REGISTERED CHARITY NUMBER: 1003013
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2025
for
The Thompson Charitable Trust
Clifford Roberts Chartered Accountants Pacioli House 9 Brookfield Duncan Close Northampton Northamptonshire NN3 6WL
The Thompson Charitable Trust
Contents of the Financial Statements for the year ended 5 April 2025
| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
| DetailedStatementofFinancialActivities | 13 |
The Thompson Charitable Trust
Report of the Trustees for the year ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives continue to be to make charitable contributions for any purpose recognised as charitable by English law. The charity particularly supports lesser known charities, people and organisations in the field of medicine, welfare and education.
The trustees have a requirement to maintain the capital base of the charity, so the policy adopted is to maximise income available for donations, whilst operating within the obligation.
Public benefit
All of the charity's activities are undertaken to further our charitable purpose for the benefit of the public. The trustees have had regard to the Charity Commission guidance on public benefit in section four of the Charities Act 2011. The main benefits which have arisen during the year from the organisation's aims and activities are detailed in the following sections and in the financial review.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity made sufficient income to make donations totalling £26,309 (2024: £11,600).
FINANCIAL REVIEW
Reserves policy
The charity operated throughout the year, making donations, whilst operating within the restriction imposed upon it.
The trustees consider that the unrestricted funds totalling £799,047 (2024: £868,509) are sufficient to sustain its operations should income generating activities be curtailed unexpectedly over the forthcoming year.
FUTURE PLANS
The trustees intend to continue the objectives of the charity into future years, adjusting the levels of donations as necessary to continue within the restriction outlined in the trust deed.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity was registered on 5th March 1991, constituted under a trust deed, which authorises the trustees to perform the objects of the charity.
The recruitment, appointment, induction and training of new trustees are conducted by existing trustees with oversight from the settlors.
The trustees have assessed the major risks to which the charity is exposed, in particular, those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate any exposure to these risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1003013
Principal address
Vermeer Partners 130 Jermyn Street London SW1Y 4UR
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The Thompson Charitable Trust
Report of the Trustees for the year ended 5 April 2025
Trustees Mr T P Thompson Mrs J M Thompson
Independent Examiner Sue Kellegher BFP FCA TEP Clifford Roberts Chartered Accountants Pacioli House 9 Brookfield Duncan Close Northampton Northamptonshire NN3 6WL
Investment manager
Vermeer Partners 130 Jermyn Street London SW1Y 4UR
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 ed Bt BS
4 and signed on its behalf by:
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Independent Examiner's Report to the Trustees of The Thompson Charitable Trust
Independent examiner's report to the trustees of The Thompson Charitable Trust
| report to the charity trustees on my examination of the accounts of The Thompson Charitable Trust (the Trust) for the year ended 5 April 2025.
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’).
| report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | 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 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.
| 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.
Sue Kellegher BFP FCA TEP
Clifford Roberts Chartered Accountants Pacioli House 9 Brookfield Duncan Close Northampton Northamptonshire NN3 6WL Date: 22a). SekeM oe OU
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The Thompson Charitable Trust
Statement of Financial Activities for the year ended 5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOMEAND ENDOWMENTS FROM | |||
| investment income | 2 | 26,128 | 28,023 |
| Total income and endowments | 26,128 | 28,023 | |
| EXPENDITURE ON | |||
| Raising funds | 6,919 | 6,416 | |
| Charitable activities | 3 | ||
| Donations | 26,309 | 11,600 | |
| Other | 1,980 | 1,810 | |
| Total expenditure | 35,208 | 19,826 | |
| NET INCOMING/(OUTGOING) RESOURCES | (9,080) | 8,197 | |
| Netgains/(losses) on investments | (60,382) | 58,470 | |
| NETMOVEMENT IN FUNDS | (69,462) | 66,667 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 868,509 | 801,842 | |
| TOTALFUNDSCARRIEDFORWARD | 799,047 | 868,509 |
The notes form part of these financial statements
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The Thompson Charitable Trust
Balance Sheet 5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXEDASSETS | |||
| Investments | 9 | 709,780 | 741,887 |
| TOTAL FIXEDASSETS | 709,780 | 741,887 | |
| CURRENTASSETS | |||
| Cash at bank | 90,803 | 128,072 | |
| CREDITORS | |||
| Amounts falling due within oneyear | 10 | (1,536) | (1,450) |
| NET CURRENTASSETS | 89,267 | 126,622 | |
| NETASSETS | 799,047 | 868,509 | |
| FUNDS | 11 | ||
| Unrestricted funds | 799,047 | 868,509 | |
| TOTALFUNDS | 799,047 | 868,509 |
In accordance with the engagement letter, we approve the above financial statements, which comprise the Statement of Financial Activities, Balance Sheet, and related notes, set out on pages 6-12. We acknowledge responsibility for the financial statements, including the appropriateness of the accounting convention and policies, and for providing Clifford Roberts with all information and explanations necessary for their completion.
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MrT P hompson - Trustee
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1%-49-4S
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Date
The notes form part of these financial statements
5
- ACCOUNTING POLICIES
The Thompson Charitable Trust Notes to the Financial Statements for the year ended 5 April 2025
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ 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, as modified by the revaluation of certain assets.
The financial statements are prepared in Sterling (£) and cover the period to the 5th April each year.
Judgements and key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year include the value of unrealised gains and losses. As they are calculated based on the year end market value, the gain or loss is a notional figure.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, attitudes of investors to investment risk and changes in sentiment conceming equities and within particular sector or sub sectors.
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
(a) Fair value of listed investments The fair value of the listed investments has been determined on the basis of the price quoted on the London Stock Exchange as at the closing rate on the 5th April 2025 and 5th April 2024. Listed investments held at fair value totalled £709,780 (2024: £741,887) at the year end.
Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the date the financial statements are authorised.
Basic financial instruments
The charity accounts for basic financial instruments on initial recognition as per paragraph 10.1 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
The trust does not acquire put options, derivatives or other complex financial instruments.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Gifts in kind are recognised once the charity has entitlement to the gift. The carrying value is obtained by using a market value at the date of the transfer.
Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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The Thompson Charitable Trust
- ACCOUNTING POLICIES - continued
Notes to the Financial Statements - continued for the year ended 5 April 2025
Expenditure
Included within Charitable activities are donations made to third party charities in the furtherance of the charitable objects of the trust.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to statutory accounting and independent examination, investment management fees and legal fees.
Taxation
The charity is exempt from tax on its charitable activities.
Unrestricted funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds
Restricted funds comprise of income assets or income from donated assets which have been gifted by a donor for a specific purpose. There were no restricted funds at the balance sheet date.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and the purchase price. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value, after due regard for additions and disposals during the year. Realised and unrealised gains are not separated in the Statement of Financial Activities but are disclosed in the notes.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closed quoted market price. The statement fo financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
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The Thompson Charitable Trust
- INVESTMENT INCOME
Notes to the Financial Statements - continued for the year ended 5 April 2025
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| UK equities, unittrusts and real estate | 19,465 | 18,757 | |
| Foreign equities and unittrusts Depositaccount interest |
5,819 844 |
8,413 853 |
|
| 26,128 | 28,023 | ||
| 3. | CHARITABLE ACTIVITIES COSTS | ||
| Direct | |||
| Costs (see | |||
| noite 4) | |||
| £ | |||
| Donations | 26,309 |
| Direct |
|---|
| Costs (see |
| noite 4) |
| £ |
| 26,309 |
- 4, DIRECT COSTS OF CHARITABLE ACTIVITIES
Analysis of charitable expenditure
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Royal British Legion | 2,000 | 2,000 | ||
| The Samaritans | 2,500 | 2,500 | ||
| RNLI GreatWestern AirAmbulance |
1,000 8,250 |
1,000 2,000 |
||
| Caring in Bristol | 2,000 | 3,000 | ||
| Bristol After Stroke | 100 | 100 | ||
| Carers Support Centre | 4,000 | 1,000 | ||
| Medicine Sans Frontiere | 1,000 | 1,000 | ||
| Demand | 1,000 | - | ||
| MusicSpace | 459 | - | ||
| FareShare | 1,000 | - | ||
| Children's Hospice | 2,000 | - | ||
| St Peter's Hospice | 3,000 | - | ||
| Bristol Children’s Help Society | 1,000 | ; | ||
| 26,309 | 11,600 | |||
| 5. | SUPPORT COSTS | |||
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Investment management costs | 6,919 | - | 6,919 | |
| Other resources expended | - | 1,980 | 1,980 | |
| 6,919 | 1,980 | 8,899 |
All costs incurred are allocated to the sole activity of the charity.
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The Thompson Charitable Trust
Notes to the Financial Statements - continued for the year ended 5 April 2024
5. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| SUPPORT COSTS - continued Support costs, included in the above, are asas |
are asas follows: | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Investment management costs |
Other resources expended |
Total activities |
Total activities |
|
| £ | £ | £ | £ | |
| Tax credits | 1,394 | - | 1,394 | 1,176 |
| Managementfees | 5,525 | - | 5,525 | 5,240 |
| Sundries | - | 70 | 70 | - |
| Accountants’ fees- yearend accounts | ||||
| and Independent Examination | - | 1,550 | 1,550 | 1,450 |
| Bankcharges and interest | - | 360 | 360 | 360 |
| 6,919 | 1,980 | 8,899 | 8,226 |
- TRUSTEES’ REMUNERATION AND BENEFITS There were no trustees’ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees’ expenses There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOMEAND ENDOWMENTS FROM | |
| Investment income | 28,023 |
| Total income and endowments | 28,023 |
| EXPENDITURE ON | |
| Raising funds | 6,416 |
| Charitable activities | |
| Donations | 11,600 |
| Other | 1,810 |
| Total expenditure | 19,826 |
| NET INCOMING/(OUTGOING) RESOURCES | 8,197 |
| Net gains/ (losses) on investments | 58,470 |
| NETMOVEMENT IN FUNDS | 66,667 |
| RECONCILIATION OF FUNDS | |
| Total funds broughtforward | 801,842 |
| TOTALFUNDSCARRIEDFORWARD | 868,509 |
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The Thompson Charitable Trust
Notes to the Financial Statements - continued for the year ended 5 April 2025
8. FINANCIAL INSTRUMENTS
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|The|carrying|amounts|of the|charity's|financial|instruments|are|as|follows:|
|2025|2024|
|Financial|assets|See|note|£|£|
|Measured|at|fair value|through|the|statement|of financial|
|activities|
|-|Fixed|asset|listed|investments|9|709,780|741,887|
|Measured|at|undiscounted|amount|
|-|Cash|at|bank|90,803|128,072|
|Financial|liabilities|
|Measured|at|undiscounted|amount|
|-|Accruals|10|1,536|1,450|
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|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The|income,|expenses,|net|gains|and|losses|attributable|to|the|charity's|financial|instruments|are|
|disclosed|in|notes|2|to|7|and|all|relate|to|financial|assets|measured|at|fair|value|or|undiscounted|
|amount.|
|The|company's|income,|expense,|gains|and|losses|in|respect|of financial|instruments|are|summarised|
|below:|
|2025|2024|
|Financial|gains/(losses)|measured|at|fair value|£|£|
|On|fixed|asset|investments|(69,676)|52,543|
|9.|FIXED|ASSET|INVESTMENTS|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At 6|April|2024|741,887|
|Additions|115,935|
|Disposals|(78,366)|
|Revaluations|(69,676)|
|At|5|April|2025|709,780|
|NET|BOOK VALUE|
|At 5|April|2025|709,780|
|At 5|April|2024|741,887|
|There|were|no|investment|assets|outside|the|UK.|
|Cost|or valuation|at|5|April|2025|is|represented|by:|
----- End of picture text -----
Valuation in 2025
Listed investments £ 709,780
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The Thompson Charitable Trust
Notes to the Financial Statements - continued for the year ended 5 April 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Other creditors | 1,536 | 1,450 | |||
| 11. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 6.4.24 | in funds | 5.4.25 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 868,509 | (69,462) | 799,047 | ||
| TOTALFUNDS | 868,509 | (69,462) | 799,047 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 26,128 | (35,208) | (60,382) | (69,462) | |
| TOTAL FUNDS | 26,128 | (35,208) | (60,382) | (69,462) | |
| Comparatives formovement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 6.4.23 | in funds | 5.4.24 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 801,842 | 66,667 | 868,509 | ||
| TOTALFUNDS | 801,842 | 66,667 | 868,509 |
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The Thompson Charitable Trust
Notes to the Financial Statements - continued for the year ended 5 April 2025
- MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gainsand | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 28,023 | (19,826) | 58,470 | 66,667 |
| TOTALFUNDS | 28,023 | (19,826) | 58,470 | 66,667 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 6.4.23 | in funds | §.4.25 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 801,842 | (2,795) | 799,047 |
| TOTALFUNDS | 801,842 | (2,795) | 799,047 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | infunds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 54,151 | (55,034) | (1,912) | (2,795) |
| TOTALFUNDS | 54,151 | (55,034) | (1,912) | (2,795) |
- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2025.
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The Thompson Charitable Trust
Detailed Statement of Financial Activities for the year ended 5 April 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| UK equities, unit trusts and real estate | 19,465 | 18,757 |
| Foreign equities and unit trusts | 5,819 | 8,413 |
| Depositaccount interest | 844 | 853 |
| 26,128 | 28,023 | |
| Total incoming resources | 26,128 | 28,023 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations | 26,309 | 11,600 |
| Support costs | ||
| Finance | ||
| Tax credits | 1,394 | 1,176 |
| Management fees | 5,525 | 5,240 |
| 6,919 | 6,416 | |
| Governance costs | ||
| Accountants’ fees- year end accounts and | ||
| Independent Examination | 1,550 | 1,450 |
| Sundries | 70 | - |
| Bank charges and interest | 360 | 360 |
| 1,980 | 1,810 | |
| Total resources expended | 35,208 | 19,826 |
| Net income before gains and losses | (9,080) | 8,197 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 9,294 | 5,927 |
| Netincome | 214 | 14,124 |
This page does not form part of the statutory financial statements
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