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2025-04-05-accounts

THE TILLOTSON BRADBERY CHARITABLE TRUST Registered Charity Number: 222386

ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

DRAFT

Rathbones Trust Company Limited

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Index

Page
1-4 Trustees' Annual Report
5 Independent Examiner's Report
6 Statement of Financial Activities
7 Balance Sheet
8-16 Notes to the Accounts

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Trustees' Annual Report

The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 5 April 2025.

Objectives and Activities of the Charity

The Tillotson Bradbery Charitable Trust is governed by a Settlement Deed dated 25 June 1954.

The G L Tillotson Charitable Trust was established primarily for the benefit of boys clubs and scout movement to encourage disadvantaged youngsters to seek activities that would enable them to meet other young people with similar experiences.

The Alice Bradbery Charitable Trust was established primarily for the benefit of disadvantaged young women and girls by way of making grants similar to the guide movement and helping them further their education.

Following the merging of the above Trusts, the present Trustees have retained the above objectives but do have powers under the original deeds to make wider range donations for the relief of poverty, education, religious or otherwise in the United Kingdom or elsewhere. To fulfil their objectives for the public benefit the Trustees make grants from income, net of expenses each year. The Trustees' income is generated by its investments. Fundraising activities are not normally carried out.

The Trustees hold Unrestricted Funds and so all funds are available to meet the Charity's objectives.

The Trustees have complied with s17(5) of Charities Act 2011 and have had due regard to the guidance issued on Public Benefit by the Charity Commission when exercising relevant powers or duties.

Achievements and Performance

During the year the Trustees made a number of donations totalling £21,462 (£0 in 2024). The charity continued to further its charitable purposes by making grants to eligible organisations across Merseyside with focus on projects supporting children and young people, disability and health and social welfare.

Financial Review

Review of the Activities of the Charity:

Income from investments and interest received totalled £26,092 (£22,013 in 2024) with £4,988 (£4,786 in 2024) being spent to raise the funds in the form of investment management fees only. As detailed in the notes to the accounts, £25,134 (£2,844 in 2024) was spent on charitable activities, including and governance costs.

Page 1

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Trustees' Annual Report

The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. For the year ended 5 April 2025, recognised losses totalled £2,752 (gains of £60,084 in 2024).

There was a net decrease in funds of £6,782 during the year (net increase of £74,467 in 2024), resulting in the Trustees holding a total of £854,603 as at 5 April 2025, compared with £861,385 held as at 5 April 2024. Of this amount, Unrestricted Funds of Income at the financial year-end totalled £20,127 (£19,169 in 2024) and Expendable Endowment capital totalled £842,216 (£842,216 in 2024).

Investments:

The Charity's capital is largely invested on the stock market. The value of the Trust's portfolio as at 5 April 2025 totalled £818,426, a decrease from £822,638 as at 5 April 2024. The Trustees have reviewed the position and are satisfied with the performance.

Investment Policies:

As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated Rathbones Investment Management to have full discretionary day to day control of the investments. In accordance with the Trustee Act 2000 as this duty has been delegated, the Trustees are aware of the requirements to establish a Trustee Policy Statement.

Assets have been acquired and disposed of in accordance with the powers available to the Trustees.

Risk Assessment:

The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operation, finance, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager, which is reviewed at least once a year in line with investment performance.

The Trustees are satisfied that the charity's assets are available and adequate to fulfil its current objectives which will continue for the foreseeable future.

Structure, governance and management

The G L Tillotson and Alice Bradbery Charity were merged to create the Tillotson Bradbery Charitable Trust, as detailed in these Accounts. Its governing body are the Board of Trustees. Power to appoint new Trustees is vested in the then current Trustees, who should not fall below three in number.

Page 2

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Trustees' Annual Report

New Trustees are elected due to their expertise and what they can bring to the Charity. Procedures have not been adopted for the induction and training of new Trustees but all ensure that they are aware of their duties and continue to operate within current guidelines by discussing all issues arising as advised by the Charity Commission and Rathbones Trust Company Limited during their meetings.

The Trustees meet in April each year to review performance and any other matters arising. All Trustees are expected to attend the meetings and play an active role in the administration of the Trust. All meetings are minuted.

Requests for funding are collated by the Administrator of the Charity and presented to the Trustees for their consideration. When agreed by a quorum of Trustees, the administrator arranges for the donations to be made.

Reference and administrative details of the Charity, its Trustees and Advisors

Other names the

charity is known by: G L Tillotson Charitable Trust

Registered No: 222386

Principal Office: c/o Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW

Trustees who Kirstine Gillian Tillotson Home (Chair) served during the Susanne Tillotson-Schroder year: Rachel Tillotson Administrator: Liese Van Alwon

Accounts and Tax: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW

Independent Kerry Roberts, C/o Port of Liverpool Building, Pier Head, Liverpool L3 1NW Examiner: Investment Rathbones Investment Management Ltd, Port of Liverpool Building, Pier Head, Manager: Liverpool, L3 1NW Bankers: Rathbones Investment Management Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW

Plans for the future

To continue to seek out innovative projects, with a particular focus on young people in Merseyside, which tackle disadvantage by fostering personal development and the ability of people to help themselves or be supported to improve their lives.

Page 3

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Trustees' Annual Report

Statement of Trustees' responsibilities for the annual accounts

The Trustees are responsible for preparing the Trustees' Report and the 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 Trustees to prepare financial statements for each financial year that 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 year.

In preparing these financial statements, the Trustees are required to:

The Trustees have assessed the charity’s ability to continue as a going concern and considered any material uncertainties that may impact this assessment.

The Trustees are responsible for:

Declaration

The Trustees confirm that they have approved the Trustees’ Report and the financial statements above and are satisfied that the charity has adequate assets available to fulfil its obligations and that the accounts comply with current statutory requirements

Signed on behalf of the Board of Trustees:

Kirstine Gillian Tillotson Home

Chairman

Date

Page 4

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Independent Examiner's Report

Independent examiner's report to the Trustees of the Tillotson Bradbery Charitable Trust (222386)

I report to the Trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 5 April 2025, which are set out on pages 6 to 16.

Responsibilities of the Trustees and Independent Examiner

As the charity's Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed.

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. It is my responsibility to state whether particular matters have come to my attention.

Basis of Independent Examiner's Report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view. The report is limited to those matters set out in the statement below.

Independent Examiner's statement

I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2024 issued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided bookkeeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2024 at all times.

I have completed my examination and confirm that no matters have come to my attention which give me

cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order for a proper understanding of the accounts to be reached.

Kerry Roberts TEP FMAAT MCSI C/o Port of Liverpool Building, Pier Head, Liverpool

Date

Page 5

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Statement of Financial Activities

----- Start of picture text -----
Unrestricted Expendable
Notes Income Endowment Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
Income and Endowments from:
Investments 4 25,395 0 25,395 21,088
Other income 5 697 0 697 925
Total Income 26,092 0 26,092 22,013
Expenditure on:
Raising funds 6 0 4,988 4,988 4,786
Charitable activities 7 25,134 0 25,134 2,844
Total Expenditure 25,134 4,988 30,122 7,630
Net (losses)/gains on investments 11 0 (2,752) (2,752) 60,084
Net Movement in Funds 958 (7,740) (6,782) 74,467
Reconciliation of funds
Balance brought forward at 6 April 2024 19,169 842,216 861,385 786,918
Balance carried forward at 5 April 2025 20,127 834,476 854,603 861,385
----- End of picture text -----

Page 6

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Balance Sheet

Notes
Fixed Assets
Investments at Market Value
11
Total Fixed Assets
Current Assets
Debtors
12
Cash at bank
13
LESS:
Current Liabilities
Creditors: amounts falling due
within one year
14
Net Current Assets/(Liabilities)
Total Net Assets at 5 April 2025
Total Funds at 5 April 2025
Unrestricted
Expendable
Income
Endowment
Total
Funds
Funds
Funds
2025
2025
2025
£
£
£
0
818,426
818,426
0
818,426
818,426
1,064
0
1,064
25,324
16,050
41,374
26,388
16,050
42,438
6,261
0
6,261
20,127
16,050
36,177
20,127
834,476
854,603
20,127
834,476
854,603
Total
Funds
2024
£
822,638
822,638
1,673
41,647
43,320
4,573
38,747
861,385
861,385

Approved by the Board of Trustees and signed on its behalf by:

Kirstine Gillian Tillotson Home Date
Chairman

The notes on pages 8 to 16 form part of these accounts.

Page 7

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

1 Charity Information

The Tillotson Bradbery Charitable Trust is governed by a Settlement Deed dated 25 June 1954 and registered in England and Wales. The principal address c/o Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW.

2 Accounting Policies

These accounts have been prepared on an accruals basis and going concern basis, and in accordance with the accounting policies set out in this note. The accounts comply with the charity's governing document, the Charities Act 2011 and “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)" (second edition October 2019) (the Charities SORP) and UK Generally Accepted Accounting Practice.

The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value, unless otherwise stated in the relevant policy note. The principal accounting policies adopted are set out below.

The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

Going Concern

At the time of approving the accounts, the Trustees have assessed whether there are any material uncertainties casting doubt as to whether the charity will continue as a going concern. The Trustees have concluded they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Trustees continue to adopt the 'going concern' basis of accounting in preparing the accounts.

Charitable Funds

Unrestricted funds are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Unrestricted Funds of capital have been classified as Expendable Endowment Funds in these accounts.

The charity holds Endowment Funds which are expendable and primarily for income generation. Monies are invested by the trustees into shareholdings. The Expendable Endowment fund increases or decreases in line with the investment valuation. Transfers from the Endowment fund to Unrestricted fund are made at the Trustees' discretion.

Page 8

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of a declaration is received by the donor.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

All dividend income is recorded net and includes tax deducted only when it is repayable to the Charity.

Expenditure

Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.

Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources in no longer required, provisions are reversed and charged to the SoFA.

Governance costs consist of those costs associated with the overall running of the charity and meeting with

statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

Investments

Investments held in the fund are included at their market value as follows:

Investments are classified as a fixed asset except and only classified as a current asset where the intention of the trustees is to dispose of the asset and not reinvest the proceeds.

Page 9

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

Other recognised Gains and Losses

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date.

Taxation

The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.

Cash and cash equivalents

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classed as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 10

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

3 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4 Investment income
UK Equities
Unit Trust Income
Unit Trust Interest
Fixed Interest
Overseas Income
Overseas Interest
Foreign Withholding tax
Accrued Income
5 Other income
Bank Interest
6 Raising funds
Rathbones Investment Management fees
2025
£
8,538
531
959
7,281
5,803
4,428
(509)
(1,636)
25,395
2025
£
697
697
2025
£
4,988
4,988
2024
£
10,117
583
0
2,463
6,006
2,692
(535)
(238)
21,088
2024
£
925
925
2024
£
4,786
4,786

Page 11

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

7 Charitable Activities
Analysis:
Children and Young People
Health and Social Welfare
Disability
Total Grants
Grants awarded to Institutions:
Happy Days
The Girls Network
Stride 2020 CIC
Children's Adventure Farm
Starr in the Community CIO
Stick 'n' Step
Team Oasis
Break the Mould Foundation
Tall Ships Youth Trust
St Paul's Church, Litherland
Crackerjacks
The Church of St Hilda's, Hunts Cross
Reset Wirral
Total Grants
Governance Costs (note 8)
Support Costs (note 9)
Total Charitable Activities
8 Governance costs
Accountancy, tax and compliance fee
Independent Examination fee
Trustees' expenses (note 10)
2025
£
11,538
5,712
4,212
21,462
2025
£
2,000
1,500
3,238
1,400
1,492
620
1,400
1,000
1,000
2,312
2,100
1,000
2,400
21,462
3,051
621
25,134
2025
£
1,962
960
129
3,051
2024
£
0
0
0
0
2024
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,054
790
2,844
2024
£
1,910
0
144
2,054

Page 12

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

9 Support costs
Administrator's fees
2025
£
621
621
2024
£
790
790

10 Details of certain expenditure

No amounts were paid to the trustees in remuneration during the year ended 5 April 2025 or year ended 5 April 2024. The following amounts were reimbursed in respect of out-of-pocket expenses:

Trustee Travel Expenses
R Tillotson
K Tillotson Home
S Tillotson-Schroder
11 Investments
Bonds
Overseas
Equity
Commodities
Actively Manaed Strategies
2025
2024
£
£
117
144
6
0
6
0
129
144
Value at
Realised
Sales
Purchases
06/04/2024
Gain/(Loss)
proceeds
at cost
Unrealised
Value at
Gain/Loss
05/04/2025
137,742
104,915
(2,101)
(140)
(23,000)
217,416
324,463
128,622
(190,266)
12,825
(18,438)
257,206
274,953
72,005
(72,380)
5,777
(8,148)
272,207
46,579
0
(142)
(21,356)
31,780
6,699
38,901
39,817
916
0
0
0
822,638
305,542
(307,002)
18,320
(21,072)
818,426

Investments representing more than 5% of the total Portfolio -

Holding Units Market Value %
UK Government Bonds 29/01/2038 125,000 114,163.00 13.96%

Page 13

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

12 Debtor
Investment Income receivable
13 Cash at bank and in hand
Cash
14 Creditors and accruals
Rathbones Trust Company
Rathbones Trust Company - prior year
Administrator's fee
Administrator's fee - prior year
2025
£
1,064
1,064
2025
£
41,374
41,374
2025
£
2,940
1,910
697
714
6,261
2024
£
1,673
1,673
2024
£
41,647
41,647
2024
£
1,910
1,873
790
790
4,573

15 Contingent Liabilities

The Trustees have approved two multi-year grant commitments to other charitable organisations. These grants are subject to annual review and are contingent upon the receipt of a satisfactory annual report from each recipient charity. The charity is not contractually obliged to provide funding beyond the current financial year and future grant payments will only be released once the Trustees have confirmed that the conditions for continued support have been met. As these commitments are dependent on the performance and reporting of the recipient organisations, they are disclosed as contingent liabilities rather than recognised as liabilities in the financial statements.

Stride 2020 CIC
St Hilda's Church, Hunts Cross
2026
£
2,238
1,000
3,238
2027
£
0
1,000
1,000

Page 14

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

16 Related Party Transactions

Charitable organisations of which the Trustees of this charity have an interest in are always properly declared and acknowledged during determination of applications. If such a situation arises, the trustee with the related party interest does not participate in the decision making process other than to clarify facts.

There are no related party transactions during this or the previous financial year that require disclosure, other than as reported in the Notes above.

17 Financial Instruments
Carrying amount of financial assets
Debt instruments receivable within one year
- Debtor
- Cash
Carrying amount of financial liabilities
Payable within one year
- Creditors
Instruments measured at fair value through SOFA
Investments at value
2025
£
1,064
41,374
42,438
6,261
818,426
2024
£
1,673
41,647
43,320
4,573
822,638

Page 15

Tillotson Bradbery Charitable Trust

Annual Report and Unaudited Accounts for the year ended 5 April 2025

Notes to the Accounts

18 Comparative Statement of Financial Activities
Income from:
Investments
Other Income
Total Income
Expenditure on:
Raising funds
Charitable activities
Total Expenditure
Net gains / (losses) on investments
Net Movement in Funds
Balance brought forward at 6 April 2023
Balance carried forward at 5 April 2024
Unrestricted
Expendable
Income
Endowment
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
21,088
0
21,088
925
0
925
22,013
0
22,013
0
4,786
4,786
2,844
0
2,844
2,844
4,786
7,630
0
60,084
60,084
19,169
55,298
74,467
0
786,918
786,918
19,169
842,216
861,385

Page 16