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2023-07-31-accounts

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

Charity number: 1137196

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST
CONTENTS
Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Independent auditors' report on the financial statements 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 29

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees Mr Martin R Gray, Chairman
Mrs Flora Lyon, Trustee
Mr Charles S Fowle, Trustee
Mr Charles W Smyth-Osbourne, Trustee
Mrs Fiona E Tennick, Trustee
Mr Martin Humphreys, Trustee (appointed 9 November 2023)
Mr Douglas R K Robb, Trustee (resigned 28 April 2023)
Charity registered
number
1137196
Correspondence
address
for administration
c/o MHA
The Pinnacle, 150-170 Midsummer Boulevard
Milton Keynes
MK9 1LZ
for grants and bursaries
info@thornton-smith-plevins.org.uk
Grants secretaries
Mrs Heather Cox
Mrs Susan Davis
Investment managers
Waverton Investment Management
16 Babmaes Street
London
SW1Y 6AH
Independent auditors
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP
Bankers
Barclays Bank
29 - 30 High Street
Windsor
Berkshire
SL4 1PG
National Westminster Bank
PO Box 712
94 Moorgate
London
EC2M 6UR
Solicitors
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR

Page 1

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

The trustees present their annual report together with the audited financial statements of the Thornton-Smith and Plevins Trust for the year 1 August 2022 to 31 July 2023.

Introduction

During the year, the Trust awarded grants of nearly £150,000 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 Charles S Fowle Mr Martin R Gray (Chairman) Mr Martin Humphreys (appointed 9 November 2023) Mrs Flora Lyon Mr Douglas R K Robb (resigned 28 April 2023) 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

Page 2

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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.

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. 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 ThorntonSmith 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.

Page 3

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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.

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 very satisfied 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 increased by 0.65% on a total return basis, although this was somewhat better than the performance of the reference indices.

The components of the return varied significantly. Overall yield on the portfolio at 2.1% is broadly in line with global stock market conditions.

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.

Page 4

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Assistance

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

Individual grants and loans to assist with school fees and expenses
Scholarship for educational travel abroad (Kew Scholarship)
Rainy Day Trust		 2023
2022
£
£
149,652
146,055
3,000
2,500
-
25,000
152,652
173,555

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

Number of Beneficiaries Number of Beneficiaries Number of Beneficiaries Average
Grant
Boys Girls Total £
2018 35 41 76 2,507
2019 31 34 65 2,882
2020 36 25 61 2,950
2021 26 26 52 3,415
2022 25 22 47 3,108
2023 16 23 39 3,741

Financial review

Total funds increased during the year from £16,787,948 to £16,889,652 at 31 July 2023, an increase of £101,704.

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 set an annual distribution ceiling 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 2023 amounted to £15,819,747 (2022: £15,718,043) and permanent endowment £1,069,905 (2022: £1,069,905) giving total reserves of £16,889,652 (2022: £16,787,948).

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 10.

Page 5

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Plans for the future

Subject to regular review, the Trustees expect to maintain a policy of seeking to expend not more than 3½% of the value of the portfolio annually, including the costs of administering the Trust.

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 and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity, including the income and expenditure for that period. In preparing these financial statements, the Trustees are required to:

The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent to provide a “true and fair view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities, Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 the Charity (Accounts and Reports) Regulations 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.

Each of the persons who is a Trustee at the date of the approval of this annual report confirms that:

Page 6

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Mr Martin R Gray Chairman Date: March 21, 2025

Page 7

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNTON-SMITH AND PLEVINS TRUST

Opinion

We have audited the financial statements of Thornton-Smith and Plevins Trust (the 'charity') for the year ended 31 July 2023 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 charity 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 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.

Page 8

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNTON-SMITH AND PLEVINS TRUST (CONTINUED)

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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 financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 9

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNTON-SMITH AND PLEVINS TRUST (CONTINUED)

Auditors' 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 Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 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 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Mercer & Hole LLP

The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP

Date: March 21, 2025

Mercer & Hole LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

Note
Income and endowments from:
Donations and legacies
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Unrealised & realised gains/(losses) on
investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Permanent
endowment
fund
2023
£
-
-
-
-
-
-
-
-
-
1,069,905
-
1,069,905		 Unrestricted
funds
2023
£
55,240
311,273
366,513
70,358
250,690
321,048
45,465
56,239
101,704
15,718,043
101,704
15,819,747		 Total
funds
2023
£
55,240
311,273
366,513
70,358
250,690
321,048
45,465
56,239
101,704
16,787,948
101,704
16,889,652		 Total
funds
2022
£
70,225
302,899
373,124
87,063
252,420
339,483
33,641
200,372
234,013
16,553,935
234,013
16,787,948

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 29 form part of these financial statements.

Page 11

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

BALANCE SHEET AS AT 31 JULY 2023

Note
Fixed assets
Investments
11
Current assets
Debtors
14
Cash at bank and in hand
21
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Permanent endowment fund
17
Restricted funds
17
Unrestricted funds
Expendable endowment
17
Unrestricted income
17
Total unrestricted funds
17
Total funds		 71,703
762,548
834,251
(113,771)
15,105,281
714,466		 2023
£
16,169,172
16,169,172
720,480
16,889,652
1,069,905
-
15,819,747
16,889,652		 80,528
665,276
745,804
(91,520)
15,076,819
641,224		 2022
£
16,133,664
16,133,664
654,284
16,787,948
1,069,905
-
15,718,043
16,787,948

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

................................................ ................................................ Mr Martin R Gray Mr Charles W Smyth-Osbourne Chairman Trustee Date: March 21, 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 12

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Interest receivable and other income
Investment income
Purchase of investments
Proceeds from the sale of investments
Net cash (used in)/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
21		 2023
£
(234,732)
2,757
308,516
(3,302,972)
2,682,005
(309,694)
-
(544,426)
1,822,324
1,277,898		 2022
£
(247,003)
85
302,815
(3,251,885)
4,198,970
1,249,985
-
1,002,982
819,342
1,822,324

The notes on pages 14 to 29 form part of these financial statements

Page 13

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. General information

The Charity is a registered charity in England and Wales and is unincorporated. The address of the principal place of business is 2 Blagrave Street, Reading, Berkshire, RG1 1AZ.

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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Thornton-Smith and Plevins 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 are prepared in pounds sterling and are rounded to the nearest pound.

2.2 Accounting convention

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

2.3 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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 14

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.4 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.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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

All expenditure is inclusive of irrecoverable VAT.

2.5 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.

2.6 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.

Investments held as fixed assets are shown at cost less provision for impairment.

2.7 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.

2.8 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.

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. Accounting policies (continued)

2.9 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 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.

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.

2.10 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 notes 12 and 13 details the historical cost of the investments and the unrealised gains to arrive at their fair value.

2.11 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 intent to retain such an amount as will protect the value of the permanent endowment against the effect of inflation.

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.

2.12 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.

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THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Donations and legacies

Unrestricted
funds
2023
£
Eleanor Hamilton Educational Trust Donation
55,000
Other donations
240
55,240
Unrestricted
funds
2022
£
Eleanor Hamilton Educational Trust Donation
55,000
Other donations
15,225
70,225		 Total
funds
2023
£
55,000
240
55,240
Total
funds
2022
£
55,000
15,225
70,225

4. Investment income

Unrestricted
funds
2023
£
Investment income from UK holdings
308,516
Investment income - bank interest
2,757
311,273		 Total
funds
2023
£
308,516
2,757
311,273

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THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

4. Investment income (continued)

Investment income from UK holdings
Investment income from property
Investment income from overseas holdings
Investment income - Fixed interest securities - UK
Investment income - bank interest
5.
Grants payable
Opening provision
Paid during the year
Closing provision		 Unrestricted
funds
2022
£
96,789
8,439
192,336
5,250
85
302,899
2023
£
(42,311)
152,652
79,660
190,001		 Total
funds
2022
£
96,789
8,439
192,336
5,250
85
302,899
2022
£
(43,682)
173,555
42,311
172,184

Grants are payable to 39 individuals (2022 - 47) based at different institutions.

Grants are payable to an institution, Rainy Day Trust of £25,000 (2022 - £25,000)

6. Investment management costs

Unrestricted Total
funds funds
2023 2023
£ £
Investment management fees 70,358 70,358

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

6. Investment management costs (continued)

Unrestricted Total
funds funds
2022 2022
£ £
Investment management fees 87,063 87,063

7. Analysis of expenditure by activities

Grants payable
Travelling
Salary and administration expenses of the grants secretaries
Accountancy fees
Legal and advisory fees
Auditors remuneration
Bank charges
(Loss)/Gain on foreign exchange		 Support
costs
2023
£
190,001
253
74,798
25,200
(8,819)
11,200
638
(42,581)
250,690		 Total
funds
2023
£
190,001
253
74,798
25,200
(8,819)
11,200
638
(42,581)
250,690

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. Analysis of expenditure by activities (continued)

Grants payable
Salary and administration expenses of the grants secretaries
Pension of retired grants secretaries
Accountancy fees
Legal and advisory fees
Auditors remuneration
Bank charges
(Loss)/Gain on foreign exchange		 Support
costs
2022
£
172,184
63,584
3,920
26,400
5,994
11,220
615
(31,497)
252,420		 Total
funds
2022
£
172,184
63,584
3,920
26,400
5,994
11,220
615
(31,497)
252,420

8. Auditors' remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 11,220 11,220

9. Staff costs

Wages and salaries
Social security costs		 2023
£
72,034
2,764
74,798		 2022
£
57,304
6,280
63,584

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

2023 2022
No. No.
Employees 2 2

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 July 2023, Trustee expenses of £254 have incurred (2022 - £NIL).

11. Fixed asset investments - carrying value

Cost or valuation
At 1 August 2022
Additions
Disposals
Revaluations
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022		 Listed
investments
£
14,976,616
3,302,972
(2,698,941)
73,175
15,653,822
15,653,822
14,976,616		 Cash
deposits
£
1,157,048
-
(641,698)
-
515,350
515,350
1,157,048		 Total
£
16,133,664
3,302,972
(3,340,639)
73,175
16,169,172
16,169,172
16,133,664

No individual investment exceeded 5% of the investment portfolio valuation at 31 July 2023 or 31 July 2022.

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. Quoted investments summary

Quoted investments
UK - fixed interest
UK - equities
North America - equities
Europe - equities
Japanese - equities
Rest of World - equities
Alternative investment funds
See Note 11 for movements
Cash deposits
Note: Equities include unit and investment trusts.
Quoted investments
UK - fixed interest
UK - equities
North America - equities
Europe - equities
Japanese - equities
Rest of World - equities
Alternative investment funds
Cash deposits		 2023
Market
Value
£
2,629,936
1,410,550
5,696,252
1,721,469
1,241,780
487,800
2,466,035
15,653,822
515,350
16,169,172
2022
Market
Value
£
1,560,960
1,562,521
4,696,045
2,493,235
1,299,257
493,950
2,870,648
14,976,616
1,157,047
16,133,663		 2023
% of
Total
16
9
35
11
8
3
15
97
3
100
2022
% of
Total
10
10
29
15
8
3
18
93
7
100

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

13. Quoted investments historical cost

Historical cost
Debtors
Due within one year
Grants secretary cash float
Income due from investments
Income due from Eleanor Hamilton Educational Trust		 2023
£
13,216,776
13,216,776
2023
£
300
16,403
55,000
71,703		 2022
£
12,699,553
12,699,553
2022
£
3,372
22,156
55,000
80,528

14. Debtors

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THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15. Cash balances

Expendable endowment
Barclays Bank - Business premium account
Unrestricted income
Barclays Bank - Business premium account
Barclays Bank - Current account
Natwest - Current account
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Provision for grants
Accruals		 2023
£
13,065
717,725
3,000
28,758
762,548
2023
£
-
2,015
-
111,756
113,771		 2022
£
13,065
649,142
3,000
69
665,276
2022
£
14,400
9,810
42,311
24,999
91,520

16. Creditors: Amounts falling due within one year

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Statement of funds

Statement of funds - current year

Balance at 1
August 2022
£
Unrestricted funds
Designated funds
Thornton-Smith
1,715,601
Thornton-Smith Young People
9,235,675
Wilfred Maurice Plevins
4,125,543
15,076,819
General funds
Thornton-Smith
470,931
Thornton-Smith Young People
63,649
Wilfred Maurice Plevins
106,644
641,224
Total Unrestricted funds
15,718,043
Endowment funds
Permanent endowment
1,069,905
Total of funds
16,787,948		 Income
£
-
-
-
-
87,858
176,528
102,127
366,513
366,513
-
366,513		 Expenditure
£
(2,930)
(15,741)
(9,106)
(27,777)
(30,934)
(166,191)
(96,146)
(293,271)
(321,048)
-
(321,048)		 Gains/
(Losses)
£
Balance at
31 July 2023
£
5,931
1,718,602
31,870
9,251,804
18,438
4,134,875
56,239
15,105,281
-
527,855
-
73,986
-
112,625
-
714,466
56,239
15,819,747
-
1,069,905
56,239
16,889,652		 Gains/
(Losses)
£
Balance at
31 July 2023
£
5,931
1,718,602
31,870
9,251,804
18,438
4,134,875
56,239
15,105,281
-
527,855
-
73,986
-
112,625
-
714,466
56,239
15,819,747
-
1,069,905
56,239
16,889,652
527,855
73,986
112,625
714,466
15,819,747
1,069,905
16,889,652

Page 25

Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Statement of funds (continued)

Statement of funds - prior year

Expendable endowment
Thornton-Smith
Thornton-Smith Young People
Wilfred Maurice Plevins
Expendable endowment
Thornton-Smith
Thornton-Smith Young People
Wilfred Maurice Plevins
Total Unrestricted funds
Permanent endowment
Wilfred Maurice Plevins
Total of funds		 Balance at
1 August
2021
£
1,700,327
9,153,617
4,078,070
14,932,014
Balance at
1 August
2021
£
398,919
52,755
100,342
552,016
15,484,030
1,069,905
16,553,935		 Income
£
(5,860)
(31,491)
(18,216)
(55,567)
Income
£
72,012
10,894
6,302
89,208
33,641
-
33,641		 Gains/
(Losses)
£
21,134
113,549
65,689
200,372
Gains/
(Losses)
£
-
-
-
-
200,372
-
200,372		 Balance at
31 July 2022
£
1,715,601
9,235,675
4,125,543
15,076,819
Balance at
31 July 2022
£
470,931
63,649
106,644
641,224
15,718,043
1,069,905
16,787,948

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Docusign Envelope ID: 64646D52-BD7F-4033-B6B2-194C405210C1

THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

18. Summary of funds

Summary of funds - current year

Balance at 1
August 2022
£
Expendable endowment
15,076,819
Unrestricted income
641,224
Permanent endowment
1,069,905
16,787,948
Summary of funds - prior year
Expendable endowment
Unrestricted income
Permanent endowment		 Income
£
-
366,513
-
366,513
Balance at
1 August
2021
£
14,932,014
552,016
1,069,905
16,553,935		 Expenditure
£
(27,777)
(293,271)
-
(321,048)
Income
£
(55,567)
89,208
-
33,641		 Gains/
(Losses)
£
Balance at
31 July 2023
£
56,239
15,105,281
-
714,466
-
1,069,905
56,239
16,889,652
Gains/
(Losses)
£
Balance at
31 July 2022
£
200,372
15,076,819
-
641,224
-
1,069,905
200,372
16,787,948		 Gains/
(Losses)
£
Balance at
31 July 2023
£
56,239
15,105,281
-
714,466
-
1,069,905
56,239
16,889,652
Gains/
(Losses)
£
Balance at
31 July 2022
£
200,372
15,076,819
-
641,224
-
1,069,905
200,372
16,787,948
Balance at
31 July 2022
£
15,076,819
641,224
1,069,905
16,787,948
Summary of funds - prior year
Expendable endowment
Unrestricted income
Permanent endowment

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THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year
Endowment
funds
2023
Unrestricted
funds
2023
£
£
Fixed asset investments
1,056,845
15,112,327
Current assets
13,060
821,191
Creditors due within one year
-
(113,771)
Total
1,069,905
15,819,747
Analysis of net assets between funds - prior year
Endowment
funds
2022
Unrestricted
funds
2022
£
£
Fixed asset investments
1,056,845
15,076,819
Current assets
13,060
732,744
Creditors due within one year
-
(91,520)
Total
1,069,905
15,718,043
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income for the year (as per Statement of Financial Activities)
45,465
Adjustments for:
Losses on investments
(308,516)
Decrease in debtors
8,825
Increase in creditors
22,251
Interest receivable
(2,757)
Gains on investments
-
Net cash used in operating activities
(234,732)		 Total
funds
2023
£
16,169,172
834,251
(113,771)
16,889,652
Total
funds
2022
£
16,133,664
745,804
(91,520)
16,787,948
2022
£
33,641
(302,815)
72
9,513
(85)
12,671
(247,003)

Page 28

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THORNTON-SMITH AND PLEVINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

21. Analysis of cash and cash equivalents

Cash in hand
Cash held by investment manager
Total cash and cash equivalents		 2023
£
762,548
515,350
1,277,898		 2022
£
665,276
1,157,048
1,822,324

22. Analysis of changes in net debt

Cash at bank and in hand
Cash held by investment manager		 At 1 August
2022
£
665,276
1,157,048
1,822,324		 Cash flows
£
97,272
(641,698)
(544,426)		 At 31 July
2023
£
762,548
515,350
1,277,898

Page 29