Handelsbanken Wealth & Asset Maiiageinent THE 3T'S CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 26111121i24
THE 3T'S CHARITABLE TRUST INDEX Year ended 31 March 2024 Page General information Report of the Irystees Statement of trustees, responsibilities Independent auditors, report 7-10 Statement of financial activities 11 Balance sheet 12 Cashflow slalemenl 13 Accounting policies 14-15 Notes lo the financial slatemenls 16-21
THE 3T'S CHARITABLE TRUST GENERAL INFORMATION Year ended 31 March 2024 Trustees Charles Sherwood Rosemary Sherwood Timothy Sherwood William Medlicoti Tabitha Hood Tatiana Sherwood Principal address PO Box 68 Knebworth Herffordshire SG3 6UZ Independent Auditors Gibson Booth Chartered Accountants & Slatutory Auditors New Court, Abbey Road North Shepley Huddersfield HD8 8BJ Bankers and Investmenl managers Cazenove Capital Management Schroder & Co Limited 12 Moorgate London EC2R 6DA Solicitors Cripps LLP 22 Mount Ephraim Tunbridge Wells Kenl TN4 8AS Registered charity number 1109733
THE 3T'S CHARITABLE TRUST REPORT OF THE TRUSTEES Year ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year to 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Pracllce appllcable to charlties preparlng their accounts in acGordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objecllves and alms The objects of the trust are for such charltable purposes as the trustees in their absolute discretion think fit. Publi¢ benefit The trust meets its public benefit obligations by making grants to olher registered charities. The trustee3 confirm thal they referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in plannlng future aclivitles and selling granl making policy for the year. Grant making The Irustees have selected a core list of charities to support. For these organisalions Ihey believe that grants are of most value lo the recipient organisations when they are in the form of mulli-year commitments (typically 3 yeafS} and w61h the minimum conditions attached. They believe that Ihis facilitates improved planning and allows recipients to meet their objectives more effectively. In addition to thls core list of repeat donations, the trustees make occasional single donations. The trustees understand that preparing applications is lime-con5umlng and expensive and for this reason would emphasise that il is extremely rare for grants to be given in response to vnsglicited applicalions. Achievements & Performance The trustees carefully consider how their available resources can be utilised by way of grant making to existing charitable organlsations in such a way as lo maximise impact in the areas covered by the trust objects. They maintain direct personal oversight of, and interest in, the grantee organisations wlh this in mind. FINANCIAL REVIEW Principal fundlng source The principal funding source comprises gifts from the trustees of the charily. Investment policy and objectives The charity's investment advisors Cazenove Capital Management are instructed to manage the portfolio in accordance wth the trustees, Investment Policy statement. Unréstrictèd funds Income for the year amounted lo £973,236 compared to £478,225 for the year ended 31 March 2023. Grant commitments of £222,765 (2023.. £220,000) were made and support costs amounted to £9,33012023.' £9,263). The unrestricted income fund al the balance sheet date is £990,10412023'. £248,963).
THE 3T'S CHARITABLE TRUST REPORT OF THE TRUSTEES Year endod 31 Mar¢h 2024 Grants disbursed in the yèar In the year the charity made new single year grants of £107,765 and these are included in the the lolal of £222,765, shown above In addition, as set out in Note 16, the charity expended £605,000 in relation to ils multi-year commitments, taking the total amount disbursed in the year to £712,765. Expendable endowment In Ihe year donations of £462,425 were received and added to the expendable endowment fund. This compares with £5,913,g60 In the previoLlS year. The expendable endowment fund increased by £1,753,606 during the year. Thls compares with £4,848,582 in the year ended 31 March 2023. The expendable endowment stood at £20,249,35412023.' £18,495.748) at the balance sheet date. Reserves pollcy The trustees aim lo maintain the endowment fund al a level sufficient lo generate returns lo maintain and increase the level of granl making in the future. To this end further gifts have been provided over time and Ihe trustees are satisfied with the current level of reserves given the increased grant making planned going forward. STRUCTURE, GOVERANCE AND MANAGEMENT Governing document The 3T's Charitable Trust is an tjnincorporated trust, constituted under a trust deed dated 17 M8r¢h 2005 and is a registered charity. Recrultment and appointment of new trustèè C N C Shemood, R J SheOOd, T J M Shewood, T A B Hood and T A H SheNood are trustees for life and W J Medlicott for four years from 18 July 2021. The number oftruslees shall be a minimum of two and a maximum of six. Trustees wll be appointed by existing trustees and a retiring trustee may be re-elected. There were no new trustees in the year. Organisation struclure The trustees meet regularly lo consider grant making, investments, reserves and risk management policies and performance. Induction and training of new trustees The induction process for any newly appointed trustees comprises of an initial meeling with all existing trustees. In addition the appoinled trustee will be provided wlh a copy of the Charity Commissions guidance "Essential Trustees-. What you need lo know, what you need to do" a copy of the Trusl Deed and a copy of the latest annual report and accounts.
THE 3T'S CHARITABLE TRUST REPORT OF THE TRUSTEES Year ended 31 March 2024 The exisling iruslees seek to maintain their knowledge and understanding - by virtue of their professional backgrounds, by reference to guidance from the Charity Commission and by seeking professional advi¢e where ne¢essary Approved by order of the board of trustees on.....l..ts. - 11... l.4......and signed on it behalf Rosemary Jane ood - Trustee
THE 3T'S CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Year ended 31 March 2024 Trustees. responsibillties in relation to the financial statemènts The trustees are responsible for preparing the Report of the Trustees and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities England and Wales requires the trustees to prepare financial slatemenls for each financial year which give a Iroe and fair view of the state of affairs of the charily and of the incoming resources and application of resources of the charity for thal period. In PTeparing these financial statements the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP 2019 IFRS 102)., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them lo ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the ¢harily and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Approved by order of the board of trusteès on........ .and signed on il behalf Rosemary Jane Sherwo Trustee
THE 3T'S CHARITABLE TRUST Independent Auditor's Report lo the Trustees of The 3T's Charitable Trust Yoar ended 31 March 2024 OplnSon We have audited the financial statements of The 3T's Charitable (the 'charity'} for the year ended 31 March 2024 whlch comprise the Statemenl of Financial Aclivilies, the Balance Sheet, Cash flow slalement and the notes to the financial slalements, including a summary of signiFicant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including FinanGial Reporting Slandard 102 The Finartcial Reporting Standard applicable in the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalemenls: give a true and fair view of the stale of the charity's affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinlon We conducted our audit in accordance with Intemational Standards on Auditing {UK} {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the ¢harily in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, Including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblainèd is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the WOTk we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo ¢onlinue as a going concern for a period of al least twelve months from when Ihe financial statements are authorised for issue. Our respon5ibililies and the responslbllities of Ihe trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon, The trustees are responsible for the other information contained within the annual report.
THE 3T'S CHARITABLE TRUST Independent Auditor's Report lo the Trustees of The 3T's Charitable Trust Year endèd 31 March 2024 Our opinion on the flnancial stalements does nol cover the other information and, except to the extent otheise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the ¢ourse of the audit or otheise appears lo be aterially misstated. If we idenlify such material inconsislencies or apparent material misstatements, we are required to determine whether this givel rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlrod to report by exception We have nothing lo report in respect of the following matters in relation to which the Charilies {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statemenls is inconsistent in any material respect wth the trustees, report., or the charity has not kept adequate accounting re¢ords', or the financial statements are nol in agreement with the accounting records., or we have not recelved all the informalion and explanations we require for our audit. Re5ponslbllitl8s of trustees As explained more fully in the stalement of truslees, responsibilities set out on page 6, the Iruslees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charily's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Iruslees either intend lo liquidate the charlly or lo cease operations, or have no reaSistic alternative but lo do so. Audilor's responslbillties for the audSt of thè flnancial stataments We have been appointed as auditor under section 144 of the Charllles Act 2011 and repori in accordance with the Act and relevant regulations made or having effect Ihereunder Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with ISAS (UK) wll always detect a material misstatement when It exists. Misslalements can arise from fraud or error and are considered
THE 3T'S CHARITABLE TRUST Independent Auditor's Report to the Trustees of The 3T's Charitable Trust Year ended 31 March 2024 material if, individually or in the gggregale, they could reasonably be expected to influence Ihe economic dècisions of users taken on the basis of the financial slatemenls. Irregularities, including fraud, aro instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understartding of the Charity and the charity sector, we identified thal the principal risks of non-compliance with law and regulations related lo the Charities Act 2011, and we considered the extent lo which non-compliance might have a material effect on Ihe financial statemenls. We evaluated management's incentives and opportunllies for fraudulent manipulation of the financial slalements and the audit procedures performed included.. Correspondence with Management including consideration of known or suspecled instances of non-compliance with laws, regulation and fraud,. testing of bank Iransaclions,. including tracing grant payments made. to supporling information lesling accounting adjustments., testing completeness of Income. Because of the inherent limitations of an audit, there is a risk Ihal we will not delecl all irregularities, including Ihose leading to a material misstatement in Ihe financial statemènts or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenl, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. kl8udilorslaudll-assur les- e-audi This description forms part of our audilovs report or Use of our report This reporl is made solely lo the charity's trustees, as a body, in accordance with Part 4 of Ihe Charities (Audit and Reports} Regulations 2008. Our Audit work has been undertaken so that we might stale to the charitvs trustees those matters we are required to state to them in an auditor's report and for no olher purpose. To the fLsllest extent permitted by
THE 3T'S CHARITABLE TRUST Independent Audilor's Repotl to the Trustees of The 3T's Charitable Trust Year ended 31 March 2024 law. we do not accept or assume responsibility to anyone other that the charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed. a b.{ Gibson Booth Chartered Accountanls & Slatulory Auditors New Court Abbey Road North Huddersfield HD8 8BJ Date.. 11. Ik Gibson Booth Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10
THE 3T'S CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES Yèar ended 31 March 2024 Unrestricted Income Fund Expendable endowment Fund Total th[$ year 31.03.24 Total last ye)r 31.3,23 Ire%taledl Note Income resources Volunlary Income Donations 280.000 462.425 742.425 6 123 96U Gift aid refunds 70,000 70,000 r)2 500 Inv85tmenl incom8 623,236 623.236 220.444 Total Incomlng recourses 973,236 462,425 1435.661 Resource5 expended Cosl of generaling funds Investment management costs 89.781 89,781 108,970 Charitable aclivilies Granls and donations paid out 222,765 222,765 ?2Q.UO Govemance cosl Trust accounlingllax clalm8 fees 9,330 9,330 Total resources expended 232,095 321,876 318,?3? Net Incominglloutgoing) resources before transfers 741,141 372,644 1.113,785
0fj8.671 Gross transfers belween funds Net Incornel(outgolngl resour¢es before other recogni$ed galng and losses 741,141 372,644 1,113.785 6.OJlJ 671 Other recognised gains and losses ILosses)Igains on Investment assets 1,380,962 1,3BO,962 19r?1 1271 Net movemonts In IndS 741,141 1,753,606 2,494,747 o,OQ7 Jf44 Fund balan brought forward al 31 March 2023 Prior year adluslmenl Fund balanGe brought forward al 31 March 2023 Irestaled) 348,963 100,000 248,963 18.495,748 18.844,711 100,000 18.744,711 13.641.167 18.495.748 13.G47 167 Fund balance carrled foNard at 31 March 2024 990,104 20,249.354 21.239.458 11
THE 3T'S CHARITABLE TRUST BALANCE SHEET As at 31 March 2024 Unrestricted Expendable Income Endowment fund Fund Total this year 31.3.24 13sI year ji'eslalgdl Note Fixed assets Investment al markel value 666,761 20,249,354 20916115 1CJ 83.1864 Current assets Debtors 70,000 70,000 1.1110 Cash at bank 848.002 848,002 6039 Creditors.. amounts falling due wthin one year 1594,659) 1594.659} 1644.2021 Net current assots 323,343 323,343 j6.3;,153' Total assèts less current liabllltles 990.104 20,249,354 21,239,458 Creditors.- amounts falling due after one year 1450,0001 Net Assets 990,104 20,249,354 21,239 458 18,744.717 Fundg Expendable endowment fund Unrestricted income fund 20,249,354 990,104 21,239,458 18.4CJJ,148 248,96? Approved by order of the board of trustees on.. .and signed on it behalf Rosemary Jane SheMood- T ee 12
THE 3T'S CHARITABLE TRUST CASHFLOW STATEMENT As at 31 March 2024 Note 31.3.24 41.3.23 Irevlale(11 Net income for the year 1,113,785 6 OJS.61 1 Adjustments for Interest and dividends Decreaselllncrease) in debtors {Decrease)Ilncrease in creditors (623,236) 168,990) (499,543} IL20 444 j j48C I()21 Cash flows from operatlng actlvities {77,9841 ,) 4?6 311.; Cash flows frorn investing actlvltles Interest and dividends Proceeds from sale of investments Purchase of investments 623,236 19.802,267 124,206,283) 220,444 ID499291 111 68.1 IlGr Net cash used by Investlng actlvltles 13,780,780) Change in cash and cash equivalents Cash and cash equivalents broughl forward Cash and cash equivalents carrled fomard (3,858,764) 5,146,021 1,287,257 4,4G4.113 Tr81 848 a146021 13
THE 3T'S CHARITABLE TRUST ACOUNTING POLICIES Yearended 31 March 2024 Basis of preparing the Ilnanclal statèments The financial statements of the charity, which is a public benefit enlity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS 102) (effective 1 January 2019)" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charilies Act 2011. The financial statements have been prepared on a going concern basis under the historical cost convention with the exception of investments which are included at market value. Going Concorn There are no material un¢ertainlies about the charily's ability to continue. Income All income is recognised in the Slalemenl of Financial Activities once the charity has enlillement lo the funds, it is probable that the income will be received and Ihe amount can be measured reliably. Expendltura Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity to that expenditure, it is probable that a transfer of economic beneftts will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo actlvilies on a basis consistent with the use of resources. Grants offered subject lo conditions which have not been met at the year end dale are noted as Gommilments but not arUed as expenditure. Taxalion The Charity is exempt from tax on its charitable aclivilies. Fund Accounting Unrestricted fund5 ¢an be used in accordance with the charitable objectives at the discretion of the trustees. Expendable Endowment The fund has been invested lo primarily produce income although the trustee5 may use Ihe fund for charitable purposes if required. Restricted funds can only be used for a particular restricted purpose within the objects of the charily. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. Forelgn Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign Currencies are translated into sterling at Ihe rate of exchange ruling at the dale of transaction. Exchange differen¢es are taken into a¢¢ount in arriving at the operallng result. 14
THE 3T'S CHARITABLE TRUST ACOUNTING POLICIES Year ended 31 March 2024 Investments Investments are shown at market value al the balance sheet dale. All gains or losses on revaluation or on disposal are included in the Statement of Financlal Activities Investment income is recognised as receivable. 15
THE 3T'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 31.3.24 .11.03 23 1 Investment Income Ireslaledl UK Income Interest Dividends Accumulated Dividends- Expendable endowment Property 81,562 439,785 33,78U 9,606 12,533 Overseas Income Interest Excess reportable income - Expendable endowment Dividends Property 42.110 65,996 1,103 80,995 50.173 Investment income is unrestricted unless otheiSe slated 623,236 220,444 2 Raising Funds Portfolio management 89,781 108,970 89,781 108,970 3 Grants made The lolal grants made lo institutions during the years was as follows.. Barts Charity Books Beyond Words British Heart Foundation Envision Envision Footsteps Foundation Haileybury & ISC Fundraising Hertford Himalayan Trust UK Home Start Hertfordshire Isobel Hospice Ltd RBG Kew- Friends & Supporters Royal Marsden Cancer Charity Royal Marsden Cancer Charity Samaritans The Felix Project The Haileybury Youth Trust Tree Aid Unitas Youth Zones 50.000 10,000 5,000 1,000 1,000 1,000 22,500 15,000 30,000 4,265 100,000 5,000 20,000 20.000 30,000 8,000 3Jr,000 35.000 50,000 222,765 220,000 Further delail on commitments and on the actual cash disbursed in the year is provided in nole 16. 16
THE 3T'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 31.3.24 "11 03 2? !r&sldl.d) 4 Governance costs Handelsbanken Wealth Managemenl Audit fee Olher 6,000 2,940 390 6.000 9,330 5 Investments Market value Carry (market} value al beginning of year Add Additions at cost Less disposals at carry value Addl(deductl net gainl{loss) on revaluation Carry (market) value at end of year 14,691,8SY 24,206,283 119,802,267) 1,380,962 20,476,859 14,470.4J2 .11 C)Sl.060) 110.499 2911 1961 '12-,1 14 r)91,or I Shares Portfolio Cash 20,476,859 439,256 20,916,115 14.C)9-18,87 1.39.9(1s1 19 864 Realised gainsl(loss) Unrealised gains/{loss) on revaluation 90,239 1,290,723 1,380,962 1430.¢2 I) 1530.JO61 1961.1gil The historic cost of these investments was £19,134,710 (2023: £13,258,748) 17
THE 3T'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 2024 jresiiiledl 6 Debtors Prepayments and accrued incorne Gift aid refunds 1 010 70,000 70,000 1.010 7 Creditors: amount falling due within on8 year Accruals and deferred income Donation commitments 29,659 505,000 60Jr 000 534,659 644 202 8 Creditors: amount falling due after one year Donation commitments 4aro.000 450.000 9 Analysis of Funds At 01-Apr-23 restated Income Expenditure Gains losses & transfers At 31-Mar-24 Unreslricled income funds 248,963 Expendable endowment funds 18.495,748 973,236 462,425 1232,095) (89,781) 990,104 20,249,354 1,380,962 18,744,711 1,435.661 321,876 1,380,962 21,239,458 Al 01-Apr-22 Income Expenditure Gains losses & transfers At 31-Mar-23 Unre51ricted Income funds Expendable endowment funds 13,647,167 478,225 5,918,679 (229,263) 1108,970) 248,963 18,495,748 1961,127) 13 647,168 6,396,904 338,233 961,127 18,744,711 18
THE 3T'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 10 Analysls of Net Assels between funds Fund balances as at 31 March 2024 are represenled by.. Expendable endowment Funds Unreslricled Funds Total Funds Fixed assets 666,761 20,249,354 20,916,115 Current assets 918,002 918.002 Current liabilities 1594.659) (594,659) Non-current liabilities Total net as5e15 990,104 20,249,354 21,239,458 Analysis of Net Assets between funds Ireslalecll Fund balances as at 31 March 2023 are represented by.. Expendable endowment Funds Unreslricled Funds Total Funds Fixed assets 353,614 19,478,250 19,831,864 Current assets 7,049 7,049 Current liabilllie5 (111,7001 1532,502) (644,202) Non-currenl liabilities {450,0001 (450,000) Total net assets 248,963 18,495,748 18,744,711 11 Staff costs and Trustees, Remuneration and Beneflts There were no employees of the ¢harily during the year. The trustees received no remuneration and were not reimbursed for any of their expenses in the year. 19
THE 3T'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 12 Related Party Disclosures In the year ended 31 March 2024 Charles Sherwood gifted shares to the 3Ts Irustwhich had a market value of £462.425 al the time of transfer. In addition Charles Sherwood made a donation lo the 3Ts Irust of £350,000 including the gift aid repayment. In the previous year ended 31 March 2023 Charles and Rosemary Sherwood gifted shares lo Ihe 3Ts trust which had a mark$t value of £7,540,610 at the lime of transfer. In addition Charles Sherwood made a donation lo the 3Ts trust of £265,500 including the gift aid repayment. In the previou5 year ended 31 March 2023 Timothy, Tabitha and Taliana Sherwood each gifted shares to the 3Ts trust which had a market value of £1.457,783 at the time of transfer. 13 Prlor year adjustment An additional grant commilment made in January 2023 has been included in the prior year figures. This has decreased the surplus for the year ended 31 March 2023 by £100.000, and unreslricted funds have been restated to £248,963 at 31 March 2023. 14 Analysis of cash and cash 8quivalonts 2024 2023 Cash in hand Cash held within investments 848,002 439,255 1,287.257 6.039 5.139,983 5,146,022 15 Analysls of changes In net cash At 1 April 2023 Cash flows Other non- cash Changes Al 31 March 2024 Cash Cash equivalents 6.039 841.963 5,139,983 4,700,727 5,146,022 13,858.7641 848,002 439,256 1,287.258 Loans falling due wiihin one year Finance lease obligations 5,146.022 3.858,764 1,287,258 20
THE 3T'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YÈar ended 31 March 2024 16 Grants and commitments The accounts have been prepared on an ac¢ruals basis reflecting Ihe timing of commitments. During the year, the trustees made four new commitments due after the balance sheel date (totalling £115,000) in addition lo the sèven grants approved and settled in the year (£107,765). They continued to honour the mulli-year commitments of £1,245,000 which were agreed in the year ended 31 March 2022 and £YOO,000 for the year ended 31 March 2023 The delails of the existing ¢ommltments are shown below.. Anne Robson Trust 45,000 Big Issue Foundation 45,000 Dalit Children 30,000 Fair Tria15 International 45,000 Hardman Trust 60,000 Herts Young Homeless 60,000 Marie Curie 105,000 Mary's Meals 105,000 Médecins san Frontières 150,000 Mind 105.000 Prostale Cancer UK 105,000 RBG Kew- Friend & Supporters 100,000 SCI Foundation 150,000 St Giles Trust 75,000 St Mungo's 105,000 Young Minds 60 000 1,345,000 Add new commilmenls.. Himalayan Trust UK Home Start Hertfordshire Royal Marsden Cancer Charity Unilas Youth Zones 15,000 30,000 20,000 50,000 Add pre-existing commitments 300,000 1,760,000 Less paid in Year ended 31 March 2023 Less paid in Year ended 31 March 2024 590,000 605 000 565,000 The following amounts are due lo be paid in respect of the grant commitments in force at 31 March 2024 Year ended 31 March 2025 5S5,000 565,000 21
THE 3T'S CHARITABLE TRUST APPENDIX TO THE FINANCIAL STATEMENTS Year ended 31 March 2024 In the same period the trustees made cash disbursements against grant commitments of £605,000 as shown below.. Anne Robson Trust Big Issue Foundation Fair Trials Inl8rnalional Hardman Trust Herts Young Homeless Himalayan Trust UK Home Start Hertfordshire Marie Curie Mary's Meals Médecins san Frontières Mind Proslale Cancer UK RBG Kew- Friend & Supporters Royal Marsden Cancer Charity SCI Foundation st Giles Trust st Mungo's Supporting Dalit Childn Tottenham Hotspur Foundation Unitas Youth Zones Young Minds 15,000 15,000 15,000 20,000 20,000 15,000 30,000 35,000 35,000 50,000 35,000 35.000 60.000 20,000 50,000 25,000 35,000 10,000 15,000 50,000 20,000 605,000 Grants paid in year.. Books Beyond Words Envislon Haileybury & ISC Fundraising Hertford Isobel Hospice Ltd Royal Marsden Cancer Charity The Felix Project Tree Aid 10,000 1,000 22,500 4,265 5,000 30,000 35,000 107,765 Total grants made and disbursed in year 712,765 22