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 Int￿natIonal 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 rePl￿d 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 dec￿Sed 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 R￿ruitrnent 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 a￿ayS 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 Ir￿￿￿￿r￿j 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 balan￿S 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 eV￿le￿e 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 con￿ntration of credit risk. wrth exposure spread over a large number of counterparties and customers_ Liquidity risk In order to maintain liquidity lo ensure Ihat SUff￿lent 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 IrregUla￿tIes. 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 wh￿h 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 con￿rn 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 inf0m￿li0n 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 financ￿1 statements does nol cover the other Information and, except lo the extent othe￿iSe explKrtJy staled in our report. we do not express any fo¥m of a5ssJrance conclL*sion thereon. Our reSponS￿lIrtY LS to read the olhef Info￿atK)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 in￿n$￿ten￿e$ 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 re￿vant regulat￿n$ made or ha￿ing 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 ab￿ayS detect a matenal mi5slatement when il exisis. Misslalements can arise from fraud or error and are considered material rf. individualty or in the a99￿gate. 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: outl1r￿d 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 noncompl￿nce 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 Identif￿d 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