Registration No. 233838
THE SIR JULES THORN
CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE SIR JULES THORN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| Charity Number | 233838 | |
|---|---|---|
| Registered Office | 24 Manchester Square, London, W1U 3TH | |
| Trustees | Elizabeth Charal (Chairman) | |
| Julian D F Ide | ||
| K Mark Lever | ||
| Prof Sir Ravinder N Maini FRS, FRCP, FMed,Sci | ||
| John Guy Rhodes | ||
| Prof David Lowell Russell-Jones MBBS, BSc, MD, FRCP | ||
| William H Sporborg | ||
| Director | Richard Benson | |
| Auditor | Haysmacintyre LLP | |
| 10 Queen St Place | ||
| London EC4R 1AG | ||
| Bankers | NatWest | |
| Bloomsbury Parr’s Branch | ||
| 214 High Holborn | ||
| London WC1V | 7BX | |
| Solicitors | Goodman Derrick | |
| 10 St Bride Street | ||
| London EC4A 4AD | ||
| Mills & Reeve, | ||
| Botanic House | ||
| 100 Hills Road | ||
| Cambridge CB2 1PH | ||
| Investment Managers | Ruffer LLP | |
| 80 Victoria Street | ||
| London SW1E | 5JL | |
| Baillie Gifford –appointed February 2021 | ||
| Calton Square | ||
| 1, Greenside Row | ||
| Edinburgh, EH1 3AN | ||
| Sarasin –appointed February 2021 | ||
| Juxon House | ||
| 100, St Paul’s Churchyard | ||
| London EC4M | 8BU | |
| Vanguard Asset Services –appointed February 2021 | ||
| 4thFloor, The Walbrook Building | ||
| London EC4N 8AF | ||
| Ninety One UK Ltd –until February 2021 | ||
| 55 Gresham St, | ||
| London EC2V 7EL | ||
| Cazenove Capital Management Ltd –until February 2021 | ||
| 1 London Wall Place | ||
| 2 Moorgate, | ||
| London EC2Y 5AU |
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THE SIR JULES THORN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
The Trustees present their report along with the audited financial statements of the charity for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the charity’s Trust Deed, the Charities Act 2011, and the Statement of Recommended Practice for Charities (SORP 2019). Our accounting policies are set out on pages 19-21 of this report.
The report describes the Trust’s governance and management structure, its grant programmes and main activities during 2020. Many of the organisations that the Trust supports have been affected by the COVID-19 pandemic, and consequently the Trust made a number of changes to its grant programmes during 2020 to provide additional support for hospices and small charities, and to respond to the pressures on researchers working in universities and the NHS.
At the time of writing, it is unclear how long Covid related restrictions will remain in place or how the pandemic may affect the future external environment in which the Trust operates. In accordance with guidance from the Charities SORP Committee, relevant sections of the report comment on the potential implications for the Trust and its planned activities for 2021. The Trustees will continue to keep the position under review and ensure that the Trust’s activities continue to support its charitable objectives and remain sustainable for the long-term.
Structure, Governance and Management
The Sir Jules Thorn Charitable Trust is constituted under a Trust Deed dated 18[th] February 1964 and is a registered charity, number 233838. It was established with an endowment from Sir Jules Thorn. The Trust does not fundraise and seeks to continue the charitable work inspired by Sir Jules through the careful stewardship of its existing resources. The charity has no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
The Trust is governed by a Board of Trustees who oversee the Trust’s governance, set the strategic direction and review the progress of its implementation. The Trustees normally hold two meetings each year, but, given the impact of the pandemic, met via online conferencing in May, September and November 2020. In addition, the Trustees have received regular updates on the impact of COVID-19 on the Trust’s activities and have been able to deal with all business through correspondence and remote working.
The Board’s Investments Sub-Committee meets with the investment managers at least annually to discuss in detail the performance of the Trust’s investments. The Sub-Committee also meets annually with the Trust’s external auditor to review the auditor’s report, and management responses to any recommendations. The Sub-Committee makes a report to the Board following its meetings. During 2020 the Investments Sub-Committee held additional meetings to conduct a review of the Trust’s investment strategy. The outcome of that review is reported on page 10.
The Board is also supported by the Trust’s Medical Advisory Committee of leading clinicians and researchers, which oversees the peer review of research grant applications and makes recommendations to the Board on funding. The Committee held two meetings in 2020 reflecting the disruption that the pandemic caused to the normal pattern of the Trust’s research awards. The Committee has also met three times between February and May 2021 as the competitions for research awards were restarted. The Trustees wish to express their thanks to the Chair and members of the Committee for their continued support and advice during a period of unprecedented pressure on clinicians and research teams across the UK.
Following the introduction of COVID-19 restrictions, the Investment Sub-Committee and MAC have, like the Board, been able to deal with all essential business through correspondence and online conferencing.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
The Board undertook a review of the Trust’s governance arrangements in 2019, in order to ensure continued compliance with the Charity Governance Code and relevant good practice. An updated version of the Code was published in December 2020 and the Board will consider any impact on the Trust in 2021 as part of their annual review of the Board’s effectiveness.
While the Trust Deed does not provide for a minimum or maximum number of Trustees, the Board’s Terms of Reference state that, unless the circumstances are exceptional, there will not be less than seven and no more than ten Trustees. The composition of the Board is kept under regular review to ensure its members continue to provide the range of skills required to support the Trust’s strategy. The Board has considered guidance published in the Code regarding the period for which individuals should normally serve on boards as Trustees and agreed that in future new Trustees should normally be appointed for a term of 5 years, which may be renewable with the agreement of the Board. The Board concluded that it was not appropriate to set an upper limit on the period for which Trustees could serve. This decision reflects the length of the funding cycle for several of the Trust’s programmes and the period needed for funded research to come to fruition.
When Trustee vacancies arise, individuals are identified who provide the required skills and the broader requirements set out in the Trustee Role Description agreed by the Board. Potential candidates are invited to a selection interview, which may lead to an appointment to the Board. New Trustees are given a detailed briefing about the Trust and all aspects of their responsibilities, including governance. Where appropriate, induction training with the Trust’s professional advisors is offered. All Trustees are unpaid.
The Trust has a Conflicts of Interest Policy, which sets out the principles which are applied to identify transactions and decisions in which individuals may have a personal interest, and the process for managing potential conflicts. The Policy was updated in 2019 as part of the governance review noted above, and applies to all Trustees, Trust staff and members of the Medical Advisory Committee.
The Trust operates with a small team of four staff, including the Director, who provides the key management role within the definition of FRS 102. The Director is accountable to the Trustees for the implementation of the strategic plan, and for the day-to-day management of the Trust.
The Trustees acknowledge the importance of its staff in ensuring both the ongoing strategic development and efficient administration of the charity. The overall aim of the Trust’s policy is to offer fair pay to attract and retain appropriately qualified staff to lead, manage and administer the charity and to fulfil the charitable objects on behalf of the Trustees. The Trustees review the remuneration of the Director and other staff on an annual basis.
Risk Management
The Trustees are responsible for monitoring the risks facing the Trust and ensuring that adequate steps are taken to manage them. The Trust has a formal risk register which is reviewed periodically by the Board, and risk is inherent to the Board’s discussions on all aspects of the Trust’s work. In addition, the Investment Sub-Committee reviews risks specifically related to investments and considers any recommendations from the Trust’s auditors regarding further improvements to the Trust’s system of internal controls.
The principal risks facing the Trust are:
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Financial – where inappropriate asset allocation or adverse market conditions could potentially undermine the financial sustainability of the Trust or mean that total returns from the Trust’s investments were not sufficient to meet its normal level of grant commitments.
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This risk was addressed by the Trustees’ review of the Trust’s investment strategy during 2020 and is managed through the ongoing monitoring of investment performance by the Investments Sub-Committee.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
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Strategic - where the Trust’s grant making strategy has to keep pace with developments in research, clinical practice and relevant sectors of care.
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The Trustees’ will formally review the strategy later in 2021, and whenever making significant awards considers advice from the Medical Advisory Committee and external experts contributing to the peer review of research proposals.
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Operational – where processing failures, fraud, or major incidents, would impede the charity’s ability to function effectively, and thus to deliver its charitable objectives.
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Internal controls are kept under review. Previous investment in on-line systems and cloud-based storage have enabled the Trust’s operations to continue remotely since March 2020 without disruption or adverse impact on controls.
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Compliance – where a failure to comply with charity law, the general law, and the founding Trust Deed, would compromise the charity’s status and reputation.
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The Trustees reviewed governance arrangements in 2019 and will conduct a further review later in 2021 to ensure continued compliance.
Additional Risk Posed by Covid-19 Pandemic
In common with other organisations, the pandemic has tested the Trust’s risk management arrangements. The Trust has not faced the same challenges as charities which are dependent on fundraising or those delivering frontline services. The pandemic and resulting restrictions have, at the time of writing, confirmed the Trustees’ previous assessment of the principal risks facing the Trust and the mitigations in place to address them.
The pandemic adversely affected global stock markets with effect from 21[st] February, 2020, but markets recovered well in the final quarter of 2020. As at 31st December, 2020 the Trust’s investment portfolio was valued at £136,873,808 ( 2019 - £131,917,927 ) an increase of 3.7%. The Trust retains strong cash balances which are sufficient to meet planned commitments beyond the end of 2020, and the investment review completed during 2020 should ensure that its investments remain positioned to support the long-term sustainability of the Trust. The Trustees are therefore confident that sufficient funding is available for new awards over the year ahead. Further information is provided in the Investments Notes to the Accounts on page 24.
The Trustees received regular reports regarding finance market fluctuations and considered available information regarding the ongoing impact of the pandemic on the universities, NHS organisations and charities that the Trust supports. The Trust remains committed to all its core grant programmes and has worked with existing major grant holders to assess the impact of the outbreak on the timetable for delivery of their projects. In a number of cases the Trust has agreed extensions to awards or revised reporting schedules.
The Trust made revisions to a number of award programmes during 2020 in response to the enormous pressure on the clinical staff involved in its research programmes, and to provide additional support for hospices and smaller charities providing front-line services through the pandemic. Information about these changes is set out on pages 5-7.
Overall, the Trustees are satisfied that all risks are being managed effectively and that measures are in place to ensure good governance, prevent financial or administrative fraud or malpractice, protect the good reputation of the Trust and ensure compliance with relevant legislation and guidance.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Objectives, Activities and Public Benefit
Objectives
The Trust Deed gives the Trustees absolute discretion to apply the capital and income of the Trust for charitable purposes generally but, in doing so, they take note of the Founder’s wishes. In keeping with Sir Jules’s original intentions, the Trust’s largest grants support translational medical research undertaken in the UK’s leading medical schools and NHS organisations. In the broader humanitarian field, the Trust’s grant programmes are intended to make life easier for those who live with disabilities, who suffer disadvantage or need support in dealing with difficulties in their lives. Grants are restricted to beneficiaries within the United Kingdom.
In discharging their responsibilities, the Trustees confirm that they have due regard to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011.
Activities
In pursuit of its objectives, the Trust delivers public benefit by providing awards to universities, NHS organisations and other registered charities. Awards are normally made through five competitive grant programmes; the details of which are available on our website. Additionally, the Trust launched a new one-off programme to support translational research. This scheme was launched in December 2020 and the award will be made in 2021.
Alongside revisions to its own grant programmes, the Trust also made a donation of £100,000 in April 2020 to Age UK’s Coronavirus Emergency Appeal. The Trust has supported local Age UK charities over many years through its Ann Rylands Small Donations programme and - having considered a number of pandemic emergency funds launched in the first quarter of the year - the Trustees agreed that making a donation to Age UK’s Coronavirus appeal was the most appropriate way for the Trust to support the immediate response to the pandemic.
The Trust does not advertise its programmes but information is available to charities through fundraising databases, and our longstanding support for medical research and other core areas means that the Trust receives significantly more applications than it is able to fund in any one year.
The Trust’s grant programmes are outlined briefly below.
The Sir Jules Thorn Award for Biomedical Research
The Sir Jules Thorn Award supports the work of outstanding investigators who are in the early stages of a clinical research career. It offers a grant of up to £1.7million over 5 years. Since the inception of the Award in 2001, the Trust has pledged more than £21m to fund the highest quality translational research which seeks to bring benefit to patients through improved diagnostics and/or the development of new therapies for important clinical problems. Research can be in any field of clinical research, and in recent years we have funded major research projects in areas as diverse as bariatric surgery, the genetic causes of cerebral palsy, and enhancing the effectiveness of corrective surgery for patients suffering from aortic stenosis .
The Award is normally made following an annual competition among UK medical schools and NHS organisations. Applications are subjected to rigorous peer review by the Medical Advisory Committee and external experts in the relevant clinical field. The Trust’s peer review process is accredited by the Association of Medical Research Charities (AMRC).
The terms of the award stipulate that intellectual property rights created as a result of Trust-funded research should be protected and exploited, where commercially worthwhile. An Intellectual Property Agreement with each institution defines issues of protection and exploitation, and the arrangements for sharing any commercial income which is generated. The Trust’s share of any such income would be allocated to the Trust’s charitable purposes.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
The 2020 competition was suspended in April in response to the unprecedented pressure on clinical staff involved as both applicants and reviewers. This decision was taken on the advice of the Medical Advisory Committee and was welcomed by applicants. The competition was re-started in June 2020, with previously long-listed applications carried forward to the next stage of the process. The Trust expects to make the Award in June 2021.
Translational Biomedical Research Award
The pandemic disrupted research across universities and the NHS throughout 2020, with non-Covid research suspended or severely restricted for much of the year. In order to support research as investigators resumed their work, the Trust launched a new one-off programme in December 2020; offering an award of up to £1m to support a single research project, in any discipline or disease area, which is at an advanced stage of translation and able to demonstrate a clear pathway to develop research findings into benefit for patients.
The scope of this award is deliberately broad and is intended to support outstanding research where the investigator’s team has already generated data or samples to proceed to the next stage of their work but requires funding to translate the research into clinical outcomes. This might include, for example, teams who have gathered Covid-related data and require the funding for analysis. Alternatively, teams working in other fields may have data from previous studies but have been unable to progress their work during the pandemic and now find other charitable funding is unavailable.
Following the launch of the programme at the end of 2020, initial applications were received from 12 leading medical schools in February 2021 and 5 were invited to submit full applications. The Trust expects to make an award in November 2021.
The Sir Jules Thorn PhD Scholarship Programme
The Trust’s PhD scheme normally offers two new scholarships each year for outstanding candidates to undertake a challenging four-year research project, leading to the submission of a PhD thesis. Over the past 12 years the Trust has committed over £2m to this scheme and 25 PhD students have benefited from scholarships.
Applications are invited from universities or research institutes which have doctoral training programmes recognised by the Medical Research Council or the Wellcome Trust. Targeting the scheme in this way ensures that Trust-funded students are embedded in institutions offering the highest quality doctoral training and research.
As for the Sir Jules Thorn Award, the competition for the PhD programme was suspended in April 2020 due to the pressure on the institutions invited to apply and uncertainty over student recruitment for the 2020/21 academic year. Applications were rolled forward, and the Trust awarded scholarships to the Universities of Edinburgh and Sheffield in April 2021.
Medically Related Donations
The Trust receives many appeals from universities, hospitals and other charitable organisations to assist with capital projects which have the potential to accelerate medical research or to support innovation in the care and treatment of people suffering from severe clinical conditions. The programme provides capital funding to support either infrastructure for medical research, or projects to develop new care models for people living with severe disabilities. The scheme operates competitively, with a two-stage application process of outline proposals followed by detailed applications from short-listed organisations. Short-listed applications for research infrastructure are subject to external peer review. Where appropriate for care projects, the Chairman and Director undertake site visits as part of the assessment process. These were conducted virtually in 2020.
The Trust may be the sole funder of projects, or one of a number of contributors. Its support will be pledged until such time as the viability of the project is assured.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Hospice Fund
The Hospice Fund was introduced in 2018 in response to the large number of funding requests previously received from hospices under the Ann Rylands Small Donations programme. A specific fund was therefore created to support the sector, and in its first two years offered grants of up to £5,000 for core funding, and up to £10,000 for small capital projects.
The pandemic imposed extraordinary pressure on the sector throughout 2020 with many hospices offering stepdown care or other services to support the NHS; whilst lockdown restrictions led to substantial losses in hospices’ fundraising income. These pressures are reflected in the substantial growth in applications to the programme, shown on page 8. In order to support the sector, the Trustees increased the budget for the Hospice Fund from £200K in 2019 to £500K in 2020 and agreed to focus the available funding on awards for core costs. All proposals are assessed on a competitive basis.
The Ann Rylands Small Donations Programme
The programme is named in honour of a former Chairman of the Trust (and daughter of Sir Jules) and awards grants of up to £1,500 to support small charities (which for the purposes of the programme are defined as those with an income below £5m). Charities can apply for grants towards their core costs, which charities often find more difficult to raise, or to support a specific project. The funding criteria are deliberately broad but the Trust prioritises applications from charities which offer practical support for older people, people with disabilities or living with severe illness, or people facing challenges with mental health, social exclusion, homelessness or other difficulties in their lives. Although the level of individual awards is modest, the cumulative support that the Trust provides for smaller charities is significant and feedback from recipients indicates that the programme is valued and continues to meet a need.
The Trust receives many requests each year but experienced a 50% increase in applications during 2020; reflecting both the increasing demands on charities during the pandemic and the impact of Covid-related restrictions on their fundraising income. As with the Hospice Fund, the Trustees increased funding for this programme.
Achievements and Performance
During 2020 the Trustees awarded 472 grants totalling £2,016,480, including future year commitments. This was lower than the £3,494,097 awarded in 2019, which is entirely due to the suspension of the competitions for the Sir Jules Thorn Award and PhD programmes. As noted earlier, shortlisted applications for those programmes were carried forward and the Trust expects to make the awards (budgeted at £1.9m) in 2021. The new Translational Biomedical Award was launched in December 2020 to support research further, and the Trust expects to make an award of up to £1m in 2021.
The number of applications to the Trust’s other grant programmes increased by 53% in 2020 (920 applications against 600 in 2019); reflecting the pressures on hospices and small charities. The number of awards under the Hospice and Ann Rylands programmes increased by 34% (to 467 from 348 in 2019).
A full list of grants can be found on pages 29-41 of this report, and highlights are summarised in the following table.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Grants Summary for 2020 Applications Received Grants Awarded TOTAL Funds Pledged in Year 920 472 £2,016,480 2019: 600 2019: 355 2019: £3,494,097 Rescinded: £101,446 Net Awarded = £1,915,034 . 2019: Net Awarded £3,269,353 The Sir Jules Thorn Award for Biomedical Science This competition for this Award was suspended in 2020 due to the Covid-19 Pandemic 2019: Net Awarded = £1,696,941 2019: Applications Received: 15 Full Applications Invited: 5 Applications Shortlisted: 3 The Sir Jules Thorn PhD Awards This competition for this Award was suspended in 2020 due to the Covid-19 Pandemic £0 awarded in 2020 and £5 rescinded re previous years. Net = £(5) 2019: Applications Invited: 4 Full Applications Received: 4 Applications Made: 4 £224,000 awarded in 2019 and £22,072 rescinded re previous years. Net = 201,928 Medically Related Donations Applications Received Type of Support Applications Shortlisted Research Infrastructure: Research Infrastructure 22 10 (2019: 20) 2 2019: 30 Care Projects: Care Projects 12 ( 2019:108 ) 4 £1,002,000 awarded in 2020 and £100,000 rescinded re previous years. Net = £902,000 2020 : £393,000 for 2 projects supporting medical infrastructure 2020L £160,000 for 1 project supporting the development of innovative care models for people with severe disabilities 2020: £499,000 for 1 project supporting both research and care Special Award – To Support the Response to Covid-19 Age UK – Covid 19 Emergency Appeal - £100,000
2019: £0 Hospice Fund
| Applications Received | Type of Support | Awards Granted |
|---|---|---|
| 172 | Core Costs:172 (2019: 42) | 103 |
| 2019: 66 | Capital Projects: 0(2019: 24) | 2019: 33 |
| £515,000 awarded in 2020 - all for Core Costs | ||
| 2019: £201,311 awarded and £1,457 rescinded repreviousyears. Net = £198,854 | ||
| The Ann Rylands Small Donations Programme | ||
| Applications Received | Type of Support | Awards Granted |
| 726 | Core Costs:671(2019: 226) | 364 |
| 2019: 485 | Capital Projects: 55(2019: 259) | 2019: 315 |
| £399,480 awarded in 2020 and£1,441refunded re previous years.Net = £398,039 | ||
| to small charities across the UK working to support community care and people with disabilities, or address issues | ||
| including education, social exclusion and mental health. | ||
| 2019: £270,630 Awarded |
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Plans for the Future
The Trustees expect that the Trust’s activities and the focus of its grant programmes will continue broadly as outlined above. The pandemic may nevertheless have lasting implications for the universities, NHS organisations and charities that the Trust supports. As noted in their 2019 report, the Trustees were due to review the Trust’s strategy in May 2020. The review was deferred until 2021 to enable the Trustees to assess any lessons learned from responses to the pandemic and to ensure that the grant programmes remain aligned with developments in the research and humanitarian sectors.
In the short-term, the Trust will look to complete the competitions for its major research awards and the PhD programme which were carried forward from 2020. The Trust will continue to support hospices and small charities through its other programmes, and the Trustees have again allocated additional funding to the Hospice and Ann Rylands Small Donations programmes for 2021.
The Trustees consider that the Trust has very adequate funds to meet its current obligations and to finance its planned activities. As noted earlier, a review of the Trust’s investment strategy was completed during 2020 and this provided further assurance regarding the Trust’s long-term sustainability.
Financial Review
The endowment provided by Sir Jules Thorn remains the source of funding for the Trust’s grant-making activities and its day to day operations.
As explained below, the Trust operates a total return approach which enables a prudent amount of investment gains made in previous years to be used to augment distributions. The Trust is therefore not solely reliant on the level of its investment income in determining how much it is able to distribute in any one year.
Income of £972,318 was received during the year from the investment portfolios managed by Cazenove Capital Management and Ruffer. The Trust’s funds managed by Ninety One Asset Management were held in Accumulation Units in their Diversified Growth Fund which does not make income distributions. Total expenditure commitments of £2,815,765, which included net grants of £1,915,034 and Investment Managers’ Costs of £489,073, resulted in a deficit of £1,843,448 which was augmented by net Investment gains of £8,440,877, from all three investment funds, making an overall surplus for the year of £6,597,429 ( 2019 Surplus £9,358,704). This increased total funds held as at 31[st] December 2020 to £128,463,041 ( 2019 £121,865,612). Details of transfers between general and endowment funds are detailed below.
Reserves Policy
Under the terms of the Trust Deed the Endowment Fund is expendable at the Trustees' discretion and provides the resources to finance the Trust's activities, including its administration. It is the Trustees' intention that the Trust's grant-making should continue for the foreseeable future and, as a consequence, the investments in the Fund are managed on a long-term basis, as described below. The Trustees aim to have a sustainable distribution policy which maintains the level of charitable giving provided it is prudent to do so. They have adopted a total return approach designed to ensure that a sustainable level of investment gains is distributed as grants. Investment income is reinvested in the Fund and expenditure is financed by cash withdrawn according to a formula which recognises that some past capital gains can be safely distributed, provided that the ability of the Fund to generate adequate returns into the future is not compromised. The current formula provides for up to 3.5% of the market value of the Fund, averaged over the previous three years, to be withdrawn, subject to the three year average being not less than £113 million; this being the base valuation of the Fund when the formula was agreed in 2008, £90 million, adjusted for subsequent inflation.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
In 2020, the Trustees have authorised an additional transfer from endowment funds to cover the shortfall in unrestricted funds needed to finance the grants awarded in the year. This is presented as a transfer between funds of £1,354,375 in the statement of financial activities.
The Trust does not need to retain unrestricted income funds as reserves although in some years such funds can remain due to the timing of commitments. There were no such balances extant at 31 December 2020.
At the year end the value of the Endowment Fund was £128,463,041 million which the Trustees consider appropriate in the context of the above policy.
Investment Policy
The Trust Deed does not impose any restriction on the Trustees' power to invest. The endowment funds are invested for the long term under the professional guidance of The Trust’s Fund Managers, who operate with discretionary mandates but subject to guidelines defined in the Trustees' Statement of Investment Principles.
The Trust’s investment policy has a target return objective of 3.5% above the Consumer Prices Index (CPI), net of fees, measured over a rolling 3 year period. Investment performance is judged against this objective. In 2020 the Trust’s target return was set at 4.8%. The returns achieved during the year by the three firms of investment managers, on the assets for which they are responsible were: Cazenove 5.4%, Ruffer 14.8% and Ninety One 3.7%. Overall, this was a satisfactory level of performance given the turbulence of global financial markets resulting from the pandemic.
The Fund Managers provide the Trustees with a written valuation and performance report each quarter and meet with the Investments Sub-Committee at least once per annum to review the performance of the funds which they manage and respond to questions from the Sub-Committee on behalf of the Board.
The Trustees undertook a review of the Investment Policy during 2020, which included an external assessment of the Funds’ asset allocations and managers’ performance. Following that review, the Sub-Committee also invited tenders to assess alternative approaches and test performance and value for money. The Trustees approved the Sub-Committee’s recommendations in November 2020, and the agreed changes were fully implemented in February 2021.
The Trustees considered the Trust’s approach to the Environmental, Social and Governance (ESG) aspects of its portfolio holdings as part of their investment review, and the Sub-Committee gave careful consideration to the managers’ approach to ESG during the tender process. The Trustees expect that the investment managers will adopt an active policy on the exercise of voting rights in accordance with the principles of good corporate governance published by the Institutional Shareholders' Committee. ESG considerations are included in the managers’ reports to the Trustees.
The result of the review was that the funds previously held by Cazenove and Ninety One were re-allocated to pooled funds managed by Baillie Gifford, Sarasin and Vanguard in order to increase the proportion of the Trust’s investments held in equities to approximately 70%. This is the minimum level the Trustees consider necessary to achieve the Trust’s investment objective of CPI+3.5% over the long-term. While greater exposure to equities carries some risk of volatility in the short-term, the Trustees consider this to be balanced by the Trust’s other more defensive investments and strong cash balances.
The Trust's cash resources – £7.4 million at the year-end - are invested to ensure that funds are readily available to meet grant payments and other obligations as they fall due. In the current low interest rate environment, the income yield on cash balances is modest but the Trustees regard the present 47% cash cover for all outstanding
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
grant commitments to be appropriate, when coupled with the Trust’s substantial £128.4m of expendable endowment funds.
The Trustees consider that their responsibility for the safety and performance of the Trust's investments is discharged appropriately by the arrangements set out above, when combined with the Trust's own monitoring of portfolio activity, and the annual audit procedures.
Conclusions regarding Going Concern
After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. The Trustees are not aware of any material uncertainties about the charity’s ability to continue and accordingly, they consider it appropriate to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees’ Responsibilities on page 12.
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THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Trustees’ responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial 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 these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently:
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observe the methods and principles in the Charities SORP:
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make judgments and estimates that are reasonable and prudent:
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follow applicable UK Accounting Standards and the Charities SORP, disclosing and explaining any departures in the accounts; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularity.
Auditor
Haysmacintyre LLP has indicated its willingness to be reappointed as statutory auditor for the next financial year.
Approved by the Trustees and signed on their behalf by:
E Charal
Elizabeth Charal, Chairman
Date: 14 June 2021
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THE SIR JULES THORN CHARITABLE TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Independent auditor’s report to the Trustees of The Sir Jules Thorn Charitable Trust
Opinion
We have audited the financial statements of The Sir Jules Thorn Charitable Trust for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of the charity’s net movement in funds for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Trustees’ 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 Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Page | 13
THE SIR JULES THORN CHARITABLE TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the charity; or
-
sufficient accounting records have not been kept; or
-
the charity’s financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees for the financial statements
As explained more fully in the Trustees’ responsibilities statement set out on page 12, 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:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP (2019) and payroll taxes.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls. Audit procedures performed by the engagement team included:
-
Enquiries of management regarding correspondence with regulators and tax authorities:
-
Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud:
-
Reviewing the controls and procedures of the charity, particularly in relation to grant payments, to ensure these were in place throughout the year, including during the Covid-19 remote working period:
-
Evaluating management’s controls designed to prevent and detect irregularities: and
-
Reviewing and testing journal entries made in the year, particularly those made as part of the year end financial reporting process.
Page | 14
THE SIR JULES THORN CHARITABLE TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2020
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 regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's 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.
| Haysmacintyre LLP | 10 Queen Street Place |
|---|---|
| Statutory Auditors | London |
Date 17 June 2021 |
EC4R 1AG |
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page | 15
THE SIR JULES THORN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| Notes | Unrestricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | |||||
| Income from Investments | 2 | 972,318 | - | 972,318 | 1,598,176 |
| ____ | ____ | ____ | _____ | ||
| Total Income and Endowments | 972,318 | - | 972,318 | 1,598,176 | |
| ========== | ========== | ========== | =========== | ||
| EXPENDITURE | |||||
| Expenditure on Raising Funds | |||||
| Investment Management Costs | 7 | - | 489,073 | 489,073 | 509,259 |
| ____ | ____ | ____ | _____ | ||
| Expenditure on Charitable Activities | 3 | ||||
| Grantmaking | |||||
| Medical Research Grants | 104,444 | - | 104,444 | 2,064,442 | |
| Medically Related Grants | 1,135,525 | - | 1,135,525 | 1,022,724 | |
| Hospice Fund | 598,565 | - | 598,565 | 251,517 | |
| Small Donations Scheme | 488,159 | - | 488,159 | 362,399 | |
| ____ | ____ | ____ | _____ | ||
| 2,326,693 | - | 2,326,693 | 3,701,082 | ||
| ____ | ____ | ____ | _____ | ||
| Total Expenditure | 3 | 2,326,693 | 489,073 | 2,815,766 | 4,210,341 |
| ____ | ____ | ____ | _____ | ||
| Net Operating (Deficit) for the Year | (1,354,375) | (489,073) |
(1,843,448) | (2,612,165) |
|
| Net Gains on Investments | - | 8,440,877 | 8,440,877 | 11,970,869 | |
| ____ | _____ | ____ | _____ | ||
| Net Income/(Expenditure) for the Year | (1,354,375) | 7,951,804 |
6,597,429 | 9,358,704 | |
| Transfer Between Funds | 1,354,375 | (1,354,375) | - |
- | |
| ____ | _____ | ____ | _____ | ||
| Net Movement in Funds | - | 6,597,429 | 6,597,429 | 9,358,704 | |
| Reconciliation of Funds | |||||
| Balance brought forward | |||||
| At 1st January 2020 | - | 121,865,612 | 121,865,612 | 112,506,908 | |
| _____ | ____ | ____ | _____ | ||
| Total Funds Carried Forward | |||||
| At 31st December, 2020 | - | 128,463,041 | 128,463,041 | 121,865,612 | |
| =========== | ========== | ========== | =========== |
The notes on pages 18 to 28 form part of these financial statements
Page | 15
THE SIR JULES THORN CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| _______________ | _______________ | _______________ | _______________ | _______________ |
|---|---|---|---|---|
| Notes | 2020 | 2019 | ||
| £ £ |
£ | £ | ||
| FIXED ASSETS | ||||
| Furniture and fittings | 6 | 7,338 | 8,429 | |
| Investments | 7 | 136,873,808 | 131,917,927 | |
| ____ | ____ | |||
| 136,881,146 | 131,926,356 | |||
| CURRENT ASSETS | ||||
| Debtors & Accrued Income | 8 | 107,296 | 162,907 | |
| Cash at bank and in hand | 7,426,534 | 8,938,858 | ||
| ___ | ___ | |||
| 7,533,830 | 9,101,765 | |||
| CREDITORS:amounts falling due | ||||
| within one year | ||||
| Grant commitments | 9 | 5,210,935 | 5,983,885 | |
| Creditors | 10 | 176,016 | 162,073 | |
| ___ | __ | |||
| 5,386,951 | 6,145,958 | |||
| NET CURRENT ASSETS | 2,146,879 | 2,955,807 | ||
| ____ | ____ | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 139,028,025 | 134,882,163 | ||
| CREDITORS:amount falling due | ||||
| after more than one year | ||||
| Grant commitments | 9 | 10,564,984 | 13,016,551 | |
| ____ | ____ | |||
| NET ASSETS | 11 | 128,463,041 | 121,865,612 | |
| ========== | ========== | |||
| THE FUNDS OF THE CHARITY | ||||
| Endowment funds | 128,463,041 | 121,865,612 | ||
| Unrestricted income funds | - | - | ||
| ____ | ____ | |||
| Total Charity Funds | 128,463,041 | 121,865,612 | ||
| ========== | ========== |
The financial statements were approved and authorised for issue by the Trustees and were signed on their behalf by: E Charal
Chairman
Date: 14 June 2021
The notes on pages 18 to 28 form part of these financial statements
Page | 16
THE SIR JULES THORN CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| Notes | 2020 | 2019 | ||
|---|---|---|---|---|
| £ | £ | |||
| Net cash (outflow) from operating activities | (A) | (5,533,685) | (3,930,079) |
|
| Net cash inflow from investing activities | (B) | 4,021,361 | 4,013,853 | |
| _____ | _____ | |||
| (Decrease)/increase in cash in the period | (C) | (1,512,324) | 83,774 |
|
| =========== | =========== | |||
| A) Reconciliation of net incoming resources to | 2020 | 2019 | ||
| net cash outflow from operating activities | £ | £ | ||
| Net income for the year | 6,597,429 | 9,358,704 | ||
| Depreciation | 2,447 | 2,282 | ||
| Loss on the disposal of fixed assets | 184 | 337 | ||
| Management fees paid from endowment funds | 486,391 | 521,510 | ||
| (Gains) on investments | (8,428,661) | (11,970,869) | ||
| Receipt from Class Action re previous investments holdings | (12,124) | - |
||
| Dividends and interest from investments | (1,013,611) | (1,580,016) |
||
| Interest Income | (10,777) | (21,913) |
||
| Decrease in debtors | 55,611 | 10,878 | ||
| (Decrease) in creditors | (3,210,574) | (250,992) |
||
| _____ | _____ | |||
| Net cash (outflow) from operating activities | (5,533,685) | (3,930,079) |
||
| =========== | =========== | |||
| B) Net cash inflow from investing activities | 2020 | 2019 | ||
| £ | £ | |||
| Cash withdrawals from investment portfolio | 4,000,000 | 4,000,000 | ||
| Interest Income | 10,777 | 21,913 | ||
| Receipt from Class Action re previous investments holdings | 12,124 | - | ||
| Purchase of tangible fixed assets | (1,540) | (8,060) |
||
| =========== | =========== | |||
| 4,021,361 | 4,013,853 | |||
| =========== | =========== | |||
| C) Analysis of changes in net cash funds | ||||
| At 1 | At 31 | |||
| January | 2020 | Cashflows | December 2020 | |
| £ | £ | £ | ||
| Cash in hand | 8,938,858 | (1,512,324) | 7,426,534 |
|
| _____ | _____ | _____ | ||
| Total cash and cash equivalents | 8,938,858 | (1,512,324) | 7,426,534 | |
| ----------------- | =========== | =========== |
The notes on pages 18 to 28 form part of these financial statements
Page | 17
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
1. PRINICIPAL ACCOUNTING POLICIES
a) Basis of accounting
The Trust is a registered charity in England and Wales and as such is a Public Benefit entity. Governed by its Trust Deed, dated 18 February 1964.
The Trust’s Charity Commission registration number is 233838 and its registered address is 24, Manchester Square, London, W1U 3TH.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 .
The functional currency of the Trust is considered to be GBP because that is the currency of the primary economic environment in which the charity operates.
After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. The trustees are not aware of any material uncertainties about the charity’s ability to continue and accordingly, they consider it appropriate to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees’ Responsibilities on page 12.
b) Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity’s accounting policies, which are described in this note, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the presentation of the financial statements are as follows:
c) Income from investments
Dividend, interest and other income is accounted for on an accruals basis and is shown gross of any associated tax credits recoverable.
d) Grants and donations payable
Grants and donations are recognised in the Statement of Financial Activities based on the commitments made during the year. Because most projects last for more than one year the total of amounts committed but not yet paid is shown split between current and long-term liabilities.
Page | 18
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
e) Fixed assets and depreciation
Fixed assets over £500 are capitalised. Depreciation is provided on fixed assets, in order to write off the cost of the assets over their expected useful lives estimated residual values, at the following rates:
Office equipment 20% p.a. straight line Fixtures and fittings 20% p.a. straight line
f) Investments
Investments are stated at mid-market value at the year end. The Statement of Financial Activities includes the aggregate of realised and unrealised gains and losses during the year.
g) Basis of allocation of costs
Cost of generating funds
The cost of generating funds represents amounts paid to the Trust's external investment managers.
Support costs
These costs are incurred directly in the delivery of the Trust’s charitable activities. These costs are based on the percentage of time that a resource is used in the application of grants administration and associated activities together with the overhead costs of the charity.
Governance costs
Governance costs comprise costs incurred in Trust administration and compliance with regulatory requirements. Staff costs are calculated as a percentage of time committed.
h) Portfolio management fees
The cost of managing the Trust’s investment portfolio is met from Endowment Funds. Portfolio management fees are recognised on an accruals basis.
i) Pensions
Contributions were made to all employees’ personal pension schemes in accordance with their employment contracts. All such contributions are expensed through the Statement of Financial Activities in the year in which they are due.
j) Funds
Endowment funds represent the investment assets derived from the original gift from Sir Jules Thorn. The endowment is expendable at the discretion of the Trustees.
k) Financial instruments
Financial assets and financial liabilities are recognised when the Trust becomes a party to the contractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the substance of the contractual arrangements entered into.
Financial assets, comprised of cash, other debtors and accrued income, and financial liabilities, comprised of grants payable, other creditors and accruals, are initially measured at transaction price (including transaction costs) and
Page | 19
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
are subsequently re-measured where applicable at amortised cost except for investments which are measured at fair value with gains and losses recognised in the statement of financial activities.
The Trust’s investment managers enter into forward rate currency contracts to manage its exposure to fluctuations in exchange rates within the investment portfolio throughout the year. These contracts are recognised at fair value within the overall valuation of the investment portfolio with gains or losses recognised in the Statement of Financial Activities.
Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
| 2. INCOME FROM INVESTMENTS Listed investments Cash – interest income 3. ANALYSIS OF TOTAL EXPENDITURE Raising Funds Medical Research Grants 2020 £ £ Investment Management Fees 489,073 - Grants Awarded - (-5) Special Award - - Staff Costs - 37,021 Support Costs - 39,815 Depreciation - 658 Governance - 26,955 2020 Activity Total 489,073 ========= 104,444 ========= 2019 Investment Management Fees 509,259 - Grants Awarded - 1,898,869 Staff Costs - 49,007 Support Costs - 76,306 Depreciation - 913 Governance - 39,347 2018 Activity Total 509,259 ========= 2,064,442 ========= |
Medically- Related Grants £ - 902,000 100,000 46,570 42,774 1,053 43,128 1,135,525 ========= - 900,000 27,923 54,541 913 39,347 1,022,724 ========= |
Hospice Fund £ - 515,000 - 39,766 21,709 526 21,564 598,565 ========= - 199,854 25,316 16,283 228 9,836 251,517 ========= |
2020 £ 961,541 10,777 972,318 ========= Ann Rylands Small Donations £ - 398,039 - 57,316 16,236 395 16,173 488,159 ========= - 270,630 60,123 21,582 228 9,836 362,399 ========= |
2019 £ 1,576,263 21,913 1,598,176 ========= Total Expenditure £ 489,073 1,915,034 180,673 120,534 2,632 107,820 2,815,766 ========= 509,259 3,269,353 162,369 168,712 2,282 98,366 4,210,341 ========= |
|---|---|---|---|---|
Full details of grants awarded in the year are on pages 29 to 41 of this report
Page | 20
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| SUPPORT COSTS | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Staff Costs | 180,673 | 162,369 |
| Rent, rates and service charges | 57,972 | 58,114 |
| Other | 65,194 | 112,880 |
| ___ | ___ | |
| 303,839 | 333,363 | |
| ___ | ___ | |
| Governance costs | ||
| Staff costs | 79,330 | 78,990 |
| Consultancy Fees | 11,400 | - |
| Audit fee | 16,998 | 17,500 |
| Legal fees | 92 | 1,876 |
| ___ | ___ | |
| 107,820 | 98,366 | |
| ___ | ___ | |
| Total Support and Governance costs | 411,659 | 431,729 |
| ========= | ========= |
In 2020 Support Costs have been reapportioned between the Grant categories, to take into account the reduced amount of Medical Research Grants awarded during the year. Whilst no new grants were awarded in 2020, work has been conducted during the year regarding the ongoing management of previous awards.
| 4. STAFF COSTS | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Salaries | 216,858 | 212,012 |
| Employer’s National Insurance | 20,103 | 23,027 |
| Pension and Death in Service Contributions | 16,631 | 9,320 |
| ___ | ___ | |
| 253,592 | 241,359 | |
| ========= | ========= |
The number of employees whose emoluments are above £60,000 during the year was: -
| No | No | |
|---|---|---|
| £90,000 - £100,000 | 1 | 1 |
| ========= | ========= | |
| The average weekly number of persons employed by the Charity during | ||
| the year was: - | No | No |
| Administration and Governance | 4 | 4 |
| ========= | ========= |
The total amount of employee benefits received by key management in the year ended 31[st] December 2020 was £118,024 ( 2019 - £123,974 ) including Employer’s National Insurance Contributions.
| TRUSTEES | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Total emoluments | Nil | Nil |
| ___ | ___ | |
| Total reimbursement of expenses | NIL | 433 |
| ========= | ========= |
No Trustee received travel and meeting expenses in the year. ( 2019 – 1 Trustee - £433 ).
Page | 21
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
5. RELATED PARTIES
There are no related party transactions or balances which require disclosure within the financial statements during 2020 ( 2019: NIL).
6. TANGIBLE FIXED ASSETS
| 6. TANGIBLE FIXED ASSETS | |
|---|---|
| Fittings and | |
| Equipment | |
| £ | |
| Cost at 1 January 2020 | 48,923 |
| Additions | 1,540 |
| Disposals | (10,590) |
| ___ | |
| At 31 December 2020 | 39,873 |
| ___ | |
| Depreciation | |
| At 1 January 2020 | 40,494 |
| Charge for the year | 2,447 |
| Disposals | (10,406) |
| ___ | |
| At 31 December 2020 | 32,535 |
| ___ | |
| Net book value | |
| At 31 December 2020 | 7,338 |
| ========= | |
| At 31 December 2019 | 8,429 |
| ========= |
Page | 22
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 7. INVESTMENTS | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Market value at 1 January 2020 | 131,917,927 | 122,888,552 |
| Investment income received | 1,013,611 | 1,580,016 |
| Cash fund withdrawals | (4,000,000) | (4,000,000) |
| _____ | _____ | |
| Net movement in investment cash balances | 128,931,538 | 120,468,568 |
| Net gains on investments | 8,428,661 | 11,970,869 |
| Management fees paid | (486,391) | (521,510) |
| _____ | _____ | |
| Market value at 31 December 2020 | 136,873,808 | 131,917,927 |
| =========== | =========== | |
| Cost at 31 December 2020 | 120,414,250 | 119,599,535 |
| =========== | =========== | |
| Investments at year end were made up as follows: | 2020 | 2019 |
| £ | £ | |
| UK equities | 11,994,034 | 14,745,163 |
| UK fixed interest securities | 3,855,661 | 9,156,821 |
| UK property | - | 139,940 |
| Overseas equities | 37,055,495 | 30,886,468 |
| Overseas fixed interest securities | 635,869 | 10,371,541 |
| Managed funds | 51,468,520 | 45,296,506 |
| Forward foreign exchange | 67,489 | 22,518 |
| Other | 19,753,661 | 16,835,028 |
| Cash | 12,043,078 | 4,463,942 |
| _____ | _____ | |
| Total | 136,873,808 | 131,917,927 |
| =========== | =========== |
Explanatory Notes re Ninety One Diversified Growth Fund
The assets managed by Ninety One were held in their Diversified Growth Fund (DGF) as accumulation units which do not make income distributions.
Portfolio Management Fees
| Portfolio Management Fees | ||
|---|---|---|
| Investment management fees incurred in the year were: | 2020 | 2019 |
| £ | £ | |
| Cazenove | 206,879 | 275,431 |
| Ruffer | 282,194 | 233,828 |
| _____ | _____ | |
| Net charge to SOFA | 489,073 | 509,259 |
| =========== | =========== |
Fees Arrangement with Ninety One
Included in the costs of units held within this fund is an embedded fee of 0.75%. No other management charges are levied.
Page | 23
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
Forward contracts
The Trust is committed to purchasing a total of USD £517,122 (2019: USD £NIL), EUR £925,019 ( 2019: EUR £NIL), JPY £2,844,184 ( 2019: JPY £NIL ) under forward rate contracts at 31 December 2020.
The Trust is also committed to selling a total of USD £NIL ( 2019: USD £ 4,776,706), EUR £0 ( 2019: EUR £ NIL), JPY £NIL ( 2019: JPY £ 4,238,121), under forward rate contracts at 31 December 2020.
All contracts mature on 14.1.21 ( 2019: 19.1.20) and are included within the investment portfolio at a market value of £67,488 (profit) at 31 December 2020 ( 2019: £22,518 - profit).
| 8. DEBTORS | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Accrued income | 88,015 | 139,994 |
| Prepayments | 19,281 | 22,913 |
| ___ | __ | |
| 107,296 | 162,907 | |
| ========= | ======== | |
| 9. GRANT COMMITMENTS | 2020 | 2019 |
| £ | £ | |
| Forward commitments at 1 January 2020 | 19,000,436 | 19,239,038 |
| Commitments made during the year | 2,016,480 | 3,494,097 |
| Adjustments re Grants made in Previous Years | (101,446) | (224,744) |
| Amounts paid during the year | (5,139,552) | (3,507,955) |
| _____ | _____ | |
| Forward commitments at 31 December 2020 | 15,775,918 | 19,000,436 |
| =========== | =========== | |
| Forward commitments at 31 December 2020 in respect of | ||
| ongoing projects were as follows: | ||
| 50thAnniversary Award | 5,800,000 | 8,800,000 |
| Medical Research Grants | 7,519,069 | 8,029,126 |
| Medically Related Grants | 2,413,294 | 2,095,000 |
| Hospice Fund | 43,555 | 76,310 |
| Ann Rylands Small Donations Scheme | - | - |
| _____ | _____ | |
| 15,775,918 | 19,000,436 | |
| =========== | =========== | |
| Split as follows: | ||
| Amounts due within one year | 5,210,935 | 5,983,885 |
| Amounts due after one year | 10,564,983 | 13,016,551 |
| _____ | _____ | |
| 15,775,918 | 19,000,436 | |
| =========== | =========== |
Page | 24
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 10. CREDITORS | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Accruals | 33,496 | 23,702 |
| Taxation – PAYE/NIC | 11,078 | 9,610 |
| Portfolio management fees | 131,442 | 128,761 |
| _____ | _____ | |
| 176,016 | 162,073 | |
| =========== | =========== |
Page | 25
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
ANALYSIS OF NET ASSETS BETWEEN FUNDS
11a. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments £ Tangible Fixed Assets £ Unrestricted funds - - Endowment funds 136,873,808 7,338 Total funds 136,873,808 7,338 NALYSIS OF NET ASSETS BETWEEN FUNDS 2019 Investments £ Tangible Fixed Assets £ Unrestricted funds - - Endowment funds 131,917,927 8,429 Total funds 131,917,927 8,429 1b. RECONCILIATION OF FUNDS Funds b/fwd at 1.1.20 £ Incoming Resources £ Resource Expensed £ Transfers £ Endowment funds 121,865,612 - (489,073) (1,354,375) Unrestricted funds - 972,318 (2,326,693) 1,354,375 Total Funds 121,865,611 972,318 2,815,765 - ECONCILIATION OF FUNDS 2019 Funds b/fwd at 1 January 2019 £ Incoming Resources £ Resource Expensed £ Transfers £ Endowment funds 112,506,908 - (509,259) (2,102,906) Unrestricted funds - 1,598,176 (3,701,082) 2,102,906 Total Funds 112,506,908 1,598,176 (4,210,941) 0 |
Tangible Fixed Assets £ - 7,338 7,338 Tangible Fixed Assets £ - 8,429 |
Tangible Fixed Assets £ - 7,338 7,338 Tangible Fixed Assets £ - 8,429 |
Tangible Fixed Assets £ - 7,338 7,338 Tangible Fixed Assets £ - 8,429 |
Other Net Liabilities £ - (8,418,105) (8,418,105) Other Net Liabilities £ - (10,060,744) (10,060,744) Gains and Losses £ 8,440,877 - 8,440,877 Gains and Losses £ 11,970,869 - 11,970,869 |
Total Funds £ - 128,463,041 128,463,041 Total Funds £ - 121,865,612 121,865,612 Funds c/fwd at 31.12.20 £ 128,463,041 - 128,463,041 Funds c/fwd at 31 December 2019 £ 121,865,612 - 121,865,612 |
||||
|---|---|---|---|---|---|---|---|---|---|
| 8,429 | |||||||||
| - | |||||||||
ANALYSIS OF NET ASSETS BETWEEN FUNDS 2019
11b. RECONCILIATION OF FUNDS
RECONCILIATION OF FUNDS 2019
The Endowment funds represent the investment assets derived from the original gift from Sir Jules Thorn. The endowment is expendable at the discretion of the Trustees. The Trustees have authorised an additional transfer from the endowment to unrestricted funds in order to finance grants awarded in the year.
Page | 26
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
12. OPERATING LEASE COMMITMENTS
Total future minimum lease payments due under non-cancellable operating lease at the end of year are as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Land & Buildings | ||
| Due not later than one year | 47,000 | 47,000 |
| Due not later than one year but not later than five years | 58,750 | 105,750 |
| Due later than five years | - | - |
| _____ | _____ | |
| Total future minimum lease payments | 105,750 | 152,750 |
| =========== | =========== |
Lease payments recognised as an expense in the year totalled £47,000 (2020: £47,000)
13. POST BALANCE SHEET EVENTS
In February 2021 the Trustees changed some of the Investment Managers. The funds with Cazenove and Ninety One were liquidated and transferred to Baillie Gifford & Co, Sarasin & Partners and Vanguard. This decision was made following an Investments strategy review conducted in 2020 and will result in a change in market exposure, including cash allocations, which should not have any detrimental effect on the charity.
Page | 27
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Notes | Unrestricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2019 | 2019 | 2019 | 2018 | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | |||||
| Income from Investments | 2 | 1,598,176 | - | 1,598,176 | 1,487,166 |
| ____ | ____ | ____ | _____ | ||
| Total Income and Endowments | 1,598,176 | - | 1,598,176 | 1,487,166 | |
| ========== | ========== | ========== | =========== | ||
| EXPENDITURE | |||||
| Expenditure on Raising Funds | |||||
| Investment Management Costs | - | 509,259 | 509,259 | 572,291 | |
| ____ | ____ | ____ | _____ | ||
| Expenditure on Charitable Activities | 3 | ||||
| Grantmaking | |||||
| Medical Research Grants | 2,064,442 | - | 2,064,442 | 1,796,297 | |
| Medically Related Grants | 1,022,724 | - | 1,022,724 | 1,065,713 | |
| Hospice Fund | 251,517 | - | 251,517 | 243,884 | |
| Small Donations Scheme | 362,399 | - | 362,399 | 414,204 | |
| ____ | ____ | ____ | _____ | ||
| 3,701,082 | - | 3,701,082 | 3,520,098 | ||
| ____ | ____ | ____ | _____ | ||
| Total Expenditure | 3 | 3,701,082 | 509,259 | 4,210,341 | 4,092,389 |
| ____ | ____ | ____ | _____ | ||
| Net Operating (Deficit) for the Year | (2,102,906) | (509,259) |
(2,612,165) | (2,605,223) |
|
| Net Gains on Investments | - | 11,970,869 | 11,970,869 | (9,204,090) | |
| ____ | _____ | ____ | _____ | ||
| Net Income/(Expenditure) for the Year | (2,102,906) | 11,461,610 | 9,358,704 | (11,809,313) | |
| Transfer Between Funds | 2,102,906 | (2,102,906) | - |
- | |
| ____ | _____ | ____ | _____ | ||
| Net Movement in Funds | - | 9,358,704 | 9,358,704 | (11,809,313) | |
| Reconciliation of Funds | |||||
| Balance brought forward | |||||
| At 1st January 2019 | - | 112,506,908 | 112,506,908 | 124,316,221 | |
| _____ | ____ | ____ | _____ | ||
| Total Funds Carried Forward | |||||
| At 31st December, 2019 | - | 121,865,612 | 121,865,612 | 112,506,908 | |
| =========== | ========== | ========== | =========== |
Page | 28
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
SCHEDULE A – MEDICAL RESEARCH GRANTS
a. THE SIR JULES THORN AWARD FOR MEDICAL RESEARCH
Due to the Covid 19 pandemic the competition for this award was suspended in 2020 £
| ADJUSTMENTS TO COMMITMENTS MADE IN PRIOR YEARS | ADJUSTMENTS TO COMMITMENTS MADE IN PRIOR YEARS | 0 |
|---|---|---|
| ___ | ||
| Total JTA Awards | 0 | |
| ========= | ||
| b. PhD SCHOLARSHIPS |
||
| Due to the Covid 19 pandemic the competition for this award was suspended in 2020 | ||
| £ | ||
| ADJUSTMENTS TO COMMITMENTS MADE IN PRIOR YEARS | (5) | |
| ___ | ||
| Total PhDs Awarded | (5) | |
| ========= | ||
| ___ | ||
| TOTAL MEDICAL RESEARCH AWARDS | £ (5) | |
| ========= | ||
| SCHEDULE B – MEDICALLY RELATED DONATIONS | £ | |
| 1. Guy’s and St Thomas’ Charity | 123,000 | |
| Hyperthermia machines for research and treatment of cancer | ||
| 2. The Children’s Trust | 160,000 | |
| Development of a new interdisciplinary care model for children with neuro-disability | ||
| 3. The University Court of the University of Aberdeen | 270,000 | |
| Power supply unit for new Fast Field Cyclinge MRI Scanner | ||
| 4. The University of Strathclyde | 449,000 | |
| The Sir Jules Thorn Rehabilitation | Technology Co-creation Centre | |
| ____ | ||
| TOTAL | 1,002,000 | |
| ADJUSTMENTS TO COMMITMENTS MADE IN PRIOR YEARS | (100,000) | |
| ____ | ||
| TOTAL | £ 902,000 | |
| ========== | ||
| SPECIAL AWARD | £ | |
| To assist in the response to the Covid | 19 pandemic | |
| Age UK– Covid 19 Emergency Appeal | £100,000 | |
| ========== |
Page | 29
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
SCHEDULE C – HOSPICE FUND
In order to support the Hospice Sector during the pandemic, the Trustees made the decision to fund two tranches of the Hospice programme in 2020. Firstly, in May 2020 when £310,000 was awarded towards core costs and then again in November 2020 when £205,000 was awarded, again for core costs.
| NUMBER | £ | |
|---|---|---|
| 1 | Acorns Children's Hospice Trust | 5,000 |
| 2 | Arthur Rank Hospice Charity | 5,000 |
| 3 | Ashgate Hospicecare | 5,000 |
| 4 | Beaumond House Hospice | 5,000 |
| 5 | Bury Hospice | 5,000 |
| 6 | Claire House Children's Hospice | 5,000 |
| 7 | Cope Children's Trust (Rainbows Hospice for Children & Young | 5,000 |
| People) | ||
| 8 | Corby and District Cancer Care | 5,000 |
| 9 | Derwentside Hospice Care Foundation | 5,000 |
| 10 | Dorothy House Hospice Care | 5,000 |
| 11 | Douglas Macmillan Hospice | 5,000 |
| 12 | Dove House Hospice | 5,000 |
| 13 | Earl Mountbatten Hospice | 5,000 |
| 14 | East Anglia's Children's Hospices (EACH) | 5,000 |
| 15 | East Cheshire Hospice | 5,000 |
| 16 | Eden Valley Hospice | 5,000 |
| 17 | Ellenor | 5,000 |
| 18 | Farleigh Hospice | 5,000 |
| 19 | Forget Me Not Children's Hospice | 5,000 |
| 20 | Greenwich & Bexley Community Hospice | 5,000 |
| 21 | Halton Haven Hospice | 5,000 |
| 22 | Haven House Foundation | 5,000 |
| 23 | Havens Hospices | 5,000 |
| 24 | Helen & Douglas House | 5,000 |
| 25 | Hope House Children's Hospices | 5,000 |
| 26 | Hospice of the Good Shepherd | 5,000 |
| 27 | Hospice at Home West Cumbria | 5,000 |
| 28 | Hospice of St Francis (Berkhamsted) Ltd | 5,000 |
| 29 | Hospice of St Mary of Furness | 5,000 |
| 30 | Hospice of the Valleys | 5,000 |
| 31 | Hospiscare | 5,000 |
| 32 | Isabel Hospice | 5,000 |
| 33 | Julia's House | 5,000 |
| 34 | Katharine House Hospice Stafford | 5,000 |
| 35 | Keech Hospice Care | 5,000 |
| 36 | KEMP House Trust Ltd | 5,000 |
| 37 | Kilbryde Hospice | 5,000 |
Page | 30
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 38 | Lindsey Lodge Hospice | 5,000 |
|---|---|---|
| 39 | Longfield Hospice Care | 5,000 |
| 40 | Michael Sobell Hospice Charity | 5,000 |
| 41 | Noah's Ark Children's Hospice | 5,000 |
| 42 | North Devon Hospice | 5,000 |
| 43 | North Yorkshire Hospice Care | 5,000 |
| 44 | Oakhaven Hospice Trust | 5,000 |
| 45 | Overgate Hospice | 5,000 |
| 46 | Paul Sartori Foundation Limited | 5,000 |
| 47 | Peace Hospice Care | 5,000 |
| 48 | Prince & Princess of Wales Hospice | 5,000 |
| 49 | Rennie Grove Hospice Care | 5,000 |
| 50 | Richard House Trust | 5,000 |
| 51 | Rowcroft Hospice | 5,000 |
| 52 | Royal Trinity Hospice | 5,000 |
| 53 | Saint Catherine's Hospice | 5,000 |
| 54 | Saint Francis Hospice | 5,000 |
| 55 | Shooting Star Children's Hospices | 5,000 |
| 56 | St Andrew's Hospice | 5,000 |
| 57 | St Andrew's Hospice (Lanarkshire) | 5,000 |
| 58 | St Ann's Hospice | 5,000 |
| 59 | St Catherine's Hospice | 5,000 |
| 60 | St Catherine's Hospice (Lancashire) | 5,000 |
| 61 | St Clare West Essex Hospice Care Trust | 5,000 |
| 62 | St David's Hospice (Llandudno) | 5,000 |
| 63 | St David's Hospice Care (Gwent) | 5,000 |
| 64 | St Elizabeth Hospice | 5,000 |
| 65 | St Gemma's Hospice | 5,000 |
| 66 | St Giles Hospice | 5,000 |
| 67 | St Helena Hospice | 5,000 |
| 68 | St Josephs Hospice (Liverpool) | 5,000 |
| 69 | St Luke's Hospice (Sheffield) | 5,000 |
| 70 | St Luke's Hospice (Harrow and Brent) | 5,000 |
| 71 | St Lukes Hospice Plymouth | 5,000 |
| 72 | St Margaret’s Somerset Hospice | 5,000 |
| 73 | St Oswald's Hospice | 5,000 |
| 74 | St Richard's Hospice Foundation | 5,000 |
| 75 | St Wilfrid's Hospice (Eastbourne) | 5,000 |
| 76 | St Wilfrid's Hospice (South Coast) | 5,000 |
| 77 | St. Luke's Hospice (Basildon and District) Limited | 5,000 |
| 79 | St. Vincent's Hospice Limited | 5,000 |
| 80 | Strathcarron Hospice | 5,000 |
| 81 | Sue Ryder Leckhampton Court Hospice | 5,000 |
| 82 | Thames Hospice | 5,000 |
| 83 | The Five Towns Plus Hospice Fund Limited | 5,000 |
| 84 | The Hartlepool Hospice Limited T/A Alice House Hospice | 5,000 |
| 85 | The Jessie May Trust | 5,000 |
| 86 | The Martlets Hospice Limited | 5,000 |
Page | 31
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020 |
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020 |
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020 |
|---|---|---|
| _______________ | ||
| 87 | The Mary Stevens Hospice | 5,000 |
| 88 | The Myton Hospices | 5,000 |
| 89 | The Norfolk Hospice | 5,000 |
| 90 | The North Northumberland Hospice Ltd | 5,000 |
| 91 | The Nottinghamshire Hospice Limited | 5,000 |
| 92 | The Rowans Hospice | 5,000 |
| 93 | The Shakespeare Hospice | 5,000 |
| 94 | Treetops Hospice Trust | 5,000 |
| 95 | Tynedale Hospice at Home | 5,000 |
| 96 | Wakefield Hospice | 5,000 |
| 97 | Weldmar Hospicecare Trust | 5,000 |
| 98 | Weston Hospicecare | 5,000 |
| 99 | Wigan and Leigh Hospice | 5,000 |
| 100 | Willowbrook Hospice | 5,000 |
| 101 | Woking and Sam Beare Hospice | 5,000 |
| 102 | Woodlands Hospice | 5,000 |
| 103 | Zoe's Place Trust | 5,000 |
| __ | ||
| TOTAL | £515,000 | |
| ======== |
Page | 32
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
SCHEDULE D – THE ANN RYLANDS SMALL DONATIONS GRANT PROGRAMME
| Award Amount | Number | Total |
|---|---|---|
| £ | ||
| £1,500 | 34 | 51,000 |
| £1,400 | 1 | 1,400 |
| £1,330 | 1 | 1,330 |
| £1,300 | 1 | 1,300 |
| £1,250 | 92 | 115,000 |
| £1,200 | 1 | 1,200 |
| £1,000 | 211 | 211,000 |
| £750 | 23 | 17,250 |
| _ | ||
| TOTAL AWARDED IN YEAR | £399,480 | |
| ADJUSTMENTS MADE TO COMMITMENTS MADE IN PRIOR YEARS | (1,441) | |
| __ | ||
| TOTAL AFTER ADJUSTMENTS | £398,039 | |
| ======== |
Page | 33
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
SCHEDULE D – THE ANN RYLANDS SMALL DONATIONS GRANT PROGRAMME (Detailed)
| NUMBER | £ | |
|---|---|---|
| 1 | Age UK Blackburn with Darwen | 1,500 |
| 2 | Alive Activities Ltd | 1,500 |
| 3 | Back On Track | 1,500 |
| 4 | Compaid | 1,500 |
| 5 | DEMAND DESIGN & MANUFACTURE FOR DISABILITY | 1,500 |
| 6 | Different Strokes (Trustees) Limited | 1,500 |
| 7 | Eating Matters | 1,500 |
| 8 | ERIC (Education and Resources for Improving Childhood Continence) | 1,500 |
| 9 | Golden-Oldies Charity | 1,500 |
| 10 | Horatio's Garden | 1,500 |
| 11 | Maggs Day Centre | 1,500 |
| 12 | Marches Family Network | 1,500 |
| 13 | Mentoring Plus | 1,500 |
| 14 | Missing People | 1,500 |
| 15 | Mobility Trust | 1,500 |
| 16 | My Life My Choice | 1,500 |
| 17 | Oakleaf Enterprise | 1,500 |
| 18 | Parity for Disability | 1,500 |
| 19 | Penny Brohn Cancer Care | 1,500 |
| 20 | Prisoners Abroad | 1,500 |
| 21 | Scottish Huntington's Association | 1,500 |
| 22 | Scottish Spina Bifida Association | 1,500 |
| 23 | Spadework | 1,500 |
| 24 | St Vincent's and St George's Association | 1,500 |
| 25 | Sussex Association for Spina Bifida & Hydrocephalus | 1,500 |
| 26 | The Ambulance Staff Charity | 1,500 |
| 27 | The Back Up Trust | 1,500 |
| 28 | The Rossendale Trust | 1,500 |
| 29 | The Thomley Hall Centre Limited | 1,500 |
| 30 | The Wingate Special Children's Trust | 1,500 |
| 31 | Together for Short Lives | 1,500 |
| 32 | Unseen UK | 1,500 |
| 33 | Winston's Wish | 1,500 |
| 34 | Youth Federation for Cheshire, Halton, Warrington and Wirral | 1,500 |
| 35 | Carousel Project | 1,400 |
| 36 | Asthma Relief | 1,330 |
| 37 | Climbing Out | 1,300 |
| 38 | 700 Club | 1,250 |
| 39 | Abbeyfield (Reading) Society Limited | 1,250 |
| 40 | Afasic | 1,250 |
| 41 | Age Concern Colchester and North East Essex | 1,250 |
| 42 | Age Concern Enfield | 1,250 |
| 43 | Age Concern North Norfolk | 1,250 |
| 44 | Age Exchange | 1,250 |
Page | 34
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 45 | Age UK Bath & North East Somerset | 1,250 |
|---|---|---|
| 46 | Age UK Oxfordshire | 1,250 |
| 47 | Age UK Sutton | 1,250 |
| 48 | Aspire (Association for Spinal Injury Research, Rehabilitation and Re | 1,250 |
| 49 | Autism Bedfordshire | 1,250 |
| 50 | Bedford Guild House | 1,250 |
| 51 | Bipolar UK | 1,250 |
| 52 | Birmingham Centre for Arts Therapies | 1,250 |
| 53 | Birmingham Settlement | 1,250 |
| 54 | Bolton Lads and Girls Club | 1,250 |
| 55 | Bowel Cancer UK | 1,250 |
| 56 | Brain Tumour Support | 1,250 |
| 57 | Breaking Barriers | 1,250 |
| 58 | Bridewell Organic Gardens | 1,250 |
| 59 | Bromley Mencap | 1,250 |
| 60 | Cardboard Citizens | 1,250 |
| 61 | Care Network Cambridgeshire | 1,250 |
| 62 | Caxton Youth Organisation | 1,250 |
| 63 | Chain Reaction | 1,250 |
| 64 | Chapter (West Cheshire) Ltd | 1,250 |
| 65 | Child Bereavement UK | 1,250 |
| 66 | Children with Cystic Fibrosis Dream Holidays | 1,250 |
| 67 | Chris Westwood Charity for Children with Physical Disabilities | 1,250 |
| 68 | Chrysalis at Tynedale CIO | 1,250 |
| 69 | Colchester Gateway Clubs | 1,250 |
| 70 | Cotswold Friends | 1,250 |
| 71 | Cotswold Riding for the Disabled | 1,250 |
| 72 | Daybreak Oxford | 1,250 |
| 73 | Dingley Family & Specialist Eary Years Centres | 1,250 |
| 74 | Dorset Mind | 1,250 |
| 75 | Emmaus North Staffs | 1,250 |
| 76 | Families United Network | 1,250 |
| 77 | Footprints Project Ltd | 1,250 |
| 78 | Ford, Pallion & Millfield Community Development Project | 1,250 |
| 79 | Friends for Leisure | 1,250 |
| 80 | Grace House North East | 1,250 |
| 81 | Greatwood Charity | 1,250 |
| 82 | Happy Days Children's Charity | 1,250 |
| 83 | Home-Start Banbury, Bicester & Chipping Norton | 1,250 |
| 84 | Involve Kent | 1,250 |
| 85 | Islington Boat Club (IBC) | 1,250 |
| 86 | JIGSAW (BURY) | 1,250 |
| 87 | Jo's Cervical Cancer Trust | 1,250 |
| 88 | Keynsham and District Mencap Society | 1,250 |
| 89 | Kids Out UK | 1,250 |
| 90 | Life Education Wessex | 1,250 |
| 91 | Listening Books | 1,250 |
| 92 | Living Options Devon | 1,250 |
Page | 35
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 93 | Lucy Air Ambulance for Children | 1,250 |
|---|---|---|
| 94 | Momentum Children's Charity | 1,250 |
| 95 | Mustard Tree | 1,250 |
| 96 | Norfolk Carers Support | 1,250 |
| 97 | Open Door, Young People's Consultation Service | 1,250 |
| 98 | PACSO | 1,250 |
| 99 | Paul's Cancer Support Centre | 1,250 |
| 100 | PBC Foundation | 1,250 |
| 101 | Phab Limited | 1,250 |
| 102 | Playskill | 1,250 |
| 103 | PLUS (Forth Valley) Limited | 1,250 |
| 104 | Resources for Autism | 1,250 |
| 105 | Richmond AID | 1,250 |
| 106 | Sands (Stillbirth and Neonatal Death Society) | 1,250 |
| 107 | Scotts Project Trust | 1,250 |
| 108 | SERVE | 1,250 |
| 109 | Space | 1,250 |
| 110 | Springboard Opportunity Group | 1,250 |
| 111 | St Michael's Fellowship | 1,250 |
| 112 | Stick 'n' Step | 1,250 |
| 113 | Surrey Association for Visual Impairment | 1,250 |
| 114 | Surrey Drug and Alcohol Care Ltd | 1,250 |
| 115 | TALK Surrey CIO | 1,250 |
| 116 | The Honeypot Children's Charity | 1,250 |
| 117 | The Jigsaw Trust | 1,250 |
| 118 | The Lullaby Trust | 1,250 |
| 119 | The Moira Anderson Foundation | 1,250 |
| 120 | The Peter Pan Centre for Children with Special Needs | 1,250 |
| 121 | The Sequal Trust | 1,250 |
| 122 | The Yard | 1,250 |
| 123 | Time Out Group (North West) | 1,250 |
| 124 | TRACKS autism | 1,250 |
| 125 | Unlock | 1,250 |
| 126 | We Are Beams | 1,250 |
| 127 | Wintercomfort for the homeless | 1,250 |
| 128 | Woman's Trust | 1,250 |
| 129 | Youth Concern | 1,250 |
| 130 | Great Western Air Ambulance Charity | 1,200 |
| 131 | 4Sight Vision Support | 1,000 |
| 132 | Accessible Transport West Somerset Ltd. | 1,000 |
| 133 | ADD-NI Children's Charity | 1,000 |
| 134 | Age Concern Mole Valley | 1,000 |
| 135 | Age Concern Southend-on-Sea CIO | 1,000 |
| 136 | Age Concern Tyneside South | 1,000 |
| 137 | Age Connects Cardiff and Vale | 1,000 |
| 138 | Age UK Horsham District | 1,000 |
Page | 36
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 139 | Age UK Lancashire | 1,000 |
|---|---|---|
| 140 | Age UK Mid Devon | 1,000 |
| 141 | Age UK Solihull | 1,000 |
| 142 | Alex, The Leukodystrophy Charity | 1,000 |
| 143 | Allsorts Gloucestershire | 1,000 |
| 144 | Alternative to Violence Project, Britain | 1,000 |
| 145 | Anaphylaxis Campaign | 1,000 |
| 146 | Animal Antiks | 1,000 |
| 147 | Ashford Borough Citizens Advice | 1,000 |
| 148 | Asperger's Children & Carers Together | 1,000 |
| 149 | Autism NI | 1,000 |
| 150 | Autistic Society Greater Manchester Area | 1,000 |
| 151 | Berkshire Autistic Society (working name Autism Berkshire) | 1,000 |
| 152 | Berkshire Multiple Sclerosis Therapy Centre Ltd | 1,000 |
| 153 | Beth Johnson Foundation | 1,000 |
| 154 | Bishop Creighton House | 1,000 |
| 155 | Bone Cancer Research Trust | 1,000 |
| 156 | Booth Centre | 1,000 |
| 157 | Brainstrust | 1,000 |
| 158 | Braintree Area Foodbank Limited | 1,000 |
| 159 | Brighter Opportunities for Special People (BOSP) | 1,000 |
| 160 | British Tinnitus Association | 1,000 |
| 161 | Broomhouse Centre (trading as Space and Broomhouse Hub) | 1,000 |
| 162 | Cairns Counselling | 1,000 |
| 163 | Calderdale Smartmove Ltd | 1,000 |
| 164 | Cancer Support Scotland (Tak Tent) | 1,000 |
| 165 | Canterbury and Herne Bay Volunteer Centre | 1,000 |
| 166 | Care and Repair Edinburgh | 1,000 |
| 167 | Carers Forum Stirling Area t/a Stirling Carers Centre | 1,000 |
| 168 | Castle Point Social Car Scheme Ltd | 1,000 |
| 169 | Cheshire Autism Practical Support Ltd (ChAPS) | 1,000 |
| 170 | Chess Homeless | 1,000 |
| 171 | City Gate Community Projects | 1,000 |
| 172 | Cleanslate | 1,000 |
| 173 | Clear Sky Children's Charity | 1,000 |
| 174 | Cleveland Housing Advice Centre | 1,000 |
| 175 | Colostomy Association Ltd | 1,000 |
| 176 | Connex Community Support | 1,000 |
| 177 | Connors Toy Libraries | 1,000 |
| 178 | Cosmetic Toiletry & Perfumery Foundation | 1,000 |
| 179 | Create (Arts) Limited | 1,000 |
| 180 | Create Aberdeen | 1,000 |
| 181 | Crossroads Braintree & Chelmsford | 1,000 |
| 182 | Crossroads Care NI | 1,000 |
| 183 | Dame Vera Lynn Children's Charity | 1,000 |
| 184 | Deafway | 1,000 |
| 185 | Dementia Adventure | 1,000 |
| 186 | Dentaid | 1,000 |
Page | 37
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 187 | Devon Link Up | 1,000 |
|---|---|---|
| 188 | Disability Snowsport UK | 1,000 |
| 189 | Disability Sports Coach | 1,000 |
| 190 | Disablement Association Hillingdon | 1,000 |
| 191 | Domestic Abuse Volunteer Support Services | 1,000 |
| 192 | Donnington Partnership CIO | 1,000 |
| 193 | Dorset Blind Association | 1,000 |
| 194 | Durham Area Disability Leisure Group | 1,000 |
| 195 | Dyslexia North East | 1,000 |
| 196 | Dyspraxia Foundation | 1,000 |
| 197 | East Surrey Domestic Abuse Services | 1,000 |
| 198 | East Sussex Association of Blind and Partially Sighted People | 1,000 |
| 199 | Ebor Vale Riding for the Disabled | 1,000 |
| 200 | Ely Diocesan Association for Deaf People | 1,000 |
| 201 | Emmaus Coventry & Warwickshire | 1,000 |
| 202 | Encephalitis Society | 1,000 |
| 203 | Evelina Children's Heart Organisation | 1,000 |
| 204 | Facial Palsy UK | 1,000 |
| 205 | FORCE Cancer Charity | 1,000 |
| 206 | Frozen Light | 1,000 |
| 207 | GCRA Ltd (Grampian Cardiac Rehabilitation Association) | 1,000 |
| 208 | Gloucestershire Nightstop | 1,000 |
| 209 | Grampian Society for the Blind | 1,000 |
| 210 | Hackney Quest | 1,000 |
| 211 | Half Moon Young People's Theatre | 1,000 |
| 212 | Hammersmith and Fulham Mencap | 1,000 |
| 213 | Harrogate and Area Centres for Voluntary Services | 1,000 |
| 214 | Haworth RDA | 1,000 |
| 215 | Headway Birmingham & Solihull | 1,000 |
| 216 | Headway Portsmouth & South East Hampshire | 1,000 |
| 217 | Headway Surrey | 1,000 |
| 218 | HEALS of Malmesbury | 1,000 |
| 219 | Healthy Generations | 1,000 |
| 220 | Helen's Trust | 1,000 |
| 221 | Herefordshire Growing Point | 1,000 |
| 222 | Herts Inclusive Theatre | 1,000 |
| 223 | Home-Start Derbyshire | 1,000 |
| 224 | Homestart Hampshire | 1,000 |
| 225 | Home-Start Horizons | 1,000 |
| 226 | Home-Start Richmondshire | 1,000 |
| 227 | Independent Provider of Special Education Advice - known as IPSEA | 1,000 |
| 228 | Input SCIO | 1,000 |
| 229 | INSIGHT Counselling, Coaching & Support Services | 1,000 |
| 230 | Integrated Neurological Services (INS) | 1,000 |
| 231 | Intercountry Adoption Centre | 1,000 |
| 232 | JIGSAW Thornbury | 1,000 |
| 233 | Keyfund Federation Limited (operating as The Key) | 1,000 |
| 234 | Kindred Advocacy | 1,000 |
Page | 38
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 235 | Kinship Care Northern Ireland | 1,000 |
|---|---|---|
| 236 | Launchpad Reading | 1,000 |
| 237 | LD:NorthEast | 1,000 |
| 238 | Leeds Mind | 1,000 |
| 239 | Level Water | 1,000 |
| 240 | LGBT Foundation | 1,000 |
| 241 | Liberty Consortium | 1,000 |
| 242 | Life Cycle UK | 1,000 |
| 243 | Lifeworks Charity Ltd | 1,000 |
| 244 | Link to Change | 1,000 |
| 245 | LinkAble Woking Limited | 1,000 |
| 246 | Little Hearts Matter | 1,000 |
| 247 | Live Music Now | 1,000 |
| 248 | Mae Murray Foundation | 1,000 |
| 249 | Magpie Dance | 1,000 |
| 250 | Mankind UK | 1,000 |
| 251 | Me & Dee Charity | 1,000 |
| 252 | Me2 Club | 1,000 |
| 253 | Melanoma Research Foundation Limited (T/A Melanoma Focus) | 1,000 |
| 254 | Mercia MS Therapy Centre | 1,000 |
| 255 | Merton CIL | 1,000 |
| 256 | Mid Devon Mobility | 1,000 |
| 257 | Mill Stream Day Centre | 1,000 |
| 258 | Multiple Sclerosis Therapy Centre Lothian Limited | 1,000 |
| 259 | Music In Detention | 1,000 |
| 260 | My Life Films | 1,000 |
| 261 | MYTime | 1,000 |
| 262 | National Dance Company Wales | 1,000 |
| 263 | National Youth Theatre of Great Britain | 1,000 |
| 264 | Normandy Community Therapy Garden (The Therapy Garden) | 1,000 |
| 265 | Northumberland Community Enterprise Limited | 1,000 |
| 266 | Older Citizens Advocacy York | 1,000 |
| 267 | Open Country | 1,000 |
| 268 | OpenDoor Centre (Swindon & District) Ltd | 1,000 |
| 269 | Opening Doors London | 1,000 |
| 270 | Orchestra of St John's | 1,000 |
| 271 | Outfit Moray | 1,000 |
| 272 | Over The Wall | 1,000 |
| 273 | Pilton Community Health Project | 1,000 |
| 274 | Play Midlothian | 1,000 |
| 275 | Relate Worcestershire | 1,000 |
| 276 | Retina UK | 1,000 |
| 277 | Rett UK | 1,000 |
| 278 | Ripon Community Link Company Limited | 1,000 |
| 279 | Riverside Counselling Service | 1,000 |
| 280 | Room to Heal | 1,000 |
| 281 | Rose Road Association | 1,000 |
| 282 | Rowan Alba | 1,000 |
Page | 39
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 283 | Safe New Futures | 1,000 |
|---|---|---|
| 284 | Sebastian's Action Trust | 1,000 |
| 285 | Sheffield Mencap and Gateway | 1,000 |
| 286 | Somerset Sight Ltd | 1,000 |
| 287 | Space4Autism | 1,000 |
| 288 | Special Needs and Parents Ltd (SNAP) | 1,000 |
| 289 | Special Stars Foundation | 1,000 |
| 290 | Spinal Muscular Atrophy UK (SMA UK) | 1,000 |
| 291 | Sport in Mind | 1,000 |
| 292 | St Andrew's Children's Society | 1,000 |
| 293 | Sudbury Neighbourhood (Middlesex) Centre Ltd | 1,000 |
| 294 | Support Through Court | 1,000 |
| 295 | TalentEd Education | 1,000 |
| 296 | TalkFIRST | 1,000 |
| 297 | Target Ovarian Cancer | 1,000 |
| 298 | Team Domenica | 1,000 |
| 299 | Teesside Ability Support Centre | 1,000 |
| 300 | The AHOY Centre | 1,000 |
| 301 | The Blue Lamp Trust | 1,000 |
| 302 | The Bridge Foundation | 1,000 |
| 303 | The Children's Foundation | 1,000 |
| 304 | The Compassionate Friends | 1,000 |
| 305 | The Ehlers-Danlos Support UK | 1,000 |
| 306 | The Estuary League of Friends | 1,000 |
| 307 | The Halow Project | 1,000 |
| 308 | The Haven Caring Counselling Communication Centre | 1,000 |
| 309 | The Helpful Bureau | 1,000 |
| 310 | The Hextol Foundation | 1,000 |
| 311 | The Muirhead Outreach Project | 1,000 |
| 312 | The National Eczema Society | 1,000 |
| 313 | The Neurofibromatosis Association | 1,000 |
| 314 | The Neuromuscular Centre (NMC) | 1,000 |
| 315 | The Snappy Trust | 1,000 |
| 316 | The Spitz Charitable Trust (Spitz) | 1,000 |
| 317 | The Surrey Care Trust | 1,000 |
| 318 | The Thumbs Up Club (Activity Club for Children with Special Needs) | 1,000 |
| 319 | The Vine Drop-In Centre | 1,000 |
| 320 | The Zink Project CIO | 1,000 |
| 321 | Tiny Tickers | 1,000 |
| 322 | TLC St Luke's | 1,000 |
| 323 | Tom's Trust | 1,000 |
| 324 | Tourette Syndrome (UK) Association | 1,000 |
| 325 | Tower Hamlets Friends And Neighbours | 1,000 |
| 326 | Transitions UK | 1,000 |
| 327 | Unite Carers in Mid Devon | 1,000 |
| 328 | Voices in Exile | 1,000 |
| 329 | Voluntary Action Stratford upon Avon (VASA) | 1,000 |
| 330 | Voluntary Impact Northamptonshire | 1,000 |
Page | 40
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 331 Warwickshire Young Carers (WYC) 332 Watford & District Mencap Society 333 Watford Sheltered Workshop Ltd. 334 West Chadsmoor Family Centre 335 West Sussex Mind 336 Whitby, Scarborough & Ryedale Disability Action Group 337 Wight DASH 338 Wilderness Foundation UK 339 Winchester Go LD 340 Yeleni Therapy & Support 341 Youth Options 342 Alice (Relief of Poverty and Advancement of Community) 343 Art Shape Ltd 344 Bishop's Stortford Mencap 345 Blue Smile 346 Brain and Spine Foundation 347 Brecon and District Mind 348 Citizens Theatre 349 Creative Living Centre 350 Enrych 351 Focus Birmingham 352 Foundation for Conductive Education 353 Headway Norfolk & Waveney Ltd 354 Home-Start York 355 Incest and Sexual Abuse Survivors (ISAS) 356 Islington People's Rights 357 Leeds Mencap 358 NMC Midlands 359 Open Minds 360 Recycling Unlimited 361 Shallal 362 Welsh Dance Theatre Trust Limited 363 Wycombe Youth Action 364 Youth Adventure Trust TOTAL AWARDS MADE IN THE YEAR ADJUSTMENTS TO COMMITMENTS MADE IN PRIOR YEARS 1 Birmingham Vision 2 Wide Horizons Outdoor Education Trust TOTAL After Adjustments for Previous Years |
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 750 __ £399,480 ======== (750) (691) |
|---|---|
£(1,441) ======== ___ £398,039 ========= |
Page | 41