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2025-08-31-accounts

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025

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 2025

Contents
Page
Reference and administrative information 1
Trustees’ Annual Report 2
Independent Auditors' Report 12
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18

THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Mr Ben Thomas (Appointed 12th Dec 2018) Mr Chris Benson (Appointed 1ST January 2021) Mrs Bunmi Richards (Appointed 1st May 2021) Mrs Amanda MacKenzie (Appointed 10th October 2023) Mr Vishal Oberoi (Resigned 31st December 2025) 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

2

THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

This report and the financial statements for the year ending 31 August 2025 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, Kensington and Richmond, and in Nepal.

● Foundation Bursaries

Thomas’s Foundation funds bursary awards from Year 7 making possible a Thomas’s education for disadvantaged children, whose families could not otherwise contemplate independent education for their child.

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.

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, which have benefited tens of thousands of children over the years

Our commitments in Nepal will continue until December 2028.

Our programmes

Foundation Bursaries

Thomas’s Foundation funds bursary awards from Year 7. 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 bursary offering as it continues to develop and grow its major donor programme. With the opening of Thomas’s College in September 2025 the Foundation’s focus is the provision of a Thomas’s education for pupils from Year 7 - Year 13.

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THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 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. 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 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. Up to 30 children participate in the Pathway programme. In December 2025 the programme completed its seventh 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 fourth 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.

Volunteer Readers’ Programme

Thomas’s Foundation supports up to 60 volunteers to provide reading support for children in partner schools.

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THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

Thomas’s Foundation

Report and Financial Statements

Year Ended 31st August 2025

CAIRN

The Thomas family have an association with Nepal that goes back over 60 years when David Thomas, a principal founder of 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, in the following ways:

Constructed 23 school buildings, providing a safe place to learn for 5,980 pupils

Supported 2,236 children through 12 years of education, together with welfare support for their families

CAIRN Library Programme - has installed 75 libraries placing more than 200,000 books into the hands of over 20,000 children , benefitting more than 1,000 teachers and their communities. Trained more than 120 Librarians

CAIRN Teacher Training has, to date, renovated and equipped over 110 school classrooms, providing quality teacher training to over 300 teachers in 31 schools, benefiting over 3500 children.

Through the CAIRN Library Programme, 75 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.

5

THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

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:

It is critical to the success of the Foundation that:

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.

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THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

Thomas's Foundation Income

Thomas's Foundation Income
Year to Year To Increase
31/08/2025 31/08/2024 (Decrease)
Donations 484,602 97% 507,670 -23,068
Investment Income 12,557 3% 21,201 -8,644
Total 497,159 528,871 -31,712
Thomas's Foundation Expenditure
Thomas's Foundation Income Thomas's Foundation Income Thomas's Foundation Income
Donations
Investment Income		 Year to
Year To
31/08/2025
31/08/2024
484,602
97%
507,670
12,557
3%
21,201		 Increase
(Decrease)
-23,068
-8,644
Total 497,159
528,871		 -31,712
Thomas's Foundation Expenditure
Community Projects
Bursaries
Projects in Nepal
Fundraising
Administration
Other		 91,177
11%
144,940
434,991
53%
312,503
81,844
10%
193,119
14,622
2%
12,354
197,658
24%
271,038		 -53,763
122,488
-111,275
2,268
-73,380
Total 820,292
933,954		 -113,662
Capital Losses/Gains
Movement		 18,085
148
-305,048
-404,395		 -99,347

7

THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

Income

Thomas's Foundation's income from all sources for the year was £497,159, a decrease of £31,712 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 £820,292. £91,177 (11%) was spent on community partnerships, £434,991 (53%) was spent on bursaries, £81,844 (10%) was spent on projects in Nepal, while fundraising costs amounted to £14,622 (2%) and administration and audit costs were £197,658 (24%).

NB: Under the terms of a Memorandum of Understanding, Thomas’s London Day Schools contributes to 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 £131,110.

Movement

Expenditure exceeded income by £305,048.

The balance sheet stood at £573,833 at the end of the year, with 30% 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.

BENEFICIARY OUTCOME

Thomas's Foundation seeks to support young people in a manner that is impactful and transformational. Understanding the circumstances of beneficiaries, the Foundation commits to funding other costs, beyond just the school fees, to enable 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.

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THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

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 is supported by the opening of Thomas’s College in September 2025, offering a Thomas’s education from Year 7 to Year 13. When funding is in place, Thomas’s Foundation will expand its bursary programme at Thomas’s College from 16 to 18 years.

The increased involvement of Thomas’s London Day School (TLDS) staff and PTAs 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. It is intended that increased engagement and integration will enhance fundraising and create new opportunities for Thomas’s Foundation.

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 and Volunteer Readers’ Programme.

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.

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.

In addition, the Foundation has taken steps to significantly reduce its direct costs. During the financial year to August 2025, the trustees took the decision to make all salaried roles redundant by the end of August 2026. In the medium term, the required workstreams will be provided by services donated from the relevant departments of Thomas’s London Day Schools, by the trustees and by volunteer roles.

9

THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

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:

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.

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THOMAS’S FOUNDATION

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

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:

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:

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.

This report was approved by the trustees and signed on their behalf by:

Ben Thomas Chair

9 June 2026

11

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 2025 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:

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.

12

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:

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:

13

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THOMAS’S FOUNDATION

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: 9 June 2026

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.

14

THOMAS'S FOUNDATION Statement of financial activities

(incorporating an income and expenditure account) For the year ended 31 August 2025

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
2025
2025
2025
2024
£
£
£
£
336,455
148,147
484,602
507,670
12,557
-
12,557
21,201
349,012
148,147
497,159
528,871
14,622
-
14,622
42,363
223,847
581,823
805,670
891,591
238,469
581,823
820,292
933,954
18,085
-
18,085
148
128,628
(433,676)
(305,048)
(404,935)
(376,659)
376,659
-
-
(248,031)
(57,017)
(305,048)
(404,935)
651,061
227,820
878,881
1,283,816
403,030
170,803
573,833
878,881

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.

15

THOMAS'S FOUNDATION

Balance sheet

As at 31 August 2025

2025 2025 2024 2024
Note £ £ £ £
Fixed assets:
Investments 9 438,233 200,148
438,233 200,148
Current assets:
Debtors 10 13,246 2,978
Cash at bank and in hand 132,423 943,471
145,669 946,449
Liabilities:
Creditors: amounts falling due within one year 11 (10,069) (267,716)
Net current assets 135,600 678,733
Total net assets 573,833 878,881
Funds: 13
Restricted Funds 170,803 227,820
Unrestricted funds:
General funds 403,030 651,061
Total unrestricted funds 403,030 651,061
Total funds 573,833 878,881

Approved by the trustees on 9 June 2026 and signed on their behalf by:

Ben Thomas Co Chair

The attached notes form part of these financial statements.

16

THOMAS'S FOUNDATION

Statement of cash flows

For the year ended 31 August 2025

Note
Net cash provided by operating activities
14
Cash flows from investing activities:
Interest/ dividends from investments
Purchase of Investment
Sale of investment
Cash provided by investing 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
15		 2025
2025
2024
2024
£
£
£
£
(603,605)
(160,378)
12,557
21,201
(450,000)
(200,000)
230,000
257,534
(207,443)
78,735
(811,048)
(81,643)
943,471
1,025,114
132,423
943,471		 2025
2025
2024
2024
£
£
£
£
(603,605)
(160,378)
12,557
21,201
(450,000)
(200,000)
230,000
257,534
(207,443)
78,735
(811,048)
(81,643)
943,471
1,025,114
132,423
943,471
(81,643)
1,025,114
943,471

17

THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2025

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.

18

THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2025

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:

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.

19

THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2025

2 Detailed comparatives for the statement of financial activities Detailed comparatives for the statement of financial activities
Unrestricted Restricted
funds Funds Total Funds
2024 2024 2024
£ £ £
Income from:
Donations 296,292 211,378 507,670
Investments 21,201 - 21,201
317,493 211,378 528,871
Expenditure on:
Raising funds 42,363 - 42,363
Charitable activities 243,770 647,821 891,591
286,133 647,821 933,954
Net (losses) on investments 148 - 148
Net income for the year 31,508 (436,443) (404,935)
Transfers between funds (428,892) 428,892 -
Net movement in funds (397,384) (7,551) (404,935)
Total funds brought forward 1,048,445 235,371 1,283,816
Total funds carried forward 651,061 227,820 878,881

20

THOMAS'S FOUNDATION

Notes to the financial statements

For the year ended 31 August 2025

3 Income from donations

3
Income from donations
Donations
4
Income from investments
Bank interest		 Unrestricted
funds
Restricted
Funds
Total
FundsTotal Funds
2025
2025
2025
2024
£
£
£
£
336,455
148,147
484,602
507,670
336,455
148,147
484,602
507,670
Unrestricted
funds
Restricted
Funds
Total
FundsTotal Funds
2025
2025
2025
2024
£
£
£
£
12,557
-
12,557
21,201
12,557
-
12,557
21,201

21

THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2025

5 Analysis of expenditure current year

Analysis of expenditure
current year
Staff costs
Grants, bursaries and
scholarships
Direct charitable expenditure
Fundraising
Bank charges
Audit fee
Other running costs
Insurance
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Cost of
raising
funds
Charitable
activities
Support
costs
Governance
Costs
Total
2025
Total
2024
£
£
£
£
£
£
-
129,071
52,370
-
181,441
257,860
-
515,013
-
-
515,013
441,585
-
92,999
-
-
92,999
184,299
14,622
-
-
-
14,622
12,354
-
-
2,439
-
2,439
2,349
-
-
-
5,400
5,400
5,400
-
-
5,418
-
5,418
28,236
-
-
2,960
-
2,960
1,871
14,622
737,083
63,187
5,400
820,292
933,954
-
63,187
(63,187)
-
-
-
5,400
-
(5,400)
-
14,622
805,670
-
-
820,292
42,363
891,591
-
-
933,954

Of the total expenditure £581,823 was restricted (2024: £647,821) and £238,469 was unrestricted (2024 : £286,133).

22

THOMAS'S FOUNDATION Notes to the financial statements For the year ended 31 August 2025

5 Analysis of expenditure continued

prior year

prior year
Staff costs
Grants, bursaries and
scholarships
Direct charitable expenditure
Fundraising
Bank charges
Audit fee
Other running costs
Insurance
Support costs
Governance costs
Total expenditure 2024		 Cost of
raising
funds
Charitable
activities
Support
costs
Governance
Costs
Total
2024
£
£
£
£
£
30,009
157,602
70,249
-
257,860
-
441,585
-
-
441,585
-
184,299
-
-
184,299
12,354
-
-
-
12,354
-
-
2,349
-
2,349
5,400
5,400
-
-
28,236
28,236
-
-
1,871
-
1,871
42,363
783,486
102,705
5,400
933,954
-
102,705
102,705
-
-
-
-
5,400
-
(5,400)
-
42,363
891,591
-
-
933,954

23

THOMAS'S FOUNDATION

Notes to the financial statements

For the year ended 31 August 2025

6 Net income / (expenditure) for the year

This is stated after charging:
Audit fees		 2025
2024
£
£
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		 2025
2024
£
£
156,977
224,438
16,923
22,901
7,541
10,521
181,441
257,860

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:

£70,000 - £79,999

2025 2024
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 (2024: £nil) neither were they reimbursed expenses during the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 5 (2024: 6).

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

24

THOMAS'S FOUNDATION

Notes to the financial statements

For the year ended 31 August 2025

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
Accrued Income
11
Creditors: amounts falling due within one year
Accruals
12
Analysis of net assets between funds
Fixed assets
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		 2025
2024
£
£
438,233
200,148
438,233
200,148
200,148
257,534
450,000
200,000
(230,000)
(257,534)
18,085
148
438,233
200,148
2025
2024
£
£
-
2,978
13,246
-
13,246
2,978
2025
2024
£
£
10,069
267,716
10,069
267,716
Unrestricted
funds
Restricted
Funds
Total
funds
£
£
£
438,233
-
438,233
(35,203)
170,803
135,600		 2025
2024
£
£
438,233
200,148
438,233
200,148
200,148
257,534
450,000
200,000
(230,000)
(257,534)
18,085
148
438,233
200,148
2025
2024
£
£
-
2,978
13,246
-
13,246
2,978
2025
2024
£
£
10,069
267,716
10,069
267,716
403,030
170,803
573,833
Unrestricted
funds
Restricted
Funds
Total
funds
£
£
£
200,148
-
200,148
450,913
227,820
678,733
651,061
227,820
878,881

25

THOMAS'S FOUNDATION

Notes to the financial statements

For the year ended 31 August 2025

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 84,963 25,741 (81,853) 34,809 63,660
Bursary Funds 142,857 118,181 (435,017) 281,122 107,143
Community Projects - 4,225 (64,953) 60,728 -
Total restricted funds 227,820 148,147 (581,823) 376,659 170,803
Unrestricted funds:
General funds 651,061 367,097 (238,469) (376,659) 403,030
Total unrestricted funds 651,061 367,097 (238,469) (376,659) 403,030
Total funds 878,881 515,244 (820,292) - 573,833
Movements in funds for the (prior year)
At the start
of the year
Income and
gains		 Expenses 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

14 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income for the reporting period
(as per the statement of financial activities)
Losses on investments
Interest, rent and dividends from investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2025
2024
£
£
(305,048)
(404,935)
(18,085)
(148)
(12,557)
(21,201)
(10,268)
18,818
(257,647)
247,088
(603,605)
(160,378)

26

THOMAS'S FOUNDATION

Notes to the financial statements

For the year ended 31 August 2025

15 Analysis of cash and cash equivalents

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
£
£
£
943,471
(811,048)
132,423
943,471
(811,048)
132,423
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

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 £131,110.

27