## **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|
1
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.
2
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
3
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:
1. accounting records were not kept in respect of the Trust as required 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 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
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 (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
5
## **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_|
|---|---|---|
6
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.
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 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).
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 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||**2024**
**£**
384,250
384,250
40,000
2,000
-
75,000
-
25,000
131,000
16,250
-
10,000
10,000
5,000
6,500
7,500
19,500
20,000
16,500
384,250|**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.
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 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||
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 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.
12
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.
13