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2021-07-31-accounts

Registered Charity Number: 1137196

Thornton-Smith and Plevins Trust Report and financial statements

31 July 2021

Thornton-Smith and Plevins Trust

Report and financial statements

Year ended 31 July 2021

Contents Page
Statutory and other information 1
Annual report of the Trustees 2
Independent auditor's report to the Trustees 7
Statement of financial activities 9
Balance sheet 10
Cash flow statement 11
Notes to the financial statements 12 - 19

Thornton-Smith and Plevins Trust

Statutory and other information

Year ended 31 July 2021

Trustees
Grants secretary
Investment managers
Auditor

Solicitors
Bankers
Correspondence
Registered charity number		 Mr Peter S Larkman (resigned 24 November 2021)
Mr Charles S Fowle
Mr Martin R Gray (Chairman)
Mrs Flora Lyon
Mr Douglas R K Robb
Mr Charles W Smyth-Osbourne
Mrs Fiona E Tennick
Mrs Heather Cox
Waverton Investment Management
16 Babmaes Street
London
SW1Y 6AH
Price Bailey LLP
3rd Floor
24 Old Bond Street
Mayfair
London
W1S 4AP
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR
Barclays Bank
29 – 30 High Street
Windsor
Berkshire
SL4 1PG
National Westminster Bank
Moorgate Branch
PO Box 712
94 Moorgate
London
EC2M 6UR
for grants and bursaries
info@thornton-smith-plevins.org.uk
for administration
R+
2 Blagrave Street
Reading
Berkshire
RG1 1AZ
1137196

- 1 -

Thornton-Smith and Plevins Trust

Annual Report of the Trustees

Year ended 31 July 2021

The Trustees have pleasure in presenting their report together with the audited financial statements for the year ended 31 July 2021.

Introduction

During the year, the Trust awarded grants of nearly £200,000 to assist with the education of vulnerable children, mostly in the age range 16 to 18. In many of these cases, a place at an independent school represents the only structure and security they have in their lives.

Reference and administrative details of the charity, its trustees and advisors

The charity number, present trustees and advisors of the Thornton-Smith and Plevins Trust are set out on page 1 of the financial statements.

The Trustees who served throughout the year, unless otherwise stated, were as follows:

Mr Peter S Larkman Mr Charles S Fowle Mr Martin R Gray (Chairman) Mrs Flora Lyon Mr Douglas R K Robb Mr Charles W Smyth-Osbourne Mrs Fiona E Tennick

The power of appointing Trustees is vested in the Trustees for the time being.

Structure, governance and management

The Thornton-Smith and Plevins Trust (“the charity/the Trust”) is registered as a charity under the Charity Acts.

The Charity Commission for England and Wales made a Direction on 30 July 2010 that the charity should prepare financial statements to reflect the affairs, activities and financial information of the constituent charities, being The Thornton-Smith Trust, The Thornton-Smith Young People’s Trust, The Wilfred Maurice Plevins Charity and the Thornton-Smith Plevins Common Investment Fund.

The Trustees manage the charity so as to comply with the trusts of its constituents, applying the income of the charity to promote education and relieve poverty by assisting young people with their educational requirements, should they need such funding.

Prospective Trustees are requested to meet with the Chairman then submit a written resume of their career and interests for consideration by the Trustees. Suitable applicants are invited to attend meetings as an observer, complete relevant paperwork and proceed to appointment, if the Trustees are unanimous.

Trustees delegate day to day responsibility for various aspects of the charity’s affairs to:

The Grants Secretary who assesses applications for charitable assistance, reports recommendations for assistance bi-annually to trustees and monitors the benefit derived by beneficiaries The Investment Managers who manage the portfolio under a discretionary management mandate The Accountants who maintain records of receipts and payments and assist the grants secretary in the distribution of funds to beneficiaries

The Trustees meet twice each year to review the exercise of these delegated powers, consider the grant applications put forward by the grants secretary, the performance of the investments and any other matters concerning the charity.

- 2 -

Thornton-Smith and Plevins Trust

Annual Report of the Trustees (continued)

Year ended 31 July 2021

Structure, governance and management (continued)

Related parties and conflicts of interest

The Trustees have adopted a comprehensive policy to identify all transactions with related parties or other transactions which might involve any conflict of interest.

Risk management statement

The Trustees have identified the major risks facing the Trust. In summary, they are financial loss and/or loss of reputation caused by negligent or wrongful acts or omissions by persons acting on behalf of the charity. A risk management register is maintained and the risks highlighted are reviewed regularly to ensure they do not pose a threat to the charity. The charity has addressed these risks by appointing professional investment managers, outsourcing its accounting function and ensuring that all grants that are authorised by the Trustees are in accordance with the objects of the charity.

Objectives and activities

The Trustees apply the charity’s funds in promoting education and relieving poverty. Specifically, the Trustees:

Certain restrictions apply to the objectives just listed: beneficiaries may be no older than 25 to qualify for assistance either from The Thornton-Smith Young People’s fund or The Wilfred Maurice Plevins fund. To be assisted by The Wilfred Maurice Plevins fund, beneficiaries must also be aged 10 or over and be the children of a professional.

Beneficiaries older than 25 may only receive assistance from The Thornton-Smith fund.

Grant making policy

The Trustees invite applications for assistance from prospective beneficiaries by ensuring their existence is recorded in the major reference works such as the Educational Grants Directory and the website maintained by the Educational Trusts’ Forum. The flow of applications is such that Trustees are forced to restrict the number of applications which are accepted and the extent to which applicants are assisted. In practice, the major part of the funds available for disbursement each year are paid to assist young persons in pursuing their education in the sixth form, that is in the period after obtaining GCSEs and before university.

Trustees may distribute capital as well as income to beneficiaries from The Thornton-Smith and The Thornton-Smith Young People’s funds. Trustees may also distribute unapplied return from The Wilfred Maurice Plevins fund under the terms of an Order of The Charity Commissioners for England and Wales made on 13 April 2004. Trustees are naturally cautious over the distribution of capital and avoid doing so in any way that might prejudice their ability to meet the present and future needs designated by the trusts they operate.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing aims and objectives and in planning future activities.

Achievements and performance

Total Return

The Trustees became concerned over the limited ability to satisfy the flow of applications from qualified beneficiaries as they were prevented from applying the settled capital of The Wilfred Maurice Plevins fund towards grants. The Charity Commission granted an Order on 13 April 2004 empowering adoption of a “Total Return” basis which allows application of some, though not all the capital of The Wilfred Maurice Plevins fund.

- 3 -

Thornton-Smith and Plevins Trust

Annual Report of the Trustees (continued)

Year ended 31 July 2021

Achievements and performance (continued)

The fund’s expendable endowment thus became available for application towards the purposes of The Wilfred Maurice Plevins fund. The Trustees intend, however, to apply this further sum available for distribution with prudence and in such a way as will ensure even-handedness between present and future generations of beneficiaries.

Distribution policy

It remains the Trustees’ intention, subject to annual review, to maintain the inflation-adjusted value of the permanent endowment within the expendable endowment element of The Wilfred Maurice Plevins fund, held within unrestricted income. Trustees will regard any such surplus as available for distribution, subject to the overriding prudential criterion and the need to have regard to the interests of future generations, as well as the claims of the current beneficiaries. Trustees continue to regard all income as distributable and maintain a separately identified income account.

Investments

The Trustees are broadly content with the performance of the investment portfolio. Mindful of the need to support future as well as current generations, the investment managers are tasked with maximising the portfolio’s total return within the parameters of the selected risk profile. The portfolio achieved a total return of some 0.6% for the year.

The components of the return varied significantly. Overall yield on the portfolio at 2.3% is broadly in line with global stock market conditions, though below the current yield on the UK market, reflecting the deliberate repositioning to favour US stocks actioned by the discretionary portfolio manager.

The positive total return achieved despite the income reduction results from the capital appreciation achieved by the portfolio.

Voluntary Income

The Trustees are pleased to be able to continue to work with two similar trusts to support the Eleanor Hamilton Educational Trust in pursuing its own charitable objectives. Last year, the Trustees received £55,000 from the trustees of the Eleanor Hamilton Educational Trust which was allocated for individuals whose education was, in each case, adversely affected by family illness. A further £55,000 is recognised this year as receivable from the Trust.

Assistance

Grants paid by the charity during the year to assist young persons in education are summarised as follows:

2021 2020
£ £
Individual grants and loans to assist with School fees and expenses 167,276 166,318
Scholarship for educational travel abroad (Kew Scholarship) 2,549 2,500
169,825 168,818

Our record of grant-making towards education over the last six years is summarised in the table below:

Number of Beneficiaries Number of Beneficiaries Average
Grant
Boys
Girls		 Total £
2016 46 48 94 2,365
2017 45 51 96 2,381
2018 35 41 76 2,507
2019 31 34 65 2,882
2020 36 25 61 2,950
2021 26 26 52 3,415

- 4 -

Thornton-Smith and Plevins Trust

Annual report of the Trustees (continued)

Year ended 31 July 2021

Financial review

Total funds increased during the year from £14,630,160 to £16,553,935 at 31 July 2021, an increase of £1,923,775.

Principal funding sources

The Trustees are dependent on the income derived from the expendable endowment portfolio for funds. The Trustees do not seek to raise funds from the public although donations are welcome. The Trustees particularly wish to recognise the donation from the Eleanor Hamilton Trust.

Reserves policy

The Trustees’ policy is to maintain the real value of the endowment, distributing the return in excess of this by way of grants. To implement this policy, Trustees have pursued an annual distribution target of 3½% of the Trust’s portfolio value, having been advised that the long term total return on investments that can be expected under current market conditions is in the range 4½% -5%. The retention of 1% - 1½% is capital appreciation accumulated to reflect inflation so as to protect the interests of future generations.

The Trustees maintain the funds in the expendable endowment in order to discharge their responsibilities to both current and future generations as investments generate the return that enables the Trust to fulfil its objects. The Trustees provide for the grant instalments due in September, anticipating that any commitments made in the future in the form of the continuation of each grant for the academic year will be met from future income flow.

Unrestricted reserves at 31 July 2021 amounted to £15,484,030 (2020: £13,560,255) and permanent endowment £1,069,905 (2020: £1,069,905) giving total reserves of £16,553,935 (2020: 14,630,160).

Management remuneration

The Trustees consider themselves as comprising the key management personnel of the Trust, in charge of directing and controlling the Trust. The Trustees received £nil remuneration for their services. Travelling expenses were reimbursed during the year as disclosed in note 6.

Plans for the future

Subject to regular review, the Trustees expect to maintain a policy of seeking to expend 3½% of the value of the portfolio annually, including the costs of administering the Trust.

- 5 -

Thornton-Smith and Plevins Trust

Annual report of the Trustees (continued)

Year ended 31 July 2021

Statement of Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (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.

30 Mar 2023

Approved by the Trustees on ……………….. and signed on their behalf.

Martin Gray (Mar 30, 2023, 11:33am) Martin Gray Chairman

- 6 -

Thornton-Smith and Plevins Trust

Independent auditor's report to the Trustees of the Thornton-Smith and Plevins Trust Year ended 31 July 2021

Opinion

We have audited the financial statements of The Thornton-Smith and Plevins Trust (the ‘charity’) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and the notes to the financial statements, including 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).

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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 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 charity'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 trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

Matters on which we are required to report by exception

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:

- 7 -

Thornton-Smith and Plevins Trust

Independent auditor's report to the Trustees of the Thornton-Smith and Plevins Trust Year ended 31 July 2021

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 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:

We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the Charity this included compliance with the Charities Act 2011 and SORP 2019.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

To address the risk of management override of controls, we reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities

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.

Price Bailey LLP Chartered Accountants Statutory Auditors

Date: 30 March 2023

3[rd] Floor, 24 Old Bond St, Mayfair, London, W1S 4AP

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

- 8 -

Thornton-Smith and Plevins Trust

Statement of financial activities

Year ended 31 July 2021

_______________

Unrestricted
income
Notes
£
Income
Donations and legacies
2
56,240
Investment Income
3
295,339
Total income
351,579
Expenditure:
Raising funds
Investment management fees
80,365
Charitable activities
4
280,326
Total expenditure
360,691
Net (loss)/income before investment
gains and losses
(9,112)
Realised (losses)/gains
- Quoted investments
8
(19,100)
- Unquoted investments
9
-
Unrealised gains/(losses)
- Quoted investments
8
1,951,987
Net income and movement in funds
1,923,775
Fund balances brought forward
13,560,255
Fund balances carried forward
15,484,030		 Permanent
endowment
£
-
-
-
-
-
-
-
-
-
-
-
1,069,905
1,069,905		 2021
2020
Total
Total
£
£
56,240
55,240
295,339
326,866
351,579
382,106
80,365
74,049
280,326
291,096
360,691
365,145
(9,112)
16,962
(19,100)
52,645
-
143,373
1,951,987
(133,213)
1,923,775
79,767
14,630,160
14,550,393
16,553,935
14,630,160		 2020
Total
£
55,240
326,866
382,106
74,049
291,096
365,145
16,962
52,645
143,373
(133,213)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 19 form part of these financial statements.

_______________

- 9 -

Thornton-Smith and Plevins Trust

Balance sheet

31 July 2021

_______________ _______________ _______________ _______________
Notes 2021 2020
£ £
Fixed assets
Quoted investments 8 15,736,000 12,692,053
Deposits and cash at bank 8 252,859 1,446,931
15,988,859 14,138,984
Current assets
Debtors 10 80,600 84,635
Cash balances 11 566,483 469,244
647,083 553,879
Current liabilities
Creditors 12 (82,007) (62,703)
Net current assets 565,076 491,176
Total assets 13 16,553,935 14,630,160
The funds of the charity
Permanent endowment 1,069,905 1,069,905
Unrestricted funds
Expendable endowment 14,932,014 13,082,138
Unrestricted income 552,016 478,117
14 15,484,030 13,560,255
16,553,935 14,630,160

These financial statements were approved by the Trustees and authorised for issue on and signed 30 Mar 2023 on their behalf.

Martin Gray (Mar 30, 2023, 11:33am)

Martin Gray Chairman

The notes on pages 12 to 19 form part of these financial statements.

__________________

- 10 -

Thornton-Smith and Plevins Trust

Statement of Cash Flows

Year ended 31 July 2021

Year ended 31 July 2021
_____________
Notes
Cash flows from operating activities:
Net cash used in/provided by operating activities
15a
Cash flows from investing activities:
Interest receivable & other income
Investment income
Purchase of investments
Proceeds from the sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the
reporting period
15b		 _______
2021
£
(281,112)
134
295,205
(3,281,720)
2,170,660
(815,721)
(1,096,833)
1,916,175
819,342		 ______
2020
£
(320,367)
1,043
325,823
(3,682,150)
4,456,166
1,100,882
780,515
1,135,660
1,916,175

Included within cash and cash equivalents at the end of the period is cash held by investment managers of £252,859 (2020: £1,446,931).

The notes on pages 12 to 19 form part of these financial statements.

- 11 -

Thornton-Smith and Plevins Trust

Notes to the financial statements

Year ended 31 July 2021

1. Accounting policies

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice - 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) - Charities SORP (FRS 102).

Thornton-Smith and Plevins Trust meets the definition of a public benefit under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the charity's accounting policies. Estimates and judgments are continually evaluated by the Trustees based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. There have been no estimates or judgments.

The financial statements are prepared in pounds sterling and are rounded to the nearest pound.

1.2 Preparation of the accounts on a going concern basis

After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustee’s Responsibilities.

The Trust has sufficient liquid resources available for any committed costs for at least 12 months from the approval of the financial statements. The Trustees have concluded that whilst there is uncertainty, the COVID-19 pandemic does not pose a material uncertainty on the Trust's ability to continue as a going concern.

1.3 Accounting convention

The financial statements are prepared under the historical cost convention as modified by the revaluation of investments to market value.

1.4 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, which is at cost, with the exception of:

The investments note 8 details the historical cost of the investments and the unrealised gains to arrive at their fair value.

1.5 Funds

The Trust comprises three funds being:

Permanent endowment

This fund represents the capital originally settled into The Wilfred Maurice Plevins fund, ascertained to comply with the Order of the Charity Commissioners of 13 April 2004, as the amount that should be retained as permanent endowment. It is held to generate income to be applied for charitable purposes.

Expendable endowment

This fund comprises unapplied return and represents capital appreciation that has accrued since the original settlement of the constituent charities. Although it may be applied for charitable purposes, the Trustees intend to retain such an amount as will protect the value of the permanent endowment against the effect of inflation.

- 12 -

Thornton-Smith and Plevins Trust

Notes to the financial statements

Year ended 31 July 2021

1. Accounting Policies (continued)

1.5 Funds (continued)

Unrestricted income account

This fund represents the balance of unexpended income and is available for charitable objects, subject to the working requirements of the charity.

1.6 Investments

The carrying value of the investments at the accounting date, represents the bid value of the underlying quoted investments and deposits.

The net realised and unrealised gains and losses of the underlying investments is reflected through the statement of financial activities and applied as considered appropriate to the permanent and expendable endowment funds.

1.7 Unquoted investments

Unquoted investments are valued in accordance with the advice of the Trustees’ investment managers, Waverton Investment Management.

1.8 Income

Income receivable from investments is brought into account on an accruals basis. Interest and dividends on the unquoted investments are credited when receivable. All income is credited to the unrestricted income account. Donated items are brought in at a valuation to reflect a cost equivalent to the acquisition cost.

1.9 Expenses

Costs are accounted for on an accruals basis. Fees payable in respect of the investment managers are charged against the permanent and expendable endowment funds having regard to the relative value each derives from the service.

1.10 Grants to beneficiaries

The Trust recognises the constructive obligation arising on the awarding of grants at the point of approval and communicate to recipient. Any loans made in lieu of grants are provided against in full upon being advanced. Recoveries of such loans are credited to income upon receipt.

2.
Donations and legacies
- Eleanor Hamilton Educational Trust donation
- Other donation
3.
Gross income – investment income
Dividends on quoted investments
- UK holdings
- Income from property
- Overseas holdings
Fixed interest securities - UK
Bank interest		 2021
£
55,000
1,240
56,240
2021
£
70,904
9,683
205,228
285,815
9,390
295,205
134
295,339		 2020
£
55,000
240
55,240
2020
£
78,277
14,996
201,020
294,293
31,530
325,823
1,043
326,866

- 13 -

Thornton-Smith and Plevins Trust

Notes to the financial statements

Year ended 31 July 2021

4.

5.

Charitable activities

Unrestricted
Permanent
income endowment
£
£
Grants payable (see Note 5)
163,633
-
Salary and administration expenses
of the grants secretary
59,934
-
Pension of retired grants secretary
3,920
-
Accountancy fees
25,200
-
Legal and advisory fees
13,132
-
Rent, rates, light and heat and insurance
-
-
Auditor’s remuneration
11,250
-
Reimbursement of Trustees'
expenses (see Note 7)
-
-
Bank charges
610
-
Gains on foreign exchange
2,647
-
280,326
-
Grants payable
Opening provision
Paid during the year
Closing provision		 2021
Total
£
163,633
59,934
3,920
25,200
13,132
-
11,250
-
610
2,647
280,326
2021
£
(49,874)
169,825
43,682
163,633		 2020
Total
£
172,744
54,848
3,680
25,200
20,292
(1,797)
12,410
301
318
3,400
291,096
2020
£
(45,948)
168,818
49,874
172,744

Grants are payable to 52 individuals (2020 – 61) based at different institutions.

6. Staff costs

The Trust has 1 (2020: 1) direct employee and their salary is disclosed in note 4 above and they did not receive employee benefits in excess of £60,000 (2020 – £60,000).

7. Trustees’ remuneration and expenses and related party note

No remuneration was paid to any of the Trustees, who are also the key management personnel (2020 - £nil). Travelling expenses of two Trustees amounting to £nil (2020 - £301) were reimbursed. There has been no other related party transactions in the year (2020 - £nil).

- 14 -

Thornton-Smith and Plevins Trust

Notes to the financial statements

Year ended 31 July 2021

8. Quoted investments Quoted investments
Investment summary 2021 2020
Market Market
value % of value % of
£ total £ total
Quoted investments
UK - fixed interest 2,162,632 13.5 2,362,656 16.7
UK - equities 1,656,707 10.4 864,764 6.1
North America - equities 5,436,849 34.0 3,884,526 27.5
Europe - equities 1,504,598 9.4 1,391,744 9.8
Japanese - equities 1,333,903 8.3 1,154,337 8.2
Rest of World - equities 951,375 6.0 840,883 6.0
Alternative investment funds 2,689,936 16.8 2,193,143 15.5
See 8.1 and 8.2 for movements 15,736,000 98.4 12,692,053 89.8
Cash deposits 252,859 1.6 1,446,931 10.2
15,988,859 100.0 14,138,984 100.0
Historical cost 11,535,318 10,400,433

Note: Equities include unit and investment trusts.

8.1 Investments – carrying value

Carrying value brought forward
Additions
Less: disposals
Unrealised gains/(losses) on revaluation
Carrying value carried forward		 2021
2020
£
£
12,692,053
13,286,264
3,281,721
4,107,318
(2,189,761)
(4,568,316)
1,951,987
(133,213)
15,736,000
12,692,053

No individual investment exceeded 5% of the investment portfolio valuation at 31 July 2021 or 31 July 2020.

- 15 -

Thornton-Smith and Plevins Trust Notes to the financial statements

Year ended 31 July 2021

9. Unquoted investments

During the prior year, all the shares held in Ralph Martindale & Co Ltd were sold for £260,372 and the profit arising on the disposal was £143,373.

10.
Debtors
Unrestricted income
Grants secretary cash float
Income due from investments
Income due from Eleanor Hamilton Educational Trust

11. Cash balances
Expendable endowment
Barclays Bank
- Business premium account
Unrestricted income
Barclays Bank
- Business premium account
- Current account
NatWest - Current account
12.
Creditors
Unrestricted income
Trade creditors
Provision for grants
Accruals
Social security		 2021
£
300
25,300
55,000
80,600
2021
£
13,065
507,595
3,000
42,823
566,483
2021
£
12,000
43,682
24,999
1,326
82,007		 2020
£
300
29,335
55,000
84,635
2020
£
13,065
442,187
3,000
10,992
469,244
2020
£
-
49,874
11,910
919
62,703

- 16 -

Thornton-Smith and Plevins Trust Notes to the financial statements

Year ended 31 July 2021

13. Analysis of assets between funds

Current
Investments
Assets
£
£
Unrestricted income
Thornton-Smith
-
407,120
Thornton-Smith Young People
-
93,758
Wilfred Maurice Plevins
-
133,145
Expendable endowment
Thornton-Smith
1,700,326
-
Thornton-Smith Young People
9,153,617
-
Wilfred Maurice Plevins
4,065,011
13,060
Permanent endowment
Wilfred Maurice Plevins
1,069,905
-
15,988,859
647,083
2020
Current
Investments
Assets
£
£
Unrestricted income
Thornton-Smith
-
313,232
Thornton-Smith Young People
-
(14,867)
Wilfred Maurice Plevins
-
242,455
Expendable endowment
Thornton-Smith
1,504,749
-
Thornton-Smith Young People
8,099,795
-
Wilfred Maurice Plevins
3,464,535
13,059
Permanent endowment
Wilfred Maurice Plevins
1,069,905
-
14,138,984
553,879		 Current
Liabilities
Total
£
£
(8,201)
398,919
(41,003)
52,755
(32,803)
100,342
-
1,700,326
-
9,153,617
-
4,078,071
-
1,069,905
(82,007)
16,553,935
Current
Liabilities
Total
£
£
(6,270)
306,962
(31,353)
(46,220)
(25,080)
217,375
-
1,504,749
-
8,099,795
-
3,477,594
-
1,069,905
(62,703)
14,630,160

- 17 -

Thornton-Smith and Plevins Trust

Notes to the financial statements

Year ended 31 July 2021

14. Unrestricted funds

Balance at
31 July
2020
£
Unrestricted income
Thornton-Smith
340,295
Thornton-Smith Young People
23,233
Wilfred Maurice Plevins
114,589
478,117
Expendable endowment
Thornton-Smith
1,504,749
Thornton-Smith Young People
8,099,795
Wilfred Maurice Plevins
3,477,594
13,082,138
13,560,255		 Net

income
£
58,624
29,522
(14,247)
73,899
(8,301)
(41,506)
(33,205)
(83,012)
(9,112)		 Realised Unrealised
gains
gains
£
£
-
-
-
-
-
-
-
-
(2,015)
205,893
(10,824)
1,106,152
(6,261)
639,942
(19,100)
1,951,987
(19,100) 1,951,987		 Balance at
31 July
Transfers
2021
£
£
-
398,919
-
52,755
-
100,342
-
552,016
-
1,700,326
-
9,153,617
-
4,078,070
-
14,932,013
-
15,484,030
2020
Balance at
31 July
2019
£
Unrestricted income
Thornton-Smith
329,347
Thornton-Smith Young People
31,853
Wilfred Maurice Plevins
272,507
633,707
Expendable endowment
Thornton-Smith
1,456,275
Thornton-Smith Young People
8,057,866
Wilfred Maurice Plevins
3,332,640
12,846,781
13,480,488		 Net

income
£
60,948
41,380
(7,918)
94,410
(8,150)
(43,662)

(25,636)
(77,448)

16,962
 Realised Unrealised
gains
gains
£
£
-
-
-
-
-
-
- -
20,676
(14,052)
111,080
(75,489)
64,262 (43,672)
196,018
(133,213)
196,018
(133,213)		 Balance at
31 July
Transfers
2020
£
£
(50,000)
340,295
(50,000)
23,233
(150,000)
114,589
(250,000)
478,117
50,000
1,504,749
50,000
8,099,795
150,0003,477,594
250,000
13,082,138
-
13,560,255

The transfer shown between restricted funds represents the investment in quoted investments during the year.

- 18 -

Thornton-Smith and Plevins Trust Notes to the financial statements

Year ended 31 July 2021

15. Notes to the cash flow statement
(a) Reconciliation of net income for the year
to net cash used in operating activities
15.
Notes to the cash flow statement
(a)
Reconciliation of net income for the year
to net cash used in operating activities		 15.
Notes to the cash flow statement
(a)
Reconciliation of net income for the year
to net cash used in operating activities		 15.
Notes to the cash flow statement
(a)
Reconciliation of net income for the year
to net cash used in operating activities		 15.
Notes to the cash flow statement
(a)
Reconciliation of net income for the year
to net cash used in operating activities		 15.
Notes to the cash flow statement
(a)
Reconciliation of net income for the year
to net cash used in operating activities		 15.
Notes to the cash flow statement
(a)
Reconciliation of net income for the year
to net cash used in operating activities
Net income for the year
Interest receivable
Investment income
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in/provided by operating activities
(b)
Analysis of changes in net debt
Cash in hand and at bank
Cash held by investment manager
At 31 July
2020
£
469,244
1,446,931
1,916,175		 2021
£
(9,112)
(134)
(295,205)
4,035
19,304
(281,112)
Cash flow
£
97,239
(1,194,072)
(1,096,833)		 2020
£
16,962
(1,043)
(325,823)
(4,809)
(5,653)
(320,366)
At 31 July
2021
£
566,483
252,859
819,342

(c) Reconciliation of net cash flow to movement in net debt

2021 2020
£ £
(Decrease)/Increase in cash in the year (1,096,833) 780,515
Net funds at the beginning of the year 1,916,175 1,135,660
Net funds at the end of the year 819,342 1,916,175

- 19 -