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|Reference and administrative|Reference and administrative|details, trustees and advisers||
|---|---|---|---|
|Trustees' report||||
|Statement ofTrustees'|responsibilities|||
|Independent<br>auditor's|report|||
|Statement offinancial activities||||
|Balance sheet|||12|
|Statement ofcash flows|||13|
|Notes to the accounts|||14|





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|events were cancelled, however Easter and summe|events were cancelled, however Easter and summe|r<br>camps ran as per b|efore the pandemi|c.||
|---|---|---|---|---|---|
|Holiday and conference attendance||||2022|2021|
|(campers<br>and assistant|leaders)|||No.|No.|
|Easter holidays||||261||
|Summer holidays||||1,250|1,294|
|Other holidays|and conferences|||90|161|
|||||1,601|1,455|
|||2022|2021|2022|2021|
|Donations<br>analysis||||f'000|f'000|
|One-off gifts||39|37|343|360|
|Standing orders||61|63|553|605|
|||100|100|896|965|



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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE TITUS TRUST
We also obtained an understanding of the legal and regulatory framework thai the compoDy op¢rat¢8 in. focusin8 0
provisions of those laws and r¢gulations that had a direct effe¢l on the detemiination of Inaterial amounts and
diselosures in the financial $t&t¢m¢nts. The kcy laws 8nd regulations we Considered ill this context were the Companics
Act and tax legislation.
Because of the inherent limitations of an audit. there is a risk that we will not detect Jll irr¢gulariti¢s, including th05¢
leading to a material misstatcmcnL in the financial ststemenrs or non-compliance with r¢gulation. This risk in¢r¢ase5
the more that compliance with a law or rcgulation is removed from the events and transa¢lions refl¢ct¢d in the financial
sts*iements, as we will be Ic8s likely to bccome aware of inslances of non-compliance. The risk is also gr¢at¢r r¢gaTding
irregularities occutTing due to fraud rather than error, as fraud involves intentional conc￿lMent. forgery, c4)IIu5ion,
omission or misr¢pr¢$¢ntation.
A further description of our responsibilities is availBble on the Fin&n¢ial R￿Orting Council's website at=
hty)s.'IAvww.frc.org.uWOur-WoTk/AuditlAudit-and-assurancelStandards-and-guidancGIStandards-aTxl-guidance-foT-
auditorslAuditors-rcsponsibilit1¢5-for-AudiVDescription-of-auditors-re5ponsibilitie5-for-audit_aspx_ This d¢s¢Tiption
foTm5 part of our auditor's report.
Use of our report
This repoTI is made solely to th¢ charitable company's members. as a body, in a￿9[danC¢ with ChaNer 3 of Part 16 of
Ihc Companies Act 2006. Our audit work has been undertakcn so that w¢ might stat¢ to the charitable company's
membcrs those matters we are required to state to them in 2n auditor's report and for DO Other purpose. To tbe ￿lIest
extent p¢mitted by law, we do not accept or assumc r¢sponsibility to anyone other than the charitsble con)pany and
the charitable company's tn¢mbers as a IK)dy. for our audit work, for this report. or for the opinio￿S we have fornied.
$t¢r FCA (Senior Statutory Auditor)
for and on b¢half of UHY Ross Brnoke, Stsmtory Auditor
Suite I,
Windrush Cou
Abfftngdo￿ Business Park,
Abingdo
OX14 ISY
l&lL3
10

## 

||Notes|2022|2021|
|---|---|---|---|
|Income from:||||
|Donations and legacies||1,058,018|1,366,491|
|Charitable<br>activities||600,382|274,215|
|Investments||12,339|8,736|
|Total income||1,670,739|1,649,442|
|Expeaditure on:||||
|Raising funds||(111,292)|(81,083)|
|Charitable<br>activities||(1,512,878)|(1,212,985)|
|Total expenditure||(1,624,170)|(1,294,068)|
|Net Posses) / gains on investments|11|(53,365)|28,822|
|Net income<br>/ (expenditure)||6,796)|384,196|
|Net movement<br>in funds||(6,796)|384,196|
|Reconciliation<br>offunds:||||
|Total funds brought forwards||737,808|353,612|
|Total funds carried forward||731,012|737,808|



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|||Notes||2022|||2021||
|---|---|---|---|---|---|---|---|---|
||||8||||||
|FIXEDASSETS|||||||||
|Tangible Assets||10|||14,101|||15,605|
|Investments||11|||479,047|||437,412|
||||||493,148|||453,017|
|CURRENT ASSETS|||||||||
|Debtors||12|85,368|||64,440|||
|Cash at bank|||233,647|||312,777|||
||||319,015|||377,217|||
|CREDITORS: Amounts|falling due|13|(81,151)|||(92,426)|||
|within one year|||||||||
|NET CURRENT ASSETS|||||237,864|||284,791|
|NET ASSETS|||||731,012|||737,808|
|FUNDS|||||||||
|INCOME FUNDS|||||||||
|Unrestricted<br>Income funds||16|||731,012|||737,808|
|TOTAL INCOME FUNDS|||||731,012|||737,808|





|||Notes|2022|2021|
|---|---|---|---|---|
|Cash used in operating<br>activities||18|8,711|290,714|
|Cash flows from investing<br>activities|||||
|Dividends<br>and interest from investments|||12,339|8,736|
|Proceeds from the sale offixed assets|||||
|Purchase offixed assets|||(5,179)|(1,503)|
|Proceeds from the sale ofinvestments|||||
|Purchase ofinvestments|||(95,000)|(300,000)|
|Cash provided by investing<br>activities|||(87,840)|(292,767)|
|Increase I(Decrease) in cash and cash equivalents|in the year||(79,129)|(2,053)|
|Cash and cash equivalents<br>at the beginning ofthe|year||312,776|314,829|
|Total cash and cash equivalents<br>at the end ofthe|year|19|233,647|312,776|





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|ONATIONS<br>AND LEGACIES|||
|---|---|---|
||2022|2021|
|Donations|895,883|964,803|
|Legacies|162,135|401,688|
||1,058,018|1,366,491|
|NCOME FROM CHARITABLE ACTIVITIES|||
||2022|2021|
|Operation ofholiday camps|||
|Campers' fees|525,865|219,282|
|Assistant Leaders' fees|47,680|38,030|
|Other income|26,837|16,903|
||600,382|274,215|
|||15|



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|4.|INVESTMENT INCOME|INVESTMENT INCOME|||||
|---|---|---|---|---|---|---|
||||||2022|2021|
||Dividends||||12,111|8,699|
||Bank deposit interest||||228|37|
||||||12,339|8,736|
|5.|EXPENDITURE ON RAISING FUNDS||||||
||||||2022|2021|
||||||f||
||Costs ofgenerating|voluntary|income (see|note 7)|111,292|81,083|
||Investment<br>management<br>fees||||||
||||||111,292|81,083|
|6.|EXPENDITURE ON CHARITABLE ACTIVITIES||||||
||||||2022|2021|
||Costs ofoperation|ofholiday|camps:||||
||Camp groups staff|salaries and|pension costs||662,035|620,461|
||Camp groups life assurance<br>and permanent|||health|15,755|19,572|
||Staffexpenses||||42,740|15,817|
||Subsistence<br>grants|paid to Associates (see||note 9)||69,893|
||Rent and utilities||||298,248|133,092|
||Food||||129,669|61,338|
||Activities,<br>including|activities|legal costs||98,416|54,857|
||Insurance||||29,544|27,891|
||Other direct costs ofholidays||||37,021|28,080|
||Publicity,<br>printing,|consumables<br>and postage|||12,146|10,720|
||Camp group office|and admin|costs||26,228|68,453|
||Depreciation||||6,263|8,784|
||Governance<br>costs (see note 7)||||33,737|20,968|
||||||1,391,802|1,139,926|
||Support costs (see note 7)||||121,076|73,059|
||Total charitable<br>activities||||1,512,878|1,212,985|





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||||Costs of||Costs of|||
|---|---|---|---|---|---|---|---|
||||generating||operation|||
||||voiuatary|Governance|ofholiday|2022|2021|
||||income|costs|camps|Total|Total|
||||||||8|
|Office staff salary <br>costs *|and|pension|33,057|9,445|51,947|94,449|76,171|
|Office staff life assurance *|||1,050|300|1,649|2,999|2,248|
|Publicity<br>and promotion|||12,153|||12,153|20,875|
|Office costs *|||20,390|5,826|32,042|58,258|11,989|
|Insurance<br>(indemnity||&.legal||679||679|621|
|expenses)||||||||
|External<br>audit||||4,920||4,920|4,880|
|Other professional<br>administrative|fees and<br>costs¹||22,010|30,814|35,217|88,041|57,569|
|Trustee expenses||||4,204||4,204|199|
|Depreciation<br>(see|note|10) o|141|40|221|402|558|
||||88,801|56,228|121,076|266,105|175,110|
|Governance<br>costs|||22,491|(56,228)|33,737|||
||||111,292||154,813|266,105|175,110|



## 

|stated af|ter charging:|||
|---|---|---|---|
|||2022|2021|
||||8|
|Depreciation||6,665|9,343|
|Operating|lease rentals:|||
|Land &|buildings|36,000|36,416|
|Auditors|remuneration;|||
|Audit||4,920|4,880|





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|STAFFC|OSTS AND NUMBERS|||
|---|---|---|---|
|||2022|2021|
|Wages||629,136|575,446|
|Social security costs||52,419|49,162|
|Pension contributions||74,929|72,023|
|||756,484|696,631|
|Subsistence|grants paid to associates|0|69,893|



|The average|number offull time equivalent<br>employees,<br>an|alysed by function, was:||
|---|---|---|---|
|||2022|2021|
|||No.|No.|
|Holiday camps||12.7|14.4|
|Management|and administration|2.3|1.6|
|||15.0|16.0|





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|TANGIBLE FIXEDASSETS||||
|---|---|---|---|
||Office|Camps'|Total|
||Equipment|Equipment||
||g|||
|COST||||
|At I October 2021<br>Additions<br>Disposals<br>At 30September 2022|33,382<br>700<br>34082|169,195<br>4,479<br>~3.505<br>170170|202,577<br>5,179<br>~3,505<br>204252|
|DEPRECIATION||||
|At I October 2021|32,566|154,406|186,972|
|Charge for the year<br>Disposals|402|6,263<br>~3505|6,665<br>~3,505|
|At 30September 2022|32.968|157 183|190,151|
|NET BOOK VALUE||||
|At 30September 2022|1 114|12987|14101|
|At 30September 2021|816|14,789|15 6D5|



|11.|INVESTMENTS|||
|---|---|---|---|
|||2022|2021|
||Market value|||
||At start ofthe year|437,412|108,590|
||Additions<br>at cost|95,000|300,000|
||Disposal proceeds|||
||Realised gains on disposal<br>Unrealised<br>gains in market values|~53.365|28 822|
||At end ofthe year|479,047|437,412|
||ArialyseDI asr|||
||Rathbones Active Income and Growth Fund|479,047|437412|
|||479,D47|437,412|
||Historical cost at end ofthe year|495,000|400,000|
|12.|DEBTORS|||
|||2022|2021|
||||8|
||Staff loans|10,071|2, 129|
||Income tax recoverable|18,640|8,874|
||Other debtors|30,661|29,533|
||Prepayments|25,996|23,904|
|||85,368|64,440|





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|CREDITORS: AMOUNTS FALLING DUE WITHIN|ONE YEAR||
|---|---|---|
||2022|2021|
|Social security and other taxes|12,485|12,516|
|Other creditors|38,575|27,713|
|Accruals and deferred income|30,091|52,197|
||81,151|92,426|



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|relate|to office rental:|||
|---|---|---|---|
|||2022|2021|
|Within|1 year|36,000|16,500|
|Within|2to 5 years|126,000||
|After more than 5 years||||
|||162,000|16,500|



## 

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||||Balance at<br>1October<br>2021|Income|Expenditure|Gains/<br>losses|Transfers|Balance at<br>30September<br>2022|
|---|---|---|---|---|---|---|---|---|
|||||||||8|
|Unrestricted|funds||||||||
|General|||591,751|1,508,604|(1,624,170)|(53,365)|(38,570)|384,250|
|Designated <br>Fund|—Growth||146,057|162,135|||38,570|346,762|
|Total unrestricted||funds|737,808|1,670,739|(1,624,170)|(53,365)||731,012|
|Total funds|||7 7.m|3 .»9|(1,624,170)|(53,365)||731,012|





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||||Balaace at<br>1October<br>2020|Income|Expenditure|Gains/<br>losses|Transfers|Balance at<br>30September<br>2021|
|---|---|---|---|---|---|---|---|---|
||||f||||||
|Unrestricted|funds||||||||
|General|||330,778|1,247,754|(1,271,234)|28,822|255,631|591,751|
|Designated <br>Fund|—Growth||22,834|401,688|(22,834)||(255,631)|146,057|
|Total unrestricted||funds|353,612|1,649,442|(1,294,068)|28,822||737,808|
|Total funds|||353,612|1,649,442|(1,294,068)|28,822||737,808|



## 

|ANALYSIS OFNET ASSETSBETWEEN|FUNDS||
|---|---|---|
||Total 2022|Total 2021|
||All Unrestricted|All Unrestricted|
|||f|
|Tangible fixed assets|14,101|15,605|
|Fixed asset investments|479,047|437,412|
|Current assets|319,015|377,217|
|Creditors due within I year|(81,151)|(92,426)|
|Net assets|731,012|737,808|



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|||2022|2021|
|---|---|---|---|
|||f||
|Net income/(expenditure)<br>Financial Activities)|for the year (as per the Statement of|(6,796)|384,196|
|Add back depreciation<br>charge||6,665|9,342|
|(Gains)/loss<br>on investments||53,365|(28,822)|
|Investment<br>income||(12,339)|(8,736)|
|Loss on disposal offixed assets||19|344|
|Decrease/(increase)<br>in debtors||(20,928)|9,919|
|(Decrease) in creditors||(11,275)|(75,529)|
|Net cash used in operating|activities|8,711|290,714|





|ANA|L|YSIS OF CASH AND CASH EQUIV|ALENTS||
|---|---|---|---|---|
||||2022|2021|
|Cash|in|hand|233,647|312,777|