2024-09-30-accounts

Company Registration No. 3473879 Charity Commission Reference No. 1066751 THE TITUS TRUST Anllual Report and Financial Slatements For the year ended 30 S¢pt¢mber 2024

THE TITUS TRUST REPORT AND FINANCIAL STATEMENTS 2024 CONTENTS Page R¢feYence and Jdministrative det&ils trustees and advisers Trustees, report Statement of Trustees, responsibilities Independent auditor's report Statement of financial activities Balance sheet 12 ststement of cash flows 13 Notes to the accounts 14

THE TITUS TRUST

REPORT AND FINANCIAL STATEMENTS 2024

REFERENCE AND ADMINISTRATIVE DETAILS, TRUSTEES AND ADVISERS

TRUSTEES

Giles Cattermole Lisa Greatwood Rebecca Irvine Rupert Mackay Timothy Malton Michael Paterson Layo Obembe Peter Woodroffe

SECRETARY

Rosie Dunn

SENIOR STAFF

CAMP GROUP LEADERS

Anthony Bewes – Lymington Rushmore Alex Greaves – 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 thc year ended 30 Sepiember 2024. STRATEGIC REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT The Titus Trust ('The Trusl"") was incorporated on l De¢ember 1997 as a company limited bv guarantee. It is registered as a ¢harity i¥ith the Charity Commission and is governed by its mcmorandum and articles of association. Under UK company law, all the Trustees are directors of th¢ CoMp￿y. The liability of the company's members in the event of the Trust being wound up is limited to a sum nol exceeding £1 O. In preparing this report and financial stalements, the Trnstees have taken advantage of th¢ sKKcial provisions for small companies under Part IS of the Companies Act 2006. Trustees Indii'iduals are ask¢d to be Trustees on the basis of their understanding and support of the Trust's work, and th¢ skills and abilities they would be able to bring lo the Trustee body. Prior to joining the Trus(ee body, an individual is provided with details of his or her legal responsibilities as a Trustee: as w'ell as infornlal trnining on the work olthe Trust. This induction and training process is overseen by the Sionding Committee. Trustecs r¢quired lo sign the Trust's doctrinal basis annually lo indicate their on-going support of the core truths of Christianity. Although not a requiremenl of the Trust's governing documents, all thc Trusl¢es are currently non-¢xecutive. However, tollowing a reviciv of the current structure which recognised the rising responsibilities of being chair, il was decided in June 2023 to offer renumeration for this role to allow more timc for a ¢hair to offer strategic leadership of the Trusi's activities in cooperation with the Trustees. A sear¢h process bcgan for the Chair in late 2023 and an appointment M'as made in May 2024. The newly appointed Chair has waived his right to renumeration in 2023124. The Trustees meet at least four times each Ye￿ to review all aspe¢is of the Trust'5 aclivili¢s, including its finances and make planning decisions for its on-going i¥ork. In recent year5 an atfftual residential mccling has been introduced in M&y lo give time to ¢onsider more significant issues. In addition, the Standing Committee Meets as rcquired lo consider any issues needing attention belwecn Trusl¢e Board meetings. The Executiv¢ Committee rcports to th¢ Trustees on ￿cent and proposed activities of their areas of responsibility ai each Trustees, meeting. A newly set up Finance committec meets four times per year prior to the Trnstee mectings to ensure the finances are discussed in greater depth. Key Manogement Personnel Executive responsibility is delegated by Ihe Trustees to the Ex¢cutive Committee comprising th¢ Operations Director and ihree Canip Group Leader& ewh of whotn is responsible for one of the three camp groups.. Gloddacth, Lymington Rushmore and LDN Holidays. The new LDN Camp Group Leader was appointed and started his role in February 2024. These individuals comprise th¢ Key Managemenl Personnel IKMP) of the Trust. The Trustees sct the remuneration of all KMP and other staff based on suitable benchmarks and these are reviewed annu&lly. See notc 9 for details. M¥nagtment of risk The Trustees overKc 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 lo implement actions which mitig&ie these risks. The Trustees are satisfied that this system appropriately manages Ihe Trust's risk exposurc. The Ttrusts primary activities are the funding and running of Christian wJventur¢ activity holidays for young people. On this basis, the Trustees Consider that the most signiticant risks to which the Trust is exposed relaie lo the safety of the children participating in lis holidays, its good reputation and its financial stability. The Trustees, system of financial risk management focu5cs on ¢lear communication with ils supporter comprehensive insurance coyer including Financial Failure Insurance lo give confidence to thos¢ who have ix)oked holidays and maintaining the Trust's free ￿serveS at a level which gives se¢urity to its employ¢¢s. The minimum threshold for free reserves is sel al the level discuss¢d below. The Truste¢s take a range of steps to minimise the risks to the Trust's reputation and lo ¢n5ure the safety of children participating in its holidays. An extemal consultant advises on ihe holiday activities programmes to ensure that staff and volunteers who are organising and sup¢rvising holiday activities are properly trained and vetted, that premises and equipm¢nt are suitable and safe and maintaining an appropriat level of public liability insurnnce. The Trust

THE TITUS TRUST TRUSTEES, REPORT (continued) works with thirwone:eight, Christian Safeguarding Scrwices and other organisations to ensure best prnctice in all safeguarding matters including receiving policy advice and thc provision of staff and trnslee training. The Trust has been waiting for the ChurLh v( F.ngland's Makin Review to report into the abusc of John Smyth who mel a number of hi5 ViLtims on thc Iweme camps in thc 191$0s. 'fhe Titus Ttusl look over thc running of the Iwcrnc camps ID 2000. Thc Trust has ¢ooperalcd fully with thc Makin Review including providing infortnation and matcria15 well as providing inforniation on the'l rust's wcb511< alx)ut how it had dcalt wilh the abuse sincc they were madc awu]Y of it. Aftcr a considerable dclay. the Reviciy rctK>rtrd in Novembcr 2024. Thr trustees will bc considcring the recommend￿tiOns of thc rcvicw al their nexl mccting_ OBJECTIVE,S AIYD .4CTIVITIES The Titus Trust is csiahli.shed to 5cck lo make thc Christian faith a living and practical i5SUC tu yvung people having a prcscnt ()r past assoLiuLivn with indcpcndrnl schools in l.'ngland and Walcs. Although narroThly foLused, this objective has dcmonstrated a broad and long tcrtn cffcLt ihrough the work nf many thousands of individuals who wcrc introduced lo Christianity through the Trust's woth and have gone on to have an impatt on the UK and the wider world. The focus of the Trust's work is to provide fun activity holidays for young people al thhich the core truths ol th¢ Christian faith are explored. In addition, the Tnjst SlipF￿rtS Christian teachers in schools a5 they run Christian meeting5 and encourag¢ ¢hildren to come on the Trust's holidays. The Trust seeks to be transparent in ils work, 0￿d is delighted to have the support olmany parents, church leaders, and a number of Senior figure5 in UK education. During the year. we had 756 volunl¢¢rs who h¢lpcd lead on our holidays. Not only do they give up iheir holiday time. bul many also contribute lo the work financially. In addition, some of our volunteers also give talks at schools whc iTLvilcd in. It is the generosity of these individuals and oth¢r supwrters that enables ihe Trust to employ stsff to run holidays and visit s¢hools when invited lo do so. Th¢ Trustees greatly appreciate the contributions made by each on¢. Public Benefit Although the Trust charges f¢¢s for its holidays, il is very pleased to provide subsidis¢d holidays for many young people. The Trust provided a benefit of this kind in respe¢l of 156 of th¢ places on it5 events during summer 2023, amounting lo a subsidy totalling £40.935. A significant number of young people, who receive very substantial bursaries or free places ai their schools, bencfit from th¢ subsidised holidays that the Trust provides. Furthcrtnore, cause our holidays are staffed predominantly by volunteer leadery even the full price of our holidays is a much lower cost lo parents or guardians than a typical commercial provider. However, the TruS￿S Vl¢lV the public benefil ofthe Tnjst'scharitable punx)ses as being far broader than the provision of affordable holidays to those connected with the Trust's primary catchm¢Tht schools. In particular, the Trustees lieve that thc provlsion of activity holidays for Lhildren and young pevpl¢ wlLere they can both explore thc bcliefs and implications of rcligion (in our case, the Christian faith) in a sensible, re￿onable, thoughtful and considered way. and enjoy an CXLlting, challcngin¥ and well-sup¢rvised holiday is a Ll¥ar examplc of advancing religion for publi¢ Etncfit SpecifIc, intangible benefits, which ¢xlend to thc wider IJK community and overse&s. includc the fvllowing.. educating, dcvcloping andencouraging young peoplc lo gmwto bc Matu￿ adults eqUIp￿d with a ￿ligIouS beliet.. motivating and enabling thcm io exercisc rc5ponsibilily and leadcrship in all walk5 of life, including within th¢ Christtan church; a committncnl b)th to the Christian community and th socicty a5 a whole. with a clcarly defined moral and clhiLal code. and a dcsirc to serve our fcllow human bcings within society. the inculcation ufchristian moral and ethical valuc& such as honcsty. iDlegrity. responsibility, tcspect for human life, Service of othcr pcople, compassion for the needy and under-privilcged, cure for the environme￿ (he r¢s￿nSIbL17ty 10 shaw onc'5 time and ￿SOurcES gcnerously; th¢ focu5 on Icadership training with a view lo providin8 tM)sitivc role models who will be a conslrudive intluen¢¢ on and mentors for young people. and in particular the development ofyoung leadews forihe community by means of training given and practi￿] exttrience provided during residential holidays; the support provided to teachers in their busy and often stressful 5itualion8 and the encouragement givcn to all leenagers and students involved in the Trusl's activities to consider the great value to ihe wmmunity of the lcaching profession; and

THE TITUS TRUST TRUSTEES, REPORT (continlled) the encouragement givcn to thos¢ involved in the Twst's activlties to considcr full time Christian ivork as their vocation, with ils commitment to thc scrvice of others, eare for those in need and to community participation and development. The Tru5t¥cs confirm that they have complied with the duty in Se¢tion 17(51 of the 2011 Charities Act to have due regard to publiL beneFit guidance publishcd by the Charity Commibsion. ACHIEVEMEN'fs AND PERFORMANCE During lh¥ year endcd 30 Srpmber 2024, the Trust continu¥d to pursuc its obj¢¢lives. Pritnarily, &ims werc mct by the organisation operation of19 summer holidays for pupils prcdominantly from indcpendent schools in F.ngland and Wales_ On thosc huliday.% the young prople ¢njnyed a number of adv¢nU1￿ a¢tivitic% plcnly ol Trood fun and rcceiyed cl6ar and hiblically laithful t£aching aboul the Christian faith_ In additiOTL tILC l-rnst ran a number ufEaster and Chiislmas contercnccs during whiLh Man￿ }'oung pcoplc heard aboui Jesus Christ. As noted abov¢ the Tnjst's work is divided inlo three main camp groups: Gloddaeth, L)Inington Rushmore and l.DN Holidays. During thc year, The-I'rusÉ cmploy¥d staff in all three camp groups Iv ensure Éhat its aims were achieved. Throughout the academic year. these staff spent muvh of their tiwne visiting schoots by invitation. Whcn inyiled into schoo15. our statf took school assemblies. gave talks and prcsentations. and helped lead Chri5lian meetings. The implications orth¢ Covid pandcfflic continue to affect the age gmup we are wnrkiDg with including the increasing incidence of mental healih issues and thc impact olsocial isolation. We have also Doted a grcatcr int¢r¢sl and openness to spiritual things amongst many in this 8eneration. Feedback from pwents has indicaled that attending onc of our residcntial holidays has been particiilarly important over thc last few years and we hope that they can ¢onlinue to play a part in hclping young people to navigale the complexities of the teenage years. The Vision and Values for the Trust, adopted in September 2022, ¢onlinue to iK v¢ry helpful in shaping lh¢ Trusi's priorili¢s and have guided the trustees in their decision-making. Key Perfornianee Indicators The Twstees meet regularly to hear rcwrts from each of the Ihr¢e camp groups and to plan the direction of future activities prayerfully. This rew)rting and planning is not based on defined financial measures or othcr quantitative performanc¢. However, certain numerical indi¢ators are tracked by the Trustees, al least annually. These are set out below. Holiday and conference attendance {campers and assis(ant leaders) Easter holidays Summer holidays Other holidays and conferences 2024 2023 232 966 272 242 1,250 261 1,470 1,753 2024 2023 2024 £'ooo 398 533 2023 £'ooo 37% 520 Donation5 anAtysis One-off gifts Slanding ordcrs 43 57 42 511 100 100 931 898 FINANCIAL REVIEW The Trust's Statement of Financial Activities is sel out on pag¢ I l. This shows a surplus and a net increase in funds of £35,730 in th¢ year endcd 30 September 2024 (2023.. deficit and a net decrcasc in funds of £43,217). Total fund5 at the end of th¢ year were £723,525 (2023.. £687,795), all of which was unrestricted. Within thi& the Generdl Fund was £405,000 (2023.. £360,350) and the designated Growth Fund reduced lo £318.525 (2023.. £327,445).

THE TITUS TRUST TRUSTEES, REPORT (continued) InV￿tMents Under the memorandum and articles of association, the Trustees have thc tK)wer to invest funds that are not immcdialely requircd for the working purposes of the Trust as they think fiL In addition: they have power to delegate thc excrcisr of their powcrs of invc51mcnL upon such tcrms ￿(j &t such reasonable rcmuncraliun &s the TNsl¥¥s may thithk fi( to professional investment mana¥crs. Th¢ Trust's invcstments arc invcst¥d for the mcdium 8t￿ are currently held in a fund for charitics managed by Rathbon¢ Investment Management rcprcscThling a level of risk d¢¢med appropriate by thc Trusie¢s and revicwcd at IL￿1 annually. The Trust bcnefits from thc incomr generatcd by th¢ fund as well as fmm thc sccurily of knowing that short-temi fluctuations in giving can bc siJ5tdined ￿lthOU1 th¢ nwd for spending to he reincd b￿k immediatcly. Thc Trubi holds addilional monies in bank accounts carninLT competitivc ratcs of interest in order to he able to Tneet more imtncdiulc needs and to cnbure Ihat the Trnst can CO￿ with th¢ month-to-month flucluations in our incomc and cxpcnditure. Th¢ Trustees review the ￿rIOr￿￿¢t regularly to dcLide where the investments should be held going forward. ReserYe5 The reserve poli¢y slate5 that res¢￿eS should cover 5 months of staff costs. Al 30 September 2024, this ¢quated to a Ihr¢shold of £405,000 (2023= £360,250) based on budgeted staff numbers. Al this level, th¢ Trustees bclieye they are giving appropriate regard lo Ihe Trust's employees and allowing sufficient time to make necessary contiThgcncy plans in the cvcnl of a significant drop in funding. The Trustee5 VICW this policy as prndenl and keep it under regular review. At 30 September 2024 the Trust's free rcserves amounted to £554,861 (2023.. £601,709). This is £149.861 alxlve (2023.. £241.459 above) the threshold outlined above. FUTURE PLANS The Trustees intend thai the Trust should continue with its COJE a¢tivities in the coming ycar 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 bettcr 5UPPOrt th¢ work ai a local level. The Trust has invested in a new database for both donor and holiday management to rcplace our previous system which had been in place for many years. The parent iN)oking port&1 has been rolled out during 2023124 and has provided significant benefits for parents and staff providing improved infornialion and ￿r¢aMIlned processes. The leadcr wsrtal which is & database for our leaders including all safer reeruitmenl processes is being launched in NOVem￿r 2024. The donor management system was also launchcd during 2023124 whi¥h provides much more detailed Storage of donor and the ability to dnalyse data and automalc financial processe& Thi5 will support tnor¢ effKlive work with our supportcrs which Ivill include a series ol. events to engagc Sl￿pOrterS with the work of the trust and to encourage long-terni financial supy)rt. TRUSTEES AND SECRL TARY The following havc acted as Trust¢¢s throughout thc y¢ar and to thc datc of this retrf)rL ¢x¢ept as notcd.. CJiles Cattcnnolc Lisa Greattvood Rebecca Irvine Timothy Malton Layo Obcmbe Michacl Paterson Rupert M&ckay Clifford Swartz Peter Woodroffe (rrom 12 Oct 2023) {fmm 20 Junc 2024) (10 20 June 20241 Rosie Dunn served as Trust Secretary throughout thc year. AUDITORS UHY Ross Brooke. having expre55ed their willingness to continue in office, will be deemed reappointed for Éh¢ next financial ycar in accordance with section 487(21 of the Companies Act 2006 unless the Trust receives notice under section 48811) of the Companies Ath 2006.

THE TITUS TRUST TRUSTFES, REPORT (continued) The Trustees. report including the Structure, Governance and Management Report was approved by the Tnjstees and signed on their behalf. TNst¢¢ LJP£Lf H

THE TITUS TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES The Tn￿tee& company directori are resp0Tr5ible for prewaring the Trusttts. Report and the financial statements in ￿￿OrdanCe with applicablc law and regulations. Company law rcquiTCS the Trustes to prrpare financia] statements for cach financial year in accuidunce with United Kingdom Gencrally Acceptcd Aucounling Practicc (United Kingdom Accounting Standards) and applicablc law. Under company law the Trustees must not approve the fingncial stat¢ments unless they are satisfied that they give a Iru¢ and fair view of the state of affairs of thc charity and of the surplus or deficit of the charity for that period. In preparing these financial stal¢menls, th¢ director5 rcquir¢d (o: 5clcct suitable accounting policies and then apply them consislenily; make judgments and accounting estimates that are reasonable and prudent; stste whether appli￿1¢ UK Accounting Siandards have been folloi¥ed, subject to any material departures disclosed and explained in the financial statem¢nl& prepare the financial stal¢ments on the going conccm basis unless it is inappropriate to presume that the charitable Company will continu¢ in business. 'I'he Truslccs are r¢sponsiblc for CnSUTing thai a(kquate accounting r¥Lords are maintsincd that are sutlicicnt to show and explain thc Lhurilv's transactions und disclo￿ with re&sonablc accuru¢y at any timc thc fiTwi¢ial positlOD of the charity and enablc thcm to ensurc that thc financial stalcments comply with the l-ompanics Act 2006. They arc also reoponsible for safeguarding thc llSbet8 of the charity and ensuring thcir pmper application in accordancc with churily law, and IMice for taking reasonrAble sleps for the prevention and detection of fraud and other irregularities. So far as the Trustee5 are aware, there is no relevant audit inforniation (inforniation needed by thc cotnpany's audilors in connection with preparing their report) of which Ihe Company's auditors are unaware and ¢a¢h Trustec has taken all the steps that helshe ought lo have taken as a Truslcc in order lo make himselflherself aware of an), relevant audit information atid to establish that the company's auditors arc aware of that infonnation.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST Opinio We have audited the finan¢ia] statementsof The Tilus Trust (the 'charitable company,) forthe year ended 30 September 2024 ivhich comprise th¢ Statetnenl of Financial Activities. the Bal8mee SheeL Statement of Cash Flows and notes to thc financial statements, including a summary of significant accounting policies. The IinaThcial rewning framework that has been applied in their preparation 15 appli¢&ble law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fuwncial Reporling StGAdard applicable in ihe LIK and Republie of Ireland (United Kingdom Generally A￿epted Accounting Practice). In our opinion the financial statement5= give atrue and fairview of the sthie of the charitable Company's affairs as at 30 September2024 and of its incoming re50urccs and application of resoiir¢es. including its income and expenditure, for the year then ended- have bccn properly prepared in accordance with Llnit¢d Kingdotn Generall) Accepted Accounting Practice. and have been prepared in accordance wi(h the requirements of the Companies Act 2006. Basis for Opinion W¢ conducted our audil in accordanc¢ wilh Intctn&tional Siandards on Auditing IUKI {ISAs (UK}) and applic&bl¢ law. Our responsibilities under thos¢ standards are further described in the AUdi￿r'S responsibilities for the audit of the financial statcmenls section of our report. W¥ are independent of the charitable ￿MpaThy in &ccordan¢¢ with the ethical requirement5 that are rel¢vant to our audit of the financial sÉ&tements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eihical res￿nsibIlI11¢S in accordance with these requirements. We believe thal the audit evidence w¢ have obtaincd is sutticient and appropriate to provide a basis for our opinion. Conelu5ions relating to going ¢oncern In auditing the financial statements, we have concludcd that th¢ trustees, use of lh¢ going concern basis of accounting in the preparation olth¢ fitianeial statements is appropriate. Based on the work M'e hav¢ perfornied, we have not id¢ntifJed any material unccrtainties ￿ lating to events or condili0Trs IhaL individually or collectively. may cast significant doubt on the charitsble company's ability lo continue as a going concern for a period of at least twelvc Tnonihs from when the finan¢ial statements are authoriscd for issu¢. Our responsibilities and the responsibilities of ihc trusl¢¢s with respect to going concern are d¢scribed in thc relevant 5cclions of Ihis retrfTrrt. Other informgtion The trustees are reS[￿)nSIbLe for the other inforniation. The other infom)ation comprises the information included in Ihe tnjstees, annual reporL other than ihe financial statements and our auditor's report thereon. Ouropinion on the financial statements does not cover the other infonnation km<L except to the extent otherwise expli¢irly stated in our rep)rt, we do not express any fom) of assurance conclusion thcreon. Our responsibility is to read the other infomation and, in doing so, Consider whether the other information is materially inconsistent with the fmancial statements or our knowledge obtaincd in the cours¢ of the audit or otherwise appears to be materially misstated. If we identify such material in¢onsisten¢ies or apparentrnaterial misstatements, we are required to deterniine whether thi5 givcs ris¢ to a tnaterial misslatement in the financial statements themselves. If. based on the work we have perfornied, we concludc that there is a material misstatement of this other inforniation, w¢ are required lo reporE that fact. We have nothing to rewrt in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, b￿d on the work undertaken in the course of the audit: the inforniation given in the trnstees, report (in¢orFofdting thc directors, report) for the financial year for whi¢h the financial statcmenls are prepared is consistent with th¢ financial statcments; and

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST the directors, report has been prepared in accordan¢¢ with applicable lega] requirem¢nls. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitsble company and its environment obtained in the cours¢ of the audit, we hav¢ not idcnlified material misstatements in the trust¢¢s' report included within the trus*es' annual r¢port. Wc have nothing to report in respect of the following fflatte￿ where the Companies Act 2006 requires us to r¢p)rt to you if. in our opinion: adequate accounting records havc not been kept. or returns adequate for our audit have not been ￿CeiVed from brtmches not visited by us. or the financial statcmcn15 arc not in agrecmcnl with thc accounting records and relums: or certain disclosures of trustees, remuneration specified by law ar¢ not made; or we have not received all the inforniation and explanations we require for our audit; the trustees were not entitled to prepare the finaTrcia] slalem¢nls in accordan¢¢ with the small companics regime and takc advanlage of the small companies, ¢x¢mption in preparing the trustees, annual report and take advantsge of the small companies exemption from the requirement lo prcpar¢ a slrategic report Responsibilitie$ of trustees As cxplain¢d more fully in the trustees. responsibilitics slalement set out on page 7, the trnst¢¢s (who arc also the dir¢ctorsof the charitable company forthe PUTwbses of company law) are responsible for the pr¢paration of the financial statrments and for being satisfied th&1 they give a tru¢ and fair view, and for such inlemal control as the ttvstees deterniine is ne¢essary to cnable th¢ preparation of financial statements that free from material misstatemenL whether due lo fraud or ern)r. In preparing the financial statements, th¢ trustees are responsible for assessing the charitsble company's ability to Continue as a going wncem, disclosing. as applicable, matters related lo going concern and using the going conccrn basis of a¢￿UntIng unless the trustees either intend to liquidate the charitablc company or to cease operations, or have no realistic alternativ¢ but to do so. Auditor's responsibilities for the audit of the finoncial ststement5 Our objectives are to obtain reasonable assurance aExyul whether the financial statements as a whole arc frce from material misstalem¢nl whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran¢¢ is a high level of &ssurdnce, bul is not a guarantee ihat an audit condu¢l¢d in accordance with ISAS (UK) will always dctect a material misstatement when it exists. Misstatcmenls ¢an arise from fraud or ¢m)r and are considered material if, individually or in the aggregate, they could r¢asonably be expected to influence the economi¢ decisions of users thken on the basis of th¢se financial stal¢m¢nts. Irregularities, including fraud, are instances of non-¢omplianee with laws and regulation& We dc5ign procedures in linc with our responsibilities, outlined above: to delcct material misstatements in respect of irregularitie5, including fraud. The specifi¢ procedures for this engagement and the exlcnt lo whi¢h these are c&pable of detecting irregularitic including fraud is delail¢d below: We have considered= the naturc of th¢ charity and sector, ¢ontroI environment and operaling perfomiance; the charity's own assessmenL including assessments made by key management, of the risks thai irregularities may occur either as a result of fraud or error; any matters we identified having reviewed the charity's policies and pro¢edure5 rclating lo: identifying) evaluating and complying with laws and regulations and whether thcy were aware of any instan¢¢s of non-complian¢e- detecting and responding to the risks of fraud and whether they have knowledge of any &ctual, suspeeled or alleged fraud; and the internal controls established to mitigate risk5 of fraud or non-compliance with laws and regulations; the matters discusscd amongst the audit engagement team.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST As a result of thcsc procedures. we considered ihe opportunities and inccntives that may exist within the organisation for fraud and identified the ¥rcul¥st potential for frdud in the arcas in which managcmrnt is requircd to cxcr¢ise significant judgctnent, such as rccognition of incomc. In cuJJunoTh with all audits undcr ISA5 (UK), we are also requircd to pcrfoTffl bp¢¢iFic proccdures kn respond to lh¢ risk of managctncnt override. Wc a]so obtained an undcrstsnding of the legal and rcgulalury frnmework ihat thc company operate% focusing on provi5ion5 01 ihose laivs and ￿¥U1￿110nS that had a dircct cffcct on the determinatiUD of matcrial amounts and disclosure8 Ill thc fIn￿lia1 statements. Thc key laws and rcgulatinns wc considcred in this context wcre Ihe Companies Act and t&x legislation. Because of the inherent limilations of an audit. there is a risk that we will not detect all irregularilies, including those leading to a material misstatement in the financial statements or non-compliance with regulatioTr. Thi5 risk increases the more that compliance with a law or regulation is removed from the ¢vents and ÉrnnsaLlions reflected in the financial statements, as we will be les5 likely lo become aware of inslaTrces of non-compliancc. The risk is also greater regarding irregularities o¢curring due lo frdud rather than eTror, as fraud involves intentional concealmcnl. forgery,, collusion, omission or misrepresentation. A further des¢ription of our responsibiliiies is availablc on the Financi￿ Reporting Council's website at= hti 1Trsibililies. This description fomis part of our auditor s report. Use of our reptsrt This is made solely to the charitable Lompany'8 member& as a ly)dy, irk accordance with Chapter 3 ofpart 16 of the Companies Acl 2006. Our audit work has ken undertakcn so that we might stat¢ to the clwilable company's mcmb¥rs Ihose mattcrs w¢ required to state to thcm in an auditor's report and for no other purFKJse. 'lo the fullc5t extent pcrmittcd by law, wc do not a¢Lept or re£ponsibility lo Jnyone other than thc charitable compan). and thec itablc Lumpany's mcmbcrs body. tor our audit work, for Ihis rep)It or for thc opinions we havc formed. cbstcr FCA (Senior Ststutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor Suite l. Windrush CourL Abingdon Business Park. Abingdon OX14 ISY io

THE TITUS TRUST STATEMENT OF FINANCIAL ACTIVITIES Year ended 30 Septc￿ber 2024 Notes 2024 2023 Income from: Donations and legacies Charitablc activities Investments 989.191 630.056 14.576 914.173 658.382 2U,965 1,593.520 Total income 1.633.823 Expenditure on: Raising fund5 Charitable activities Totsl expenditure (117.664) (1.518,2391 (1,635,903) {114,9571 ( R,530,370) (1,645.327) Net {losse5) / glins on investments 12 37.810 8.590 Net income / {expenditure) Net movement in funds 35.730 (43.217) (43.217) 35.730 Reconciliatio￿ of fund5: Total funds bmught forwards Total funds carried forward 687.795 731.012 687.795 723,525 Total recogni5ed gains And losses Th¢re were no recogniscd gains and losses for these Yea￿ except as shown aknvc. Continuing operntions All amounts showm aknve relate to continuing a¢tivities. All ineome expenditure relate to unrestricted fund$

THE TITUS TRUST Company Registra*ion No. 3473879 BALANCE SHEFT Year ended 30 September 2024 Notes 2024 2023 FIXED ASSETS Intsngibl¢ assels Tangible A&￿S Investments 10 160,094 8,570 465,447 634,111 71,137 14.949 517,637 603.723 12 CURRENT ASSETS Debtors Cash al bank 13 80,395 198,091 278,486 172.984 38.394 211.378 CREDITORS: Amounts fa]ling due within one }iear 14 (189.0721 (127,3061 NET CURRENT ASSETS 89,414 84.072 NET ASSETS 723,525 687,795 FUNDS INCOME FUNDS Unwstricted In¢om¢ funds 17 723.525 687.795 TOTAL INCOME FUNDS 723,525 687,795 The notes on pages 14-22 forni part of these financialslatements. In prcpuring these tinan¢ial statemcnt5. th¢ Irustees havc takcn advtmtage of the special provisions for sm&ll compani¢s under Part 15 of the Companics Atyl 2006. These financial 5tatCTnenls were approved b}, the Trustees on 23 January 2025. Signed on behalf of th¢ Trustec5 Trustee 12

THE TITUS TRUST STATEMENT OF CASH FLOWS Year endcd 30 Septemb¢r 2024 Notes 2024 2023 Cash used in operating activities 19 156,781 1107.127) Cash flows from investing activitics Dividends and intrrest Irom investments PToc¢¢ds from the sale of fixcd assets Purchase of fixed assets Proceeds from the sale of investments Purchase of invcstments 14,576 20,965 1101,660) 90,000 (79,091) (30,000) Cash provided by investing activities 2,916 (88.126) In¢r¢ase l (Dee￿ase) in cash and cash equivalcnts in th¢ year 159,697 (195.253) Cash and cash equivalents al the begiru)ing of the year 38,394 233.647 Total cash and cash equivalents ar the end of the year 20 198,091 38,394 13

THE TITUS TRUST NOTFS TO THE ACCOUNTS Year ended 30 September 2024 ACCOUNTING POLICIES The accounts (financial statements) have been prepared under the historical cost convention with ilems rcLognised at cost or transaction valu¢ except for Lfrtain investment a5s¢ts. which are shown ai market value L8 set out btluw, and in accordance with thc fivancial Rcporting Siandard applicable in the UK and Rrpublic of Ircland (FRS102) ("fRS102'), ￿atcmCTht olRecommen(kd PruLIiLe= Accounting and RqN)rting by Charities (Rtyi5￿ 2019) appliL&blr lo charitics preparing ihcir acLounls in accordanLC wilh FRSI 02 ('Charities SORP IFRS102)'L thc Charitics Act 2011. and the Companies Act 2006. Where ncccs5ary Ihe headings laid down in the Companics Aci have bccn adupl¢d to meet thc special circum5#anLes of thc Trust. CompaDy status -nie Trust 15 a registered charity and a company limited by guarantee regislercd in F.ngland and Walcs. In the event of thc chatilable company being wound up. the liabilty in rcspcct of th¢ guarantee is limilcd to £10 ptrr mcmbcr of the charitablc company. Going Concern The financial slatemen15 have been prepared on the going concern basis. The Trustees have assessed Ihc going concern position and have no re￿On LO believe that thcre is a material unccrtainty that iyould aff¢d the ability of thc organisation to continue a5 a going concern for the foreseeable future. Th¢ Truslees consider the for¢seeable future to b¢ at least 12 months from th¢ date thal the fin9￿cIal statements are signed. The Trustees hav¢ been in regular cotllffluni￿I1Qn with its donor b93¢. which has continued to show their 5UPPOrt through their generous gifts and a substantial legacy during the year, which materially boosted the Trust's financial reserves. As the Tru#¢es approvc the accounty the ivorld continues to face many utJccrtainti¢s as ll resultof.. the ongoing fallout in th¢ aftermath of the pandcmi¢' the Ukraine war; economic instability- The Trustees re¢ognise ihe ongoing impact thi5 may hav¢ on our operations and finance& and have caThied out detailed w'ork on modelling different scenarios and appropria* responsts. The Truslees believe that should income from donations and camp fees be affected going forward, corr¢sponding adjustments to costs can be made which will enable thc charity to continue as a going concern. Donations Donations received are credited lo incoming resources on r¢ceipt by the Trust. Gifts reeeived under the Gift Aid schem¢ are credited lo incoming resources together wilh Ihe appropriate t&x rccovcrable. Investment incom¢ interest receivable Income from investments and dcposil interest is included in the statement of financial activities when it bccomes rcccivabl¢. Investment incom¢ is included gross of rccovcrnble t&xation. Income from chgritsble activities Holiday and Lunference income is recogni5cd in Lhe period in whivh the relevant holiday or confcrcnLC lakes pl&ce. Income rcL¢iv¢d in advance is recordcd wiihin creditors. Expenditure Expenditure is includ¥d in the stalcmcnt of financial activitieg on thc accruals basis and includcs I￿¢¢0verabl¢ VAT. Costs of generating IunLls are thosc incurrcd in attracting voluntary incomc and include allocatcd support usls. Costs of operation of holiday camps comprisc costs associatrd with thc running. of the holiday camp5 and include both direct costs and allocaled .support C05t5. Governancc cogq includc th05c incurred in thc govcrnancc of the Trust's assets and are primarily associatcd wilh constitutional and statutory rcquirements. Support ¢osts includc c¢ntral fi]nctions and have bccn allocakd to activity cost categories on a bL8is consistent with th¢ use of r¢.8ources (e.g. sl&(Icosts by time spent) or by manag¢m¢nl cstimatC5 of lh¢ amount attributable to a particular activity- Tangible fixed assets and depreeiation Tangiblc fixed assets costing MO￿ than a de minimis amount of £250 are capitalised upon initial acquisition and are hcld in the balance sheet at cost 1¢55 depreciation. Dcprevialion is provided at th¢ following raies in order lo write off the costs of tangible fixed assets over thcir expectcd useful lives.. 14

THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2024 Camps, activity equipment Office equipment 50/0 on cost 20Yo- 33.30/0 on cost Intsngible fixed assets and amortisation InaThgible fix¢d aqsets (primarily Lunsi.8ting of capitalised software development Cosxs) Capitalised upon initial quisition and &re held in thc bAlance sheet at cost less d¢preciation. Deprcciation is providcd ui the following ratc in urder to writc off the costs of intungible fixcd as5cts' uv¢i (heir ¢xpected useful lives.. Softwarc development costs Written off over 7 years Financial instrument5 The Tn￿t only ha5 financial a￿ts and financial liabilities of a kind that qualify as basic finanLial instNmentS. Basic financial inslruments are initially rccognised at transaction valuc {iThcluding transaction costs ex¢¢pt in the initial mcasurem¢nt of Financial i&sets and liabililies that are measured at lair value through profit or loss) and Subsequently me&8ured atamortised cost using thc effcctive interest method. Inv¢*ment5. though classified as basic financial instruments, are measured at fair value ihrough profit or loss. Investments As noted above, asset5 held for investment purposes are classified as basic financial instruments. Th¢y are valued at market value al the balance sheet date, with nct gains and losses arising on revaluations and disp05als during the year included in the slatemenl of financial activilies. Debtors Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid ncl of any discounts due. Cash at bank Cash at bank includes c&sh and short temi highly liquid investments with a short malurity of three months or less from the date of acquisition or opening of the dewsit or similar account. Liabillties Liabilities arc ￿CognISed whcn th¢re is an obligation al the balancc sheet date as a rcsull of & past evcnt, it is probable that a transfer of ecoThotniL ￿nefIt will bc rcquiird in settlctncnt. and thc amounl of the r£ttlcmcnt can bc cstimated reliably. l.iabilities arc ￿Cognised at thc atnounl Ihat the charitahle company antiLipales it will pay to 5cttlc the debt. Pensions Thc Tnjst operatC5 a defined contribulion pension schcmc. Contribulions payable for thc ycar are chargcd i the 5tatcmcn( OF financial ￿tIvIties. Thc Trusl also makcs pa)ryncnts on behalf of certain cmployccs io other occupational and ￿Sonal pension schemcs. DONATIONS AND LEGACIES 2024 2023 Donations Legacies 930,558 58,633 989.191 897,614 16,559 914,173 15

THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Operation of holiday tamps Campers, fees Assistant Lcadcrs, fees Othcr incom¢ 554,892 59,675 15,489 630,056 589,187 48.449 20,746 658.382 INVESTMENT INCOME 2024 2023 Dividends Bank deposlt inlcrest 11,660 2,916 14.576 18,094 2,871 20,965 EXPENDITURE ON RAISING FUNDS 2024 2023 Costs of generating voluntary in¢ome (sec note 7) Invcstmenl management fees 117.644 114,957 117,644 114,957 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Costs of operAtion of holiday camps: Camp groups staff salwies and pension costs Camp groups life assurance and pennaTrent health Strff expenses Rent and utilitics Food Activitie& including aclivilies legal costs Insurance Oth¢r dir¢Gt costs of holiday5 Publicitv, printing, ￿nSumabl¢S and postage Camp group oifice and admin costs Depreciation Loss on disposal of fixed assets Governance costs (see note 71 615.854 13.174 27,047 332,216 153,819 101.606 37,561 29,797 13.003 24,800 5.678 177 28,249 618,105 17,170 34.363 334.281 155,606 111,167 30,589 36,590 11.357 26.933 6,231 26.615 16

THE TITUS TRUST NOTES TO THE ACCOUIYTS Year ended 30 September 2024 1,382,981 135.258 1,409,007 121,363 Support costs (S￿ note 7) Total charitabl¢ activities 1,518.239 .530,370 17

THE TITUS TRUST IYOTES TO THE ACCOUNTS Year ended 30 September 2024 SUPPORT COSTS Costsor generatin Cosls of op¢rAtiot) f holiday Camps voluntiry iD¢ome Governalle e costs 2024 Total 2023 Total C)ffice staff salary and pension Costs ' Officc staff life a$5uronce Publicity and promotion Offic¢ ¢osts ' Insurance lindemnity & legal expenses) Extemal audit 38,610 11,032 60,673 110.315 115.844 1.050 12,947 31.152 300 1.651 3.001 12,947 89.057 398 4,025 20.211 63,840 -199 8.￿)6 398 48,981 6,720 14,593 6.720 41,695 5,400 50.060 Other professional fees and admtnistrative ¢osts Trustee eXpen￿S Depreciation (see note 10) 10,424 16.678 3.811 1,323 47,082 147,082} 3.81 E 13,227 281,171 2,613 543 4.629 7,275 135,258 98,831 262.935 Govemance c05t5 l8,833 28,249 117,664 163.507 281,171 262,935 These items are allocated between Cost of g¢n¢rating voluntary income. governance wsts and costs of operation of holiday camps in the proportion 35fj/fj. I￿10 and 55 %.

Professional fees are predominately legal, PR and accountan¢y cosis along with counselling support

provided through Titus Trusi Support Fund administered by thirtyone:eight. These costs have been allo¢a(¢d betw¢en cost of g¢nerating volunthry income, governance ￿sts and c051s of operatioii of holiday camps in the protx)rtion 25 /4 35O/ts and 40ty/ts. NET INCOMEIEXPENDITURE is stated aftcr charging: 2024 2023 Depffciation Operdting leas¢ rentals.. Land & buildings Auditors remuneration- Audit 18.905 6.774 36.000 36,000 6,720 5.400 18

THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2024 STAFF COSTS AND NUMBERS 2024 2023 Wages Social security ci)sts Pension ¢ontrÈbutions 595,994 50,540 79,634 726.168 612.229 51,605 70.116 733.950 No employee received emoluments in excess of £60.000 in eiih¢r the current or prior ycar. The Trust defines 'Key Management Personnel, I-KMP,) as the (hr¢e Camp Group Lead¢rs and the O￿atiOnS Director. The pay and benefits of KMP is reviewed annually by the Board of Trustccs. In th¢ year ended 30 Scptetnbcr 2024 this group receivcd rcmuneration of £241.934 (2023.. £193.9121- The averagc number ot-tull time eqvivalcnt cmploy¢es, analyscd by futiction, was.. 2024 2023 Holiday camps Management and admillistraiion 13.3 15 13.1 'l-he Trust opcrdles a defincd conttibution pension scheme and Ihc charge for thc ycar ib shown a￿ve as part of pension costs. The -I'rust also tnakcs payments on behalf of ccrtain cmplayees to othcr occupational and personal pension scheme5. None of th¢ Trustees re￿ived any rcTnuneration during the year (2023.. nil). However, 5cc note 15 in respect of other related party transactions. 19

THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2024 io. INTANGIBLE FIXED ASSETS Software Tot41 COST At l October 2023 Additions Disposals At 30 S¢plember 2024 71,137 101,660 71,137 101,660 172,797 172 797 DEPRECIATION AÉ l October 2023 Chargc for the year Disposals At 30 September 2024 12,703 12,703 12,703 NET BOOK VALUP. At 30 Scplemb¢r 2024 At 30 Sepiember 2023 160.094 71,137 160.094 71,137 Camps. Equipment is used directly in the operation of holiday camps and office equipment is used for support 11. TANGIBLE FIXED ASSETS Offiee Equipment Camps, Equipment Total COST Al l October 2023 Additions Disposals At 30 S¢pt¢mber 2024 34,222 167,991 202.213 15.0401 162,951 5,0401 197.173 34,222 DEPRECIATION At l October 2023 Charge for the year Disposals At 30 Scptemb¢r 2024 33,511 524 153,753 5,678 4,8631 154,568 187,264 6.202 4,8631 188 603 NET BOOK VALUE At 30 September 2024 At 30 September 2023 187 711 8,383 14.238 8,570 14,949 Camps, Equipment is used directly in the operation of holiday camps and offic¢ equipment is used for suppofL 12. INVESTMENTS 2024 2023 M¥rketvalue At slart ol. the year Additions at Cost Disposal proLceds Realised gains on disposal 517,637 479,047 30,000 (90.000) 20

THE TITUS TRUST NOTES TO THE ACCOUNTS Year cnded 30 September 2024 Unreali5ed gains in market values At end of the year 37,810 465,447 8.590 517,637 Analysed as.. Rathbones Active Income and Growth Fund 465.447 465,447 517,637 517,637 Historical cost at end of the year 435.000 525,000 13. DEBTORS 2024 2023 Staff loans Income l&x recoverable Other debtors Prepayments 6,279 44,1 16.7(MTr 13.316 80,395 10,539 15,939 118,13C) 28,367 172,984 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social seLurity and other taxes Other creditors Accruals and deterred income 12,238 98,167 78,667 189.072 11.082 68,637 47,587 127,306 IS. FINANCIAL COIVIMITMENTS Ai the year end the Trust had total commitments under non-cancellable operating leases as shown klow. All relate to O￿LCe rental.. 2024 2023 Within l ycar Within 2 to 5 years After morc than 5 years 36,000 54,000 36,000 90.000 90,000 126.000 16. RELATED PARTY TRANSACTIONS During thc ycdr ended 30 September 2024. Trustees (and their related parties) donated £15,205 to the Trust (2023.. £22,508). Two Trustccb receivtd rcimbursemcnl of cxpenseq during thc year totalling £730 {2023.. Thrrc Trustees reLeived a total of £386). One Trustee waivcd cxpen5es ot £50 during Iht year (2023.. Two trustccs waived expenses 01£866)- There wer¢ no relatives of trUSt￿S employed by thc Trust during the year12022- nill. 21

THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2024 17. MOVEMFNI, IN FUNDS BalaDct #l l October 21123 Balante At 30 Seplember 21124 ExpeThditure losse$ Transfers Unrestricied funds General Designated- Growth Fund Totai unreslricted funds 360.350 1,633,823 11,635,903) 37,810 8,920 405,000 (8,920) 318,525 327.445 687.795 1,633,823 11.b35,Y031 37.810 723.525 Total funds 687.795 1.633,823 11.635.9U31 37.810 723.525 All &ssets and liabilities relate to the unrestricted fund& The purpo.s¢ of the dcsignal¢d fund (Growth Fund) is to sel asid¢ legacie5 for funding growth initiatives. Thi5 fund is vnrestricted. Movement in funds 2023 BAlfince At l Ottober 21122 Income Expenditure Galnsl 10$5es B*lance at 30 September 2023 Trlnsfers Unre$tritted funds G¢n¢r81 Designated- Growth Fund Total unrestrict¢d ￿ndS 384.250 1,593,514 (1,64S,3261 8,590 19,317 119.317) 360,350 346,762 327.445 731.012 1,593,514 (1, 645.3261 8,590 687,79) Total funds 731,012 1,593.514 11, 645.3261 8,590 687,795 18. ANALYSIS OF NET ASSETS BETWEEIY FUNDS Total 2024 All Unrestricted Total 2023 All Unreslricted Tangible fixed assets Fixed asset invcslments Current assets cr￿llorS due within l year Net assets 168,664 465,447 278,486 (189,072) 723,525 R6,086 517.637 211,378 (127,306) 687,796 22

THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2024 19. CASH FLOWS Reconciliation of net (expenditure) lo net cash flow from operating activities 2024 2023 Net incomel(expenditure) for the year (as per ihc Stalemenl of Financial A¢tivities) Add back depreciation charge (Gains}Iloss on investments Invcslmenl income Loss on disposal of fix¢d assets De¢r¢as¢l(increasel in debtors (D¢crease} in creditors Net cash used in operating aclivili¢s 35,730 (43,217) 18,905 137,810) 114.576) 177 6,774 18,5901 (20.9651 332 92.589 61.766 (87,6161 46.155 (Ill7,1271 156.781 20. ANALYSIS OF CASH AIYD CASH EQUIVALENTS 2024 2023 C&sh in hand 198.091 38,394 23