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 be￿een 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