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