Registered number: 06003552 Charity number: 1117056
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report and Financial Statements
For the Year Ended 5 April 2025
Cullum Family Trust
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Trust, its Trustees and Advisers | 1 |
| Chairman's Statement | 2 |
| Trustees' Report | 3 - 10 |
| Independent Auditors' Report on the Financial Statements | 11 - 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 - 17 |
| Statement of Cash Flows | 18 |
| Notes to the Financial Statements | 19 - 31 |
Cullum Family Trust
(A Company Limited by Guarantee)
Reference and Administrative Details of the Trust, its Trustees and Advisers For the Year Ended 5 April 2025
| Trustees | Peter G Cullum CBE, Principal |
|---|---|
| Simon T Cullum | |
| Claire L Cullum-Jay | |
| Ann Cullum | |
| Company registered number 06003552 Charity registered number 1117056 Registered office Wealden Hall Parkfield Sevenoaks Kent TN15 0HX Company secretary Peter G Cullum CBE Chief executive officer Claire L Cullum-Jay Independent auditors Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport SK1 3GG Bankers Coutts & Co 440 Strand London WC2R 0QS Investment managers Coutts & Co 440 Strand London WC2R 0QS HSBC 8 Canada Square E14 5HQ |
Page 1
Cullum Family Trust
(A Company Limited by Guarantee)
Chairman's Statement For the Year Ended 5 April 2025
The chairman presents his statement for the year.
I am very pleased to report another year of successful activities in support of our chosen charities. I have been very well supported by the other Trustees and we remain actively involved with The National Autistic Society ('NAS').
Claire Cullum-Jay and Abi Cullum have continued to work closely with the team at the Sussex Community Foundation.
Simon Cullum has maintained his active involvement with the NAS Cullum Centres and is the main contact with the project managers as we continue with our programme involving Surrey, Kent & Sussex LEAs, the schools, the architects and main contractors.
We have continued to liaise closely with the NAS CEO, and their senior colleagues in conjunction with the Local Education Authorities.
Funds in excess of £31 million have been invested in carefully selected portfolios with the aim of generating an investment income stream to support our chosen charities and at the same time preserve the real value of the capital investment.
Since it was founded in 2006, the Cullum Family Trust ('CFT') has developed strong links with its charity partners and we look forward to continuing our successful partnerships in 2025-26.
The Cullum Centres continue to make a significant difference to the lives of students and families who are attached to one of the centres.
Peter Cullum, CBE Chairman of the Cullum Family Trust Date:
18 Dec 2025
Page 2
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 5 April 2025
The Trustees present their annual report together with the audited financial statements of the Trust for the 6 April 2024 to 5 April 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Trust qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. The purpose of the Trust are as follows
To build a fund from donations received from the Trust’s Chairman, Peter Cullum, to provide sufficient income to make donations to charitable causes from the returns on investments. In order to help achieve this objective, the Trust has placed funds in investment portfolios operated by Coutts & Co and HSBC. In accordance with the investment management agreement, the Trust has also invested in property and the Bayes Entrepreneurship Fund.
The Trust furthers its charitable purposes for the public benefit through its grant making policy which is carried out in partnership with institutions as follows:
The National Autistic Society (NAS)
The aim of the CFT is to meet the needs identified by the NAS to provide specialist education targeted at children who are on the autism spectrum, but who typically have good cognitive ability. Because of their autism, many of these children lack the necessary social and communication skills to prosper in mainstream educational settings and are often excluded for extended periods. We have opened the first Cullum Centre for primary school pupils at the Canterbury Academy. This is the seventh Cullum Centre in total, with the hope to build a further six over the coming years.
The Sussex Community Foundation (SCF)
Since 2007, The Cullum Family Trust has provided grants in excess of £1,300,000 to over 70 charities and community groups in partnership with the Sussex Community Foundation, which raises funds for, and makes grants to, local charity and community groups across East and West Sussex and Brighton and Hove.
The Fund has expanded its remit over the years and includes groups working with children and young people, community support and development, homelessness, hospices, animals and older people.
The Bayes Entrepreneurship Fund In Partnership with the Bayes Business School
In 2009, Peter Cullum established the Peter Cullum Centre for Entrepreneurship with Bayes (formerly Cass) Business School, as a focal point for budding and established entrepreneurs. The Centre helps develop the skills and connections needed to make great business ideas succeed.
The Fund makes commercial equity investments of between £100,000 and £500,000 into promising, high-growth businesses. Just under £2.365m was invested during the 2024-25 financial year in both new and existing investments.
The Fund receives a cost of running contribution of 5% per annum of the funds invested.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.
Page 3
(A Company Limited by Guarantee)
Cullum Family Trust
Trustees' Report (continued) For the Year Ended 5 April 2025
Achievements and performance
a. Review of activities
During the year the Trust made grants and donations totalling £906,954.
National Autistic Society (NAS) Cullum Centres
Following discussions in 2012 with Surrey County Council, who had identified a need for specialist education provision for children who are on the autism spectrum, but who have good cognitive ability, it was agreed that NAS and Surrey County Council would work with the Cullum Family Trust to develop 4 pioneering and innovative educational centres.
A detailed Grant Funding Agreement was concluded that incorporated an undertaking by the Trust to provide up to £4m for the proposed 4 schools projects. The funding agreement provided for drawdown payments, monthly progress reports, surveyors certification, naming rights and overall reporting requirements.
In addition, in 2019-20 the Trust committed to funding £1m to build the first Kent-based Cullum Centre at the Canterbury Academy along with the first Cullum Centre for primary school children.
Through the centres, students can access additional academic support and a range of other services including occupational and speech and language therapies and life skills lessons.
The Sussex Community Foundation
The aim of the Cullum Family Trust this year was to continue to support the Sussex Community Foundation with donations to local projects nominated by the Foundation which are discussed and agreed by the Trustees. In this period, the Cullum Family Trust donated £144,602 to the Foundation.
The Bayes Entrepreneurship Fund
The year showed continued progress and development for the Bayes Entrepreneurship Fund and its portfolio companies. Throughout the year, the investment team and the Committee to which it reports remained focussed on its core mission: the support of early-stage businesses and ambitious entrepreneurs to build shareholder value and generate financial returns on investment, from which future generations of entrepreneurs at Bayes may derive support.
The fund has made 8 investments in the year totalling nearly £2.4m. Just over £1.7m related to new investments, Zinc, Kirontech and Carradale, with the remainder relating to existing investments, Evolve, iDefigo and Macranet.
During the period, several new ventures were presented to the Investment Committee for appraisal. These opportunities reflect the select number of curated investment opportunities which meet key investment criteria, and are subsequently prepared for Committee presentation phases.
Since 1 January 2021, Melvyn Sims has been engaged as a consultant acting as the Deputy Chairman of the Trustees for the charity with respect to the Bayes Entrepreneurial Fund. The fee for his services is £6,667 per month and has not increased since his engagement.
Page 4
(A Company Limited by Guarantee)
Cullum Family Trust
Trustees' Report (continued) For the Year Ended 5 April 2025
Achievements and performance (continued)
b. Investments Policy and Performance
The Trust’s policy is to build a fund from donations received from Peter Cullum to provide sufficient income to make donations to charitable causes from the returns on investments. In order to help achieve this objective, the Trust has placed funds in investment portfolios managed by Coutts & Co and HSBC.
Investment policy and objective
To achieve an income of between 3% and 5% per annum whilst achieving long term capital growth of the portfolio.
The asset allocation is at the discretion of the Coutts/HSBC Investment Managers. The aim is for the Trust to have a medium risk exposure. Coutts/HSBC Wealth Management are tasked with managing the portfolios in accordance with the agreed investment profile schedule.
Performance Summary
The Coutts & Co portfolio performance over the period is as follows:-
The Coutts & Co portfolio value as at 5 April 2025 stood at £14,196,031.
Performance is measured against a benchmark of 30% Bloomberg Global G7 Total Return Index (GBP hedged), 15% Bloomberg Global Credit Hedged (GBP), 33% MSCI AC World Ex UK ESG Screened Index NR (GBP) and 22% MSCI UK Select ESG Screened Index NR (GBP).
Page 5
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 5 April 2025
Achievements and performance (continued)
The HSBC portfolio performance over the period is as follows:-
The HSBC portfolio value as at 5 April 2025 stood at £11,279,335.
Investment Performance data from both Coutts and HSBC is provided to the Trustees on a quarterly basis and half yearly review meetings are held with the Investment Managers.
Investment Restrictions
There are no specific investment restrictions but it has been stipulated by the charity that Russian-based investments are not permitted.
A medium risk strategy applies to both the Coutts and HSBC Investment Portfolios, and this is carefully documented as part of the investment agreements.
Financial review
a. Reserves policy
The reserves of The Trust are not split between capital and income. The aim is to maintain or increase the level of reserves and for donations to be made out of income.
The Trustees consider the fund to be an investment fund held to generate income and aim to ensure the stability of the existing grant making programme funded by it.
Based on the current total funds held in the respective investment pots, the Trustees are confident sufficient income will be generated to maintain the ongoing programme of donations.
Page 6
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 5 April 2025
b. Plans for the future
We will continue to work with our chosen charity partners in 2025-26.
In the next 12 months the Trustees anticipate the following:
-
In addition to continuing the NAS Cullum Centres project, the Trust is considering other ways of supporting the NAS on the theme of education and continuing the evaluation project with regards to the existing centres.
-
We will continue to support an NAS Digital Guidance project. This project has enabled NAS to provide immediate support such as digitising their helpline content and making it available on their website. It has also given NAS the opportunity to think long-term about the future and how they can ensure they are meeting their audience’s needs in the most effective and efficient way.
-
We have pledged to continue our support for the Sussex Community Fund with funding in 2025-26 totalling £100,000.
-
We will continue to provide financial support to Bayes Business School (formerly known as Cass Business School) with a facility for entrepreneurship using the fund of £10m launched in 2023-24 which began actively investing in new businesses during 2024-25.
c. Results for the year
During the year, the Trust received investment income of £573,010 (2024: £489,205). Expenditure on charitable activities totalled £1,149,173 (2024: £1,400,627). Costs of generating funds, including investment management fees, totalled £123,964 (2024: £131,606) and governance costs totalled £122,731 (2024: £99,102).
After adding gains and deducting losses on the disposal of investments, net expenditure before unrealised gains was £700,127 (2024: £1,043,028). The Trust has listed and unlisted investments of £26,270,858 (2024: £29,048,538). The Trust also has investments in property of £450,000 (2024: £450,000), other investments of £5,669,014 (2024: £3,628,800) and net current assets totalling £599,834 (2024: £781,247). At 5 April 2025 the Trust's reserves totalled £32,989,706 (2024: £33,908,585).
Page 7
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 5 April 2025
Structure, governance and management
a. Constitution
The Trust is a registered charity number 1117056 and was established by Peter Cullum CBE in 2006.
It is chaired by Peter Cullum who takes an overview of all activities and in particular The Bayes Entrepreneurship Fund and investee companies.
This is a non-salaried role and requires, on average, attendance at meetings for 2-3 days per month.
Claire Cullum-Jay is the Chief Executive and has overall responsibility for the day-to-day operations and reports to the Chairman of the Trustees.
Abi Cullum is responsible for general administration including supporting the work with the Sussex Community Foundation.
Simon Cullum has full responsibility for managing the relationship with The National Autistic Society.
b. Management remuneration
Salaries at the end of March 2025 were:
Claire Cullum-Jay £31,817 Abi Cullum £25,453 Simon Cullum £52,818
The Chairman agreed the remuneration for each of the three individual members of the team.
The above staff received a salary increase of 2.5% from 1 January 2025.
This was based on his wish to maintain a low quartile of salary in keeping with the ethos and value of the Trust.
c. Governance
The decision-making process involves regular meetings to discuss and share progress reports on the various projects, and to agree the new charity groups to support on an ongoing basis.
The CEO holds a series of meetings with the CEO of the Sussex Community Foundation.
The Chairman and Simon Cullum are fully engaged with the team at The National Autistic Society on the project management of the NAS Cullum Centres. This has developed into a first class working relationship which is both proactive and highly structured in relation to the project initiatives.
The Chairman and the consultant, Melvyn Sims (acting as the Deputy Chairman of the Trustees), manage the interaction with Bayes Business School on The Bayes Entrepreneurship Fund. This involves holding monthly management meetings to review the financial performance of the companies the fund has invested in and to consider prospective investments.
The Cullum Family Trust has the full benefit of the management team at The Bayes Entrepreneurship Fund and an independent investment committee that has, amongst its members, the Dean of Bayes Business School, the Professor of Entrepreneurship, the Bayes COO and a leading investment banker.
Page 8
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 5 April 2025
Structure, governance and management (continued)
d. Trustees Appointments and Training
The governance of the Trust is the responsibility of the Trustees who are elected under the terms of the Articles of Association. New Trustees will be appointed by approaching suitably qualified individuals as and when the need arises. There are currently no formal induction or training procedures for new Trustees, although all Trustees are made aware of their responsibilities.
e. Structure and Constitution
The Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum and Articles of Association on 20 November 2006.
The main objectives of the Trust are:
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To relieve poverty and the advancement of education and religion; and
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Any such other purposes for the benefit of the public as shall be exclusively charitable.
f. Risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operation and finances of the Trust and are satisfied that the systems and procedures are in place to mitigate the Trust’s exposure to the major risks.
The risk of a lack of capacity to manage the grant making programme is mitigated by the close working relationships the Trust has with its three charity partners as we are fully supported by their expertise and capacity.
The principal risks faced by the Trust lie in the performance of the investments needed to generate the income to continue the grant making programme.
The target of generating 3-5% income is currently being achieved.
g. Financial risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the Trust in the event of winding up.
Page 9
(A Company Limited by Guarantee)
Cullum Family Trust
Trustees' Report (continued) For the Year Ended 5 April 2025
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Hurst Accountants Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Peter G Cullum CBE
Chairman of the Cullum Family Trust Date:
18 Dec 2025
Page 10
Cullum Family Trust
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Cullum Family Trust
Opinion
We have audited the financial statements of Cullum Family Trust (the 'trust') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 5 April 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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.
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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the 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 Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives 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 misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 11
(A Company Limited by Guarantee)
Cullum Family Trust
Independent Auditors' Report to the Members of Cullum Family Trust (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Page 12
(A Company Limited by Guarantee)
Cullum Family Trust
Independent Auditors' Report to the Members of Cullum Family Trust (continued)
Auditors' responsibilities for the audit of the financial statements
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:
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
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The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
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The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
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Supporting documentation relating to the Company's policies and procedures for:
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Identifying, evaluating, and complying with laws and regulations
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Detecting and responding to the risks of fraud
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
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The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, Charities SORP, Charities Act 2011, Charities Commission, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
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Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements
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Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud
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Enquiring of management about any actual and potential litigation and claims.
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Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 13
Cullum Family Trust
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Cullum Family Trust (continued)
We have also considered the risk of fraud through management override of controls by:
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Testing the appropriateness of journal entries and other adjustments.
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Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
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Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. 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 Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
HABesantRoberts
Helen Besant-Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport SK1 3GG
Date: 18 Dec 2025
Page 14
Cullum Family Trust
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 5 April 2025
| Note Income from: Charitable activities 3 Share of profit from LLP investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Share of loss from LLP investments 6 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments 17 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 737,979 50,225 788,204 123,964 1,149,173 215,194 1,488,331 (700,127) (218,752) (918,879) 33,908,585 (918,879) 32,989,706 |
Total funds 2025 £ 737,979 50,225 788,204 123,964 1,149,173 215,194 1,488,331 (700,127) (218,752) (918,879) 33,908,585 (918,879) 32,989,706 |
Total funds 2024 £ 783,657 - 783,657 131,606 1,400,627 294,452 1,826,685 (1,043,028) 2,204,520 1,161,492 32,747,093 1,161,492 33,908,585 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 31 form part of these financial statements.
Page 15
Cullum Family Trust
(A Company Limited by Guarantee) Registered number: 06003552
Balance Sheet As at 5 April 2025
| Note Fixed assets Investments 12 Other investments 14 Investment property 11 Current assets Debtors 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
597,309 15,549 612,858 (13,024) |
2025 £ 26,270,858 5,669,014 450,000 32,389,872 599,834 32,989,706 - 32,989,706 32,989,706 |
796,810 225,295 1,022,105 (240,858) |
2024 £ 29,048,538 3,628,800 450,000 |
|---|---|---|---|---|
| 33,127,338 781,247 |
||||
| 33,908,585 | ||||
| - 33,908,585 |
||||
| 33,908,585 |
Page 16
Cullum Family Trust
(A Company Limited by Guarantee) Registered number: 06003552
Balance Sheet (continued) As at 5 April 2025
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Peter G Cullum CBE
Chairman of the Cullum Family Trust Date: 18 Dec 2025
The notes on pages 19 to 31 form part of these financial statements.
Page 17
Cullum Family Trust
(A Company Limited by Guarantee)
Statement of Cash Flows For the Year Ended 5 April 2025
| Note Cash flows from operating activities Net cash used in operating activities 18 Cash flows from investing activities Net dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 19 |
2025 £ (1,301,470) 573,010 18,423,149 (17,904,435) 1,091,724 - (209,746) 225,295 15,549 |
2024 £ (1,080,950) 489,205 17,118,449 (16,478,933) 1,128,721 - 47,771 177,524 225,295 |
|---|---|---|
The notes on pages 19 to 31 form part of these financial statements
Page 18
(A Company Limited by Guarantee)
Cullum Family Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
1. General information
The Trust is a company limited by guarantee domiciled and incorporated in England and Wales, registered number 06003552. The members of the company are the Trustees named on page 1. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust.
The address of its registered office and principal place of business is Wealden Hall, Parkfield, Sevenoaks, Kent, TN15 0HX.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Cullum Family Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements have been presented in Pounds Sterling rounded to the nearest £1.
2.2 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Investment income (consisting of loan note interest and dividend income) is recognised in the Statement of Financial Activities using the effective interest method.
Income from Bayes LLPs is recognised as profits are allocated, in line with the relevant LLP agreements.
Page 19
(A Company Limited by Guarantee)
Cullum Family Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Trust's educational operations, including support costs and costs relating to the governance of the Trust apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2.6 Taxation
The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 20
(A Company Limited by Guarantee)
Cullum Family Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
2. Accounting policies (continued)
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.8 Investment property
Investment property is carried at fair value determined annually by the Trustees and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific assets. No depreciation is provided. Changes in fair value are recognised in the statement of financial activities.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.12 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Page 21
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
3. Income from charitable activities
| Income from listed investments Rent receivable net of expenses Bank deposit interest Total 2024 Share of profit from LLP investments Share of profit from LLP investments |
Unrestricted funds 2025 £ 727,112 10,027 840 737,979 783,657 Unrestricted funds 2025 £ 50,225 |
Total funds 2025 £ 727,112 10,027 840 737,979 783,657 Total funds 2025 £ 50,225 |
Total funds 2024 £ 768,908 12,048 2,701 |
|---|---|---|---|
| 783,657 | |||
| Total funds 2024 £ - |
4. Share of profit from LLP investments
Page 22
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
5. Expenditure on raising funds
| Investment management fees Total 2024 |
Unrestricted funds 2025 £ 123,964 131,606 |
Total funds 2025 £ 123,964 131,606 |
Total funds 2024 £ 131,606 |
|---|---|---|---|
6. Share of loss from LLP investments
| Share of loss from LLP investments Total 2024 |
Unrestricted funds 2025 £ 215,194 294,452 |
Total funds 2025 £ 215,194 294,452 |
Total funds 2024 £ 294,452 |
|---|---|---|---|
Page 23
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
7. Analysis of expenditure by activities
| Charitable activities Support costs Total 2024 Analysis of Governance costs Trustee remuneration Auditors' remuneration Trustees' expenses reimbursed Total 2024 |
Governance costs (below) 2025 £ 122,731 - 122,731 99,102 |
Grant funding of activities (note 6) 2025 £ 906,954 - 906,954 1,167,982 |
Support costs (below) 2025 £ - 119,488 119,488 133,543 Activities 2025 £ 105,872 11,230 5,629 122,731 99,102 |
Total funds 2025 £ 1,029,685 119,488 1,149,173 1,400,627 Total funds 2025 £ 105,872 11,230 5,629 122,731 99,102 |
Total funds 2024 £ 1,267,084 133,543 |
|---|---|---|---|---|---|
| 1,400,627 | |||||
| Total funds 2024 £ 87,823 10,875 404 |
|||||
| 99,102 | |||||
Page 24
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Accountancy, legal and professional fees Total 2024 8. Analysis of grants Grants to institutions Total 2024 9. Staff costs Wages and salaries Social security costs |
Activities 2025 £ 27,994 91,494 119,488 133,543 Grants to Institutions 2025 £ 906,954 1,167,982 |
Total funds 2025 £ 27,994 91,494 119,488 133,543 Total funds 2025 £ 906,954 1,167,982 2025 £ 126,646 7,220 133,866 |
Total funds 2024 £ 44,450 89,093 |
|---|---|---|---|
| 133,543 | |||
| Total funds 2024 £ 1,167,982 |
|||
| 2024 £ 125,039 7,234 |
|||
| 132,273 |
Page 25
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
9. Staff costs (continued)
The average number of persons employed by the Trust during the year was as follows:
| Chief Executive Grant administration |
2025 No. 1 3 4 |
2024 No. 1 3 |
|---|---|---|
| 4 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
Trustees received remuneration amounting to £110,088 in the current year (2024: £87,823). Claire Cullum-Jay is remunerated in her capacity as Chief Executive and Simon Cullum for his research into further support that the Trust can provide. This remuneration is in accordance with powers contained in the Trust's governing document.
During the year, no Trustees received any benefits in kind (2024: £NIL).
During the year ended 5 April 2025, expenses totalling £ 5,629 were reimbursed or paid directly to 2 Trustee (2024 - £404 to 2 Trustees) .
11. Investment property
| Valuation At 6 April 2024 At 5 April 2025 |
Freehold investment property £ 450,000 |
|---|---|
| 450,000 |
The 2025 valuations were made by the Trustees, on an open market value for existing use basis. No further valuations were made during 2025.
Page 26
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
12. Fixed asset investments
| Cost or valuation At 6 April 2024 Additions Disposals Revaluations Movements in cash balance At 5 April 2025 Impairment At 6 April 2024 Charge for the year At 5 April 2025 Net book value At 5 April 2025 At 5 April 2024 |
Investments portfolio £ 28,418,248 15,974,197 (17,814,014) (668,325) (434,740) 25,475,366 - - - 25,475,366 28,418,248 |
Unlisted investments £ 686,726 - - 340,224 - 1,026,950 56,436 175,022 231,458 795,492 630,290 |
Total £ 29,104,974 15,974,197 (17,814,014) (328,101) (434,740) 26,502,316 56,436 175,022 231,458 26,270,858 29,048,538 |
|---|---|---|---|
During the year, unlisted investments have been impaired by £175,022 (2024: £Nil).
Page 27
Cullum Family Trust
(A Company Limited by Guarantee)
| Notes to the Financial Statements For the Year Ended 5 April 2025 |
||
|---|---|---|
| 13. Investments portfolio UK fixed interest Overseas fixed interest UK equities Overseas equities Cash Commodities Alternative investments 14. Other investments Cost or valuation At 6 April 2024 Additions Revaluations Impairment provision At 6 April 2024 Net book value At 5 April 2025 At 5 April 2024 |
2025 £ 5,406,293 5,635,483 218,897 13,310,611 294,310 - 609,772 25,475,366 Programme related investments £ 5,036,167 2,364,978 (324,764) 7,076,381 1,407,367 1,407,367 5,669,014 3,628,800 |
2024 £ 5,230,334 6,082,330 3,205,743 12,751,218 729,050 419,573 - 28,418,248 Total £ 5,036,167 2,364,978 (324,764) 7,076,381 1,407,367 1,407,367 5,669,014 3,628,800 |
Page 28
(A Company Limited by Guarantee)
Cullum Family Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
15. Debtors
| Due within one year Amounts owed by undertakings in which the company has a participating interest Amounts owed by related parties |
2025 £ 579,463 17,846 597,309 |
2024 £ 744,432 52,378 |
|---|---|---|
| 796,810 |
16. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Accruals |
2025 £ 619 3,350 9,055 13,024 |
2024 £ 225,959 4,024 10,875 |
|---|---|---|
| 240,858 |
17. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Statement of funds - prior year Unrestricted funds General Funds |
Balance at 6 April 2024 £ 33,908,585 Balance at 1 April 2023 £ 32,747,093 |
Income £ 573,010 Income £ 489,205 |
Expenditure £ (1,273,137) Expenditure £ (1,532,233) |
Gains/ (Losses) £ (218,752) Gains/ (Losses) £ 2,204,520 |
Balance at 5 April 2025 £ 32,989,706 |
|---|---|---|---|---|---|
| Balance at 5 April 2024 £ 33,908,585 |
Page 29
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 5 April 2025
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Realised and unrealised losses/(gains) on investments Dividends, interests and rents from investments Decrease in debtors Increase/(decrease) in creditors Net cash used in operating activities |
2025 £ (918,879) 218,752 (573,010) 199,501 (227,834) (1,301,470) |
2024 £ 1,161,492 |
|---|---|---|
| (2,204,520) (489,205) 246,847 204,436 |
||
| (1,080,950) |
| 19. | Analysis of cash and cash equivalents | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Cash in hand | 15,549 | 225,295 |
20. Analysis of changes in net debt
| Cash at bank and in hand | At 6 April 2024 £ 225,295 225,295 |
Cash flows £ (209,746) (209,746) |
At 5 April 2025 £ 15,549 |
|---|---|---|---|
| 15,549 |
21. Grant commitments
At the balance sheet date, the Trust plans to provide grants of up to a maximum of £13,060,145 (2024: £13,060,145) to the National Autistic Society (NAS). Grants to the NAS of £537,195 are recognised in the period (2024: £768,120). There is no specific timetable or amounts for payment of these grants, but they will be payable to the NAS subject to the cash flow requirements for the projects.
At the balance sheet date, the Trust is committed to providing a grant of £100,000 (2024: £100,000) to the Little Gate Farm for the supported employment programme. Grants to Little Gate Farm of £25,000 are recognised in the period (2024: £25,450).
Page 30
(A Company Limited by Guarantee)
Cullum Family Trust
Notes to the Financial Statements For the Year Ended 5 April 2025
22. Related party transactions
Abi Cullum, daughter of Peter Cullum, received remuneration of £25,453 (2024: £24,832) for her services to the Trust. At the year end, £Nil (2024: £Nil) was owed to the Trust by Abi Cullum.
Claire Cullum-Jay, daughter of Peter Cullum, received remuneration of £31,817 (2024: £31,041) for her services to the Trust. At the year end, £Nil (2024: £Nil) was owed to the Trust by Claire Cullum-Jay.
Simon Cullum, son of Peter Cullum, received remuneration of £52,818 (2024: £51,530) for his services to the Trust. At the year end, £Nil (2024: £Nil) was owed to the Trust by Simon Cullum.
At the year and a balance of £17,846 (2024: £52,000) was owed to the trust by Peter Cullum. This balance was repaid in full post year end.
In the year the Trust invested £2,364,978 (2024: £1,682,202) in the Bayes Entrepreneurship Investments 2016 LLP of which the Trust is a member. The Trust received £324,764 (2024: £377,552) in relation to capital repayments from this LLP in the year. The investment at the year end totalled £7,076,381 before impairment (2024: £5,036,167).
The Trust is a member of the Bayes Entrepreneurship Fund LLP. The Trust received £Nil (2024: £Nil) in relation to capital repayments and interest in the year, and at the year end it is due to receive £579,463 (2024: £744,432) in relation to accrued interest from the LLP.
Page 31
Issuer
HURST Accountants
Document generated Fri, 12th Dec 2025 9:11:43 GMT Document fingerprint 7feba32024261dae9de14d397382dfc4
Parties involved with this document
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Thu, 18th Dec 2025 9:34:01 GMT Thu, 18th Dec 2025 9:34:02 GMT Thu, 18th Dec 2025 9:34:02 GMT Thu, 18th Dec 2025 9:52:32 GMT
Peter Cullum - Signer (f8120397d6e56123db4a28a702d78e24) Alison Hogan - Copied In (6408bccd5d12f4cdd0a274243a1acf16) Emily Barber - Copied In (7a060992e89da6fabefcb920a3e7411a) Helen Besant Roberts - Signer (8f6d30c2f55c00a8081d2a9f616f65f9)
Audit history log
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Envelope generated by Rhian Gould (149.107.64.226) Document generated with fingerprint 7feba32024261dae9de14d397382dfc4 (149.107.64.226) Sent the envelope to Peter Cullum (peter.cullum@mvpartners.co.uk) for signing (149.107.64.226) Document emailed to peter.cullum@mvpartners.co.uk Peter Cullum opened the document email. (172.186.8.157) Peter Cullum opened the document email. (146.75.168.38) Document emailed to peter.cullum@mvpartners.co.uk Peter Cullum opened the document email. (172.186.8.160) Document emailed to peter.cullum@mvpartners.co.uk Peter Cullum opened the document email. (85.210.241.8) Peter Cullum opened the document email. (172.226.0.27) Peter Cullum viewed the envelope (213.18.151.185) Peter Cullum signed the envelope (213.18.151.185) Sent the envelope to Alison Hogan (alison@yourmanagementaccountants.co.uk) for signing (213.18.151.185) Sent the envelope to Emily Barber (emily.barber@hurst.co.uk) for signing (213.18.151.185)
Sent the envelope to Helen Besant Roberts (hbr@hurst.co.uk) for signing (213.18.151.185)
Thu, 18th Dec 2025 9:34:03 GMT Document emailed to alison@yourmanagementaccountants.co.uk Thu, 18th Dec 2025 9:34:26 GMT Document emailed to emily.barber@hurst.co.uk Thu, 18th Dec 2025 9:34:28 GMT Document emailed to hbr@hurst.co.uk Thu, 18th Dec 2025 9:34:41 GMT Helen Besant Roberts opened the document email. (172.186.8.69) Thu, 18th Dec 2025 9:52:21 GMT Helen Besant Roberts viewed the envelope (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT Helen Besant Roberts signed the envelope (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT This envelope has been signed by all parties (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT Signed document confirmation emailed to peter.cullum@mvpartners.co.uk (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT Signed document confirmation emailed to alison@yourmanagementaccountants.co.uk (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT Signed document confirmation emailed to emily.barber@hurst.co.uk (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT Signed document confirmation emailed to hbr@hurst.co.uk (149.107.64.226) Thu, 18th Dec 2025 9:52:33 GMT Signed document confirmation emails have been sent to all parties. Document URL:
https://api.signable.app/shareable/envelope?t=657b302d-1117-4847-bc7283179f61d29e (149.107.64.226)