Charity number: 326584 THE TORY FAMILY FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
THE TORY FAMILY FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Auditors, Report on the Financial Statements Statement of Financlal Activities 10 Balance Sheet Statement of Cash Flows Notes to the Financial Statements 13-23
THE TORY FAMILY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2024 Trustees Mr PN Tory Mr JN Tory Mr DJ Callister SA Tory Charity registered number 326584 Principal office The Estate Office Etch inghill Golf Club Etchinghill Folkestone Kent CT18 8FA Independent auditors Pure Audit Limited Chartered Certified Accountants and Statutory Auditors 76 Canterbury Innovation Centre University Road Canterbury Kent CT2 7FG Page 1
THE TORY FAMILY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the period from 1 May 2023 to 30 April 2024. Objectives and activities Objects and aims The charity was formed to provide financial assistance to a wide range of charitable needs. It IS Currently supporting a wide range of causes both from a national perspective and an international perspective. These cause5 include educational, religious, social and medical subjects and the donees themselves are often registered charities. The trustees continue to pursue the policy of the donations and grants in line with the financial position of the charity. To keep expenses to a minimum, only successful applicants are replied to, and priority is given to applicants from East Kent. Public benefit The charity has paid donations totalling £168k in the year12023. £248kl. All of these grants have enabled the recipients to further their charitable pu rposes. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. b. Flnancial review Investment policy and objectives The value of the investment portfolio has decreased due to stock market fluctuation. During the year, in June 2023, the land al Cedar was sold. Cricket ground at Etchinghill was purchased in August 2023. Pa9e 2
THE TORY FAMILY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 (continued) . Structure, governance and management Recruitment and appointment of trustees The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the trust deed. The board of trustees meets at suitable intervals during the year to decide on policy, review activities, and consider writted requests for financial assistance. The charity does not normally aim to fund the whole of any given project and thus applicants are expected to demonstrate a degree of existing and regular support. The trustees have the power to appoint or remove fellow trustees. All investments held by the charity have been acquired in accordance with power available to the trustees. The trustees are always mindful of the performance of the stock market in the management of these investments. Organisational structure The charity was created under a Trust instrument dated 17 April 1984 and is registered with the Charity Commission under charity number 326584. d. Financial instrument Objectlves and pollcles The charity's activities expose it lo a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The chairty does not use derivative financial instru ments for speculative purposes. Cash flow risk The charity's activities expose it primarily lo the financial risks of changes in foreign currency exchange rates and interest rates. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credit risk The charity's principal financial assets are bank balances and cash, other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubfful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience. is evidence of a reduction in the recoverability of the cash flows. Liqu idity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoin9 operations and future developments, the charity holds liquid investments. Page 3
THE TORY FAMILY FOUNDATION TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 (continued) e. Going concern After making appfopriale enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. f. Fundraising activities and income generation The charity does not raise fund from public and during the year there were no fundraising activities. g. Principal funding The charity's principal funding source is income from its investments. During the year, the charity received donations of £30K from its trustees or entities conneded to trustees. h. Methods of appointm8nt or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. a. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Page 4
THE TORY FAMILY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Unit8d Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 102}', make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102} have been followed. subject lo any material departures disclosed and explained in the financial statements,, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo 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 comply with the Charities 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, Disclosure of information to audltors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit Information and to establish that the charity's auditors are aware of that information. Auditors The auditors, Pure Audit Limited, have indicated their willing ness to continue in office. The desig nated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. J Callisier ITruslee} Date. a 4 /0& /301 f Page 5
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 Family Foundation Ilhe 'charity'l for the year ended 30 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been wilhdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 30 April 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (U KI IISAS {U Kll and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wllh the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, ind ividually or collectively, may cast sig nificant doubt on the charity's ability to continue as a going concern for a period of at least Melve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 6
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent olheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whethef the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterrrine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect wilh the financial statements., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns,, or we have not received all the information and explanations we require for our aud it. Responsibillties of trustees As explained more fully in the Trustees, Responsibilities 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 7
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION (CONTINUED> Auditors, responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. I rregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to which the audit was considered capable of detecting irregularities, including fraud: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit proced ures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities,. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business performance including the design of the entity's remuneration policies, results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the entity's policies and procedures,. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the entity operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011. Page 8
THE TORY FAMILY FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE TORY FAMILY FOUNDATION (CONTINUED) Audit response to risks identified: As a result of performing the above, we identified revenue recognition as key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financia statements., enquiring of management, concerning actual and potential litigation and claims., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or . ukjauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those mallers we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and ils trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Pure Audit Limited Chartered Certified Accountants and Statutory Auditors Date..24 February 2025 Pure Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
THE TORY FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 U nrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 30,600 311,234 30,600 311,234 311,009 Total income 341,834 341,834 371,009 Expenditure on: Raising funds Charitable activities 32,701 187,363 32,701 187,363 74.128 265,683 Total expenditure 220,064 220,064 339,811 Net incomel(expenditure) before net gainslllosses) on investments 121,770 112,201 121,770 112,201 (28, 802) (170, 863) Net gainsl(lossesl on investments Net movement in funds 233,971 233,971 (139,665) Reconciliation of funds.. Total funds brought forward Net movement in funds 7,762,202 233,971 7,762,202 233,971 7,901,867 (139,665) Total funds carried forward 7,996,173 7,996,173 7, 762. 202 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 23 form part of these financial statements. Page 10
THE TORY FAMILY FOUNDATION BALANCE SHEET AS AT 30 APRIL 2024 2024 2024 2023 2023 Note Fixed assets Investments Investment property 12 2,939,446 4,378,485 3,427,267 4, 126,485 7,317,931 7, 553, 752 Current assets Debtors Cash at bank and in hand 13 11,609 729,055 9, 854 204, 563 740,664 214,417 Creditors.. amou nts fallin9 due within one year 14 (62,422> (5,967) Net current assets 678,242 208,450 Total assets less current liabilities 7,996,173 7. 762. 202 Not assets •x¢ludin9 pension asset 7,996,173 7, 762. 202 Total net assets 7,996,173 7. 762, 202 Charity funds Restricted fu nds Unrestricted funds 15 General funds 15 7,996,173 7. 762. 202 Total unrestricted funds 15 7,996,173 7. 762.202 Total funds 7,996,173 7. 762.202 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. MrD (Trustee Date. lisler J4/02/Aoi The notes on pages 13 to 23 form part of these financial statements. Pa9e11
THE TORY FAMILY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Cash flows from operating activities Surplus for the financial year Adjustments for: {Gain) I loss on investment Movement in debtors Movement in creditors 233,971 (139, 665) (112,201) 11,755) 56,455 110,863 35,330 (4, 744) Net cash generated from operating activities 176,470 1,784 Cash flows from investlng activities Proceeds from sale of investments Purchase of investments Proceeds from sale of investment properties Purchase of investment properties 578,203 (10,181) 40,000 (260,0001 3,586 110,000 Net cash provided byl(used inl investing actlvitles 348,022 113,586 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 524,492 115,370 204,563 89.193 Cash and cash equivalents at the end of the year 729,055 204,563 The notes on pages 13 to 23 form part of these financial statements Page 12
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 General information The entity is a charity registered with Charity Commission in England & Wales under registration number 326584. The charity's registered office address is.. The Estate Office, Etchinghill Gold Club, Elchinghill, Folkestone, Kent. CT18 8FA. Accounting policies 2.1 8asis of preparation of financial statements The financial statements have been prepared in accordance with the second edition of the Charities SORP (FRS 1021 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 IFRS 1021 {issued in Qclober 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 1021 raiher than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Tory Family Foundation meets Ihe definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhetwise slated in the relevant accounting policy. 2.2 Going concern The trustees have assessed that the expectation is that the charity will continue in operational existence for the forseeable future and, accordingly, these financial stalements are prepared on a going concern basis. Page13
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies Icontinued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied thal the property in question will not be required to satisfy Claims in Ihe eslale. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Where the donated good is a fixed asset. it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market, a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 14
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies Icontinued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fund raising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of Financial Activities. Investments held as fixed assets are shown at cost less provision for impairment. Investment property is carried at fair value determined annually by management and derived from the current market rents and investment propety yields for comparable real estate, adjusted if necessary for any difference in the nalu re, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounls due. Pa9e 15
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies {continued) 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-iax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial Instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised Cost using the effective interest method. 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund_ Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 30,600 30,600 Page 16
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income - local investment properties Income from listed investments 169,890 141,344 169,890 141,344 181, 712 129,297 311,234 311,234 311,009 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management fees Propety repairs 6.866 25,835 6,866 25,835 8.083 66,045 32,701 32,701 74,128 Analysis of grants Grants to Institutions 2024 Total funds 2024 Grants, Direct costs - charitable activities 168,401 168,401 Grants to Institutions 2023 Total funds 2023 Grants, Direct costs - charitable activities 24T.977 247.977 Page 17
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysis of expenditure on Charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Direct costs - charitable activities Insurance Administration and management 168,401 6,302 12,660 168,401 6,302 12,660 247.977 6,839 10,867 187,363 187,363 265, 683 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Direct costs - charitable activities Insurance Administration and management 168,401 168,401 6,302 12,660 6,302 12,660 168,401 18,962 187,363 Granl funding ol activities 2023 Support costs 2023 Total funds 2023 Direct costs - charitable activities Insurance Administration and management 247, 977 247,977 6.839 10,867 6, 839 YO,867 Total 2023 247.977 17.706 265.683 Page 18
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Auditors. remuneration The auditors, remuneration amounts to fee of £4,000 (2023- £3,000). 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 30 April 2024, no Trustee expenses have been incurred (2023- £NIL). 11. Investment property Freehold Investment property Valuation At 1 May 2023 Additions Disposals Su rplus on revaluation 4,126,485 260,000 140,000) 32,000 At 30 April 2024 4,378,485 Page 19
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 12. Fixed asset investments Other fixed Llsted asset investments investments Total Cost or valuation At 1 May 2023 Additions Disposals Revaluations 3,426,667 10,181 (578,203) 80,201 600 3,427,267 10,181 (578,203 80,201 At 30 April 2024 2,938,846 600 2,939,446 Net book value AI 30 April 2024 2,938,846 600 2,939,446 At 30 April 2023 3.426, 667 600 3,427,267 13. Debtors 2024 2023 Due wlthln one year Prepayments and accrued income 11,609 9, 854 11,609 9. 854 14. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 415 62,007 5.967 62,422 5.967 Deferred income of £7,208 {2023. £1,167) relates to rent received in advance. Page 20
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 15. Statement of funds Statement of funds - current year Balance at 30 April 2024 Balance at 1 May 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds - all funds 7,762,202 341,834 (220,064) 112,201 7,996,173 Statement of funds - prior year Balance at 1 May 2022 Gains/ Balance at (Losses) 30 April 2023 Income Expenditure Unrestricted funds General Funds - all funds 7,901,867 311,009 (339.811) (110, 863) 7, 762.202 16. Summary offunds Summary of funds - current year Balance at 30 April 2024 Balance at 1 May 2023 Gainsl {Losses) Income Expenditure General funds 7,762,202 341,834 {220,064) 112,201 7,996,173 Summary of funds - prlor year Balance at l May 2022 Gain Balance at (Losses) 30 April 2023 Income Exp8nditure General funds 7,901,867 311,009 (339, 811) (110, 863) 7. 762.202 Page 21
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Investment propety Current assets Creditors due within one year 2,939,446 4,378,485 740,664 162,4221 2.939,446 4,378,485 740,664 162,422) Total 7,996,173 7,996,173 Analysis of net assets between funds - prior perlod Unrestricted funds 2023 Total funds 2023 Fixed asset investments Investmeni propety Current assets Creditors due within one year 3.427,267 4,126,485 214,417 (5,967) 3,427.267 4. 126.485 214,417 (5,967) Total 7, 762, 202 7, 762. 202 18. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period {as per Statement of Financial Activities) 233,971 (139, 665) Adjustments for: Gains/{losses} on investments Decreasellincreasel in debtors I ncreaselldecrease) in creditors {112,201) 11,7551 56,455 110.863 35,330 (4, 744) Net cash provided by operating activities 176,470 7.784 Page 22
THE TORY FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 19. Analysis of cash and cash equivalents 2024 2023 Cash in hand 729,055 204, 563 Total cash and cash equivalents 729,055 204, 563 20. Analysis of changes in net debt At1May 2022 Cash flows At 30 April 2023 Cash at bank and in hand 204,563 524,492 729,055 204,563 524,492 729,055 21. Related party transactions During the year the charity received donation of £30,60012023.' £Nill from ils trustees. During the year, Etchinghill Golf, an entity connected to trustees, charged costs of £Nil12023. £5,000} to the charity. The charity received rental income of £125,00012023.. £125,000) from Etchinghill Golf Trust, a connected charity. During the year, Pentland Homes Ltd, an entity connected to trustees, charged costs of £1,526 to the charity Page 23