**Company Registration No. 3473879 Charity Commission Reference No. 1066751**
## **THE TITUS TRUST**
**Annual Report and Financial Statements**
**For the year ended 30 September 2023**
**THE TITUS TRUST**
## **REPORT AND FINANCIAL STATEMENTS 2023**
|**CONTENTS**|**Page**|
|---|---|
|**Reference and administrative details, trustees and advisers**|**1**|
|**Trustees' report**|**2**|
|**Statement of Trustees' responsibilities**|**6**|
|**Independent auditor's report**|**7**|
|**Statement of financial activities**|**10**|
|**Balance sheet**|**11**|
|**Statement of cash flows**|**12**|
|**Notes to the accounts**|**13**|
**THE TITUS TRUST**
## **REPORT AND FINANCIAL STATEMENTS 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS, TRUSTEES AND ADVISERS**
## **TRUSTEES**
Giles Cattermole Lisa Greatwood David Horrocks Rebecca Irvine Timothy Malton Michael Paterson Clifford Swartz Peter Woodroffe
## **SECRETARY**
Rosie Dunn
## **SENIOR STAFF**
## **CAMP GROUP LEADERS**
Anthony Bewes – Lymington Rushmore vacant – LDN Peter Gaskell – Gloddaeth
## **OPERATIONS DIRECTOR**
Rosie Dunn
## **REGISTERED OFFICE**
12 Lime Tree Mews 2 Lime Walk Oxford OX3 7DZ
## **BANKERS**
National Westminster Bank plc 89 Mount Pleasant Road Tunbridge Wells TN1 1PX
## **SOLICITORS**
Moore Barlow LLP The Oriel Sydenham Road Guildford GU1 3SR
## **AUDITORS**
UHY Ross Brooke Suite I, Windrush Court, Abingdon Business Park, Abingdon OX14 1SY
## **INVESTMENT MANAGERS**
Rathbone Investment Management Ltd. 8 Finsbury Circus London EC2M 7AZ
1
**THE TITUS TRUST**
## **TRUSTEES’ REPORT**
The Trustees present their annual report and the audited financial statements for the year ended 30 September 2023.
## **STRATEGIC REPORT**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Titus Trust (“The Trust”) was incorporated on 1 December 1997 as a company limited by guarantee. It is registered as a charity with the Charity Commission and is governed by its memorandum and articles of association. Under UK company law, all the Trustees are directors of the company. The liability of the company’s members in the event of the Trust being wound up is limited to a sum not exceeding £10. In preparing this report and financial statements, the Trustees have taken advantage of the special provisions for small companies under Part 15 of the Companies Act 2006.
## **Trustees**
Individuals are asked to be Trustees on the basis of their understanding and support of the Trust’s work, and the skills and abilities they would be able to bring to the Trustee body. Prior to joining the Trustee body, an individual is provided with details of his or her legal responsibilities as a Trustee, as well as informal training on the work of the Trust. This induction and training process is overseen by the Standing Committee. Trustees are required to sign the Trust’s doctrinal basis annually to indicate their on-going support of the core truths of Christianity.
Although not a requirement of the Trust’s governing documents, all the Trustees are currently non-executive. However, following a review of the current structure by the trustees in the light of recommendations from a culture review, as well as the rising responsibilities of being chair, it was decided in June 2023 to offer renumeration for this role and a search has begun for an appropriate candidate. The provision of remuneration is intended to allow more time for a chair to offer strategic leadership of the Trust’s activities in cooperation with the Trustees.The Trustees meet at least four times each year to review all aspects of the Trust’s activities, including its finances, and make planning decisions for its on-going work. In recent years an annual residential meeting has been introduced to give time to consider more significant issues. In addition, the Standing Committee meets as required to consider any issues needing attention between Trustee Board meetings. The Executive Committee reports to the Trustees on recent and proposed activities of their areas of responsibility at each Trustees’ meeting.
## **Key Management Personnel**
Executive responsibility is delegated by the Trustees to the Executive Committee comprising the Operations Director and three Camp Group Leaders, each of whom is responsible for one of the three camp groups: Gloddaeth, Lymington Rushmore and LDN Holidays. The LDN Camp Group Leader role has been vacant but an appointment has been made in November 2023. During the vacancy another senior member of the LDN staff has been leading the LDN team. These individuals comprise the Key Management Personnel (KMP) of the Trust. The Trustees set the remuneration of all KMP and other staff based on suitable benchmarks and these are reviewed annually. See note 9 for details.
## **Management of risk**
The Trustees oversee a risk management system which they use to identify the major risks to which the Trust is exposed, to assess the probability and impact of each major risk and to implement actions which mitigate these risks. The Trustees are satisfied that this system appropriately manages the Trust's risk exposure.
The Trust's primary activities are the funding and running of Christian adventure activity holidays for young people. On this basis, the Trustees consider that the most significant risks to which the Trust is exposed relate to the safety of the children participating in its holidays, its good reputation and its financial stability.
The Trustees' system of financial risk management focuses on clear communication with its supporters, comprehensive insurance cover including Financial Failure Insurance to give confidence to those who have booked holidays and maintaining the Trust's free reserves at a level which gives security to its employees. The minimum threshold for free reserves is set at the level discussed below.
The Trustees take a range of steps to minimise the risks to the Trust's reputation and to ensure the safety of children participating in its holidays. In particular, the Trust follows a recently developed activities management system which includes employing properly trained and vetted staff and volunteers to organise and supervise the holiday activities, ensuring that premises and equipment are suitable and safe and maintaining an appropriate level of public liability insurance. The Trust works with thirtyone:eight, Christian Safeguarding Services and other organisations to ensure best practice in all safeguarding matters including receiving policy advice and the provision of staff and trustee training..
## **OBJECTIVES AND ACTIVITIES**
2
**THE TITUS TRUST**
## **TRUSTEES’ REPORT (continued)**
The Titus Trust is established to seek to make the Christian faith a living and practical issue to young people having a present or past association with independent schools in England and Wales. Although narrowly focused, this objective has demonstrated a broad and long term effect through the work of many thousands of individuals who were introduced to Christianity through the Trust’s work and have gone on to have an impact on the UK and the wider world.
The focus of the Trust’s work is to provide fun activity holidays for young people at which the core truths of the Christian faith are explored. In addition, the Trust supports Christian teachers in schools as they run Christian meetings and encourage children to come on the Trust’s holidays. The Trust seeks to be transparent in its work, and is delighted to have the support of many parents, church leaders, and a number of senior figures in UK education.
During the year, we had 636 volunteers who helped lead on our holidays. Not only do they give up their holiday time, but many also contribute to the work financially. In addition, some of our volunteers also give talks at schools when invited in. It is the generosity of these individuals and other supporters that enables the Trust to employ staff to run holidays and visit schools when invited to do so. The Trustees greatly appreciate the contributions made by each one.
## **Public Benefit**
Although the Trust charges fees for its holidays, it is very pleased to provide subsidised holidays for many young people. The Trust provided a benefit of this kind in respect of 151 of the places on its events during summer 2023, amounting to a subsidy totalling £30,972. A significant number of young people, who receive very substantial bursaries or free places at their schools, benefit from the subsidised holidays that the Trust provides. Furthermore, because our holidays are staffed predominantly by volunteer leaders, even the full price of our holidays is a much lower cost to parents or guardians than a typical commercial provider.
However, the Trustees view the public benefit of the Trust’s charitable purposes as being far broader than the provision of affordable holidays to those connected with the Trust’s primary catchment schools. In particular, the Trustees believe that the provision of activity holidays for children and young people where they can both explore the beliefs and implications of religion (in our case, the Christian faith) in a sensible, reasonable, thoughtful and considered way, and enjoy an exciting, challenging and well-supervised holiday is a clear example of advancing religion for public benefit. Specific, intangible benefits, which extend to the wider UK community and overseas, include the following:
- educating, developing and encouraging young people to grow to be mature adults equipped with a religious belief, motivating and enabling them to exercise responsibility and leadership in all walks of life, including within the Christian church;
- a commitment both to the Christian community and to society as a whole, with a clearly defined moral and ethical code, and a desire to serve our fellow human beings within society;
- the inculcation of Christian moral and ethical values, such as honesty, integrity, responsibility, respect for human life, service of other people, compassion for the needy and under-privileged, care for the environment and the responsibility to share one's time and resources generously;
- the focus on leadership training with a view to providing positive role models who will be a constructive influence on and mentors for young people; and in particular the development of young leaders for the community by means of training given and practical experience provided during residential holidays;
- the support provided to teachers in their busy and often stressful situations, and the encouragement given to all teenagers and students involved in the Trust’s activities to consider the great value to the community of the teaching profession; and
- the encouragement given to those involved in the Trust’s activities to consider full time Christian work as their vocation, with its commitment to the service of others, care for those in need and to community participation and development.
The Trustees confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission.
## **ACHIEVEMENTS AND PERFORMANCE**
During the year ended 30 September 2023 **,** the Trust continued to pursue its objectives. Primarily, aims were met by the organisation and operation of 19 summer holidays for pupils predominantly from independent schools in England and Wales. On those holidays, the young people enjoyed a number of adventure activities, plenty of good fun and received clear and biblically faithful teaching about the Christian faith. In addition, the Trust ran a number of Easter and Christmas conferences during which many young people heard about Jesus Christ.
3
**THE TITUS TRUST**
## **TRUSTEES’ REPORT (continued)**
As noted above, the Trust’s work is divided into three main camp groups: Gloddaeth, Lymington Rushmore and LDN Holidays. During the year, The Trust employed staff in all three camp groups to ensure that its aims were achieved. Throughout the academic year, these staff spent much of their time visiting schools by invitation. When invited into schools, our staff took school assemblies, gave talks and presentations, and helped lead Christian meetings.
The Trust has been aware of the increased appreciation of residential events following the Covid pandemic and their importance for young people. The implications of the pandemic continue to affect this age group with the increasing incidence of mental health issues and fewer opportunities for mixing socially. Feedback from parents has indicated that attending one of our residential holidays has been particularly important over the last few years and we have seen an increased demand for holidays in this period.
The new Vision and Values for the Trust were adopted by the trustees after consultation in September 2022. These have been very helpful in shaping the Trust’s priorities and have guided the trustees in their decision-making.
## **Key Performance Indicators**
The Trustees meet regularly to hear reports from each of the three camp groups and to plan the direction of future activities prayerfully. This reporting and planning is not based on defined financial measures or other quantitative performance. However, certain numerical indicators are tracked by the Trustees, at least annually. These are set out below. In 2022, in person Christmas events were cancelled, however Easter and summer camps ran as per before the pandemic. However, we are delighted that all camps took place in 2023.
|**Holiday and conference attendance**
(campers and assistant leaders)
−
Easter holidays
−
Summer holidays
−
Other holidays and conferences
**Donations analysis**
−
One-off gifts
−
Standing orders|**2023**
**%**
42
58
100|**2022**
**%**
39
61
100|**2023**
**No.**
242
1,250
261
1,753
**2023**
**£'000**
378
520
898|**2022**
**No.**
261
1,250
90
1,601
**2022**
**£'000**
343
553
896|
|---|---|---|---|---|
## **FINANCIAL REVIEW**
The Trust’s Statement of Financial Activities is set out on page 10. This shows a deficit and a net decrease in funds of £(43,217) in the year ended 30 September 2023 (2022: deficit and a net decrease in funds of £(6,796)). Total funds at the end of the year were £687,795 (2022: £731,012), all of which was unrestricted. Within this, the General Fund was £360,350 (2022: £384,250) and the designated Growth Fund was reduced to £327,445 (2022: £346,762). It was finally decided during the year to write off a credit note held with a school, following cancelled events during the pandemic, as we had been unable to use the same site for events since then. Without this write off our operating deficit would have been (£35,934)
## **Investments**
Under the memorandum and articles of association, the Trustees have the power to invest funds that are not immediately required for the working purposes of the Trust as they think fit. In addition, they have the power to delegate the exercise of their powers of investment, upon such terms and at such reasonable remuneration as the Trustees may think fit, to professional investment managers.
The Trust's investments are invested for the medium term and are currently held in a fund for charities managed by Rathbone Investment Management representing a level of risk deemed appropriate by the Trustees and reviewed at least annually.
The Trust benefits from the income generated by the fund as well as from the security of knowing that short-term fluctuations in giving can be sustained without the need for spending to be reined back immediately. The Trust holds
4
**THE TITUS TRUST**
## **TRUSTEES’ REPORT (continued)**
additional monies in bank accounts earning competitive rates of interest in order to be able to meet more immediate needs and to ensure that the Trust can cope with the month-to-month fluctuations in our income and expenditure.
The Trustees review the performance regularly to decide where the investments should be held going forward.
## **Reserves**
The reserve policy states that reserves should cover 5 months of staff costs. At 30 September 2023, this equated to a threshold of £360,250 (2022: £384,250 ). At this level, the Trustees believe they are giving appropriate regard to the Trust's employees and allowing sufficient time to make necessary contingency plans in the event of a significant drop in funding. The Trustees view this policy as prudent and keep it under regular review.
At 30 September 2023 the Trust's free reserves amounted to £601,709 (2022: £716,911). This is £241,459 above (2022: £346,762 above) the threshold outlined above.
## **FUTURE PLANS**
The Trustees intend that the Trust should continue with its core activities in the coming year running a full range of holidays as well as the ongoing work of supporting school teachers.
The plans for a move towards a more regional approach are developing slowly in order to better support the work at a local level. The final recommendations to be implemented following the Culture Review related to the governance of the Trust and these were the focus of the residential trustee meeting in May 2023. One of the actions resulting from this was the decision to offer some renumeration to the Chairman which is mentioned elsewhere. It is hoped that this person will be in place in the coming year providing strategic direction to the Board to enable them to make the most of the opportunities open to them.
The Trust has invested in a new database for both donor and holiday management to replace our previous system which had been in place for many years. This will be rolled out in the first half of 2023/2024 and will considerably improve information and streamline processes. This will support more effective work with our supporters which will include a series of events to engage supporters with the work of the trust and to encourage long-term financial support.
## **TRUSTEES AND SECRETARY**
The following have acted as Trustees throughout the year and to the date of this report, except as noted:
|Giles Cattermole||Layo Obembe|(from 12 Oct 2023)|
|---|---|---|---|
|Lisa Greatwood||||
|David Horrocks|(until 4 August 2023)|Michael Paterson||
|Rebecca Irvine||Clifford Swartz||
|Timothy Malton|(from 3 February 2023)|Peter Woodroffe||
Rosie Dunn served as Trust Secretary throughout the year.
## **AUDITORS**
UHY Ross Brooke , having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the Trust receives notice under section 488(1) of the Companies Act 2006.
The Trustees’ report including the Structure, Governance and Management Report was approved by the Trustees on 11 January 2024 and signed on their behalf.
Peter Woodroffe Trustee
5
**THE TITUS TRUST**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees, as company directors, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for ensuring that adequate accounting records are maintained that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as the Trustees are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the company’s auditors are unaware and each Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
6
**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST**
## **Opinion**
We have audited the financial statements of The Titus Trust (the ‘charitable company’) for the year ended THE TITUS TRUST which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 30 September 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
7
**INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST**
- the directors’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report included within the trustees’ annual report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit;
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the trustees’ annual report and take advantage of the small companies exemption from the requirement to prepare a strategic report
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
We have considered:
- the nature of the charity and sector, control environment and operating performance;
- the charity’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
- any matters we identified having reviewed the charity’s policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed amongst the audit engagement team.
8
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST**
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act and tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Caroline Webster FCA (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor Suite I, Windrush Court, Abingdon Business Park, Abingdon OX14 1SY 9 February 2024
9
**THE TITUS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES Year ended 30 September 2023**
|
**Notes**
**Income from:**
Donations and legacies
2
Charitable activities
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net (losses) / gains on investments**
12
**Net income / (expenditure)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forwards
**Total funds carried forward**|**2023**
**£**
914,173
658,382
20,965
1,593,520
(114,957)
(1,530,370)
(1,645,327)
8,590
(43,217)
(43,217)
731,012
687,795|**2022**
**£**
1,058,018
600,382
12,339|
|---|---|---|
|||1,670,739|
|||(111,292)
(1,512,878)|
|||(1,624,170)|
|||(53,365)
(6,796)|
|||(6,796)|
|||737,808|
|||731,012|
## **Total recognised gains and losses**
There were no recognised gains and losses for these years, except as shown above.
## **Continuing operations**
All amounts shown above relate to continuing activities.
## **All income and expenditure relate to unrestricted funds**
10
**THE TITUS TRUST**
**Company Registration No. 3473879**
## **BALANCE SHEET Year ended 30 September 2023**
|
**Notes**
**FIXED ASSETS**
Intangible assets
10
Tangible Assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS:**Amounts falling due
within one year
14
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
**INCOME FUNDS**
Unrestricted Income funds
17
**TOTAL INCOME FUNDS**|**2023**
**£**
**£**
71,137
14,949
517,637
603,723
172,984
38,394
211,378
(127,306)
84,072
687,795
687,795
687,795|**2022**
**£**
**£**
0
14,101
479,047
493,148
85,368
233,647
319,015
(81,151)
237,864
731,012
731,012
731,012|**2022**
**£**
**£**
0
14,101
479,047
493,148
85,368
233,647
319,015
(81,151)
237,864
731,012
731,012
731,012|
|---|---|---|---|
||||493,148
237,864|
||||731,012|
||||731,012|
||||731,012|
The notes on pages 13-22 form part of these financial statements.
In preparing these financial statements, the Trustees have taken advantage of the special provisions for small companies under Part 15 of the Companies Act 2006.
These financial statements were approved by the Trustees on 11 January 2024.
Signed on behalf of the Trustees
Peter Woodroffe Trustee
11
**THE TITUS TRUST**
## **STATEMENT OF CASH FLOWS Year ended 30 September 2023**
|**Notes**
Cash used in operating activities
19
Cash flows from investing activities
Dividends and interest from investments
Proceeds from the sale of fixed assets
Purchase of fixed assets
Proceeds from the sale of investments
Purchase of investments
Cash provided by investing activities
Increase / (Decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year
20|**2023**
**£**
(107,127)
20,965
-
(79,091)
-
(30,000)
(88,126)
(195,253)
233,647
38,394|**2022**
**£**
8,711|
|---|---|---|
|||12,339
-
(5,179)
-
(95,000)|
|||(87,840)|
|||(79,129)
312,776|
|||233,647|
12
**THE TITUS TRUST**
**NOTES TO THE ACCOUNTS Year ended 30 September 2023**
## **1. ACCOUNTING POLICIES**
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value except for certain investment assets, which are shown at market value as set out below, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (‘FRS102’), Statement of Recommended Practice: Accounting and Reporting by Charities (Revised 2019) applicable to charities preparing their accounts in accordance with FRS102 (‘Charities SORP (FRS102)’), the Charities Act 2011, and the Companies Act 2006. Where necessary the headings laid down in the Companies Act have been adopted to meet the special circumstances of the Trust.
## **Company status**
The Trust is a registered charity and a company limited by guarantee registered in England and Wales. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charitable company.
## **Going Concern**
The financial statements have been prepared on the going concern basis. The Trustees have assessed the going concern position and have no reason to believe that there is a material uncertainty that would affect the ability of the organisation to continue as a going concern for the foreseeable future. The Trustees consider the foreseeable future to be at least 12 months from the date that the financial statements are signed. The Trustees have been in regular communication with its donor base, which has continued to show their support through their generous gifts and a substantial legacy during the year, which materially boosted the Trust’s financial reserves.
As the Trustees approve the accounts, the world continues to face many uncertainties as a result of: the ongoing fallout in the aftermath of the pandemic; the Ukraine war; economic instability. The Trustees recognise the ongoing impact this may have on our operations and finances, and have carried out detailed work on modelling different scenarios and appropriate responses. The Trustees believe that should income from donations and camp fees be affected going forward, corresponding adjustments to costs can be made which will enable the charity to continue as a going concern.
## **Donations**
Donations received are credited to incoming resources on receipt by the Trust. Gifts received under the Gift Aid scheme are credited to incoming resources, together with the appropriate tax recoverable.
## **Investment income and interest receivable**
Income from investments and deposit interest is included in the statement of financial activities when it becomes receivable. Investment income is included gross of recoverable taxation.
## **Income from charitable activities**
Holiday and conference income is recognised in the period in which the relevant holiday or conference takes place. Income received in advance is recorded within creditors.
## **Expenditure**
Expenditure is included in the statement of financial activities on the accruals basis and includes irrecoverable VAT. Costs of generating funds are those incurred in attracting voluntary income and include allocated support costs. Costs of operation of holiday camps comprise costs associated with the running of the holiday camps and include both direct costs and allocated support costs. Governance costs include those incurred in the governance of the Trust’s assets and are primarily associated with constitutional and statutory requirements. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources (e.g. staff costs by time spent) or by management estimates of the amount attributable to a particular activity.
## **Tangible fixed assets and depreciation**
Tangible fixed assets costing more than a de minimis amount of £250 are capitalised upon initial acquisition and are held in the balance sheet at cost less depreciation.
Depreciation is provided at the following rates in order to write off the costs of tangible fixed assets over their expected useful lives:
13
**THE TITUS TRUST**
## **NOTES TO THE ACCOUNTS**
**Year ended 30 September 2023**
Camps’ activity equipment 10% - 50% on cost Office equipment 20% - 33.3% on cost
## **Intangible fixed assets and amortisation**
Inangible fixed assets (primarily consisting of capitalised software development costs) capitalised upon initial acquisition and are held in the balance sheet at cost less depreciation.
Depreciation is provided at the following rate in order to write off the costs of intangible fixed assets over their expected useful lives:
Software development costs 20% on cost
## **Financial instruments**
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value (including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss) and subsequently measured at amortised cost using the effective interest method. Investments, though classified as basic financial instruments, are measured at fair value through profit or loss.
## **Investments**
As noted above, assets held for investment purposes are classified as basic financial instruments. They are valued at market value at the balance sheet date, with net gains and losses arising on revaluations and disposals during the year included in the statement of financial activities.
## **Debtors**
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any discounts due.
## **Cash at bank**
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Liabilities**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt.
## **Pensions**
The Trust operates a defined contribution pension scheme. Contributions payable for the year are charged in the statement of financial activities. The Trust also makes payments on behalf of certain employees to other occupational and personal pension schemes.
## **2. DONATIONS AND LEGACIES**
|Donations
Legacies|**2023**
**£**
897,614
16,559
914,173|**2022**
**£**
895,883
162,135|
|---|---|---|
|||1,058,018|
14
**THE TITUS TRUST**
**NOTES TO THE ACCOUNTS Year ended 30 September 2023**
|**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Operation of holiday camps**
Campers' fees
Assistant Leaders' fees
Other income
**4.**
**INVESTMENT INCOME**
Dividends
Bank deposit interest
**5.**
**EXPENDITURE ON RAISING FUNDS**
Costs of generating voluntary income (see note 7)
Investment management fees
**6.**
**EXPENDITURE ON CHARITABLE ACTIVITIES**
**Costs of operation of holiday camps:**
Camp groups staff salaries and pension costs
Camp groups life assurance and permanent health
Staff expenses
Subsistence grants paid to Associates (see note 9)
Rent and utilities
Food
Activities, including activities legal costs
Insurance
Other direct costs of holidays
Publicity, printing, consumables and postage
Camp group office and admin costs
Depreciation
Governance costs (see note 7)||**2023**
**£**
589,187
48,449
20,746
658,382
**2023**
**£**
18,094
2,871
20,965
**2023**
**£**
114,957
-
114,957
**2023**
**£**
618,105
17,170
34,363
-
334,281
155,606
111,167
30,589
36,590
11,357
26,933
6,231
26,615|**2022**
**£**
525,865
47,680
26,837|
|---|---|---|---|
||||600,382|
||||**2022**
**£**
12,111
228
12,339
**2022**
**£**
111,292
-
111,292
**2022**
**£**
662,035
15,755
42,740
-
298,248
129,669
98,416
29,544
37,021
12,146
26,228
6,263
33,737|
15
**THE TITUS TRUST**
**NOTES TO THE ACCOUNTS Year ended 30 September 2023**
|Support costs (see note 7)
Total charitable activities|1,409,007
121,363
1,530,370|1,391,802
121,076|
|---|---|---|
|||1,512,878|
16
**THE TITUS TRUST**
## **NOTES TO THE ACCOUNTS Year ended 30 September 2023**
## **7. SUPPORT COSTS**
|Office staff salary and
pension costs *
Office staff life assurance *
Publicity and promotion
Office costs *
Insurance (indemnity & legal
expenses)
External audit
Other professional fees and
administrative costs #
Trustee expenses
Depreciation (see note 10) *
Governance costs|**Costs of**
**generating**
**voluntary**
**income**
**£**
40,545
1,409
20,211
22,344
-
-
12,515
-
190
97,214
17,743
114,957|**Governance**
**costs**
**£**
11,584
403
-
6,384
399
5,400
17,521
2,613
54
44,358
(44,358)
-|**Costs of**
**operation**
**of holiday**
**camps**
**£**
63,714
2,214
-
35,112
-
-
20,024
-
299
121,363
26,615
147,978|**2023**
**Total**
**£**
115,844
4,025
20,211
63,840
399
5,400
50,060
2,613
543
262,935
-
262,935|**2022**
**Total**
**£**
94,449
2,999
12,153
58,258
679
4,920
88,041
4,204
402|
|---|---|---|---|---|---|
||||||266,105
-|
||||||266,105|
* These items are allocated between Cost of generating voluntary income, governance costs and costs of operation of holiday camps in the proportion 35%, 10% and 55%.
# Professional fees are predominately legal, PR and accountancy costs, along with counselling support provided through Titus Trust Support Fund administered by thirtyone:eight. These costs have been allocated between cost of generating voluntary income, governance costs and costs of operation of holiday camps in the proportion 25%, 35% and 40%.
## **8. NET INCOME/EXPENDITURE**
is stated after charging **:**
|**ET INCOME/EXPENDITURE**
stated after charging**:**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Depreciation|6,774|6,665|
|Operating lease rentals:|||
|Land & buildings|36,000|36,000|
|Auditors remuneration:|||
|Audit|5,400|4,920|
17
**THE TITUS TRUST**
**NOTES TO THE ACCOUNTS Year ended 30 September 2023**
## **9. STAFF COSTS AND NUMBERS**
|Wages
Social security costs
Pension contributions
Subsistence grants paid to associates|**2023**
**£**
612,229
51,605
70,116
733,950
0|**2022**
**£**
629,136
52,419
74,929|
|---|---|---|
|||756,484|
|||0|
From 1 September 2021 the Associates became employed staff and so their cost are now included in the Wages costs.
No employee received emoluments in excess of £60,000 in either the current or prior year.
The Trust defines ‘Key Management Personnel’ (‘KMP’) as the three Camp Group Leaders and the Operations Director. The pay and benefits of KMP is reviewed annually by the Board of Trustees. In the year ended 30 September 2023 this group received remuneration of £193,912 (2022: £213,495).
The average number of full time equivalent employees, analysed by function, was:
|The average number of full time equivalent employees, analysed by function,|was:||
|---|---|---|
|Holiday camps
Management and administration|**2023**
**No.**
11
2.1
13.1|**2022**
**No.**
12.7
2.3|
|||15.0|
The Trust operates a defined contribution pension scheme and the charge for the year is shown above as part of pension costs. The Trust also makes payments on behalf of certain employees to other occupational and personal pension schemes.
None of the Trustees received any remuneration during the year ( **2022** : nil). However, see note 15 in respect of other related party transactions.
18
**THE TITUS TRUST**
**NOTES TO THE ACCOUNTS Year ended 30 September 2023**
## **10. INTANGIBLE FIXED ASSETS**
|COST
At 1 October 2022
Additions
Disposals
At 30 September 2023
DEPRECIATION
At 1 October 2022
Charge for the year
Disposals
At 30 September 2023
NET BOOK VALUE
At 30 September 2023
At 30 September 2022|**Software**
**£**
0
71,137
-
71,137
0
0
-
0
71,137
0|**Total**
**£**
0
71,137
-
71,137
0
0
-
0
71,137
0|
|---|---|---|
Camps’ Equipment is used directly in the operation of holiday camps and office equipment is used for support.
## **11. TANGIBLE FIXED ASSETS**
|COST
At 1 October 2022
Additions
Disposals
At 30 September 2023
DEPRECIATION
At 1 October 2022
Charge for the year
Disposals
At 30 September 2023
NET BOOK VALUE
At 30 September 2023
At 30 September 2022|**Office**
**Equipment**
**£**
34,082
140
-
34,222
32,968
543
-
33,511
711
1,114|**Camps'**
**Equipment**
**£**
170,170
7,814
(9,993)
167,991
157,183
6,231
(9,661)
153,753
14,238
12,987|**Total**
**£**
204,252
7,954
(9,993)|
|---|---|---|---|
||||202,213|
||||190,151
6,774
(9,661)|
||||187,264|
||||14,949|
||||14,101|
Camps’ Equipment is used directly in the operation of holiday camps and office equipment is used for support.
## **12. INVESTMENTS**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Market value**|||
|At start of the year|479,047|437,412|
|Additions at cost|30,000|95,000|
|Disposal proceeds|-|-|
|Realised gains on disposal|-|-|
19
**THE TITUS TRUST**
**NOTES TO THE ACCOUNTS Year ended 30 September 2023**
|Unrealised gains in market values
At end of the year
**_Analysed as:_**
Rathbones Active Income and Growth Fund
Historical cost at end of the year
**DEBTORS**
Staff loans
Income tax recoverable
Other debtors
Prepayments||8,590
517,637
517,637
517,637
525,000
**2023**
**£**
10,539
15,939
118,139
28,367
172,984|(53,365)
479,047
479,047
479,047
495,000
**2022**
**£**
10,071
18,640
30,661
25,996|
|---|---|---|---|
||||85,368|
## **13. DEBTORS**
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Social security and other taxes
Other creditors
Accruals and deferred income|**2023**
**£**
11,082
68,637
47,587
127,306|**2022**
**£**
12,485
38,575
30,091|
|---|---|---|
|||81,151|
## **15. FINANCIAL COMMITMENTS**
At the year end the Trust had total commitments under non-cancellable operating leases as shown below. All relate to office rental:
|Within 1 year
Within 2 to 5 years
After more than 5 years|**2023**
**£**
36,000
90,000
-
126,000|**2022**
**£**
36,000
126,000
-|
|---|---|---|
|||162,000|
## **16. RELATED PARTY TRANSACTIONS**
During the year ended 30 September 2023, Trustees (and their related parties) donated £22,508 to the Trust (2022: £12,734).
Three Trustees received reimbursement of expenses during the year totalling £386 (2022: Four Trustees received a total of £521). Two Trustees waived expenses of £866 during the year (2022: Two trustees waived expenses of £575). There were no relatives of trustees employed by the Trust during the year (2022: nil).
20
**THE TITUS TRUST**
## **NOTES TO THE ACCOUNTS**
**Year ended 30 September 2023**
## **17. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General
Designated – Growth
Fund
Total unrestricted funds
Total funds|**Balance at**
**1 October**
**2022**
**£**
384,250
346,762
731,012
731,012|
**Income**
**£**
1,593,514
-
1,593,514
1,593,514|**Expenditure**
**£**
(1,645,326)
-
(1,645,326)
(1, 645,326)|**Gains/**
**losses**
**£**
8,590
-
8,590
8,590|**Transfers**
**Balance at**
**30 September**
**2023**
**£**
**£**
19,317
360,350
(19,317)
327,445|
|---|---|---|---|---|---|
||||||-
687,795|
||||||-
687,795|
All assets and liabilities relate to the unrestricted funds.
The purpose of the designated fund (Growth Fund) is to set aside legacies for funding growth initiatives. This fund is unrestricted.
## **Movement in funds 2022**
|**Unrestricted funds**
General
Designated – Growth
Fund
Total unrestricted funds
Total funds|**Balance at**
**1 October**
**2021**
**£**
591,751
146,057
737,808
737,808|
**Income**
**£**
1,508,604
162,135
1,670,739
1,670,739|**Expenditure**
**£**
(1,624,170)
-
(1,624,170)
(1,624,170)|**Gains/**
**losses**
**£**
(53,365)
-
(53,365)
(53,365)|**Transfers**
**Balance at**
**30 September**
**2022**
**£**
**£**
(38,570)
384,250
38,570
346,762|
|---|---|---|---|---|---|
||||||-
731,012|
||||||-
731,012|
## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within 1 year
**Net assets**|**Total 2023**
**All Unrestricted**
**£**
86,086
517,637
211,378
(127,306)
687,796|**Total 2022**
**All Unrestricted**
**£**
14,101
479,047
319,015
(81,151)|
|---|---|---|
|||731,012|
21
**THE TITUS TRUST**
## **NOTES TO THE ACCOUNTS**
**Year ended 30 September 2023**
## **19. CASH FLOWS**
**Reconciliation of net (expenditure) to net cash flow from operating activities**
|Net income/(expenditure) for the year (as per the Statement of
Financial Activities)
Add back depreciation charge
(Gains)/loss on investments
Investment income
Loss on disposal of fixed assets
Decrease/(increase) in debtors
(Decrease) in creditors
Net cash used in operating activities
**20.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand|**2023**
**£**
(43,217)
6,774
(8,590)
(20,965)
332
(87,616)
46,155
(107,127)|**2022**
**£**
(6,796)
6,665
53,365
(12,339)
19
(20,928)
(11,275)|
|---|---|---|
|||8,711|
||||
||**2023**
**£**
38,394|**2022**
**£**
233,647|
22