Charlty number: 1171705 BHS Trust Fund Unaudited Trustees. report and financial statements For the year ended 31 May 2025
BHS Trust Fund Contents Page Reference and administrative details of the Charlty. Its Trustees and advlsers Trustees, report Independent examinerfs report Statement of financial activities 10 Balance sheet 11 Notes to the flnanclal statements 12-19
BHS Trust Fund Reference and admlnlstrative detalls of the Charity, its Trustees and advisers For the year ended 31 May 2025 Trustees A Curchin B Edgar R Eller C Gibson S A Taylor S Topping CM Jones, Chair (appointed 1 June 2024) K Smalls (resigned 1 November 2024) D Crudge (resigned 31 May 2025) M Thorpe (appointed 1 June 20251 D Banford (appointed 1 June 2025) Charity reglstered number 1171705 Prlnclpal offlce 6 Knoll Place Walmer Deal Kent CT14 7LX Accountants Kreston Reeves LLP 37 St Margaret's Street Canterbury Kent CT12TU Bankers HSBC Bank plc 90 Baker Street London W1U6AX Independent Examiner Samantha Rouse FCCA DChA Kreston Reeves LLP 37 St Margaret's Street Canterbury Kent CT12TU Solicltors Royds Withy King LLP 69 Carter Lane London EC4V SEQ Investment Manager Rathbones Investment Management 30 Gresham Street London EC2V 7QN Page 1
Introduction - Messa e from the Chair The BHS Trust Fund's reporting year ended on the 31Stot May 2025. and this marks the end of my first full year as Chair. The year has been one of steady change within the organisation and one of continuous economic chall8ng8 for our applicants. There has been a similar challenge for our operators to oplimise our costs, as the number of applicants contacting the Trust for support continues to decline. This is despite our continual and timely communication of our willingness to help former BHS colleagues in need of financial or well-being support. act Assessmant On taking over the reins. I was keen to better understand the impact Ihat we are haviTtg on the people that we help, and to see what our ben8ficiaries think of our application process. So, we introduced a Feedback questionnaire in September 2024, the outcome from vthich is reported later in this review. Board Effe¢tlv9ness Review One of my first actions as Chair was to undertake a Board Effectiveness Review in the Autumn of 2024, WhebY l issued oach Trust88 and the Trust Fund Manager with a slructured questionnaire covering the composilion, operalion, skills. interaction and perfomiance of the Trustees and the board. I then held a one-to-one discussion, in confidence, with each participant to ascertain tt)eir vlews on how we worked as a team, how well wé were kepl inforrned and how effective we thought Ihe Trust was In meeting ils charitable objectives. I summarised these discussions and produced an anonymised report for the board In January. This described wh81 we collectively thought the BHS Trust Fund did well and proposed some action points for the Board to lake fOard. These action points were intended to further improve our pefftirmance and take aUnt of the succession planning and personn81 changes du8 in 2Q25. In summary everyone on the board was happy with Ihe daily operallon of the Trusts, finances, investment management, risk management. and fSnanclal reportlng. To ether a rèed lo the followln 202512026: chan es to our structure and Stra lannln to take u8 Into We should recrult up to three new Trustses trj cover for one planned retirement and one retirement due to ill health Sn the year. We should r8crult a Trustee with experience in IT systems and GDPR and regroup the Trust board subgroup laads under new Trustee leadershlp, reflecting the skills we are fortunate to have in th8 group We should undertake a further review of the Trustee induction programme, and in particular provide a more strUctud programme of self-help training, lo b8 completed in the first 6 months. Thls is in addition to the formal induction day training and Tmste8 training sessions provided by our external prof6ssional advisors. We felt well supported by our Trust Fund Manager and her team. However, we agreed that we should review the process of signing off full grant applications and Christmas applications lo make it simpler by giving the operations team more autonomy lo deal with the more routine applications. l am pleased lo report that all these changes were actiongd and implemented by th6 year end, and we should reap the benefits of a more efficient and skills focused approach to our work in the current reporting year. Trust88 Retirements Finally. I would like to thank the Trustses who stepped down during the year under review. My partiGular thanks go to Helene Hamer who retired as Chair at the end of May 2024, after 16 years as Fund Manager, TTUStee and Chair of the BHS Trust Fund. I hope to continue the exemplary leadership Helene provided in her tenure. Secondly, my thanks go lo David Crudge who retired after 11 years with the Trust, during whlch time he provided a consistently high standard of advice and scrutiny of our financial investsnent and risk management, which was of great reassurance to the Trust. Thirdly, my thanks go to Keith Smalls, who after 4 years as a Tlustee, and 33 year5 as a successful employee of BHS, had to retire due to ill health. His contribution will be greatly missed by his Trustee colleagues. Page 2
Overall. the Trust remains in a good financial state of funding, and the challenge for the coming year will be to conlinue to reach out to our potential beneficiaries through our social media aclivty. work with the BHS Retired Staff Association, and refinement of our direct mailing list. Ensuring Ihat every penny we spend is for Ihe benefit of former BHS colleagues is optimised in the coming year. Martyn Jones Chair of Trustees- BHS Trust Fund THE AIM AND MISSION OF THE BHS TRUST FUND The BHS Trust Fund (Charity Numb8r- 1171705) is a Charitable Incorporated Organisation ICIO), fomierly known as the Bhs Limited Employees Trust Fund. It was established by Bhs Limited in 1951 to support the relief of hardship amongst its employees. Upon the closure of Bhs Limited in August 2016, it was agreed by the Trustee5 to continue the Fund's work by becoming a CIO and supporting former BHS employees with one year's seNice or more. PUBLIC BENEFIT STATEMENT In setting out and planning Ihe activlties of the charity, the trustees have given carefijl consideration to the Charity Commission's general guidance on public benefit. OUR VISION To ensure that no fom8r BHS Employee struggles lo meet their daily financial I wellbeing needs. Our strategy: We need to reach more of our potential qualifying audi8nce, to optSmise the use of the Trust's funds. To do thls we are Developing a naw direcl emailing list. Extending the membership of the Retired Staff Association and utilising thelr neOrk. Contacting the BHS p&nsion scheme providèrs to see if we can communiGate with their BHS schema members. Monitoring and responding to the feedback from our succ98sful appllcants to keep the applicalion process 8 simple and user friendly as possibl8. Reflection on 2024 -2025 Marketln Spreading the message - along wilh spreading the rnessage about what we do through word of mouth and vla charity links, our regular Facebook posts continue lo remind former BHS colleagues of how wè can support. ¢)ften with real life examples. We hope to encourage individuals facing challenging times to step forward via our website contact link or by telèphoning our small, friendly team. Increasing our retSred staff social neOrk - we already have a thrlving sodal nert£ of c230 BHS former colleagues, who meet regularly for a coff8e and ch81, supported by the BHS Trust Fund. Our aim is to welcome new Individuals to our Retired Staff Association {RSAI, so expanding our network of 26 groups of retirees. We have started to strengthen our communications with RSA mombers, ensuring they are fully aware of how we support former employees facing difficult times. Feedback on how we're helping - we introduced our Feedback questionnaire in September 2024 to better undgrstand our impacl on beneficiaries. Ilves. Comprising a simple set of questions sent to all beneficiaries, it can be completed online or via paper in just a few minutes. We are delighted to have a 72 % relum rale and receive helpful feedback about how wo're supporting individuals, most of which is extremely positive. 770/Tr of returns confirm that our help is benefitting individuals for the longer tsrm, which is excellenl news! Examples of feedback are given below. Page 3
Feedback Quotes from individuals hel ed '1 sufferfrom anxiety & have ADHD, but the Trust Fund team helped me every step of the way. making it easy to understand what to do & how to gather information, 'The process was very straightforward - I felt anxious as I hadn't encountered anyone from BHS for years, however, the empathy of the team was very comforting. I didn't feel judged, I felt heard and supported, 'For the first time in years, I haven't had to pay £60 a month on overdraft fees! And the vouchers will help me so much - having food in my fridge will be one less worry for me, as sometimes I couldn't even afford milk, 'The Fund helped me massively after I suddenly lost my job and didn't receive any wages owed, as my employer went into liquidation. It meant I was able to pay bills and buy food and essentials, '1 was helped to be at home with no fear of bailiffs knocking and have food in the fridge, 'You've helped me & my daughter restart life, alleviating so many financial worries, 'A very fair process, the team made me feel comfortable throughout- we are truly grateful, '1 hope others know about the help you offer- my faith in humanity has been restored by you, Page 4
Financial and Risk Mana ement Financial The BHS Trust Fund consists of a portfolio of financial assets. from which the core objective is to provide an income. over a reducing time horizon. Income and Capital withdrawals from the portfolio fomi an important part of our overall expenditure. To achiève this the portfolio has a balanced objectbve. The Trustees recognise the realisalion of such an objective is dependent upo¥J favourable market condltions and the sound discretionary invesbnent management performance entrusted to our advisors Rathbones - Incorporating Investec Wealth & Investment (UK). Rathbones maintain an active oversight of the Fund's financial assets. Assets are broadly spread, with perfomance being measured against a benchmark that reflects the Fund is comfortable with a lowlmedium risk profile. A reasonable weighting in more conseNalive assets. allows for slzable capital withdrawals, quarterly. Fund perfomance statistics are reported to the Trustee's on a quartedy b8SiS. Infomialion conceming the current global investment environment and the likely impart is shared with the Trustse's as and when necessary, Rèserves Poll This Poliw sets out th8 Trusteas ¢ommitm8nt to 8nsuring that the BHS Trust Fund complles with its legal duty of managing Ihe Funds resources responsibly. A sum equivalent lo al least six months lolal expenditure of £150,000 in unrestricted Reserves across its savings and current bank accounts at HSBC, separate from that of the main investment fund. Flnanclal Revlew Grant awards summary 2024- 2025 £95, 383 - 60 Grant awards~ covèring rent & mortgages. food vouchers, whlte goods, credit cards. councll tax and utilities. £9,288- 5 Wellbeing awards - coverlng short breaks, days Out and subscription to online wellbelng plafform. £18,644- 62 Christmas Grants- covering food vouchers and hampers. Rlsk Mana ement The BHS Trust Fund maintain5 a Risk Register that idèntifies potsntial organisational risks, assesses their impact, and outlines mitigation méasures. Numeric measures of probability and Impact are calculated against specific risks to detemiine relative levels of potential concérn. Thé Risk Register Is subject to Operational sub-group overslght. Identification of the six risks wilh the greatest probability and impact scores collated annually. Trustee Risk assuranc8 reports are completed quartedy on the above, ensuring issues and emerging tronds are captured and action taken if required. Peo Succession planning and development will continue to be an integral part of People priorities Two new Trustees have been recruf(ed lioined 0110612025) using a robust recruilment proces5. Induction, training plans with Buddylmentoring support implemented during the first 6 months. All current employees and volunteers are encouraged to pursue outside personal development if desId. Costs would be mered by the Fund after approval agreed. Yearly development discussions have been completed for all Case Workers and employees. This has established developmenl requirements and highlighled future requirements to fulfil long tem Su$s1on planning needs. Trustees and Case Workers actively encourage parttcipation in meetings. Quartedy Zoom meatings with Case Workers have included interactive training. consisting of refresher and coaching sessions to assist in ongoing and future personal development. Page 5
What's to Come 2025 - 2026 Marketin New ways lo reach former BHS colleagues - reaching individuals is key if we ar6 to provide 5UPPOrt to those in need. Not 8veryone is aware that we're still here today or of how we can help, and we appreciate that social media isn't for everyonel So. we're renewing our database platform lo enable our messages to be conveyed MO effectively. Encouraging individuals to come fOard - w8 continue to find new ways to spread the word about what we do. We know that individuals can be anxious about reaching out and recognise the importance of reassuring applicants Ihat we're a small, friendly. and professional team, so we've started to post profiles of our team members to help do this. In addition, we use stories of individuals we've helped with their permission and identities anonymised. to help others realise that they're not alone in needing support. Finance Key objective going fOard is that Ihe potential decrease in applicanls is carefully monitored. Looking al the potential variances in budgets and the cost base of the fund. The movlng longevity of the fund should continually ba addressed. The solvency of the fund will Gontlnue to be monltored on a monthly basis. Variances In Budgets v Actual spend should be understood and addressed as required. Continue to benchmark the Funds operational efficiency. Looking at the ratio of costs v grants 8warded. Recognising that costs are fixed and grants awarded are variable in both numbers and cash amounts awarded. The stock markets. where a large amount of the Funds money is invested remains volatile, du8 to global events, Regular updates and meetings with the fund's investment manager supports our understanding of our portfolio aclivit18s. Managed by Rathbones, in Ilne Wlth our agreed investment slra18gy. Longevity of the fund will continue to be monitored. considering the grant numbers. cash awards glven, and a volatile stock market, will continu8 to present challenges and debate. Peo leandR 2025-26 should bè a busy period for the Pgople & RSA sub-group. We wlll review & updats our succession plans. The recent development of a structurèd self-help programme to support the induction of new Trustee8 Is currenlly being evaluated by our 2 new Trustee recruits and will be adapted for use by new Case Workers. The first edition of a Iwlce-yearty newsletter for our Retired Staff Associatlon members to raise awareness of the Fund and for them to share their memories & activities will be sent out to group leaders for distribution In Septsmber and we look forward to receiving their feedback & sugg6slions for fiJlure edilions. In addition, as the applications we receive become more complex. we will continue to provide development for our Case Workers, to support triem, share experience and build confidence. The next session is due to lake Pla at November's meeting. Finally, we will conduct a review of Ihe rentlY rè-worked Skills Matrix to ensure the infomiation gathered is being used to benefit both individuals and the wider Fund through further Irdining Icoaching. Page 6
eratlonal Effi¢sen Au it and Rlsk The operational team is now a consolidated team. with clear objectives for each role within the team. There are regular meetings to ensure consistency with prosseS and pr0dureS. Inlroduction of Dropbox holding electronic casefiles. developing shared work ffiles. and limiting paper files. Introduction of new appllcation prOs5 to rellect the diverse nature of appllcant requests received requiring support. Continued evaluation to reduce administration costs to a minimum, without impacting on our operational efficiencies and professionalism. Introduction of detailed data reports - provided monthly for Markating, grant giving breakdown infonnation to assist in supporting both our marketing and longevÉty planning. Independent Examination audit- new auditors appointed. 2024-2025 is the first year with this new process in place. Quarterly review of policies and risk assurance reports to be presented at OTM'S for approval. Risk Register reviewed regularly Evaluation and update of our current malllng list. Page 7
BHS Trust Fund Trustees. report (continued) For the year ended 31 May 2025 Statement of Trusteos. r0sponsibilities The Trustees are responsible for preparing the Trustees, report and the financial slatements in accordance with applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Accounting Practice). The law appllcable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, induding its income and expenditure, for that perfod. In preparing these financial statements, the Trustees ar8 requir8d to= select suitable accounting policies and then apply them conslstently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimatas that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial ststements on the going concern basis unless It is inappropriate to presume that the Charity will continue in business. The Trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitys transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of Ihe Charity and hence for taking asOnable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the Board of Trustees and slgned on their behalf by: CMJ Chair Date: o<c4z) Page 8
BHS Trust Fund Independent examiner's report For the year ended 31 May 2025 Independent examlnerfs report to the Trustees of BHS Trust Fund (Yhe Charity I report to the charity Trustees on my examination of the accounts of the Chartty for the year ended 31 May 2025. Responsibilitles and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requlrements of the Charities Act 2011 ('the 2011 Acr). I report in respect of my examination of the Chariws accounts carried out under s8Ction 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent oxaminer's ststement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accountlng and Reporting by Charities: Statement of Recommended Practice applicabl8 to charities preparlng their accounts in accordance with the Financial Reporting Standard 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. l understand that 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 2019. I have completed my examinatlon. l confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accountlng records were not kept In respect of the Charity as required by section 130 of tha 2011 Act. or the accounts do not accord with those records., or the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf vi8w which is not a matter considered as part of an independent examination. I hav6 no concerns and have come across no other matters in connection with the examlnation to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Thls report is made solely lo the Charitsls Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Chariws Trustees those matters l am required to state to th8m in an Independent examine¢s report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the CharItS Trustees as a body, for my work or for this report. Signed.. I m 2 Dated: 5 February 2026 Samantha Rouse FCCA DChA Kreston Reeves LLP 37 St Margaret's Street Canterbury Kent CT12TU Page 9
BHS Trust Fund Statemont of financlal activities For the year ended 31 May 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from.. Investments Other income 72,140 72,140 72,374 Total Income 72,140 72,140 72.379 Expendlture on: Investment management fees Charitable activities 15,056 235,656 15,056 235,656 18,484 350,297 Total expendlture 250,712 250,712 368.781 Net expendlture before net gains on investments Net gains on investments (178,572) 16,158 (178,572) 16,158 (296,402) 102,509 Net movement In funds {162,414) (162,414) (193,893) Reconclllatlon of funds: Total funds brought for4vard Net movement in funds 2,602,523 (162,414) 2,602.523 (162.414) 2.796,416 1193,893 Total funds ¢arried forward 2,440,109 2.440,109 2,602,523 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 12 to 19 form part of these fjnanciaS statements. Page 10
BHS Trust Fund Balance sheet As at 31 May 2025 2025 2024 Flxed assets Investments Currènt a•8ets 2,239,908 2.355,949 Debtors Cash at bank and in hand 12 13,441 256,095 210,978 210.978 269,538 Current Ilabllftlos Credltors: amounts falllng due thrythin one year 13 110,777) (22,962) Not current assets Total ass8ts198B currgnt Ilablllttos 200,201 246,574 2A40.109 2,602.523 Charfty funds Restricted funds Unrestricted funds 14 14 2,440,109 2,602,523 Total fund* 2,440.109 2,602,523 The financial ststements were approved and authorfsed for Issue by the Trustees and Slgned on thelr behalf by.. CM Jonos Chair Date: Of/o2lioLtJ The notes on pages 12 to 19 fonn part of these financial statements. Page11
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 General information BHS Trust Fund is a charitable incorporated organisation. with charity number 1171705. and is registered in England and Wales. The Charity's registered office is 6 Knoll Place, Walmer, Deal. Kent, CT14 7LX. Accounting policies 2.1 Basis of preparatlon of financlal 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 lo give a 'true and fail view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf 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 ReGommended Practice effective from 1 April 2005 which has sinc8 beon withdrawn. BHS Trust Fund meets th8 definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless oth8rwis8 Stated in the relevant accounting policy. The financi81 statements are presented in UK sterling, which is the Charitls functional currency, and rounded to the nearest pound. 2.2 Going concern The Tru5tee5 assess whether the use of golng concern Is appropriate i.e. whether there are any material uncertainties relaled to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisalion for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charitys ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 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. Incom8 tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expendlture Page 12
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 Accountlng pollcles (contlnued) 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 activlty. 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. Expenditure on raislng funds Includes all expenditure incurred by the Charity to ralse funds ft)r its charitable purposes and includes costs of all fundralslng activities events and non-charitsble trading. Expendlture on charltable activities is Incurred on directly undertaking the activitles which further the Charitys objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is incluslve of irrecoverable VAT. 2.5 Intero8t receivable Interest on funds held on deposit is included when receivable and the amoLJnt can be measured reliably by the Charity. this is nomally 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 subsequenlly 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 'Gainsl(Losses) on Investments, in the Statement of financial activitles. 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 includ8s 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 13
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 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 r@ceiv8d as advanced payments for the goods or services it must provide. Provisions are measured at the best estlmate of the amounts required to settle the obligation. Where the effect of the tlme value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax dlscount rate that reflects the risks specific to the Ilabillty. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.10 Flnanclal 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 rneasud at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective int8rest method. 2.11 Penslon8 The Charity operatas a defined contributlon pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.12 Fund a¢¢ountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objectives of the Charlty and whlch have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriat8 fund. Investment income Unrestricted funds 2025 Total fund5 2025 Total funds 2024 Income from listed investments Income from interest receivable 67,546 4,594 67,546 4,594 68,074 4,300 72.140 72,140 72,374 Total 2024 72,374 72,374 Page 14
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 other incomlng resources Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Other incoming resources 1 Total 2024 Inveslment management costs Unrestrlcted funds 202S Total funds 2025 Total funds 2024 Investment management fees 15,056 15,056 18,484 Total 2024 18,484 18.484 Analy8ls of grants Grants to Indlviduals 2025 Total funds 2025 Total funds 2024 Grants payable 122,003 122,003 203,604 Total 2024 203,804 203.604 Analysls of expendlture by actlvltles Grants to Individuals 2025 Support costs 2025 Total funds 2025 Total funds 2024 Expenditure on charitable activities Grants payable 113,653 113,653 122,003 146,693 203,604 122,003 122,003 113.653 235,656 350,297 Total 2024 203,604 146,693 350.297 Page 15
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 Analysls of expenditur• by activlties (continued) Analysls of support costs Total funds 2025 Total funds 2024 Activities 2025 Staff costs RSA Invoices 66,843 13,311 12.025 60 3.875 9,794 1,009 2,596 66,843 13.311 12,025 60 3.875 9.794 1,009 2.596 71.239 12,417 37,725 60 5.162 3,197 1,715 2,652 11,460 1.066 Bank charges Trustee expenses Operational expenses Telephone Case workers Auditor's remuneration Legal and professional fees Accountancy 4,140 4.140 113,653 113,653 146,693 Total 2024 146,693 146,693 Independent examinerfs remunoration The independent examinerfs remuneration amounts to an independent examiner fee of £1,800 and an accounts preparation fee of £2.340. For the year ended 31 May 2024. the auditorfs remuneration amounts to an audit fee of £11,460. Staff costs 2025 2024 Wages and salaries Contribution to defined contribution pension schemes 65,743 1,100 69,058 2.181 66,843 71.239 The average number of persons employed by the Charity during the year was as follows: 2025 No. 2024 No. Employees Page 16
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 Stsff costs (continued) No employee received remuneration amounting to more than £60.000 in either year. The Trustees consider that they together with the Trust Fund Manager, Grant Manager and Fund Administrator. comprise the key management personnel of the Trust in charge of directing and controlling, running, and operating ihe Trust on a day-to-day basis. The total remuneration (including employers, national insurance contributions) of the key management personnel for the year was £53,399 (2024: £46,066). 10. Trustees. remuneratlon and expense8 During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 May 2025, expenses totalling £3.874 were reimbur88d or paid directly to 7 Trustees {2024 - £5,162 to 11 Trustees) for travel expenses. 11. Flxed asset Investments Llsted Investments Cost or valuatlon At 1 June 2024 Additions Disposals Revaluations 2,355,949 607,829 (751,938) 28,068 At 31 May 2025 2.239,908 Net book value At 31 May 2025 2,239,908 At 31 May 2024 2,355,949 12. Debtors 2025 2024 Due wlthin one year Prepayments and accrued income 13,441 13,441 Page 17
BHS Trust Fund Notes to the financial statements For the year ended 31 May 2025 13. Credltors: Amounts falling due within one year 2025 2024 Pension creditor other creditors 236 6,401 4.140 7,513 15.449 Accruals and deferred income 10,777 22,962 14. Statement of funds Statement of funds - curront year Balance at 1 June 2024 Gainsl Balance at {Lossesl 31 May 2025 Income Expendlture Unrestrlctod funds General Funds 2,602,523 72,140 (250,712) 16,158 2,440,109 Statement of funds - prlor year Balance at 1 June 2023 Gainsl Balance at (Losses) 31 May 2024 Income Expenditure Unrestricted funds General Funds 2,796,416 72,379 (368,781) 102,509 2,602.523 15. Analysis of net assets between funds Analysls of net assets between funds - current year Unrestricted funds 2025 Total funds 2025 Fixed asset investments Current assets Creditors due within one year 2.239,908 210,978 (10,777) 2,239,908 210,978 (10,777) Total 2,440,109 2.440,109 Page 18
BHS Trust Fund Notes to the financial ststements For the year ended 31 May 2025 15. Analysls of net assets between funds {contlnued) Analysls of net assets between funds - prior year Unrestricted Endowment funds funds 2024 2024 Total nds 2024 Fixed asset investments Current assets Creditors due within one year 2,355,949 269,536 (22,962) 2,355,949 269,536 (22,962) Total 2,602.523 2,602,523 16. Penslon commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £1,100 (2024: £2.181). At the balance sheet date, £236 (2024: £Nil) was payable to the fund and is included In creditors. 17. Relatsd party transactlons The Ch8rity has not entered into any related party transaction during the year, nor are Ihere any outstanding balances owing between related parties and the Charity at 31 May 2025. Page 19