2024-12-31-accounts - The Tufton Charitable Trust

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THE TUFTON CHARITABLE TRUST

REPORT AND ACCOUNTS

YEAR ENDED 31 DECEMBER 2024

Charity number: 801479

THE TUFTON CHARITABLE TRUST

I N D E X

Year ended 31 December 2024

	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

R E P O R T O F T H E T R U S T E E

THE TUFTON CHARITABLE TRUST

Year ended 31 December 2024

The trustee presents their report and financial statements of the charity for the year ended 31 December 2024. 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, £384,250 (2023 - £434,500) 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 £60,000 (2023 - £30,000) of grants have been committed to as at 31 December 2024 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 and Lady Georgina Wates, directors of the trustee company. Donations received in the year were £129,645 (2023 - £523,442), of which £129,645 (2023 - £523,442) represented the market value of investments donated by Sir Christopher.

The unrestricted reserves at 31 December 2024 were £51,227 (2023 - £239,306) and the expendable endowment funds were £232,123 (2023 - £289,149).

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 historically relied on the charitable intentions of Sir Christopher Wates who donated to the Trust to further its charitable objectives. Following Sir Christopher’s death in September 2024, future donations to the trust are intended to be made from Lady Georgina Wates.

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.

R E P O R T O F T H E T R U S T E E

THE TUFTON CHARITABLE TRUST

Year ended 31 December 2024

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 (deceased 22 September 2024) 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

THE TUFTON CHARITABLE TRUST REPOR T OF THE TRUSTEE Yoar ended 31 December 2024 Statement of trustee's responsiblllty in relation to the financial 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 Charities 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 ststements., 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 responsible for keeping 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 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. Approved by order of the board of trustees on 9 July 2025 and signed on its behalf by.. Wates Cha Trustee ble Truste Ltd

THE TUFTON CHARITABLE TRUST

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 31 December 2024

Independent Examiners report to the Trustees 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 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘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 of the 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)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit 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, I 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

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content 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
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 (FRS 102).

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. wegen 7 anal

GREGORY SMYE-RUMSBY FCA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS

2025 25 July

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 2024

Expendable Unrestricted Endowment Note funds funds £ £ Income and endowments from: Donations and legacies 2 - 129,645 Investment Activities: Investment Income 3 16,690 - Total income and endowments 16,690 129,645 Expenditure on: Raising funds 4 - 715 Charitable activities: Grants made 6 384,250 - Other 7 11,817 - Total expenditure 396,067 715 Net (losses)/gains on investments 9 - 5,334 FX (loss)/gain on investments 8 - Net (expenditure)/income (379,369) 134,264 Transfers between funds 191,290 (191,290) Net movement in funds (188,079) (57,026) Reconciliation of funds: Total funds brought forward at 1 January 2024 239,306 289,149 Total funds carried forward at 31 December 2024 51,227 232,123	Total 2024 £ 129,645 16,690 146,335 715 384,250 11,817 396,782 5,334 8 (245,105) - (245,105) 528,455 283,350	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

THE TUFTON CHARITABLE TRUST BALANCE SHEET At 31 December 2024 2024 2023 Nota Fixed Assets Investments 191,272 191,272 Current assets Debtors Cash at bank and in hand 10 571 155,627 156,198 4, 742 561,829 566,571 Llabllities Creditors: Amounts falling due within one year 11 (64,120) (38,116) Not current assgts 92,078 283,350 528, 455 528,455 Total assets less current Ilabilities Net a880ts 283,350 528,455 The funds of the charlty.. Unrestricted Income funds Expendable Endowment funds 12 12 51,227 232,123 283,350 239, 306 289, 149 528,455 The financial statements on pages 6 to 13 were approved by the board of trustees on 9 July 2025 and were signed on its behalf by'.- WATES Trustee ARIT E 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 2024

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 and Lady Georgina Wates who provide donations to the Trust to further its charitable objectives. In August 2024, Sir Christopher Wates donated investments with a value of £129,645 to the charity.

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. Expendable endowment funds are capital funds that may be freely converted into spendable income as the trustees see fit.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

(f) 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.

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 2024

2. Donations and legacies

2. Donations and legacies	2. Donations and legacies
Expendable Unrestricted Endowment funds funds £ £ Donations - 129,645 - 129,645		Expendable Unrestricted Endowment 2024 funds funds £ £ £ 129,645 - 523,442 129,645 - 523,442			2023 £ 523,442 523,442 2023 £ 18,937 251 19,188
3. Investment income Deposit account interest Interest from investments				2024 £ 7,979 8,711 16,690

All interest income in the year was attributable to the unrestricted income fund.

4. Raising funds Portfolio management	2024 £ 715 715	2023 £ - -

Investment management costs are attributable to the expendable endowment fund.

5. Trustees’ remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 (2023 - none).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 (2023 - none).

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 2024

6. Grants payable Grants made Grants made to charitable institutions: Alpha International Beckley Preschool Caritas Foundation International Church Revitalisation Trust Demelza Hospice Care for Children Glyndebourne Productions Holy Trinity, Hastings Mission Aviation Fellowship Off The Fence Revelation Trust The Gurkha Welfare Trust The Peasmarch Chamber Music Festival Trust Spinnaker Trust St James and St Mark PCC UK Friends of Mustique Charitable Trust St Michael’s Hospice Other grants below £5,000	2023 £ 434,500	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

7. Support costs Other resources expended: Governance costs Bank charges 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

Support costs in both years were attributable to the unrestricted income fund.

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 2024

8. Staff Costs Wages and salaries The average monthly number of employees during the year was as follows: Support Operations No employees received emoluments in excess of £60,000.	2024 £ 5,236 5,236 1 1	2023 £ 3,774 3,774 1 1

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.

9. Fixed asset investments – listed investments Market value at start of year Additions Disposals Realised gains/(losses) on investments Unrealised gains on investments Market value at end of year Historical cost as at 31 December 2023 Historical cost as at 31 December 2024	2024 £ - 423,017 (237,079) 1,262 4,072 191,272 - 187,200	2024 £ - 423,017 (237,079) 1,262 4,072 191,272 - 187,200	2023 £ - 523,442 (522,365) (1,077) - - - - 2023 £ 4,742 4,742 30,000 8,116 38,116




10. Debtors: Amounts falling due within one year Other debtors		2024 £ 571 571
11. Creditors: Amounts falling due within one year Grants payable Accruals		60,000 4,120 64,120

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 2024

12. Trust funds

Movement in funds:

At 1 January Incoming Resources Gains and 2024 resources expended losses £ £ £ £ Unrestricted funds 239,306 16,690 (396,067) 8 Expendable Endowment funds 289,149 129,645 (715) 5,334 Total funds 528,455 146,335 (396,782) 5,342	Transfer At between 31 December funds 2024 £ £ 191,290 51,227 (191,290) 232,123 - 283,350

Analysis of net assets:

Expendable Unrestricted Endowment Funds funds £ £ Fixed assets - 191,272 Net current assets 51,227 40,851 Total funds 51,227 232,123	Total £ 191,272 92,078 283,350

Comparative for the 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

Comparative for the 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

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.

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 2024

13. Related party disclosures

During the year, Sir Christopher Wates donated investments with a value of £129,645 to assist in furthering the trust’s charitable objectives.

At the year end, £571 was owed to the charity by the Estate of Sir Christopher Wates.

14. Financial instruments Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost Financial liabilities measured at amortised cost	2024 £ 191,272 156,198 347,470 64,120	2023 £ - 566,571
		566,571
		38,116

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.