## **THE TEDWORTH CHARITABLE TRUST**
ANNUAL REPORT AND FINANCIAL STATEMENTS
5 APRIL 2022
The Peak 5 Wilton Road London SW1V 1AP
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
|**CONTENTS**|**CONTENTS**|**PAGE**|
|---|---|---|
|**1**|Report of the Trustees|2 - 8|
|**2**|Statement of Trustees’ Responsibilities|9|
|**3**|Independent Auditor’s Report|10 - 13|
|**4**|Statement of Financial Activities|14|
|**5**|Balance Sheet|15|
|**6**|Cash Flow Statement|16|
|**7**|Notes to the Accounts|17 - 26|
|**8**|Appendix to the accounts|27 - 28|
1
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **REPORT OF THE TRUSTEES**
## **Legal and Administrative**
The Tedworth Charitable Trust (No. 328524) was established under a Trust Deed dated 6 February 1990 and became a registered charity on 9 February 1990.
|**Trustees**
**Registered**
**Office**
**Principal**
**Officers**
**Bankers**
**Solicitors**
**Auditors**
**Investment**
**Advisers**|James Sainsbury OBE
Margaret Sainsbury
Jessica Sainsbury
Judith Portrait OBE
The Peak, 5 Wilton Road
London SW1V 1AP
Karen Everett
Chief Executive Officer
Elaine Ponte
Executive
All the Principal Officers are employed on a part-time basis.
Royal Bank of Scotland
119 - 121 Victoria Street
London SW1E 6RA
Portrait Solicitors (until 31stJuly 2022), now BDB Pitmans LLP (from 1stAugust 2022)
21 Whitefriars Street
1 Bartholomew Close
London EC4Y 8JJ
London EC1A 7BL
Sayer Vincent LLP
Invicta House
108 - 114 Golden Lane
London EC1Y 0TL
Cazenove Capital Management
12 Moorgate
London EC2R 6DA
Whitley Asset Management Ltd
116 Princedale Road
London
W11 4NH|
|---|---|
## **Objects**
The objects of the Trust as given in the Trust Deed are for the benefit of charitable purposes or charitable institutions as the trustees determine. The current areas of interest are reflected in the grant-making activities, as detailed on page 6 of the Report of the Trustees.
2
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **REPORT OF THE TRUSTEES (continued)**
The Trustees present their report and the audited financial statements for the year ended 5 April 2022.
The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Organisation**
The Trust is one of the Sainsbury Family Charitable Trusts (SFCT) which share a common administration.
Trustees are appointed by the Settlor, James Sainsbury, and are provided with relevant information relating to their responsibilities as Trustees. The day-to-day running of the Trust and grant management is delegated to trust executives, with strategic decisions undertaken by the Trustees.
Trustees are aware of the Charity Governance Code published in 2017 (refreshed 2020) which sets out the principles and recommended practice for good governance within the sector. The Trust has reviewed its governance arrangements against the principles within the Code and believes that it is compliant, whilst maintaining its need to operate its governance efficiently. Trustees have had due regard to the guidance published by the Charity Commission when reviewing the Trust’s aims and objectives and planning future activities.
The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their role and performance during the year. From time to time the SFCT Management Committee benchmarks pay levels against the comparable positions in similar organisations.
The Trust and its Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators.
The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.
The Trust has no fundraising activities requiring disclosure under SI62A of the Charities Act 2011.
## **Grant-making Policy**
Proposals are generally invited by the Trustees or initiated at their request. Unsolicited applications are unlikely to be successful, even if they fall within an area in which the Trustees are interested. Grants are not normally made to individuals. There have been no significant changes in the grant making policies of the Trust during the year under review and the Trustees’ objective for the year is to continue grant making as described above.
3
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **REPORT OF THE TRUSTEES (continued)**
## **Grant-making Policy (continued)**
In future the Trust will continue to support the activities set out on pages 6-8 by the award of grants.
## **Reserves Policy and going concern**
It is the policy of the Trustees to approve grants for payment over a period of years, subject to certain conditions over the life of the grant. Grants that are expected to be paid within twelve months of the year-end are accrued in the accounts, whilst those due to be paid later than this are not accrued. Grants not accrued are referred to in note 5 to the accounts and amount to £50,000. Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available reserves is adequate and that the Trust is in a position to meet all its commitments.
As at 5 April 2022, the Trust held total funds of £11,495,045 (2021: £11,336,690), comprising of an expendable endowment fund of £11,494,972 (2021: £11,336,666) and unrestricted funds of £73 (2021: £24).
The Trustees consider that when possible it is appropriate to hold free funds, both to meet the shortterm working capital needs of the Trust and in anticipation of the potential payment of subsequent grants. In the event that the Trustees find themselves unable to meet commitments from unrestricted reserves, they would be willing to draw on expendable endowment in order to meet those commitments, as they see fit.
The trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis
## **Charity and Public Benefit**
Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report about the Trust’s aims, activities and achievements, and that the areas of interest the Trust supports demonstrates the benefit to its beneficiaries, and through them to the Public, that arise from those activities.
## **Investment Policy**
Trustees meet with their investment managers regularly to discuss investment strategy and also to seek to ensure that the Trust’s income requirements are met and that long term capital growth is in line with relevant indices. The Trustees normally hold investments for the long term.
During the period, the investments under management returned 1.4%. The comparative benchmark changed during the year reflecting the change from a Balanced to a Growth mandate in August 2021. The composite benchmark for the year, MSCI PIMFA Private Investor Balanced – Growth, shows a gain of 8.8%.
4
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **REPORT OF THE TRUSTEES (continued)**
## **Investment Policy (continued)**
The Charity has adopted a total return basis to budget for amounts made available for charitable activity. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.
The Trust Deed empowers the Trustees to appoint investment advisers who have the discretion to invest the funds of the Trust within guidelines established by the Trustees.
## **Risk Assessment**
The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as have been drawn to the Trustees’ attention. The Trustees continue to be vigilant and to keep processes under review.
The Trustees identified the uncertainty of financial returns to constitute the Trust’s major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review investments strategy and monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources available for grant awards in any given year.
The Trustees have identified as a key risk the misuse of funds by a grantee. To mitigate this risk, the Trustees normally restrict grants to charities registered with the Charity Commission (England and Wales) or equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored; multi-year grants are paid only on receipt of satisfactory progress reports.
## **Environmental Policy**
The Trustees are committed to using some of the Trust’s expendable endowment for impact investing that will not only result in a financial return, but also produce social and environmental benefits that accord with the Trust’s objectives. The Trustees are interested in sharing their experience in impact investing with other investors to improve their own knowledge in these areas, and also to encourage more investors to adopt this approach. A specialist advisor has been appointed by the Trustees to advise on investment opportunities in this area.
DivestInvest is a global movement of investors working to accelerate the clean energy transition. The Trust is a signatory to DivestInvest, which commits the Trust to sell any shares in fossil fuel holdings and invest a proportion of the endowment in climate solutions such as energy efficiency, renewable energy, battery storage, sustainable agriculture and clean energy access.
5
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **REPORT OF THE TRUSTEES (continued)**
## **Review of the Past Year**
The net asset value of the Trust at 5 April 2022 was £11,495,044 which is a small increase on the value last year (£11,336,690). The net unrestricted income of the Trust for the year after charging support costs decreased to £41,459 (2021: £71,756).
The Trustees met twice during the year to make grants and twice to review investment activity. During the year, the Trustees approved 18 grants to the value of £241,000.
Grants paid during the year may be analysed by number and by value in the categories set out below.
|Arts & the Environment
General
Parenting, family welfare & child development|**Grants Paid**
**Value**
**£**
10
136,000
7
47,000
5
59,500|
|---|---|
||22
242,500|
## **GRANTS PAID**
## **ARTS & THE ENVIRONMENT - £136,000**
## **Ashden Climate Solutions - £15,000**
Towards its UK Alumni Network, and Sustainable Towns and Cities Programme in 2021.
## **Campaign for the Protection of Rural Wales (CPRW) - £10,000**
Towards the salary costs of its part-time chief executive officer.
## **Carbon Savvy - £10,000**
Towards core costs.
## **Fauna & Flora International - £1,000**
A donation towards its work.
## **Global Canopy - £20,000**
Towards core costs.
## **Keats-Shelley Memorial Association - £2,500**
Towards its Young Romantics competition on the theme of 'Writ in Water'.
## **Organic Research Centre - £10,000**
6
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
Towards core costs.
## **REPORT OF THE TRUSTEES (continued)**
## **Resurgence Trust - £50,000**
Towards core costs.
## **Royal Drawing School - £15,000**
To support one full scholarship for one year.
## **Two Moors Festival - £2,500**
To support the Young Musicians' Competition in 2021.
## **GENERAL - £47,000**
## **Disasters Emergency Committee (DEC) - £5,000**
Towards the Ukraine Humanitarian Appeal.
## **Eton College - £10,000**
Towards a scholarship.
## **Jangala - £20,000**
Towards core costs.
## **Journeyman UK - £2,000**
Towards the cost of a residential for boys aged 14 - 17 to help them prepare for the transition to adulthood.
## **Retina UK - £5,000**
Towards the costs of its telephone helpline in 2021.
## **The Sainsbury Archive - £5,000**
Towards core costs.
## **PARENTING, FAMILY WELFARE & CHILD DEVELOPMENT - £59,500**
## **Best Beginnings - £10,000**
Towards core costs.
## **Family Links - £10,000**
Towards Pilot imaginative play courses in 12 areas.
## **Home-Start UK - £25,000**
Towards core costs.
7
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **Home-Start Worldwide - £12,000**
Towards core costs. **REPORT OF THE TRUSTEES (continued)**
## **Institute of Imagination - £2,500**
Towards its campaign to support children in hospital over the holiday season.
8
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to 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 operation
The trustees are responsible for keeping proper accounting records that 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. 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 25 October 2022 and signed on their behalf by:
…………………………………………………………….
TIMOTHY JAMES SAINSBURY TRUSTEE
9
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TEDWORTH CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of The Tedworth Charitable Trust (the ‘Trust’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as at 5 April 2022 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 Accounting Practice
- 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities 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, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve 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.
## **Other Information**
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not
__________________________________________________________________________________________
10
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
cover the other information and, except to the extent otherwise 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 whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- 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 audit
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 to 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.
## **Auditor’s 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 regulations made under section 154 of that Act.
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 auditor’s 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 (UK) 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.
__________________________________________________________________________________________
11
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
Irregularities, 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 are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to 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 to become aware of instances 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
__________________________________________________________________________________________
12
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## 7 December 2022
Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
13
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
**----- Start of picture text -----**
Unrestricted Expendable Total Funds
Notes Funds Endowment 2022 2021
£ £ £ £
Income
Investment income 3 46,575 - 46,575 126,294
Bank deposit interest 629 - 629 634
Total income and endowments 47,204 - 47,204 126,928
Expenditure
Cost of raising funds
Investment management costs 4 - 87,154 87,154 65,504
Charitable activities
Grant-making:
Grant expenditure 5 236,000 - 236,000 266,251
Grant related support costs 6 64,779 - 64,779 55,172
-
Cost of grant-making 300,779 300,779 321,423
Total Expenditure 300,779 87,154 387,933 386,927
Net expenditure before gains on
investments (253,575) (87,154) (340,729) (259,999)
Net gains on investment assets 9 - 958,231 958,231 1,737,440
-
Gains/(losses) on foreign exchange 5,547 5,547 (114,931)
Tranfers between funds 254,000 (254,000) - -
Net movement in funds 425 622,624 623,049 1,362,510
Reconciliation of funds 12
Total funds brought forward 23 11,336,666 11,336,689 9,974,180
Total funds carried forward 448 11,959,290 11,959,738 11,336,690
**----- End of picture text -----**
The notes on pages 17 - 26 form part of these accounts.
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
14
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **BALANCE SHEET AS AT 5 APRIL 2022**
|**_Notes_**
**FIXED ASSETS**
Tangible fixed assets
**_8_**
Investments
**_9_**
**CURRENT ASSETS**
Debtors
**_10_**
Cash at bank and in hand
**CURRENT LIABILITIES**
**Creditors -**amounts falling due within 1 year
**_11_**
**NET CURRENT LIABILITIES**
**NET ASSETS**
**CAPITAL FUNDS**
Expendable endowment
**_12_**
**INCOME FUNDS**
Unrestricted funds
**_12_**||**2022**
£
1,823
13,129,776
13,131,599
(1,171,861)
11,959,738
11,959,290
448
11,959,738|**_2021_**|
|---|---|---|---|
||£
1,233
111,726||_£_
_2,918_
_12,539,630_|
||||_12,542,548_|
||||_43,275_
_87,856_|
||112,959
(1,284,820)||_131,131_
_(1,336,989)_|
||||_(1,205,858)_|
||||_11,336,690_|
||||_11,336,666_
_24_|
||||_11,336,690_|
The financial statements were approved and authorised for issue by the Trustees on 25 October 2022 and were signed on their behalf by :
## ……………………………………………
Timothy James Sainsbury
The notes on pages 17 - 26 form part of these accounts.
__________________________________________________________________________________________
15
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022**
|**Cash flows from operating activities**
**Net cash used in operating activities**
**Cash flows from investing activities**
Addition of fixed assets
Dividends and interest
Purchase of investments
Sale of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**|**Cash flows from operating activities**
**Net cash used in operating activities**
**Cash flows from investing activities**
Addition of fixed assets
Dividends and interest
Purchase of investments
Sale of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**|**2022**
**£**
(404,481)
-
60,267
(424,334)
1,470,983
1,106,916
702,434
2,436,189
3,138,623|**_2021_**|
|---|---|---|---|
||||**_£_**
_(467,893)_|
||||_(2,553)_
_131,068_
_(8,884,587)_
_9,735,288_|
||||_979,216_|
||||_511,323_
_1,924,866_|
||||_2,436,189_|
|**Reconciliation of net expenditure to net cash inflow from operating**||**activities**||
|Gains on investments
Dividends and interest
Effect of foreign exchange rate changes
Depreciation charges
Increase/(decrease) in debtors
(Increase)/decrease in creditors
Exchange (losses)/gains
**Net cash used in operating activities**
Net movement in funds as per statement of financial activities||**2022**
**£**
623,049
(958,231)
(60,267)
5,547
1,095
42,042
(52,169)
(5,547)
(404,481)|**_2021_**|
||||**_£_**
_1,372,510_
_(1,737,440)_
_(131,068)_
_(114,931)_
_1,095_
_(2,222)_
_29,232_
_114,931_|
||||_(467,893)_|
|**Analysis of increase in cash during the year**
Cash at bank and in hand
Cash held by investment manager for reinvestment|**Change in**
**2022**
**2021**
**year**|||
||**£**
**£**
**£**
111,726
87,856
23,870
3,026,897
2,348,333
678,564|||
||3,138,623
2,436,189
702,434|||
The notes on pages 17 - 26 form part of these accounts.
__________________________________________________________________________________________
16
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **1. CHARITABLE STATUS**
The Tedworth Charitable Trust is an unicorporated charity (Charity registration number 328524), registered in England and Wales. The address of the registered office is the Peak, 5 Wilton Road,
## **2. PRINCIPAL ACCOUNTING POLICIES**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Trust constitutes a public benefit entity as defined by FRS 102.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity.
Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.
The Charity has adopted a total return basis to budget for amounts made available for charitable activity. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects
## **b) Income recognition**
- i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.
ii) Dividends are included by reference to their due dates.
iii) Interest is included when receivable.
## **c) Expenditure on charitable activities**
- i) Costs of generating funds represent amounts paid to the Trust's external investment advisors.
- ii) Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.
__________________________________________________________________________________________
17
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **c) Expenditure on charitable activities (cont.)**
- iii) Grants payable are made to third parties in furtherance of the charity's objects. Single or multiyear grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
- iv) Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.
- v) Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.
## **d) Investments**
- i) Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex
- ii) Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.
## **e) Fixed assets**
Fixed assets are depreciated at rates which reflect their useful life to the Trust. Leasehold improvments are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used: Leasehold improvements (2021) - 14.29% per annum
## **f) Financial Instruments**
The Trust 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 at their settlement value.
At the balance sheet date the charity held financial assets at fair value of £9,049k (2021: £9,572k)
## **g) Cash and cash equivalents**
Cash at bank and cash 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
## **h) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
__________________________________________________________________________________________
18
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **i) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **j) Pensions**
Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.
## **k) Critical accounting judgements and key sources of estimation uncertainty**
- i) In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readlly apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
- ii) The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
- iii) In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts in the next financial year.
- iv) Impact and programme related investments carried at cost are subject to annual impairment review by the Trustees in tandem with external expert advice on the current status of the
## **l) Exchange and currency gains and losses**
- Exchange and currency gains and losses comprise gains and losses on forward exchange contracts, together with the currency gains and losses on cash accounts, held within the Trust's investment
## **3. INVESTMENT INCOME**
Income received on investments may be analysed as follows:
|Fixed interest
UK equities
Overseas equities
Property
Alternatives|**2022**
**_2021_**|
|---|---|
||**£**
**%**
**_£_**
**_%_**
23,439
50
_14,480_
_11_
3,382
7
_37,620_
_30_
17,387
37
_43,895_
_35_
2,367
5
_14,224_
_11_
-
-
_16,075_
_13_|
||46,575
100
_126,294_
_100_|
__________________________________________________________________________________________
19
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **4. COST OF GENERATING FUNDS**
These costs relate to the investment manager's fees. The Trustees are of the opinion that these relate to the generation of a total return on the investment portfolio and, as such, have charged the Expendable Endowment with these fees.
## **5. GRANTS PAYABLE**
**----- Start of picture text -----**
2022 2021
£ £ £ £
Reconciliation of grants payable
Commitments at 6 April 2021 1,269,985 1,284,432
Grants not accrued at 6 April 2021 45,000 70,000
Grants approved in the period 241,000 242,500
Grants cancelled - (1,249)
Grants not accrued at 5 April 2022 (50,000) (45,000)
Grants payable for the period 236,000 266,251
-
Loans converted to grants (10,000)
Grants paid during the period (242,500) (270,698)
Commitments at 5 April 2022 1,263,485 1,269,985
Commitments at 5 April 2022 are payable as follows
2022 2021
£ £
Within one year (note 11) 1,263,485 1,269,985
**----- End of picture text -----**
## **Commitments**
In addition to the amounts commited and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2022 was £50,000 (2021: £45,000).
A complete list of grants payable for the current and prior years can be found as Appendix A to the accounts.
__________________________________________________________________________________________
20
Report and Accounts – 5 April 2022
## **THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **6. ALLOCATION OF SUPPORT COSTS**
|**6. ALLOCATION OF SUPPORT COSTS**||
|---|---|
|Staff costs
Share of joint office costs
Direct costs including travel
Legal and professional fees
Depreciation
Auditor's remuneration|**2022**
**_2021_**
**Grant- Governance**
**Total**
**_Grant-_**
**_Governance_**
**_Total_**
**Making**
**_Making_**|
||**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
30,663
2,118
32,781
_29,809_
_2,528_
_32,337_
8,709
-
8,709
_8,012_
_-_
_8,012_
8,858
-
8,858
_796_
_-_
_796_
5,028
-
5,028
_6,792_
_-_
_6,792_
1,095
-
1,095
_1,095_
_-_
_1,095_
-
8,308
8,308
_-_
_6,140_
_6,140_|
||54,353
10,426
64,779
_46,504_
_8,668_
_55,172_|
|||
|Auditor's remuneration excluding VAT was £6,923 (2020/21: £5,117).||
Auditor's remuneration excluding VAT was £6,923 (2020/21: £5,117). No Trustee received remuneration or was reimbursed expenses during the period.
## **7. ANALYSIS OF STAFF COSTS**
|**7. ANALYSIS OF STAFF COSTS**|||
|---|---|---|
|Salaries and wages
Social security costs
Other pension costs||**2022**
**_2021_**|
|||~~**£**~~
~~**_£_**~~
26,851
_26,329_
3,095
_3,047_
2,835
_2,961_|
|||32,781
_32,337_|
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.4% (2021: 0.4%) of the total support and administration costs of these trusts have been allocated to The Tedworth Charitable Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2022.
The actual number of staff employed during the year was 9, all on a part-time basis (2021: 8). This equates to 0.3 full time employees (2021: 0.4)
The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer pension contributions, of these key management personnel, were £18,231 (2021: £9,546).
No employee of the charity earned in excess of £60,000 (2021: none).
__________________________________________________________________________________________
21
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **8. TANGIBLE FIXED ASSETS**
## **Leasehold Improvements**
|**NOTES TO THE ACCOUNTS**
**8. TANGIBLE FIXED ASSETS**
**Leasehold Improvements**||
|---|---|
|**Cost**|**2022**
**_2021_**|
||**£**
**_£_**|
|At 6 April 2021|9,853
_7,300_|
|Addition for year
At 5 April 2022
**Depreciation**
At 6 April 2021
Charge for the period
At 5 April 2022
NET BOOK VALUE
At 5 April 2022
NET BOOK VALUE
At 5 April 2021|-
_2,553_|
||9,853
_9,853_|
||6,935
_5,840_
1,095
_1,095_|
||8,030
_6,935_|
||1,823
_2,918_|
||2,918
_1,460_|
|||
|**9. FIXED ASSET INVESTMENTS**||
|Market value 6 April 2021
Less: Disposals at proceeds
Add: Acquisitions at cost
Net gain/(loss) on investments
**Market value 5 April 2022**
Investment cash
**Total investments**
Historical cost 5 April 2022|**2022**
**_2021_**|
||**£**
**_£_**
10,191,297
_9,304,558_
(1,470,983)
_(9,735,288)_
424,334
_8,884,587_
958,231
_1,737,440_|
||**10,102,879**
**_10,191,297 _**|
||3,026,897
_2,348,333_|
||**13,129,776**
**_12,539,630_**|
|||
||11,705,192
_11,918,487_|
__________________________________________________________________________________________
22
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **9. FIXED ASSET INVESTMENTS (contd.)**
The investments held as at 5 April 2022 were as follows:
||**2022**
**_2021_**|**2022**
**_2021_**|**2022**
**_2021_**|
|---|---|---|---|
||Cost
Market
_Cost_
_Market_
Value
_Value_|||
|||||
|UK Equities|-
-
_-_
_-_|||
|Overseas Equities
Property
Alternatives
Social Investments
Cash held for re-investment|6,986,477
7,947,605
_7,431,498_
_7,923,650_
-
-
_350,075_
_478,371_
-
-
_-_
_-_
527,895
1,057,199
_621,897_
_621,897_
3,026,897
3,026,897
_2,348,333_
_2,348,333_|||
||11,705,192 13,129,776
_11,918,487_
_12,539,630_|||
|||||
|**10. DEBTORS**||||
|Income tax recoverable
Prepayments and accrued income
Other debtors|||**2022**
**_2021_**|
||||£
_£_
-
_5,850_
-
_13,692_
1,233
_23,733_|
||||1,233
_43,275_|
|||||
|**11. CREDITORS - amounts falling due within one year**||||
|Grants payable within one year
Professional charges
Investment management fee
Other creditors|||**2022**
**_2021_**|
||||£
_£_
1,263,485
_1,269,985_
7,031
_8,564_
10,229
_23,084_
4,075
_35,356_|
||||1,284,820
_1,336,989_|
|**12. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Fund balances at 5 April 2022 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
**Total net assets**||**Unrestricted**
**Funds**|**Expendable**
**Totals**
**Endowment**
**2022**|
|||£
£
£
-
1,823
1,823
-
12,600,101
12,600,101
1,273,806
(1,102,581)
171,225
(1,274,592)
(4,371)
(1,278,963)||
|||**(786)**
**11,494,972**
**11,494,186**||
__________________________________________________________________________________________
23
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS (contd.)**
|
**Movement in the year**
Opening balance as at 5 April 2021
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Losses on Foreign exchange
Transfers between funds
**Closing balance as at 5 April 2022**|**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2022**|
|---|---|
||£
£
£
23
11,336,666
11,336,689
47,204
-
47,204
-
(87,154)
(87,154)
(300,779)
-
(300,779)
-
958,231
958,231
-
5,547
5,547
254,000
(254,000)
-|
||**448**
**11,959,290**
**11,959,738**|
A transfer of £254,000 (2021: £194,500) was made from Expendable Endowment to Unrestricted funds to cover the deficit for the financial year.
**Comparative analysis of net assets between funds for the year ended 5 April 2021**
|
Fund balances at 5 April 2021 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
**Total net assets**
**Movement in the year**
Opening balance as at 5 April 2020
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Gains on Foreign exchange
Transfers between funds
**Closing balance as at 5 April 2021**|**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2021**|
|---|---|
||£
£
£
-
2,918
2,918
-
12,539,630
12,539,630
1,323,929
(1,182,798)
141,131
(1,323,905)
(23,084)
(1,346,989)|
||**24**
**11,336,666**
**11,336,690**|
||**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2021**|
||£
£
£
19
9,974,161
9,974,180
126,928
-
126,928
-
(65,504)
(65,504)
(321,423)
-
(321,423)
-
1,737,440
1,737,440
-
(114,931)
(114,931)
194,500
(194,500)
-|
||**24**
**11,336,666**
**11,336,690**|
__________________________________________________________________________________________
24
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **13. RELATED PARTY TRANSACTIONS**
Included within grant-related support costs is a total of £5,028 (2021 : £6,792) payable for legal services to Portrait Solicitors, a firm in which Miss J S Portrait was a partner.
During the year, no grants (2021: 3) totalling £nil (2021: £110,000) were approved where a conflict of interest with the benenficiary was identified.
All grant-making is made at arm's length, and in the normal course of the trusts' activities. Where any conflicts of interest may occur, appropriate action is taken to mitigate any risk of undue influence or control in the decision-making process. Applicant organisations are not controlled by The Tedworth Charitable Trust, and the Trustees are mindful of the need to consider any potential conflicts of interest when making grant awards.
25
Report and Accounts – 5 April 2022
**THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## **NOTES TO THE ACCOUNTS**
## **14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
||**Unrestricted**|**Unrestricted**|**Expendable**|**Total Funds**|
|---|---|---|---|---|
||**_Notes_**|**Funds**|**Endowment**|**2021**|
|||£|£|£|
|**Income**|||||
|Investment income|**_3_**|126,294|-|126,294|
|Bank deposit interest and other income||634|-|634|
|**Total income and endowments**||126,928|-|126,928|
|**Expenditure**|||||
|**_Cost of raising funds:_**|||||
|Investment management costs|**_4_**|-|65,504|65,504|
|**_Charitable activities_**|||||
|Grant-making:|||||
|Grant expenditure|**_5_**|266,251|-|266,251|
|Grant related support costs|**_6_**|55,172|-|55,172|
|**Cost of grant-making**||321,423|-|321,423|
|**Total Expenditure**||321,423|65,504|386,927|
||||||
|**Net expenditure before gains on investments**||(194,495)|(65,504)|(259,999)|
|Net gains on investment assets|**_9_**|-|1,737,440|1,737,440|
|Losses on foreign exchange||-|(114,931)|(114,931)|
|Transfer between Funds||194,500|(194,500)|-|
|**Net movement in funds**||5|1,362,505|1,362,510|
|**Reconciliation of funds**|**_12_**||||
|Total funds brought forward||19|9,974,161|9,974,180|
|Total funds carried forward||24|11,336,666|11,336,690|
__________________________________________________________________________________________
26
Report and Accounts – 5 April 2022
**5 April 2022**
## **THE TEDWORTH CHARITABLE TRUST**
## **APPENDIX TO THE ACCOUNTS**
## **APPENDIX A – Grants payable**
## – Grants payable year ended 5 April 2022
The amount payable in the period consisted of the following:
|**Parenting, Family Welfare & Child Development**
Best Beginnings
Home-Start Worldwide
Institute of Imagination
**Art & the environment**
Ashden Climate Solutions
Campaign for the Protection of Rural Wales (CPRW)
Carbon Savvy
Fauna & Flora International
Global Canopy Programme
Keats-Shelley Memorial Association
King's College London
Organic Research Centre
Royal Drawing School
Two Moors Festival
**General**
Disasters Emergency Committee (DEC)
Eton College
Jangala
One Small Thing
Retina UK
The Sainsbury Archive
Fundatia ADEPT
**Converted loan to grant (adjustment)**
Fundatia ADEPT
**Total grants payable per Statement of Financial Activities**|**£**
25,000
12,000
2,500
15,000
20,000
10,000
1,000
40,000
2,500
5,000
10,000
15,000
5,000
5,000
10,000
40,000
8,000
5,000
5,000
10,000
(10,000)|
|---|---|
||**236,000**|
__________________________________________________________________________________________
27
Report and Accounts – 5 April 2022
## **THE TEDWORTH CHARITABLE TRUST 5 April 2022**
## – Grants payable year ended 5 April 2021
|**Parenting, Family Welfare & Child Development**
Best Beginnings
Family Links
Home-Start Uganda
Home- Start UK
Muscular Dystrophy UK
**Art & the environment**
Ashden Climate Solutions
Berkeley Reafforestation Trust
Campaign for the Protection of Rural Wales (CPRW)
Institute of Imagination
Keats-Shelley Memorial Association
Resurgence Trust
Two Moors Festival
Voices Foundation
**General**
Eton College
Frontline Immune Support
Retina UK
Sheringham and District Society
The Sainsbury Archive
Vision Nexus CIC
361 Community Energy
**Converted loan to grant**
Fundation ADEPT
**Cancelled grants**
Home Start Hellas
National Hearing Voices Network
**Total grants payable per Statement of Financial Activities**|**£**
10,000
10,000
5,000
45,000
2,500
15,000
5,000
10,000
5,000
2,500
100,000
2,500
10,000
10,000
1,000
2,000
2,000
5,000
10,000
5,000
10,000
(149)
(1,100)|
|---|---|
||**256,251**|
__________________________________________________________________________________________
28
Report and Accounts – 5 April 2022