The Tom ap Rhys Pryce Memorial Trust
Annual report and financial statements for the year ended
31 December 2024
Charity number: 1112771
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The Tom ap Rhys Pryce Memorial Trust
| Contents Page |
|---|
| Report of the Trustees for the year ended 31 December 2024 ........................................................... 3 |
| Independent Auditors’ Report ..............................................................................................................9 |
| Statement of Financial Activities For the year ended 31 December 2024 ......................................... 12 |
| Balance Sheet ................................................................................................................................. 13 |
| Notes to the financial statements ..................................................................................................... 16 |
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The Tom ap Rhys Pryce Memorial Trust
Report of the Trustees for the year ended 31 December 2024
The Trustees are pleased to present their report together with the audited financial statements of the charity for the year of operation ended 31 December 2024. The financial statements comply with the Charities Act, the Declaration of Trust and the Charities Statement of Recommended Practice (Accounting and Reporting by Charities) SORP (FRS 102) as updated 1 January 2019.
Reference and administrative details
Charity number: 1112771 Correspondence address: One Silk Street, London, EC2Y 8HQ Independent Auditors: PricewaterhouseCoopers LLP, Central Square, 29 Wellington Street, Leeds LS1 4DL Bankers: Lloyds Bank, 25 Gresham Street, London EC2V 7HN
Patron
Sir Christopher Edwards
Trustees
The Trustees serving during the year and since the year-end were as follows:
John Henry ap Rhys Pryce
Alexander James Young
Andrew Howard Hughes (resigned 31 December 2024)
Callum James Farquharson McGeoch
Patrick William Robinson
Joanna Louise Firth
Mary Ampah (appointed 21 March 2025)
David Matthew Comins (appointed 21 March 2025)
Structure, Governance and Management
Governing document
The Tom ap Rhys Pryce Memorial Trust is established as a Trust by a Declaration of Trust dated 19 January 2006 and is registered as a charity with the Charity Commission.
Organisation
The Trustees administer the charity. The Trustees held four formal trustee meetings during the year ended 31 December 2024. All Trustees have equal voting rights with a majority required for all key decisions such as the approval of grant applications, although decisions are generally made by consensus.
New Trustees are appointed by resolution of the existing Trustees and are briefed as to the objectives and key administrative requirements of the Trust.
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The Tom ap Rhys Pryce Memorial Trust
Structure, Governance and Management (continued)
Risk Management
The Trustees have considered the risks to which the Trust is exposed and are of the view that an appropriate control framework is in place.
An independent investment manager, Rathbone Investment Management Limited (“Rathbones”), has been appointed to manage investment asset of the Trust on a discretionary basis with a view to maximising the return on them and minimising the risk of financial loss on investment decisions. The Trustees have instructed Rathbones to manage those funds by investing in a medium risk (but defensively invested) portfolio of investments with to achieve a balance between capital growth and the generation of income. The Trustees have instructed Rathbones to avoid investments in businesses manufacturing weapons, alcohol and tobacco products
Objectives and activities
Tom ap Rhys Pryce was robbed and killed as he walked home from Kensal Green tube station on 12 January 2006. In an effort to ensure that something positive comes out of this terrible tragedy, Tom’s family, fiancée and Linklaters LLP, the law firm at which Tom worked, established a registered charity as a lasting memorial to Tom. The charity is known as The Tom ap Rhys Pryce Memorial Trust.
The Trust has been established for all objects or purposes which are exclusively charitable according to the laws of England and Wales. The Trustees have decided that the present focus of the Trust should be to promote the twin goals of:
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assisting disadvantaged children and young people to achieve their potential and to lead rewarding lives by providing them with educational and vocational training opportunities which they would otherwise be unlikely to receive; and
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helping to tackle and prevent the root causes of violent gang culture and violent street crime through educational programmes and other charitable means.
The Trust meets these objectives primarily by providing funding to a diverse range of relevant organisations and projects (see below). The Trust also identifies synergies between different organisations and projects and promotes links between them through its forum (see below). Subject to the success of the Trust’s fundraising activities, the Trustees currently intend the duration of the Trust to reflect what would have been the approximate duration of Tom’s working life, namely a period in the region of 25 years from January 2006.
Achievements and performance
During 2024, the nineteenth year of the Trust's operation, funding continued to a number of the Trust’s existing partners. The Trustees also continued to investigate other organizations with similar aims to those of the Trust, some of which the Trustees agreed to support financially, as listed below. The Trustees also continued to facilitate networking amongst organizations presently and previously funded by Tom’s Trust, which has created a forum with a view to:
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(i) promoting the exchange of ideas and experience between the organisations;
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(ii) encouraging the cross-referral of children and youths across the respective organisations/projects; and
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(iii) encouraging closer relationships between the organisations and perhaps co-operation on joint projects.
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The Tom ap Rhys Pryce Memorial Trust
During 2024 grants were awarded amounting to £171,735. The Trust provided funding to the following 20 organizations and projects:
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The Avenues Project : funding to provide a Saturday Sports Programme to children and teenagers in the Queen’s Park area of London. The Avenues Youth Club has over 1,100 members. Apart from football for both girls and boys, they can play basketball, dodgeball and be taught judo. (www.avenues.org.uk)
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Centre of the Cell : funding to provide workshops to Key Stage 2 pupils from local primary schools. These take place in the Blizard Institute at Queen Mary University, to encourage children to engage with science. (www.centreofthecell.org)
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Class 13 : funding to support their courses which train and support teachers to develop policies and pedagogical practices that actively challenge systemic inequality. Their aim is to engage more young people in learning and reduce the number of exclusions, which often result in a young person turning to crime. (www.class13.org)
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Coram’s Fields : funding to continue their Outreach Programme, specifically to help cover the salary costs of their youth workers. They work directly on the streets of the most deprived local estates to engage young people to come to their Youth Centre and take part in their Sports Programme and use the various other facilities on offer. (www.coramsfields.org)
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Discover Children’s Story Centre : funding for their Story Sandwich Programme, working with early years children and their families who are facing multiple disadvantage, namely homelessness, refugee status or are asylum seekers. (www.discover.org.uk)
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It’s Your Life : funding to pay for three 12-week programmes which support families with very young children. These programmes give the parents the knowledge, attitudes, skills and habits, along with support and confidence to tackle some of the root causes of disadvantage, before the effects take hold on a young child’s life. (www.itsyourlife.me.uk)
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Key4Life : funding for their 6-month ‘At Risk’ programme which targets hard-to-reach and marginalised young men aged 18-25 who are not in education’ employment or training and are at risk of going to prison, or in danger of knife crime. (www.key4life.org)
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Longfield Hall : funding to deliver a summer holiday creative activity programme with local young people at risk of negative lifestyles and criminal grooming. Throughout June and July Longfield Hall worked with local schools to deliver outreach sessions for at-risk students, encouraging them to take part in the summer programme. (www.longfieldhall.org.uk)
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The Midi Music Company : funding for 8 bursaries at The Blackheath Conservatoire of Music & Arts, for the most promising pupils. Also funding for 3 ‘music camps’ during the year for younger children to experience making music. (www.themidimusiccompany.co.uk)
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The Ministry of Stories : funding towards a programme run by the Ministry of Stories based in Hoxton, which works with economically and socially disadvantaged young people in Hackney, Islington and Tower Hamlets, many of whom are disengaged from formal education and have English as a second language. Through a range of innovative writing projects, and one-to-one mentoring, they help young people aged from 8 to 18 discover and realise their own creative potential. They build confidence, self-respect and communication skills in both workshops for schools and out-of-school writing club. (www.ministryofstories.org)
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Number Champions : funding for one-to-one after-school tuition for primary school children who are struggling with maths. Children who fall behind in maths often fail later on in secondary school which leads to being at risk of exclusion. (www.numberchampions.org.uk)
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The Tom ap Rhys Pryce Memorial Trust
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Regenerate : funding to support their Mentoring Programme which helps guide teenagers through difficult periods and challenging times. They give one-to-one mentoring to pupils referred to them by Pupil Referral Units as well as running local group and community mentoring sessions. (www.regenerateuk.co.uk)
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Salmon Youth Centre : funding to help their work with inner-city young people. The Salmon Youth Centre, based in Southwark, is one of the largest youth centres in the country, attended by about 2000 children and young people, many of whom come from disadvantaged backgrounds. Providing many recreational facilities, as well as mentoring, it transforms their aspirations, prospects and achievements. (www.salmonyouthcentre.org)
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Scene & Heard : funding towards their “Playmaking One” course, where primary school children create their own short two-character play for professional actors to perform. Scene & Heard is a unique mentoring project that partners the inner-city children of Somers Town with volunteer theatre professionals. Children attend weekly after-school classes working alongside volunteer theatre professionals in a mixture of group drama activities and one to one writing time. (www.sceneandheard.org)
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Spiral Skills CIC : funding to train ten youth workers, who will work within their communities as facilitators and changemakers. They also work with a number of Pupil Referral Units across London. Spiral's mission is for every young person to be equipped to participate in society, make independent choices and take control of their own lives. (www.myspiral.co.uk)
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Southside Young Leaders Academy : funding towards the cost of delivering their English and maths tutoring programme, which is an integral part of their Young Leaders Programme. SYLA works with boys of African and Afro-Caribbean origin, who have the ability and aptitude to be leaders, but who are at risk of exclusion from school due to their challenging behaviour. (www.syla.org.uk)
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St. Giles Trust SOS+ Project : funding towards a service that provides targeted support to young people across London who have been identified as being at serious risk of expulsion from school, offending and/or gang involvement. SOS+ seeks to help ex-gang members and ex-offenders make positive sustainable lifestyle changes by directing them towards education, training and employment. (www.stgilestrust.org.uk)
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Switchback : funding towards a programme in which Switchback staff work with young offenders in prison kitchens to develop the confidence and skills they need to make a positive and sustained change to their lives. After their release they are closely mentored and given opportunities to train as chefs. Once qualified, they are helped to find full-time employment. (www.switchback.org.uk)
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Team Up : funding towards a mentoring programme for primary school children. Team Up is a social venture charity which runs a voluntary leadership programme. They train role models to tutor children from low income backgrounds, in order to help them reach their academic potential. Selected children are given intensive tutoring in school by these volunteers to help them reach the required standard. (www.teamup.org.uk)
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XO Bikes : funding to help train ex-offenders and young people at risk (referred to them by the police) to become bicycle mechanics. XO Bikes have workshops in Lewisham and Wandsworth. They refurbish bicycles donated by the Metropolitan Police and others, and sell them to the public. XO Bikes is part of Onwards & Upwards. (www.xobikes.com)
Fundraising continued through 2024, with contributions generated through individual donations, as well as through Just Giving, Give as You Earn and similar websites. The main source of income was through our partnership with Club Peloton as well as administrative support from Linklaters LLP.
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The Tom ap Rhys Pryce Memorial Trust
The Trust receives frequent applications for funding from numerous organisations working with children and youths, with a particular focus on education and vocational training programmes, life skills coaching and mentoring, addressing knife and gun crime and the rehabilitation of young offenders. All these enquiries are considered by the Trustees, although it is the Trust's general policy not directly to fund individuals save in the context of funding bursaries in memory of Tom.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The Trustees consider that the twin goals on which the Trust currently focuses, as described above under the heading “Objectives and activities”, and the activities of the Trust, as described above under the heading “Achievements and performance”, benefit the public.
Financial review
During the year ended 31 December 2024 the Trust provided funding to the organisations and projects set out above. New grants totalling £171,735 (2023: £136,460) were made to various organisations and projects during the year. The Trustees regularly monitor the amount of the funds available to the Trust and the income generated on those funds and ensure that the funding commitments made by the Trust can be met from the Trust’s available funds.
Investment policy
The Trust pursues a medium risk investment policy with the portfolio invested with Rathbones. The ethical investment policy avoids the investment in the tobacco, alcohol or weapons manufacture industries. There is no interest payable other than the returns on investments under the management of Rathbones.
Reserves policy
The Trustees will aim to maintain reserves in unrestricted funds at least equivalent to the committed charitable expenditure for the next three months. The Trustees consider that this level will provide sufficient funds to cover committed funding and ensure that there are sufficient funds to cover any other costs. The Trustees' policy on reserves reflects their intention to undertake the distribution of donations over a period in the region of 25 years from January 2006 as indicated under the “Objectives and activities” section of the Report of the Trustees.
The reserves in unrestricted funds at 31 December 2024 were £517,748 (2023: £618,581).
Going Concern
After making adequate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least the next 12 months. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Plans for the future
The Trustees are actively considering a range of further applications for funding and expect the Trust’s current objectives to continue for the foreseeable future.
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The Tom ap Rhys Pryce Memorial Trust
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Patrick Robinson
Trustee
3 November 2025
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The Tom ap Rhys Pryce Memorial Trust
Independent auditors’ report to the trustees of The Tom ap Rhys Pryce Memorial Trust
Report on the audit of the financial statements
Opinion
In our opinion, The Tom ap Rhys Pryce Memorial Trust’s financial statements (the “financial statements”):
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give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming
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resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
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(United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
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have been prepared in accordance with the requirements of the Charities Act 2011 and Regulation 8 of The
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Charities (Accounts and Reports) Regulations 2008.
We have audited the financial statements, included within the Annual report and financial statements (the “Annual Report”), which comprise: the Balance Sheet as at 31 December 2024; the Statement of Financial Activities for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
Based on our work undertaken in the course of the audit, the Charities Act 2011 requires us also to report certain opinions and matters as described below.
Trustees’ Report
Under the Charities Act 2011 we are required to report to you if, in our opinion the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.
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Responsibilities for the financial statements and the audit
Responsibilities of the Trustees for the financial statements
As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the charity/industry, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and relevant regulations made or having an effect thereunder, including The Charities (Accounts and Reports) Regulations 2008. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) by the trustees and those responsible for, or involved in, the preparation of the financial statements, and determined that the principal risks were related to the misappropriation of assets, namely cash. Audit procedures performed included:
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Enquiring with management and those charged with governance to understand the relevant laws and
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regulations applicable to the charity, and their assessment of fraud related risks;
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Reviewing financial statement disclosures and testing to supporting documentation, where appropriate, to
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assess compliance with applicable laws and regulations;
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Testing of expenditure on charitable activities to ensure grants are awarded to registered charities and
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have been appropriately approved;
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Obtaining bank confirmations and testing the bank reconciliation to the year end position; and
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Scanning the cash book for any large, and potentially unusual payments from the bank statements given the risk of cash extraction.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
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Other required reporting
Charities Act 2011 exception reporting Under the Charities Act 2011 we are required to report to you if, in our opinion:
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we have not received all the information and explanations we require for our audit; or
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sufficient accounting records have not been kept by the charity; or
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the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 3 November 2025
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The Tom ap Rhys Pryce Memorial Trust
Statement of Financial Activities For the year ended 31 December 2024
| Note Income and endowments from; Other trading activities Donations Income from investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net gains on investments 7 Net expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total Unrestricted funds Year ended 31 December 2024 £ 1,047 21,992 16,052 39,091 (5,546) (156,435) (161,981) 22,057 (139,924) (100,833) 618,581 517,748 |
Total Unrestricted funds Year ended 31 December 2023 £ 2,355 75,885 18,481 |
|---|---|---|
| 96,721 | ||
| (5,904) (146,760) |
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| (152,664) 13,427 |
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| (139,237) | ||
| (42,516) | ||
| 661,097 618,581 |
There were no other recognised gains or losses other than those listed above and the net income for the year.
All income and expenditure derive from continuing activities .
The accounting policies and notes set out on pages 14 to 17 form part of these financial statements.
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The Tom ap Rhys Pryce Memorial Trust
As at 31 December 2024
Balance Sheet
| 31 December | 31 December | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | |||
| £ | £ | ||
| Fixed assets | |||
| Investments | 7 | 486,917 | 608,846 |
| Total fixed assets | 486,917 | 608,846 | |
| Current assets | |||
| Cash at bank and in hand | 30,831 | 25,035 | |
| Total current assets | 30,831 | 25,035 | |
| Liabilities | |||
| Creditors - amounts falling due within one year | 9 | 0 | (15,300) |
| Net current assets | 30,831 | 9,735 | |
| Total net assets | 517,748 | 618,581 | |
| The funds of the charity: | |||
| Unrestricted funds | 517,748 | 618,581 | |
| Total charity funds | 517,748 | 618,581 |
The accounting policies and notes set out on pages 14 to 17 form part of these financial statements.
The financial statements were approved by the Trustees and signed on their behalf by Patrick Robinson on 24 October 2025:
Patrick Robinson Trustee 3 November 2025
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The Tom ap Rhys Pryce Memorial Trust
1. Accounting policies
1.1 General information and basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.
The charity is a Charitable Trust and a public entity. It is a registered charity in England and Wales (Charity number 1112771). The functional currency is the Pound Sterling.
The charity has not prepared a cash flow statement as it is a small charity.
1.2 Going concern
The Trustees have reviewed the cash flow and projected income and expenses over the next twelve months and deem that the Trust has adequate financial resources to meet its obligations. From a review of the above it is concluded that the Trust is deemed a going concern.
1.3 Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, which are described in note 1.1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Charity reviews the annual estimate of the market value of its investment funds made by the investment portfolio managers. The investments include quoted investments as well as property funds held in relation to pooled investment vehicles, the valuation of which have a higher level of judgement and estimation uncertainty.
1.4 Financial instruments
The charity has basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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The Tom ap Rhys Pryce Memorial Trust
1 Accounting policies (continued)
1.5 Trade and other debtors
These are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due
1.6 Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.
1.7 Income
Grant and donation income includes Gift Aid and is all categorised as unrestricted funds. It only includes funds receivable during the financial period where the criteria of entitlement and measurement have been met and receipt is probable. Investment income is recognised when conditions of receipt have been met and there is reasonable assurance of receipt.
1.8 Expenditure
Expenditure is recognised as a liability is incurred.
Grants payable are recognised when a commitment is made. Where there is uncertainty over the value of future commitments the Trustees’ best estimate of these commitments is recognised. The Trust does not have a formal grant making policy. Each application for funding is considered on its merits and by reference to the Trust’s stated objectives. The audit services provided are done pro bono and are free of charge.
1.9 Irrecoverable VAT
The charity is not able to recover VAT on its outgoings. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
1.10 Investments
Investment assets are held at market value. Gains and losses on investments are recognised in the Statement of Financial Activities as they are incurred.
1.11 Unrestricted funds
These comprise of those funds which the Trustees are free to use in accordance with the charitable objectives.
2. Related party transactions
The Trustees have not received reimbursement of any expenses or remuneration for their services during the current or previous year, nor were any expenses paid on their behalf. There were no other related party transactions during the year.
3. Donations
Donations were received from both individuals and organisations during the current and previous year.
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Notes to the financial statements
4 Income from investments
The Trust investment income arises from:
| Year Ended 31 December 2024 Year Ended 31 December 2023 Income from investments: £ £ Dividends received from short term investments 16,052 18,481 16,052 18,481 5 Expenditure on raising funds Year Ended 31 December 2024 Year Ended 31 December 2023 Expenditure incurred raising funds: Investment managers’ fees £ 5,037 £ 5,325 Just Giving Fees 407 579 Internet fees 102 - 5,546 5,904 6 Expenditure on charitable activities 2024 Beneficiary Commitment at 1 January 2024 £ Total funds committed to in the year £ Funds paid during the year £ Commitment at 31 December 2024 £ The Avenues Youth Project - 10,000 (10,000) - Class 13 - 5,175 (5,175) - Coram's Fields - 12,000 (12,000) - Discover Children - 5,000 (5,000) - It’s Your Life - 8,000 (8,000) - Key4Life - 5,000 (5,000) - Longfield House Trust - 10,000 (10,000) - The Midi Music Company 15,300 4,730 (20,030) - The Ministry of Stories - 5,000 (5,000) - Number Champions - 5,000 (5,000) - Onward And Upward - 10,000 (10,000) - Queen Mary College/Centre of the Cell - 5,000 (5,000) - Regenerate - 8,200 (8,200) - Salmon Youth Centre - 10,000 (10,000) - Scene & Heard - 5,000 (5,000) - The Southside Young Leaders Academy - 12,000 (12,000) - Spiral Skills CIC - 10,000 (10,000) - St Giles Trust - 5,000 (5,000) - Switchback - 10,000 (10,000) - Team Up for Social Mobility Ltd - 11,330 (11,330) - 15,300 156,435 (171,735) |
Year Ended 31 December 2024 Year Ended 31 December 2023 Income from investments: £ £ Dividends received from short term investments 16,052 18,481 16,052 18,481 5 Expenditure on raising funds Year Ended 31 December 2024 Year Ended 31 December 2023 Expenditure incurred raising funds: Investment managers’ fees £ 5,037 £ 5,325 Just Giving Fees 407 579 Internet fees 102 - 5,546 5,904 6 Expenditure on charitable activities 2024 Beneficiary Commitment at 1 January 2024 £ Total funds committed to in the year £ Funds paid during the year £ Commitment at 31 December 2024 £ The Avenues Youth Project - 10,000 (10,000) - Class 13 - 5,175 (5,175) - Coram's Fields - 12,000 (12,000) - Discover Children - 5,000 (5,000) - It’s Your Life - 8,000 (8,000) - Key4Life - 5,000 (5,000) - Longfield House Trust - 10,000 (10,000) - The Midi Music Company 15,300 4,730 (20,030) - The Ministry of Stories - 5,000 (5,000) - Number Champions - 5,000 (5,000) - Onward And Upward - 10,000 (10,000) - Queen Mary College/Centre of the Cell - 5,000 (5,000) - Regenerate - 8,200 (8,200) - Salmon Youth Centre - 10,000 (10,000) - Scene & Heard - 5,000 (5,000) - The Southside Young Leaders Academy - 12,000 (12,000) - Spiral Skills CIC - 10,000 (10,000) - St Giles Trust - 5,000 (5,000) - Switchback - 10,000 (10,000) - Team Up for Social Mobility Ltd - 11,330 (11,330) - 15,300 156,435 (171,735) |
Year Ended 31 December 2024 Year Ended 31 December 2023 Income from investments: £ £ Dividends received from short term investments 16,052 18,481 16,052 18,481 5 Expenditure on raising funds Year Ended 31 December 2024 Year Ended 31 December 2023 Expenditure incurred raising funds: Investment managers’ fees £ 5,037 £ 5,325 Just Giving Fees 407 579 Internet fees 102 - 5,546 5,904 6 Expenditure on charitable activities 2024 Beneficiary Commitment at 1 January 2024 £ Total funds committed to in the year £ Funds paid during the year £ Commitment at 31 December 2024 £ The Avenues Youth Project - 10,000 (10,000) - Class 13 - 5,175 (5,175) - Coram's Fields - 12,000 (12,000) - Discover Children - 5,000 (5,000) - It’s Your Life - 8,000 (8,000) - Key4Life - 5,000 (5,000) - Longfield House Trust - 10,000 (10,000) - The Midi Music Company 15,300 4,730 (20,030) - The Ministry of Stories - 5,000 (5,000) - Number Champions - 5,000 (5,000) - Onward And Upward - 10,000 (10,000) - Queen Mary College/Centre of the Cell - 5,000 (5,000) - Regenerate - 8,200 (8,200) - Salmon Youth Centre - 10,000 (10,000) - Scene & Heard - 5,000 (5,000) - The Southside Young Leaders Academy - 12,000 (12,000) - Spiral Skills CIC - 10,000 (10,000) - St Giles Trust - 5,000 (5,000) - Switchback - 10,000 (10,000) - Team Up for Social Mobility Ltd - 11,330 (11,330) - 15,300 156,435 (171,735) |
|---|---|---|
15,300 156,435 (171,735) |
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The Tom ap Rhys Pryce Memorial Trust
6 Expenditure on charitable activities (continued)
| 2023 Beneficiary The Avenues Youth Project Coram's Fields It’s Your Life Kent Opera Longfield House Trust The Midi Music Company The Ministry of Stories Nightingale Community Academy Onward And Upward Regenerate Salmon Youth Centre Scene & Heard The Southside Young Leaders Academy Spiral Skills CIC St Giles Trust Switchback Team Up for Social Mobility Ltd Grants made in the year |
Commitment at 1 January 2023 Total funds committed to in the year Funds paid during the year £ £ £ - 5,000 (5,000) - 12,000 (12,000) - 8,000 (8,000) - 5,000 (5,000) - 4,020 (4,020) 5,000 20,300 (10,000) - 5,000 (5,000) - 10,000 (10,000) - 10,000 (10,000) - 5,000 (5,000) - 10,000 (10,000) - 5,000 (5,000) - 12,000 (12,000) - 10,440 (10,440) - 5,000 (5,000) - 10,000 (10,000) - 10,000 (10,000) |
Commitment at 31 December 2023 £ - - - - - 15,300 - - - - - - - - - - - 15,300 |
|---|---|---|
5,000 146,760 (136,460) |
||
| Year Ended 31 December 2024 £ 156,705 |
Year Ended 31 December 2023 £ |
|
| 136,490 |
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The Tom ap Rhys Pryce Memorial Trust
7 Investments
Investment assets are measured at revalued amounts, and gains and losses on investments are recognised in the Statement of Financial Activities as they are incurred.
| Valuation Market value at 1 January Additions at cost Disposals at market value Realised and unrealised gains on investment assets Market value as at 31 December Investments at historic cost Investments above are held in: Cash investments Bonds, funds, property and equities Investments in the portfolio consist of: UK bonds Non-UK bonds UK diversifiers Fixed income funds UK equities Property funds Non-UK equities Non-cash investments Cash held in investment portfolio |
Year Ended 31 December 2024 £ 597,696 172,676 (316,354) 22,057 476,075 453,809 31 December 2024 £ 10,914 476,003 486,917 31 December 2024 £ 69,831 40,469 30,372 39,690 115,566 14,806 165,269 476,003 10,914 486,917 |
Year Ended 31 December 2024 £ 597,696 172,676 (316,354) 22,057 476,075 453,809 31 December 2024 £ 10,914 476,003 486,917 31 December 2024 £ 69,831 40,469 30,372 39,690 115,566 14,806 165,269 476,003 10,914 486,917 |
|---|---|---|
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The Tom ap Rhys Pryce Memorial Trust
8. Debtors
| ebtors | ||
|---|---|---|
| 31 December | 31 December | |
| 2024 | 2023 | |
| £ | £ | |
| Tax recoverable on gift aid donations | - | - |
| - | - | |
| ditors - amounts falling due within one year | ||
| Grants committed | Year Ended | Year Ended |
| 31 | December 2024 | 31 December 2023 |
| £ | £ | |
| Opening balance | 15,300 | 5,000 |
| Amounts charged to SOFA | 156,435 | 146,760 |
| Amounts paid during the year Closing balance |
(171,735) | (136,460) 15,300 |
| 31 | December 2024 | 31 December 2023 |
| Comprising: | £ | £ |
| Current portion due within one year | - | 15,300 |
| - | 15,300 |
9 Creditors - amounts falling due within one year
10. Staff costs and emoluments
There were no staff (including seconded, casual and part-time staff) during either the current or previous year.
11. Taxation
As a registered charity The Tom ap Rhys Pryce Memorial Trust is exempt from taxation of income and gains falling within Part 10 Income Tax 2010 and s256 Taxation Chargeable Gains Act 1992. No tax charge has arisen during either the current or previous year.
12. Immediate and ultimate controlling party
The Trust is controlled by the Trustees. There is no single Trustee that has ultimate control over the Trust.
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The Tom ap Rhys Pryce Memorial Trust