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 Nicho￿3 Skyte Mrs Sharon Harrilton Mr Fablan Nino UZiell-Hami￿0n 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 strUC￿le. 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 Lo￿1 knowledge of ¢thJ¢all¢)nal and ffinanGial needs of young peoF48 and matyre a￿lts in inner north Leeds. 5) Skyte famlly members fjn￿or 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 edu￿tIOn 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 be￿een £300 to £600, to young people aged tse￿een 14 and 30 in ne¢e8SIt¢Ug ¢ircumstsnceB, can demonstrate Ihe benefits of financial a￿stanCe 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, kno￿edge and expeiti$e to develop careef Opportun￿08 ksr those In ffinancial need ¢)therb*i$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 abilit￿9 and talents 3. Improved social mobilty amongst young people and malure adums through expanded ￿Te&r and lile prospects 4. Assislance to refugees and aS￿uM 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..sO￿aI 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 c*jecl'ves and in planning future activities and $etti19 the grant ffla￿ng policy for the year. Thea and Heinz Skyte Charitable TNst Trustees, Annual Report (c￿￿ Year ended 31 December 2024 014eGtives activilies Grant Moking Policy The organisation uses the follow￿ng criteria to 8elect in(l¥idua18 or oiganBations to re¢eNe grants. I. IAthether they meet the objects as a young person. being within age range 14 to 30. 2. VlthetheT they Gan demonstrate necessllous ¢k¢umstances to reflect the Charitable trust's purposes. 3. How they ènvisage financial assist8n¢e throu￿ the recwpt of a grant will enable them lo improvt their Gareer an¢Yor petsMaMife prospects. 4. 1th8th8r thèy can demon$tr8te enth￿a8ffl 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 perf0m￿ne• 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$es5menl Framework to achieve its thawitable objects of the Bdvancernent in life of young people by making grants for eéucation and training and the r¢lief of finanaal hardship by provision of giant lunding for ethjcation and training. We revlew the grant maknng pollcy annually lo nsurts that tt refi•cts the charity¥ objects and Ihereby advance8 PU￿1¢ benèft. Poli¢ieB covering Conflth ol Interest gnd Loyalty, a Conflicts Register, • Trustee Code of Conduct. BukKommfftee frameworks and deltgated authonty •nd Investment wor• a￿0 agrged by the tru81808. Thea and Heinz Skyte Charitsble Trust Trustees. Annual Report (C￿ Year ended 31 December 2024 Financial rovl•w During the year ended 31 December 2024, the chawity expetienced a modest incfea8e in finan¢ial actwity ¢ompared wth the previous ac¢ounbng peTiod, reffeding thE eath stages ol operational implem8nlation of tt8 ¢harrtable obje¢tives. The trustees maintained g prudent and 8U8tsinable approach to financial managementthroughout the yeaf. Income lor the perlod totalled £1.250. deiT¥ed entitely from donations. The ¢harity made it8 fiY81 grant awards during the year, totslling £1,800. in accordance with rts charitable purpose of a0￿onc1n9 educal'on and allèviats'ng financial hardship amon9 young people in Leeds. ￿￿&11 expenditure for the year wa$ £2,627, comprising grants and t*rectty associale(I charitsble coyts. Thi5 resulted In a n&t •xpenL*tyre 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$. The increase in total funds reflects an addltional £60,000 transfer into the expendable enéowmenl during the year, together the estsbNshment of a new investment p)rtrth. In line ¥￿th the charity's Strtement of Investment Policy. an inrfial £100.ON was tr•nsferred to 'Rathbone8 InveBtment Managemenf lo be managed on a thscretionary basis in accordance y￿th tre trustee8' long-term ￿veStment objective8. ThvJ amount is reported vlthin fixed aB8el8 as 'cash undar management. in the ffinancial stslements. The charty's investments are intended to proled the lon*lerm purchaslng power of rt8 88sets while generating a 8UStain4ble retuin lo support future grant-maklng activmes. Al year end, the ¢harlty held £28,633 in c96h at bank12023-. £70.010). ensuring thal 8uffidenl Ilquld re8erve¥ remain av*labl¢ lo meet #hort-i*mi Commitments and operats'onal requirements. The truslevd are 81ti8fled that ltte currenl balance of cash and wive$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 Iru*tee8 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$h reserves. The trustees cons￿er this level of reseNes to be appToprthte for the current scale of the Gharity's actrvities. The res•r¥es poliw is reviewed annually to ensurt it remains aligned vllh the eharOty8 financial p0S￿On. grant-makwig ￿afi8 and investment ci)ieciNe¥. Thaa and Holnz Skyt• Charltabh Trust Tru8t•M' Annu•l Y•ar •nd•d 31 Docombor 2024 Mr Fth*n N￿1 Uzl•U41th1 Ch•lr dTnJ8ts•• Thea and Heinz Skyte Charitsble Trust Statement of Flnancial Actlvftles Year endod 31 December 2024 Period from 16Nov22to 31 De¢ 23 Y￿rtr* 310ec 24 Unieslricted Et)dowment lund& fvnd8 Ttslal Total fvnd$ Note Incomo and 8ndowm•nts Donations and legacies Totsl income 1.250 1,250 1,25Q 1.250 Expendi￿1? ExpÈndltUfè on clTr&fltable athillès Tolal expendlturE 2.627 2,627 2.627 2,627 Net eXp¢ndi￿r• 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?rn￿ts. 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• 1￿1.010 (1.37TI 128,633 70.010 Totyl ¢hwKy fund• 11 70,010 Othbtr 2020, ATrJ ar• *n•d on b•h￿￿th• 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 Inco￿Orated organisation. reg'st&r&d vi England and Wales and a reg*tered 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 w*th FRS 102, The Financial Repo￿ng 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 Finan￿al 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$lment pr¢)perbe5 measured at fair value throuth income or expendrture. The financitil 8talement8 are prepared in steillng. whlch is the fvnctionèl currency of the entity. Going GOn￿rn There are no materlal uncertainthes èbout thè chwty's ablllty lo continue. Judgom•nts and k•y sourw4 d •stwnation ￿n￿rtaInty The preparatTOll of Ihe financial statements may require mjnagement to make wdgemant8, estimates and assumptlons that affect the amounts rep¢)rted. These eslmates and Judgements 4re eontinually feviewed and are based on experiencè and other factors. including expectations of thjture events that are believed to be TeaKffja￿e under the urcum$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 $ub]e¢ted to restrictiorts on Iheit eXpendi￿re deelared by the donor or Ihrough the terTh￿ ol an appeal, and tsll into one ol two sub-das8es'. restricted income fttnds or elldowmenl knnd8. Thea and Heinz Skyte Charitsble Trust Notes to the Financlal Statements Year ended 31 Decembor 2024 Accounting policies Resou￿¢$ 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 uftderts￿ng 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 at￿VitIeS. other exptnditure includ&$ all expenthture that ￿ neither related to raising fund8 for th• ¢h8rity nor part of its expenditure on tharilable activtlies. I c￿ts are allocated to expenditure categories ￿flec1￿9 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$ur•d at tslr Value. If tair value cannot be reliabty measured, as88ts are measured al co8t18ss impairment, LiBted inve8lmèntB are measured at fair value thlth ¢h•nge• In f•w ¥a￿e b¢kng re¢ognl$¢d h in¢omg or eXper￿lI￿re. 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$ured at fair value, bwth changes n tsir value taken throu￿ income or expendiiuie. IAheTe il IB imprecticab to measure fair value reliab￿ the cost nyjdel will be adopted. Diw"dends and otheT d￿lribUt*)n$ 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 aC￿rdanCe 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¢qu￿rtIOn. 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 ni*cators exist. I￿￿e 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