REGISTERED COMPANY NUMBER: 5148471 REGISTERED CHARITY NUMBER: 1104538
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2025 for Ted Adams Trust Limited
Azets Audit Services Limited Chartered Accountants Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Ted Adams Trust Limited
Contents of the Financial Statements for the Year Ended 31 July 2025
| Page | |
|---|---|
| Report ofthe Trustees | 1to3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6to7 |
| Notes to the Financial Statements | 8 to 13 |
| DetailedStatementofFinancialActivities | 14 |
,
Ted Adams Trust Limited
Report of the Trustees for the Year Ended 31 July 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ (FRS102) in preparing the annual report and financial statements of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 5148471
Registered Charity number 1104538
Registered office Ashcombe Court Woolsack Way Godalming Surrey, GU7 1LQ
Trustees
Ms R J Bryant Mrs B K Stokes Mrs AV Whelan Mr AC Higgitt - Resigned 17 January 2025 Mrs T Hughes - Resigned 17 January 2025 Mrs D Skidmore Mr P W Fell Ms SLN Gee MsJ Tingle - Appointed 17 January 2025 Ms A Parker - Appointed 9 May 2025 Ms J Juniper - Appointed 9 May 2025
Independent examiner Debra Saunders FCA, BSc (Hons) Azets Audit Services Limited Chartered Accountants Ashcombe Court, Woolsack Way Godalming Surrey, GU7 1LQ
Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The organisation is a charitable company limited by guarantee, incorporated on 8 June 2004 and registered as a charity on 24 June 2004. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Page 1
Ted Adams Trust Limited
Report of the Trustees
for the Year Ended 31 July 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Under the requirements of the Memorandum and Articles of Association the Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. The minimum number of Directors is three. The Board seeks to ensure that they have the requisite skills between them to run the charitable company.
Induction and training of new trustees
Most Directors are already familiar with the practical work of the organisation. New Directors are given a short, informal training session to familiarise themselves with the charity and the context within which it operates. This covers:
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The obligations of Directors.
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The main documents which set out the operational framework for the charitable company including the Memorandum and Articles.
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Resourcing and the current financial position as set out in the latest published accounts.
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- Future plans and objectives.
Organisational structure
The Directors are responsible for the strategic direction and policy of the charitable company and meet as regularly as necessary. Prior to the sale of the trust’s residence for students of nursing and midwifery, Ted Adams House, during the year, the day to day running of that property was subcontracted out to Simply Let. Simply Let specialises in running this type of accommodation.
Risk management
The Directors have produced a risk assessment of the major risks to which the charitable company is exposed and are taking steps to mitigate those risks.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objectives of the charitable company are:
a) providing financial assistance for the education and training of students of nursing; and
b) advancing the development of nursing and midwifery education and training in the Guildford area.
Public benefit statement
The Directors confirm that they have complied with the requirements of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Grants payable
Grants to individuals have decreased to £91,002 (2024: £95,380) and those to institutions have increased to £24,325 (2024: £2,300).
Lettings
Income from subsidised lettings has decreased to £nil (2024: £86,585) as a result of Ted Adams House being sold during the prior year. There has also been a consequent decrease in the costs of lettings to Eni] (2024: £75,494) which can also be attributed to the sale of the property during the prior year.
Sale of Ted Adams House
During the prior year the charity sold Ted Adams House for £1,250,000. The decision to sell reflected the high costs of running the building, together with an assessment of the risks to the trust arising from property ownership and management.
Page 2
Ted Adams Trust Limited
Report of the Trustees
for the Year Ended 31 July 2025
FINANCIAL REVIEW
Reserves
The result for the year was a deficit of £71,165 (2024: £1,118,361 surplus). The change was primarily a result of the sale of Ted Adams House in the prior year. As a result, the reserves held by the charity at 31 July 2025 decreased to £1,306,782 (2024: £1,377,947). The reserves are unrestricted and comprise current assets less current liabilities.
The trust’s policy is to hold sufficient reserves to permit grants and other expenses both in the forthcoming year and for an extended period, with ten years as an indicative target.
Strategy, risks and investment policy
The strategy of the trust is to increase the level of grant giving from previous. This will involve setting up multi-year arrangements. This increase in both amounts and length of term is possible because of the higher level of stable and liquid funds available following the sale of Ted Adams House.
The directors have assessed the resulting risks faced by the charity and the financial resources needed to cover those risks:
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e = The giving will be carried out in an appropriately prudent manner. Decisions to give are taken by trustees with many years experience in the nursing field and implemented through appropriate payment controls.
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e To support this giving strategy the charity needs a stable asset base. It has therefore adopted cautious cash management and investment policies; it invests entirely in interest-based deposit investments and short duration bonds with low interest and credit risk.
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e At a practical level, funds that are surplus to immediate requirements are placed in appropriate bank and deposit accounts. The trust uses, for the greater part of the resources, an appropriate fund manager. That fund manager, through its deposit fund product, provides extensive credit risk diversification across many banks, coupled with an acceptable level of return.
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fe) “. 4
Approved by orgtér of the board of trustees on 29 Sanuamv)On YoW2S and signed on its behalf by:
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P W Fell - Trustee
Page 3
3 February 2026
Ted Adams Trust Limited
Statement of Financial Activities for the Year Ended 31 July 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| fund | fund | ||
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming resources from generated funds | |||
| Investment income | 2 | 55,096 | 22,631 |
| Incoming resources from charitable activities | |||
| Letting | > | 82,939 | |
| Other income | |||
| Solar panel income | - | 1,835 | |
| Total incoming resources | 55,096 | 107,405 | |
| RESOURCES EXPENDED | |||
| Charitable activities | |||
| Direct costs | 311 | 70,851 | |
| Grants payable | 3 | 115,302 | 97,680 |
| Administrative costs | 4 | 9,677 | 10,323 |
| Other resources expended | 250 | 250 | |
| Total resourcesexpended | 126,365 | 179,104 | |
| NET EXPENDITURE BEFORE OTHER GAINSAND | |||
| LOSSES | (71,165) | (71,699) | |
| OTHER GAINSAND LOSSES | |||
| Gain on sale of property | . | 1,189,416 | |
| Other interest on sale of property | - | 644 | |
| Total othergainsand losses | - | 1,190,060 | |
| Net movement in funds | (71,165) | 1,118,361 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 1,377,947 | 259,586 | |
| TOTALFUNDSCARRIEDFORWARD | 1,306,782 | 1,377,947 |
The notes form part of these financial statements
Page 5
Ted Adams Trust Limited
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||||
|---|---|---|
|Balance Sheet|
|At 31|July|2025|
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Unrestricted|
|fund|fund|
|Notes|£|£|
|CURRENT|ASSETS|
|Investments|7|1,264,853|1,335,010|
|Debtors|7|104|15,174|
|Cash|at|bank|45,293|31,063|
|1,310,250|1,381,247|
|CREDITORS|
|Amounts|falling|due|within|one year|8|(3,468)|(3,300)|
|NET CURRENT ASSETS|1,306,782|1,377,947|
|TOTAL ASSETS|LESS|CURRENT|LIABILITIES|1,306,782|1,377,947|
|NET ASSETS|1,306,782|1,377,947|
|FUNDS|9|
|Unrestricted|funds|1,306,782|1,377,947|
|TOTAL FUNDS|1,306,782|1,377,947|
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The notes form part of these financial statements
Page 6
continued...
Ted Adams Trust Limited
Balance Sheet - continued
At 31 July 2025
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for:
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102).
7) The financial statements were approved by the Board of Trustees on Bor Nowy on, Lore and were signed on its behalf by:
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Ms R J Bryant -Trustee
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The notes form part of these financial statements
Page 7
Ted Adams Trust Limited
1,
Notes to the Financial Statements
for the Year Ended 31 July 2025
ACCOUNTING POLICIES
Charity information
Ted Adams Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Ashcombe Court, Woolsack Way, Godalming, Surrey, GU7 1LQ. The correspondence address for the charity is 208 High Street, Guildford, Surrey, GU1 3JB.
Accounting convention
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011 and UK Generally Accepted Practice.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Letting income is recognised as it is receivable. Interest income is recognised when it is received.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are not accrued as expenditure until they are due.
Cash and investments
Cash in the trust’s operating bank accounts is shown at cost. The trust’s investment is entirely in the form of deposit fund balances, which are also shown at cost.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Debtors and creditors receivable/payable within one year
Debtors and creditors are recorded at the value of the invoice receivable/payable.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The trust does not have restricted funds.
Further explanation is included in the notes to the financial statements.
Page 8
Ted Adams Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Interest received | 50,923 | 22,631 | |
| Dividends | 4,173 55,096 |
- 22,631, |
|
| 3. | GRANTS PAYABLE | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grants payable | 115,302 | 97,680 | |
| The total grants paid to institutions during the year was as follows: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Supportand training ofstudent nurses | _2,300 | _2,300 | |
| Grants made to individuals in 2025 are analysed as follows: | |||
| Number of | |||
| Course | Grants | £ | |
| Advanced Clinical practice | 1 | 3,807 | |
| Advanced Communication skills | 3 | 1,690 | |
| Advanced Scrub practitioner | 1 | 150 | |
| Application of decision making | 1 | 1,019 | |
| APPM Conference and accommodation | 2 | 1,200 | |
| Conference — Heart failure study day including travel costs | 2 | 316 | |
| Conference travel | 1 | 145 | |
| Controlled Drug Accountable officer | 1 | 1,333 | |
| Diabetes Counselling Course | 1 | 750 | |
| Diabetes MSc | 1 | 4,950 | |
| Diabetes PG Cert | 1 | 798 | |
| Diplomatic Therapeutic Counselling | 1 | 3,200 | |
| Dissertation - MSc Healthcare | 1 | 2,500 | |
| Effective Compression Therapy | 2 | 317 | |
| Pain and Symptom management | 4 | 1,940 | |
| Haemochromatosis Nursing Study Day | 1 | 346 | |
| Health assessment | 2 | 2,434 | |
| Health assessment of a child | 1 | 1,217 | |
| Healthcare Ethics and Law | 2 | 5,968 | |
| Healthcare Leadership and commissioning | 2 | 3,700 | |
| Healthcare Practise MSc | 2 | 2,038 | |
| Hospice UK Strategic Leadership | 1 | 2,340 | |
| In house advanced communication training for 10 nurses | 1 | 5,000 | |
| Insulin pump course | 3 | 850 | |
| CarriedForward | 48,009 |
Page 9
Ted Adams Trust Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2025
3. GRANTS PAYABLE (continued)
| 3. | GRANTS PAYABLE (continued) | ||
|---|---|---|---|
| Number of | |||
| Course | Grants | £ | |
| Brought Forward | 48,009 | ||
| International Conference of Peri Anaesthesia Nurses | 2 | 1,780 | |
| Leading people in Health and social care | 1 | 1,019 | |
| Lymphoedema Rehabilitation programme | 2 | 2,655 | |
| Msc Skin integrity | 1 | 3,240 | |
| MSc Advanced care | 1 | 2,500 | |
| Non-medical prescribing | 2 | 2,725 | |
| PEG Inspection | 3 | 550 | |
| Research, design and methodology | 1 | 1,019 | |
| Scholarship | 2 | 22,000 | |
| Strategic Leadership for healthcare | 1 | 1,019 | |
| Surgical First assistant | 1 | 2,100 | |
| Top up course | 1 | 2,000 | |
| Travel for nurses to attend RCN | 1 | 2,000 | |
| University ofSurrey Gift Awards | 1 | 22,000 | |
| Total grants awarded to individuals | 113,002 | ||
| 4. | SUPPORTCOSTS | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Insurance | 214 | 2,122 | |
| Independent examination fee | 5,285 | 3,498 | |
| IT Costs | 832 | 405 | |
| Administrator fees | 3,956 | 4,238 | |
| Bank charges and interest | 111 | 60 | |
| 10,398 | 10,323 | ||
| 5. | NET INCOMING RESOURCES | ||
| Net resources are stated after charging: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation-ownedassets | - | 2,988 |
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.
Trustees’ expenses
No expenditure was reimbursed to the trustees in the year ended 31 July 2025 nor for the year ended 31 July 2024.
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Ted Adams Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Other|debtors|104|15,174|
|8.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR|
|2025|2024|
|£|£|
|Other|creditors|3,468|3,300|
|9.|MOVEMENT|IN|FUNDS —|CURRENT|YEAR|
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|---|---|---|---|---|---|---|---|---|---|---|
|Net|
|movement|in|
|At|1.8.24|funds|At|31.7.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,377,947|(71,165)|1,306,782|
|TOTAL|FUNDS|1,377,947|(71,165)|1,306,782|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Other|Movement|
|resources|expended|_—|gains/(losses)|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|55,096|(126,261)|-|(71,165)|
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Ted Adams Trust Limited
Notes to the Financial Statements - continued for the Year Ended 31 July 2025
- MOVEMENT IN FUNDS (CONTINUED) — PRIOR YEAR
| Net | |||
|---|---|---|---|
| movement in | |||
| At 1.8.23 | funds | At 31.7.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 259,586 | 1,118,361 | 1,377,947 |
| TOTALFUNDS | 259,586 | 1,118,361 | 1,377,947 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Other | Movement | |
|---|---|---|---|---|
| resources | expended_— gains/(losses) | in funds | ||
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Generalfund | 107,405 | (179,104) | 1,190,060 | 1,118,361 |
- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2025 nor for the year ended 31 July 2024.
- ULTIMATE CONTROLLING PARTY
The charity is controlled by the Trustees and Directors of Ted Adams Trust Limited.
This page does not form part of the statutory financial statements
Page 12
Ted Adams Trust Limited
Detailed Statement of Financial Activities for the Year Ended 31 July 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOMING RESOURCES | ||
| Investment income | ||
| Interest received | 50,923 | 22,631 |
| Dividends income | 4,173 | - |
| Incoming resources from charitable activities | ||
| Residents' fees | - | 82,939 |
| Other income | ||
| Solar panel income | - | 1,835 |
| Total incoming resources | 55,096 | 107,405 |
| RESOURCES EXPENDED | ||
| Charitable activities | ||
| Rates and water | - | 4,865 |
| Insurance | = | 4,069 |
| Light and heat | - | 14,773 |
| Maintenance, cleaning and consumables | . | 18,021 |
| BTfire alarm rental | - | 3,894 |
| Telephone system rental and internet | - | 8,020 |
| Management fee | = | 12,468 |
| Legal and professional fees | 252 | 1,523 |
| Sundry expenses | 59 | 230 |
| Depreciation on improvements to property | - | 2,988 |
| Grants to institutions | 2,300 | 2,300 |
| Grants to individuals | 113,002 | 95,380 |
| 115,613 | 168,531 | |
| Administrative costs | ||
| Insurance | 214 | 2,122 |
| Independent examination fee | 5,285 | 3,498 |
| IT costs | 832 | 405 |
| Administrator fees | 3,956 | 4,238 |
| Bank charges and interest | 111 | 60 |
| 10,398 | 10,323 | |
| Other resources expended | ||
| Rent | 250 | 250 |
| Total resources expended | 126,261 | 179,104 |
| Net(expenditure) | (71,165) | (71,699) |
This page does not form part of the statutory financial statements
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