Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB Charity number 25866S THE T.U.U.T CHARITABLE TRUST REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2025
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST GENERAL INFORMATION YEAR ENDED 31 MARCH 2025 TRUSTEES: S Ferns 08E Baroness Prosser OBE M Ouiney D Sachon M T Walsh P Whileman SECRETARY: S K Ellis ADDRESS.. The T.U. U.T Charitable Trust Congress House Great Russell Street London WC1B 3LQ BANKERS: Co-oper3tive Barik plc PO 80x250 Dell HoLJse Skelmeisdale V41N8 6 AUDITORS- Moore Kin95ton Smith LLP 10 Orange Street Haymarket London WC2H 7DQ CHARITY NUMBER.. 258665 Pa9e 1
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 FINANCIAL STATEMENTS The Trustees present their report and accounts lor the year ended 31 March 2025 The financial statements comply with current statutory requirements, the trust deed and Ihe Slalernenl of Recommended Practice 'Accounling and Reporting by Charitie5 Icharities SORP FRS 1021. BACKGROUND AND OBJECTIVES OF THE TRUST The T.U.U.T Charitable Tiust wa5 established by a declaration ol Trust dated 26 March 1969 1 The Trust Deed"). The purpose of the Trust was to hold the share5 of the comp3ny now known as TU Fund Managers Limited ITUFMI, use distributed profits from Ihis, and other sources loi charitable purposes. The General Council of the Trades Union Congress may. from time lo lirne, by written notice, suggest to the Trustees charitable causes. which they feel. would benefit from our support. In the absence ol such, the Trustees shall hold the Trust fund for the benefit of such charitable purposes as they. In their absolule discretion, see lit STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE ACCOUNTS The Trustees are responsible lor preparing the trustees, report and the fin3nci81 statements in accordance with applicable law and United Kingdom Accounting Standards IUNited Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the Trustees to prepare accounts lor each financial year which give a true and fair view ol the slate of affairs ol the charity and of the Income and expendituie of the charity. In preparing these accounts, the Trustees are required to select suitable accounting policies and apply them consistently., observe Ihe methods and principles In the charities SORP., make judgements and estimates that are reasonable and prudent", state whelher applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained In the accounts.. prepare the accounls on the going concern basis unless it Is Inappropriate to assume that the charity will be able to continue in operation The Trustees are responsible for keeping sufficient accounting records which clisclose, with reasonable accuracy. the financial position of the Gharity at any time, and which enable them to ensLire that the accounts comply with the Charities A¢t 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 charity. and hence for taking reasonable steps lor the prevention and detection ol error, fraud and other TRUSTEES The Trustees who served during the year are as follows.. S Ferns OBE M Quiney M T Walsh Baroness Prosser OBE D Sachon P Vlhileman On the retirement of any Trustee. the power of appointing a replacement is normally vested in the surviving Trustees providing the appointment lakes place within three months. Page 2
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES ICONTINUED) YEAR ENDED 31 MARCH 2025 ENQUIRIES Any enquiries regarding the Trust should be addressed as follows. Ms S K Ellis The T.U.U.T Charitable Trust Congress House Great Russell Street London WG1B3LQ REVIEW OF ACTIVITIES AND ACHIEVEMENTS AND PUBLIC BENEFIT Thp trii8tep.% havp given dLie regard lo the Charity Commission's guidance on public benefit when reviewing the aim and objectives and In p13nning future activities of the charity All decisions are made by the trustees The trustees give their time fieely and receive no iemuneiation lor their services. The aim ol the charity is lo provide benefit to charitable causes as considered appropriate by the Iruslee5. The charity s strategy lor 3chieving its slated aims and objectives is to make charitable don21ions lo causes that would be supported by the trade union movement. Over the past len years the charity has provided over £2 million in funding to 70+ charities. During the past year the charity provided ILJnding for £135 530 01 projects, continuing Ils support for charities working In Many different spheres We try to support charities working directly Io posltively influence the future ol our children and society. Below are a small sample of the proie¢ls we have funded this year. a lull list can be found within Note 4 01 the accounts UK projects The largest single donation this year1£30,0001 wa5 given to Vauxhall Community Law & InforTnation Centre who provide a free legal advice seiviGe lo those In the Liverpool City region. Our funding would be used lo fund a welfare rights case worker for one year lo help those living with cancer lo maximise their Income and ease the financial burden of su¢h a diagnosis for themselves and their families. This application was supported by the GMB (North INest & Irish Regionl. At the other end of the scale came an application from ExeAccess IExÈtèr Community Transport) whose Four R's Project- Recover. Restore, Re-use, Recycle, set up in 2012 to repair and re-purpose abandoned mobility equipment had become a Victi ol ils own success as In 2023 It recycled 101 Mobility scooters 177 manual and 27 powered wheelchairs, plus numerous 3 and 4 wheeled walkers, Zimmer frames and walking sticks foi d15abled people on low Incomes. They asked us lor £1,500 towards new tools they required to help them work more effectively, safely and Dffer a better service to the disabled in their community, wliich we were happy to provide. We continLied lo support UK foodb3nks mainly those belonging to the Trussell Trust network Foodbanks continued to offer a lifeline to thousands during the winter 012024125 as the cost of living remained high. Foodbaiiks reported increased vi511s from loiv income families where the parents were in work and many slate pensioners. Page 3
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 MARCH 2025 Ovèrseas projects Pipal Tree is a UK b35ed charity working lo empower the most di5advant3ged people In the Madhesh Province of Nepal Iow3rds living productive, fulfilling. and healthy lives through Improving education and healthcare, offering training opportur)Ilies and by the restoration of the natur31 environment. Focusing primarily on women and girls the lowest castes, marginalised ethnic groups and people with disabilities OLJr donation of £13.000 was Used a5 core funding for a BIG GIVE ¢ampaign which resulted in them receiving pledges ol around £75k for Iheii project lo ir)crease and Improve their Community Learning Centres. The Cenlres offer non-lormal education to children from the lowest castes, acting a5 a gentle entry point to mainstream education for children who might be lacking in confidence Icommon In downtrodden familiesl andlor lo support children who are allending school. For the latter group, tutors give the kind of support with homework that canr)ot be given by parents who are often illiler8le The tLJtors themselves are college students IA level equivalenll from the same low caste groups who receive very modest salarie5 that allow them to complele their own edLicalion and progress lo university The students act as IremendoLJS role models for the children and their families. proving that there can be a lutuie through education. This application was supported by the 8rilish Dental Association FINANCIAL REVIEW DrIng tho ycar, the TrvBt rgceivad in¢oMÈ of £106,001 12024.. £8,gg613nd m2do charitabl• don>tions of £130,710 12024. £419,622). After accounting lor other expenses of £5.471 12024.. £5.47 11 and nel decrease in value of Investments of £56,265 12024". Incresse of £141 3031 the ac¢umul3led fund decreased lo £1.642,52512024. £1.729.8801. The principal funding of the charity Is donations from its subsidiary, the TU Fund Managers Group. The audited accoLJnts of TU Fund Managerg Group (whose principal aclivily is Ihe oversight and supervision of ils customers, Investments in both the Aberdeen funds and the IFSL Trade Union Unit Trustl, which is wholly owned by the Trust. lo 31 March 2025 Show a consolidated105s for the year ol £52 49212024." profil of £41,873) after making donatlOn5 01 £100,00012024.. £nill lo the Trust, and net assets of t1.566,82912024'. £1,607,987). FUTURE PLANS The Trustees expect lo Continue making charitable donations in future years, but this policy is dependent on the level ol income generated and upon the Trustees, objective ol maintaining a continuing Charitable Trust fund. THE POLICY ON RESERVES The Trust's income remains heavily dependent on one source ITU FLJnd Manager5 Group) whose trading gclivilies are 113ble to be affecled by circumstances entirely outside ils control The Trustees therefore feel il appropriate to maintain a reasonable reserve fund lexcluding the valLJe ol shares In TU Fund Managers Limited) which will enable the Trust to continue Its work. At the year-end, the Charity had reserves, excluding the value ol shares in TU Fund Managers Ltd and reslri¢ted funds. of £66,89812024. £117,072). The minimum reserve fund the charity needs lo continue its work should equal the amount required to fund all grants already committed. At the year-end lulure grant commitments tolalled £61.400 12024.. £156.0661 Page 4
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 MARCH 2025 REMUNERATION AND LIA81LITY OF TRUSTEES The Trustees are entitled to reimbursement of expenses incurred in the execution of their duties. The Trust deed slates that they are 31so to be fully Indemnified out ol the Trust assets against all liabilities incurred through the execution of their duties. During the year In qLJestion, no such reimbursement or indemnification has been wade. APPOINTMENT OF TRUSTEES The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation 01 death ol an existing Trustee. 11 1% a requirement of the Trust Deed that all Iruslees musl be trade unionistg. the Intention being to ensure that causes which benefit should broadly be those that would be supported by the movemelll. New trLJslees are 2ppoinled following due consideration of the skills and experience required Filfjess & properness checks are carried out Appointees are made aware of the role of trustee Linder charity law and are provided with all relevant governance documents and Annual Accounts. INVESTMENT POWERS & POLICY The TrLJStees have power to Invest the trust fLinds in such investments as they think fil as il they were themselves the beneficial owners. Current policy is lo hold Investments that are of lowlmedium risk that can be liquidated easily as the need arises Social. environmental. and ethical considerations are not currently applied. IFSL Marlborough European Fund Iformerly IFSL Trade Union Unil Trust) decreased in value by 6D/ during the year12024'. increase of 3'/DI and MSG Gilt & Fixed Interest Income Fund decreased in value by 6D/o12024" 4°hl. Page 5
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUEDI YEAR ENDED 31 MARCH 2025 CHARITABLE DONATIONS POLICY Although there Is no legal restriction on the charitable causes that may be awarded grants. the trustees give priority lo charities that demonslrale a close relationship with the trade union movement, either In the UK or abroad or which are seeking suppon for objectives which the movement WOLild be likely lo endorse. It is not normally the Trustees, policy to make grants to individuals lor their own benefit. To apply for 2 grant, charilab5e organisalions should apply for a Form ol Request and submit this, duly completed The Trustees meet al least twice a year to Gon5ider requests received. RISK MANAGEMENT The Trustees confirm that they have assessed the risks lo which this Charity is exposed. The Trust holds investments in equities and gilts whose prices it monitors regularly. along with easily accessible ¢ash investments. which it uses lo maintain the liquidity ol its bank balances. Though the Trust has only two core donors, TU Fund Managers Limited ITUFMI and TU FLind Management Services Limited ITUFMSI. the Trustees feel the risks lo which they are exposed are minimal They are, nevertheless sensitive to the potential risk that ¢ould arise should the Trust's lull owner6hip of TUFM and TUFMS be reducod. Onè 2r&a whgrg the Trt he viilnprahlÈ is in anticipating income from TUFM 3r)d TUFMS. The trustees are regularly kept up to dale by the directors of TUFM and TUFMS of any matter5 01 interest to them Approved by the Trustees on". 2.1..1.01. 1.2fj. Signed on their behalf by.. David Sachon Page 6
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST Opinion We have audited Ihc financial statements ol The T.U U.T Charitable Trust loi the year enJed 31 March 2025 which cornprise the Statement ol Financial Aclivilies, the Balance Sheet and the related notes including significanl accounting policies. The finanGi81 reporting framework that has been applied in their preparation Is applicable law and United KingdDm AccountiTrg Standards, including FRS 102'The Financial Reporting Standard Applicable In the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion. the financial statetnenls. give a true and fair view of the stale ol the charity's affairs as al 31 March 2025, and ol ils incoming resources 2nd application of resources, lor 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 opinlon We conducted OLJr audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable lav¢. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the 2udit of the financial statements so¢lion ol our report We are Independent of the ch3rily In accordance with thE elhiGal requirements that are relevant lo our audit ol the financi31 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 lo 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 ba515 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 Gasl significant doubt on the chsrity's ability to continLJe as 3 going concern for 3 period of al least trwelve months from when the financial statements are authorised for Issue Our responsibilities and the responsibilities Df the trustees with respect to going concern are described In the relevant seclions ol this report. Other Information The other Information comprises the Information included In the annual report. other than the financial statements and our 3udilor s report Ihereon The Iruslees are responsible lor the other information onlained within the annual report Our opinion on the financial staleiiients does not cover the other information and, except lo the extent otherwise explicitly stated In our report, we do not express any foim of 2ssuiance conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially Inconsistent with the financial slalemenls or our knowledge obtained In the course of the audit or otherwise appeals lo be materially misstated 11 we Identify such material inconsistencies or apparent maleiial mis8tatements we are required to determine whether there Is a malerial misgtalemenl in the financial 5tatemellls themselves If, based on the work we have performed. we conclude that there is material misslalemenl ol this other inlormaliDn, we are required lo report that fact. VQe have nothing to report In this regard. Page 7
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST (CONTINUED) Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities Aet 2011 requires to report to you if, in our opinion.. the information given In the trustees, report is inconsistent in any material respect with the financial statements.. or the charily ha5 not kept adequate accounting records". 01 the financial statements are not in agreement with the accounting records, or e have not received all the information and explanations we require lor our audit. Responsibilities of trustees As explained more lully in the Trustees, Responsibilities Statement Set out on page 2. the Iruslees are responsible for the preparalion of the fin3ncial statements and for being satisfied that they give a true and lair view, and for such Internal control as the Iruslees determine Is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalernenls. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing as applicable, mallers ielaled to going concern and using the going Goncern basis ol accounting unless the trustees either intend to IiqLJidate the charity or lo cease operations. or have no realistic alternative but to do so Auditor's responsibilities for the audit of the financial statèments We have been appointed as auditor under seGlion 145 01 the Charities AGI 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assuiance, bul Is not a guarantee that an audit conducled In accordance with ISAS IUKI will always delect a material misstatement when Il exists. Misstalementg can arise from fraud or error and are considered material il. individually or in aggiegate, they could re3sonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. As Part of an audit in accordan¢e with ISAS IUKI we exercise professional judgement and maintain professional sceplicism throughout the audit. We also Identify and assess the risks of material misslatemenl ol the financial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is gufficienl and appropriate lo provide a basis for our Dpinion. The risk ol not detecting a material misstatement resulting from Iiaud is higher than foi one resLilting from error, as fraud may Involve Gollusion. forgery, intentional omissions, misrepresentations, or the override ol internal control Obtain an understanding ol internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not loi the purposes of expressing an opinion on the effectiveness ol the charity's Internal control. Evaluate the approprialene5s of accoLJnting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees Page 8
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST {CONTINUEDI Conclude on the appiopriateness ol the trustees, Ljse of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainly exists related lo events or conditions that may cast significant doubl on Ihe charity's ability lo continue as a going concern If we conclude that a mater131 uncertainty exists we are required lo draw attention in our auditor'5 report lo the related disclosures in the financial slalemenls or. Il such disclosures are Inadequate, lo modify our opinion. Our conclusions ale based on the aLJdit evidence obtained up to the date ol our Auditor 5 report. However, fulure events or conditions may cause the charity lo Cease lo continue 2S 2 going ooncern. Evaluate the overall presentation. stiucture and content ol the financial st31emenls. including the disclosures, and whether the financial sl2tement5 represent the underlying transactions and events in s manner that achieves fair presentation. We commLJnicale with those charged with governance regarding, among other matters, the planned scope and timing ol the audit and significant audit findings, including any Significant deficiencies in internal control that we Identify during our audit Explanation as to what extent the audit was Considered capable of dètetting irregularities. including fraud Irregularities, including IraLJd, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities. Includino fraud. The extent to which our piocedur&s are ¢ap¥ble ol detecting Irregularitleg, including fraud Is detailed below The (>bje¢lives of our audit in respect of fraud, are". lo Identify and assess the riskg ol material misstatement of the financial statements due to Iraud. to obtain sufticienl appropriate audit evidence regarding the assessed risks of material mis5tatemenl due to fraud, through designing aiid implemenling appropriate responses lo those 2sse55ed risks." and to respond appropriately to Instances of fraud or SLJspected fraud identified during the audit However. the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance ol the charity. WE obtained an understanding of the charity's aclivilies, controls and laws and regulations and assessed the susreplibilily of the charity's financial statements lo Tnaterial misstatement from irregLJlarities including fraud. We determined that Ihe13ws and regulations that are most significant lo the charity are the Charities (Accounts and Reports) Regulationg 2008, the Charities Act 2011, the Fin3ncial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021, Accounting and Reporting by Charities.- St3lemenl ol Recominended Practice applicable lo Charities preparing Iheii accounts In accordance with the Financ131 Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 Icharities SORP FRS 1021 anLI the Trust Deed Based on this Ljnderstanding we designed our aLidit procedLJres lo detecting irregularities. Including fraud. Testing uiidertaken included making enquiries ol those charged with governance", journal entry testing" review of bank letters, trLJStees' meeting minutes and governing document. reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. There are Inherent limitations in the audit procedures described above. We are less likely to become aware ol Instances of non-coinpliance with law5 and regulations that are not closely related to events and transactlOn5 reflected in the financial statements. Also, the risk ol not detecting a material misstatement due to Ir2Lid Is higher th3n the risk ol not detecling one resulting from erfor, 3s fraud may involve delibeiale concealment by. for example. forgery or Intentional misrepresentations, or through collusion. Page 9
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE T.U.U.T CHARITABLE TRUST (CONTINUED) Use of our report This report is made solely to the charity's trustees. as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 Our audit work has been undertaken so that we might slate to the charity 5 trustees those mallers we are required to slate to them in an auditor's report and lor no other purpose. To the fullest extent perrmitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body. for our audit work, for this ieport, or for the opinion we have formed 81gTh•d by.. ntsoYL SMIIL 7855AS3BEF944F5 Moore Kingston Smith LLP Statutory Auditor 10 Orange Street H3ymarket London. WC2H 70Q 291112026 Moore Kingston Smith LLP is eligible lo act as auditor in terms of Section 1212 01 the Companies Act 2006. Page 10
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 Notes UnrÈslriGted Reslricled Funds Funds Total Funds 2025 Totdl Funds 2024 INCOME.. Dividends and non-bank interest Bank interest Gift aid donation from subsidiaries 4,934 4.934 157 100,000 6,885 157 100,000 Total Income 104,934 157 105,091 EXPENDITURE.. Charitable activities grants Charitable activities governance 135.530 5471 14,8201 130,710 419,632 Total Expenditure 141 001 4.820 136,181 425.103 Net lexpenditurel I Income before Ilossesl I gains on investments 136.0671 4,977 131,0901 1418,1071 Net Ilossesl I gains on investments 141 303 Net lexpenditural l income 92.332 4.977 276,804 Reconciliation of funds.. Total funds blfwd 1 April 2024 1,725.059 4,821 1.729.880 2.006.684 Total fund5 clfwd 31 March 2025 1.632.727 9,798 1,642,525 1,729,880 Th8 notes on pages 13 to 20 form part of these accounts. Page 11
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST BALANCE SHEET YEAR ENDED 31 MARCH 2025 Note5 2025 2024 FIXED ASSETS Investments 1,708,484 1,877,671 CURRENT ASSETS Cash at bank 877 13,711 Creditors.. Amounts due within one year Grant commitments Other credilois - accrua15 161,4001 15,4361 1144.5661 15.436 166,8361 1150,0021 NET CURRENT LIABILITIES 165.9591 1136,2911 TOTAL ASSET5 LESS CURRENT LIABILITIES 1,642,$25 1,741.380 Creditors= Amounts due after tnore than one year Grant commitments 111,5001 NET ASSETS 1.642.525 1,729,880 FUNDS Unreslricled Resliicted 1,632,727 9,798 1.725.059 4.82 1 1,642,525 1,729,880 Approved by the Trustees on 21 1 .0.1.1.26. signed on their behalf by.. David Sachon The notes on pages 13 to 20 form part of these acGounts. Page 12
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES General Information The T.U U T Charitable Trust Is an unincorporated trust governed by a trust deed and registered with the Charity Commission In Enoland The principal address is Congress House. Great Russell Street, London, WC1 B 3LQ. The objectives of the trust are set out on page 2. The charity meets the definition of a public benefit entity undei FRS 102. bl Basis of Accounting and going concern The financial statements h3ve been prepared under the historical cost ¢onvenlion as modified by the revaluation of investments. The TrLislees have complied with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021, Accounting 2nd Reporting by Charities Statement of Recommended Practice applicable lo Charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charities SORP FRS 10218nd the Charilies Act 2011 The financial statements h3ve been prepared to give a 'true and f2ir' view and have departed from the Charities (Accounts and Report51 Regulations 2008 only lo the extent required to provide 3 'true and lair view. This departure has Involved following Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard applicable IN the UK and Republic of I reland IFRS 1021 issued In October 2019 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn The accounts have been prepared on the going concern basis The tiustees consider that there are no material uncertainties about the charity's ability to continue as a going concern lor at least twelve months from approving the accounts. The most significant areas of uncertainly that affect the future carrying value ol assets held by thp c.harity 3re the level ol Investment return and the performance of Investment markets The trustees have considered the investment perforrllance during the year and the level of current commitments The accounting policies have been applied consistently in the current and preceding year. The functional currency of the charity is pounds sterling because that is the currency of the primary economic environment in which the charity operate5. The financial statements are also presented in pounds sterling. The amounts in the financi81 statements are presented lo the nearest £. unless OtheNiise Staled. The main significant aiea requiring material iudgerllents, estimates or assumptions Is the valLiation of the subsidiary company See i)ole 1 Igl. The charity has taken advanlage of the exemption In the Charities SORP FRS 102 from the requiretnent to produce a cash flow statement on the giounds that It is a small charity Consolidation Consolidated financial slatemenls have nol been prepared because the Trustees consider that the charity and its subsidiary undertakings comprise a small charity group Therefore, the financial statements represent the position and performance ol the chaiity only. Page 13
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUEDI YEAR ENDED 31 MARCH 2025 dl Income All income is recognised once the charity has entitlement to the income. It is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the IrLJsI has been notified In writing of both the amount and selllement dale. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification ol the interest paid or payable by the bank Dividends are recognised once the dividend has been declared and notilicalion has been received of the dividend due. This is normally upon notification by our inve51menl adviser of the dividend yield of the Investment portfolio. Expenditure All expendituie Is accounted lor on all a¢cruals basis. Governance costs comprise all costs involv5ng the public 3ccountabiliiy of the trust and it5 compliance with regulation and good practice Irrecoverable VAT Is ch3rged against the expenditure heading lor which il was incurred. Governance oosls are allocated to graDI-m3king activilies as that Is the sole activity ol the trust. Charitable donations Liabilities are recognised as expenditure as 500n as there is a legal or constructive obligation committing the trust to that expenditure. il Is probable that sertlemenl will be required and the amount of the obligation can be measured reliably. Donations of an Individu21 nature are accounted for as payable when approved by the Trustees. Vvhere the Trustees have agreed to make annual payments for future yèars and Ihere ale no conditions allached. the lull cost Is charged to expenditure when approved by the TrLJStee5. Page 14
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI YEAR ENDED 31 MARCH 2025 gl Investments Listed investments are a form ol basic financial instrument and are initially recognised al their transaction value and subsequently at their fair valLJe as at the balance sheet date Lising the closing quoted market price. The Investment In the wholly owned subsidiary company is carried at net asset value, which is oonsideied to be equivalent to ils fair value. The subsidiary invests in equity Investments which are held al fair value and liquidity cash funds. All gains and losses are lakeil to the Statement of Financial Activities when they aiise. Realised gains and losge5 on investments are calculated as the difference between sales proceeds and Iheii opening carrying value or their PLJrchase v31ue If acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Cash at bank Cash at bank and cash In hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale ol acquisition or opening ol the deposit or similar account Taxation As a registered charity, the Trust is exempt from 13xalion on certain sources of income and capital ga1ns. to the exlenl that these are applied to its charitable obiects. kl Fund Accounting The unrestricted ILJlld Gomprises funds to be used in pursuance of the Trust's objectives at the discretion of the Truste&s. Restricted fund5 relate lo funds raised from the Douglas Houghton Memorial Fund, which is administered as a segmented fund by The T U U T Charitable Trust. TRUSTEE5 REMUNEFIATION AND RELATED PARTIES No remuneration was paid to any of the Trustees12024". £nill, nor did they receive reimbursement for any expenses12024." £nill. No related party Iiansaclions were undertaken which require disclosure under FRS 102 and the Charities SORP FRS 102 The charity did not employ any staff during the current or prior year. Page 15
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 AUDITOR'S REMUNERATION 2025 2024 Fees payable for the audit of the financial statements 5,400 5,400 2025 2024 CHARITABLE ACTIVITIES Action on Asbestos Scotland Alexander Divine Children's Cancer Trust Book Bus FoLJndation Brunswick Youth & Community Centre Child Poverty Action Group Children's Heart Foundation DocBike Dogs lor Good Exe Access IExeter Community Transporti Fairtrade Found3tion Friends of Young Carers Iswindonl He%t13 HoLising and Support Just Foi Kids Law Medical Aid for Palestinians Mental Health Foundation Mcconnell International Foundation Nightingale Cancer Support Gentle People's History Museum People's Pantry Ellesmore Port Pipal Tree Place2be Together Vve Learn UK Foodbanks TUC Aid Slanney Grange Gormmunity Association Sl ColLJmbia 5 H05pice Care Vauxhall Communily Law & Information Centre 2.500 5,000 35.000 2,000 39,000 10.000 8,400 5,000 1,500 12,000 5,000 4,280 10,000 20,000 23,000 33,000 23.300 18,350 75.000 500 13.000 30.000 15000 47,500 36,332 500 5,000 45,000 30,000 135,530 419,632 Fellowship Award5 IDH MFI University of Cambridge ICAVVSELI 14,8201 130,710 419.632 The nature and type of a¢livily or project supported by the chaiily Is wide The charity does not support a particular activity, bLJt instead the trLlStees have the dis¢retion lo support a wide range of activities 3nd projects that would be supported by the trade union movement. The charities Ihal the trustees supported dLJring the year ale listed above. Page 16
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUEDI YEAR ENDED 31 MARCH 2025 GOVERNANCE COSTS 2025 2024 Audit fee Other expenses Bank charges 5,400 35 36 5,400 35 36 5,471 5,471 INVESTMENTS Unlisted Listed Total Fair Value At 1 April 2024 Purchases Disposals Decrease In value during the year 1.607,987 269,684 1.877.671 100,320 100 320 1213,2421 1213,2421 115,1071 156 2651 141.1581 At 31 March 2025 1 566 829 141 655 1 708 484 The unlisted investment Includes all the issued shale capital ol TU Fund Managers Limited Iregislered number 006976411. a company registered In England and Wales, and its subsidiary company, TU Financial Management Seroices Limited (registered number 065559031, a company registered in England and Vlales. The registered office of these subsidiaries is Congress House. Greal Russell Street, London, VVC18 3LQI. The year-end value represents the consolidated net as5els ol the TU Fund Managers Group al 31 March 2025. Its consolidated audited accounts to 31 Mareh 2025 show turnover of f 399.952 12024.. £403,6041 adminislralive expenses of £461,898 12024 £371.0231, a 1055 after tax of £52.492 12024". profit after tax £41 8731 and net assets of £1,566.82912024. £1,607,987) Page 17
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 INVESTMENTS (Continued) The historic cost of the Iisled investments held al the year-end was as follows: 2025 2024 Investment in Unit Trusts 131.483 215.116 Details of any particular investments that are considered material in the Gonlext of the investment portfolio are as follows. Market Value 2025 Maiket V21ue 2024 77,032 unils12024". 77.0321 in M&G Gill & Fixed Interest Income Fund 9.100 units12024". 20,6001 in IFSL Marlborough European Fund 53.522 88,133 56,680 213,004 The main form of financial risk laced by the charity is that ol volatility In Investment markets due lo wider economic conditions. This risk is mitigated by investing in 8 diversified portfolio and taking investment advice. Investments include unrestricted investments of £1,708,48412024". £1,877.6711 and restricted investments of £nil12024-. £nill. GRANT COMMITMENTS 2025 2024 Grant commitments al the start of the year New grant commitments charged lo the SOFA In the year Reversal of unused grant commitments Grants paid in the year 156,066 13S,530 14,8201 1225,3761 1588.5861 325,020 419.632 Grant commitments al the end of the year 61.400 156,066 Due in less than one year Due in more than one year 61,400 144,566 11.500 61.400 156,066 Grant commitments include unrestricted commitments of £61,40012024.. £151,246) and restricted commitments of £nil12024 £4.8201. Grant commitments of £4.820 were awarded in JLJne 2019 to University ol Cambridge ICAWSELI students studying animal welfare courses. These courses did not take place due lo COVID-19 and theieloie the grants have been withdrawn Page 18
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balanee5 at 31 March 2025 are represented by". Net Current Assets More than one year Investments Total Restricted funds Unre51ricled funds 9.798 175,757) 9,798 1,632,727 1.708.484 1.708,484 65.959 1.642,525 The restricted funds represent the Douglas Houghlon Memorial FLJnd, which 15 to be applied exclusively lor the awarding of fellowships lor established animal welfare COLJrses or to undertake projects to lurther animal welfare. Fulld b31ances al 31 March 2024 are represented by". Net Current Assets More than one year Investments Total Restricted funds Unrestricted funds 4,821 4,821 {11,5001 1,725,059 1,877,671 1,877,671 1136.2911 (11,5001 1,729,880 Page 19
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB THE T.U.U.T CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES The full Statement ol Financial Activities lor the year ended 31 March 2024 is presented below.. Unrestricted Reslricled Funds Funds 2024 2024 Total Funds 2024 INCOME.. Dividends and non-bank interesl Bank inteiesl 6.885 6,885 111 Total Income 6,885 6,996 EXPENDITURE.. Charitable activities Other expenses 419,632 5,471 419,632 5,471 Total Expenditure 425,103 425 103 Net gains on investments 141 303 141 303 Net lexpenditurel l incom8 276,915 276 804 Reconcilialion of funds.. Total funds blfwd 1 April 2023 2,00 1,974 4,710 2.006,684 Toial funds clfwd 31 March 2024 1,725.059 4,821 1,729,880 Page 20
Docusign EnvelopÈ ID". 2FFAC5D3-74114FC3-850C-64C11D7DB3DB