CHARITY REGISTrATION NUMBER: 1201039 Thea and Heinz Skyts Charitable Trust Unaudited Financial Ststements 31 December 2024
Thea and Heinz Skyte Charitable Trust Financlal Statements Year ended 31 December 2024 Page Trustees, annual report Statement of finanaal activities Statement of financial position Notes to the finanoal statements
Thea and Heinz Skyte Charitsble Trust Trustees. Annual Report Year ended 31 December 2024 The trustees present their report and Ihe unaudited fmancial slatemellts of the charty for the year ended 31 Decenkner 2024. Referonce #nd admknlstratlve d•tslls Regisler¢d charity Thea and Pleinz Swe Charitsble Trust Charity r•gistrnti¢n numb•r 1201039 Principal ofNce 53 Mayfield Avenue London N12 9JG United Kingdom The trustsfrs Or Peter David Skyte Ar Jason Andrth¥ Gay Mrs Joanna Blackrnin Ms Catherine ThomtL Mr Daniel John Skyte Mr Jason Karl Pitter Mr Nicho3 Skyte Mrs Sharon Harrilton Mr Fablan Nino UZiell-Hami0n Mr David Simon Ktyer8on Mahalia Frnnce-mir A¢wunlant Ac¢ounts41 Shine Offices H8rehll8 Road Leeds LS8 5HS
Thea and Heinz Skyte Charitable Trust Trustees, Annual Report (cL¥th Year ended 31 De¢ember 2024 strUCle. govern¢• and management The charity is constibjted as a Charitable Incorporated Organisation lthose only voting members are its charity trustees. The trustee¥s were sele¢ted on the basi5 of a Nmber Of ewnlial and thswaNe skllB as foKowB'. 11 Need for dlvefsity amcfflgst trustee8. 21 Chair with local Leeds profile and etarKling. 31 Connecti¢ns innar north Leeds communities and communty organisationB in area served by oposed charitable trust. 41 Lo1 knowledge of ¢thJ¢all¢)nal and ffinanGial needs of young peoF48 and matyre alts in inner north Leeds. 5) Skyte famlly members fjnor knovledge of fami backgrwnd and hlstory. 8) Legal skills, prtmarily in chantable trust and law. 7) F)an¢e and accounllng Skllls, preferabty in voluntsry crfganisations andlor small Gharille8. 81 Media and m4rk8ting skills. ObJ•ctfv•s and •¢dvhl•s The obl8cts of the Trust are For th• publbc benefft In Leed8'. al the thancement in life ofyoung peo by making ants lor edutIOn and training and bl the rellef of fflnano81 hardshlp by provl8ion of gr•nt fvnd.ng for e¢SJ¢atson ond trakning. The tru81 Carries out these obiectiv8s by provithng puny yiming. fjnan¢i81 asslstance In the lorm of small grants, normally beeen £300 to £600, to young people aged tseeen 14 and 30 in ne¢e8SIt¢Ug ¢ircumstsnceB, can demonstrate Ihe benefits of financial astanCe and how Such assistsnce will enable Ihem to frjlffil the¥ potential ond improve their careef and lits prospects. The publlc benefrts of the organi8allon'$ purposes are.. 1. AcquL8itlon of skll8, knoedge and expeiti$e to develop careef Opportun08 ksr those In ffinancial need ¢)therbi$e would be excluded 2. Enhanced self-esteem, confidence and resilience in young people and mature adults by empowering them lo bdieve in their potenb'ol abilit9 and talents 3. Improved social mobilty amongst young people and malure adums through expanded Te&r and lile prospects 4. Assislance to refugees and aSuM seekern and Iheir dependents to fijlty integrate into the local community and thder soLYety, for example by acquirsng or improving their use of Engllsh. 5. Rethcts'on ol the chances of rec4Jients entemg 1rne, &nts..sOaI behawour Qr becomlng uninvolved in education, employment or training INEETI. The trustees confimi that they have referred to the guidancè crntalned in the Charity Comml88ion's general guidance on publi¢ benefft reviewing the Trust's airn5 and cjecl'ves and in planning future activities and $etti19 the grant fflang policy for the year.
Thea and Heinz Skyte Charitable TNst Trustees, Annual Report (c Year ended 31 December 2024 014eGtives activilies Grant Moking Policy The organisation uses the followng criteria to 8elect in(l¥idua18 or oiganBations to re¢eNe grants. I. IAthether they meet the objects as a young person. being within age range 14 to 30. 2. VlthetheT they Gan demonstrate necessllous ¢k¢umstances to reflect the Charitable trust's purposes. 3. How they ènvisage financial assist8n¢e throu the recwpt of a grant will enable them lo improvt their Gareer an¢Yor petsMaMife prospects. 4. 1th8th8r thèy can demon$tr8te entha8ffl and commiiment to the pufsuil of personal and skill development through e¢bJcats"on. knowledge and leaming to improve their career and life t)ppOrtun.¢5 S. How they would envisage a suc¢essfvl c4Jtcome, what woukl it look like. 6. ether the a¢b"vity V*ill cont.nue beyond the Irfe of the grant. AGhi•vements and perf0mne• Our prlmary goal for thi8 year w88 athieved in that the charty18 now up and running. In May 2024, we had o formal launch of the charity at the Caiibbean Cricket Club in Leeds involving the High SheTiff ol Wesl Yotkshife, F¥ofes$or Adeeba Malik CBE DL, and the Lord Mayor of Leeds, Ctsuncillor Al Garthwaite. This was attended by a nurrtjei of local communty. school and College leaders and successfijl in seeuring medi• coverage, notabty BBC Radio Leed8. Thin was g major event toward8 our objedive ol developlng connectlons in thè eommunty, generating grant •ppllcation• and h•ving an effective proGe86 for revlevkng and funding Ihve. The ¢harity met the goals set by the trustees lor the year in18urs¢hwig its website and Social media profile8, and awarding it3 fiTBt grant5 to benefiaarie$. FNe an1 applications were received and three grants, eaeh of £600. wer• awarded. Further grant awrnrds are in train for the 2025 ffnanual year. To ¢on¥ider, •valuth and award grants, Ihe tharrty egtsblthed a Grant Making Poll¢y and a Grant Appllcation and A3$es5menl Framework to achieve its thawitable objects of the Bdvancernent in life of young people by making grants for eéucation and training and the r¢lief of finanaal hardship by provision of giant lunding for ethjcation and training. We revlew the grant maknng pollcy annually lo nsurts that tt refi•cts the charity¥ objects and Ihereby advance8 PU1¢ benèft. Poli¢ieB covering Conflth ol Interest gnd Loyalty, a Conflicts Register, • Trustee Code of Conduct. BukKommfftee frameworks and deltgated authonty •nd Investment wor• a0 agrged by the tru81808.
Thea and Heinz Skyte Charitsble Trust Trustees. Annual Report (C Year ended 31 December 2024 Financial rovl•w During the year ended 31 December 2024, the chawity expetienced a modest incfea8e in finan¢ial actwity ¢ompared wth the previous ac¢ounbng peTiod, reffeding thE eath stages ol operational implem8nlation of tt8 ¢harrtable obje¢tives. The trustees maintained g prudent and 8U8tsinable approach to financial managementthroughout the yeaf. Income lor the perlod totalled £1.250. deiT¥ed entitely from donations. The ¢harity made it8 fiY81 grant awards during the year, totslling £1,800. in accordance with rts charitable purpose of a0onc1n9 educal'on and allèviats'ng financial hardship amon9 young people in Leeds. &11 expenditure for the year wa$ £2,627, comprising grants and trectty associale(I charitsble coyts. Thi5 resulted In a n&t •xpenLtyre of £1.3TI for th? year. The charity's total fvnds at 31 December 2024 amounted to £128.633 (2023: £70.0101, consis¥ng of £130,010 in expendable endowment ftinLts and a deficit of £1,377 in unrestricted fund$. The increase in total funds reflects an addltional £60,000 transfer into the expendable enéowmenl during the year, together the estsbNshment of a new investment p)rtrth. In line ¥th the charity's Strtement of Investment Policy. an inrfial £100.ON was tr•nsferred to 'Rathbone8 InveBtment Managemenf lo be managed on a thscretionary basis in accordance yth tre trustee8' long-term veStment objective8. ThvJ amount is reported vlthin fixed aB8el8 as 'cash undar management. in the ffinancial stslements. The charty's investments are intended to proled the lonlerm purchaslng power of rt8 88sets while generating a 8UStain4ble retuin lo support future grant-maklng activmes. Al year end, the ¢harlty held £28,633 in c96h at bank12023-. £70.010). ensuring thal 8uffidenl Ilquld re8erve¥ remain avlabl¢ lo meet #hort-imi Commitments and operats'onal requirements. The truslevd are 81ti8fled that ltte currenl balance of cash and wive$ted funds provides an appropriate mix of liquldity and IMg-term su¥tainability. The charlty remains in 4 healthy finandal posltlon and 16 well placed lo èxpand Its gi&nl-making activitieB in fuknre years. The trustee6 wll to M(lI0r both operational and investment parlomiance d08ely, en$uring that finonoal deeigions iemain •gned %yith the charity's obleetive$ ènd ethical inve8tmgnt princlples. Re•eTh•• PolKy The Irutee8 have r•vlewed the ¢h•rity$ reser¥M and determlned that It b appropriate to malntain sufficient funds lo cover short-terrn want-making commilments and opeT8tin9 costs. This approach en$uTe¥ the charty can continue to meet its ¢ommitmènts and re$pond flexlbly lo firture cpportunities or unexpected costs. At 31 December 2024, the charlty hekl expendable endowment fvndts of £130,010. of whlch £1 OQ,000 is held in lon*terrn investmenl with Ralhbones Inveslrnent Management and £28,633 IB fetained as liquid ea$h reserves. The trustees conser this level of reseNes to be appToprthte for the current scale of the Gharity's actrvities. The res•r¥es poliw is reviewed annually to ensurt it remains aligned vllh the eharOty8 financial p0SOn. grant-makwig afi8 and investment ci)ieciNe¥.
Thaa and Holnz Skyt• Charltabh Trust Tru8t•M' Annu•l Y•ar •nd•d 31 Docombor 2024 Mr Fth*n N1 Uzl•U41th1 Ch•lr dTnJ8ts••
Thea and Heinz Skyte Charitsble Trust Statement of Flnancial Actlvftles Year endod 31 December 2024 Period from 16Nov22to 31 De¢ 23 Yrtr* 310ec 24 Unieslricted Et)dowment lund& fvnd8 Ttslal Total fvnd$ Note Incomo and 8ndowm•nts Donations and legacies Totsl income 1.250 1,250 1,25Q 1.250 Expendi1? ExpÈndltUfè on clTr&fltable athillès Tolal expendlturE 2.627 2,627 2.627 2,627 Net eXp¢ndir• and n41 mov•m•nt in funds (1.377) (1,3771 Reconciliation of funds Total fund8 brought forward Totsl funds tarri•d fon¥ard 70,010 70,010 68.633 70.010 {1.377) 70.010 70,010 The slatemont of financial activities Inthdes all gain¥ ènd los•M In th& year. I Income and expendslure delive from continuing ac1i¥itie8. Th• not•$ on pag•5 8 10 13 frxm part ol these lknandal stat?rnts.
Thea and Helnz Skytt Charltable Trust Statement of Flnanclal Po•1 31 D•c•mb•r 2024 10 100.C#)O Curr•nl •••414 Coth al b•nk •nd h hwxl 28.633 28,633 128,633 70,010 70.010 70,010 N•t curr•nt •a••ts Totsl ¥a•ts l•M cumht Il•bllthi Fund• of th• ch• 11.010 (1.37TI 128,633 70.010 Totyl ¢hwKy fund• 11 70,010 Othbtr 2020, ATrJ ar• *n•d on b•hth• boud ty. Mr Fabl•n CWr ofTnJsl¢
Thea and Heinz Skyte Charitable Trust Notes to the Flnanclal Statements Year ended 31 December 2024 Genefal Inlomiali¢) The charity 15 a pubk benefit entity and a charitable IncoOrated organisation. reg'st&r&d vi England and Wales and a regtered charty in England and Wales. The address of the registeied office ts 53 MAYFIELD AVENUE. LONDON. N12 9JG, UNITED KINGDOM, Slat•ment ol compliance These financial ststèm8nts have been prepared in compfiance wth FRS 102, The Financial Repong Standard apphcable m the UK and the Republlc of Ireland., the Stalement of Recommended Pra¢lice applic*le to chaiiti88 preparing their accounts in accordance thè Finanal R8POrting Standard applicable In Ihe UK and Republic of Ireland IFRS 1021 (Charlb'eB SORP IFRS 10211 and the Charities Act 2011. Accounting pollel Basis of prnparation The financial sl8tements have been prepared on the histl¢al cost basis, a8 modified by the revaluation of certam financial assets and liabl'ties and Inve$lment pr¢)perbe5 measured at fair value throuth income or expendrture. The financitil 8talement8 are prepared in steillng. whlch is the fvnctionèl currency of the entity. Going GOnrn There are no materlal uncertainthes èbout thè chwty's ablllty lo continue. Judgom•nts and k•y sourw4 d •stwnation nrtaInty The preparatTOll of Ihe financial statements may require mjnagement to make wdgemant8, estimates and assumptlons that affect the amounts rep¢)rted. These eslmates and Judgements 4re eontinually feviewed and are based on experiencè and other factors. including expectations of thjture events that are believed to be TeaKffjae under the urcum$tanco$. For the current repofUng period no judgements, tiMaleS or assumptions were made in the piepar8tion of the financlal statements. Fund accountlng Unreslri¢ted fund$ arts availoblg for use at the thBcre15on of the Iru8tee8 to further any of th• ¢hartty's pwe8. Designated funds are unrestrcted fvndg earmarked by the tru8teeB for parli¢ular ftrture project or commitment. Restricted ndS are $ub]e¢ted to restrictiorts on Iheit eXpendire deelared by the donor or Ihrough the terTh ol an appeal, and tsll into one ol two sub-das8es'. restricted income fttnds or elldowmenl knnd8.
Thea and Heinz Skyte Charitsble Trust Notes to the Financlal Statements Year ended 31 Decembor 2024 Accounting policies Resou¢$ expended Expenditure is recogni8ed on an accruals basis as a liabilty i8 incurred. Expendituie includes any VAT which cannot be lully recoveted, and IB rlassif(l under heading8 of Ihe statement of nancial activitie8 lo wlich il rekqt¢¥'. expènthttjre on raisng fijnds ndudes the costs of all fundrawing a¢tiviti¢s. èvènts, non-Gharrtable tra¢thng aclNities. and the sale of donated goods. expenditure on charitable activities Includes all c05ts in¢urred by a tharity in uftdertsng activities that further its charitable aim8 for the benefit of its benefieiarles. induding those support eosls ènd costs relallng lo Ihe goveinance of the (arity apporlioned to tharitable atVitIeS. other exptnditure includ&$ all expenthture that neither related to raising fund8 for th• ¢h8rity nor part of its expenditure on tharilable activtlies. I cts are allocated to expenditure categories flec19 the L¢8e of the resource. OireGt Gosts attrlbutable lo a single activlty are allocated (Sfeclly to that aclpiity. Shared costs are apportioned behyeen the activltleo they Gontrlbute to on a r•88onable. Ju8tthable and consistent ba818. Inv••tm•nts Unli8ted •quty investments are inilialty Fecordèd al cost. and 8ub8equently mea$ur•d at tslr Value. If tair value cannot be reliabty measured, as88ts are measured al co8t18ss impairment, LiBted inve8lmèntB are measured at fair value thlth ¢h•nge• In f•w ¥ae b¢kng re¢ognl$¢d h in¢omg or eXperlIre. Invostmonts lft •ssociat• Investments in associates accounted for in a¢dance wilh the Cost model are recorded at wst ess any accumulated impairment Ios8e$. Invo$tmenl$ in a88ocJat•$ Accountod for In accordance ith the fa¥ value model are inittal recorded at the transacknon price. At eath reporting date, the Imiestments are mea$ured at fair value, bwth changes n tsir value taken throu income or expendiiuie. IAheTe il IB imprecticab to measure fair value reliab the cost nyjdel will be adopted. Diw"dends and otheT dlribUt*)n$ recthied from the investmenl ¥e we¢ognlsed as Incom• lthOUt regard to whether the di8lributions are trorn accumulaled PToffts of the associate arising before or fter the date ot acquisition. Inv•slm•fits In Jolnt venluRs Snvestmenls in joinly controlled enb'ties accounted for in acoordancè with the cost model are recorded al cost les8 any accumulated impairment losse5. Investrnenls kn jointly cMtrolled entilies accwnled for in aCrdanCe wth the fgir value model are initially recorded at the transacl'on wice. At each reportwig date. the investments are measured t fair value. changes in fair value laken th[L)U income or expendrtyre. Vvhere it is impra¢tiGable to measure fair value ieliably the cost modd wiu be adopted.
Thea and Heinz Skyts Charitsble Trust Notes to the Flnanclal Statements Year ended 31 December 2024 A¢¢ounling poth¢i•$ (¢i¥rf Inv8StmgTrts in joint v•ntUTrS Ic Dividends and other diBtributions re¢Ved from the investment are recognrsed as ineomè wlthout regard lo whether Ihe distributions are from ac¢umulaled profits ol the joint venture arising before or after the date ol a¢qurtIOn. Impairnient of fixed assets A review tsr indic810 of Impairment is TrIed out al each repoitng date. with the recoverabl 8mount being estimated wthere suth nicators exist. Ie the caNwng value exceed5 the recoverable amount, the asset ts impaired accordingly. Pmr impairments are also reviewed for P0881ble reversal at each rewtsng date. For the purposes of impairm8nl testing. ththen it 1$ not Possib to estimate tho reGoverable amount of an inthvidual •$$et, an estrmate its made of the reGoverable amount of the cash-generating unit to which the asset beksngs. The caBh4Jenerab'ng unit thè Smalle81 idents'fiable group of a$sel$ that indudes the asset and generate$ caih InflowB that largely independent of the Cash inllowB from other assets or group5 of assets. For impairment testing of goo<Trlll, the gooth4ri11 acquwed in a business comts'n8tion 18. from th acquisiton date. allocated to each of Ihe cash-generating unlts that are expected lo benefit from the synergies of the combination, krespeclive of whether other assets of li8bilitieB of the chorty are assigned to those units. FlnanGlal Snstrurnents A Ilnancial ass&1 or a ffnandal Ilability 5$ recognlsed onty when Ihe charity becom88 w party to th8 contractual provislon6 of the instrurnent. Baslc flngncial InslNments are initlaly recognlsèd at the am01 recelvable or payable Inctudlng any related transaction ¢o•ts. Cuffent a$8ets and Trent liaL¥lIt we 8ubse¢w¢nty measured at Ihe c4Jh or other 0Trsideraton expected to be paid or received and not thBcorted. Debt Ingtrumonts are sub8equenlJy measured at amorti8ed co$t. lfyTher• investments In 8hare8 are wbkty traded or their lair value can othe0• b& meuured Teliabty, the investment is 3Lthequen*y measured al fair value with changes in fair value iecognised in cOme and expendituie. AJI otheT sh investments are subsequenuy mea8ured at o¥t10s8 impaiTment. Olher fmancial instruments, induding derivalNe$, ar? initially recOgned at lair volue, unle8$ payment for 8n a$8el 1$ deferred tffjond normal buslness terryts or financed at a late of Interest that 15 not a market rate, in wthich case the asset is measured at the present value of the fure payments th'5¢0unted at a nwrket rate of Inte$1 for a siffdar debt instrument. Other financial in$trumenls ar8 subse(pJenlly measured 8t fair Value. with any ehang8s recognised in the statement of ffinanclal aCtr¥e$, wrlh the exceptim ol hedgina mtrUMents in a designated hedging relationship. 10
Thea and Heinz Skyte Charitsble Trust Notes to the Flnanclal Statemonts Year ended 31 December 2024 Acwuntwry policies (¢w¥w Flnanclal Instruments Financial 8$sets Ihal are mgasured at cost or amortBed cost are reviewed for objÈclNe evldence of impairment at the end of each reporting dale. If there is obje¢bve evidence of impoirmenl, an impairmerit loss recognised under the appTopriale heading in the ststemènl of financial activities in which the inrtl gain was recogni5ed. For all equity Instruments regardess of $ignthan¢è, ènd tsther ffinandal a¥sets that arè Indlvidually siwfficant, these are assessed inthv1thja1 foT impairment. Olher financial assets ale Iher assessed indiwdually or grouped on the ba$ of similar credit [k charactefisics. Any reversals of impairment are recognise(l immediately. to Ihe exlenl that the reversal does not re8Utt Ni a ¢arrying amount ol the fmancial asset that exceeds 81 the carryino amount would have been had the impairment not prevsously been recolsed. Donthi and l•gaGi•s Lknre5tr1cted Totsl Funds Unrestrlcted Totsl FundB Fund 2024 Fund8 2023 Donations Donatlonj type 1 1,250 1,250 Expend110 ¢)n Gharh•ble acilvlilH by fund type Unrestricted Totsl Fund* Unf¢strlcted Totsl Fur)ds Funds 2024 Fund8 2023 ACtIty type 1 2.627 2,627 Exp•ndltur• on d¥arltabl• a¢llvlt1 by actlvlty typ• Ac#vits$ undertaken Grant fvn¢Jng Total fvnd5 'recty 018¢tP4ities 2024 Total fijnd 2023 Activty typ8 1 827 1.800 2,627 Analysls of grants Period from Yearto 16 Nov 22 to 31 D•c 24 31 Dec 23 Or4nt• to individuals Grants to individuats typ• 1 Totsl grants 1.800 1,800 Stsff Costs 11
Thea and Heinz Skyte Charitable Trust Notes lo the Flnanclal Statements Year ended 310ecember 2024 Stall costs (¢oix The average head COLWrt ol employees during the yeor Nil (2023.. Nil). No employee received employee benefft8 ol mre than £60,CQO during the year12023.' Nill. Trust88 remuneration and ponSo5 All of the ¢hanty'$ a¢lNrtie$ are carried out by volunteerg. principalty Ih¢ trustees v4ho receive no iemuneralion for their seThices. 10. Investments Cash or Cash equivalents Cost or valuation Al l January 2024 Ad(lition8 100.000 At 31 DoGgmb•r 2024 100,000 ImpalmTht At 1 Jonuary 2024 and 31 De¢wnber 2024 Carying amount At 31 D•c•mb•r 2024 100,000 At 31 Dec•mber 2023 l inve8lment8 8hown above are held at valuattm. 11. An*lyxii of charitsble lunds Unrnslrlct•d lund• At 31 DKember 2024 1 Januy 20 24 Income Expendiiure Tran81er General fiJnd8 1.250 (2.62n (1,377) At Al 31 December 2023 16 Novènkn 2022 Income Expenthlure TfansferyJ General funds 12
Thea and Heinz Skyte Charltable Trust Noles to the Flnanclal Statements Year ended 31 December 2024 11. Analysis of Ghaiitable funds Endowment funds At 31 Dttemb•r 2024 1 January 20 24 Income Eypendityre Transfers Expendable Endowinent Fund l - desc in alcs 70,010 60,000 130.010 At 3108c8mber 2023 16 Novert¥8r 2022 InGome Expendilur* TrJn$fern Expendable Endomneril Fund 1 des¢ in al¢s 70,010 70.010 12. Analysls ol nat asset5 between funds unTtricted Endowment Total Fund¥ Funds Fund5 2024 Currènl 88$¢ts {1.377) 130,010 128,633 Unièstrfeled Endowment Totsl Fund8 Funds Funds 2023 cUrrt assets 70.010 70,010 13