Company Regi$trAtion No. 3473879 Charity Commissiou R¢f¢rente No. 1066751 THE TITiiS TRUST Annual Report and Financial Statements For the year ended 30 Sept¢mber 2025
THE TITUS TRUST REPORT AND FINANCIAL STATEMEIYTS 2025 CONTEiYrs Page Referenee and •dministrative detsils trustees #nd advisers Trustc¢s' report Stst¢meDt of Trust¢, responsibS11ti Independent auditor's report Statement of finaneial aetiiryti¢J Bgl&nce sbett 12 ststement of cs5h flows 13 Notes to the aecounts 14
THE TITUS TRUST REPORT AND FINANCIAL STATEMENTS 2025 REFERENCE AND ADMINISTRATIVE DETAILS, TRUSTEF.S AND ADVISERS TRUSTEES Giles Catterniole Thomas Gamier Lisa Greatwood Rebecca Irvine Rupert Mackay {Chair) Timothy Malton Layo ObEmbe Michael Paterson P¢ter Woodroffc SECRETARY Rosie Dunn SENIOR STAFF CAMPGROUP LEADTr RS Anthony Bewes- Lyminyton Rushmore Alex Gr¢av¢s- LDN Peter Gaskell- Gloddaeth OPERATIONS DIRECTOR Rosi¢ Dunn REGISTERED OFFICE 12 Lirnc Tree Mews 2 Lim¢ Walk Oxford OX3 7DZ BANKKRS SOLICITORS Nationa] Westminster Bank plc 89 Mount Pleasant Road Tunbridge Wells TNI IPX Moore Barlow LLP The Oriel Sydenham Road Guildford GUI 3SR AUDITORS INVLSTMENT MANAGERS Rothbone Investment Management Ltd. 8 Finsbury Circus tAdOn EC2M 7AZ UHY Ross Brook¢ Suite l. Windru5h CourL Abingdon Business Park. Abingdon OX14 ISY
THE TITUS TRUST TRUSTF.ES' REPORT The Truste¢s present their annual report and the audited fLnan¢ial slatements for th¢ year endcd 30 September 2025. STRATEGIC REPORT STRucfuRE. GOVERNANCE AND MANAGEMENT The Titus Trust {"The Trust") was incorpoTated on l December 1997 as a comparry limited by guarantee. It is registered as a charity wilh the Charity Commission and 15 govemed by its memorandum and artlcles of association. Under UK company law. all the Trustees are directors of the company. The liability of the company's metnbers in the event of th¢ Trust being wound up is limited io a sum not ex¢ceding £10. In pr¢parin8 this report and financial ststements. the Trnslees have taken advantage of the Special provisions for small coTnp&nies und¢r Part I S of lh¢ Companies Act 2006. Trnstees Individuals are asked to b¢ Trustte¥ on the basis of their understanding and.Wp of the 1'rust's wo, and ihc skills and abilities ih¢) would be able to bring to the Trustee body. Prior to joinin8 the Tmstee body, an individual is PT0vid with d¥lails of hL5 Dr her lgbial re5PVll5ibililie5 a5 d Trustr¢, as well a5 infornial tr4Lining on th¢ VlOTk of Ihe Trnst. This induction and trainin¥ process És Ove¢ by the Standing Committcc. Trustees ar¢ required to sign the Trust's doctrinal basi5 annually to indicate iheir on-going support ofthc core truths of ChristiaThity. Although not a rquirement of ihe Trust's governing docum¢nts. all the Trustecs are currently non-executive. The Trustees meet at least four times each y¢ar io review all &spects ofthe Trust's activities, including its finances, and make planning decisiorhs tor its on-going work. Th¢r¢ is also an annual residential meding in May to give time to cvnsid¢r more significant issues such a5 the Trust's Vision and Values. In addition, th¢ Standitw Committee meets as r4uired to consider any issues needing attention between Trllstee Board meetings. The Ex¢¢utiv¢ Committee reports to the Truslees on recent and pr¢)posed activities of their areas of responsibility at each Trustee5' meeting. The Finance ¢ommittee meets four times per year prior to the Trustee me¢ting5 to ensure the finances are discussed in greater depth. K¢y M#th#g¢m¢nt Persontsel Ex¢cutive responsibility is delegated by the Tru5t¢¢s to the Bxecutive Committtt comprising th¢ Operations Director at)d three Team Leaders, each of whom is responsible for ot>¢ of the three camp groups.. Gloddaeth. LyMinon Rushmore and LDN Holiday5.. These individuals comprise the Key ManAgem¢nt Personnd (KMP) of th¢ Trust. The Trustees set the remuneratiot] of all KMP and other stsff bascd on suitable benchTllatk5 and ih¢5¢ are reviewed annually. See note 10 for detail5. M&ll8geThellt of risk The TCeS oversee a risk Tnanag¢ment 5y9tem which they use to identify the major risks to which the Trust is exposed, to assess the piobAbility and impart oFeach major risk and io implemeni a¢iions which mitigate thes¢ risks. A section of th¢ Risk K¢gister is considered at each trustee meeiillg to ensur¢ it is kept up to date. The Trustee5 are sat15fi that this system appropriately manages thc Trust's risk exposure. The Trusts primary activities are lh¢ funding and running of Christian activity holidays for young people. On this basil ihe Trustees consider that the most signiflcant risks to which the Trnst is exposed rela* to th¢ safety gf the ¢hildren participating in its holidays, its good reputation and its financial stability- The Trnstees, system of financial risk manage¥nent fO¢seS on clear communication with its .$upporters. ¢omprehen5ive insurance cover includig Financial Failure Insurance to give confidenc¢ to those who have booked holidays and maintaining th¢ Tru5V5 fret Teserves at a level which 8LYes security to ils employees. The minimum threshold for free reserves 15 Set at the level diU$$ed below. The Trnstees take a range of step¥ to minimise the rLSks to the I'rust's reputstion and to ensure ihe fety of children participaiing in its holid&ys. An ¢xternal coD5ultanl advises on the holiday activilies programme5 to ensure thai st8ff and volunteer5 who are organising and supervising holiday activities are properly trained and vetted, that premises and equipment ar¢ suitable and safc and maintaining an appropriate level of public liability insurance. The Trust works with thirtyone'.eight, Christian Safeguarding Services and other organisations to eThSu b¢st pra¢ti¢¢ in all safeguarding rnatlers including receiving policy advice and thc provision of staff and trtle¢ ¢rainin8. The Ttijst had been waiting for the Church of LE)gland'$ Makin Review which flnally publish¢d its r¢port in NoveTnber 2024 into the abuse of John sMh who met a number of his victlln5 on th¢ Iw¢rne camps in the 1980$. The fjtus Trust took ovcr the running of the Iweme camps Ln 2000 and ¢h¢y w¢r¢ closed down in 2020. The Trust has cooperated fully with the Makin Review in¢ludin8 providing inforn]ation and tna¢eriais as well &5 providing infom)ation on the Trnst's wcbsiie about how it had deali with the abuse sinLe they were made aware oFit. The
THE TITUS TRUST TRUSTEES, REPORT (continlled) trustees and Ex¢¢utive Committee considered the report in dall. They responded with a ststement published on thr TTUSt's w¢bsite and went through the recommendations of the report implementing¥ them where appropriatr. ORTECTIVES AND ACTIVITIES The Titus Trnst 15 ¢Stablish¢d to seek to make ¢b¢ Christian faiih a living and practical issue to young people having a preseni or past asso¢iation with independent schoo15 in England and Wales. Although narrowly focused, thi5 objective has demonstrated a broad and long terrn impact through the work of many thousands of individua15 who were inir¢)duced io Christianity through the Trust's Work and have gone on io have an impact on the UK and the wider world. The fo¢us of the Trust's work 15 to provide actlVLty holidays for young people at whtch the core truths of th¢ Christian fatih are explored. In addition, the Trust supporfs Christian tcachers in s¢hoDIs as they run Chrisiian meetings and encourage children to comc on the I'rust's holidays. The TTUSt seeks to be trasparent in its work. and is deli8hted to have In¢ 5UPPOrt of many parents, church leaders. and a number of senior figur¢5 in UK education. trIng the y¢8r. we had 845 volunteers who helped as leadcrs on our holidays. Not only do they give up their holiday tim¢. but n)any also contribute to the work financially, In addition. some of our volunteers also give tslks at schools when ivIted in. It 15 the generosity of these individuals and other support¢rs that enables ihe Trust to employ staff to run holidays and visit schools when invited io do so. The Tsuste¢s gr¢atly appreciate the contributions made by each one. Publ1¢ B¢nefit Although the TN5t charges fees for it5 holidays, il is very pleased to provide 5ubsidised holidays for many young p¢opl¢. The Trust provided a benefit ot. this kind in respe¢t of 181 of the places on its cvenls during summer 2025, amounting to a subsidy totalling £36.932. A significanl number of young people. who r¢¢¢ive very Substantial butsaries or free places at their schools. benefLt from the subsidised holidays thai th¢ Tru# provides. Furth¢rmor because our holiday5 are staffcd predominantly by volunteer leaders, even the full price of our holiday5 LS a rnu¢h lower ¢ost to partnts or gllardian5 than a typical commercial provider. The Trust¢¢$ believe that the provision of aetivity holidays for childr¢n and youn8 people where they can both cxplore the beliefs and implications of religion (in our c, the Christian faiih) in a gensible, reasonable, thoughtful and considered way, and enjoy an exciting, challenging and well-supervised holiday is a clear example of advancing religion for public benefit. Spccific, intangibl¢ benefits which extend to the wider UK c4)mmunity and ovcrseas include the following.. educating, developing and encoura8ingyoungp¢opleto grow to be malure adults equipped with a religious beli¢f. motivating and enabling them to exercise responsibility and l¢ad¢rship in all walks of life, including within the Christian ChUh. providing a place for young people to reflect on the spiritual dimension of life away from the preSsuS and ¢omplexities of ¢eenage life which conrinue to increase with serious iJnplication$ for mental health and wellbeing,. a commitment boih to the Christian community and tts society as a whole, with a clearly defined moral and ethical code, and a desire to scrve our fellow human beings within 50ciety', the in¢LJlcation of C.hrisiian rnoral and ethical valu¢s, such as honesty, integrity, resptsnsibility, respect for human Irfe, service of other pcople. compassion for the needy and und¢r-privilcge¢ car¢ for the environtnent and the respon%ibility to sharc one's time and rcsourrts gen¢rously- the focu5 On leadership training with & vicw tts providing POSltive role modelswho will be a constructive influence and menlors for young people; and in particular thc development of young1¢4ders for the community by means of training given and practical experience provided during residential holidays., the SUprt provided to teachers in thcir l)usy and oft¢n stressful workin8 lives, and the en¢ouragement given to all teenagers and siudcnts involved in the Trust's activiti¢s wnsider the 8reit value to the community of th¢ t¢aching prOFs1on' and the encour4gem¢nt 8Lven to those involved in the TNst's activities to ¢onsider full time Christian work their vocation, with its Commitment to the service of others. care for those rn need and to community participation and development. The Trustets confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have du¢ regard to public ben¢fJt guidance publithed by the Charity c.ommission.
THE TITUS TRUST TRUSTEES, REPORT (continued) ACHIEVEMENTS AND PERFORMANCE During the year ¢nded 30 September 2025. th¢ Trust continued to pursue its objectives. Primarily. aim5 were met by the orgmisation and operdtion of18 5umm¢r holidays for pupils pr¢dominantly from independent schoo15 in England and Wales. On those holidays, the young peoplc enjoyed a numbcr of adveniurous activitie& plenty of good fun and received Llear and biblically taithful teaching about the Chrisiian faith. In addition, the Trust rdll a number of Easter and Christmas conferenccs during which many young peopl¢ heard about JESUS Christ. The Trust's work is divided into three ¢amp groups.. Gloddaeth (North). Lymington Rushmore (South) and LDN {London) Holidays. During the year, the Trust employed Staff in All three camp gTOUPS to ensur¢ that its aims wer¢ &¢hieved. Throughout the academic year, th¢s¢ staff spent much of their tirne visiting schools by invitation. When invi(ed into schools, our stafftook schcx)l assemblie5. gave thlks and PTes¢ntsiions, and helped lead Christian meetings. We hav¢ seen a greater intere5( and openness to spiritual things amongst teenagers as noÉed in a Tbumber of r¢c¢nt national reports. This 15 alongside the on8OLng challenges many teenagers face with mtntal h¢aIth, pr¢ssures from social media and the l¢gacy of arLxicty and isolation from the Covid pandetnic. Feeilba¢k from parents has indiLaied that attending one of our residential holidays has been particularly important in helping their children grow in onfid¢nce and we hope that they can Continue lo p18y a part in helping young people to navigate the complexities of the tccnagc years. The trustees have kept the Vision and Values of ihe Trust under review andthey continue io b¢ v¢ry helpfitl in $hapiThg the Trust'5 priorities and havc guided th¢ trn5tee5 in their d¢¢ision-making. Key Perform•nc¢ IndicAtors The Trustees meet regularly to hear T¢POrt5 from each of th¢ three Camp groups and to plan the direction of future a¢tiYilie5 prayerfully. Trusiees receive monthly financial report5 which also include holiday bookin8 figures so th¢y ¢an monitor a¢tiviti¢s during tht year. Annual figures are set out below. Holiday And tonferenee gttendaDce (rampers and assistant Icader5) Easter holidays Summer holiday5 Other holidays and wnferenc¢5 2025 2024 275 1,053 290 232 966 272 1.618 1,470 2025 21124 2025 £'ooo 2024 £'oo 398 533 Donations aDaly$is One-off gifts StaE)ding orders 47 53 43 57 526 100 100 988 931 FINANCIAL REVIEW 'rhe Trnst's Ststement of Fitwicial Activiti¢s is set out on page I l. This shows a deficit and a net decrease in funds of £63.576 in the year ended 30 September 2025 (2024= surplus and a net increase in funds of £35,730). A significant cause of this lar¥e defi¢it is the d¢ci5ion to depreciate the new CRM and holidays bookin8 Portal over 3 years. This decision was made by ihe FinanGe Committee having Kviewed not for profit nornis. Totsl fvnds at the end of the year were £659,14912024= £723,525), all of which was llnrestricted. Within ihES, the G¢neral Fund was increased lo £538,000 (2024.. £405,IK)O) and the designated Growth Fund r¢duc¢d to £121.949 (2024'.£318.5251.
THE TITUS TRUST TRUSTEES, REPORT (continued) Investments Undw the m¢morandurn and arti¢les of association, th¢ Trustees have the power to invest funds that ar¢ not immediately required for the working PUTPOSCS of the Trust as they think fiL In addition, they have the power to delegate the exercise of their powers of investment, upon such terins and at such reasotthle remuneration as the TnlE¢S may think fiL to profG8sional investment manager5. The Trusl's investments are invested for the medium temi and are currently held in a fund for charities manage(t by Raihbone Investment Management repr¢5enting 4 l¢v¢l of risk deemed appropriate by th¢ Trustees and reviewed at least annually. The Trust beneflts from the income generated by the fund a5 well as from the security of knowing that short-temi fluctu3tion5 in giving can be sustained without thc need for spending to be reined ba¢k immediat¢ly. The Trust holds dditional monics in bank awounts earning compeiitive rate5 of int¢Test in order to be able to meet more itnmediate needs and to ensure that the Trust can cope with the month-to-month t]uctuations in our Èncotne and expenditure. The Tru5tL¥% r£ii¢w the p¢rformanc¢ r[arly. to dccidc ii,hLIL Ihe ini"estm¢iitS 5huuld be h¢'ld 80ing foNard. Reserves lThe reserve policy states that reseryes should cover 5 months of staff cosis. At 30 September 2025, this equated to a threshold of £420,00012024: £405,000) based on budgeted staff numbers. At this levEI, the Trustee5 believe they arc giving appropriate resard to the Trust's employee5 and allowing sufficient time to make necessary contingency plans in the event ofa 5Kwificant drop in filnding. Th¢ Trustees view thi5 policy as prudentand keep it under regular review. At 30 September 2025 the Trust's free reserves amowited to £542.091 (2024.. £554.861). This is £122,091 above 12024= £149.861 above} the threshold outlined above. FUTURE PLANS The TTU5tecs intend that the Trust should continue with its corc activities in th¢ ¢gming year running a full ransTe of holidays as well a5 th¢ ongoing work of supw)rting school teachers. There have been some opportunities to work in partnership with schools outside the independent 5eGtor and this is being reviewed by tru5tee5 as they ¢onsider the long-terni Vision of the TNst. The plans for a mov¢ toward5 a more regional approach are dev¢loping slowly in order to bctter SUPFQrt the work ai a local level. The current climate is challenging for charities with increased cost& greater mplianCe demands and a more competitive fvndraising environment. The tru5t¢es are considering Strategies for Managn¥ these which includeputting incr¢as¢d resources into cornpli*mce Isaf¢guarding. HR and finance) and fundraising. The trusttes aTe rvntinuing to work hard io engage 51JPPOrters with thc work of the l-rust throu8h publicaiions, comrnuniration and ¢v¢nt5 and the increase in donor income in 202412025 was an encouraging sign ihat this i5 beginning io bear fruit. However, thi5 needs long-iem) investment of stsff and volunÉccr time and th¢ trustees recognis¢ the need to continue to prioriti5¢ thi5. TRUSTEES AND SECRETARY The following have acted as Twstees throughout the yur aT¥J to the date of this reporL excepi as not¢d= Gi1¢5 Cattermole Thorn&s GaTDier Lisa Greatwood Rebecca ITvine Timothy Malton Rupert Mackay Layo Obembt Mi¢ha¢l Paterson Peter Woodroffe (from 26 June 2025) (to 20 Mar¢h 2025) {to 20 March 2025) Rosie Dunn served as Tt Secretary throu8hout the y¢aT. AUDITORS UHY Ross Brook¢, having expres5cd their willin8ness io continue in office, will be deemed reapptrinkd ftir the next financial year in accordance wi¢h s¢ction 487(2) of th¢ Companies A¢t 2006 uTd¢ss the Trust receives notice under section 488{1) of the Companies Act 2006.
THE TITUS TRUST TRUSTEES, REPORT (continued) Th¢ Trustees, report includin8 the Structure, GoYeman¢e and Management R¢port was approved by the Trustees and signed on thrir behalf. Rupert Mackay- Chair of Trustees 2210112026
THE TITUS TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ Tnjstees, as company directors, are responsible for preparing the Trustces, Report and the financi&l statements in o¢cordan¢¢ with applicable law and regulations. Company law requires the Trnstees to prepare financial stateTn¢nts for ¢a¢h financial year in accordance with United Kingdorn Generally Acceptcd AOnting Practice {United Kingdo Accounting Standards) and applicable law. Under company law th¢ Trustees must not approve the finattcial statements unless th¢y are satisfied that ihey give a true and faiT view of the state of affairs of ihe charity and of the surplus or defi¢it of thc charity for ihai p¢riod. I pr¢pATin¥ these financial ststements, the dire¢tors arc required to.. select suitable a¢couDting policses and th¢n apply thtJn ronsislently., make judgments and accounting estimaies that are ieasunable and prudent. state whether applicable UK A¢¢ounting Standards have been followed. subject to any material departur¢s di5rlos¢d and ¢xplained in the financial statements,. prepar¢ the financial sthi¢ments on the going concern basis unl¢s$ it is inappropriate to Presume that the charitable company will continue in blls1ne. The Trn5te¢s are responsible for ensuring that adequate accountins records are maintained that are sU1¢ient to Show and explain ihe charity's transaction5 and disclose with reasonable a¢¢urdcy at ally time the financial P05Llion of the charity and enable them to ensure that the financial sthtrm¢nts COTnply with th¢ Companies Act 2006. They are also responsible for Safeguarding the osset5 of the ¢harity and ensuring their proper application in accordane¢ with charity law, and hence for taking reLnable steps for the prevention and detection of fraud and other iTregularitics. So far as the Trnstees are aware. there is no relevant audit information linformation ne£ded by the company's auditors in connection with preparing iheir report) of whi¢h ihe company's auditors are unaware and each Trustee has tak¢n all the steps thai h¢lshe ought to hav¢ taken as a Trustee in order to make himselftherself aware of any relevant audit inCom]ation and to establish that the cornpany's auditors are aware of that inforniation.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THF. TITUS TRUST Opinion We have audit¢d the flnancial siat¢m¢nis of The TitusTTUSt {the'charitablecompany'l for the year ended 30 Semembe 2025 which comprise the Ststetnent of Financial Activiti¢s, the Balance Sheet, Statement of Cash Flows and notes to the financial statem¢nts, including a sutnmary of significant acwunting policres. The fin&n¢ial reporting framework that has b¢¢n applied in their preparation is applicable law and United Kingdom Accounting Siandards, in¢luding Financial Reporting Standard 102 The FiKancial RepottiKg,gtandard applicable Ihe UK and Republic gf Jrelartd (United Kingdom Generally Accepted Accounting PTactice)- In our opinion the financial statements= give atrueand faKrview ofth¢ state ofthe charitsbl¢ ¢ompany's affairs a5 at 30 September2025 and of its incoming resources and application of re50urc¢s in¢luditkg its income and exper]ditur4 for the year then ended. have becn properly prepaTrd in a¢cordance with Uniied Kingdom Generally Accepted Accounting PTactice- and have been prepared in a¢cordan¢e wilh the requiretnents of the Companics Act 2006. Basi¥ for opinio We conduLted our audit in accordancc with Ini¢rnational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those stsThdards are further described in tht Auditor's responsibilities for the audit of the financial ststrment5 5CCtion of our report. We are independent of the ¢hJritable company in accord8nc£ with the ¢thical requirements that ar¢ relevant to our audit of the fsnan¢ial $tements in the UK, including the FRC'S F.thical Stsndard. and we have fvlfilled our othereihical responsibiliiies in accordance with these requirem¢nts. We btlievethatihe audii eviden¢e we have obtsined is suffici¢nt And appropriatr to provide a ba515 for our opinion. CollclusioD8 rel*tiDg to going co#eern In auditin8 the financial statements. we have concluded that th¢ trustees. use of lh¢ going concern basis of a¢¢ountin8 in the pPaatIOn of the financial statcments is appropriate. Based on the work wc have performed, we havenot ideniified any tnat¢rial un¢ertaintie5 relating to events or conditiot)s thaL individually or coll¢ciiv¢ly. may cast signifi¢ant doubt on Ihe ¢haritable cornpany's ability to continue as a going ¢oncem for a period of al least twelve n]onths from when the financial statements ar¢ authorised for issue. Our responsibilities and the responsibilities of the trust¢e5 with respect to going concern are deribed in the relevant sections of ihis report. Otber iDformation The trust¢ are restK>nsible for the other informatiot). Thc other infomlation comprises the infOrntion included in the tru5tees' annual report. other than the financial ststements and our auditor s report th¢reon. Ouropinion on the financiaj statements does not cover the other information and, ¢x¢eptlo the exnI otherwise explicitly stated in our report, we do not ¢xpress any fomi of assurance conclusion thereon. Our r£snsIbl]ity is to read th¢ other infomiation and, in doing so, considerwhether thc oiher informaiion is materially inconsistent with the fancial stsiements or our knowledgc obtained in ihe course of the audii or otherwise appears to be rnaterially tnisstated. Ifw¢ identify such rnaterial inconsistencies orapparentmaterial misstatcrnent5. w¢ are requir¢d to d¢t¢rmine whether this give5 rise to a material misllatemcnt in the finan¢ial SLqtements themselves. If, based on the work we hav¢ perfornjed, wt conclude that there is a matffial misstat¢ment of this other information. we are required to report that fact. We have nothing to report in this regard. OpinioDS 011 Other matters preseribed by the Compatties Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infonnation given in th¢ tru5tees' report {incorporating the directors, report) for the financi year for whi¢h the financial statements are prepared is consistent with the fanCIal statements,. and
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST the directors, report has be¢n prepared in a¢¢ordance with appli¢able lesal requirements. Matters on wbich we r¢ r¢qulred to report by exception In the light of the knoWIge and undcr5tanding of the ¢haritablc colnpany and its enviTonm¢nt obtain¢d in the course of th¢ audit, we have not identified tnaterial misststements in ihe truste¢s' report included within the tnle£S. annual report. We have nothing to report in respect of th¢ following matters where the Companies Act 2006 requires us to rcport to you if, in our opinion.. adequate a¢countin8 fLYords have not been kepL or reiums adequate for ouraudit have not been re¢¢ived from bran¢he% not visited by us. or the financial atements are not in agreement with the accouniing r¢¢ords and retutns. or certain disclosures of trustecs. remuneration specified by law are not rnade. or we have not rcceived all the information and explanations we require for our audit,. the tmsi¢es were not entitled to prepare the financial staÈements in accordance with th¢ smo11 companies tegime and take advantage of the small companie5, exempiion in prcparing the tnJst¢es' annual report and take advantagc of the small ccmpanies cxemption from the rquiretneni io prepare a strategic teport Responsibilities of trustees As explaincd more llY in the trustees. responsibilitie5 5tatEm¢n¢ set out on pag¢ 7, the trustees (who are also thc directors ofth¢ charitable company for the PUTPOS¢S of¢ompany law) arc rcsponsibl¢ forthe preparation of the fanCIal statements and for being satisfied that they giv¢ a true and fair view, and for such iniernal control a5 the trnst¢es d¢terniine is necessary to enabl¢ the prepardtion of financial ststemertts that are fr¢¢ frotn tnatrrial misststemenl whether du¢ to fraud or error. In prcparing the financial statements, the trusttts are responsible for SSIng the charitsble eompany's ability to ¢ontinu¢ as a going concern, disc105ing. a5 applicable, mattcr5 related to going concem and usin8 Ihe going ¢on¢¢rn basis of accounting unless the trust¢es eith¢r intend to liquidate the Gharitabl¢ company or lo cease operations, or have no realistic alternative but to do so. Audilor'$ respon$ibilitie5 for tbe 8udi of the financial st8trmertts Our objectives ar¢ to obtain asonable 8s5ufdnce about ivhether the fjnancial statement5 as a whole are free from material misstatemenL wheiher due io fraud or error, and to issue an auditor's report that includes our opinion. Reasot)able a55uran¢e is a high level of assurance. but 1$ not a guarantcc that an audit conducted in accordance with ISAS (UK) will always detect a material misstat¢ment when it exists. Misstatements can arise from frdud or eTTor and are ¢onsidered material if, individually or in thc aggregate, they Could reasonably be expe¢t¢d to influence the economic decisions of users taken on th¢ basis of these financial statcments. 1c8u1arlt1e$. including fraud, ar¢ instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlind abov¢, to detect Tnaterial miss¢aiement5 in rEspect of irregularities. including fraud. The spe¢tfic proccdure5 for this ¢ngagem¢nt and ¢h¢ extenl to which these arc capable of dete¢ting irregularities, including fraud is detailed b¢low= We have consider¢d.. o the nature of the charity and Sector, control environment and operating perfomiance. th¢ ¢lwity's own assessment, including assessments made by key managetnent. of the risks that irregulaTjties may occur either as a result of fraud or error., any matters we iderttified having reviewed the ¢harity's policies and procedures relati¥Lg 10.. identifying, evaluating and complying with laws and regulation5 wh¢ther they were aware of any instances of non-compliaD¢e- dete¢iing and responding io the risks of Iraud and whether thcy have knowledge of any actual. 5peckd or alleged frdud; and the internal controls eslabli5h¢d to mitigate Ti8ks of fraud or non-compliance with laws and regulations. the matters discussed amongst thc audit cngag¢ment leam.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TITUS TRUST As a result of lhtt procedures. Trwe considered the opportunities and inceniiv¢s that may exist within th¢ organisation for fraud and identified the greatesl poteniial for fraud irl the areas in which manag¢m¢nt is required to exercise signifi¢ant judgeTnent. such &s recognition c)f income. In Common with all audits uThd¢r ISAS (UK), we are also required to perfoTlll specific procedures to respond to the risk of managemeni override. We a150 obtained an understsnding of the legal and regulatory framework that the company operdtes in. focusing on provisions of those laws and regulations that had a direct effect on the dcterrnination of material amounts and disclosures in the finawial stattments. The key laws and regulations we considered in this coni&x¢ were the Companies Act and tax legislation. Because of ihe inhereni litnitations of an audit. theTC is a risk that we will not deteet all irregularities, including ihose leading 10 a material misstatement in the financial statemenL$ or non-complian¢¢ with regulation. This risk increase5 the more thr4t compliance with a law or regulation is removcd from th¢ events and tran5aciions reflected in the flnancial Statements, as we will be Icss likel5, to become awar¢ of instances of non-cornpliance. The risk is also greater regarding irregulariti&% occurring due to fraud rath¢r than error, as fraud iTrvolves inientional concealTnent, forBery, collusion. OTll155ion or mi5representaiii)n. A further d¢s¢ription of our responsibiliii¢S is available on th¢ Financial R¢ponin8 Council's website 8t: htt rrc. .uklaudi . Thi5 deSCTipuon fornis part of our auditor'5 report. Use of our report This report is rnade solely to thc charitable company's members, a5 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 lo the charitablc Gompany's members those matters we are required to state ro them in an auditor's report and for no other purpose. To the fullest extent perniitted by law. we do not aept or assume responsibility to anyone other than the Charitrble company and the charitabl¢ colnpany's member5 as a body, for our audit work, for this repor¢ or for the opinion5 we hav¢ formed. arolinc Webster FCA (Senior Statutory Auditor) for and OD bchalf of UHY Ross Brooke. StatuiQry Auditor Suit¢ Windwsh Cowt, Abingdon Bu5ine55 Park, Abingdon OX14 ISY 10
THF. TITUS TRUST STATEMENT OF FINANCIAL ACTIVITIES Year ended 30 Septemb¢r 2025 Notes 2025 21124 Income from: Donation5 and lega¢ies Charitable activiti¢s Investments Other income 1,016.927 638.351 17.654 2.897 1,675.829 989.191 630,056 14,576 Totsl iM¢om¢ 1,633,823 Expenditure on". Raising funds Charitable &ctiviti¢s Total expenditure (149)59) (1,619,513} (1.768,872) (117,6641 (1,518,239) (1,635,903) IY¢t (losses) I g8lns on iDve5tments 13 29,467 37,810 Net incom¢ l (expenditure) N¢1 movement in fullds (63,576) (63,576) 35.730 35,730 Rteoncili8tion ofrunds: Total fijnds brought forwards Tot81 fuDd$ earri¢d forward 723,525 659,949 687,795 723,525 Total r¢¢ogni8ed gaills and losses There We no recognised gains and l(Trsses for these y¢8r5, except as Shown above. COntin]llg operations All amounts shown above relate lo contit)uing tiVitIes. All incotlle and expenditure relate to unrtstricted funds
THE TITUS TRUST Company Registrntion No. 3473879 BALANCE SHEET Year ended 30 September 2025 r4ot¢ 2025 2024 FIXFD ASSETS Intangiblt assets Tangible Assets Investmcnts 13.253 4.605 519,914 637.772 160,094 8,570 465.447 634,111 12 13 CURRENf ASSETS Debiors Cash at bank 14 72,706 139.927 212,633 80,395 198,091 278,486 CREDITORS: Amounts fallin8 due within one year 15 (190.456) (189.072) NET CURRENT ASSETS 22.177 89,414 NET ASSETS 659,949 723.525 FUNDS INCOME FUNDS Unrestricted In¢om¢ funds 18 659,949 723,525 TOTAL If4COME FUNDS 659,949 723,525 The notes on pag¢5 14-23 fomi part of these financiStAteMents. In preparing these financial statements, th¢ Trustees have tgk¢n adYantsuFe of ihe 5pecia] provisions for small companies under Part 15 of the Companies Act 2006. These finan¢ial statements w¢r¢ approved by th¢ Truslees on 22 January 2026. sted on behalf of the Trustees Rupert Mackay - Chair of Trustees 12
THE TITUS TRUST STATEMENT OF CASH FLOWS Year ended 30 September 2025 Notes 2025 2024 Cash used in operdting adivities 20 (18,875) 156,781 C&sh flows fr¢)m investing a¢tiviti¢S Dividends and interest from invvstments Pniceed5 frorn thie sale of fix&1 assets Purchase of fixed a55eis Proceeds from the sale of investTnertts Purchase of investments 17,654 {2.3031 129,640) 25,000 150,000) 14,576 (101,660) 90,000 Cash provided by investing activities (392891 2,916 IncrEa5e l (D¢crease) in cash and cash equivalents in the year (58,161) 159.697 Cash and cash Wllivalcnts at the beginning of the year 198.091 38,394 Total cash and cash equivalents at the end of the year 21 139,927 198,091 13
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ¢nded 30 September 2025 Accouf4TING POLICIES Thc Unts (finoncial stat¢ments} have been prepared under the his1]Cal 5t convention with iiem$ recogni5ed ut cost or transaction value except for certain investmenl a$s¢ts, which are shown at market value as set our below, and in a¢cordance with th¢ Financial R¢porting Standard applicable in the UK and Republic of Ireland {FRS102) ('TrKS102'), Statement of R¢¢ommended Practice: Accounting and R¢portiD8 by Charities (Revised 2019) applicable to charities prcparing their accounts in awirdance with FRS102 ('Charities SORP (FRSI 021,1, the Charities Aci 2011, and the Companies A¢1 2006. Wher¢ ne¢¢ssary the headings laid down in the Companies Act have been adopted to mcei the special circumslAnc¢s of the Trust. Cornpgny stgtvs The Tst 15 a regisrered charity and a Company limited by guaraniee registered in EnglaTKI and Wales. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per MeLber of the charitablt company. Going ConcerD The financial statement5 have been prcpared on the going concern basis. The Trustees have assessed the going concern po511ion arld have no reason to believe that there is a material uncertainly ihai would affect the ability of ihe organisation to continue as a going concem for the fore5erabl¢ fuiure. The Tmstees consider the foreseeable future to be At lea5¢ 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 tb¢ir support through their generous gifis and a substantial legacy during the year. which materially boosted the Trust'5 financial reserves. Asthe TruS1$8pProVeth¢ accounts, the world continues to face many uncertainties as a resultof.. the ongoing falloui in the afternjaih of the pandeTniC", the Ukraint war. economic instability. The Trustees re¢ognise the ongoing irnpact this may hY4veon ouropttations and financcs, aThd have Carried out detailed work on modelling differeni sc¢nari05 and appr(Ipriale responses. The TnJ5t¢e9 beli¢ve that should incom¢ frotn donations and camp f¢es be afttdEd goin8 forward. ¢OTTesndIng adjustments to Costs Can b¢ made which will ¢nable the charity to r(Trntinue as a going concern. Donations Donations received ate credited lo incoming resources on r¢¢eipt by the Trust. Gifts received under th¢ Gift Aid scheme are credited to incoming resources. together with the appropriat¢ tax recovtrable. IDvestment itttome and interest receivable In¢om¢ from it]vestm¢nt5 and deposit interest is included in the ststem¢nt of financial a¢iiviti¢s when it becotnes e1vable. Investment income is in¢ludd gross of re¢overable t&xation. IDCOm¢ from charitable xctivities HolidAy and ¢onference in¢om¢ is recognised in the period in which the relevant holiday or conference takes pla¢¢. IncoTne received in advance Is recorded wKthin creditors. Expendxture Expenditure 15 inGluded in the statemeni of financial activities on the accruals bashs and includes irr¢coverable VAT. Costs of g¢nera(ing funds ar¢ those incurted in altracting voluntsry income and include allocated 5UPPOrt costs. Costs of operation of holiday camps comprise costs associated wilh the running of the holiday camps and include both direct costs and allocated support Costs. Gov¢rnance costs in¢lud¢ those incurred in th¢ govemance of the Trust's &ssets and are primarily associated with constitilliODal and statutory requirements. Support fgsts include central fijnctions and have been allocat io aciivity cost categories on a ba5i5 consistent with the use of resources (e.g. staff costs by time spent) or by manageTneni estimales of the amount attributable to a particular activity. l-angiblc fixed Assets depreciation Tangible fjxed asscts costing more than a de minimis amount of £250 are capitalised upon initial acquisition and are held in the balance sheet at cos¢ less d¢precialion. Depreciation is provided at the followin8 rates in order to write off the Losts of tangible fixed asscts over their expected useful lives.. 14
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 S¢ptember 2025 Camps, aGtivity equipment Office equipment 7°h- 500/0 on cost 200/y- 33.3 /ty on cost IDt8ngible fixed assets And arnorti$a¢io Inongiblc fixed assets (primarily COTJSiSting of capitalised 50fiwar¢ developmeni costs) are capitalised upon initial acqui51tion and are held in the balance sheet at cost less d¢pr¢ciation. Durin8 the year the charity assessed the useful e¢onomi¢ Itfe of the intangible assets. The twst¢¢s now belicve that a 3 year lifespan would be rnore appropriate and in line with industry norms. Finan¢isl instrumen¢$ The Tnt only has fjnancial assets and financial liabilitlES of a kind that qualify Ls basic financial instrnm¢nts. Basic finan¢ial instruments are Initially recognised at Iransaction valu¢ (includin8 transartion costs except in the initial measur¢ment of financial assets and liabilities that are measured at fair value through profit or loss) and subsequently measured at amortised cost using the effcctive interest method. Invesiments though cl&s5ified as basic financial insiruments, are measured at fair value through profit or loss. IDvestments As notcd above, assets held for inv¢stm¢nt purposes are classified as basic fjnancial instruments. They are valucd at market value at th¢ balance sheet date, with nel 8ain5 and I0eS arising on revaluations and di5posal$ durtn8 the year in¢lud¢d in the statement orrinancial activities. Debtor5 Debtors are r¢w8nised at the settlement amount. Prepayment5 are valud at the amount prepaid net of any dis¢oun¢s due. C•$h at bank Cash at bank includes cash and short term highly liquid investments wiih a short maturity of thr¢¢ months or less from the date of acquisition or opening of the dep05lt or similar account. Liabilities Liabilities are re¢ognis¢d when th¢r¢ is an obllgaiion at the balance sheet date a5 a result of a past evenl it is probable that a transfer of ¥xonomic benefit WLII be required in setilement, and thc amount of the settIement ¢8n b¢ estimated reliably. Liabilities are reco8nised at the amount that the charitabl¢ company anti¢ipat¢s il will pay to settle the debi. Pen$lons The Trfjt operates a defined contribution pension scheme. Contributions payable for ¢he year are charged in the statement Of financial activiiies. The Trust also makes P&yTlltnts on behalf of certain employees to other occupational and personal p¢nsion schemes. DONATIOPIS AND LEC.ACIES 2025 2024 Donations 1.000,755 16.172 930,558 58.633 989,191 Legacies 1.016.927 15
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 INCOME FROM CHARvfABLE ACTIVNIES 2025 21124 Operation •f holiday eimps Campers, fees Assistant Leaders, fees 567,165 55.795 15,391 638,351 554,892 59,675 15,489 630,056 Other income INVESTMENT INCOME 2025 2024 Dividends Bartk deposit interes1 15.876 1,778 17,654 11.660 2,916 14,576 OTHER TNCOML 2025 2024 Grant income Profil on salc of fixed assets 2.897 2,897 EXPENDITURE 0, RAISING FUNDS 2025 2024 Cost5 of gen¢ratiri8 voluniary income (see not¢ 8) Investtnent management fees 149.359 117.664 149.359 117,664 16
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024 Costs of operstiox of holiday tamps: Camp groups stsff salarie5 and pension costs Camp groups life assurance and pernianeni health Staff expenses Rent and uiilities Food Acliwilies. including activities legal Costs Insurance Other direct C05ts of holidays Publiciiy. printing, consumables artd postage Camp group office Imd admin costs D¢pr¢¢iation Loss on disposal of fixed &%sets Governance costs (see note 8) 650.783 12.992 28,596 329,001 162.376 94.138 44,757 37.514 13,771 24.858 4,165 615.854 13.174 27,047 332,216 153,819 101,606 37.561 29.797 13,003 24.800 5.678 177 39,482 28,249 1,442,433 177,080 1,382,981 135,258 Support cosis (s¢¢ note 8) Toial charitable a¢tivitie5 1,619,513 ,518,239 17
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 SUPPORT COSTS C(Yb15 or .05tg of op¢ratioTr of holtd&v tamps vuluthi*ry Goi'ern#rt¢t Costs 21125 Totsl 2th24 TDtal Officc 5t8ff Sal and InsIon C051s Offjce stalTlife thssurdllce ' 39.030 61,334 110,315 303 1.668 3.032 3.001 12,947 89,057 398 Publiciiy and promDlion Oftice c05t5 In%urantt (indemnity & legal expenses) External audit O¢h¢r professional fees and admini.4trative wst5 # TDJst¢e ¢xpensc5 D¢pr¢Biaii(>n (sec 111121. 10.674 27.953 10.674 7.986 43,924 79.863 7,100 24.960 7.100 71,315 6.720 17,829 28.526 41,695 6,734 7,569 65,804 6.734 75,687 365.921 26.490 123,037 41,628 177,080 13.227 281,171 Goveman¢¢ ws1S 26.322 165,804) 39.482 149.359 216.562 365.921 281,171 These iterns are allocated betw¢en Cost of g¢Derating volun¢ary income, goyernattte costs and costs of operation of holiday Camps in the proportion 3501 IWO and 55U/o. Profe55ional f¢es include legal, PR and fundraising support. along with counselling support providcd through Titus Trust Support Fund administered by thirtyone'.eight. In addition in 2025. thcsc costs include afundraising consultant. These ¢osts have been allocated between cost of generating voluntary income, governance costs and costs of operation of holiday camps in the proportiot) 250/0. 35V& and 4/. L¥FT INCOMEIEXPEtWlTURE is stated after Charging: 2025 2024 D¢preciation Operating lease renta]s'. Land & buildings Auditors remunerntion.. Audit 79,852 18.905 36,(KlO 36,000 7.100 6,720
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 10. STAFF COSTS AND f4UMBERS 2025 21)24 Wagcs Social security costs PensioN conlributions 624,510 56.850 80,939 762.299 595,994 50,540 79,634 726,168 No employee Teceivcd emoluments in excess of £60.000 in either the current or prior year. The Trust defines'Key Management PersonD¢I' {'KMP'} as the three Camp Group Leaders and the Opera¢ion$ Dircctor. Th¢ pay and bellefiis of KMP 15 reviewed ijnnually by the Board of Trustce5. In ihe year ended 30 piemb¢r 2025 this group received r¢muneration of £234.22512024.. £241,934). The average number of full time equiyalent employees, analy5ed by fvnction, was.. 21125 No. 2024 Holiday camps Mallagement and admirtistyation 15.5 13.3 17.3 15 The Trust opeTatC5 a d¢fin¢d contribution pension 5chtme and th¢ charge for the year is shown above part of pension Costs. The Trust also mak¢s paynLents on behalf of cerlyiin employees to other OG¢upational and personal p¢Thsion scheTnes. None of ihe Trustee5 received any remuDeratitsn during the year (2024.. nil). However, s¢¢ note 17 in respeci of other related party transactions. 19
THE TJTUS TRUST NOTES TO THE ACCOUNTS Year end¢d 30 Septemb¢r 2025 TANGIBLE FIXED ASSETS Software Totgl COST At l October 2024 Additions Disposa15 At SO September 2025 172.797 28,663 172.797 28,663 201.460 201460 DEPRECIATION Ai l October 2024 Charge for th¢ year Disposals At 30 September 2025 12.703 75,504 12.703 75,504 88.207 88,207 NET BOOK VALUE At 30 September 2025 At 30 September 2024 113,253 160094 113,253 160094 Camps. Equipmettt is used direlY in the operation of holiday camps and Olce equipment is used for supporL 12. TANGIBLL FIXED ASSETS OffKe Equipmertt C8mp5' Equipment Totgl COST At l Octob¢r 2024 Additions Disposals At 30 Septemb¢r 2025 34,222 459 162.951 518 35,369 128,100 197,173 977 35,369 162,781 34,681 DEPRECIATION At l Octoiw 2024 Charg¢ for the year Disposals At 30 Septemb¢r 2025 34,035 183 154,568 4,165 {34,775 123 955 188.603 4,348 34.775 158.176 NET BOOK VALUE At 30 S¢ptember 2025 AL 30 September 2024 187 8,383 Camps, Equipm¢nt 1$ used dire¢tly in the operation of holiday camps and otyice equipment is used for supporL 20
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 13. INVESTMENTS 21125 2024 Market value Ai stsrt of the year Additions at cost Disposal proceeds Realised gaills on disposal Unrealis¢d gain5 markct vomes Ai end Of the y¢ar 465,447 50.000 125,0001 517,637 (90,1)00) 29,467 519,914 37,810 465,447 Raihbones Activ¢ Income and Growth Fund 519,914 519.914 465,447 465.447 Historical cost at ¢nd of the year 460,000 435,000 14. DEBTORS 2025 2024 Stsff loan5 IDcorne tax r¢¢overable Other debiors Prepaym¢nt5 2,019 11.592 47,570 11.525 72,706 6,279 44,100 16,71)0 13,316 80,395 15. CREDITORS: AMOUNTS FALLING DVE WITHIN of4E YEAR 2025 2024 Social s¢¢urily and other taxes Other ¢r¢ditors Accruals and deferred income 14,769 60.143 115,544 190,456 12,238 98,167 78.667 l R9,072 16. FINANCIAL COMMITMENTS At the year end thc Trltsi had total commitments under non-unoellable operating leas¢s as showryj below. All relAte to office Tcntal.. 2025 2024 Wiihin l year Within 2 to 5 yea After mor¢ than 5 years 36,000 18,000 36.000 54,OLKI 54,0(Ml 90,000 21
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 17. RELATED PARTY TRANSACTJONS DuriJ)g the year ended 30 Septefftber 2024. Trust¢es land th¢ir related panies) donared £30,161 10 the Twst (2024.. £15,205}. Six trustees received reimbursement of ¢xp¢n$es during the year totalling £1.26112024.. Two Trustees received total of £730). No Iru5tees watvcd ¢xp¢ns¢s during the year 12024.. One trnst¢¢ waived expenses of £50). I'here was one child of a lrnste¢ who ivas ¢mploy¢d by the Trust as an a550ciate duting the year12024.' nill. 18. MOVEMENT IN FUNDS Bklanre wt l Ociob¢r 2024 Balance at 30 S¢pt¢mbor 2025 In¢oth¢ Expenditure Gain51 losses Transfers Unrestriefed General DesigtJat¢d- Gr0h Fund I'otsl unrestricted fvnds 405,000 1,675,829 11,768,872) 29,467 196.576 538,00 318,525 (196,5761 121,949 723.525 1,675,%29 {1,768,872) 29,467 659,949 Total futmis 723.525 1,675.X29 (1,768,872) 29.467 659.949 All assets and liabiliti¢s r¢lat¢ to th¢ unr¢5tricted funds. The putyose of the designaicd fllnd (Growth Fund) is to set asidc Icgacies for funding growth initiatives. This fund J$ unrestricted. Movement ill funds 2024 Bal#n¢e il October 20Z3 Balance at 30 Septembtr 2024 Expendltrjre Galnsl losses Transftrs Utr1eted litheral Designated- Gr0h Fund Total UttWttiGl¢(J hn(l¥ L,633,823 11,635,903) 37,810 8,920 405,QOO 327,445 18,920} 118,$25 687,795 1,633.823 11.635.903) 37,810 723.525 To131 funds 687,795 1,633,823 {1,635.903} 37,810 723,525 22
THE TITUS TRUST NOTES TO THE ACCOUNTS Year ended 30 September 2025 19. ANALYSIS OF 'ET ASSETS BETWEEN FUNDS Tolal 2025 AU Unre$lritted Tot#1 2024 All Vmre5tricted Tangible fixed etS Fixed assel inve5tmetJts Current ass¢ts Creditors due within l year Net assets 117,858 519,914 212.633 (190,456) 659,949 168.664 465,447 278.486 (189,072) 723,525 20. CASH FLOWS Reroneiliation of net {expendRture) to wet cash Ikbw from operating Aetivitie$ 2025 2024 Net in¢ome/(expenditure) for the year (as per the Ststement of Financial Activities) Add back depreciation charge (Gains}/loss on investmcnts Investment incorrle profjt / l.oss on disposal of fjxed asscts DrEaSe]{inCrea$e) in debtors (Decrea5¢1 In creditors et cash used in operating activities 163,576) 35.730 79,852 129.467) 117,6541 2,897 7,689 1,384 18.905 {37,810) (14,576) 177 92,589 61,766 156,781 118.8751 21. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 21124 Cash in hand 139,927 198,091 22. POST BALANCE SHEET EVENTS During theyear ended 30 September 2025. the trustees re1ved notification of entitlement to a legacy from a former 5UPPOrter. At the balanv sheet date it was not pM)ssible to quantify the amount of the legacy. An intcrim distribution of £54.900 was r¢ttived in January 2026. the charity expects to re¢¢ive a further distribution within the year ¢nded 30 September 2026. 23