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:
- Assist young men or women wishing to enter or actually undergoing articles or apprenticeships in any trade or profession and who because of poverty are in need of help in so doing;
- Help children or young men or women in obtaining preparatory, secondary, higher or further education who or whose parents by reason of poverty are in need of financial help to enable them so to do;
- Benefit men or women of the professional or business classes who have fallen into poverty and are unable to make adequate provision for their retirement or old age;
- Apply income towards the benefit or maintenance or education of young persons aged 25 years and under who are the children of such professional men or women as the Trustees may from time to time determine.
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102 – 2019);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
- so far as the Trustee is aware, there is no relevant audit information of which the charity’s auditor is unaware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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:
- give a true and fair view of the state of the charity's affairs as at 31 July 2023 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Reviewing minutes of Trustee Board meetings;
- Agreeing the financial statement disclosures to underlying supporting documentation;
- Enquiring of management, including those charged with governance;
- Reviewing the key accounting policies and estimates.
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.
Page 15
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:
- Investments are measured at their fair value as at the balance sheet date; - Fixed assets are measured at cost less depreciation;
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.
Page 16
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**
## **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**|
|---|---|
Page 17
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**
## **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**|
Page 18
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**|
|---|---|---|
Page 19
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_|
Page 20
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.
Page 21
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_|
Page 22
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**
Page 23
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**
## **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**
Page 24
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_|
Page 26
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|||||
Page 27
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**
## **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)_|
|---|---|
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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**
## **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**|
|---|---|---|---|
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