Trustees’ Annual Report for the period
From 18 December 2023 To 17 December 2024
Charity name: The Cressy Foundation Charity registration number: 1001487
Objectives and Activities
SORP reference Summary of the purposes of Para 1.17 The Trustees shall hold the capital and the charity as set out in its income of the Trust Fund upon trust to apply governing document the income and all or such part or parts of the capital at such time or times and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the Trustees may in their absolute discretion think fit. The Trustees will take into account the Letter of Wishes which requests that consideration be given to benefit the following: Awarding scholarships exhibitions endowments or grants or maintenance allowances tenable at the Prebendal School Chichester (for education of a Christer there) or at any TAR 3 March 2012 other school, university or other educational establishment approved by the Trustees for young persons whose talent, skills or other abilities and need of financial assistance merit in the opinion of the trustees. Making grants to Western Orchestral Society Ltd and Western Orchestral Foundation Charity (now Bournemouth Symphony Orchestra) for such purposes approved by the Trustees emphasis on annual concert on the Isle of Wight.
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
In furtherance of the charity’s objects for the public benefit the trustees provides grants in accordance with the letter of wishes. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit. |
|---|---|---|
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | In determining the charity’s activities, the trustees have had regard to the Charity Commission’s guidance on public benefit. |
Additional information (optional) You may choose to include further statements where relevant about:
SORP reference Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Para 1.38 Other
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | During the year under review the charity made grants to the following charities totalling £60,927: The Prebendal School Bournemouth Symphony Orchestra |
Additional information (optional)
You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | |
| Other |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | At the end of the reporting period the charity had free reserves of £941 (2023: £1,687). In addition to the free reserves the charity has bank balances of £1,879 (2023: deficit £450) and investments valued at £52,663 within the expendable endowment fund. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives as well as covering future needs, opportunities, contingencies and risks. |
| Amount of reserves held | Para 1.22 | |
| Reasons for holding zero reserves |
Para 1.22 | |
| Details of fund materially in deficit |
Para 1.24 | |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 |
Additional information (optional) You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including any fundraising) Para 1.47 Investment policy and objectives including any social investment policy adopted Para 1.46
A description of the principal risks facing the charity Para 1.46 Expendable endowment funds are those which are required to be invested to produce Other income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity’s objectives. Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Structure, Governance and Management
| Description of charity’s trusts: |
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|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Trust deed dated 28 December 1990 |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Trust |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustees are appointed by the existing trustees. |
| Additional information (optional) You may choose to include further statements where relevant about: |
Additional information (optional) You may choose to include further statements where relevant about: |
Additional information (optional) You may choose to include further statements where relevant about: |
|---|---|---|
| Policies and procedures adopted for the induction and training of trustees |
Para 1.51 | |
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | |
| Relationship with any related parties |
Para 1.51 | No trustee received any remuneration or was reimbursed any expenses in the year under review. Ludlow Trust Company Limited was paid £2,177 for trust administration services during the year under review. These fees are authorized under clause 7 of the trust deed. |
| Other |
Reference and Administrative details
| Charity name | The Cressy Foundation |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1001487 |
| Charity’s principal address | Trustees Department 1stFloor, Tower Wharf Cheese Lane, Bristol BS2 0JJ |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (if any) |
|---|---|---|---|---|
| Ludlow Trust CompanyLimited |
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– Corporate trustees names of the directors at the date the report was approved
Director name Gary St John Collins Walter Duncan Coxon Ali Reza Sarikhani Ziba Christina Sakine Sarikhani Christopher Ian Thurlow Matthew John Wickers
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information) Type of adviser Name Address Investment Managers NatWest 2[nd] Floor, Trinity Quay II, Avon Street, Bristol, BS2 2DH Bankers NatWest 2[nd] Floor, Trinity Quay II, Avon Street, Bristol, BS2 2DH Accountants Charter Tax Consulting 8th Floor, 1 Southampton Street, London Ltd WC2R 0LR Independent Examiner Geoffrey Frost Blue Spire Limited, Cawley Priory, South Pallant, Chichester, PO19 1SY Name of chief executive or names of senior staff members (Optional information) ~~===~~ Exemptions from disclosure Reason for non-disclosure of key personnel details
Other optional information
~~BC~~
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) Chris Thurlow Position (eg Secretary, On behalf of Ludlow Trust Company Chair, etc) Limited (Trustee) Date 16 October 2025
| CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
CC16a 18/12/23 17/12/24 1001487 The Cressy Foundation Receipts andpayments accounts Period start date Period end date To For the period from ~~ee ee ee ee-~~ |
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|---|---|---|---|---|---|---|---|---|---|---|---|
| Section A Receipts and payments | |||||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Last year | |||||||
| to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | |||||||
| A1 Receipts | |||||||||||
| Investment income | 2,277 | - | - | - | 2,277 | 3,572 | |||||
| Interest | 442 | - | - | - | 442 | 221 | |||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| Sub total(Gross income for AR) |
(Gross income for AR) 2,719 |
- | - | - | 2,719 | 3,793 | |||||
| A2 Asset and investment sales, (see table). Sale of investments - - 125,385 125,385 95,985 - - - - - Sub total - - 125,385 125,385 95,985 Total receipts 2,719 - 125,385 128,104 99,778 ~~—————~~ |
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| A3 Payments | |||||||||||
| Grants awarded | 60,927 | - | - | - | 60,927 | 50,730 | |||||
| Investment Management fees (VAT | |||||||||||
| inclusive) | - | - | - | 423 | 423 | 648 | |||||
| Trust administration fees (VAT inclusive) | |||||||||||
| 2,160 | - | - | - | 2,160 | 1,007 | ||||||
| Cash management fees | 17 | - | - | - | 17 | 9 | |||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| - | - | - | - | - | - | ||||||
| **Sub total ** | 63,104 | - | - | 423 | 63,527 | 52,394 | |||||
| A4 Asset and investment purchases, (see table) Investmentpurchases - - 62,994 62,994 58,634 - - - - Sub total - - 62,994 62,994 58,634 Total payments 63,104 - 63,417 126,521 111,028 ~~—————~~ |
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| Net of receipts/(payments) - 60,385 61,968 1,583 - 11,250 A5 Transfers between funds 59,639 - 59,639 - - A6 Cash funds last year end 1,687 - 450 1,237 12,487 Cash funds this year end 941 - 1,879 2,820 1,237 ~~SS]=>~~ |
CCXX R1 accounts (SS)
16/10/2025
1
Section B Statement of assets and liabilities at the end of the period
Unrestricted Restricted Endowment Categories Details funds funds funds to nearest £ to nearest £ to nearest £ B1 Cash funds Capital account 1,879 Income account 941 - - - - - Total cash funds 941 - 1,879 ~~=~~ (agree balances with receipts and payments account(s)) OK OK OK Unrestricted Restricted Endowment funds funds funds Details to nearest £ to nearest £ to nearest £ B2 Other monetary assets - - - - - - - - - - - - - - - - - - ~~—=====~~ Fund to which Current value Details asset belongs Cost (optional) (optional) B3 Investment assets Investment portfolio Endowment - 52,663 - - - - - - - - ~~===~~ Fund to which Current value Details asset belongs Cost (optional) (optional) B4 Assets retained for the - - charity’s own use - - - - - - - - - - - - - - - - ~~ay~~ Fund to which Amount due When due Details liability relates (optional) (optional) B5 Liabilities - - - - Signed by one or two trustees on Date of behalf of all the trustees Signature Print Name approval Chris Thurlow on behalf of Ludlow 16 October 2025 Trust Company Limited ~~=o~~ 2 16/10/2025
CCXX R2 accounts (SS)
Independent Examiner's Report to the Trustees of The Cressy Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended 17 December 2024.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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.
Independent examiner's statement
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 charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.
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 accounts to be reached.
Geoffrey Frost BSc(Hons) FCA Date 16 October 2025 Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY