THE TUFTON CHARITABLE TRUST
REPORT AND ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
Charity number: 801479
THE TUFTON CHARITABLE TRUST
I N D E X
Year ended 31 December 2022
| Page | |
|---|---|
| Report of the trustee | 2-4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8-16 |
1
THE TUFTON CHARITABLE TRUST
R E P O R T O F T H E T R U S T E E
Year ended 31 December 2022
The trustee presents their report and financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the charity’s trust deed, with the Charities Act 2011 and 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 (FRS 102).
Objectives, activities and achievements for the public benefit
The objectives of the Trust are to benefit any organisation recognised to be exclusively charitable. It carries this out by making donations to appropriate bodies. The trustee confirms that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy. The trustee considers that the purpose of activities by the charity satisfy the public benefit requirement as set out in Section 4 of the Charities Act 2011.
Grant making policy
The Trust has established its grant making policy to achieve its objectives for the public benefit. The Trust invites applications for grants from charitable institutions and individuals and to make grants on a selective basis.
Achievement and performance
The Charity has received a number of applications which meet its criteria. During the year, £365,267 (2021 - £694,642) was paid in grants to support various churches and other charitable organisations. Details of the grants made can be found in the notes to the accounts. An additional £20,000 (2021 - £40,000) of grants have been committed to as at 31 December 2022 in relation to future periods. These grants have been recognised in the Statement of Financial Activities and are shown in creditors as grants payable.
Financial review
The Trust’s work is reliant on income from investments and donations from Sir Christopher Wates, a director of the trustee company. Donations received in the year were £188,889 (2021- £282,842), of which £187,868 represented the market value of investments donated by Sir Christopher.
The unrestricted reserves at 31 December 2022 were £429,962 (2021 - £437,657) and the expendable endowment funds were £nil (2021 - £nil), following the sale of investments to fund charitable donations.
The trustee has considered the charity’s ability to continue as a going concern and has concluded that this basis remains appropriate as the charity is expected to continue its activities for the foreseeable future. Following the closure of the Oast Houses, the charity relies on the charitable intentions of Sir Christopher Wates who provides donations to the Trust to further its charitable objectives.
Reserves policy
It is the policy of the trustee to maintain unrestricted funds, which are free reserves of the charity, for making grants to qualifying charities and to meet continuing administrative costs.
Plans for the future
The Trustee will continue its policy to help any organisation through making donations where possible. During the year, the property owned by the trust which was previously used as part of the retreat activities was sold and the proceeds are being used to make further donations.
2
THE TUFTON CHARITABLE TRUST
R E P O R T O F T H E T R U S T E E
Year ended 31 December 2022
Structure, governance and management
Governing document
The Tufton Charitable Trust is a trust established under a trust deed dated 10 November 1980. It subsequently became registered as a charity under number 801479 on 3 May 1989. The legal and administrative details of the trust are set out in this report.
Organisation
The trustee throughout the year and since the year end is Wates Charitable Trustees Limited. It has delegated the administration and day to day management of the charity to its directors who are, as described in the trust deed, appointed by it. These principal officers meet regularly to assess grant applications and recommend the approval or refusal of grants.
Risk management
The principal risks faced by the Trust lie in the operational risks from ineffective grant making and the capacity of the Trust to make effective grants.
The operational risk from ineffective grant awards is managed by retaining trustees of sufficient skill and expertise and through the quality of the institutions and people who the charity supports.
Reference and administrative details
| Registered Charity number | 801479 |
|---|---|
| Registered address | Tufton Place |
| Ewhurst Lane | |
| Northiam | |
| Rye | |
| East Sussex | |
| TN31 6HL | |
| Trustee | Wates Charitable Trustees Limited |
| Principal Officers | Sir Christopher Wates |
| Lady Wates |
The officers are directors of Wates Charitable Trustees Limited.
Independent Examiners Gregory Smye-Rumsby Dixon Wilson 22 Chancery Lane London WC2A 1LS Bankers HSBC Private Bank (UK) Limited 78 St James's Street London SW1A 1JB
3
THE TUFTON CHARITABLE TRusr REPOR T OF THE TRUSTEE Year ended 31 December Zoll stst•m•nt oftrustee's Yespon4btllty in r•lation to the finan¢knl statemerts The trustee 15 responslble for pr¢pzrin8 the trustee report and the fina1 5taternents in accordance appliable law anij United Ki[orn Accounting Srandarth. The law applicable to charities in England and Wales requirÈ% the trustee to prepare financ sutements for each financial year which yve * true and fair eW of the state of of the charity and of the incoming resources and applKatioTr of resources of the charity for that period. In preparing these firwic1 staterwts the tru5tee5 are required to: select suitable accounting policies and then apply them COThst. rtiserve the method5 and principles ofthe chare$ SORP. make judgemenr5 and accounting estimates that are reasonable and pruden¢ state whether applicable a¢¢ovnung standwds have been fdlowe subiert to any thparture5 di5c105ed and explned in the finan¢il statrments: and prep¥e the finanal statements on the going ¢orKern b¥is unless it is inapFOPmte to presume that the charity Mll cOntiTh in business. The trustee 15 responsible f keeping a¢¢ounDng record5 which disclose with reasonable a¢¢urd¢y the financi Position of the charity and enable them to ¢nsure that the financi statements with the Charitie5 Act 2011. th¢ Charity (Accounts and Reports) RegulaDtin$ 2Crf)8 and the provisions of the trust deed. They are also rwjonsible for safeguarding the assets of the thrity and hence for rzkng reasonable steps for the preventyon and d¢ty0n of fraud and other iwlaritses. Appro by order of the board oftrustees 27 (ktobèr 2023 and signed on Its beh•W br. Wates Chariuble Trusrees Ltd Trustee
THE TUFfoN CHARrrABLE TRusr INDEPENDENT EXAMINER'S REPORT Y•ar •nd•d 31 D•c•mber 2022 I report to tho Trpjxees on my exarninauon af the accounts of the Truxfarthe year ended 31 DeCber 2021 R•sponbIlItI4S bath of rwbort A5 th¢ tharity trustees ofthe Trust you are for dthe acco% In accordance the requir¢m•nts of the Charitses Att 2011 Cthe Acr). You are 1Sfied an aud L8 not r•quired for thts yoar under chariLy and that an iendent ¢xamlnatign Ls neede I report in res of my exthnation of the frurfs accounts arried OLrt under section 145 of the 2011 Att and in carrylng out my examination I folkh¥ed U the applicable dwe£t10 by the c17¢Y Commi¥ion under sectlon 145{5)Ib) of the kL An independent ex10 ¢&xs r¢ irM>he the ••l¢nce wtyjd be requlred in an audlt and conjequendy does not cover the matters tha¢ an auditor ConderS in their q)bnion on the accountL Th• planning and cohdurt of an audk 8Des the limited 4ssurance thar an inthpendent examinath)n prod& C0n$4ueny. l express no opinion as tp thether the arcounts present a true and fr. view and my report is l am ¢ied to underth the exanwnation by be¥ • oJ¥lified mber olthe of Chartertd Accountants In En413nd and Wale5. the eXInatiOn gmni mè cause to bolim that in any respe£E I¢U¥ records vrtre not W in of the Tnjst as required ty se£¢ion 130 olthe Att or l the accounts do not accord those rectyd&' or 3. the accounts do not ean¥bly with the app1Kab rewrernents concerning the forni and content of set in the Charnes (Accounts and Rwts) Resu(lon$ 2CM)8 other than any requirement that the accounts Oye a krue and f thich ts not a Trtter ts1der as parc of an IndependÈnt examination.. or the xcounts have been prep¥ed in accor8 with the mathoth and prinl¥ •f tht Statement •f Recommended Pra¢uce for x<ountin¥ and rwting by thtrmes apptloble to charitits preparing their accounts in accordance with the [WiCk Rw)ning Swidard Wicable In the UK and Republic of Ireland (FRS 1021. I have no ¢oncerns and have come across no marrer5 in contixrion with the examinatlon ro which atten¢lon shoukF be &awn in this report in order to erth a woper unthrsllnd¥ of the accounts to be r•Athe(L GREGORY S Dlxon Wilson 22 Chancory Lan Lond¢ WC2A I LS 27 October YE.RUMSBY FC4 CTA 2023
THE TUFTON CHARITABLE TRUST
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 December 2022
| Discontinued Continuing Expendable Unrestricted Unrestricted Endowment Note funds funds funds £ £ £ Income and endowments from: Donations and legacies 2 - 1,021 187,868 Charitable Activities: Oast Houses 3 - - - Investment Activities: Investment Income 4 - 3,789 - Total income and endowments - 4,810 187,868 Expenditure on: Raising funds 5 - - - Charitable activities: Oast Houses 6 - - - Grants made 7 - 365,267 - Other 8 - 18,799 - Total expenditure - 384,066 - Net gains on investments - - 1,390 Profit on sale of tangible assets 182,251 - - Foreign exchange gains - 52 - Net income/(expenditure) 182,251 (379,204) 189,258 Transfers between funds (622,684) 811,942 (189,258) Net movement in funds (440,433) 432,738 - Reconciliation of funds: Total funds brought forward at 1 January 2022 440,433 (2,776) - Total funds carried forward at 31 December 2022 - 429,962 - |
Total 2022 £ 188,889 - 3,789 192,678 - - 365,267 18,799 384,066 1,390 182,251 52 (7,695) - (7,695) 437,657 429,962 |
Total 2021 £ 282,842 63,098 - 345,940 1,199 177,508 694,642 7,469 880,818 6,550 - 3 (528,325) - (528,325) 965,982 437,657 |
|
|---|---|---|---|
Income and expenditure derives from both continuing activities and discontinued activities. Discontinued activities relate to the closure of the religious retreat known as the Oast Houses. The Oast Houses and cottage permanently closed in the previous accounting period, however the property owned by the charity which was used for these activities was sold in the year ended 31 December 2022.
6
THE TUFfoN CHARITA8LE TRusr BALANCE SHEET At JI D•tÈmber 2022 2022 2021 Flxed assets Tan8ible aslets 427293 427,293 Current •#•ts Debtors Cash at l)gnk and in har 13 8.973 50.429 463115 463I15 59.402 UabllltltS Creditors: knounts fling thje wlthln one year 14 {33A53) (49.038) 429.962 10,364 T+Xal ss J•s rrent Ilabtlkl•s 429,962 437,657 Net •s 429.962 437.651 Th• fund5 of th• ch•tlty. Unre5trcted Income fvnds Exdable Endowmenr fijnd 15 15 429.962 437.6S7 429.962 437.657 . statements on pa8as 6 to 17 ve Éhe bo¥d of 27 Octr)ber 2023 and oft beh were s WATES CHARifABLE TRu¥fEES LTD
THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The financial statements of the charity have been prepared in accordance with the 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 (FRS 102), the applicable UK Accounting Standards and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
The Trust constitutes a public benefit entity as defined by FRS 102.
Since the closure of the Oast Houses, the charity relies on the charitable intentions of Sir Christopher Wates who provides donations to the Trust to further its charitable objectives. In January 2022, Sir Christopher Wates donated investments with a value of £187,868 to the charity to assist with making further charitable grants. In June 2022, the freehold property owned by the trust was sold to provide funds for further grants.
The trustee has committed to a number of grants to be paid in future years and there are sufficient funds within the Trust to meet these commitments. The majority of grants made each year are subject to the discretion of the trustee who will only make such grants if the charity has sufficient funds available.
Having considered the above, the trustee considers that the Trust is able to continue as a going concern and the accounts have been prepared on this basis.
(b) Income
Investment income is recognised when the charity becomes entitled to dividend and interest income in the period in which it is earned.
Donations and grants are recognised once the charity is entitled to receive them, receipt is probable and there is sufficient evidence that any attached conditions will be met, if any.
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 bank.
(c) Expenditure
All expenditure is recognised where there is a legal or constructive obligation to pay. Where costs cannot be directly attributed to an expenditure heading, they will be allocated to activities on a basis consistent with the use of resources.
(d) Tangible Fixed Assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets other than freehold land and buildings at rates calculated to write off the cost or valuation each asset to its estimated residual value on a straight line basis over its expected useful life, as follows: Furniture, fittings and equipment - five to ten years
The freehold property is not depreciated because the residual value is estimated to be equal to or higher than the cost.
8
THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
1. Accounting policies (continued)
(e) Taxation
The charity is exempt from tax on its charitable activities. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
(g) Pension costs and other-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
(h) Financial asset investments
Investments are stated at market value at the reporting date. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities.
2. Donations and legacies
| 2. Donations and legacies |
||||
|---|---|---|---|---|
| Continuing Expendable Unrestricted Endowment funds funds £ £ Donations 1,021 187,868 Furlough grant - CJRS - - Other government grants - - 1,021 187,868 |
Expendable Unrestricted Endowment 2022 funds funds £ £ £ 188,889 2,015 241,579 - 13,041 - - 26,207 - 188,889 41,263 241,579 |
2021 £ 243,594 13,041 26,207 282,842 2021 £ 63,098 63,098 |
||
| 3. Income from charitable activities The Oast Houses fee income |
2022 £ - - |
Income from charitable activities in the previous year was attributable to the unrestricted income fund.
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THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
| 4. Investment income Deposit account interest |
2022 £ 3,789 3,789 |
2021 £ - |
|---|---|---|
| - |
Deposit account interest in the year was attributable to the unrestricted income fund.
| 5. Raising funds Investment management costs: Portfolio management |
2022 £ - - |
2021 £ 1,199 1,199 |
|---|---|---|
Investment management costs in the previous year are attributable to the expendable endowment fund.
6. Charitable activity costs
| Oast Houses - Wages - Pensions - Operations (utilities, council tax, repairs etc.) Total Oast Houses Grants made |
Grant funding of Direct activities costs (see note 7) £ £ - - - - - - - - - 365,267 - 365,267 |
Total 2022 £ - - - - 365,267 365,267 |
Total 2021 £ 70,754 1,508 105,246 177,508 694,642 872,150 |
|---|---|---|---|
Charitable activity costs in both years are attributable to the unrestricted income fund.
10
THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
| 7. Grants payable Grants made Grants made to charitable institutions: Access 4 Alpha International Beachy Head Chaplaincy Bob Champion Cancer Trust Church Commissioners for England Church Revitalisation Trust Frontiers Glyndebourne Productions Holy Trinity, Hastings London Institute for Contemporary Christianity Mission Aviation Fellowship Off The Fence Revelation Trust Safehaven Spinnaker Trust Stowe School Foundation The London City Mission The Royal Free Charity Other grants below £5,000 |
2022 £ 365,267 365,267 - - 5,000 2,500 15,000 100,000 - 38,500 45,000 10,000 15,000 15,000 5,000 7,500 5,000 - - 85,117 16,650 365,267 |
2021 £ 694,642 |
|---|---|---|
| 694,642 | ||
| 5,000 60,000 - 5,000 - 150,000 5,000 20,000 57,000 - 15,000 15,000 - - - 250,000 30,000 73,642 9,000 |
||
| 694,642 |
Grants payable in both years were attributable to the unrestricted income fund.
| 8. Support costs Other resources expended: Governance costs Bank charges Council tax Secretarial support Legal and professional fees Governance Costs Accountancy Independent examination |
2022 £ 9,603 31 784 7,601 780 18,799 8,603 1,000 9,603 |
2021 £ 7,153 316 - - - 7,469 6,153 1,000 7,153 |
|---|---|---|
Support costs in both years were attributable to the unrestricted income fund.
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THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
9. Trustees’ remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 (2021 - none).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 (2021 - none).
| 10. Staff Costs Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Oast Houses operations Support Operations |
2022 £ 7,601 - 7,601 - 1 1 |
2021 £ 70,754 1,508 72,262 9 - 9 |
|---|---|---|
No employees received emoluments in excess of £60,000.
The Charity no longer directly employs staff following the closure of the Oast Houses. The Charity contributes a portion of salary costs for staff employed by the director of the trustee company who spend a proportion of their time on supporting the Charity’s activities.
Staff costs in the current year were allocated to support costs. Staff costs in the prior year were fully allocated to the Oast Houses expenditure.
12
THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
| 11. | Tangible fixed assets | |||
|---|---|---|---|---|
| Freehold | Fixtures | Total | ||
| property | and fittings | 2022 | ||
| £ | £ | £ | ||
| Cost | ||||
| As at | 1 January 2022 | 427,293 | - | 427,293 |
| Disposals | (427,293) | - | (427,293) | |
| ___ | ___ | ___ | ||
| At 31 | December 2022 | - | - | - |
| Depreciation | ||||
| At 1 January 2022 | - | - | - | |
| Charge for year | - | - | - | |
| Disposals | - | - | - | |
| ___ | ___ | ___ | ||
| At 31 | December 2022 | - | - | - |
| Net book value | ||||
| At 31 | December 2022 | - | - | - |
| ___ | ___ | ___ | ||
| At 31 | December 2021 | 427,293 | - | 427,293 |
The freehold property previously owned by the Trust was occupied by an employee to assist with the Trust’s charitable activities and is therefore not classified as an investment property.
The freehold property was not depreciated because the residual value was estimated to be equal to or higher than the cost, as evidenced by the sale of the property at a gain in the year. The Trust rented the Oast Houses at an annual rent of one peppercorn.
| 12. Fixed asset investments – listed investments Market value at start of year Additions Disposals Realised gains on investment assets Unrealised losses on investment assets Market value at end of year Historical cost as at 31 December 2021 Historical cost as at 31 December 2022 There are no investment assets at the year end. |
2022 £ - 187,868 (189,258) 1,390 - - - - |
2021 £ 326,119 - (332,669) 6,550 - - 326,162 - |
|---|---|---|
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THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
| 13. Debtors: Amounts falling due within one year Other debtors |
2022 £ - - |
2021 £ 8,973 |
|---|---|---|
| 8,973 | ||
| 14. Creditors: Amounts falling due within one year Trade creditors Grants payable Accruals Other creditors |
- 20,000 13,853 - 33,853 |
441 40,000 4,395 4,202 |
| 49,038 |
14
THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
15. Trust funds
Movement in funds:
| Unrestricted funds Expendable Endowment funds Total funds |
At 1 January 2022 £ 437,657 - 437,657 |
Incoming Resources Gains and resources expended losses £ £ £ 4,810 (384,066) 182,303 187,868 - 1,390 192,678 (384,066) 183,693 |
Transfer At between 31 December funds 2022 £ £ 189,258 429,962 (189,258) - - 429,962 |
|---|---|---|---|
Analysis of net assets:
| Expendable Unrestricted Endowment Funds funds £ £ Fixed assets - - Net current assets 429,962 - Total funds 429,962 - |
Total £ - 429,962 429,962 |
|---|---|
Comparative for the movement in funds:
| Unrestricted funds Expendable Endowment funds Total funds |
At 1 January 2021 £ 403,344 562,638 965,982 |
Incoming Resources Gains and resources expended losses £ £ £ 104,361 (879,619) 3 241,579 (1,199) 6,550 345,940 (880,818) 6,553 |
Transfer At between 31 December funds 2021 £ £ 809,568 437,657 (809,568) - - 437,657 |
|---|---|---|---|
Comparative for the analysis of net assets:
| Expendable Unrestricted Endowment Funds funds £ £ Fixed assets 427,293 - Net current assets 10,364 - Total funds 437,657 - |
Total £ 427,293 10,364 437,657 |
|---|---|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Expendable Endowment funds comprise those funds which the trustees have invested in order to generate income to fund donations.
15
THE TUFTON CHARITABLE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 December 2022
16. Pension commitments
The trust has a defined contribution scheme and at the balance sheet date £nil (2021 - £nil) contributions were owed.
17. Related party disclosures
The short term leasehold land and buildings were being leased from Sir Christopher Wates, a director of Wates Charitable Trustees Limited. The lease was renewed in 2014 at a peppercorn rent. The land and buildings were required to be used as a religious institution for educational purposes and for the spiritual and physical education and refreshment of visitors. Following the closure of the Oast Houses, the lease was terminated during the year.
During the year, Sir Christopher Wates contributed £nil (2021 - £1,900) to the costs of the trust and donated investments with a value of £187,868 and funds of £1,021 to assist in furthering the trust’s charitable objectives.
| 18. Financial instruments Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
2022 £ 463,815 463,815 33,853 |
2021 £ 59,402 |
|---|---|---|
| 59,402 | ||
| 48,996 |
Financial assets measured at amortised cost comprise cash at bank, debtors and accrued income.
Financial liabilities measured at amortised cost comprise accruals and grants payable.
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