Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

Charity registration number 242677 (England and Wales) 

MR & MRS JA PYE'S CHARITABLE SETTLEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## LEGAL AND ADMINISTRATIVE INFORMATION 

|Trustees|G Flint|
|---|---|
||V Buzzard|
||P Marsh|
|Charity number|242677|
|Administrative office|Gravita Oxford LLP|
||First Floor, Park Central|
||40-41 Park End Street|
||Oxford|
||OX1 1JD|
|Auditors|Griffin Stone Moscrop & Co|
||21-27 Lamb's Conduit Street|
||London|
||WC1N 3GS|
|Bankers|National Westminster Bank plc|
||32 Cornmarket Street|
||Oxford|
||OX1 3HQ|
|Solicitors|Knights Professional Services Limited|
||Midland House|
||WestWay|
||Oxford|
||OX2 OPH|
|Investment advisors|Adam & Company Wealth Management|
||40 Princes Street|
||Edinburgh|
||EH2 2BY|
|Property managers|Ministar Services Limited|
||New Bois|
||Windsor Lane|
||Little Kingshill|
||Buckinghamshire|
||HP16 ODP|
|Grants Administrator|Lucy McCallum-Toppin|
||Springfield|
||Faringdon Road|
||Southmoor|
||Oxfordshire|
||OX135BG|





Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## CONTENTS 

|a|ti|te|ee|ee Te|
|---|---|---|---|---|
||||Page||
|Trustees’ report|||1-3||
|Statement oftrustees’ responsibilities|||4||
|Independent auditors' report|||5-7||
|Statement offinancial activities|||8||
|Balance sheet|||9||
|Statement ofcash flows|||10||
|Notestothefinancialstatements|||11-24||



a ee 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 

## The trustees present their annual report and financial statements for the year ended 31 December 2024. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Settlement's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". 

## Objectives and activities 

The Settlement's objects are general charitable objectives. 

The overall policy of the trustees is to support under-funded charities in their fields of interest in order to assist those charities to play a fuller role in the community. Unfortunately, due to the demands made it is not possible to support all applications even though they may meet the charity’s criteria. However, the trustees particularly recognise the difficulty many smaller charities experience in obtaining core funding in order to operate efficiently in today’s demanding environment. In addition major support is given to a limited number of causes in the fields of environment, music, education and medicine. This approach has been rewarded by significant results obtained by beneficiaries. 

The Settlement’s website describes its grant-making policy and applicants are encouraged to send their applications electronically using the Settlement’s email address: PyeCharitableSettlement@gmail.com. In making grants the trustees seek to continue the settlors’ interests while expanding them to encompass other causes. They focus their grant-making on Oxfordshire and its surrounds whilst continuing their support to charitable causes espoused by the Pye family and individual trustees. 

The following list is by no means exhaustive and is given for guidance only: 

## Environmental 

This subject particularly deals with organic farming matters, conservation generally and health-related matters such as pollution research and some wildlife protection. 

## Education 

Nursery, Primary, Secondary or Higher Institutions (not individuals). 

## Alleviation of Hardship 

This includes causes concerned with poverty, health and care generally. 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Settlement should undertake. 

By making grants to other charitable causes, the trustees ensure that their objectives for public benefit are met. Due to the size of the Settlement, the trustees mostly restrict the grants to charities operating in Oxfordshire and the surrounding areas as they feel that in this way they are able to make a more significant contribution to the communities in the area. Applications from national charities with a specific project within the set area are also welcomed. The trustees outline elsewhere in the trustees’ report the main areas that they tend to support, but all donation requests will be considered. Due to the varied interests of the settlors and the current trustees, a wide variety of causes are supported, thus making sure that the benefits reach people of all backgrounds. The trustees are particularly keen to support smaller charities that may struggle to find funding for worthwhile projects, many of which have a very direct impact on the people in the community within which the charity operates. 

The trustees review the activities of the donees on a regular basis, giving due regard to the guidance published by the Charity Commission on public benefit. 

The Settlement does not hold any funds as a custodian trustee. 

-1- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 SSE 

## Achievements and performance 

## Grants 

In the year under review, grants amounting to £470,552 (2023: £399,315) have been made to 107 (2023: 101) charities concerned with environmental matters, education and the alleviation of hardship. As many of the organisations the Settlement supports fall within more than one of the above categories, the trustees feel that it is more meaningful to provide a list of all recipients who have benefited from grants of £501 or more in 2024 and 2023 and consequently no separate list of the grants classified by the activities being funded is included in the financial statements. As disclosed at the end of note 6 the trustees have a forward programme of grants to be wholly funded out of future income. It is the policy to make clear to all beneficiary charities that forward grant programmes are always subject to annual reconsideration and therefore cannot be relied upon until confirmed by the trustees on an annual basis. 

In view of this policy and practice the trustees are of the opinion that any recognition of this forward programme in the financial statements, other than as disclosed in note 6, would be misleading. 

## Financial review 

in comparison with 2023 the Settlement’s total income increased by £60,520 during the year. Income from the investment portfolio increased by £59,392 and rental income from investment properties decreased by £3,475. Granis awarded increased by £71,237 and other expenditure decreased by £12,397. 

The trustees continue to keep their costs of administration and those of the property portfolio under review in order to avoid duplication, engaging appropriate expertise and saving costs. An ongoing capital and maintenance plan continues to be followed in respect of the properties. 

Total fund balances at 31 December 2024 were £13,394,722 (2023: £12,763,995) 

## Reserves policy 

The trustees have established a reserves policy, whereby 5% of the annual rental income is set aside for any improvements and capital expenditure required for the Maiden Lane Shopping Centre. This is so that the trustees may manage their investment in Maiden Lane Shopping Centre proactively, without affecting their ability to meet their charitable objectives. The balance on this reserve at 31 December 2024 is £211 ,060. 

## investment policy and performance 

investment policy for the combined equity and bond portfolios under discretionary management is to maintain the real value of the capital invested and, subject to this, to generate income to satisfy current and anticipated donations to the Settlement’s beneficiaries. The value of the Settlement's investments at 31 December 2024 stood at £8,596,529 (2023: £8,051,369). The trustees have no special policy on social, environmental or ethical considerations. 

## Risk assessment and management 

The trustees have assessed the major risks to which the Settlement is exposed, and are satisfied that systems are in place to mitigate exposure to the maior risks. 

The trustees keep under review the risks of maintaining the integrity of the Settlement and have concluded that there are no untoward risks in the approach and management of the Settlement. In conducting this review they considered particularly the areas of fraud, the policy of holding the portfolio in nominee names, and investment policy as executed by managers. The managers provide an annual independent security report to the trustees. Since it is directed to institutions regulated by the Charity Commission and supplemented by assessments by the Grants Administrator, the trustees consider they have minimised any risk in their distribution policy. 

The general business environment remains challenging for many tenants. The trustees are in regular contact with the tenants through the managing agent to ensure that there is a continued dialogue and all efforts to support tenants on a reasonable and practical basis are taken. The trustees will continue to monitor this situation and revise their considerations accordingly. 

## ea ne na ee ee ee = Dr 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## Plans for the future 

The trustees plan to continue their present mode of operating as outlined in the report. 

## Structure, governance and management 

The Settlement is a Registered Charity (No: 242677) constituted by a Trust Deed made 5 March 1965 between the late Mr and Mrs J A Pye and the original trustees (Vr G C Pye, Mr G W F Archer and Mr R H LangdonDavies) under which the trust fund together with the income from it is held for the benefit of such charitable purposes as the trustees shall select. Following the deaths of the settlors the power to appoint new trustees is vested in the trustees for the time being. 

The trustees who served during the year and up to the date of signature of the financial statements were: G Flint V Buzzard 

P Marsh 

The trustees administer the Settlement. They have no fixed retirement date. 

The trustees undergo training either through courses or functional experience. New trustees are inducted in the same way. 

Decisions of the trustees are taken by them at their regular meetings which are held at least four times a year. The business of the meetings is to review the affairs of the Settlement and to consider the awarding of grants. Applications for grants are sent, in the first instance, to the Grants Administrator, Mrs Lucy McCallum-Toppin, who then presents them, together with her assessment, for discussion at trustees’ meetings. The Grants Administrator arranges for the payment of grants and is involved in correspondence and meetings with beneficiary charities. 

On an annual basis one or more of the trustees meet representatives of all beneficiaries receiving major awards and reports are received from other beneficiaries. 

## Safeguarding 

The Settlement confines its charitable activities to the awarding of grants to other charitable organisations. It is the trustees’ policy to ensure that the recipients of its grants have safeguarding policies in place in accordance with Charity Commission guidelines. 

## Payment of staff 

Since they currently have no staff the trustees have not felt it necessary to adopt a policy for their payment. 

## Handling of complaints 

It is the trustees’ policy for complaints to be considered at their meetings. 

The trustees’ report was approved by the Board of Trustees and signed on its behalf by: 


**----- Start of picture text -----**<br>
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=3< 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 ceeea ee The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Settlement and of the incoming resources and application of resources of the Settlement for that year. 

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

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; ~ State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Settlement and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

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Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT 

## Opinion 

We have audited the financial statements of Mr & Mrs J A Pye's Charitable Settlement (the ‘Settlement’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 Settlement's affairs as at 31 December 2024 and of its incoming resources and application of resources, 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 Charities Act 2011. 

## Basis for opinion 

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 Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Settlement in accordance with the ethica! 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 Settlement’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 other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

## 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 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- sufficient accounting records have not been kept; or 

- - the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

-5- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS’ REPORT (CONTINUED) TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT ee eee 

## Responsibilities of trustees 

As explained more fully in the statement of trustees’ responsibilities, 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 conirol 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 Settlement'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 cease operations, or have no realistic alternative but to do so. 

## Auditors’ responsibilities for the audit of the financial statements 

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. 

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 auditors’ 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. 

\rregularities, 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 specific procedures designed and implemented to detect irregularities, including fraud, are detailed below: 

- e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; 

- ¢ Carrying out substantive checking to supporting documentation, on a sample basis, of individual transactions within income and expenditure to give comfort that the statement of financial activities does not contain any irregular items; 

- e Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date; 

- e Enquiry of management and those charged with governance around actual and potential litigation and claims; and 

## e Reviewing minutes of trustee meetings. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

## ce 

~6= 



1/7/2025 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## BALANCE SHEET 

## AS AT 31 DECEMBER 2024 

|||||2024||2023|
|---|---|---|---|---|---|---|
|||Notes|£|£|£|£|
|Fixed assets|||||||
|Investment properties||1||4,210,000||4,210,000|
|Investments||12||8,596,529||8,051,369|
|||||12,806,529||12,261,369|
|Current assets|||||||
|Debtors||15|11,097||50,027||
|Cash at bank and in hand|||670,999||536,685||
||||682,096||586,712||
|Creditors: amounts falling due within|||||||
|one year||16|(93,903)||(84,086)||
|Net current assets||||588,193||502,826|
|Net assets||||13,394,722||12,763,995|
|Income funds|||||||
|Designated fund:|||||||
|Maiden Lane reserve||18|211,060||191,704||
|General unrestricted funds|||13,183,662||12,572,291||
|Total funds||||13,394,722||12,763,995|
|Thefinanefal<br>statementswereapproved|bytheTrusteeson||onA sve, LO2N||||
|A|,||||Pia@nKqewy||
|PF lint|V|Buzzard|||P Marsh||
|Trustee|Trustee||||Trustee||



AG es 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 

|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2024|2023|
||Notes|£|£|
|Income from:||||
|Investments|3|707,186|646,666|
|Expenditure on:||||
|Raising funds|4|111,736|127,318|
|Charitable activities|5|520,356|445,934|
|Total expenditure||632,092|§73\252|
|Netincome before net gains/(losses) on investments||75,094|73,414|
|Net gains/(losses) on investments|10|555,633|(1,552,652)|
|Netmovement infunds||630,727|(1,479,238)|
|Fund balances at 1 January 2024||12,763,995|14,243,233|
|Fundbalancesat31December2024||13,394,722|12,763,995|



The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure derives from continuing activities. 

a -8- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## STATEMENT OF CASH FLOWS 

## FOR THE YEAR ENDED 31 DECEMBER 2024 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|ere|
|2024|2023|
|Notes|£|£|£|£|
|Cash|flows|from|operating|activities|
|Net|cash|used|in|operating|activities|20|(583,345)|(657,710)|
|Cash|flows|from|investing|activities|
|Purchase|of|investments|(1,012,473)|(2,248,329)|
|Proceeds|on|disposal|of|investments|1,022,946|2,279,074|
|Investment|income|received|707,186|646,666|
|Net|cash|provided|by|investing|activities|717,659|677,411|
|Cash|flows|from|financing|activities|-|Ha|
|Net|increase|in|cash|and|cash|equivalents|134,314|119,701|
|Cash|and|cash|equivalents|at|beginning|of year|536,685|416,984|
|Cash|and|cash|equivalents|at end|of year|670,999|536,685|

**----- End of picture text -----**<br>


-46~ 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JAPYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 

- 1 Accounting policies 

## Charity information 

Mr & Mrs J A Pye's Charitable Settlement is a registered charity. It is registered with the England and Wales Charity Commission. lis administrative office address is Gravita Oxford LLP, First Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD 

- 1.1. Accounting convention 

The financial statements have been prepared in accordance with the Settlement's Trust Deed, the Charities Aci 2011, "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Settlement is a Public Benefit Entity as defined by FRS 102. 

The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 

1.2 Accounting estimates The preparation of the financial statements in compliance with the Charities SORP (FRS 102) requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies. 

- 1.3. Going concern 

At the time of approving the financial statements, the trustees have a reasonable expectation that the Settlement has adequate resources to continue in operational existence for the foreseeable future and confirm there are no material uncertainties about the Settlement's ability to continue. Thus the trustees continue io adopt the going concern basis of accounting in preparing the financial statements. 

- 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. In the year ended 31 December 2015 the trustees created a reserve for capital expenditure in respect of Maiden Lane Shopping Centre and this was allocated to a designated fund. The details are shown in note 18. 

- 1.5 Income 

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

= 4. «: 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS JA PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Se 1 Accounting policies 

## (Continued) 

## Investment income 

Dividends are included in the statement of financial activities when they are receivable. Gross bank interest is included in the statement of financial activities as it arises. 

   - Rental income is included on a receivable basis. Where rent is received in advance it is recorded as deferred income and released to the statement of financial activities in the period to which it relates. 

- 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. 

## Grants are recognised when they become payable. 

## Classification of expenditure 

Expenditure is charged to the statement of financial activities as it is incurred. Governance costs comprise costs for the running of the Settlement itself as an organisation. Governance costs are apportioned between expenditure on raising funds and charitable activities based on time spent. 

- 1.7 Investment properties 

investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date. The fair value is on the basis of advice from independent property valuers. The surplus or deficit on revaluation is recognised in net income/expenditure. 

- 1.8 Fixed asset investments 

   - Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequenily measured at fair value at each reporting date. Changes in fair value are recognised in net income/expenditure. Transaction costs are expensed as incurred. 

- 1.9 Loans From time io time the trustees receive requests for substantial grant funding to which they would like to accede. In many cases it helps the beneficiary charity for funding to be spread over a number of years. In some cases, however, it is clear that the nature of the project requires immediate cash and in such cases it is the policy of the trustees to lend money in order to assist the beneficiary charity to start a project and enable the grantee to match funding from other sources. The terms of such loans are always expressed to be free of interest and repayable on demand. Loans are reduced either by repayment or by a waiver authorised by the ‘trustees. Loans made are accounted for when authorised by the trustees. 

- 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investmenis with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## s **e** te 

eeee en 24D 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

- 1 Accounting policies 


**----- Start of picture text -----**<br>
(Continued)<br>**----- End of picture text -----**<br>


- 1.11 Financial instruments 

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

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

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

## Basic financial assets 

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

## Basic financial liabilities 

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## Derecognition of financial liabilities 

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

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

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

-13- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MIR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## Sanaa 

## 3 Income from investments 

||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||general|general|
||2024|2023|
||£|£|
|Rental income|407,621|411,096|
|Income from listed investments|280,393|221,001|
|Interest receivable|19,172|14,569|
||707,186|646,666|



## 4, Expenditure on raising funds 

||Unrestricted|Unresiricted|
|---|---|---|
||funds|funds|
||general|general|
||2024|2023|
||£|£|
|Property expenses|65,451|84,589|
|Share ofgovernance costs (see note 7)|5,525|5,984|
|Investmentmanagement cosis|40,760|36,745|
||111,736|127,318|



## 5 Expenditure on charitable activities 

|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||general|general|
|||2024|2023|
|||£|£|
|Grantfunding|funding of activities (see note 6)|470,552|399,315|
|Share|ofgovernance costs (see note 7)|49,804|46,619|
|||520,356|445934|



=4Ae 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## 6 Grants payable 

During the year the Settlement distributed £470,552 to 107 institutions (2023: £399,315 to 101 institutions), ‘n accordance with the Settlement’s objectives. As stated in the trustees’ report, the charity seeks to support organisations focused largely in Oxfordshire and the surrounding area concerned with environmental metic’s, education and the alleviation of hardship. A number of these organisations fall into two or more of the above categories and therefore the trustees consider it more useful to the reader of the financial statements to lis? al! recipients who have benefited from grants of £501 or more, rather than classify the grants made by ‘>a activities being funded. 

|No|Institution|2024|2023|
|---|---|---|---|
|||£|&|
|4|Magdalen Coilege School|30,000|30,000|
|2|Aspire Oxfordshire|20,000|12,500|
|3|The Porch - Stepping Stone|15,000|12,500|
|4|DidcotTRAIN|11,000|10,000|
|5|FarmAbility|10,000|40,000|
|6|Helen & Douglas House|10,000|5,000|
|7|Oxfordshire SexualAbuse and Rape Crisis Centre (OSARCC)|10,000|16,000|
|8|Oxfordshire Youth|10,000|10,000|
|9|SeeSaw|10,000|10,000|
|10|StyleAcre|10,000|5,000|
|11|Teenage CancerTrust|10,000|3,000|
|12|Yellow Submarine|11,000|5,000|
|13|CLIC Sargent (Young Lives Vs Cancer)|10,000|7,500|
|14|Oxford Playhouse|9,000|-|
|15|Oxford United In The Community|6,500|-|
|16|Adventure Plus|5,000|4,000|
|17|Arts at The Old Fire Station|5,000|10,000|
|18|Be Free Young Carers|5,000|-|
|19|Berkshire, Buckinghamshire and Oxfordshire Wildlife Trust (BBOWT)|5,000|-|
|20|CitizensAdvice Oxfordshire South & Vale|5,000|5,000|
|21|Connection Support|5,000|-|
|22|Edge Housing (Oxfordshire Community Churches Edge Housing Project)|5,000|7,000|
|23|Daybreak Oxford|5,000|-|
|24|Homeless Oxfordshire|5,000|-|
|25|Home-Start Banbury, Bicester& Chipping Norton|5,000|5,000|
|26|Home-Start Oxford|5,000|5,000|
|27|Home-Start Southern Oxfordshire|5,000|5,000|
|28|Joss Searchlight|5,000|2,500|
|29|One-Eighty|5,000|10,000|
|30|Oxfordshire Motor Project (TRAX)|5,000|-|
|31|Oxford Food Hub|5,000|-|
|32|Oxford Head Injury Services|5,000|-|
|33|Place2Be|5,000|-|
|34|Wild Oxfordshire|5,000|5,000|
|35|RAWWorkshop|5,000|5,000|
|36|St Luke's Hospital|5,000|-|
|37|Sundial Centre for Education (formerly OxfordAgainst Cutting)|5,000|5,000|
|38|Thames ValleyAirAmbulance|5,000|5,000|
|39|The Branch Trust|5,000|2,500|
|40|The Hummingbird Centre|5,000|-|
|41.|The Mulberry Bush School|5,000|7,500|
|42|ThePumpHouseProject|5,000|-|



=45 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|6|Grants|payable|(Continued)|
|43|The|Story|Museum|5,000|-|
|44.|HENRY|4,000|=|
|45|Leys|Community|Development|Initiative|4,000|2,500|
|46|St|Peter's|School|PTA|3,840|.|
|47|Assisted|Reading|for|Children|Oxfordshire|(ARCh)|3,720|3,180|
|48|Oxfordshire|MIND|3,500|-|
|49|Viva|Network|3,500|-|
|50|At The|Bus|3,000|-|
|51|Cherwell|Theatre|Company|3,000|3,000|
|52|Fight Against|Blindness|3,000|1,500|
|58|Future Trees|Trust|3,000|2,000|
|54|~~|Leafield|Pre-School|3,000|-|
|55|_Letcombe|Brook|Project|3,000|-|
|56|~MyVision|Oxfordshire|3,000|3,000|
|57|Oxfordshire|Crossroads|3,000|-|
|58|Oxiord|Churches|Debt|Centre|3,000|2,000|
|59|Response|3,000|-|
|60|~—s|Safe!|3,000|-|
|61|Soundabout|3,000|-|
|62|Sobell|House|Hospice|3,000|-|
|63|St|John's Ambulance|3,000|-|
|64|The|Friends|of Botley|School|(Acer|Trust)|3,000|-|
|65|Witney|& West|Oxfordshire|Food|Bank|3,000|3,000|
|66|Apollos|Clothing|2,500|-|
|67|Autism|at|Kingwood|2,500|“|
|68|Earth|Trust|2,500|-|
|69|Enrych|2,500|-|
|70|Pusey|House|2,500|2,500|
|71|Restore|2,500|-|
|72|Riverside|Counselling|Service|2,500|-|
|73|The|Guide|Dogs|For The|Blind Association|2,500|-|
|74|The|Maple Tree|2,500|~|
|75|The Theatre|Chipping|Norton|2,500|2,000|
|76|Grove C|of E|Primary|School|2,050|3,000|
|77|Bishopswood|Schools|PTA (The|Propeller Academy|Trust)|2,000|-|
|78|Child|Brain|Injury Trust|2,000|1,750|
|79|Court|Hill|Trust|2,000|-|
|80|Dementia|UK|2,000|3,000|
|81|Emmaus|Oxford|2,000|-|
|82|‘Felix|Fund|2,000|-|
|83|Fitzwaryn|School|(The|Propeller Academy|Trust)|2,000|4,000|
|84|Kingfisher|School|SEN|(The|Propeller Academy|Trust)|2,000|-|
|85|MEET|in|Oxford|2,000|-|
|86|Plunkett|UK|2,000|-|
|87|Quest|for|Learning|2,000|1,000|
|838|Reducing|the|Risk|2,000|-|
|89|SUDEP Action|2,000|1,000|
|90|The|Footsteps|Foundation|2,000|-|
|91|The|Listening|Centre|(TLC)|2,000|2,000|
|92.|The|North|Wall|Arts|Centre|2,000|-|
|ft|93|REVale Community|Impact (VCI)a ec|2,000|-|

**----- End of picture text -----**<br>


PL cre 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

6 Grants payable 

(Continues) 

|94|Life Education Wessex|1,650|1,050|
|---|---|---|---|
|95|Clean Slate|4,500|4,000|
|96|The Kidlington Good NeighbourScheme|1,500|3,900|
|97|Oxfordshire PlayAssocation|4,500|1,500|
|98|Oxford Hub|1,500|-|
|99|Sound Resource|1,500|-|
|100|Botley Bridges|4,000|-|
|401|Burford School|1,000|-|
|402|Charity Mentors Oxfordshire|1,000|-|
|103|Home-Start Oxford|1,000|~|
|104|Littleworth Reading Room|1,000|-|
|105|TheThomas Gifford Trust|1,000|{,000|
|106|Oxford Preservation Trust|792|720|
|107|BanburyYoung Homelessness Project (BYHP)|-|10,000|
|{08|Gatehouse (Homeless People and the Oxford Churches)|-|10,000|
|109|Music at Oxford|-|5,000|
|410|OxfordshireAge UK|-|5,000|
|411.|Refugee Resource|-|5,000|
|1413|The University of Oxford - Plant Conservation Hub|-|5,000|
|414|The Friends ofOxford Botanic Garden and HarcourtArboretum|-|4,000|
|115|The Parasol Project|-|3,330|
|116|Abingdon Foodbank|-|3,000|
|117|My Life My Choice|-|3,000|
|418|Oxford Hospitals Charity|-|3,000|
|119|Root& Branch|-|3,000|
|120|The Open University, Floodplain Meadows Partnership|-|3,000|
|121|Earthwatch|-|2,960|
|422|Auditory Verbal UK|-|2,500|
|123|Abingdon Carousel|-|2,500|
|124|Barracks Lane Community Garden|-|2,500|
|125|Dementia Active|-|2,500|
|1426|Oxford Baby Bank|-|2,500|
|{27|Oxford Urban Wildlife Group|-|2,500|
|128|StJames CE Primary School, Hanney (Friends ofStJames)|-|2,500|
|129|Thomley|-|2,500|
|130|Peeple|-|2250|
|131|Bridewell Organic Gardens|-|2,000|
|132|Footsteps Foundation|-|2,000|
|133|Friends of Larkrise (Oxford)|-|2,000|
|134|Helen Arkell Dyslexia Charity|-|2,000|
|135|Jacari|-|2,000|
|136|Kennington Youth Club|-|2,000|
|137|Maggie's Oxford|-|2,000|
|138|Oxford and District Mencap|-|2,000|
|139|Riding for the Disabled Abingdon|-|2,000|
|140|The Human Story Company|-|2,000|
|141.|The Mint House, Oxford|-|2,000|
|142|Witney Baby Bank|-|2,000|
|143|1st Stonesfield Scouts|-|2,000|
|144|LEAF|-|1,525|



-17- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS J A PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

|6|Grants payable|Grants payable||(Continued)|
|---|---|---|---|---|
||145|ClearSky Children's Charity|“|1,500|
||146|Frozen Light|-|1,500|
||147<br>148|Guideposis Trust<br>Abingdon Music Centre|-<br>-|71,500<br>1,000|
||149|ExVac|-|1,000|
||150|Living Paintings|-|1,000|
||151|Oxiordshire Breastfeeding Support|-|1,000|
||152|Rosetta Life|-|1,000|
||153|St Nicholas Church, Fyfield|-|4,000|
||154|Sue Ryder|-|1,000|
||155|Tandem|-|1,000|
||156|24thAbingdon Scouts|-|1,000|
||157|Grants below£501 (1) (2023: 0)|500|-|
||||470,552|399,315|
||There were no commitmenis in connection with unpaid grants at 31 December 2024. The trustees intend io||||
||make further grants to befunded from future income as follows:||||
||Payments which at all times remain subject to the trustees’ complete discretion, indicated but not committed||||
||or provided for in these financial statements:||||
||||2024|2023|
||||£|E|
||Potentially payable within one year||30,000|31,000|
||Potentially payable within two to five years||-|30,000|
||||30,000|61,000|
||Movemenis on grants payable were as follows:||||
||||2024|2023|
||||E|£|
||At 1 January2024||61,000|92,000|
||Paid during the year||(31,000)|(31,000)|
||At31|December2024|30,000|61,000|



=43'- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|7|Governance|costs|
|Governance|2024|Governance|2023|
|costs|costs|
|£|£|£|£|
|Audit|fees|8,497|8,497|7,800|7,800|
|Accountancy|11,720|11,720|10,085|10,085|
|Legal|and|professional|2,434|2,434|-|-|
|Administration|fees|12,784|12,784|14,888|14,888|
|Grant|administrator|fees|18,000|18,000|18,000|18,000|
|Trustees’|expenses|1,183|1,183|346|346|
|Other|professional|fees|-|-|750|750|
|Bank|charges|and|
|commission|711|711|734|734|
|55,329|55,329|52,603|52,503|
|Analysed|between:|
|Raising|funds|5,525|5,525|5,984|5,984|
|Charitable|activities|49|804|49,804|46,619|46,619|
|55,329|55,329|52,603|52,603|

**----- End of picture text -----**<br>


Governance costs includes payments to the auditors of £8,497 (2023: £7,800) for audit fees. 


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|8|Net|movement|in|funds|2024|2023|
|£|£|
|The|net|movement|in|funds|is|stated|after|charging/(crediting):|
|Fees|payable|for|the|audit|of the|charity's|financial|statements|8,497|7,800|

**----- End of picture text -----**<br>


## 9 Trustees 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Settlement during the year. 

Expenses for travel and subsistence were paid to 2 trustees totalling £846 (2023: 3 trustees totalling £346). 

-19- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## 10 Net gains/(losses) on investments 

|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||general|general|
|||2024|2023|
||Gains/(losses) arising on:|£|£|
||Revaluation of listed investments|555,633|394,348|
||Revaluation ofinvestment properties|-|(1,947,000)|
|||555,633|(1,552,652)|
|i|Investment properties|||
|||2024|2023|
|||£|£|
||Fair value|||
||At 1 January2024|4,210,000|6,157,000|
||Net lossesthrough fairvalue adjustments|-|(1,947,000)|
||At31December2024|4,210,000|4,210,000|



The market value for the freehold investment properties is based on valuations provided to the trustees by independent property valuers. The trustees’ policy is to have the investment properties valued externally every five years, with the trustees then reviewing the valuation annually to ensure that the carrying value is equivalent to market value. 

The investment properties held in trust for the Settlement by Forkpalm Limited were brought into the Settlemeni's financial statements during 2015 at a value provided to the trustees by independent commercial oroperty valuers. The properties were revalued at 31 December 2023 to £735,000 by Adam Smylie MRICS of Kirkby Diamond, Chartered Surveyors. 

The other investment properties are held directly by the Settlement. Maiden Lane Shopping Centre, Reading was valued at a market value on 31 December 2023 of £3,225,000 and The Potteries, Tilehurst £250,000 by Adam Smylie MRICS of Kirkby Diamond, Chartered Surveyors. 

ee rea a en a 

eee ae er 

-20- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS JA PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## 12 Fixed asset investments 

||Listed|Cash in|Total|
|---|---|---|---|
||investments|portfolio||
|Cost or valuation||||
|At 1 January 2024|7,853,337|198,032|8,057,369|
|Additions|1,012,473|-|1,012,473|
|Valuation changes|555,633|-|555,633|
|Disposals|(990,269)|(32,677)|(1,022,946)|
|At31December2024|8,431,174|165,355|8,596,529|
|Carrying amount||||
|At 31 December 2024|8,431,174|165,355|8,596,529|
|At 31 December 2023|7,853,337|198,032|8,051,359|
|||2024|2023|
|Invesitmenis at fair value comprise:||||
|UK& overseas fixed interest||2,699,951|2,699,382|
|Equities||5,327,094|4,652,355|
|Collective investments||404,129|501,600|
|Adam & CoWealth Management cash capital||165,355|198,032|
|||8,596,529|8,051,369|



-24 - 



; 

Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS JA PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## 1S Subsidiary companies 

The Settlement has two wholly-owned subsidiary companies, as detailed below. The shares of both subsidiaries are held in trust by the Settlement’s trustees. 

## Forkpalm Limited 

-orkpalm Limited, a company registered in England and Wales, was purchased by the Settlement on 27 June 2007. Until 31 December 2015 the company’s activity was to hold the freehold reversion of investment properties and charge ground rents. It donated its taxable profits to the Settlement by gift aid. Since 1 January 2016 Forkpalm Limited has been dormant. 

On 31 December 2015 the directors of Forkpalm Limited resolved to hold the assets of the company in trust absolutely for the Settlement. The property held by Forkpalm Limited had already been shown in the Settlemeni’s balance sheet, but the company’s bank account was brought into the Settlement’s balance sheet. Furthermore, the property income receivable as at 31 December 2015 and the accountancy fees payable at that date in respect of Forkpalm Limited were recognised on the Settlement’s balance sheet. 

Due to the above re-organisation, no consolidated accounts have been prepared for the year ended 31 December 2024. 

Maiden Lane Development Management Company Limited Maiden Lane Development Management Company Limited, a company also registered in England and Wales, was purchased by the Settlement on 20 February 1998. The company’s activity is to manage the property known as Maiden Lane Centre, Lower Earley, Reading. Although the shares are held in trust by the Setilement’s trustees, the Settlement has no financial interest in this company. There is therefore no requirement to prepare consolidated financial statements in respect of this company. 

|14|Financial instruments|2024|2023|
|---|---|---|---|
|||£|£|
||Carrying amount offinancial assets|||
||instrumentsmeasuredatfairvaluethroughincomeandexpenditure|8,596,529|8,051,369|



||Financial<br>instruments measured|at fair value through|income and|expenditure comprise fixed|asset|
|---|---|---|---|---|---|
||investments. Their fair value is determined using quoted market prices in|||an active market.||
|15|Debtors|||||
|||||2024|2023|
||Amounts falling due within oneyear:|||£|£|
||Rental income debtors|||9,066|45,265|
||Other debtors (see below)|||-|2,500|
||Prepayments and accrued income|||2,031|2,262|
|||||11,097|50,027|
||Other debtors - loans to charities|||||
||Pusey House|||-|2,500|
||Repayablewithinoneyear|||-|2,500|



9D. 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## MR & MRS J A PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

## 16 Creditors: amounts falling due within one year 

|16|Creditors: amounts falling due withinwithin one year|||||
|---|---|---|---|---|---|
||||2024|2023||
|||Notes|£|£||
||Accruals forgrants payable||2,000|-||
||Trade creditors||9,821|9,951||
||Accruals||25,974|35,020||
||Deferred income|17|27,441|25,649||
||Taxation and social security||16,247|13,486||
||Other creditors||12,420|-||
||||93,903|84,086||
|17|Deferred income|||||
||Rental income invoiced in advance||27,441|25,649||
||||2024|2023||
||Deferred income at 1 January 2024||25,649|31,062||
||Released from previous years||(25,649)|(31,062)|°|
||Resources deferred in the period||27 441|25,649||
||Deferredincomeat31December2024||27,441|25649||



## 18 Designated funds 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which sre not subject to specific conditions by donors and grantors as to how they may be used. These incluce designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

||||1|Balance at<br> January 2023|Transfers|Balanceat<br>1 January2024|Transfers|Balance at<br>31 December|
|---|---|---|---|---|---|---|---|---|
|||||£|£|£|£|£|
|Maiden|Lane|reserve||172,174|19,530|191,704|19,356|211,060|
|||||172,174|19,530|191,704|19,356|211,060|



Bei 

~23- 



Docusign Envelope ID: C259A572-527A-4460-9DF6-B75E88AF73AF 

## VIR & MRS J A PYE'S CHARITABLE SETTLEMENT 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 

tn 

## 19 Related party transactions 

There were no disclosable related party transactions during the year (2023: none). 

The Trust Deed contains an express power for payments to be made to trustees for professional services in relation to the administration of the Settlement. During the year, none of the trustees received any remuneration or benefits in kind. Expenses were reimbursed as detailed in note 9. 

29 Reconciliation of net movement in funds to net cash flow from operating activities 

||||2024|2023|
|---|---|---|---|---|
||||E|2|
||Surplus/(deficit) fortheyear||630,727|(1,479,238)|
||Adjustmenis for:||||
||Investment income recognised in statement offinancial activities||(707,186)|(646,666)|
||Fair value losses on investment properties||-|1,947,000|
||Fairvalue gains on listed investments||(555,633)|(394,348)|
||Movements in working capital:||||
||Decrease in debtors||38,930|10,465|
||increase in creditors (excluding deferred income)||8,025|10,490|
||increase/(decrease) in deferred income||1,792|(6,413)|
||Netcash used in operating activiies||(583,345)|(557,710)|
|21|Analysis ofchanges in netfunds||||
|||At 1 January|Cash flows At 31 December||
|||2024||2024|
|||£|£|£|
||Cash at bank and in hand|536,685|134,314|670,999|
|||536,685|134,314|670,999|



The Setilement had no material debt during the year. 

~24- 



Docusign�Envelope�ID:�C259A572-527A-4460-9DF6-B75E88AF73AF