REGISTERED CHARITY NUMBER: 1036285
Report of the Trustees gnd
Unaudited Financi41 Statements
for the YeAr Ended 31 March 2025
for
The CT Thomas Trust
Streets Dyke Ruscoe Ltd
110 Corve Street
Ludlow
SHROPSHtRE
SY8 IDJ

The CT Thomas Trust
Contents of the Financial Statements
for the Year Ended 31 March 2025
Page
Report of the Trustees
I to 3
Independent Examiner's Report
Statement of Finanei41 Actlvities
Balance Sheet
Notes to the Fin4ncial Ststements
7 to 14
Detailed Statement of Financial Activities
15

The CT Thom*s Trust
Report of the Trustees
for the Year Ended 31 March 21125
The trustees present their report with the finEuJ¢ial statements of the charity for th¢ year ended 31 Ma￿h 2025. The
trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charitie5 preparing their accounts in aG¢ordan¢e with the Financial Reporting Standard applicable in the
UK and Republic of Ireland (FRS 102) (¢ffeGtiv¢ l January 2019).
OBJECTIVES AND ACTIVITIES
Objectives 4nd aims
The objects of the Trust are to apply the annual income of the Trust Fund to such charities or for such charitable objects,
in such shares and in such manner in all respects as the Trustees in iheir absolute discretion think fit. The charity is
constituted as two funds, the Generdl Fund and Lancashire Designated Fund.
It is the present policy of the trustees lo make grants to national, intema¢ional and local charitie5 covering as broad a
spectrum of the charitable s¢¢ne as is possible.
The beneficiaries of the Trust Fund have changed at various points over the year5. 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, equality and diversity.
For the advancement of citizenship 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, heritage or science:
For local charitable purposes.
For relief of those in need by reason of youth, disability or other disadvantage.
For support of the armed forces of ihe 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 dis¢retion to distribute such of the Trust Fund as is deemed necessary
and desirable in the same ternis as the in¢ome of the Trust. At the present time the policy of the I￿Ste¢S is not to
distribute the Capital of the Trust Fund except in exceptional circumstances.
Public benefit
The trustees confirm that they have taken the need for public benefit into account when reviewing the Trust's aims and
objects and in setting out the grant making poli¢i¢s. The trustees have had regard to the Charity Commission's guidance
on public benefit and confirm that every effort is made lo ensure that donations made are for the public benefit.
The positive social impact anticipated from eacli grant is considered before a grant 15 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 a¢r05S the UK.
A diverse range of public benefit is provided by the many ch￿itIeS supported ea¢h year. as they work to alleviate need
and distress. and help people lead more fulfilling lives.
Page I

The cr Thomas Trust
Report of the Trustees
for the Year Ended 31 March 2025
OBJECTIVES AND ACTIVITIES
Grantmaking
The charity aims to fulfil its objects by providing a yustainable and growing grant-making programme, 5UPPOrting a wide
variety of charitable projects and organisations across the UK.
The t￿￿te¢S regard themselves as a broad. generalist and predominantly reactive grant maker, with a policy of selecting
the best projects from applirations received in order to a¢hieve the maximum possible benefiGial social impact.
To ensure a good level of social impact the trustees prefer to fund organisalions which have real difficulty getting
funding elsewhere and which demonstrate evidence of effective work meeting a compelling need. For this reason many
of the grants are to fund smaller organisations and those without public appeal.
ACHIEVEMENTS AND PERFORMANCE
During the year ended 31 March 2025 total income amounted to £199,150 {2024: £91.878. Distributions lotalling
£97,750 (2024.. £95,250) were tnade to various Charities and £21,083 (2024- £19,625) was used to defray expenses.
FINANCIAL REVIEW
Fin#nci*l position
At the year end stock market investments were held of £2.376,475 (2024.. £2.450.663) together wilh investment property
valued al £265,500 (2024.. £265,500). Cash at bank amounted lo £203,810 (2024.. £105,999) which covered creditors of
£6,297 (2024: £7,01 O) more than l O times over. Unrestricted funds available for distribution at the end of the financial
year were £2,845.362 {2024- £2,819,611).
Investment policy 4nd objective8
The investment assets are the primary funding source for the charity, so the perforniance of investments over the
long-tern] is vitally important to the long-tern] sustainability of the charity, and the Irnp￿t il can make through the gr8nts
it awards.
The charity operates a total return approach to investment, with power to spend income and/or capital.
The charity has power under its Scheme to invest in stocks, shares, funds. securities and oiher property. The Trustees
have appoint¢d professional investment advisors, who in particular advise on investment policy and strategy, assel
allocation and the performance of managers.
The investment portfolio has the primary long term obje¢tive of maximising sustainable spending from the portfolio in
order to support grant-making.
Reserves policy
Given the objectlves and aims set out above the trustees consider that there is no need for a reserves policy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The CT Thoma5 Trust was estsblished by way of a lifetime gift from the settlor. The charity was constituted by a
Declaration of Trust dated 5 March 1994 and is registered in England and Wales, number 1036285. The Trust is
privately funded and does not raise funds from external sourres.
Recruitment and appointment of new trustees
Any new tNstees are ￿¢rUIted and appoint¢d by the existing trustees having considered the skills and experience
required.
Related parties
There were no other related party transactions.
Page 2

The CT Thomas Trust
Report of the Trustees
for the Year Ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate
controls are in place to provide reasonable assurance against fraud and error.
The trustees forn￿lIy review risk on an annual basi5 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 th¢ 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-term and hence the impact of the charity through the grants it awards; to
address this the charity has a diversified investment portfolio and processes in place to monitor cash flow and spending>
which should minimise the potential for long terni losses. In addition, the trustees take professional advice for
investment decision5 from regulated stockbrokers.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity number:
1036285
Trustees:
Miss S R Coupe
Mr C Morley
MrAJDale
Mr N E Walker
Mrs J V B Newton
Mr N C Champion
Charity's principal address
38 Teme Street
Tenbury Wells
Worcestershire
WR15 8AA
Bankers:
TSB PIC
24 Teme Street
Tenbury Wells
Worcestershire
WR15 8AA
Solicitors".
Norris and Miles
6 Market Square
Tenbury Wells
Worcestershire
WR15 8BW
Stockbrokers:
EFG Harris Allday
Ground Floor
Beech House
Anchorage Avenue
Shrewsbury Business Park SY2 6FG
Approved by order￿f tbe boar
trust
s on .....Q...Tonu.or.y.. .2.0.2.6.. and signed on its behalf by..
A J Dale - Trustee
Page 3

Independent Examiner's Report to the Trustees of
The CT Thomas Trust
Independent examiner's report to the trustees of The CT Thomis Trust
I report to the charity truste¢5 On my examination of the accounts of The CT Thomas Trust (the Trust) for the year ended
31 March 2025.
Responsibilities #nd basis of report
As the charity trustees of the Trust you are responsible for the preparation of ihe accounts in accordance with the
requirements of the Charities Act 2011 ('the A¢t').
I report in respect of my examination of the Trusvs account5 carried out 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 st4tement
I have completed my examination. I ¢onfirm that no material matters have come to tny 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 Trusl as required by Section 130 of the Act. or
the accounts do not accord with those records. or
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
Irue and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examin&tion to which attention should
be drawn in this report in order lo enable a proper understanding of the accounts to be reached.
S C Davies
Streets Dyke Ruscoe Ltd
I l O Corve Street
Ludlow
SHR0PSH￿E
SY8 IDJ
Date.. ..1I...JL￿L).Q.(.¥.....L.Q.£.G...
Page 4

The CT Thom85 Trust
Statement of Financial Activities
for the Year Ended 31 March 2025
2025
Unrestricted
funds
2024
Total
funds
Notes
INCOME AND ENDOWMEiYfs FROM
Donations and leg&ies
101,039
Investment in¢ome
98,111
91.878
Total
199,150
91.878
EXPENDITURE ON
Raising funds
14.832
15.709
Charitable activities
Grant funding activities
Governance costs
97.750
6,251
95,250
3.916
Total
I l8.833
114,875
Net gains/(losses) on investments
(54,566)
(61,779)
NET INCOMEI(EXPENDITURE)
25,751
(84.776)
RECONCILIATION OF FUNDS
Total funds brought fonvard
2,819,611
2,904,387
TOTAL FUNDS CARRIED FORWARD
2,845,362
2,819,611
The notes forni part of these financiaI statements
Page 5

The CT Thomas Trust
Balance Sheet
31 March 2025
2025
Unrestricted
funds
2024
Total
funds
Notes
FIXED ASSETS
Investments
Investments
Investment property
io
2.376,475
265.500
2.450,663
265,500
2,641.975
2.7l6,163
CURRENT ASSETS
Debtors
Cash at bank
12
5,874
203,810
4.459
105,999
209.684
110,458
CREDtTORS
Amounts falling due within one year
13
(6,297)
(7.010)
NET CURRENT ASSETS
203,387
103,448
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,845,362
2,819,611
NET ASSETS
2,845,362
2,819,611
FUNDS
Unrestricted funds
14
2,845,362
2,819,611
TOTAL FUNDS
2,845,362
2,819,611
The financial statements were approved by the Board of Trustees and authorised for issue
..tl...lanuory....20.2.6... and were signed on its behalf by..
on
S R Coupe - Trustee
AJDa
- Trustee
The notes forni part of these financial statements
Page 6

The Cf Thomas Trust
Notes to the Financial Statements
for the Year Ended 31 March 2025
ACCOUNTING POLICIES
Basis of preparing the finall¢ial statements
The financial statements of the charity, which Is a public benefit entity under FRS 102. have been prepared in
a¢¢ordan¢e with the Charitieg SORP (FRS 102) 'A¢counting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in a¢¢ordanc¢ with the Financial
Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l 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 rost
onvention, with the exception of investments which are included at market value.
The most significant areas of uncertainty affecting the ¢arrying value of assets held by the Trust are the level of
investtnent return and the performance of investment markets (see the investment policy and performance and
risk management sections of the trustees, annual report for more infonnation).
Income
All income is recognised in the Statement of Financial Activities once the charity has enliilement to the fijnds, il
is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are re¢ognised as expenditure as soon as there is a legal or Construciive obligation committing the
charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation Gan be measured reliably. Expenditure is accounted for on an accruals basis and has
been classified under headings that aggregate all cost related to the Galegory. Where costs Cannot be directly
attributed to particular lieadings they have been allocated to activities on a basis Consistent witli the use of
resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but
not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate Surplus or defi¢il arising from changes in
fair value is recognised in the Statement of Financial Activities.
Fixed Asset investments
Investments are a form of basic financial instrument. Fixed asset investments are initially recognised at their
transaction value and are subsequently measured al their fair value (market value) as at the balance sheet date.
The Statement of Financial A¢tivilies includes the net gains and losses arising on revaluation and disposals
throughout the year. Quoted stocks and shares are included in the Balance Sheet al the current market value
quoted by the investment analyst, excluding dividend.
R￿liSed gains And losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on
inve$tm¢nls are calculated as the difference between sales proceeds and opening carrying value (purchase date if
later). Unrealised gains and losses are cal¢ulated as the difference b¢twe¢n the market value at the year end and
the opening ¢arrying value (or purchase date if later).
Tax#tlon
The charity is exempt from tsx on its charitable activities.
Fund &e¢ounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
R¢stri¢ted funds can only be used for particular restricted purposes within the objects of th¢ charity. Restrictions
arise when specified by the donor or when funds 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.
Pag¢ 7
continued...

The cr Thomas Trust
Notes to the Financial Statements- continued
for the Year Ended 31 March 2025
ACCOUNTING POLICIES - continued
Debtors
Debtors are amounts owed to th¢ charity. They are reported on the basis of their recoverable amount.
Cash 4t bank
Cash at bat￿ and in hand is held to meet the day to day rut)ning costs of the charity as they fall due.
Creditors
Creditors are amounts owed by the charity. They are reported at the amount that the charity expects to have to
pay to settle the debt.
DONATIONS AND LEGACIES
2025
2024
Donations
101.039
All donations were received from a trustee. The trustees are exercising their statutory exemption not to provide
the name of the donor during their lifetime.
INVESTMENT INCOME
2025
2024
Investment income
Dep051t account interest
Stockbrokers, deposit interest
96.769
794
548
90,891
727
260
98,111
91,878
RAISING FUNDS
Investment management costs
2025
2024
Portfolio management
Property repairs
14,832
14,798
911
14,832
15,709
Page 8
¢ontinued...

The cr Thomas Trust
Notes to the Finallcial Statements - ¢ontinued
for the Year Ended 31 March 2025
CHAIUTABLE ACFIVITIES COSTS
Grant
funding of
activities
(see note
Support
costs (see
note 7)
6)
Tota15
Grant fi￿dIng activities
Governance costs
97.750
97,750
6.251
6,251
97,750
6,251
104,001
GRANTS PAYABLE
2025
2024
Advancement of health or saving of lives
Advancement of human rights, equality and diversity
Advancement of cilizenship or community development
Advancement of education
Advancement or religion
Prevention or relief of poverty
Advan¢ement of the arts, culture, heritage or s¢ience
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 for¢es of the Crown
Protection of the environment
53,000
EL,000
8,750
1.500
1,000
3.000
3.500
2,000
11,000
1,000
2,000
51.250
10,000
4,500
1,500
7.500
10,000
6,000
2,000
2.500
97,750
95,250
All grants are made to institutions. The trustees are exercising the statutory exemption lo not provide names of
re¢ipients during the lifetime of the settlor.
SUPPORT COSTS
Governance
costs
Governance costs
6,251
Governance costs Consist of independent examination fees of £1,200 (2024.. £857), accountancy fees of £3,839
{2024.. £1,713), bookkeeping fees of £720 (2024: £768), Solicitors fees of £492 (2024..£NIL) and trustees,
remuneration relating to non-trustee duties of £NIL (2024.. £578).
Page 9
ontinued...

The CT Thom#$ Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
TRUSTEES, REMUNERATION AND BENEFITS
No fees are paid to trustees for normal trustee's duties.
Trustees, expenses
There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 Ma￿h 2024.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
INCOME AND ENDOWMENTS FROM
Investment income
91,878
EXPENDITURE ON
Raising funds
15,709
Ch*ritgble 4ctivities
Grant funding activities
Governance Costs
95,250
3,916
Total
114,875
Net gains/(losse5) on investments
(61,779)
NET INCOMEI(EXPENDITURE}
(84.776)
RECONCILIATION OF FUNDS
Total funds brought fonvard
2.904,387
TOTAL FUNDS CARRIED FORWARD
2,819,611
Page 10
continued...

The cr ThomAs Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
io.
FIXED ASSET INVESTMENTS
Listed investments
2025
2024
Market value at 31 March 2024
Additions
Disposals
Realised gains/(losses) - net
Unreali5ed gainsl(losses) - net
2.,450,663 2,539,991
533,492
316,783
(553.114) (344.332)
{11,148) (15,025)
(43,418) (46.754)
Market value at 31 March 2025
2,376,475 2,450,663
Historical cost &t 31 Mar¢h 2025
2.075.200 2.103.165
The additions and disposals of investments during the year are stated after adjusting for stockbrokevs
costs:.
2025
2024
Admin Charges
Stock Ex¢hange Levy
240
io
260
14
250
274
Inve51ments at market value comprised..
2025
2024
Equitie5
Fixed interest securities
1,971,326 1,932.250
405.150
518,413
2,376.476 2.450,663
Overseas invested funds included in the figures g4bove'.-
Equities
Fixed interest securities
83,011
88,863
83,011
88.863
Listed inve5tment5 are held 850/0 in the General fund and 15 /0 in the Lancashire fund, all within unrestricted
funds.
ii.
INVESTMENT PROPERTY
FAIR VALUE
At l April 2024
and 31 March 2025
265.500
NET BOOK VALUE
At 31 March 2025
265,500
At 31 March 2024
265,500
The Investment Prop¢ty is included at an historical valuation from when the property was donated to the Trust.
It w&s valued by a professional surveyor.
Page 11
¢ontinued...

The cr Thomas Trnst
Notes to the Finaneial Statements - continued
for the Year Ended 31 Mareh 2025
ii.
INVESTMELYf PROPERTY - continued
The property is subject to an Agricultural Tenancy with no succession rights. The Trust a5 landlord is responsible
for repairs.
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Investment income debtors
5.874
4,459
13.
CREDrroRS: AMOUNTS FALLIIYG DUE WITHIN ONE YEAR
2025
2024
Other ¢reditors
6.297
7,010
14.
MOVEMENT IN FUNDS
Net
movement
in funds
Transfers
between
funds
At
31.3.25
At 1.4.24
Unrestrlcted funds
General fund
Lancashire Designated Fund
2,375,059
444,552
33.936
(8,185)
(26.759)
26,759
2,382,236
463,126
2,819,611
25,751
2,845,362
TOTAL FUNDS
2.819,611
25,751
2,845,362
Net movement in fund5, included in the above are as follows..
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unre$trlcted funds
General liind
Lancashire Designated Fund
199,150
(118.833)
(46,381)
(8,185)
33,936
(8,185)
199,150
(118,833)
(54,566)
25,751
TOTAL FUNDS
199,150
(118,833)
(54,566)
25,751
Page 12
continued..

The CT Thomas Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
14.
MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
Net
movement
in funds
Transfers
between
funds
At
31.3.24
At 1.4.23
Unrestritted funds
General fund
Lancashire Designat¢d Fund
2,461,406
442.981
{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)
2,819,61l
Comparative net movement in ￿nds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
Unre$tricted funds
General fund
Lanc&8hire Designated Fund
91,878
(114,875)
(52.5 l2)
(9,267)
(75,509)
(9,267)
91,878
{Il4,875)
{61.779)
(84,776)
TOTAL FUNDS
91,878
(114,875)
(61,779)
{84,776)
The unrestricted funds are available to be spent for any of the purposes of the Charity.
The Lancashire Designated fund is to specifically aid beneficiaries iri Lancashire.
Transfers between funds
In a meeting of the trustees held on 15 November 2018 il was agreed that the Lancashire ￿nd would in future be
represented by 150/0 of the total funds both as to income after management costs bul before the payment of
grants, and investments at their value at each year end. A transfer between funds of £26,759 (2024.. £10,838) has
been made to achieve this outcome.
15.
RELATED PARTY DISCLOSURES
During the year, Norris & Miles Solicitors undertook some legal work for the Twst for the sum of £492.
Nick Walker, a trustee, is also a partner of Norri5 & Miles, but, there was no element of remuneration for
trustee's duties.
Page 13
Continued...

The Cf Thomas Trust
Notes to the Financial Statements - continued
for the Year Ended 31 Mareh 2025
io.
GOING CONCERN
The trustees consider that there are no material uncertainties about the ¢harity'S ability lo ¢ontinue and the
financial statements have therefore been prepared on a going roucern basis.
The trustees have assessed the Charity's cash reserves which are suffi¢Èent to enable its activities to continue for
twelve months without the receipt of any additional funds.
Page 14

The Ct ThomAS Trust
Detailed Statement of Financial Activities
for the Year Ended 31 March 2025
2025
2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
101,039
Investment income
Investment income
Deposit account interest
StoGkbrokers' deposit interest
96,769
794
548
90.891
727
260
98.111
91,878
Total incoming resources
199.150
91,878
EXPENDITURE
Investment m*n4gement costs
Portfolio management
Property repairs
14,832
14,798
911
14,832
15,709
Charitable activities
Grants to institutions
97.750
95,250
Support costs
Governance costs
Trustee5' fees
Legal fees
Accountancy
Bookkeeping
578
492
5,039
720
2,570
768
6,251
3,916
Total resources expended
118,833
114.875
Net incomel(expenditure) before gAins and
losse5
80,317
(22,997)
Realised recognised gains ond losses
Realised gainsl(losses) on fixed asset investments
(11,148)
(15,025)
Net ineom¢/(expenditure)
69,169
(38,022)
This page does not forni part of the statutory financial statements
Page 15