## **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|
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 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.
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 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
3
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_
|
|---|---|---|---|
|||||
|||||
|||||
|||||
|||||
6
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.
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 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
|||
9
## **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.
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 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_|
11
## **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.
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 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.
13