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2025-04-05-accounts

The Blue Thread

Annual Report and Financial Statements

5 April 2025

Charity Registration Number 1130704

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditors’ report 10
Financial Statements
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Principal accounting policies 17
Notes to the financial statements 19

The Blue Thread

Reference and administrative information

Trustees Stephen Grabiner (Chair)
Miriam Grabiner
Daniel Grabiner
Sarah Grabiner
Joseph Grabiner-Wolfson
Amy Grabiner
Emily Rose Grabiner-Wolfson
Executive Team Hannah Hoare (Executive Director)
Karen Lam (Senior Associate to October 2025)
Charity registration number 1130704
Principal office 17 Portland Place
London
W1B 1PU
Independent auditors Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers Royal Bank of Scotland
49 Charing Cross
London
SW1A 2DX

The Blue Thread 1

Trustees' report For the year ended 5 April 2025

The Trustees present their annual report together with the financial statements of The Blue Thread ‘the Charity’ for the 6 April 2024 to 5 April 2025.

Objectives and Activities

The objectives of the Charity as per its governing document are:

The Charity uses its income to make donations for charitable activity at the discretion of the Trustees.

The Charity predominantly makes grants to small organisations and grassroots groups doing frontline work meeting basic and immediate needs in their communities.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity.

Strategies for achieving objectives

We are mainly focused on supporting organisations in the UK that work with:

We also support organisations in the Jewish Community in the UK and in Israel. From time to time, we also support other partners and communities. We are also interested in organisations whose work and communities intersects those areas mentioned above.

Activities undertaken to achieve objectives

Grant-making policies

Our grant making approach is designed to put trust in our partners and reduce the time they spend on fundraising.

We take a relational approach, getting to know those we work with and building over time. We hope to offer an open door, so that our partners feel able to let us know how they’re getting on, share any challenges they might be facing, and seek support if they need it.

We favour organisations:

The Blue Thread 2

Trustees' report For the year ended 5 April 2025

Grants will usually be unrestricted wherever possible. We aim to be a supportive grant maker and consider the power dynamics involved in grant making, how to reduce bureaucracy as much as possible, and how to be trusting and open.

We are gradually moving towards making slightly larger grants, with some multi-year commitments. This does mean that we are moving towards a smaller portfolio of grant partners. We aim to give partners as much notice as possible where we think that a grant is unlikely to be renewed.

Main activities undertaken to further the charity’s purposes for the public benefit

The Blue Thread provides grant funding to organisations in the UK and Israel supporting vulnerable and marginalized groups. The direction of this funding is decided by the Trustees, supported by the Executive Team, and is regularly reviewed and evaluated to ensure we are making the most effective use of the Charity’s funds.

Achievements and performance

The charity made grants in the period, totalling £3,337,059 (2024: £3,038,738). These grants were all for charitable purposes and the Trustees paid due regard to the guidance from the Charities Commission on public benefit in deciding what grants the Charity should make. These grants supported a broad range of areas, covering community, education, refugees, women and others. These comprised 232 grants paid to a total of 202 grantees. Many of our grants were one year commitments but we also made a growing number of multi-year commitments.

Key performance indicators

At The Blue Thread, we try to work in ways which are as helpful as possible to our partners, and we subscribe to IVAR’s Open and Trusting approach to grant making. We do not ask partners to report to us on any specific metrics, and given our funding is unrestricted, we also do not ask grantees to report on specifically how their grant was spent. However, we maintain regular contact with our grant partners, checking in every 6 months, and asking them to indicate where and how our funding has supported their organisation, what has and hasn’t gone well, and their learnings during the period.

To support and improve our practice we send an annual feedback form to grantees, as well as those we spoke to but did not fund, and other partners. Where we make changes to our practice following feedback, we aim to let partners know so they can see that we valued and listened to their responses. We continue to explore means of monitoring our impact both in terms of reach and approach.

The Blue Thread 3

Trustees' report For the year ended 5 April 2025

Achievement and Performance

United Kingdom

Tackling violence against women and girls

Supporting Refugees, vulnerable migrants and asylum seekers

Israel

Co-funding and Partnership working

In March 2022, The Blue Thread began working in partnership with This Day, another charitable foundation. This partnership continued into 24/25, and The Blue Thread received restricted income to grant to the migration sector. These grants have mainly supported frontline charities as well as some more strategic activities. We are delighted to be continuing to work together and anticipate working with This Day in this way during the coming year. We are grateful for their support.

The Blue Thread’s Trustees would be keen to develop this approach to working with other philanthropists and grant makers seeking to support similar communities and looking to work in an open and trusting way. We would welcome discussions from others who would like to partner with us in our grant making.

This year we began working with a number of other foundations to co-commission scoping work exploring how the family courts could be improved particularly for victims/survivors of domestic abuse. We are grateful to both our funding partners and our consultant experts for their commitment to this work, which continues on into 25/26. We anticipate that the work will produce a report which will be shared as a resource to other funders and partners interested in the space.

The Blue Thread 4

Trustees' report For the year ended 5 April 2025

During the year, the Executive Director was a member of an informal grouping of trusts and philanthropists. The Foundation remains a member of several other networks including the Association for Charitable Foundations, London Funders, and Migration Exchange.

Fundraising activities and income generation

The Charity does not undertake any public fundraising activities and is entirely reliant on donations to the charity to fund its work. The Charity did not receive any complaints regarding its fundraising and income generating activities during the 2024/25 financial year.

In 2024/25 The Blue Thread received £60,000 grant funding from our partner foundation to be disbursed to migration-focused organisations (restricted income).

Investment policy and performance

The Charity does not hold a formal investment policy, holding only a small amount of shares gifted to it as current asset investments. The expectation is these shares will be sold at an opportune time to provide further funding for the grant giving purposes of the Charity. Cash that the charity holds is retained for spending in the near future.

The Executive Director works with the Trustees to ensure that financial activities and investments that generate funds for the charity align with the Foundation’s objectives and ethics.

Financial Review

A summary of the charity’s results can be found on page 14 of the accounts.

Income in the year was £953,885 (2024: £4,015,544), with £917,500 (2024: £3,927,600) being received from donations, and the remainder from interest and listed investments.

The total expenditure in the year to 5 April 2025 was £3,605,959 (2024: £3,244,383). Expenditure on grant making totalled £3,337,059 (2024: £3,038,738). Support costs totalled to £268,900 (2024: £205,645).

Net investment losses for the year were £97,397 (2024: gains of £17,747).

Net deficit after gains on investments was £2,749,471 (2024: £788,908 surplus).

Financial position

The balance sheet at 5 April 2025 shows total funds of £1,400,779 (2024: £4,150,250). This is made up of unrestricted funds with a deficit balance of £140,175 (2024: £343,243) and restricted funds of £1,540,954 (2024: £3,807,007) Of this balance, £776,899 (2024: £1,192,788) were held as investments.

The Blue Thread 5

Trustees' report For the year ended 5 April 2025

Going Concern

The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. Although unrestricted reserves were in a deficit of £140,174 at year-end, donations of shares to the value of £2.63 million post year-end has brought unrestricted reserves back into a surplus position. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the Charity is a going concern.

Reserves Policy

Due to the nature of the charity, being purely for grant giving purposes, there is no formal reserves policy held. At the year end the charity held total funds of £1,400,779 (2024: £4,150,250) consisting of £140,175 in deficit (2024: £343,243) of unrestricted funds and £1,540,954 (2024: £3,807,007) of restricted funds. The Trustees deem this to be an appropriate level of funds to be holding at the year end. The Trustees have pledged a guarantee to provide sufficient funding to support the Foundation’s activities in future financial years. On 05 September 2025 Trustees donated shares to the value of £2.63 million to bring the Charity’s unrestricted reserves back into surplus.

Material Investment Policy

The Charity holds £776,889 (2024: £1,192,788) of investments at the year end. As noted above, there is no formal investment policy, however the Executive Director works with the Trustees to ensure that financial activities and investments that generate funds for the charity align with the Foundation’s objectives and ethics.

Principal risks and uncertainties

Risk management

The Board and Executive team review the risks to the organisation regularly and agree the best way forward with a view to protecting the Foundation and continue to further our charitable aims.

Grantees experiencing a challenging fundraising environment

Our grant partners report that fundraising is increasingly challenging, and several are making mitigation plans in case their income targets cannot be met. Coupled with inflation as well as cuts in government funding, many are vulnerable to loss of income. We mitigate this by meeting regularly with grantees to understand their financial situation, sometimes offering grants for fundraising support where this could be helpful.

Supporting causes that are not publicly popular

Some of our grantees support causes that are not publicly popular and may be affected by changes in government policy. This is especially true for organisations supporting refugees, vulnerable migrants and asylum seekers both in the UK and in Israel, where the global context of rising far/right politics is particularly challenging. This is also acute for organisations in Israel defending human rights, democracy and shared society. We

The Blue Thread 6

Trustees' report For the year ended 5 April 2025

mitigate this by funding ‘quietly,’ with a view to minimizing the publicity for the Foundation.

Supporting grassroots groups

Occasionally we support organisations that are not registered charities or constituted groups. We mitigate this by limiting the size of grant and supporting these groups to develop their governance, or alternatively make the grant to a constituted charity that can hold the grant for the group.

Financial risk management objectives and policies

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems are in place to protect the charity's assets.

Principal funding

The Charity is reliant on donations for its funding, principally being funded by members of the Grabiner family. These resources allow the Charity to continue its significant plans to give grants to good causes.

Structure, governance and management

Constitution

The Charity is an unincorporated Charity, constituted under Trust Deed dated 22 June 2009. The charity was registered with the Charity Commission on 23 July 2009 (charity number 1130704).

Organisational structure and decision-making policies

Trustees

There are seven Trustees as listed on page 1.

Governance

Trustees guide the Executive Team in making effective decisions, delivering the charity’s purpose, holding financial oversight, and in complying with our Governing document and the law.

The Blue Thread 7

Trustees' report For the year ended 5 April 2025

Key management

The Trustees consider that they together with the Executive Director comprise the key management of the foundation in charge of directing, controlling, running and operating the Charity on a day-today basis.

There are grant conditions to conform to the terms of a grant. These are set out in a grant offer relating to the award of a grant. The monitoring of all grants is achieved both by the submission of self-evaluative reports from grantees and for some grantees, discussions with the Executive Team. The Executive Team also reviews each grantee’s statutory accounts and policies as part of the due diligence process. Arising out of the pre and post grant review by the Executive Director, Trustees satisfy themselves that all grants awarded meet with public benefit requirements.

Pay policy for key management personnel

The pay awards for the Executive Director and other staff are reviewed annually by the Trustees. Pay is normally considered in accordance with average earnings and in line with similar roles in other comparable organisations.

Statement of Trustees' responsibilities

The Trustees 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).

The law applicable to charities in England & 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 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:

The Blue Thread 8

Trustees' report For the year ended 5 April 2025

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Plans for future periods

The Charity hopes to continue to receive donations and make grants to other bodies for charitable purposes for the foreseeable future.

Auditors

The auditors, Buzzacott Audit LLP, 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:

Daniel Grabiner

Trustee

Date: 18 December 2025

The Blue Thread 9

Independent auditors’ report For the year ended 5 April 2025

Independent auditors' report to the members of The Blue Thread

Opinion

We have audited the accounts of The Blue Thread (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet , the statement of cash flows principal accounting policies and the notes to the financial statements. 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 accounts:

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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.

The Blue Thread 10

Independent auditors’ report For the year ended 5 April 2025

Other information

The other information comprises the information included in the annual report, including the Trustees’ report other than the accounts and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and 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 accounts 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 accounts 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity 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 the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

The Blue Thread 11

Independent auditors’ report For the year ended 5 April 2025

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor 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 accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 accounts.

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:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Blue Thread 12

Independent auditors’ report For the year ended 5 April 2025

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor's 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 charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date 7 January 2025

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Blue Thread 13

Statement of financial activities Year to 5 April 2025

Notes Restricted
funds
2025
£		 Un-
restricted
funds
2025
£		 Total
funds
2025
£		 Restricted
funds
2024
£		 Un-
restricted
funds
2024
£		 Total
funds
2024
£
Income from:
Donations and legacies
1
Investments
2
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net (expenditure)/income before
net gains/(losses) on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
12
Net movement in funds
12
Total funds carried forward		 60,000
—		 857,500
36,385		 917,500
36,385		 3,000,000
—		 927,600
87,944		 3,927,600
87,944
60,000 893,885 953,885 3,000,000 1,015,544 4,015,544
2,326,053 1,279,906 3,605,959 1,523,434 1,720,949 3,244,383
2,326,053 1,279,906 3,605,959 1,523,434 1,720,949 3,244,383
(2,266,053)
—		 (386,021)
(97,397)		 (2,652,074)
(97,397)		 1,476,566
—		 (705,405)
17,747		 771,161
17,747
(2,266,053)
3,807,007
(2,266,053)		 (483,418)
343,243
**(483,418) **		 (2,749,471)
4,150,250
(2,749,471)		 1,476,566
2,330,441
1,476,566		 (687,658)
1,030,901
(687,658)		 788,908
3,361,342
788,908
1,540,954 (140,175) 1,400,779 3,807,007 343,243 4,150,250

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 24 form part of these financial statements.

The Blue Thread 14

Balance sheet Year to 5 April 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Current assets
Debtors
8
Investments
9
Cash at bank and in hand
Creditors: amount falling due within
one year
10
Creditors: amount falling due after
one year
11
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 673,629
776,899
889,904		 1,400,779 1,750,000
1,192,788
1,628,269		 4,150,250
2,340,432
(863,653)
(76,000)		 4,571,057
(420,807)
—
1,540,954
(140,175)		 3,807,007
343,243
1,400,779 4,150,250

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Trustee Daniel Grabiner

The Blue Thread

Charity Number 1130704 (England and Wales) Approved by the Trustees on:

Date: 18 December 2025

The notes on pages 19 to 24 form part of these financial statements.

The Blue Thread 15

Statement of cash flows Year to 5 April 2025

2025
£
2024
£
Cash flows (used in) operating activities:
Net cash (used in) operating activities
14

Cash flows from investing activities:
Dividends, interests and rents from investments
Proceeds from sale of investments
Net cash provided by investing 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 theyear
15,16		 **(1,962,032) ** (1,238,510)
36,385
1,187,282
87,944

740,300
1,223,667
828,244
(738,365)
1,628,269
(410,266)

2,038,535
889,904
1,628,269

The notes on pages 19 to 24 form part of these financial statements.

The Blue Thread 16

Principal accounting policies Year to 5 April 2025

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 Charities Act 2011.

The Blue Thread 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.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Current asset investments

Current asset investments are initially recognised at cost. Subsequent to initial recognition, current asset investments are revalued to fair value with the movements recognised in the Statement of Financial Activities. Where market value or fair value cannot be reliably determined, such investments are stated at historic cost less impairment.

The Blue Thread 17

Principal accounting policies Year to 5 April 2025

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.

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.

Liabilities

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 Charity 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.

Financial instruments

The Charity 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.

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 Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

The Blue Thread 18

Notes to the financial statements Year to 5 April 2025

1. Income from donations and legacies

Income from donations and legacies
Restricted
funds
2025
£		 Unrestricted
funds
2025
£		 Total
funds
2025
£
Donations 60,000 857,500 917,500
Restricted
funds
2024
£		 Unrestricted
funds
2024
£		 Total
funds
2024
£
Donations 3,000,000 927,600 3,927,600

2. Investment income

Unrestricted
funds
2025
£		 Total
funds
2025
£
Income from listed investments
Bank interest		 9,710
26,675		 9,710
26,675
36,385 36,385
Unrestricted
funds
2024
£		 Total
funds
2024
£
Income from listed investments
Bank interest		 55,598
32,346		 55,598
32,346
87,944 87,944

3. Analysis of grants

Grants to
Institutions
2025
£		 Total
funds
2025
£
Grants awarded(note 4) 3,337,059 3,337,059
Grants to
Institutions
2024
£		 Total
funds
2024
£
Grants awarded(note 4) 3,038,738 3,038,738

The Charity has taken the statutory exemption under Charity law from disclosing the names of grant recipients during the lifetime of the settlor of the Trust.

The Blue Thread 19

Notes to the financial statements Year to 5 April 2025

3. Analysis of grants (continued)

Analysis of grants(continued)
2025
£
133,300
67,206
371,000
—
—
254,500
2,511,053
3,337,059		 2024
£
55,870
21,545
176,360
18,500
6,300
219,500
2,540,663
3,038,738
Analysis of grant expenditure
Community
Peace and dialogue
Welfare
Education
Miscellaneous
Women
Refugees

4. Analysis of expenditure by activities

Grant
funding of
activities
2025
(note 3)
£		 Support
costs
2025
£		 Total
funds
2025
£
Supporting good causes 3,337,059 268,900 3,605,959
Grant
funding of
activities
2024 (note 3)
£		 Support
costs
2024
£		 Total
funds
2024
£
Supporting good causes 3,038,738 205,645 3,244,383

Analysis of support costs

Analysis of support costs
Total
funds
2025
£		 Total
funds
2024
£
Staff costs
Consultancy
General expenses
Bank fees
Subscriptions
Auditor’s remuneration		 155,234
75,000
19,288
1,109
5,249
13,020		 187,927
—
501
1,067
6,500
9,650
268,900 205,645

5. Auditors’ renumeration

The auditors' remuneration amounts to an auditor fee of £13,020 (2024 - £9,650).

6. Staff costs

Staff costs
2025
£		 2024
£
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 146,747
15,202
11,680		 156,749
18,187
12,991
173,629 187,927

The Blue Thread 20

Notes to the financial statements Year to 5 April 2025

6. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

2025
No.		 2024
No.
Employees 2 3

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025
No.		 2024
No.
In the band £70,001 - £80,000
In the band £80,001 - £90,000		 —
1		 1
—

The total employee remuneration and benefits of the key management personnel of the Charity were £146,747 (2024: £156,749). The key management personnel is deemed to be the Executive Director and the Board of Trustees.

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £Nil).

During the year ended 5 April 2025, no Trustee expenses were incurred (2024 - £Nil).

8. Debtors

Debtors
2025
£		 2024
£
Due within one year
Grants receivable
Other debtors		 500,000
173,629		 1,750,000
—
673,629 1,750,000

9. Current asset investments

Current asset investments
2025
£		 2024
£
Listed investments market value at 6 April 2024
Additions
Disposals
Net (losses)/gains
Listed investments market value at 5 April 2025
Cash held on investment portfolio		 1,147,418
857,500
(1,142,421)
(97,397)		 942,371
927,600
(740,300)
17,747
765,100
11,799		 1,147,418
45,370
776,899 1,192,788

10. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
2025
£
Accruals and deferred income
Multi-Year grant commitments		 13,020
850,633
863,653

Notes to the financial statements Year to 5 April 2025

11. Creditors: Amounts falling due after one year

Creditors: Amounts falling due after one year
2025
£		 2024
£
Multi-year grant commitments 76,000 —
76,000 —

12. Statement of funds

Statement of funds - current year

Balance at
6 April 2024
£		 Income
£		 Expenditure
£		 Gains/
(Losses)
£		 Balance at
5 April 2025
£
Unrestricted funds
General Funds - all funds
Restricted funds
Refugee fund (2)
Family courts fund
Total funds
Total of funds		 343,243 893,885 (1,279,906) (97,397) (140,175)
3,807,007
—		 —
60,000		 (2,326,053)
—		 —
—		 1,480,954
60,000
3,807,007 60,000 (2,326,053) — 1,540,954
4,150,250 953,885 (3,605,959) (97,397) 1,400,779

Refugee fund (2) is a fund established to improve the position of refugees in the UK.

The Family Courts fund is pooled funding from a group of funders commissioning work to explore how to improve the family courts for victims/survivors of domestic abuse.

Balance at
6 April 2023
£		 Income
£		 Expenditure
£		 Gains/
(Losses)
£		 Balance at
5 April 2024
£
Unrestricted funds
General Funds - all funds
Restricted funds
Refugee fund (2)
Total of funds		 1,030,901 1,015,544 (1,720,949) 17,747 343,243
2,330,441 3,000,000 (1,523,434) — 3,807,007
3,361,342 4,015,544 (3,244,383) 17,747 4,150,250

13. Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted
funds
2025
£		 Unrestricted
funds
2025
£		 Total
funds
2025
£
Current assets
Creditors due within one year
Creditors due within more than one year
Total		 2,166,803
(625,849)
—		 173,629
(237,804)
(76,000)		 2,340,432
(863,653)
(76,000)
1,540,954 (140,175) 1,400,779

The Blue Thread 22

Notes to the financial statements Year to 5 April 2025

13. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Restricted
funds
2024
£		 Unrestricted
funds
2024
£		 Total
funds
2024
£
Current assets
Creditors due within one year
Total		 4,116,007
(309,000)		 455,050
(111,807)		 4,571,057
(420,807)
3,807,007 343,243 4,150,250

14. Reconciliation of net movement in funds to net cash flow from operating activities

2025
£		 2024
£
Net (expenditure)/income for the period (as per Statement of Financial
Activities)
Adjustments for:
Gains/(losses) on investments
Dividends, interests and rents from investments
Gift of investments
Decrease/(increase) in debtors
Increase in creditors
Other non-cash movements
Net cash(used in) operating activities		 (2,749,471) 788,908
(97,397)
(36,385)
(857,500)
1,076,371
518,844
183,506		 17,747
(87,944)
(927,600)
(1,270,000)
270,210
(29,831)
(1,962,032) (1,238,510)

15. Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2025
£		 2024
£
Cash in hand
Total cash and cash equivalents		 889,904 1,628,269
889,904 1,628,269

16. Analysis of changes in net debt

Analysis of changes in net debt
At 6 April
2024
£		 Cash flows
£		 At 5 April
2025
£
Cash at bank and in hand 1,628,269 (738,365) 889,904
1,628,269 (738,365) 889,904

17. Related party transactions

During the year the following related party transactions occurred:

The Trustees donated £857,500 (2024: £927,600) to the Charity.

The Grabiner Management Company Ltd, a company whose directors are also Trustees of the Charity, recharged payroll costs of £173,629 (2024: £187,926) to The Blue Thread.

Grants of £9,720 were made to Our Second Home, where the Trustees are also Trustees of The Blue Thread.

The Blue Thread 23

Notes to the financial statements Year to 5 April 2025

17. Related party transactions (continued)

The Charity borrowed £100,000 from a Trustee to assist short-term cash flow. The loan was made on 5 August 2024 and fully repaid on 25 September 2024. No interest was charged, and no balance was outstanding at the year end.

18. Events after the reporting period

In July 2025 the Charity received notification of funding totalling £2.18 million from This Day, covering the period from July 2025 to December 2027. As this funding was received after the balance sheet date of 05 April 2025, it has not been recognised in the financial statements for the year ended 05 April 2025, but is key to understanding the 2024/25 accounts position and going concern assessment.

Furthermore, on the 5 September 2025, Trustees donated shares to the value of £2.63 million to offset the unrestricted deficit made in the 2024/25 financial year. This will be treated as unrestricted income in the 2025/26 financial year and bring the Charity’s unrestricted reserves back into surplus.

There are no further events after the reporting period to disclose.

The Blue Thread 24