Company registration number 04518299 (England and Wales)
Charity registration number 1099313 (England and Wales)
THE TULA TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE TULA TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
C R Howell
A M Warner
N Warner
K Enevoldson
R J S Warner
Secretary
K Enevoldson
Country of incorporation
United Kingdom
04518299
(England and Wales)
Charity registration
England and Wales
1099313
Registered office
11 Chiltern Avenue
Bushey
Hertfordshire
WD23 4PY
Independent examiner
Glazers
843 Finchley Road
London
NW11 8NA
THE TULA TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7 - 13
THE TULA TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 5 APRIL 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 and activities

The charity's objects are the advancement of education, and the relief of poverty, distress and sickness of the inhabitants of economically underdeveloped countries and of the disadvantaged inhabitants of economically developed countries.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

Donations of £629,672 (2024 £441,108) were received in the year and grants were made of £399,526 (2024 £382,734).

The net surplus for the year was £471,361 (2024 £392,929) after net gains on investments of £218,625 (2024 £295,393).

During the year, the charity continued to make grants to a range of charitable and educational institutions whose activities are consistent with the charity’s objects. Grants were made to support the advancement of education and to assist organisations working for the relief of poverty, distress and sickness, both in economically underdeveloped countries and among disadvantaged communities in developed countries.

The trustees consider grant applications and make awards where they are satisfied that the funds will be applied for charitable purposes in line with the charity’s objectives. During the year, 156 grants were made to 148 institutions, with individual grants ranging from £525 to £5,000. These grants enabled the charity to further its charitable purposes by supporting a broad range of organisations carrying out work for public benefit.

Financial review

The trustees consider the financial position of the charity at the year end to be satisfactory, with unrestricted reserves of £3,039,949 of which £171,684 are free reserves.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Investment policy

The trustees’ objective is to manage the charity’s investments in a prudent manner, balancing the need to preserve capital with the generation of income to support the charity’s grant-making activities.

The charity’s investments are held in a diversified portfolio of listed investments. The trustees monitor the performance of the portfolio regularly, taking into account investment performance, income generation, risk, liquidity and the charity’s expected cash requirements. The trustees also review the level of cash held to ensure that sufficient funds are available to meet the charity’s ongoing grant-making commitments and other obligations.

No formal written investment policy has been adopted, but the trustees keep the investment strategy under regular review and consider that the current arrangements remain appropriate for the charity’s size, activities and long-term objectives.

THE TULA TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 2 -

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the finances of the charity, and are satisfied that suitable systems and procedures are in place to mitigate exposure to these risks.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its memorandum and articles of association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C R Howell
A M Warner
N Warner
K Enevoldson
R J S Warner
Recruitment and appointment of trustees

There are currently no plans for the recruitment or appointment of new trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The charity relies on the contribution of its trustees who provide their services free of charge.

The trustees' r eport was approved by the Board of Trustees.

A M Warner
Trustee
6 July 2026
THE TULA TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TULA TRUST LIMITED
- 3 -

I report to the trustees on my examination of the financial statements of The Tula Trust Limited (the charity) for the year ended 5 April 2025.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no 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 charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements 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 financial statements 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 other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Benjamin Allen FCCA
Glazers
843 Finchley Road
London
NW11 8NA
6 July 2026
THE TULA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 5 APRIL 2025
- 4 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income from:
Donations and legacies
3
629,672
441,108
Investments
4
44,816
44,911
Total income
674,488
486,019
Expenditure on:
Charitable activities
5
421,752
388,483
Total expenditure
421,752
388,483
Net gains on investments
12
218,625
295,393
Net income and movement in funds
471,361
392,929
Reconciliation of funds:
Fund balances at 6 April 2024
2,568,588
2,175,659
Fund balances at 5 April 2025
3,039,949
2,568,588

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE TULA TRUST LIMITED
BALANCE SHEET
AS AT
5 APRIL 2025
05 April 2025
- 5 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
2,868,265
2,234,019
Current assets
Debtors
15
43,608
43,608
Cash at bank and in hand
133,226
295,461
176,834
339,069
Creditors: amounts falling due within one year
16
(5,150)
(4,500)
Net current assets
171,684
334,569
Total assets less current liabilities
3,039,949
2,568,588
The funds of the charity
Unrestricted funds
17
3,039,949
2,568,588
3,039,949
2,568,588

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 6 July 2026
A M Warner
Trustee
THE TULA TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2025
- 6 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
208,570
(4,483)
Investing activities
Purchase of investments
(997,061)
(1,106,817)
Proceeds from disposal of investments
581,440
759,252
Investment income received
44,816
44,911
Net cash used in investing activities
(370,805)
(302,654)
Net cash generated from financing activities
-
-
Net decrease in cash and cash equivalents
(162,235)
(307,137)
Cash and cash equivalents at beginning of year
295,461
602,598
Cash and cash equivalents at end of year
133,226
295,461
THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
- 7 -
1
Accounting policies
Charity information

The Tula Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 11 Chiltern Avenue, Bushey, Hertfordshire WD23 4PY.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention,modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 9 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
629,672
441,108
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Income from listed investments
39,242
29,596
Interest receivable
5,574
15,315
44,816
44,911
THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 10 -
5
Expenditure on charitable activities
Grant making activities
Grant making activities
2025
2024
£
£
Direct costs
Grant funding of activities (see note 7)
399,526
382,734
Share of support and governance costs (see note 8)
Support
16,776
949
Governance
5,450
4,800
421,752
388,483
Analysis by fund
Unrestricted funds
421,752
388,483
6
Description of charitable activities
Grant making activities

7
Grants payable
Grant making activities
Grant making activities
2025
2024
£
£
Grants to institutions
399,526
382,734

A total of 156 grants were made, in amounts varying from £525 to £5,000, to 148 institutions.

-
8
Support costs allocated to activities
2025
2024
£
£
Administration costs
16,776
949
Governance costs
5,450
4,800
22,226
5,749
Analysed between:
Grant making activities
22,226
5,749
THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 11 -
9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
3,900
4,800
10
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Total
0
0
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
218,625
295,393
13
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 12 -
14
Fixed asset investments
Listed investments
£
Cost or valuation
At 6 April 2024
2,234,019
Additions
997,061
Valuation changes
218,625
Disposals
(581,440)
At 5 April 2025
2,868,265
Carrying amount
At 05 April 2025
2,868,265
At 05 April 2024
2,234,019
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
43,608
43,608

The above sum, being a loan for charitable purposes, is repayable in December 2026.

16
Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
5,150
4,500
17
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April 2024
Incoming resources
Resources expended
Gains and losses
At 5 April 2025
£
£
£
£
£
General funds
2,568,588
674,488
(421,752)
218,625
3,039,949
THE TULA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
17
Unrestricted funds
(Continued)
- 13 -
Previous year:
At 6 April 2023
Incoming resources
Resources expended
Gains and losses
At 5 April 2024
£
£
£
£
£
General funds
2,175,659
486,019
(388,483)
295,393
2,568,588
18
Related party transactions

The whole of the charity's income from donations in this and the preceding year was received from the trustees and their close family members.

19
Cash generated from/(absorbed by) operations
2025
2024
£
£
Surplus for the year
471,361
392,929
Adjustments for:
Investment income recognised in statement of financial activities
(44,816)
(44,911)
Fair value gains and losses on investments
(218,625)
(295,393)
Movements in working capital:
(Increase) in debtors
-
(43,608)
Increase/(decrease) in creditors
650
(13,500)
Cash generated from/(absorbed by) operations
208,570
(4,483)
20
Analysis of changes in net funds

The charity had no material debt during the year.

2025-04-05 2024-04-06 false false false CCH Software iXBRL Review & Tag 2025.2 04518299 2024-04-06 2025-04-05 04518299 bus:Director1 2024-04-06 2025-04-05 04518299 bus:Director2 2024-04-06 2025-04-05 04518299 bus:Director3 2024-04-06 2025-04-05 04518299 bus:CompanySecretary1 2024-04-06 2025-04-05 04518299 bus:Director4 2024-04-06 2025-04-05 04518299 2025-04-05 04518299 2024-04-05 04518299 2023-04-06 2024-04-05 04518299 bus:FRS102 2024-04-06 2025-04-05 04518299 char:IndependentExaminationCharity 2024-04-06 2025-04-05 04518299 bus:FullAccounts 2024-04-06 2025-04-05 xbrli:pure xbrli:shares iso4217:GBP