REGISTERED CHAIUTY NUMBER: 1036285 Report of the Trustees And Unaudited Financial StAtements for the Year Ended 31 March 2024 for The CT Thomas Trust Streets Dyke Ruscoe Ltd 110 Corve Street Ludlow SHROPSHIRE SY8 IDJ
The CT Thomas Trust Contents of the FinAneiAI Statements for the Year Ended 31 March 2024 Page Report of the Trustees Independent ExAminer's Report Statement of Financial Activities Balance Sheet Note5 to the Financial StAtement$ 9 to 16 Detailed Statement of Financial Activiti¢s 17
The cr Thomas Trust Report of the Trustees for the Year Ended 31 March 2024 The trustees present their report with the financial statements of the ¢harity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to clmrities preparing their accounts in a¢cordance with th¢ Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l JUary 2019). OBJEcfIvES AND ACTIvrriES Objective5 and #ims The objects of the Trust are to apply the annual in¢ome of the Trust Fund to such charities or for such charitable objects, in such siiares and in such manner in all respects as the Trustees in their absolute di5¢retion think fit. The charity is onstituted as two funds. the General Fund and Lancashire Designated Fund. It is the present policy of the trustees to rnake grants to national, international and local charities ¢overing as broad a spectrum of the charitable s¢¢ne as is possible. The beneficiaries of the Trust Fund have ¢hanged at various points over the years, while maintaining the spirit of the settlor's original intentions. Grants have been made for the following objects.. For the advancement of health or saving of lives,. For the advancement of human rights, eqiiality and diversity. For the advancement of ¢itizenship or community development. For the advancement of education. For the advancement of religion; For the prevention or relief of poverty; For the advancement of the arts, culture. heritsge or science. For local Chitable purposes. For relief of those in need by reason of youth, disability or other disadvarntage. For support of the armed forces of the Crown and Protection of the environment. The objects of the Lancashire Designated Fund are As for the General Fund but to aid beneficiaries within the Lancashire area. The trustees are also empowered in their absolute discretion to distribute such of the Trust Fund as is deemed necessary and desirable in the same terms as the income of the Trust. At the present time the policy of the trnstees is not to distribute the capital of the Trust Fund except in exceptional cir¢umstances. Public benefit The trustees confirm th&t they have taken the need for public benefit into account when reviewing the Trnst's aims and objects and in setting out the grant making policies. The trustees have had regard to the Charity Commission's guidance on public ben¢fit and confirn] that every effort is made to ensure that donations made are for the public benefit, The positive social impact anticipated from each grant is considered before a grant is awarded, and monitored. This enables trustees to be confident that the charity has, through its wide range of grantees, achieved significant public benefit for a number of vulnerable groups across the UK. A diverse range of public benefit is provided by the many ¢harAties supported each year, as they work to alleviate need and distress, and help people lead more fulfilling lives. Page I
The CT Thomas Trust Report of the Trustees for the Year Ended 31 Mareh 2024 OBJECTIVES AND ACTIVITIES Grantmaking The charity aims to lfIl its objects by providing a sustainable and growing grant-making programme, supporting a wide variety of ¢haritable projects and organisations across the UK. The trustees regard themselves as a broad, generalist and predominantly reactive grant maker, with a policy of seleGting the best projects from applications received in order to achieve the maximum possible beneficial social impact. To ensure a good level of social impa¢t the trustees prefer to fund organisations whi¢h have real difficulty getting funding elsewhere and which demonstrate evidence of effe¢tive work meeting a ¢ompelling need. For this rea50n many of the grants are to nd smaller organisations and those without public appeal. ACHIEVEMENT AND PERFORMANCE During the year ended 31 March 2024 total income amounted to £91,878 (2023.. £90,102). Distributions totalling £95,250 (2023: £55,743) were made to various charities and £19,625 (2023.. £21.382) was used to defray expenses. FINANCIAL REVIEW Financial position Ai the year end stock market investmenls were held of £2.450,663 (2023.. £2,539,991) together with investment propety valued at £265,500 (2023: £265.500). Cash at bank amounted to £105,999 (2023.. £98,087) which ¢overed creditors of £7.010 (2023: £4,441) more than l O times over. Unrestricted ndS available for distribution at the end of the financial year were £2,819,611 {2023- £2.904,387). Inve8tmeDt policy and objeetlves The investment assets are the primary funding source for the charity. so the perforn)ance of investments over the long-tenn is vitally important to the long-temi sustainability orth¢ charity, and ihe impact it can make through the grants it awards. The charity operates a total return approa¢h to investment, with power to spend income andlor capital. Th¢ charity has power under its Scheme to invest in stocks, shares. funds, securities and other propety. The Trustees have appointed professional investment advisors, who in particular advise on investment policy and strategy, asset allocation and th¢ perforniance of managers. The investment portfolio has the prim&ry long terni objective of maximising sustainable spending from the portfolio in order to support ant-Making. Re5erve$ policy Given the objectives and aims set out abov¢ the trustees consider that there is no need for a reserves poli¢y. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and conStiteS an unincorporated ¢harity. The CT Thomas Trust was established by way of a lifetime gift from the settlor. The charity was ¢onstituted by a Declaration of Trust dated 5 March 1994 and is regi5ter¢d in England and Wales, number 1036285. The Trust is privately funded and does not raise funds from external sources. Recruitment and appointment of new trustees Any new Ite¢S are recruited and appointed by the existing tnistees having ronsidered the skills and experience required. Page 2
The cr Thomas Trust Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AIW MANAGEMENT Related parties During the year, Mr A J Dale. one of the trustees has been paid £578 for administration services. There were no other relat¢d party transactions. Risk management The trustees have a duty to identify and review ihe risks to which the ¢lwity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and eOr. The trustees fornlally review risk on an annual basis as well as when issues arise. The trustees have reviewed areas of potential risk for the charity and concluded that there are sufficient controls in place across the organisation. One of the key risks identified is that of substantial investment losses, which would reduce the amount of money available for grant-making over the longer-tenn and hence the impact of the ¢harity through the grants it awards. to address thi5 the charity has a diversified investment portfolio and processes in place to monitor cash flow and spendin8, which should minimi5e the potential for long tenn losses. addilion. the trnstees take professional advice for investment decisions from regulated stockbrokers. REFERENCE AND ADMINISTRATIVE DETAILS Registered charlty number: 1036285 Trustees: Miss S R Coupe Mr C Morley MrAJDale MrN E Walker Mrs J V B Newton Charity's princip*l Address 38 Teme Street Tenbury Wells Worcestershire WR15 8AA Bankers: TSB PIC 71 T¢me Street Tenbury Wells Worcestershire WR15 8AQ Solicitors: Norris and Mile5 6 Market Square Tenbury Wells Worcestershire WR15 8BW Sto¢kbrokers: EFG Harris Allday Ground Floor Be¢¢h House An¢horage Avenue Sljrewsbury Business Park SY2 6FG Page 3
Tbe CT ThomAS Trust Report of the Trustees for the Year Ended 31 March 2024 Approved by order of the board of trustees on ...13...F£.b.r.u.ar.y....?.o.2.5.. and signed on its behalf by: A J Dale - Trustee Page 4
'Independ¢nt Exatniner's Report to the Trustees of The cr Thomas Trust Independent examiner's report to the trustees of The CT Thomas Trust I report to the charity trustees on my examination of the accounts of The CT Thomas Trust (the Trust) for the year ended 31 March 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 (Ihe ACV). I report in respect of my examination of the Trust's accounts carried oiit under Section 145 of the Act and in Carrying out my examination I have followed all 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 wer¢ not kept in respect of the Trust as required by Section 130 of the Act. or the a¢counts do not a¢¢ord wilh those records. or the accounts do not comply with the applicable requirements concerning the forn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give true and fair view which is not a matter Considered as part of an independent examinatiori. I have no concerns and h&ve come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a prop¢r understanding of the accounts to be reached. S C Davies Streets Dyke Ruscoe Ltd 110 Corve Street Ludlow SHROPSHll SY8 IDJ Dat¢: .1.3.,,F2b.r.uu.y.....£o2fj.. Page 5
The Cf Thomas Trust Statement of Financial Activities for the Year Ended 31 March 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMEiYfs FROM Investment income Other income 91.878 88,377 1,725 Total 91,878 90,102 EXPENDITURE ON Raising funds 15,709 16,252 ChAritable Activities Grant funding activities Governance costs 95,250 3,916 55,743 5,130 Total 114,875 77,125 Net gainsl(losses) on investments (61.779) (159,416) NET INCOMEI(EXPENDITURE) (84,776) (146,439) RECOIYCILIATION OF FUNDS Total ndS brought forward 2,904,387 3,050,826 TOTAL FUNDS CARRIED FORWARD 2,819,611 2,904,387 The notes form part of these financial statements Pag¢ 6
The cr Thomas Trst Balance Sheet 31 March 2024 2024 Unrestricted funds 2023 Total funds Notes FIXED ASSETS Investments Invesknents Investment property 2,450,663 265,500 2.539.991 265,500 io 2,716,163 2,805,491 CURREIYf ASSETS Debtors Cash at bank li 4,459 105,999 5.250 98.087 110,458 103.337 CREDITORS Amounts falling due within one year 12 (7,010) (4,441) NET CURRENT ASSETS 103,448 98,896 TOTAL ASSETS LESS CURRENT LIABILITIES 2,819,611 2,904,387 NET ASSETS 2,819,611 2,904.387 The notes forni part of these finan¢ial ststements Page 7 continued...
The ThomA$ Trust Balance Sheet- ¢ontinued 31 March 2024 FUNDS Unrestricted funds 13 2,819.611 2.904,387 TOTAL FUNDS 2,819,611 2,904,387 The finan¢ial statements were approved by the Board of Trustees and authorised for issue ia..F.ebru.Qf.y.....%oR&...... and were signed on its behalf by: on S R Coupe- Trustee A J Dale - Trustee The notes fonn part of thes¢ financial statements Page 8
The CT Th0nS Trust Notes to the FinanciAI Statement$ for the Year Ended 31 March 2024 ACCOUNTING POLICIES BASIS of preparing the finaneial 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 appli¢abl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. FinarL¢ial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Repiiblic of Ireland, and the Charities Act 2011. Th¢ financial statements have been prepared under the historical cost ¢onvention. with the ex¢eption of investments which are included at market value. The most significant areas of uncertainty affecting the carying value of assets held by the Trust are the level of investment return and the perfomiance of investment markets (see the investtnent poli¢y and perfornian¢e and risk management sections of the trustees, anniial report for more infomiation). Incom¢ All income is recognised in the Statement of Financial Activities once the charity ha5 entitlement to the nds. it is probable that the income will be received and the amount can be measured reliably. ExpeDditure 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 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 lo the category. Where costs CnOt be directly attributed to particular headings they have been allocated to activities on a basis Consistent witli the use of resources. Grants offered subject to ¢onditions which have not been met at the year end dale are noted as a commttment but not accrued as expenditure. Investment property Investment propety is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Fixed asset Investments Investments are a forni of basic financial instrument. Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains V4nd losses arising on revaluation and disposals throiighout the year. Quoted stocks and shares are included in the Balance Sheet at the current market value quoted by the investment analyst. excluding dividend. Re*lised gains and losses All gains and10sses 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 opening carrying value (purchase dale if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening carrying value (or pUhas¢ date if later). Taxation Th¢ charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the di5cretiork of the trustees. Restricted funds can only be used ft>r particular restricted purposes within the objects of the Gharity. Restriction5 arise when specified by the donor or when fLdS are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 9 ¢ontinued...
The CT ThollS Trust Notes to the FinAneial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Debtors Debtors are amounts owed to the charity. They are reported on the basis of their recoverable amount. Cash at bank Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. Creditors Creditors are amounts owed by the charity. They are reported at the amount that the ¢harity expects to have to pay to settle the debt. INVESTMENT INCOME 2024 2023 Investment income Deposit account interest Stockbrokers, deposit interest 90,891 727 260 88,081 248 48 91,878 88,377 IL41SING FUNDS Investment m*nxgement costs 2024 2023 Portfolio management Property repairs 14,798 911 15,551 701 15,709 16,252 CHARITABLE AcfiviTIES COSTS Grant funding of activities (see note Support costs (see note 6) 5) Totals Grant fijnding activities Governance costs 95,250 95,250 3,916 3,916 95,250 3,916 99,166 Page 10 continued...
The cr Thomas Trust Notes to the Financial Statements - Continued for the Year Ended 31 March 2024 GRANTS PAYABLE 2024 2023 Advancement of health or saving of lives Advanc¢ment of human rights, equality and diversity Advan¢ement of Citizenship or community development Advancement of education Advancement or religion Prev¢ntion or relief of poverty Advancement of the arts, culture, heritage or science Gifts for the benefit of a particular locality Relief of those in need by reason of youth, disability or other disadvantage Support of the armed forces of the Crown Protection of the environment 51,250 10,000 4,500 1,500 21,500 9,493 3,000 3,000 7,500 10,000 4,000 3,250 10,500 1,000 6,000 2.000 2,500 95,250 55,743 All grants are made to institutions. The trustees are exercising the statutory exemption to not provide names of recipients during the lifetitne of the settlor. SUPPORT COSTS Governance costs Governance costs 3,916 Governance costs consist of independent examination fees of £857 (2023: £883), account¢Y fees of £1,713 (2023.. £1,765), bookkeepins fees of £768 (2023.. £1,782) and tste¢S, remuneration of £578 {2023: £700). TRUSTEES, REMUNEIL4TION AND BENEFITS During the year, Mr A J Dale, one of the trustees has been paid £578 for administration Scl¢es. No fees are paid to trustees for nonnal trustee's duties. Trustee$, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund5 INCOME AND ENDOWMEiYfs FROM Investment income Other income 88,377 1,725 Total 90,102 EXPENDITURE ON Raising funds 16.252 Pagell continued...
The cr Thomas Trusl Notes to the Financial StAtements- eontinued for the Year Ended 31 March 2024 COMPARATtVES FOR THE STATEMENT OF FINANCIAL ACTIVTfIES - continued Unrestricted funds Charitable activities Grant funding activities Governance costs 55.743 5,130 Total 77,125 Net 8ainsl(losses) on investments (159,416) NET INCOMEI(EXPENDITURE) (146,439) RECONCILIATION OF FUNDS Total funds brought fonvard 3,050,826 TOTAL FUIYDS CARIUED FORWARD 2,904,387 Page 12 continued...
The cr Thomas Trust Notes to the Financial St#tement$ - continued for the Year Ended 31 March 2024 FIXED ASSET INVESTMENTS Listed investments 2024 2023 Market value At 31 March 2023 Additions Disposals Realised gainsl{losses) - net Unrealised gainsl(losses) - net 2,539,991 2,685.267 316.783 180,794 (344,332) (166,656) (15,025} 223 {46,754} (159,638) Market value at 31 March 2024 2,450,663 2,539,991 Historical cost at 31 March 2024 2.103.165 2,234,513 The additions and disposals of investments during the year are stated after adjusting for 5toGkbroker's costs'.- 2024 2023 Admin Charge5 Stock Ex¢hange Levy 260 14 220 io 274 230 Investments at market value ¢omprised., 2024 2023 Eqiiilies Fixed interest securities 1,932,250 2,180,176 518,413 359,814 2,450,663 2,539.991 Overseas invested fiinds included in the figures above:. Equities Fixed interest securities 88.863 195,315 88,863 195,315 Listed investments are held 850/0 in the General fund and 15 % in the L&n¢ashire fund, all within unrestricted funds. io. INVESTMENT PROPERTY FAIR VALUE At l April 2023 and 31 March 2024 265,500 NET BOOK VALUE At 31 March 2024 265,500 At 31 March 2023 265.500 The Investment Property is included at an historical valuation from when the property was donated to the Trust. It was valued by a professional surveyor. Page 13 ¢ontinued...
The cr Thomas Trust Notes to the Financial Statements- continued ror the Year Ended 31 March 2024 io. NVESTMENT PROPERTY- continued Th¢ property is subje¢t to an Agri¢ultural Tenancy with no su¢¢¢ssion rights. The Trust as landlord is responsible for repairs. ii. DEBTORS: AMOUNfs FALLING DUE WITHIN ONE YEAR 2024 2023 Investment income debtors 4,459 5,250 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other Creditors 7,010 4,441 13. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricled fund8 General fund Lancasliire Designated Fund 2.461.406 442,98 I (75,509) (9.267) (10,838) 10,838 2.375,059 444,552 2,904,387 (84,776) 2.819.611 TOTAL FUNDS 2,904,387 (84,776) 2,819.611 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Lan¢&shire Designated Fund 91,878 (114.875) (52,512) (9,267) (75,509) (9.267) 91,878 {114,875) (61,779) (84.776) TOTAL FUNDS 91,878 (114.875) (61,779) (84,776) Page 14 ontinued...
The CT Thomas Trust Notes to the Finaneial Statements - continued for the Year Ended 31 March 2024 13. MOVEMENT IN FUNDS - continued ComparAtives for movement in funds Net movement in ndS Transfers between funds At 31.3.23 At 1.4,22 Unrestrict funds General fund Lan¢&qhire Designated Fund 2,594,175 456,651 (122,526) (23.913) (10,243) 10,243 2,461,406 442,981 3,050.826 (146.439) 2,904,387 TOTAL FUNDS 3,050,826 (146,439) 2,904,387 Comparative net movement in funds. included in the above are a5 follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrieted funds General fund Lancashire Designated Fund 90,102 (77,125) (135,503) (23,913) (122.526) (23,913) 90,102 (77,125) (159,416) (146.439) TOTAL FUNDS 90,102 (77,125) (159,416) (146,439) The iinrestricted fvnd5 are available to be spent for any of the PUTposes of the charity. The Lancashire Designated fund is to specifically aid beneficiaries in Lancashire. Transfers between funds In a meeting of the trustees held on 15 November 2018 it was agreed that the Lancashire fund would in future be represented by 15 % of the total funds both as to income after management costs but before the payment of grants, and investments at their value at each year end. A transfer between funds of £10,838 (2023.. £10,243) has been made to achieve this outcome. 14. RELATED PARTY DISCLOSURES During the year, Mr A J Dale, one of the trustees has been paid £578 for administration services. There were no other related paty transactions. Page 15 continued.
The CT Thom4s Trust Notes to the Financial Statements- continued for the YeAr Ended 31 Mareh 2024 Is. GOING CONCERN The trustees consider that there arc no material uncertainties about the charity's ability to continue and the rman¢ial statements have therefore been prepared on a going concern basis. The trustees have Assessed the charity's cash reserves which are sufficient to enable its activities to continue for twelve months without the re¢eipt of any additional funds. Page 16
The cr Thomas Trust Detailed Statement of Financial Activities for the Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Investment income Deposit account interest Stockbrokers, deposit interest 90,891 727 260 88,081 248 48 9l,878 88,377 Other ineome Siindry receipts Other interest 1,673 52 1.725 Total incoming resources 91,878 90,102 EXPENDITURE Investment management costs Portfolio management Property repairs 14,798 911 15,551 701 15,709 16,252 ChArltable Activities Grants to institutions 95,250 55,743 Support costs Governance costs Trustees, fees Accountancy Bookkeeping 578 2,570 768 700 2,648 1,782 3,916 5,130 Total resources expended 114,875 77,125 Net (expenditureyincome before ggins and losses (22,997) 12,977 Reali5ed rtcognised gains ond losses Realised gain(lOSses) on fixed asset investments (15,025) 222 Net (expenditure}lincome (38,022) 13,199 This page does not fom] part of the statutory fInCIal statements Page 17