**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024** Thomas’s Foundation (CIO) Thomas’s Academy, New King’s Road, London SW6 4LY T: 020 3327 4177 E: info@thomassfoundation.org.uk W: thomassfoundation.org.uk Registered Charity No: 1181145 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** |**Contents**|| |---|---| ||**Page**| |**Reference and administrative information**|**1**| |**Trustees’ Annual Report**|**2**| |**Independent Auditors' Report**|**11**| |**Statement of Financial Activities**|**14**| |**Balance Sheet**|**15**| |**Statement of Cash Flows**|**16**| |**Notes to the Financial Statements**|**17**| **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS** Mrs Krista Pound (Resigned 31st August 2024) Mr Ben Thomas (Appointed 12th Dec 2018) Mr John Mayne (Resigned 31st August 2024) Mr Chris Benson (Appointed 1[ST] January 2021) Mrs Susana White (Resigned 31st December 2023) Mr Mark Dearlove (Resigned 4th February 2025) Mrs Bunmi Richards (Appointed 1[st] May 2021) Mrs Amanda MacKenzie (Appointed 10th October 2023) Mr Vishal Oberoi (Appointed 10th October 2023) Miss Charlotte Castle (Appointed 10th October 2023) Mrs Ros Gravatt (Appointed 10th October 2023) **Charity Registration No** 1181145 ## **Registered Office** Thomas’s Academy New King’s Road London SW6 4LY ## **Auditors** Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG 1 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** This report and the financial statements for the year ending 31 August 2024 have been prepared by the Trustees of Thomas's Foundation (CIO), based on the accounting policies set out herein and comply with the charity's deed of trust and the requirements of the Charity Commission. ## **OBJECTIVES AND ACTIVITIES OF THOMAS’S FOUNDATION** Thomas’s Foundation (TF) is a Charitable Incorporated Organisation driven by the belief that _every_ child deserves an enriching education. Thomas's Foundation delivers its vision through three programmes. These programmes provide educational opportunities for children in the local communities of Thomas’s London Day Schools (TLDS) located in Battersea, Clapham, Fulham and Kensington and Putney Vale. Thomas’s Foundation has supported educational programmes for tens of thousands of children in the rural hills of Nepal and will continue to support these commitments until December 2028. ## ● Foundation Bursaries Thomas’s Foundation funds bursary awards from Year 7 for pupils to attend Thomas’s Battersea and Thomas’s Putney Vale, with the option from September 2025 to attend Thomas’s College, making possible a Thomas’s education for disadvantaged children, whose families could not otherwise contemplate independent education for their child. - Community Partnerships Thomas’s Foundation funds programmes, delivered by local partners, to improve the education of local disadvantaged primary-aged school children in London. This includes the enhancement of art, drama, music, sport, outdoor learning and academic support within the curriculum. - Child Aid in Rural Nepal (CAIRN) - Educating Children in rural Nepal Thomas’s Foundation funds educational programmes in the rural hill villages of Nepal, delivered through local NGOs, to improve the quality of education and literacy. This is achieved through teacher training and library installations. Our commitments in Nepal continue until 2028. ## **Our programmes** ## _**Foundation Bursaries**_ Thomas’s Foundation funds bursary awards from Year 7 for children to attend Thomas’s Battersea and Thomas’s Putney Vale, with the option from September 2025 to attend Thomas's College. Bursaries are awarded to families whose socio-economic circumstances mean they would not normally be able to contemplate an independent education. The majority of bursaries awarded are 90% - 100% of school fees at cost. Since 2006 Thomas's Foundation Bursaries have made possible a Thomas's education for more than 50 children. The impact on the bursary holders has been life-changing, transforming their educational and life journeys. The bursary programme is well-organised, high-performing and has a strong educational impact. Given this established platform, and the significant need that exists, the Foundation has ambitions to grow its 2 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** Bursary offering as it continues to develop and grow its major donor programme. This growth is further supported with the addition of Thomas’s College which will provide a Thomas’s education for pupils from Year 7 - Year 13 starting in September 2025. ## _**Community Partnerships**_ Thomas’s Foundation funds programmes, delivered by local partners, to improve the education of local disadvantaged primary-aged school children in London; this includes the enhancement of art, drama, music, sport, outdoor learning and academic support within the curriculum. ## Partner-led programmes: Needs-driven initiatives that are identified and delivered by and through local partners and their volunteers. The Foundation awards grants and oversees that the intended programme’s objectives have been achieved. ## Foundation-led programmes: Needs-driven initiatives that are developed and delivered by the Foundation with the help of volunteers. The Foundation self-funds these programmes and oversees that the intended programmes’ objectives have been achieved. Community partners are schools, community centres or other providers of programmes. The Foundation’s Community Partnerships initiative aims to allocate funding or provide volunteer services based on a balanced overall analysis of both impact and reach (e.g. number of beneficiaries). Since inception, Thomas's Foundation has funded hundreds of projects in the fields of art, drama, music, sport, outdoor learning and academic support (STEM, literacy, language) across dozens of partner schools and in partnership with Community centres and other partner organisations reaching thousands of children. More than 100 volunteers from the Thomas's community work closely to identify, develop and manage the broad range of community partnership projects. ## _Examples of Community Partnerships activities_ ## _Foundation Pathway - Learning Enrichment_ Pathway is an annual Foundation-led programme designed to help ambitious and able children from local state primary schools with fewer advantages. Pathway provides a multi-disciplinary approach to learning with monthly Saturday sessions taught by Thomas’s teachers for pupils in Year Five as they move into Year Six. Pathway incorporates investigative maths and science, literature and elements of art, drama, music, philosophy and sport. The programme expands horizons for pupils, provides information on options for senior school and many pupils have been awarded bursaries to independent senior schools. There are currently 31 children participating in the Pathway programme. In December 2024 the programme completed its sixth successful year at Thomas’s Battersea. Based on the proven impact and success of the Battersea Pathway programme Thomas’s Foundation supports a concurrent programme at Thomas’s Clapham which is in its third year. ## _Dance - Learning Enrichment_ An annual programme supporting up to 30 children from local partner schools, offering creative engagement through Dance, regardless of ability or talent. 3 ## **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## _Volunteer Readers’ Programme_ Thomas’s Foundation supports up to 100 volunteers to provide reading support for children in partner schools. ## _Music Scholarships_ The Foundation has awarded music scholarships for promising young musicians. Each scholarship runs for up to four years and has a value of around £3500. There are currently 26 scholars in the programme playing a wide variety of instruments. Since 2013, 91 scholarships have been awarded. All recipients are in receipt of free school meals or have been identified by their Headteacher to confirm that the family would not otherwise be able to afford music lessons. More than 15 different instruments have been played by the scholars. The music lessons have helped many of the pupils gain entry to their favoured choice of secondary school. As an example, one scholar went on to be accepted into the junior programme at the Royal Academy of Music and to perform at La Scala. ## _**CAIRN**_ The Thomas family have an association with Nepal that goes back over 60 years when David Thomas, a principal founder of the Thomas’s London Day Schools, served as an officer in 2nd King Edward VII’s Own Gurkha Rifles. David and his wife, Joanna, witnessed first hand the realities of education in the rural hill villages in the foothills of the Himalayas and in 2007 founded The CAIRN Trust to support children’s education in the remote hill villages. Since 2007 CAIRN has supported the education of tens of thousands of children. CAIRN has built 23 schools in the rural hill villages of Nepal, providing educational infrastructure for 5980 pupils. From 2008 - 2020 CAIRN supported up to 1000 children each year with educational awards providing all the uniform and equipment they needed to attend school, together with social welfare support for their families. CAIRN programmes now focus on quality teacher training and support for literacy through the installation of libraries. Through the CAIRN Teacher Training programme, CAIRN has to date renovated and equipped over 110 school classrooms providing quality teacher training to over 260 teachers in 31 schools, benefiting over 3,500 children. Through the CAIRN Library Programme, 71 community libraries have been installed in rural communities in Nepal. CAIRN conducts detailed feasibility surveys to identify the neediest schools and communities. For three years CAIRN provides library management training, resources and support and conducts monitoring and training in year four and five, at which point the library is handed over to the local community. The CAIRN library programme has placed more than 200,000 books into the hands of more than 20,000 children and their communities. Our commitments in Nepal continue until 2028 4 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## **MONITORING AND EVALUATION** Thomas's Foundation continually reviews, monitors and evaluates the delivery of its programmes to ensure that they reflect the charity's objectives, address the greatest needs of beneficiaries and have impact. The Foundation endeavours to evaluate the impact of each charitable intervention on its own merits to ensure that the programmes achieve the highest impact possible. This is done by considering how transformative the experience has been for the beneficiaries and whether the programme has delivered the agreed attainment criteria. In practice this means: - Programme monitoring and evaluation is designed to ensure that programmes are implemented and delivered in a way that is sustainable and cost effective. Where long term or multi-year programmes are considered, sustainability is also evaluated. - We continue to develop our programme evaluation metrics, including qualitative and quantitative aspects to ensure that projects meet agreed criteria It is critical to the success of the Foundation that: - All charitable interventions achieve its intended objective - The impact can be measured - There is accountability for the success of its programmes - There is strong governance that ensures donations are directed where they can add the most value ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Thomas's Foundation (CIO) is governed by a Trust Deed dated 20th November 2018 and was incorporated in December 2018 and launched fully as Thomas's London Day Schools' permanent charity in September 2019. The Foundation relies on a small UK office (partly funded by Thomas's London Day Schools), with oversight of programmes in Nepal. The level of investment from within a community of experienced educationalists significantly enhances the impact of TF programmes. Since the end of 2020 new Trustees have been identified largely via Nurole, an independent board recruitment service. 5 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## **FINANCIAL REVIEW** ## **Thomas's Foundation Income** **----- Start of picture text -----**
Year to Year To Increase
31/08/2024 31/08/2023 (Decrease)
Donations 507,670 96% 1,115,144 -607,474
Investment Income 21,201 4% 6,746 14,455
Total 528,871 1,121,890 -593,019
Thomas's Foundation Expenditure
Community Projects 144,940 16% 179,498 -34,558
Bursaries 312,503 33% 228,072 84,431
Projects in Nepal 193,119 21% 263,091 -69,972
Fundraising 12,354 1% 51,497 -39,143
Administration 271,038 29% 204,046 66,992
Other
Total 933,954 926,205 7,749
Capital Losses/Gains 148 3,703
Movement -404,395 191,982 -596,377
**----- End of picture text -----**
6 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## **Income** Thomas's Foundation's income from all sources for the year was £528,871, a decrease of £593,019 over the previous year. The school communities of Thomas's London Day Schools continue to be the main regular source of funds and major contributor, but funding from other sources includes private donors, sporting events and trusts and Foundations. Fundraising programmes continue to be developed to strengthen income and build sustainable funding for the future. ## **Expenditure** Total expenditure for the year was £933,954. £144,940 (16%) was spent on community partnerships, £312,503 (33%) was spent on bursaries, £193,119 (21%) was spent on projects in Nepal, while fundraising costs amounted to £12,354 (1%) and administration and audit costs were £271,038 (29%). [NB: Under the terms of a Memorandum of Understanding, Thomas’s London Day Schools pays for the employment costs of two of the employees of Thomas’s Foundation and also provides office space and facilities. All employment costs of the two employees and the calculated value of the office space and facilities are recognised as donated services in the accounts. The total value of the donation for the year was £136,689. ## **Movement** Expenditure exceeded income by £405,083. The balance sheet stood at £878,881 at the end of the year, with 26% of this balance being held in restricted funds for ongoing projects. ## **Reserves** The Board monitors the balance sheet to ensure there are sufficient reserves to cover anticipated expenditure over a sensible time frame. ## **Funds held as custodian Trustee on Behalf of Others** No funds are held on behalf of others. 7 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## **BENEFICIARY OUTCOME** Thomas's Foundation seeks to support young people in a manner that is impactful and transformational for each and every one of them. Understanding the circumstances of beneficiaries, the Foundation commits to funding other costs, beyond just the school fees, to enable the children to take full advantage of the educational opportunities available to them. The Foundation supports programmes that deliver clear beneficial outcomes. For the Foundation, this means achieving a positive and transformative result for each intended beneficiary. The Foundation supports programmes that are tailored to the needs of the intended beneficiaries. The Foundation supports programmes with a transparent allocation of resources and an accountability for results. The work of the Foundation will be complete when our intended beneficiaries are receiving the education they deserve to maximise their full potential. Our aim is to bring lasting and positive change to the lives of children, giving them a voice, creating opportunities, choices and hope. ## **LOOKING TO THE FUTURE** The opportunity to further grow the bursary programme will be supported by the opening of Thomas’s College senior school in September 2025 offering a Thomas’s education from Year 7 - Year 13. When funding is in place, Thomas’s Foundation will expand its bursary programme at Thomas’s College from 16 to 18 years with the opening of a sixth form. The Foundation will transition its support of bursary awards at Thomas’s Battersea in Years 7 & 8 to Thomas’s College. Work continues to develop a detailed fundraising plan for all programmes, covering a communication strategy, events calendar and a donor engagement approach. The increased involvement of Thomas’s London Day School (TLDS) staff and pupils in community outreach both in the prep schools and as the senior school expands are significant steps in the evolution of the Community Partnerships programme. The senior school allows the programme to grow from one that reaches primary-aged children to one that reaches children up to 18 years of age. TLDS and Thomas's Foundation are formalising the relationship between the two organisations to enable the Community Partnerships programme to evolve from primarily a parent volunteer- led initiative to a two-pronged (TF and TLDS) coordinated community outreach approach to achieve the greatest possible impact. In addition to increasing staff participation, it is also our objective to increase the involvement of TLDS pupils (particularly those aged 11-18) in outreach efforts to provide them in turn with an enriching experience. Thomas’s Foundation is simplifying its community partnerships activity, reducing the number of individual grants to focus on its key programmes, including Pathway, Dance, Volunteer Readers’ Programme and Outdoor learning. These programmes encapsulate the focus of community partnerships on art, drama, music, sport, outdoor learning and academic support improving literacy, numeracy and physical health and mental well being. 8 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** For CAIRN, a notable success of the CAIRN teacher training programme, is the capacity building of the education facilitators. Their professional skills mean that they can now support our experienced teacher trainers to train teachers in cluster schools as well as support teachers in the main schools where they work. Requests from local government to replicate the programme at other rural schools with local government funding also endorses the success and impact of the programme. Regular monitoring and evaluation combined with external evaluations of CAIRN’s NGO delivery partners in Nepal support development and sustainability of the CAIRN teacher training and library programmes. In order to simplify Thomas’s Foundation’s activities, Trustees have taken the decision not to fund CAIRN’s programmes beyond its existing commitments which extend to December 2028. The teacher training programme will come to a close in December 2025 and the CAIRN Library Programme in December 2028. From December 2028 Thomas's Foundation's strategic focus will be on fundraising for bursaries and community partnerships. The Foundation is extremely proud of CAIRN’s achievements. It is intended that the legacy of CAIRN and long standing connections with Nepal will be carried on through the Thomas’s schools, including a Thomas’s College senior school pupil trek. The Foundation is on a journey to grow its reach in the community and to increase the funds needed to meet its ambitions to expand its bursary programme to 18 and support local community partnerships . To date, the Foundation has relied on the extraordinary levels of fundraising and volunteering undertaken by parents, staff, friends and alumni of the Thomas’s London Day Schools. Our ambition is to increase our donor contributions substantially to create the platform for the Foundation to: - Increase the number of bursaries offered each year - Increase the depth and impact of our community partnership programme offering - In Nepal, to honour existing commitments until December 2028 to improve the quality of teaching training and literacy in the rural village communities to help keep children in education. The needs of our beneficiaries are ever growing and the educational requirements are more demanding as society expects children’s education to remain relevant for our complex “real world”. The need for active community involvement, support for local community centres and addressing the widening education gap means the Foundation’s programmes are even more critical. We hope to continue to enjoy the support of our donors to ensure the charity continues to make a substantial and important impact for the communities we serve. 9 **THOMAS’S FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 AUGUST 2024** ## **TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS** The charity trustees are responsible for preparing a trustees’ annual report and 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 charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures that must be 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 trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: - there is no relevant audit information of which the charity’s auditor is unaware; - they 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. The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. 12th June 2025 This report was approved by the trustees on ____________________and signed on their behalf by: ____________ Ben Thomas Co Chair ___________ Vishal Oberoi Co Chair 10 **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THOMAS’S FOUNDATION** ## **Opinion** We have audited the financial statements of Thomas’s Foundation (‘the charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 August 2024 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 _Auditor’s responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the director’s 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 directors with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 11 **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THOMAS’S FOUNDATION** ## **Matters on which we are required to report by exception** In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities ACT 2011 require 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; 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 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ## **Capability of the audit in detecting irregularities** In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - We inspected the minutes of meetings of those charged with governance. 12 ## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THOMAS’S FOUNDATION** - We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities 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 auditor’s report. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. _____________________________ **Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG** ## **Date: 19 June 2025** Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13 ## **THOMAS'S FOUNDATION Statement of financial activities** (incorporating an income and expenditure account) **For the year ended 31 August 2024** |**Note**
**Income from:**
Donations
**3**
Investment income
**4**
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**5**
Net gains/(losses) on investments
**9**
**Net income/(expenditure) for the year**
**6**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
**13**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**Restricted**
**Funds**
**Total**
**funds**
Total
funds
**2024**
**2024**
**2024**
2023
**£**
**£**
**£**
£
296,292
211,378
507,670
1,115,144
21,201
-
21,201
6,746
**317,493**
**211,378**
**528,871**
1,121,890
42,363
-
42,363
83,622
243,770
647,821
891,591
842,583
**286,133**
**647,821**
**933,954**
926,205
148
-
148
(3,703)
**31,508**
**(436,443)**
**(404,935)**
191,982
(428,892)
428,892
-
-
**(397,384)**
**(7,551)**
**(404,935)**
191,982
1,048,445
235,371
1,283,816
1,091,834
**651,061**
**227,820**
**878,881**
1,283,816| |---|---| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. 14 ## **THOMAS'S FOUNDATION** ## **Balance sheet** ## **As at 31 August 2024** **----- Start of picture text -----**
2024 2024 2023 2023
Note £ £ £ £
Fixed assets:
Investments 9 200,148 257,534
200,148 257,534
Current assets:
Debtors 10 2,978 21,796
Cash at bank and in hand 943,471 1,025,114
946,449 1,046,910
Liabilities:
Creditors: amounts falling due within one year 11 (267,716) (20,628)
Net current assets 678,733 1,026,282
Total net assets 878,881 1,283,816
Funds: 13
Restricted Funds 227,820 235,371
Unrestricted funds:
General funds 651,061 1,048,445
Total unrestricted funds 651,061 1,048,445
Total funds 878,881 1,283,816
**----- End of picture text -----**
Approved by the trustees on _________________________and signed on their behalf by: 12th June 2025 **Ben Thomas Vishal Oberoi Co Chair Co Chair** The attached notes form part of these financial statements. 15 ## **THOMAS'S FOUNDATION** ## **Statement of cash flows** ## **For the year ended 31 August 2024** **----- Start of picture text -----**
Note 2024 2024 2023 2023
£ £ £ £
Net cash provided by operating activities 14 (160,378) 156,652
Cash flows from investing activities:
Interest/ dividends from investments 21,201 6,746
Purchase of Investment (200,000)
Sale of investment 257,534 -
Cash provided by investing activities 78,735 6,746
Change in cash and cash equivalents in the year (81,643) 163,398
Cash and cash equivalents at the beginning of the year 1,025,114 861,716
Cash and cash equivalents at the end of the year 15 943,471 1,025,114
**----- End of picture text -----**
16 **THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2024** ## **1 Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with 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 2015) - Charities SORP (FRS 102) and the Charities Act 2011. The charity 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 or note. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. ## **Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. ## **Donations of gifts, services and facilities** Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **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 bank. ## **Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity. 17 **THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2024** ## **1 Accounting policies (continued) Expenditure and irrecoverable VAT** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. - Expenditure on charitable activities includes the costs of delivering services to further the purposes of the charity and their associated support costs. - Other expenditure represents those items not falling into any other heading. All expenditure is inclusive of VAT. ## **Allocation of support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Trust's charitable activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. ## **Debtors** Trade and other debtors are recognized at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash at bank and in hand** Cash at bank and cash 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. ## **Creditors and provisions** Creditors and provisions are recognized where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognized at their settlement amount after allowing for any trade discounts due. ## **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 recognized at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortized cost using the effective interest method. 18 ## **THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2024** |**2**
**Detailed comparatives for the statement of financial activities**
Unrestricted
funds
Restricted
Funds
Total Funds
2023
2023
2023
£
£
£
Income from:
Donations
810,287
304,857
1,115,144
Investments
6,746
-
6,746|**2**
**Detailed comparatives for the statement of financial activities**
Unrestricted
funds
Restricted
Funds
Total Funds
2023
2023
2023
£
£
£
Income from:
Donations
810,287
304,857
1,115,144
Investments
6,746
-
6,746| |---|---| ||817,033
304,857
1,121,890| |Expenditure on:
Raising funds
Charitable activities|83,622
-
83,622
171,526
671,057
842,583| ||255,148
671,057
926,205| |Net (losses) on investments|(3,703)
-
(3,703)| |Net income for the year
Transfers between funds|558,182
(366,200)
191,982
(49,286)
49,286
-| |Net movement in funds
Total funds brought forward|508,896
(316,914)
191,982
539,549
552,285
1,091,834| |Total funds carried forward|1,048,445
235,371
1,283,816| 19 ## **THOMAS'S FOUNDATION** ## **Notes to the financial statements** ## **For the year ended 31 August 2024** ## **3 Income from donations** |Donations
**Income from investments**
Bank interest|**Unrestricted**
**funds**
**Restricted**
**Funds**
**Total**
**Funds**
_Total_
_Funds_
**2024**
**2024**
**2024**
_2023_
**£**
**£**
**£**
_£_
296,292
211,378
**507,670**
_1,115,144_
**296,292**
**211,378**
**507,670**
1,115,144
**Unrestricted**
**funds**
**Restricted**
**Funds**
**Total**
**Funds**
_Total_
_Funds_
**2024**
**2024**
**2024**
_2023_
**£**
**£**
**£**
_£_
21,201
-
**21,201**
_6,746_
**21,201**
**-**
**21,201**
_6,746_| |---|---| - **4 Income from investments** 20 **THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2024** ## **5 Analysis of expenditure current year** |Staff costs
Grants, bursaries and
scholarships
Direct charitable expenditure
Fundraising
Bank charges
Audit fee
Independent examiner's fee prior
year
Other running costs
Insurance
Support costs
Governance costs
**Total expenditure 2024**
Total expenditure 2023|**Cost of**
**raising**
**funds**
**Charitable**
**activities**
**Support**
**costs**
**Governance**
**Costs**
**Total**
**2024**
Total
2023
**£**
**£**
**£**
**£**
**£**
£
30,009
157,602
70,249
-
**257,860**
212,608
-
441,585
-
-
**441,585**
383,076
-
184,299
-
-
**184,299**
254,231
12,354
-
-
-
**12,354**
51,497
-
-
2,349
-
**2,349**
899
-
-
-
5,400
**5,400**
5,400
-
-
-
-
**-**
120
-
-
28,236
-
**28,236**
16,530
-
-
1,871
-
**1,871**
1,844
**42,363**
**783,486**
**102,705**
**5,400**
**933,954**
926,205
-
102,705
(102,705)
-
**-**
-
5,400
-
(5,400)
**-**
**42,363**
**891,591**
**-**
**-**
**933,954**
83,622
842,583
-
-
926,205| |---|---| Of the total expenditure £647,821 was restricted (2023: £671,057) and £286,133 was unrestricted (2023 : £255,148) . 21 **THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2024** ## **5 Analysis of expenditure continued** _prior year_ |_Staff costs_
_Grants, bursaries and_
_scholarships_
_Direct charitable expenditure_
_Fundraising_
_Bank charges_
_Audit fee_
_Independent examiner's fee prior_
_year_
_Other running costs_
_Insurance_
_Support costs_
_Governance costs_
_Total expenditure 2023_|_Cost of_
_raising_
_funds_
_Charitable_
_activities_
_Support_
_costs_
_Governance_
_Costs_
_Total_
_2023_
_£_
_£_
_£_
_£_
_£_
_32,125_
_130,587_
_49,896_
_-_
_212,608_
_-_
_383,076_
_-_
_-_
_383,076_
_-_
_254,231_
_-_
_-_
_254,231_
_51,497_
_-_
_-_
_-_
_51,497_
_-_
_-_
_899_
_-_
_899_
_5,400_
_5,400_
_-_
_-_
_-_
_120_
_120_
_-_
_-_
_16,530_
_16,530_
_-_
_-_
_1,844_
_-_
_1,844_
_83,622_
_767,894_
_69,169_
_5,520_
_926,205_
_-_
_69,169_
_(69,169)_
_-_
_-_
_-_
_5,520_
_-_
_(5,520)_
_-_
_83,622_
_842,583_
_-_
_-_
_926,205_| |---|---| 22 ## **THOMAS'S FOUNDATION** ## **Notes to the financial statements** ## **For the year ended 31 August 2024** ## **6 Net income / (expenditure) for the year** |This is stated after charging:
Audit fees|**2024**
2023
**£**
£
4,500
4,500| |---|---| ## **7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel** Staff costs were as follows: |Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes|**2024**
2023
**£**
£
224,438
206,780
22,901
3,625
10,521
2,203
**257,860**
212,608| |---|---| The number of employees whose total employee benefits (excluding employer's national insurance and pension costs) for the reporting period amounting to over £60,000 were as follows: |||**2024**|2023| |---|---|---|---| |£70,000|- £79,999|1|1| The key management personnel of the charity are the trustees. The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil). ## **Staff numbers** The average number of employees (head count based on number of staff employed) during the year was 6 (2023: 5). ## **8 Taxation** The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 23 ## **THOMAS'S FOUNDATION** ## **Notes to the financial statements** ## **For the year ended 31 August 2024** |**9**
**Investments**
**Investments at fair value:**
Investment funds
**Movements**
Market value at the start of the year
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Market value at the end of the year
**10**
**Debtors**
Other debtors
Prepayments
**11**
**Creditors: amounts falling due within one year**
Accruals
**12**
**Analysis of net assets between funds**
Investments
Net current assets
**Net assets at the end of the year**
_Analysis of net assets between funds (prior year)_
_Fixed assets_
_Net current assets_
_Net assets at the end of the year_|**2024**
2023
**£**
£
200,148
257,534
**200,148**
257,534
257,534
261,237
200,000
-
(257,534)
-
148
(3,703)
**200,148**
257,534
**2024**
2023
**£**
£
2,978
2,551
-
19,245
**2,978**
21,796
**2024**
2023
**£**
£
267,716
20,628
**267,716**
20,628
**Unrestricted**
**funds**
**Restricted**
**Funds**
**Total**
**funds**
**£**
**£**
**£**
200,148
-
**200,148**
450,913
227,820
**678,733**
**651,061**
**227,820**
**878,881**
_Unrestricted_
_funds_
_Restricted_
_Funds_
Total
funds
_£_
_£_
£
_257,534_
257,534
_790,911_
_235,371_
1,026,282
_1,048,445_
_235,371_
1,283,816| |---|---| 24 ## **THOMAS'S FOUNDATION** ## **Notes to the financial statements** ## **For the year ended 31 August 2024** |**13**|**Movements in funds**|||||| |---|---|---|---|---|---|---| |||**At the start**
**of the year**|
**Income**
**and gains**|**Expenditure**
**and losses**|**Transfers**|**At the end**
**of the year**| |||**£**|**£**|**£**|**£**|**£**| ||**Restricted Funds:**|||||| ||CAIRN Projects|109,471|63,774|(190,378)|102,096|84,963| ||Bursary Funds|120,693|139,271|(312,503)|195,396|142,857| ||Thomas's Schools Foundation|5,207|-|-|(5,207)|-| ||Community Projects|-|8,333|(144,940)|136,607|-| ||**Total restricted funds**|**235,371**|**211,378**|**(647,821)**|**428,892**|**227,820**| ||**Unrestricted funds:**
General funds|1,048,445|317,641|(286,133)|(428,892)|651,061| ||**Total unrestricted funds**|**1,048,445**|**317,641**|**(286,133)**|**(428,892)**|**651,061**| |||||||| ||**Total funds**|**1,283,816**|**529,019**|**(933,954)**|**-**|**878,881**| ||Movements in funds for the (prior
Restricted Funds:
CAIRN Projects
Bursary Funds
Thomas's Schools Foundation
Community Projects|year)
At the start
of the year
£
146,703
233,796
171,786
-|
Income and
gains
£
176,698
114,969
-
13,190|Expenses and
losses
£
(263,216)
(228,072)
-
(179,769)|Transfers
£
49,286
-
(166,579)
166,579|At the end of
the year
£
109,471
120,693
5,207
-| ||Total restricted funds|552,285|304,857|(671,057)|49,286|235,371| ||Unrestricted funds:
General funds|539,549|817,033|(258,851)|(49,286)|1,048,445| ||Total unrestricted funds|539,549|817,033|(258,851)|(49,286)|1,048,445| |||||||| ||**Total funds**|1,091,834|1,121,890|(929,908)|-|1,283,816| |**14**|**Reconciliation of net income / (expenditure) to net cash flow from operating activities**
**2024**
2023
**£**
£
**Net income for the reporting period**
**(404,935)**
191,982
(as per the statement of financial activities)
Depreciation
-
-
Losses on investments
(148)
3,703
Interest, rent and dividends from investments
(21,201)
(6,746)
(Increase)/ decrease in debtors
18,818
(19,010)
Increase/ (decrease) in creditors
247,088
(13,277)| |---|---| ||**Net cash provided by / (used in) operating activities**
**(160,378)**
156,652| 25 ## **THOMAS'S FOUNDATION** ## **Notes to the financial statements** ## **For the year ended 31 August 2024** ## **15 Analysis of cash and cash equivalents** |Cash at bank and in hand
**Total cash and cash equivalents**
Analysis of cash and cash equivalents (prior year)
Cash at bank and in hand
**Total cash and cash equivalents**|**At the start of**
**the year**
**Cash flows**
**At the end**
**of the year**
**£**
**£**
**£**
1,025,114
(81,643)
**943,471**
**1,025,114**
**(81,643)**
**943,471**
At the start of
the year
Cash flows
At the end of
the year
£
£
£
861,716
163,398
1,025,114
861,716
163,398
1,025,114| |---|---| ## **16 Related party transactions** Under the terms of a Memorandum of Understanding, Thomas's London Day Schools pays for the employment costs of two of the employees of Thomas's Foundation and also provides office space and facilities. All employment costs of the two employees and the calculated value of the office space and facilities are recognised as donated services in the accounts. The total value of the donation for the year was £136,689. 26