 4,671. 152 Expenditur• on- Raising lunds Charitable aclivf(ies 74,128 265.683 74,128 2SS,683 20,383 4. 166,047 Totsl expenditure 339,811 339,811 4, 186. 424 Net lexpenditurevineome before net Ilossesygains on investmènts Nel Ilossesllgains on investments 128,8021 {110.8631 128,8021 1110.8631 484, 728 329.580 Net movement in funds 1139.665) 1139,6651 814.308 Reconciliation of funds". Total funds brought forward Nel movement In funds 7,901.867 1139.6651 7.901,867 1139,6651 7.087.559 874,308 Totsl funds carrled forward 7,762,202 7,762,202 7.901867 The Statement of Financial Activthes includes an gains and losses rgnised in the year. The notes on pages 14 10 24 fomi part of these financial statements. Page11
THE TORY FAMILY FOUNDATION BALANCE SHEET AS AT 30 APRIL 2023 2023 2023 2022 2022 Note Fixed assets Investments Investment propety 12 3.427.267 4.126,485 3. 759. 106 4.019.095 7,S53,752 7. 718.201 Current asset5 Debto Cash al bank and in hand 13 9.854 204.563 45. 184 89, 193 214,417 734,377 Creditors.. amounts falling due within one year 14 {5,9671 110.711) Net current assets 208,450 723, 666 Total assets less current liabilities 7.762,202 7.901,867 Net assets excluding pension asset 7,762,202 7.901,867 Total net assets 7.762,202 7.901.867 Charity funds Reslrieted funds 15 Unreslncled funds General funds 15 7.762,202 7,901.867 Total unrestricted funds 15 7.762,202 7 901,867 Total funds 7,762.202 7.901.867 The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr PNTory ICh81r of Trustees) Dale.. The notes on page5 14 to 24 fo part of ese financial slalemenls. Page12
THE TORY FAMILY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023 2023 2022 Cash flows frorn operating activities Surplus for the financial year Adju$tsnents for.. IGainl I loss on investment Donated assets Movement in debtors Movement in creditors (139,6651 874.308 110,863 (368, 167) (2.450.OOOJ 220.890 231 35,330 14.7441 Net cash generated from operating adivittes 1.784 11,782.7381 Cash flows from investing activities Proceeds from sale of Investments Purchase of investments Proceeds from sale of investment properties Purchase of investment propertiès 3,586 763, 160 (465,590) 110,000 (36,350) Net cash provided byllused inl investing activities 113,586 261,220 Chang¢ in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 115,370 11.521,5181 1.610,717 89.193 Cash and cash Èquivalents at the end of the year 204,563 89.193 The notes on pages 14 10 24 fo part of these financial statements Page 13
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 General infomiation The entity Is a charrty registered wrth Charty Commission in England & Wales under registration number 326584. The chafity's registered office a(Idress is." The Estate Offi, Et¢hinghill Gokl Club. Etchinghill, Folkestone, Kent. CT18 8FA. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the second edition of the Charities SORP IFRS 1021 Accounting and Repotb"ng by Charities." Slalement of Ré¢ommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lissued in October 20191, the Financial Reporting Siandard applicab in the UK and Republ of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fairf VEW and have departed from the Chanties IAccounls anit Reports) Regulations 2008 only to the extent required lo provide a 'true and fairf ew. This departure has invofved follong the Charities SORP IFRS 1021 rather than the Accovnlin9 and Reporting by Charities_ Statemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Tory Family FoundatK)n meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are inrtially recognised at hislorul cosl or transaction value unless otherwise slated in the relevant accounting policy. 12 Golng concern The trustees have assessed that the expectation Is that the charity will continue in operational exi51ence for the lor5eeable fulufe and. accorth"ngly, these financial statements ale prepared on a going concem basis. Page 14
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Accounting policies (continued) 2.3 Income All income is recognised On the Charity has entidement lo the income, il is probab that the Income will be received and the wnount of income re¢ervable can be measured reliably. The recognthon of income from legacies is dependent on establishing enthlement, the probability of receipt and the ability to estimate wrth sufficient accuracy the amount receivable. Evidence ol enlrtlement lo a legacy eStS when the Charity has sufficient ewdence that a gift has been left to them Ilhrough knowledge of Ihe exislence of a vdKI will and the death of the benefactor) and the extKufor is satrsfied that Ihe pioperty In questk)n wffl nc% be required lo satisfy clawns in the eslale. Receipt of a legacy must be recognised when (( is probable that il will be received and the fair value of the amount receivable. which wll generally be the expected cash amount to be distributed to the Chanty, can be reliably measured. Gffts in kind donated for distribution are included at valuatK)n and recognised as incorne when they are distributed lo the Pfoiects. Gtft5 donated for resale are included as income when they are sold. whe the donated good is a fixed asset, rt is measured at fair value. unless 11 is impradical lo measure this reliably. In which case the cost of the Item to the donor shoLJld be used. The gain is recognised as Income from donations and a corresponding amount is inGluded in the appropriate rixed asset class and depwiated over the useful economic lrfe in accordance with the Charilvs a¢counling polic$. On receipt, donated professional serveS and facilib'es are recognised on the basis ol the value of the gifi lo the Charty which Is the amount it would have been willing to pay to obtain ServIS or facilities of equivalent economic benefit on the open market". a corresponding amount is then recognised in expendrture in the period of recetpl. Income tax recoverable in relatKJn lo donations ieceived under Gift Aid or deeds of covenant is recognised al the lime of the donab"on. Inccmne tax recoverable in relation to investment income is recognised al the tfft)e the inveslmenl InMe is receivable. Page15
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Ac¢ounting policies Icontinuedl 2.4 Expenditure ExpdrtUre is recognised ore there is a legal or constructTve obllgalion lo transfer economic benefit to a third paty. it Is probable Ihat a transfer of economic benefits wll be required in settlement and the arnount of the obligation can be measured reliably. Expenditure Is classffied by aclTvIty. The costs of each actwty aTe made of iotsl of direct costs arid share(I costs, Including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity- Shared costs whh conlril)ute lo more than one aclimty and 5UPPOrt co$15 which are not attributable lo a single aclwty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of ts.me spent, and depreciation charges allocated on the portion of the asset's use. EXndre on raiwng funds indudes all eXpendrtU incvTTed by the Charty lo raise hjnds for ils charitable purposes and Indudes costs ol ajl fundraising actNities events and non-charitable liading. Expenditure on charrtable activities is inojrred on dirtty undert*ing the aclivrties which further the Charitys objeclives, as well as any aSSlated support costs. Grants payable are charged in the year vthen Ihe offer is made eXpt in those cases where the offer is conditional, such grants being re¢ognised as expenditure when the conditions attaching are fUlled. Grants offered Subject to ¢ondilions which have nol been met al the year end are noted a5 a commrtment. but not accrued as expenditure. Afi expendf(ure is indusive of irrecoverable VAT. 2.5 Interest rneeivable Interest on funds held on depwt is included when r1Vable and the amount can be measured reliably by the Chanty,. this is normalty upon nolifution of the Interest paid or payable by the inskn.lulion wrth whom the lunds are deposrted. 2.6 Investments Fixed asset investments are a form of financial instrijrnent and are in'aY recognised at their transaction cost and subsequenlty measured at fair value at the Balance Sheet date. unless the value cannot be measured reliabty in which case il Is measured at cost less impairment. Investment gains and losses. whether realised or uniealised, are combined and presented as 'GainsllLossesl on investments. in the Slalemenl of Finanaa Activtties. Investments held as fixed assets are shown at cost less provisK)n for impaimenl. Investment property is carried at fair value determined annualty by mana9emenl and derived from the current market rents and investment propety yields for comparable real estate. adju51ed if necessary for any drfference in the nature. location or ¢ofjdition of the specffic asset. No depreciation is provided. Changes in faiT value a recognised in the Statement of Financial Aclivilies. 17 Debtors Trade and other debtors are recognised * the settlement amount after any trade discount offared. Prepayrnents are value¢J al the amount prepaid net of any trade discounts due. Page16
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Accounting policies Icontinuedl 2.8 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerni highty liquid investments with a short maturity ol three months or less from the date of acquisrtion or opening of the deposit or similar account. 2.9 Liabillties and provisions Liabilrties are recognised when there is an obligalK)n al the Balan Sheet dale as a resuk of a past gvenl, il is piobable that a transfer of economic benefit SMII be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it pay to settle the debt or the amount it has received as advanced payments for the goods or servi$ f( must provKIe. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of rnoney is material. the provision is based on the present value of those amounts. discounted al the pre-tax discount rate that reflects the risks specrfic lo the liability. The unwinding of the discount is recognised in the Statement of Financial Adivities as a finance cost. 2.10 Financial instruments The Charity onty has financial assets and financial liabil¢iies of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially iecognised at transaction value and subsequently rneasured al their setuement value wrth the exception of bank loans which are subsequently measured at amortised ¢ost using the effective interest method. 2.11 Fund accounting General fund5 are unreslricled funds whh are available for use al the discrebon of the Trustees in furtherance of the general objecbves ol the Charity and which have not been designaled for other purposes. Investment ineome, gains and losses are allcuted lo the appropiHle fund. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Total rtinds 2022 Donations 4.450. QQO Page17
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Investmènt income Unrestricted fund5 2023 Total funds 2023 Total funds 2022 Investment income- ioeal investment propert$ Income from listed inveslrnenis 181.712 129,297 181,712 129,297 91.537 129,615 311.009 311,009 221. 152 Investment management costs Unrestricted funds 2023 Total funds 2023 Total fiinds 2022 Investment management fees Property repars 8.083 66.045 8.083 66,045 10.037 10.346 74.128 74,128 20,383 Analysis of grants Grants to Institutions 2023 Total funds 2023 Grants, Diiecl costs- chall1ab adivith.es 247,977 247,977 Grants to Institu10S 2022 Tot funds 2022 Grants. Direct costs - Charitab adivities 4.151 250 4. 151,2&) Page 18
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Analysis of exp•nditurg on charitablÈ activittes Summary by fund type Unrestricted funds 2023 Total 2023 Total 2022 Direct costs- charilab5e actsvthes Insurance Administration and rnanagemenl 247.977 6,839 10.867 247,977 6,839 10,867 4. 151.250 2,245 12.546 265.683 265,683 4. 166,041 Anatysis of expenditure by acttvities Grant funding of activitie$ 2023 Support ¢osts 2023 Total funds 2023 Direct costs- charitable adivities Insurance Administration and management 247.977 247,977 6.839 10,867 6,839 10,867 247.977 17.706 265,683 GTrnt nding ol activities 2022 Support costs 2022 Total funds 2022 Direct costs- charitable actNtti"es Insurance Administration and management 4.151.250 4. 151, 250 2,245 12.546 2.245 12.546 Total 2022 4. 151.250 14.791 4. 166.041 Page 19
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Auditors. remuneration The audrtors, remuneration amounts lo feg of £4,00012022- £3.CQO). 10. Trustees. remuneration and expenses During the year, no Trustees received any reMUneraln or other benefrts (2022- £9, 167). During the year ended 30 April 2023. no Trustee expenses have been incurred12022- £NILJ. Investment property Freehold investmènt property Valuation At 1 May 2022 Disposals SurplL*S on revaluation 4,019.095 110,0001 117,390 At 30 April 2023 4,126,485 12. Fixed asset investments Other fixed Listed asset investments investments Total Cost or valuation Al 1 May 2022 Disposa15 Revaluations 3.758,S06 111,5781 1320,2611 3,759,106 111,5781 1320.2611 At 30 April 2023 3.426,667 3,427,267 Net book value At 30 April 2023 3,426.667 3.427.267 At 30 April 2022 3. 758.506 3.759 106 Page 20
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 13. Debtors 2023 2022 Due within one year Other debtors Prepayments and ac¢fued inrne 45. 184 9,854 9.854 45, 184 14. Creditors: Arnounts falling due wlthin one year 2023 2022 Accruals and deferred income 5.967 70,771 Deferred income of £Nil12022." £7:2611 relates to rent received in advance. Page 21
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Statement of funds Statement of funds- current year Balance at 1 May 2022 Balance at 30 April 2023 Gainsl ILoss•$l Income Exp•ndtture Unrestricted funds Gen&ral Funds - all funds 7.901,867 311,009 1339.8111 1110,863} 7.762,202 Statement of funds - prior year Balance at IMay2021 Gain Balance 31 {Loss8sJ 30 Apnl 2022 lrttyne E¥pendilu Unrestricted funds General Funds 7.087,559 4.671, 152 {4, 186.424) 329,580 7.901,867 16. Summary offunds Summary ol funds- current year Balance at 30 April 2023 Balance at 1 May 2022 Gainsl {Loss¢sl Income Expenditure Geneol funds 7.901,867 311,009 1339.8111 1110,863} 7,762,202 Summary offunds- prioryear 8alance at l May2tr21 Gains/ Balance &1 In¢ome Expethlrturn ILoss8s) 30 Apnl 2022 General funds 7.087.559 4. 6T1. 152 f4. 186.424) 329.58Q 7.901,867 Page 22
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 17. Analysis of net assèts between funds Anatysis of net assets between funds - ¢urrent year Unrestricted funds 2023 Total funds 2023 Fixed asset inveslrnents Investment property Current assets Credrtors due wrthin one year 3.427,267 4,126.485 214,417 15,96n 3,427,267 4,126,485 214.417 15,9671 Total 7.762.202 7,762,202 Analysi$ of net assets betweèn funds - prior year UnstnCted fiinds 2022 Tolal funds 2022 Fixed asset investments Investment property CUrnt assets Creditor5 due within one year 3, 759, 106 4.019.095 134,377 (70 711) 3. 759, 106 4.019.095 134,377 (10. 77 1) Total 7.901.867 7.901.867 18. Reconciliation of net movement in funds to net cash flow from operating activities 2023 22 Net Incomelexpenditure for Ihe year las per Statement of Financial Activiliesl 1139,6651 814.308 Adjustments for: GaIn(loSSes) on investments Decrease in debtors Decrease in creditors 129,407 35.330 14,7441 (368. 168) 220 891 (1.069) Net cash provided by operating activities 20,328 665, 962 Page 23
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 19. Analysis of cash and cash equivalents 2023 2022 Cash in hand 204,563 89. 193 Total ¢ash and cash equivalents 204,563 89. 193 20. Anatysis of changes in net debt At1May 2022 Cash flows At 30 April 2023 Cash al bank and in hand 89,193 115,370 204,$63 89.193 115.370 204,563 21. Related party tran$actions During the year the charity reVed donation of £Nil {2022." £4_45ml from its trustees or entities conneded with Iruslees. During the year. Etchinghill Golf. an enlty connected lo trustees. charged costs of £5,00012022.' £9,167) lo the chanty. Page 24
The Tory Family Foundation Donations to charities For ihe year ended 30 April 2023 Description Amount 50,000 50.000 50.000 27,327 20,OQO 10.000 5.000 2,500 2.000 2.000 2.000 2,000 1.000 1,500 1.000 1,000 1.000 Barnado's Crisis Carers Trust Madagascar Dev Fund Porchlight Kent Wikllrfe Trust Sanclwich PCC Canterbury Cathedral FendS of St Nitholas Church, Newrngton, Fdkestrjne Sl Peters Church Southborough Oasis Dom Abuse St Leonards Church Hythe donation The Frfth Trust Rising Sun MIND The Royal Agri¢uitural BenevOt Instrtution IF14BI) Shelter Newlife. The Charty for Disabled Children Campaign Against Liwng Miserably Romney Marsh Community Hub Goodwill Children's Homes Kent Search & Rescue Saltwood Church donation AhelMerS Souety Chur¢hes Conservation Trust Brrtish Refugee Council Ass¢n of Parents & Friends of Bower Grove School Kent MLJlliple SclefOSiS Therapy Centie Ltd Bridge Village Playgroup The Salvation Amiy Tree of Hope Canterbury Commemoration StKiety The Seeing Dogs Alliance Shepway Sports Trust Criminon UK Caklecott Foundation Ltd WiklwcK)d frust Hill 112 Mernorial Fund Countryse Alliance donatron Cheriton Pavement Pounders The 3H Foundation Hope for Tomorrow Canwhilb8y District Scout Council Countryside Alliance Foundati( Tunbridge Wells Youth For Chnst Medical Detection Dogs The Basildon Comrnunty Resource Centre Samaritan's Purse (Ukrainel The Battle of Britain Memorial Trust Blind Veterans UK Compaid Mediation Wesl Kent Ashford Mediation Service 1.000 1.000 1.000 1.000 1.000 1.000 1,000 500 500 500 500 500 500 500 500 soo 500 500 500 500 500 soo 250 250 250 250 250 250 250 250 250 250 250 250 250
KM Charity Team Handicapped Chiklren Action Group donation Elham School Nonington CP S¢hool 250 250 200 200 247 977