CharSty regl$trati¢n number 241914 (England and Wal•8) THAME WELFARE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 FEBRUARY 2025
THAME WELFARE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms RAGibson Mr N Charnpk8n-Woods Mr O DcKlds Dr D J Keeley Mrs J L Mackie Mrs A MKlwinter Dr T Miithell MrT Morton Mr G Phillips Rev M Reading Mr G Taylor Charlty number (England and Walesl 241914 Independent examlner Gravita Audit Oxford LLP First Fl(KJr. Park Central 4041 Park End Stre81 Oxford OX1 1JD Bankers LLoyds Bank plc 25 Gresharn Strèet London ECSV 7HN Inv8Stment advl$ors Barclays Investment Solutions Limited 1 Churchill Place London E14 5HP
THAME WELFARE TRUST CONTENTS Page Trustees. report Independent examinerfs report Statement ol finanrjal activitles Balance sheet Notes lo Ihe financial stalements 7-13
THAME WELFARE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 9 FEBRUARY2025 The Trust88s prgs8rit their annual r8POrt and financial 5tat&m•nts for the year 8nd8d 9 February 2025. The financial statements have been prepared in accordance with the accountiro lI¢S set out in 1 to the financial statements and comply with the Trust's goveming document, the Charitiès Act 2011 and 'Accountsng and Reporting by Charities: Stalernent ol Recornmended Practice applicable to charities rxeparing their ac£ounts in accordance with the FinanGial Repgrting Standard applicable in thè UK and Republir of 118land IFRS 1021" leffeclNe l January 20191. Obj•ctiv•s and actlvltles The Thame Welfare Trust is e5tsblished. 'lo apply the clear income thereof in relieving either generally OF individually persons resident in the area of benefit who are in conditions ol need. hardship or distress by makirvJ grants ol money or prov¢ding for or paying for items servi(%s or facilities calwlated to reduc4 tho need. hardship or distrèss ol such persons., "If and insofar as the income ol Thame welfa Trust is not required in any year for application in manner aloresaid, thè Trustees thereof may apply the same in augmentation of the income ol the Thame Parish Fund.. The area of benefit 'shall mean the Parish of Thame and those parls of the area of the ancient Parish of Thame which are now in the Parishes of Great Haseley and Tetsworth. in the Counly Df Oxfordshire., Thè Truste8s are mindful of their duty lo ensure that the charity's activities exist lor the public benefit. They have conSided Charity Commission guidance In section 17151 of the 2011 Charities Act, and ale satisfied that the p&rforman¢e and achievements ol the charity during th& year, as outlined below, are consistent wth this duty. Thame Parish Fund The Tham8 P8rish Fund is astablishèd lo apply thé clèar incoma thèraof for any chaTitabl8 purposas for the gènèral benefit of the inhabitants of Thame for which provision Is not made out of rates, taxes or other public funds., The trustees meet twice annually to coinsider applicats'ons for grants and rnor8 frequently if necessary. for exarnpl when an urgenl request for finanaal help is received. Each request is cOnsided on its merits and whenever necessary, health professionals. social workers and others are consul¢ed. Achievements and p•rlom)anco The primary objective is relief in need, and the Emergency sUCOmMIttee deals wth many applications ol this kind which. by their very natu, a often qUId urgently. The charity, having received a substantial sum from the estate of PA Letts deceased during the year ended 28 February 2006, decided lo consider applicalions from organisations In the town whith benefil large sections ol the community. Mr Lett5 showed a gat inlefe5t dLtring hi5 lrfelime in such organisation5 and the trustees decided that the Museum, a new venture for Thame, with its potential particularly lor educat5on of young and old alike. would be a cause of which Mr Letts would have approved, and which falls wlthin the wi¢Jer objects of the charfty's schame. Likewis8, the Thamè Earns Centre is a facility used by members of many orgènisations in Thame. It is a meeting pla¢9 for groups connected with family welfare, education, the disabled and the church, as well as many others.
THAME WELFARE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 Financial review Th8 trustees do nc)t actively seek new donations. The main Sour of income is through dividends which can vary from year to year. However the trustees ensure that there are suffiaent funds tsn curr8nt account to meet any urgent needs. The regular outgoings of the charity arè only a small proportion of tts assets and income. The financial position is reviewed when the annual accounts are produced by a full meeting of the trustees, and as often a5 required throughout the year by the finance sub-committee. Advice is taken from the trustee5' stockbrokers on investment policy, discussed and acted upon. Thefe is no specific intention to build up free reserves. The p)licy is to use as Much of the trust's incoffle as possible to make grants. Sources of funding are set out in th•s8 accounts 8nd spending in 5UPPOrt of the objectives is explained above. Historically, dlvldend income ha5 always far exceeded running costs ol the char41y and grants awarded lo re¢ipi¢nts from dividend income are redUd lo cover the running costs. Given the trustees consider it rernote th8t dividend income will be insuffi'cient to covèr these costs, the truslees do not considei it necessary build free reserves. Should dividend ina)me dècline to a low level or running costs signrficantly increase. tho trustees will revisit this poiiey. The charity's plans for the future Include the ¢ontinued expenditure frorn the estate of P A Letls on charitable objects in the town and the Parish ol Thame, as described above. The IfUStees' policy ol targeting the nèeds ol those in reduced circumstances will continue to be met through its contacts with the so¢ial worker, health cenlre, disabl8d and farnily groups, the churches, schools elc. Strueturè. governance management The Thame Welfare Trust (Thame Charities) i5 registered wth the Charity Commission in England & Wales and constituted by two schemes ol the Charity Corllmission. The principal scheme is datgd 9 February 1977, am8nd8d by a scheme dated 19 September 1985. The Trustees who saNéd during the year and up to the date of signature of the financial statements were.. M$ RA Gibson Mr N Champken-woods Mr D Dodds Mrs H Fickling Dr D J Keeley Mrs J L Mackla Mrs A Midwinter Dr T Mitchell MrT Morton Mr G Phillips Rev M Reading Mr G Taylor (Decaasèd 9 Nov8mb8r 20241 Trustees are reuuited and appointed by th8 continuing trustee5 from amongst Members of the local communty, having r89ard to the prDvision of the Charity Commi55ion Scherne. There 15 a Short form of induction and explanation of the objects of the charity and lh6 provisron of thè scheme. Decisions lating to grants above £1,000 are made at full meetings ol the trustees, which are held in January and July every year. Minor grants are daterrnined by ad hoG meetings of the Emergency Grants Committea. in cases where it would be itllpractical to wait for the full meetings. There is also a Finan sub-commillee, whlch also meets on an ad hoc basis to discu55 and recommen¢J lo the full trusiees, meetings investment strategy and other matters of a financial nature. Risk rnanagement is discussed where necessary at the trustees, bannUal meetings.
THAME WELFARE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 The Trustees. px)rt was approved by the Board of Trustees. Ms RAGib50n Trustee Date..
THAME WELFARE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THAME WELFARE TRUST I report to the Trustees on my examination ol the financial stalefflents of Thame Welfare Trust (the Trust) for the year ended 9 February 2025. R•$pon$lbilities and basls of report As the Charities Truslees ol the Trust you are resnsIble for the preparation of the financial Statements In accordance with the qUireMntS 01 the Charib"es 2011 (the 2011 Acll. l p0)rt in respect of my examination of the Trust's financial statèments carried out under section 145 of the Charities Ad 2011. In carrying out my examination I have ft)Ilowed the Directions given by the Charily Commission under section 14515llbl ol the Charilias Act 2011. Independent examin•rfs statement Your attention is drawn to the lact that the ehariiy has prepared the financial statements in accordance with thg relevant version ol the Statement of Recommendèd Practice applicable to charrties preparing their linancial statements in accordance with the Finanrial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities." Statement ol RpGommended Practice issued on 1 April 2005 which is ferred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financlal statements tr) provbde a Iiuts and lair view in accordance with UK Generally Accepted Accounting Pfactice. I have cometed my examlnauon. I conllm that no mattars have corne to rny attention In connection with the examination giving me cause to believe that in any matenal respect.. accounting records were not kept in respect ol the Trust as requir6d by section 130 of the Charities Act 2011. the financial statements do not accord with those cords., or the linanaal 5tat8tnents do not comply with the applicable requirnents conceming the form and Content of finanaal statements set Otrt in tho Charities (Accounts and Reports) Regulations 2008 other than any qUIrnent that the finan¢ial statefflgnts give 8 Iwe and fair view, which is not a matter considere(J as part of an independent examination. I have no concems and have come across no other matters In connection with the exarnin8tion to which attention should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. Ellnor Uplohn ACA Gravlta Audlt Oxford LLP First Floor, Park Central 40-41 Pad( End Street Oxft)rd OX1 1JD Date. 8 July 2025
THAME WELFARE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 9 FEBRUARY2025 Unrestri¢fod Endowment funds funds 2025 2025 Total Unrgstrictgd Endowmont fund$ funds 2024 2024 Total 2025 2024 Notes Income and èndowments from: Investments Other income 25,030 25,030 22,853 499 22,853 499 Tot81 income 25,030 25,030 23.352 23,352 EXndItuTe on: Raising funds Chari18blg activities 1,817 4,893 1.817 4,893 1,715 20,942 1,715 20.942 Total expenditurg 6,710 6,710 22.657 22,657 Nel gainslllossesl on investments 10 12,181 40.643 52,824 1,764 5.885 7.649 Net Income and M0m•nt In funds 30.501 40,643 71,144 2,459 5,885 Rteonclllatlon of funds- Fund balances at 10 February 2024 282,224 540,291 822,515 279,T65 534,4C 814,171 Fund balances at 9 February 2025 312.725 580,934 893.659 282,224 540.291 822.615 The statement of financial aclivities indud85 all gains and losses recognised in the yaar. All income and expenditure derive from continuing activities.
THAME WELFARE TRUST BALANCE SHEET AS AT 9 FEBRUARY2025 2025 2024 Not•s Fixed 8$8èts Investments 12 723,015 672,078 Currant assets Debiors Investments Cash at bank and in hand 13 503 112,400 60,981 503 106,973 45,961 173,884 153.437 Creditors= amounts falllng due within one year 14 13,2401 13,0001 Net currènt assets 170.644 150,437 Total assets less ¢urr8nt liabiliti68 893.659 822.515 The funil¥ of the Trust Endowment funds Unrestricted funds 15 16 580,934 312,725 540.291 282.224 893.659 822,515 The financi iatements wore approved by the Trustees on .Y... 1.9.2S Ms RA Gibson Trust••
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 FEBRUARY2025 Ac¢ounting policies Charity Infom7atlon Thame Welfare Trust is a tharity established lo apply thè clear incorne thereof relieving &ither generally or indiwdually persons resident in the area of benefft who are in ¢xndilions of need, hardship or distress by making grants ol mney or providing for or paying for items of services calculated to reduce the neod, hardship or distress of such persons. 1.1 Ac¢ountlng conventlon The financial ststernents have bè8n prepared in accordance with the Trust's goveming document, the charits Act 2011. FRS 102 The Financial Reporting Standard applicable in the UK and R8public of Ireland I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statamant of Recommended Practi applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (effective 1 January 20191. The Tnjst is a Public Benefrt Entity as dgfined by FRS 102. The Tru51 has taken advantage of Ihe provBions in the SORP for charities not lo prepare a Statèment ol Cash Flows. The financial slatemants havts departed from the Chariti05 (Accounts and Repts} Regulations 2008 only to the ext6nt required lo provide a true and fair view. Thi5 departure has involved following the Statement of Recommended Practic8 for charities applylng FRS 102 rather than th8 Version of the Statement f)f Recommended practi which is referred to in the Regulations but which has since been withdrawn. Th8 finan¢xal statements a praparèd in stèrfing. which is the functional currency ol the Trust. Mon8t8ry amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under th8 historical c05t conventSon, m(xJified lo include the revaluation of freehold properties and to include investm8nt propgrties and rtain financial instrumenls at fair value. The prinupal accounting policies adopted are set out below. 1.2 Golng concem The trustees assess whether th8 use of going concern is appropriate i.e. whelh&r thgre are any materlal uncertainties related to evgnls or conditions that may cast signfficanl doubl on the ability of the company to continue as a going concem. The trustees mak• this a5sessrnent in respect ol a pariod of at least one year frorn the date ol authorisation for issue ol the financial statements and have concluded that the charity has adequate reSoUrS to conkn'nue in operational existence for the foreseeable fulurè and there are no material uncertaint$ about the charity's ability lo continue as a going concern, thus thèy continue lo adopt the golng concern basis of accounting in preparing the financial gtat8m&nts. 1.3 Charitable funds Unrestricted funds ar8 available lor use Bt the discxetion of the Trustees in furtherance of Ihoir charitaiAe objectives. Endowment lunds arè subje¢l lo speolic condrtions by donors Ihal the capital must be rnaintained by tha Trust. 1.4 In¢ome Incoming resources are generally recognk8ed on a receivable basis and a r8POrted gross of related expenditure, Whe thè amounts are reasonably certaln and when there is adequate certainty of receipt. The following specific policies are applied to partlcular categories of incom&'. Investment income is reco9nised when received.
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 Accounting pollcles Icontinuedl 1.5 ExpÈnditur• Resources expended are awountad for on an accruals basis and gr05s 01 any relate(l income. They are classified under headings that aggregate 811 ¢osts related tr) the category. Where costs cannot be dire¢lly attributed to p8rti¢ular headings, they have been allocated to activilies on a basis consistent with the use of resources. Costs of ralslng funds comprise the costs a550ciatod wth income generation wa the investmént portfolio Expenditure on charitable adivities comprises direct expen¢Jitur8 in¢luding grants. Where costs nnot be directly attributed, they have been alk)cated to activities on a basis consi3teTrt wth the u58 of resources. Expenditure on grants is recorded On the Trust has m8de an unconditional commitrnenl to pay the granl and thi5 is communated to the beneficiary Of the grant has been paid, whichever is the earlier. 1.6 Flxtd asset Investments Investments are included on th8 balance sheet at market value. Gains or losses artslng on revaluallon to market value are credited or charged in the Statèment ol Financial Activities as they arisè. Critical •e¢ountlng estlmates and judgements In the 8ppIiGqtion of the Trust's accounting policies, the Trustees are required to rnake judgernents. estimates and assumpttons about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical eXpernen and other factors that are considered to be relevant. Actual regulis may differ frorn Ihese estlrn8tes. The estimates and underlying assumptions are reviewed on an tsngoing basis. Revisions to accounting estimates a recognised in the period in which the estimate is revised wh8rè ihe revision affects only that P81iod, or in the period ol the vISION and future periods where the revision affects both current and future peri($. The values of fixed asset investments are taken from thlrd party reports received from the investment managers used lo ensure awra¢y of the market value arnounls. Income from inv¢$tm*nt$ Unre$tri¢tod UnrtrI¢l0d funds funds 2025 2024 Rental income Interest receivable 506 24,524 506 22.347 25,030 22,853
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 Othèr ineam• Unr•strlct•d Unr•strl¢ted fund$ funds 2025 2024 Olher income 499 Expenditure on ralslng funds Vnrestrlcted Unrestrlcted funds funds 2025 2024 Invegtmènt managernent 1,817 1,715 Expènditure on charitsble actlvities Unrestrlcted Unre$trl¢t&d funds fund$ 2025 2024 Dired Costs Watèr and insuran Clerical Assistance Treasurer Chaim)an's expense Other 584 300 300 20 54 300 300 38 74 1.204 1,366 Grant funding of actwities Isee note 71 Govemance 449 3,240 16,566 3,010 4.893 20,942 Govem8nce costs incJud8s payments to the auditors of £3.24012024 - £3,010) lor independent examinatK>n f885.
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY2025 Grants pay•bl¢ Unrestrl¢lèd Unresttlcled fvnds funds 2025 2024 Grants to institutions.. Lord William's School Red Kite Family Cantre The Amy and Navy Cadet Force Sl Joseph's Catholic Prirnary School Sharing Life Trust Oxft)rdshire South and Vale CAB Grants to individuals Other 7,232 6.500 280 1.092 170 659 1.083 449 16.566 Trustees No Iruslaes received any remuneration in Ihe year12024 none). 1 Iruste¢ was reimbursed expenses of £20 in the year (2024.. £381. Employee5 The average monthly number of ernpk)yees during the year was.. 2025 Number 2024 Nmb*r Total There were no employees whose annual remunerntion was more than £60,000. 10 Galns and 105s8s on investments Unrèstrlcted Endowment funds funds 2025 2025 Total Unre$trld•d Endowmènt funds fund$ 2024 2024 Tot31 2025 2024 Gainsll105sesl arising on.. Revaluation ol investments 12.181 40,643 52,824 1.764 5,885 7,649 11 Taxatlon The charity is exempt from taxation on its activlties because all its income is applied for charrtable purposes. 10-
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 12 Fixéd asset investments Llst•d Inv•stmènts Cost or v•luation At 10 February 2024 Valuation changos Disposals 672,078 52,348 11,4101 At 9 February 2025 723,016 Carying amount Al 09 February 2025 723,Q16 At 09 Febmary 2024 672,078 2025 2024 Investments al falrvaluè comprise.. UK Equities and Unit Trusts Nine acxes ol L2nd at Piddinglon, Oxfordshirè 633,016 90,000 582.078 90.000 723.016 1672,0781 13 Debtors 2025 2024 Amounts falllng due within one y•ar= Prepayments and accrued inwme 503 503 14 Cr•ditors= amounts falllng dufr wlthln one year 2025 2024 Accwals and deferred Ineome 3,240 3,000
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 15 Endowmgnt funds Endowment funds repSent assets which rnust be hald pemanenuy by the Trust. Income ar(sing on the endowmènt funds can be used in accordance with the objects ol the Trust and is included as unrestricted incorne. Any Capital gains or losses 81ising on the assets form part ol the fund. At10 February 2024 Galns and At 9 February losses 2025 Permanent endowment5 540.291 40,643 580,934 Prevlous year: At10 February 2023 Gains and At 9 February lossès 2024 Pemianent ondowments 534,406 5,885 540,291 16 UnTestrt¢tèd lunds The unrestricted funds of the charity coinpTise the unexpended balances of donations and granis which are not subjecl to specific conditions by donors and grantors as to how they may be used. These include des¢gnated funds which have been set aside out of unrestrictod funds by the trustees for specific purposes. At10 F•bruary 2024 Incom5ng resources Resources expendèd Galns and At 9 February losses 2025 General funds 282,224 25,030 16,7101 12,181 312,725 Prevlou5 y¥ar: At10 F&bruary 2023 Incomlng re¥ourcès Resour¢•$ expended Galns and At 9 February losses 2024 Genèral funds 279,765 23.352 122.6571 1,7fj4 282,224 17 Analysls of net assots betYdg8n funds Unrgstrictod Endowment funds funds 2025 2025 Total 2025 At 9 Fèbruary 2025= Investments Current asset5l1liabilitS1 145.974 166.751 577,041 3,893 723,015 170,644 312,725 580,934 893,659 12-
THAME WELFARE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 FEBRUARY 2025 17 Anal1¥ of net assets betw•*n fvnds IContinued} Unrtrstricted Endowmènt funds funds 2024 2024 Total 2024 At 9 February 2024.. Investments Currènt assetsllliabilitiesl 134,228 147,996 537,850 2,441 672,078 150,437 282,224 540,291 822,515 18 Relatod party transactlons There were no disclosable related party tr8nsactions during the year12024- none). 13-