THE TUFTON CHARITABLE TRUST
REPORT AND ACCOUNTS
YEAR ENDED 31 DECEMBER 2023
Charity number: 801479
THE TUFTON CHARITABLE TRUST
I N D E X
Year ended 31 December 2023
| Page | |
|---|---|
| Report of the trustee | 2 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
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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 2023
The trustee presents their report and financial statements of the charity for the year ended 31 December 2023. 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, £434,500 (2022 - £365,267) 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. A total of £30,000 (2022 - £20,000) of grants have been committed to as at 31 December 2023 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 £523,442 (2022 - £188,889), of which £523,442 (2022 - £187,868) represented the market value of investments donated by Sir Christopher.
The unrestricted reserves at 31 December 2023 were £239,306 (2022 - £429,962) and the expendable endowment funds were £289,149 (2022 - £nil).
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. 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.
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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 2023
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
Bankers
Gregory Smye-Rumsby Dixon Wilson 22 Chancery Lane London WC2A 1LS HSBC Private Bank (UK) Limited 78 St James's Street London SW1A 1JB
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THE TUFTON CHARITABLE TRUST REPOR T OF THE TRUSTEE Year ended 31 December 2023 statement of trustee's responsibillty In relation to the financlal statements The trustee is responsible for preparing the trustee report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity 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 Charits'es SORP., make Judgements and accounting estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responslble for keeplng accounting records which disclose with reasonable accuracy 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 a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on 1 October 2024 and signed on its behalf by: Wates Trustee aritable ruslees Ltd
THE TUFTON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPOR T Year ended 31 December 2023 Independent Examiners report to the Truste8s of the Tufton Charitable Trust I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 December 2023. Responslbilltles and basls of report As the charity trustee5 of the Trust you are responslble for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act,). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination oftha Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5){bl of Ihe Act. An independent examination does not involve gathering all the evidence that would be required in an audlt and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent examiner's statement l am qualified to undertake the examination by being a qualified member oftlle'lnstitute of Chartered Accountants in England and Wales. I have completed my examination. I confirm that no materlal matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records wer8 not kept in respect of the Trust as requlred by section 130 of the Act.. or 2. the accounts do not accord with those records-, or 3. the accounts do not comply with the applicable requirements concerning the form and contant of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fair view, which is not a matter considered as part of an independent examination.. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached. GREGO Y SMYE-RUMSBY FCA CT Dixon Wilson 22 Chancery Lane London WC2A 1 LS 15 October 2024
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 2023
| Expendable Unrestricted Endowment Note funds funds £ £ Income and endowments from: Donations and legacies 2 - 523,442 Investment Activities: Investment Income 3 19,188 - Total income and endowments 19,188 523,442 Expenditure on: Charitable activities: Grants made 4 434,500 - Other 5 8,536 - Total expenditure 443,036 - Net (losses)/gains on investments - (1,077) Profit on sale of tangible assets - - FX (loss)/gain on investments (24) - Net (expenditure)/income (423,872) 522,365 Transfers between funds 233,216 (233,216) Net movement in funds (190,656) 289,149 Reconciliation of funds: Total funds brought forward at 1 January 2023 429,962 - Total funds carried forward at 31 December 2023 239,306 289,149 |
Total 2023 £ 523,442 19,188 542,630 434,500 8,536 443,036 (1,077) - (24) 98,493 - 98,493 429,962 528,455 |
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 |
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THE TUFTON CHARITABLE TRUST ALANCE SHEET At 31 December 2023 2023 2022 Note Current a8s8ts Debtors Cash at bank and in hand 4,742 561,829 463,815 566,571 463,815 Llabllitles Creditors.. Amounts falling due within one year 10 (38,116) (33, 853) Net current assets 528,455 429,962 Total assets less current Ilabllltle8 528,455 429, 962 Net assets 528,455 429, 962 The funds of the charlty: Unrestricted Income funds Expendable Endowment funds 239,306 289,149 528,455 429,962 429, 962 The financial statements on pages 6 to 13 were approved by the board of trustees on 1 October 2024 and were signed on its behalf by'.- WATE Trustee CHARI LE TRUSTEES LTD
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
THE TUFTON CHARITABLE TRUST
Year ended 31 December 2023
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.
The charity relies on the charitable intentions of Sir Christopher Wates who provides donations to the Trust to further its charitable objectives. In January 2023, Sir Christopher Wates donated investments with a value of £235,674 to the charity. In December 2023, Sir Christopher Wates donated additional investments with a value of £287,768 to assist with making further charitable 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) Taxation
The charity is exempt from tax on its charitable activities. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(e) 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.
(f) 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.
(g) 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.
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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 2023
2. Donations and legacies
| Expendable Unrestricted Endowment funds funds £ £ Donations - 523,442 - 523,442 |
Expendable Unrestricted Endowment 2023 funds funds £ £ £ 523,442 1,021 187,868 523,442 1,021 187,868 |
2022 £ 188,889 188,889 |
|---|---|---|
| 3. Investment income Deposit account interest Deposit account interest in the year was attributable to the unrestricted income fund. |
3. Investment income Deposit account interest Deposit account interest in the year was attributable to the unrestricted income fund. |
2023 £ 19,188 19,188 |
2022 £ 3,789 3,789 2022 £ 365,267 365,267 5,000 - - 15,000 100,000 - 38,500 45,000 10,000 15,000 15,000 5,000 - - 7,500 5,000 85,117 19,150 365,267 |
|---|---|---|---|
| 4. Grants payable Grants made Grants made to charitable institutions: Beachy Head Chaplaincy Beckley Preschool Caritas Foundation International Church Commissioners for England Church Revitalisation Trust Demelza Hospice Care for Children Glyndebourne Productions Holy Trinity, Hastings London Institute for Contemporary Christianity Mission Aviation Fellowship Off The Fence Revelation Trust The Gurkha Welfare Trust The Peasmarch Chamber Music Festival Trust Safehaven Spinnaker Trust The Royal Free Charity Other grants below £5,000 |
2023 £ 434,500 434,500 - 7,500 45,000 - 100,000 5,000 25,000 186,500 - 15,000 15,000 10,000 5,000 5,000 - 6,000 - 9,500 434,500 |
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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 2023
| 5. Support costs Other resources expended: Governance costs Bank charges Council tax Secretarial support Legal and professional fees Governance Costs Accountancy Independent examination |
2023 £ 3,866 116 - 3,774 780 8,536 2,866 1,000 3,866 |
2022 £ 9,603 31 784 7,601 780 18,799 8,603 1,000 9,603 |
|---|---|---|
Support costs in both years were attributable to the unrestricted income fund.
6. Trustees’ remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 (2022 - none).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 (2022 - none).
| 7. Staff Costs Wages and salaries The average monthly number of employees during the year was as follows: Support Operations |
2023 £ 3,774 3,774 1 1 |
2022 £ 7,601 7,601 1 1 |
|---|---|---|
No employees received emoluments in excess of £60,000.
The Charity does not directly employ staff but 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 and previous year were allocated to support costs.
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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 2023
| 8. Fixed asset investments – listed investments Market value at start of year Additions Disposals Realised (losses)/gains on investment assets Market value at end of year Historical cost as at 31 December 2022 Historical cost as at 31 December 2023 |
2023 £ - 523,442 (522,365) (1,077) - - - |
2022 £ - 187,868 (189,258) 1,390 - - - |
|---|---|---|
There are no investment assets at the year end.
9. Debtors: Amounts falling due within one year
| 9. Debtors: Amounts falling due within one year Other debtors |
2023 £ 4,742 4,742 |
2022 £ - - |
| 10. Creditors: Amounts falling due within one year Grants payable Accruals |
30,000 8,116 38,116 |
20,000 13,853 33,853 |
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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 2023
11. Trust funds
Movement in funds:
| At 1 January Incoming Resources Gains and 2023 resources expended losses £ £ £ £ Unrestricted funds 429,962 19,188 (443,036) (24) Expendable Endowment funds - 523,442 - (1,077) Total funds 429,962 542,630 (443,036) (1,101) |
Transfer At between 31 December funds 2023 £ £ 233,216 239,306 (233,216) 289,149 - 528,455 |
|---|---|
Analysis of net assets:
| Expendable Unrestricted Endowment Funds funds £ £ Fixed assets - - Net current assets 239,306 289,149 Total funds 239,306 289,149 |
Total £ - 528,455 528,455 |
|---|---|
Comparative for the movement in funds:
| At 1 January Incoming Resources Gains and 2022 resources expended losses £ £ £ £ Unrestricted funds 437,657 4,810 (384,066) 182,303 Expendable Endowment funds - 187,868 - 1,390 Total funds 437,657 192,678 (384,066) 183,693 |
Transfer At between 31 December funds 2022 £ £ 189,258 429,962 (189,258) - - 429,962 |
|---|---|
Comparative for the 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 |
|---|---|
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.
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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 2023
12. Related party disclosures
During the year, Sir Christopher Wates donated investments with a value of £523,442 to assist in furthering the trust’s charitable objectives.
At the year end, £4,742 was owed to the charity by Sir Christopher Wates. This amount was repaid post year end.
| 13. Financial instruments Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
2023 £ 566,571 566,571 38,116 |
2022 £ 463,815 |
|---|---|---|
| 463,815 | ||
| 33,853 |
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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