THE THOMPSON EDUCATIONAL TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
C O N T E N T S
Page
| Trustees and Advisers | 3 |
|---|---|
| Report of the Trustees | 4 |
| Statement of Trustees’ Responsibilities | 6 |
| Report of the Independent Examiner | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 |
| Including Accounting Policies |
2
TRUSTEES AND ADVISERS
| Trustees | Emma Catharine Robarts |
|---|---|
| Lucinda Mary Appleby | |
| Charity Registered Number | 1060745 |
| Independent Examiner | Magi Associates |
| 6 Springfield Road | |
| Groombridge | |
| Tunbridge Wells | |
| TN3 9RE | |
| Bankers | C. Hoare & Co |
| 37 Fleet Street | |
| London EC4P 4DQ | |
| Stockbrokers | Brooks Macdonald Asset Management (International) |
| Limited | |
| 5, Anley Street | |
| St Helier | |
| Jersey JE4 9ZW |
3
THE THOMPSON EDUCATIONAL TRUST
REPORT OF THE TRUSTEES
Introduction
The Thompson Educational Trust (the “Trust”) was set up in February 1997, with the aim of providing funding for the advancement of the education of young people, particularly in the areas of medical research, science, literature, music and sport.
Legal and Administrative Information
The Trust is constituted by Deed as a Charitable Trust and administered by duly appointed Trustees. The Trustees who acted during the year are shown on page 3.
Charitable Objects
The Trust’s objects are the advancement of the education of the public and in particular (but not so as to limit the generality of the foregoing):
-
The provision of scholarships, exhibitions and bursaries for people under the age of thirty to further their education in the study of science, literature, music and sport.
-
The promotion of research in medical and other scientific subjects, by making grants or otherwise, and the publication of useful results of such research.
-
The promotion of sport at universities, colleges and schools in connection with such education.
Financial Report for the Year
During the year to 31 March 2023, the Trust had income of £45,786 (2022: £35,885) and made grants of £36,000 (2022: £31,000). After administration costs, net incoming resources amounted to £7,103 (2022: £2,223). There was a donation of £5,000 received from Dennis B Gillings in memory of Richard Thompson. During the year, there was a small reduction in the value of investments reflecting stock market performance. However, the Trust has cash resources which allow the Trustees to feel no doubt that it can continue as a going concern.
The total funds carried forward amounted to £1,258,315 (2022: £1,262,474).
4
During the year the Trust made the following grants:
| Guildhall School of Music Schoolreaders Gathering of the Clans University of Bristol University of Leeds University of Nottingham University of Exeter |
£ 5,000 Bursaries for music students 5,000 Reading for schoolchildren 6,000 Bursaries for music students 5,000 Cardiovascular research PhD programme 5,000 Bursaries for medical research 5,000 Bursaries for student medical electives 5,000Diabetes research PhD students 36,000 |
|---|---|
Future Plans
The wider economic outlook has continued to affect the capital and income returns for the Trust and the services which educational establishments can provide to their students. The Trustees take advice from Brooks Macdonald on how to invest the Trust’s funds prudently, while trying to maintain income levels, at an unpredictable time. The Trust has no ongoing donation commitments. The policy continues to be to support educational establishments or funds where relatively small contributions can make a significant difference, taking into account the educational value provided to students by the Trust’s potential donees.
Reserves Policy
The Trustees’ policy is to ensure that they maintain adequate resources to meet the objectives of the Trust.
Investment Policy
The Trust’s investments are managed by the Trustees with the bulk of the Trust’s assets managed by a stockbroker for discretionary management. The Trustees’ investment policy is to balance investments attracting long term growth with those producing short term income. The Trustees are satisfied with the performance of the investments during the year.
Risk Management
The Trustees confirm that they have identified and reviewed the major risks to which the Charity is exposed and have established systems to mitigate them.
………………………. Emma Robarts Trustee(s)
………………………. 2023
5
THE THOMPSON EDUCATIONAL TRUST
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Charity law requires the Trustees to prepare Financial Statements for each financial year. Charity law further requires that such Financial Statements give a true and fair view of the state of affairs of the Charity and of its financial activities for that year. In preparing those Financial Statements the Trustees are required to:
-
Select suitable Accounting Policies and then apply them consistently;
-
make judgments and estimates that are reasonable and prudent;
-
state whether the policies are in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities and with applicable United Kingdom Accounting Standards, subject to material departures disclosed and explained in the Financial Statements; and
-
prepare the Financial Statements on the going concern basis, unless it is inappropriate to presume that the Charity will continue in operation.
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. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
6
THE THOMPSON EDUCATIONAL TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE THOMPSON EDUCATIONAL TRUST
We report on the accounts of the Thompson Educational Trust for the year ended 31 March 2023 which are set out on pages 8-12.
The Trustees are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is our responsibility to:
-
examine the accounts under section 145 of the Charities Act 2011;
-
follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and
-
state whether particular matters have come to our attention.
Our examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual item or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
In connection with our examination, no matter has come to our attention which gives us reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act, and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met.
……………………….
Magi Associates Chartered Accountants Independent Examiner
6 Springfield Road Groombridge Tunbridge Wells TN3 9RE
………………………. 2023 12th December
7
THE THOMPSON EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 March 2023
| Note Incoming Resources from Generated Funds Bank interest Investment income Donations Total Incoming Resources Resources Expended Cost of Activities in furtherance of: Charitable expenditure Governance costs: Audit and accountancy Bank charges Custody fees Total Resources Expended Net (outgoing) / incoming resources for the year Realised and unrealised gains/(losses) on investment assets 2 Net movement in funds Funds brought forward at beginning of year Funds carried forward at end of Year |
2023 £ 2022 £ Unrestricted funds 707 250 40,079 35,635 5,000 - |
|---|---|
| 45,786 35,885 |
|
| (36,000) (31,000) (898) (861) (386) (363) (1,399) (1,438) |
|
| (2,683) (2,662) |
|
| (38,683) (33,662) |
|
| 7,103 2,223 (11,262) 52,643 |
|
| (4,159) 54,866 1,262,474 1,207,608 |
|
| 1,258,315 1,262,474 |
The Charity has no recognised gains or losses other than as stated above. All activities of the Charity are continuing.
The Notes and Accounting Policies on pages 10 to 12 form part of these Financial Statements.
8
THE THOMPSON EDUCATIONAL TRUST BALANCE SHEET
As at 31 March 2023
| Note Fixed Assets 6 Current Assets Cash at bank Deposit Current Held by investment manager Creditors:amounts falling due within one year Accruals Grants payable Total creditors Net current assets Net Assets Unrestricted Funds |
2023 £ 2022 £ 905,902 957,183 250,815 250,375 47,737 55,471 59,581 21,286 |
|---|---|
| 358,133 327,132 |
|
| (720) (841) (5,000) (21,000) |
|
| (5,720) (21,841) |
|
| 352,413 305,291 |
|
| 1,258,315 1,262,474 |
|
| 1,258,315 1,262,474 |
Approved by the Trustees on ………………….2023
and signed on their behalf by Emma Robarts
………………….
Trustee(s)
The Accounting Policies and Notes on pages 10 to 12 form part of these Financial Statements.
9
THE THOMPSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2023
1. Accounting Policies
Basis of Accounting
The Financial Statements are prepared under the historical cost basis of accounting as modified by the revaluation of investment assets and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities and applicable United Kingdom Accounting Standards.
Income
All income is accounted for on a received basis.
Investments
Investments are included at market value. Gains and losses on the disposal or revaluation of investment assets are accounted for in unrestricted funds on the Statement of Financial Activities (SOFA).
Resources Expended
All expenditure is accounted for on an accruals basis.
Unrestricted Funds
Unrestricted funds may be used for the purposes of the Charity at the Trustees’ discretion.
Taxation
In view of its charitable status, the Trust is not liable to UK taxation on its income and capital gains. The Trust is not registered for VAT and income and expenditure are shown inclusive of VAT on the SOFA where applicable.
2. Gains and Losses on Revaluations and Disposal of Investment Assets
| Realised investment gains/(losses) Unrealised investment gains/(losses) |
2023 £ 2022 £ (700) 5,984 (10,562) 46,659 |
|---|---|
| (11,262) 52,643 |
10
THE THOMPSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2023
3. Grant Commitments
The Trustees have no current ongoing commitments to make grants.
4. Related Party Transactions with Trustees and Connected Persons
There were no related party transactions during the year.
5. Staff Costs and Trustee Remuneration
No staff were employed by the Trust during the year (2022 – none) and no Trustee received remuneration for their services to the Trust (2022 - £nil). There was no reimbursement of expenses from the Trust (2022 - £nil).
Management and administrative services have to date been provided to the Trust at no charge by employees of RHT Management Limited.
6. Investments
| Quoted investments: Market value at 1 April 2022 Additions at cost Disposals at valuation Realised / unrealised investment gains / (losses) Market value at 31 March 2023 |
2023 £ 2022 £ 957,183 923,060 - - (40,019) (18,520) (11,262) 52,643 |
|---|---|
| 905,902 957,183 |
11
THE THOMPSON EDUCATIONAL TRUST Notes to the Financial Statements
Year ended 31 March 2023
6. Investments (continued)
These comprise:
| No. Holding - Intermediate Capital Group % Snr 24/3/23 30,000 Paragon Banking Group Snr 28/8/24 45,000 UK Govt Gilts 2% Snr 7/9/25 40,000 Whitbread 3.375% Snr 16/10/25 28,000 FIL Investment Management (Lux) SA Y 285 Ishares VII Treasury 4,824.44 Jupiter Unit Trust Dynamic Bond I 8,300 Balfour Beatty 1,300 BHP 5,500 BP 1,300 British American Tobacco 1,000 Diageo 1,250 Experian 190 Ferguson PLC 1,520 Glaxosmithkline 1,900 Haleon PLC 550 Intercontinental Hotels 225 Intertek 47 Jackson Financial Inc 1,900 M&G 3,500 National Grid 500 Next 1,900 Prudential 1,600 Relx 650 Rio Tinto 4,000 Sage Group 1,200 Shell PLC 2,000 Smith & Nephew 2,750 SSE 3,428 Tate & Lyle 625 Unilever 937 Whitbread 234 Woodside Energy 330 Polar Capital Fund Global Tech |
2023 £ 2022 £ - 40,700 29,724 32,205 43,344 45,927 37,659 40,193 25,844 29,064 29,674 28,542 44,964 50,850 30,909 21,331 33,274 38,376 28,094 20,644 36,926 41,529 36,140 38,635 33,250 36,888 20,235 19,722 21,720 31,297 6,118 - 29,216 28,545 9,119 11,754 1,424 1,581 3,762 4,203 38,378 41,034 32,860 30,160 20,938 21,546 41,888 38,128 35,607 39,526 31,000 28,048 27,702 25,302 22,440 24,400 49,583 48,083 26,896 29,288 26,188 21,594 27,988 26,770 4,238 - 18,800 21,318 |
|---|---|
| 905,902 957,183 |
12