The Bally Thomas Charitable Fund A Registered Charity Report and Financial Statements 30 September 2024
The Bally Thomas Charitable Fund A Registered Charity CONTENTS Page TRUSTEES. ANNUAL REPORT AUDITORS. REPORT io-ii STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 CASHFLOW STATEMENT 14 NOTES TO THE FINANCIAL STATEMENTS IS-22
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 The Trustee5 present their annual report and financial statements for the year ended 30 Seplember 2024. The financial statements have been prepared In accordance with the accounting policies set out In note i ro the financial statements and Cf>mply with the Charlty's trust deed dated 2 Ortober 1970. thÈ Charities Act 2011 and AtCOUnbng and the Charitie5 Statement of Recornrnended Practice (effective l January 20191 ènd Financial Report5ng standard FRS 102. Referenee and Administration Details of the Charbty, ils Tru5tee$ and Adviwrs Settlor Frank Bruce Bèlly Thomas- died 7 January 1997 Date of Settlement Deed 2 October 1970 Trustee5 Mrs Suzannejène Marriott, BA (Honsl. Dip Lèw, TEP. Notary Publi£ Chair of Trustees Emeritus Professor Anne Elizabeth Farmer. MD, FrcPsych- retired Id March 2024 Kenneth Rebert Youn& FCA Etnefitu5 Professor sal-Ann Cooper, OBE, Bk, M8BS, MD, FRCPsyth Jonathan Philip Snow, Bst IHonsl. ASIP Profe550r Angela Hassioti5. MA, PhD, FRCPsyth- appointed 14 March 2024 Principal Address clo TMF Global Servlces IUKI Ltd One Angel Court London EC2R 7HJ Re8iStered Charity Number 262334 Solicitors Charfes Ru55ell Speechly5 LLP S Fleet Place London EC4M 7RD Administrators and Accountant5 TMF Global Services IUKI Ltd One Angel Court London EC2R 7HJ Auditors FKCA lirnited 260-270 Butterfield Great Marlin8S Luton LU2 8DL
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for thè year ended 30 Septernber 2024 Reference and Adrnini5tration Details of the Charlty, ItsTrees and Advisors- tontinued Bènker5 CAF Bank knmitÈd West MallSn8 Kent ME19 4JQ Artemi5 Investment Management LLP Cassini House 57 St Jame5 Street London SWIA ILO Calton Sqv6re l Greenside Row Edinburgh EHI 3AN Pictet A55et Mariagement Moor House Level 11 120 London Wall EC2Y SET Guardcap 61h Floor 11 char$11street St James London SWIY 4NS ROYBI London Asset Management PO Box 9035 Chelmsford CM99 2XB BlackRock Investment Management IUKI 12 Throgrnortlin Avenue London EC2N 2DL Investment Consukants Stanhope Consulting 35 Portman Square London WIH 6LR
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 Strurture, Gthfernance and Mafiagement The Charity is an unincorporated trust constituted under a trust deed dared 2 October 1970 and Is 8 registered charity, number 262334. The deed settled the Trust Fund as to tèpit31 and income on a discretionary trust for application to ch3rit3ble purp05e5 orto charitable In5titution5 connecred wilh the prevention, treatment or relief of tnèntal or other fortn5 of illne55. There w35 a twenty-one vear power to accumulate income to 2 October 1991. The Charity does not tivelyfundraise and seeks to meet it5charitable objectives through the careful stewardship of its existlng resources. The Tru5tee5 have wide power5 of investment a5 though beneficially entitled. A Charity Commission order was endorsed on 7 Au8USt 2003 8ivin8 the neie55ary authority to the provision of indemnity insurance for the Charity Trustees out of the funds of the Charity. The power of appointing Trustees is vested in the Surviving Trustees or Trustee for the time beinÉ, save that the President for the time being of the Law Society has power to appoint a new Trustee in the place of Mr5 S J Marriott and the President for the rime being of rhe Royal College of PhysKi%ns has power to appoint a new Trustee in the plate of Professor A Hassiotis. The appointment of new Trustees is considered by the existing Trustees to erisure that the 1rd of Trustees has the appropriate skill sets to carry out its The Induction process for new Trusrees comprises an initial meeting with rhe Chair of the Trustees èt which lime the new Trustee Is briefed on the grant makin8 activities, the investment strate8y of the Charity, the èdministration arrangements ané the responsibilities of Trugtee5. New Trustee5 are provided with a copy of the Charity's most recent annual financlal statements. a brlef history of the trust and other relevant docuEnents. The Trustees con5iderthe Board of Trustee5 as comprisingthe key rnanagement personnel of rhe Charity in char8e of directing and conirollin8 the Charity and rurinin8 and operatin8 the charity on a day to day basis. Details of Trustee expenses and related party transactions are disclosed in note$ 6 and 11 to the financial statement5. TheTrustees arefequired to di5closeall relevantinterestsand registerthem wirh the Chair and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arise5. The Tru5tee5who have 5enfed duringthe year and since theyearend are setout on page l. They usually meei tri-ahnually to discuss the 3ffairs of the Fund intludint the consideration of applicatigns. the approval or refusal of grants, to consider the performance of their investment portfolio and rèview policies on re5erve5 3nd risk a55essment. They consider recemmendations for, and make final decision5 on, the awarding of grant5 over £5.0W. The Trustees have delegated the powerto make erants of £5,0 and belowto the Chair of Trustees, unless they fall into the area of research in which case the power has been delegated 10 both Medical Trustees. Such grants ère usually made on a monthly basis, or as demand de£rèes. and are ratified rÈtrospecti¥ely by the Trustees at their meetings. The Trustees have a panel of Granr Assessors who wisit and report on applicaDts specified by iheTrustees.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 Strurture. Governance and Manatemetht . continued The day to day èdministrarion of the Fund is carried out by TMF Global Services IUKI Ltd to include the processing of grant application forms prior to consideratn by theTrusteès and thefacilitation of grant paymentsforapprov81 bythe Trustees_ Objectives and Adi¥ttiesfor the Public tsenefit TheTrusr's only charitable activity Is ItS8rant-mèkin8 pro8ramme, throu8h which the Trustees seek to supwrt £haritable project5 Wlthin the Fund's remit. During the year the Trustees have continued to make 8rants in accordance with their charitable objective5 of the prevention, treatment or relief of tnental or other forms of illness. Since lune 2001 the Trustees, funding priority has been solely learning dis)bility. TheTrustees consider undef learning disability the condirions generally referred to a5 severe learning difficulties. toÉether with autism. Full details of the Trust's eligibility criteria are pub115hed on the website www.bailyrhomas.org.ukl8rants/general-pro8rammeleligibility-criteria. The Trustees confirm that they have referred to the 8UIdan contèined in the Charity Commissilin's general guidance on public benefit when reviewinE the Trust's aims and objectives and in planning future 3Ctivities and settinE the8rant making wlicy for the year. TheTru5tfurthers itscharitable purpo&esforthe public benefitthrough itsgrant- making pollcy which aims at.. Professor5wheretheirrole includes research activitythat will furtherthe objects of the charitv,. Ilnancin4 Kholarships to individuals undertaking postgraduate rese3rch, norrnally at PhD level, where the student's area of interest furthers the objects of the chirity,. and by providin8 grant5 to projects that seek to benefit the learnin8 disabled by funding C3Pltal projects and core ctrsts to include staff cosrs. general running and office costs at charitable organisbtions, schoolsand centres. Applicationsto theTru5t forgeneralgrantsare bycompletion of theon-line8rant applic3tion form the website. Fundin8 is normally considered for capital and revenue c05t5 and for borh specific projects and for general running/core cost5. Application5 will only be considerÈd from volunrary organisations which are registored tharitie50r3re associated with a re815teredcharity. Grants are not awarded to individu31s. Financial £ircumstances will be relevant only in determining the amount of an award. Applicationsfor%rant5 inthe area of research are made in writingto theTrustees ènd should be In the form of a scientific summarywith a research plan to include a brief background and a short account of the design of the study and number of subjects, the rneihods ef assessment and an3lysis. iimetable, main outcome5 and some indication of other opponunities arisin8 from the support of such research. Applications are only considerèd from est4bli5hed research workers and are subject to norrnal professional peer review procedure5. Any benefit by researcher5 and rese3rch institutions Is purely incidental to the objects of the Tru5t'5 work. App1ication5 for the Bally Thornas Doctora1 Fellowshlp are by completion of the application form which 15 published on the website. Details of how to apply for grants and scholarships, to8ether with the rele¥3nt forms, are avèilable on the Trusr'5 website.. www.baitythom35.org.uk.
The Bally Thomas Charitable Fund - A ReElStered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 Grant Makin8 Polity. Arhievemen15 and Perfoimante The Trust has established its 8r8nt making policy to achleve its objects for the public benefit to irnprove the lives of the learnin6 disabled. A learnin8 disabilitv is a disorder In which a person has difficulty learning in a iypical manner making it problematic for a person to learn as quickly. or In rhe same way as sorneone who is not aftected by a learning disability. A learning disability cannot be cured or fixed but with the right support and intervention, people with learning disabilities can sucteed in school and go on to be 5ucce55ful in life. The benefsciaries Df the Trust's grant making programrne 3re ultimately the learning disabled, regardles5 of age, gender or creed. The Trustees set èn annual budget for grants to be awarded which Is calculated with reference to the aYer8ge value of the portfolio over the previou5 three vears. During the year under review 283 Erant5 totaline £3.373,822 (excluding returned Érantsl were awarded from the Bal Thomas Charitable Fund12023 £2,646,214). All 8rant5 of £20,fM)O or over are listed in note 4 to the financlal statements. Althc>ugh they are analysed in separate cateeories for disclosure purposes, the Trust fund's charities are In a broad range of areas and the Trustees are interested In supporting initiative5 which meet their Selection criteria re8ardless of the charitable area into which the project falls.- any fluctuation in the level of grants funded across the categorie5 15, therefore, a reflection of ihe applications received rathÈr than of 3 change in the Trustees. priorities. The si2e of gÈner31 Erants varied, from £1,000 to SIBS - support for siblings of learninÉ dIbled thildren and 3dults. to a grant for £30,000 ttr Purley Park Trust tow8rds vital buildin8improvèment5to enablevulnerable people to live in their homes. A total of 11 grants were awarded durin8 the year for research in the 3re4 of learning di$8bilities. The lèr8ÈSt rÈsearch gr3nt of £118,976 was awarded to th University Colle8e London towards a study over 15 months looking at 'EFFECtiveness of Interventions for behaviours that challen8e in adults with intellectual disabilities using UK primary care health records IEFFECTI.. fèasibility study,. During the year the Trustees awarded the fellowin8 fellow5hips'. Uni¥er5ity Coll¢88 London £99.969 Towards the study entitled.. 'Mental health arid bu11yin8 Vlrtimisation amon8St Kln¢s College London £99,%9 Towards the study 'A Multi-modal Exploration of Functional connectivity in people with Down Syndrome and Alzheifflerfs Disease,.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 Grant Making Poliryp knhievementS and Performance. continued Major dOtIOnS mède during the year included.. General Grants Purley Park Trust £30.000 Towardsvitèl building improvernent5to enable vulnerable people to live intheir home5. Hasting5 and Bexhill MeTrcap Societv £25.0 Towards building Frimley's Bigger Future.. eouipment for the Sen50ry Suite and Changing Places TO11. Hertsmere Mencap Towards Children's Holiday Club.. running costs. £25.000 Mencap Llverpool & Sefton Towèrds running Costs. £250 Pyramld of Arts Towards General Activities.. 8eneral opefatin8costs and salaries. £25.000 Seashell Trust Toward5 Royal Colle8e Manchester.. to fund A Life Skills Room. £2S.O Readln8 Mencap Towards core costs.. administration and office costs. £25.1)00 Research Grants University College London £118,976 Study over IS months 'EFFECTivÈnÈss of intÈrvention5 for behaviours that records IEFFECTI.. a feosibility study,. Vlster Uniyersfjty £113.868 Study over 28 months 'A Clustered randomi5ed controlled feasibility trial of Projecl HIIT.. a school-ba5ed intervention for adolescent5 Wlth intellecru31 di53bilities tarEeting physical attivity and body compositi¢n out£omes'. University of Oxford £98,182 Study over 24 months'Feasibility trial of an adapted ènti-bullying programmè Astom University Study over 18 rnonth5 'Profiling Sleep Oifficulties in Children with 5ATB2- associated syndrome,. £96.612 Vnlvers5ty ol Gla$8OW £94A90 Study over 22 months 'Ctrproduction and mOdel1n8 of an inteNeniion io support younÉ people with learning disabilities in developing Bnd sustaining fr1endships throu8h transition frotn school,. University of Sheffield £91628 Studyover 24 months'Characterisin8 dental health in newly discovered genetic cause5 of intellectua1 di5ability'. Edlmburgh Nap4er UnNersity £89,970 Study over 18 months entitled 'Co-desi8n and Jdapt3tion of the Swallowing. Oral Heolth, Nutrition Knowledge and Skills programme for carers who support individuals with Intellectual Disabilities and è3tin& drinking and swallowing
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 Septetnber 2024 Grant Maklng Pollcyi AehiÈvement$ and Performance-contit)ued Uniyerslty College London £86,069 Study over 21 month5 'Preliminary outcomes and costs of Gig Buddies, befriending inierveniion.. The Trustees are confident that together these 8rant5 demonstrate a high degree of public benefit in accordance with the guidance published by the Charity Cornmission. Flnanclal Revlew ahd Reserves Policy The grant-making proqrammè is funded from incorne generated from Its investmeni portfolio, distributions received from the Provident Fund and tash drawndown from investments. Total Income generatèd frorn the Charity's own investments increased by £402.474 to £1,863,566. IncomÈ received from the Provident Fund decreased by E250,442181%1 to £60,32812023 £310.7701. During the veèr there wa5 an overall increase of income to £2,045,13412023 £1,892,361). The Trustees set an annual budget for gran15 to be awarded which is calculated with reference to the 4verage value of the portfolio over the previou5 three years. The grani distributlon is taken from both income and capital receipts. To meet rhe Érant makin8 objective5 throughout the year the Trustees elected to drawdown cash frorn investrnenrs. Investment Polley and P¢rforman¢e ytheir Order of IS December 1999, The ChèrityCornmi55ionersfor England and Wales authorised the Trustees to appoini Investmènt Managers and delegate to them power 3t rheir discretion to buy and sell investments on their behalf In accordance with the investment policy13id down by the Trustee5, which are on terms consistent with the Order of the Charity Commissioners. The investments made by the Trustees are after taking appropriate investrnent advice, and such services are currently provided by Stsnhope Consultin8 who also monitor the Inve5trnents' performance. The Chair of Trustees, Mr Youn8, Mr Snow and Mr Nan8le la Trustee until November 2012 whose Services h3¥e been retained a5 Cts-opted Advisor) sit on the Inve5trnent Cornmittee. Meetings of the Committee are usually held bi- annually with Stanhope Consulting. to Ctrnser overall strategy, investment rformance ond the appointment of Fund Managers. Following a review in November 2010, the Trustees resolved to tarÉÈt a speiific return rathÈr than a straieEiC asset allocation. In April 2017 the Trustees appointed Baillie Gifford and Pictet Asset Mana8ement as absolute managers. The Trustees resolved ar that limè to retain Arremisknset Management Limited, who were appointed in September 2CM)8. Following an investment strateÉy review in e3rly 2020 the Trustees resolved to revise ihe strategic Portfolio allocation. They agreed to widen 8lobal equity exposure, to reduce the dependency on the UK equity market, to decrease the exposure to sterlin8 ènd to Inirea5e (Iiversification. The portfolio was restructured and ès a result, the investments with the rn3nager5 were reduced, and two new global equity funds. 6aillie Gifford Global Alpha Growh and Guardcap Glob31 Equity Growrh, were added to the portfolio. Ar the Investmpnt Cofflmittee rneeting in November 2023. theTrustees discussed the appropri3te size of the allocatitrn to tnulti-a55et diversified growth fund5 Wlthin ihe investment portfolio They subsequently 38rÈÈd to adopt 3 fixed stratÈ8ii allocations for rhe portfolio and to Sell the holding in the Baillie Gifford Multi Asset Growth Fund and invest a portion of the proceeds into the 8aillie Gifford Global Alpha Growth Fund with the remainin8 proceeds being Invested into two p355ive ishare funds wilh BlJckRock.
The Bally Thomas Charitable Fund A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 Investment Polity and Performamte - ¢oTrtinued As at 30 September 2024 the Investments comprise 7 funds, the Artemis Income IE¥clu510nsl Fund. the Pirtetmulti Asset Portfolio, the Baillie Girford Global Alpha Growth Fund. the Guardcap Global Equity Fund. the BlackRock isharescorporate Bond Index Fund. the BlackRock iShare5 UK Gilts All Stock5 Index Fund arid the Royal London Short Term Fixed Income Fund. These are currently managed by Artemis A55et M3nagement Limited, 64illie Giffoid. Pictet A55et Mana8ètnÈnt, Guardcap, BlackRock Fund Managers Limited and Royal London Asset Managernent. The capit31 value of the portfolio as at September 2024 stands at £97,604,876, which represents Fixèd Assets investments with a total value of E96.876,984 and Current A55et cash eguivalent investtnents of £727,892. The Ion8-terrn objettive is to prÈsÈrvÈ the capital of the portfollo from Inflation whilst meetingthe Fund'sgrant making objectives. The total return target for the investment portfolio has therefore b@en set at 3.5% p.a. in real terms after inflarion as measured by rhe Consumer Price Index ICPII. TheTrustees acceptthi5 rnay be a demandirig tar8et in the current Ènvironment but believe that it remains a sensible IonE-term aspiration. The long-term objectivelbenchmark for the cornbined portfolio is to achieve CPI +3.5% p.a. The benchmark for the ArtÈmis Income (Exclusionsl Fund is the FTSE A11 Share Index. The benchmark for the Pictet Multi A55et Portfolio is to èchieve SONIA +4% p.a. The benchmark forthe Baillie Gifford Global Alpha Growth Fund 15 the MSCI All Country World Index. The benchmark for the Guardcap Global Eouity Fund is the MSCI World Index. The benchm3rk for the Roy31 London Short Tertn Fixed Incorne Fund is SONIA. The benchmark for ihe Ishares Corporate Bond Index Fund 15 the iBoxx Steflin8 Non Gilt IndÈx. The benchmark for the ishares UK Gilts All Stocks Index Fund isthe FTSE Actuarie5 UK Conventional Gilts All Stock Index. Over the past 12 months, both the global equty funds underperformed their benchmarks with 6aillie Gifford (Global Alpha Growth Fund) underpertorrning by 1.0% and Guard Cap Global Equity Fund by 9.6%. Over the year Artemis Asset Management, Pictet and Royal London have overperforrned their benchmark producing relative returns of 7.0% and 6.0% and 0.4% respectively. The ishares funds were both marginally ahead of their benchmark inthe year. The combined porrfolio lexcluding cashl generated an absolute return of 15.9% over the year to 30 September 2024, 10.7% ahead of the CPI +3.5% benchm3rk. Thi5 performance has been helped by thefall in CPI inflation but remains behind over the last 3 or 5 year period due to the surge in inflation durin8 2022. The current asset allocation is projected to achieve a long-term nominal return 51iEhtly below the long-terrn target but thi5 doe5 not rnake any allowance for potential outperformancefromthe undedying managers. TheTrustees recognise thea55et allocation is a 5nap5hot of the current P05ition and is not a lon8-term strategic assètallocation. TheTrustees£oniinuetoiake3 long.rermview on performance. Plans for Future The Trustees plan to continue their exi$tin8 Strategy of rnaking grants to organisations for the prevention. treatment or relief of severe arnInE difficultie5 and autisrn. The Tru5tee5 have considered thefinancial health of the chèrily and, with this in mind and notingthatthey have no permanent endowtnent, the Trustees believe that the charity. at the date of signing, will continue as a going conceTn for the foreseeable future. Risk Management The major risks to which the Fund is exposed, as Identified by the Trustees, hève been reviewed and the Trustees are 5at15fied that the 5VStetn5 In place mitigate those risks. The Trustees consider the variability of investment returns to constitute the Charity's major risk. This Is mitlEated by retaining expert Investment Consuttants. having a diveT5ified investrnent porttolio and the technicèl skill-set of the Investment Committee p8nel.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2024 Statement of Tru5tees' responsibilities fol the flnameI slatement$ Law applicable ro charlties in England & Wales requires the Trustees to prepare firiancial statement5 for each financial year which give a true and fair view OF ihe Chariry's financial artivlties durin8 the year and of its financial position at the end of the year. In preparin8 financial statements 8ivin8 a true and fair view, the Trustees should follow best practice and.. kelett Suitable accounting policies and then applythem conslstentlv,. obsèrve the methods and principles in the Charitie5 SORP; make judgements and estimates that are rèa50nable and prudent., state whether applicable atcounting 5t3ndards have been followed, subject to any departures disclosed and explained in the financial 5tatements-. and prepare the financial statements on the going concern basis unless st is inappropriate tg pre5urne that the charity will continue in Operation. The Trustees are responsible for keeping accounting records which di5elose with reasonable 3ccuracy the financial p051tion of the Charity and which enable them to ascertain the finantial position of the Charity and which ènable them to ensure that the financial statements comply with the Charitie5 Act 2011. the Charity (Accounts and Reports) Regulations and rhe provisions of the trust deed. The Trustees are responsible for safeguarding the a55et5 of the Charity and hence for taking reasonable Steps for the prevention and detection Df fraud and other irre8uIBrities. Under the Charities Art 2011. a5 the charitvs Trustees, we certify that.. so far a5 we are aware, there is no relevant 3udii information of which the ¢harity'5 auditors are unaware.. and asthe Trustees of the charitywe have tsken all the steps that we ou8ht to have taken in orderto rnake oursefves aware of any relevant audit information and io establish that the tharity's auditors are aware of that informJtion, Approved bythe Trustees on.. 0110412025 Date and signed on theif bèhalf bv.. Chair of Trustees Mrs S J Marriott
INDEPENDENT AUDITORS, REPORT to the Trustees of The Baity Thomas Charitable Fund- A ReRlstered (harlty Opinion We have audited the financial statements of The Bally Thomas Charitable Fund Iihe 'charity'l for the year ended 30 september 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Staternent and notes to the financial Statements, Including 2 summary of 51gnificantaccounting policies. The financial reportin8framework that ha5 been applied in their prepar8rion is applicable law and United Kin6dom Accounting Standards Iunited Kingdom Generally Actepted Accounting Practice). Th15 report is m£de solely to the charity'sTrustee5, as a body, in accordance with Section 144 of the Charities Act 2011 and resulation5 rnade under Sertion 154 of that Act. Our audit work has been undertaken so that WÈ might state to thÈ charity's Trustees these m3ttÈrs we are required to state to thern in an auditors, repon and for no other purpose. To the fullest extent permitted by law. we do not accept or assume respon51bility to anyone other than the charity and the charity's Trustees as a body. for our audit work, fDr this report. or for the opinions we have form. In our op1nion the financial statements.. Eive a true and fair view of thè state of the charity's affairs a5 at 30 Septernber 2024 and of its incoming resources ènd application of resources forthe yearthen ended-. have been properly prepared in aciordance with United Kingdom Generally Accepted Accounting Practice.- and have been prepared in accordance with the requirements of the Charities Att 2011. Basis for opiniorb We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. responsibilities under those 5t3nd3rds are further descrlbed in the Auditors respon5ibilitie5 for the audit of the firiancial staremenrs section of our report. We are independent Df the chariiy in accordance with the ethical requirements that are relevant to our audit OF the financial staremenrs In the UK, includin8 the FRC'S Ethical standard, and we have fulfillÈd our other ethical responsibilitiès in accordance with these requirement5. We believe that the audit evldence we have obtained 15 Sufficient and appropriate to provide 3 basis for our opinion. Conclusions relating to goinE concem In 3uditing the financial statements, we have concluded that the Tru5tee5' use of the going concern basis of accounting in the preparation of the financial statement5 15 appropriate. Based on the work we have performed, we have not Identified any material uncertainties relatin8 to events or conditions that, individually orcollectively, mayca51 significani doubion the charity's abiliiyto continue asa going conternfora period of at leasr twelve monihs from when the financi31 statetnents are authoriged for issue. Our responsibilities and the responslbilities of the Trustees with respect to going concern are dexribed in the relevant sections of this report. Other information The Trustees are responsible for the other information. Th other infortn8tion tomprises the information included in the annual report. other than thÈ financial 5tstement5 and our Report of the Independeni Auditors thereon. Our opinion on the financial 5t3rements does not cover the other information and we do not express anyfortn of assurance conclusion thereon. In ctsnnettion with our audit of the financial statements. our responsibility is to read thè other information and, in doing so, consider whether the other infortnation is tnaterially incon515tent with the financial statements er our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material rni55tatement of this other information, we are required to report that fact. We have nothln8 to report in this regard. Mtter$ on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 require5 U5 to report to you if, in our opinK)n'. the information given in the Report of the Trustees Is inconsistent in any material respect with the financial 5tatements,' or sufticient accounting records have not been kept,. or the financial statements are not In agreement with the accounting record5 and returns, or we have not received all the infoimation and explanations we require for our audit. 10
INDEPENDENT AVDITORS, REPORT to the Trustees otThe BailyThoma5 Charitable Fund- A ReR6stered Charlty Responsibillties of Trustees As explained more fully in the Trustee5 Responsibility Statemeni. the Trustees 3re responsible for the preparation of the financial statements whlch give a true and fair view. and for such internal control as thÈ Trustee5 determine 15 necessary to enab5e the preparation of financial 5tatetnents th3t are free from material misst31emeni, whether due io fraud or error. lth preparing the financial 5tatement5. the Trustees are responsible for èssessin8 the charity'5 ability to continue a5 a goin8 concern, disclosin& as applicable, matters related to 80in¥ coniern and usingthe going concern basis of accounting unles5 the Trustees either Intend to liquidate the charity or to cease operations. cr have no realistic alternative but to do Auditors. responslbllltles foitht audit of the financial statements Ourobiective5 èretoobtain reasonable assurance aboutwherherthefinancial statements as a whole arefree from tnaterial mi55tatement. whether due to fraud or error, and to Issue a Report of the Iridependent Auditors that includes our Dpinion. RÈasonable assurÈnce 15 3 high level of assurance but is not 2 guarantee that an audit tondutted in accordance with ISAS IUKI will alway5 delect a material misstatement when it exists. Mi55tBtements can arise from fraud or error and are considered material if, Individually or in the aggregate. they could reasonably be expected to Influence the economit decisions of user5 taken on the basis of these financial statements. Because of the inherent limitatlOn5 of an audit,there is a riskthatwe will notdetect all irreÉularities, in£ludingthose leadin8 to a material misstatÈment in the financial statements or non-compliance with reeulation. This risk increases the more that compliance with a law or regulation Is removed from the event5 and tran5a£tion5 reflected in ihe financial st3tements, as we will be less likely to beiome aware of Instance5 of non-compliance. The risk Is also greater reearding Irregularities occurring due to fraud rather than error, as fraud Involwes Intentional concÈalmÈnt, forgery, collusion. ornission or misrepresentation. Irregularities. including frèud, are Instancesof non-tompliantewith law5and regulations, We design procedures in line with our responsibilitie5, Outlined above. to detect material misstatements In respect of irregularities, including fraud. The extent to which our procedures are ¢apable of detecting irreEuI?rities. including fraud is detailed below.. Enquiry of management and those £har8ed with governance around 3Ctual and potenrial litlE3tion and claims. Enquiry of the Trustees to identify any in514nces of non-compliance wlth laws and regulations. Reviewing minutes of meetings tyf those char8ed with governance. Reviewin8 f1nanclal statement di¥105ures and testing to supporting documentation to èssess compliance with applicable laws and regulation5. Auditingthe risk of management override of controlg, includingthrough testing journal entrie5 other adjustments for appropriatene55. and where applicable, evaluating the bu51ne5s rath)nale of si8nificant transactions outside the normal course of business. Use of Our report This report is made solelyto the charity'sTrustee5, 8$ a body, In accordance with kttion 144 of the Char4tie5 Art 2011 and re8ulaiions made UnderStIon 154 of that Act. Ouraudit work has been undenaken so tharwe mi8hi glare to the charlty's Trustees those rnatter5 we are required to State to them in 3n auditors, rep¢rt ¥nd for no other purpose. To the fullest extent permitted by law, we do not accepr or assume responsibility to anyone other than the charity and the charity's Trustees as a body. for our audit work. for this report. or forthe opinions we have lorrned, A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reportin Council's website at www.frc.or auditorsres onsibiliiies. This des£ription forms part of our Rèport of the Independent Auditors. Tèra Aldwin ACA Isenior Staiutory Auditorl for and on behalf of FKCA Lirnited Statutory Auditor 260- 270 6utterfield Great Mailings Luton LU2 8DL Date,. 95 A fyi- i a£kJS 11
The Bally Thomas Charitable Fund - A Registered Charity STATEMENTOF FINANCIALACTIVITIES for the year ended 30 September 2024 Unrestricted Fund 2024 ZOZ3 Note INCOME AND ENDOWMENTS from- Investrnent income 2a 1.863,566 120,400 61.168 1.461,092 120.234 311,035 Donations Other 2b Tolal income and endowments 2,045,134 1,892,361 EXPENDITURE on- Cost of raisin8 funds 113,991 3,348,299 110,371 2,893,337 Total expenditure 3,462,290 3.003,708 NET EXPENDITURE BEFORE GAIN5 AND LOSSE5 ON INVESTMENTS 11,417,156) 11,111,3471 Net gains/llossesl tsri investments Net gainslllossesl other 12,183.364 4.704.926 17,3451 22,063 NET MOVEMENT IN FUNDS 10,758,863 3,615,642 TOTAL FUNDS BROUGHT FORWARD 86,439,873 82,824,Z31 YOTAL FUNDS CARRIED FORWARD 97.198.736 86,439,873 12
The Bally Thomas Charitable Fund - A Registered Charity BALANCE SHEET as at 30 September 2024 Ufirestrkttd Fund 2024 2023 Note FIXEDAssErs Investment assets 96,876,984 85,402,356 CURRENT A55ETS Debtors Cash and cash equivalents 14,630 2.390.588 212,538 2.779,053 2,405,218 11,732,625) 2,991,591 11,571,091) LIABILITIES.. amounts fallin8due wtthln one year NET CURRENT ASSETS 672,593 1,420,500 TOTALASSEfs LESS CURRENT LIABILITIES 97.549,577 86,822,856 LIABILITIES- amount5 fall8 du¢ after one year io 1350,8411 1382,9831 NET ASSETS 97,198.736 86.439,8?3 Representing.. RESERVES AND FUNDS Unrestricted fund 97,198,736 86,439,873 Approved bythe Trustees 0110412025 Date and signed on their behall by.. Chair of Trustees Mrs S J Marriott 13
The Bally Thomas Charitable Fund A Registered Charity STATEMENTOF CASHFLOWS for the year ended 30 September 2024 2024 2023 Cash Ilows from operatlng attfvitles.. N•t cash used In operatlw aulvltles 13 12,960.7671 12.736.148) Cash flows from inve$tin8 artlvliles: Investment incorne 1.863.566 16,173,855 114,674,695) 1790,4241 1,461,092 3,4QO,OQO Proceeds from le of investments Purchase of investments Reinvestrnent of incorne and issue of additional accumulation shares 1486.1681 Net ¢ash provided by Investlni aetivltles 2,572,302 4,374.924 Change In eash and cash e4uivalents In the year Cash and cash equivalents at the beginning of the year 1388.4651 2,779,053 1,638,776 1,140,277 Cash and cash eqUalents at the Ènd of the year 2,390,588 2,779,053 Represented bv.. Current a55et investrnent Cash at bank 727,892 1,662,696 2.445,355 333,698 2.3W.$88 2.779.053 14
The Bally Thomas Charitable Fund - A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 30 SeptÈmbÈr 2024 ACCOUNTING POLICIES The principal attounting policies adopted are as follows., al Basis of prepara¢ion and assessment of going concern Thefinanclal &tatement5 have been prepared underthe historical cost convention with items recognised at costortransaction value unless other¥vi5e 5t4ted in the relevant nore to these financlal staiements. Thefinancial statÈmÈnts havo been prÈparÈd In accordance with the Charitie5'. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applitablÈ In the UK and Republic of Irelind IFRS 10211 leffertive I january 20191 Ichariiies SORP IFRS 10211 and the Charities Act 2DII. The Charity constitutes a publK benefit entity as defined by FRS 102. The Trustees conslder that there arè no fflaterial uncertainties about the Chority's ability to continue as a Eoing concern. With respect to the nèxt reporting period, 2024-2025 the most significanr areas of nrtainlY that affect the carrying value of assets held by the Charity are rhe level of investment return and the performance Of investfflent markets (See the investment policy and performance and risk tnana8ement Sections of the Trustees. annual report fer more informationl. bl Fund slrurture The unrestricted Income fund comprises fund5 which the Trustees are free to use for any purpose in furtherante of the charitable object5. I Income retognitlom All Income is recolnised once the Charity has entitlement to the income. it is probable that the income will be received and the arnount of income receivable can be measured reliably. Interest on funds held is included upon notification of the interest paid or payable. Dividend5 are recognised once the dividend has been declared and notific3tion has been received of the dividend due. Credit is taken in the accounts for income tax deducted from inve5trnent income which has or will be reclaimed from the H M Revenuè & Customs. Distributions from the Bally Thorna5 Provident Fund are accounted for when they are advised to the Charity. They are credited in the Statement of Financial Activities Includin8 rècoverable incotne tax. dl Expet)dlture retO8ttition Liabilities are recognised as expenditure as soon as thère is a legal or consiructive obligation committing the Charity to that expenditure. it is probable that settlÈmènt will be required and the amount of the obliÉation ean be meèsured reliably. All expenditure is atcounted for on an accruals basis. All expenses, iniluding 5UPPQrt C05t5 and 8overnance costs, are allocated or apporrioned to the applicable expenditure headings In the Statementof Financial Aitivities. For more inforrnation on this allocation refèr to note el below. Grants p3y3ble are payments made in furtherance of the charitable objectives of the charity. Provision is rnade for grants approve(I by the Trustees in the yÈar. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant 4w3rd. The notification 8ives the recipient a reasonable expectation that the¥ will receive the one-year or multi-ye3r grant. Grant awards that are Subject to the recipient fulfillin8 performance conditions hre only accrued when the recipient has been notified of the 8rant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Charitv. 15
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2024 ACCOUNTING POLICIES- contlnued el Allo¢atlon of governance and other sUprt costs Governance and support cost5 have been allocated between charitable activities and governance based on the activity to which they relate. The allocation is analysed in note 5. Govemante costs cornpri5e all costs involving the public atcount3bility of the Charity and its compliance with regulation and good practice. These costs includÈ costs related to the 5taturory audit of the Charity, legal and accountancy char8e5, together with an apportionment of overhead and support costs. Cost of raisingfunds The tostof generatingfund5comprisesthe investment consultanty thar8e5 andoneofthe investrnent managerfs chargeswhose holding is a zero fee paying share cla55 and the fee is paid outside the fund. £1 Charltable artivitles The Èxpenditure on charitable activities comprises grants rnade in the year. governance costs and an apportionment of support costs as shown in note S. h) Flxed 4$5et investments Investments are inltially Tecognised at th*r transaction vèluè and subsequeritly measured at their market value as at thè Balance Sheet date using the closin8 Quoted tnarket price. The statement of Financial Actfvitles includes the net gain5 3nd losses arisin8 on revaluètitsn and di5PQ5als throughout the year. 11 Cash and cash èquivalerbt5 Cash at bank and cash eguivalents are held to meet short-term cash commitments as they fall due. The Charlty has defined it5 holding of Royal London Cash Plus Fund as a cash equivalent. hLqhly liquid investment which tan be called upon without notice. jl Realised 8aln$ and losses All gains and losses are taken to thè Statement of Fin3nci31 Activities as they arise. Realisèd 8Èins and10sses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired Subsequent to the first day of the financial year. Unreèlised gains and losses are calculated as the difference between the fair valuè ot the year end and their carrying value. Reali5ed and unrealised invesiment 8ains and losses are combined in the Statement of Finantial Artivities kl Foreign curren translation Transactions denominated in foreign currencies are recorLled at the rate of exchange ruling at the date of the transactions. Monetary 3ssets and liabilitie5 denomin8ted in foreign currencies are translated into sterlin2at year-end ratesand trarislation differences are taken to the Statement of Financièl Attivitie5. 11 Curren The financial sratements are prepared in sterling, which Is the funttional currency of the charity. Monetary amounts in these financial statement5 are rounded to the nearest £. 16
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2024 INCOME ANP ENDOWMENTS I Irwestment income 2024 2023 Oividends from investments 1,849,817 13.749 1,451,763 9.329 Interest on cash deposits 1,863.566 1,461.092 bl OthÈr The Charity is entitled under the trust deed of the Bally Thomas Provident Fund to surplus income each year not applied for the benefit of forrner employees of Mansfield Brewery plc. There was no surplus income for the year but a payrnent of £60,328was received being the atnount of tax reclaimed by Provident Fund beneficiaries and reiurned rothe Provident Fund. This amount IS then given to the Charitable fund. (Total 3mounr received from Providenr Fund in 2023 - £310,770). The Charity Hlso holds a reversionary interest in the capital of the Fund. At 5 April 2024 the draft accounts show the net 355et value of the Fund was £35,200.58912023 £35.735.8781. A fee aEgreEation agreement is in place with one of the investment managers. Accordingly* any difference between the annual management charge and ihe applicable fee is rebated following each Quarter end by Issuin6 additional èicUtnulatn shares. The fees are reflected through the performance of thÈ units. withthe value of the fee rebate h reIpt of endowment funds. This was £840 in 202412023 in É2651- COST OF RAISING FUNDS 2024 2023 Investment managers charges Invesrment consultaney char8es 77,319 36,672 75.597 34,774 113,991 110,371 Following the Tru5tees' change of invesiment objective from June 2011, the Charity holds unlts in funds with fees taken Into account and reflected throu8h the performance of the units. The total of such char8e5 for the year attributable to the Charity ère estimated at £470,91212023 £494.4881. ANALYSIS OF CHARITABLE ACTIVITIES The Charity undertakes it charitable 4ctivitie5 throu8h grant making and awarded grants to a number of institutions in further3nce of Ils charitable objective5. 2024 2023 Grant funded activity Support and governance costs 2,995,189 240.052 113.058 2,575,082 208,314 109,941 - Governance 3,348,299 2,893.337 Grants refvthded/withdrawn The Tru5tee5 require Charities to return any money which they have not utilised for the purpose of their oriÉinal appeal. Accordingty during the year 11 grants totaling £85.34512023. 7 Erants E21,1321 have bpen refunded and 19 grants totaling £293.28812023, 3 grants £50.0(M)I have been withdrawn. 17
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2024 4. ANALYSIS OF CHARITABLE ACTIVITIES- continued Grnnts of£20,IM)arbd over Commttments GrantsAworded Gronts Poid Commitments B/F In thePertod in the Perlod ChorityNtsme University ColleEe London U15ter Univer51ty Total King's College London Total University of Glas8ow Total University of Oxford Total Aston UniversityTotal University of Sheffield Total Edinburgh Napier University Rix-Thompson-Rothenberg Foundation Total Purley Park Trust Autism AnElia Total Hastings and Bexhill MencapSo¢iety Total Hert5mere Mencap Total Mencap Liverpool &Sefton Total Pyrarnid of Art5Total Reading Mencap Total Seashell TrustTotal SNAAP Ispecial Needs Advisory &AttlVities I Brainbox Tot31 Burton Street Foundation Ltd Total Families United Network Total Ferring Country Centre Friends of Castledon School Grove Cottage (Bishop's Stortford Mencapl Haswell & District Mencap HomÈ-St3rt Ro¢hdhle and Bury Kids in Action Northumbria Calvert Trust Pure Innov3tions Shensrone School Social tife Opportunities ISOLOI Sola5 The Meath Epilepsy Charity 29,217 82,732 125,184 140.132 86,2( 105,fKJI 17,312 305.014 118.818 106,010 IfK),531 98,182 96,612 92,628 89.9?0 179.158 $4,718 79,243 169,394 155,073 14&832 151,951 7L269 184,390 141,830 109.940 89.970 3S.(KI) lo,) 25,((Q 59,783 35,(( 20, 25,LK 25,(DO 25,(MXI 25.(Kx) 25,(KX) 25,(U) 25.(XJ) 22,0 21.3 25,( 25,(MJ) 20,(K 20,(XX) 20,OLKI 25,QJJ li.(N)) 11,3 Ii,cKx) 20,C 20,(K 20,C 20.L 20,(KLI 20,(KA) 20.Q 20,rMM) 20,( 20,(NX> GFiApnsof £20,(>)J and over ALLOTHERS TOTALGRANTS Grants refunded Grants withdrawn 620.786 1293,865 L914,651 1,6(6,155 1,767,667 3.373,822 185,3451 1293,2881 2,995,189 973,296 1.997.869 2,971.165 185,3451 1,253,645 1,(I$3.663 2,317,3r 1293.2881 2,024,020 1.914,651 2,885,820 Fallingdue in one year Fallin8due aftermore than one year 1,6n,179 350.84L 2,024.020 18
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2024 ANALY515 OF CHARITABLE ACTIVITIES- continued GIiANTS BY CATEGORY 2024 2023 Rix-Thompson-Rothenber8 Foundation- grant makinE Research projects Main rants ro ramme 70,Ch)O 1,032,194 70,WO 689,534 Major capital bulld1nrefurb1ShMent costs Other capital building/refurbishment cost5 Major runnin8 Costslrevenue costs Other running costslrevenue costs Equipment costs ro 380.(Q) 48,810 894,8 577,796 76.OLK> 340,893 51,033 663,238 448,978 38,535 ramme Capital buildinElrefurbishment tostS Runnin8 COStslrevenuÈ cost5 Equipment costs 13,(KJO 254,979 26,153 26,lJ)O 283,947 34,056 3.373,822 2,646,214 GRANTS BY VALUE 2024 No. of 4rat)ts 2023 Total value No. ot8rant5 Value Total vale £100- £5,0( £5.001- £10,000 £10,001- £15.000 É15.001- £25.000 £25.001- £80.000 £80,001- £100.O(N) 515,065 545.254 687.352 535.418 100.0 990,733 139 58 49 25 404,733 641,316 397,822 325.195 293,783 583.365 117 68 28 16 io 3,373,822 283 2,646,214 241 All grants were made to institutions. GRANT COMMrrMENTS The Trustees have also made further non-binding grant commitmonts to 17 future project5, the timing of which is unknown, totalin8 £169,44212023 £108,000>. 19
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2024 ALIOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS Overhead and support costs were allocated between governance and charitable activities a5 detailed below.. 2024 Charitable 2023 Charitable Vnrestrlrted Fund Activities Go¥ernance Artivities Governance Audit fees LeEal and professional costs linc. expenses) Actountancy and administration linc. expensesl 7,224 62,134 41.505 833 5,934 64,969 37,205 796 50.935 166,020 28,408 165.218 Trustees, indernnity insurance Grant assessors, expenses Trustees. expenses Doct¢ral interviews 1.180 877 10,422 120 7,309 67 1,002 438 8ank charge5 Website development and hOStn8 Information Commi55ioner 147 125 11.553 6.874 35 35 240,052 113,058 208.314 109,941 TRUSTEES EXPENSES AND REMUNERATION The Trustees received no remuneration in respect of the financial year ended 30 Septernber 202412023.. Nill. Mr Kenneth Young, a Trustee of the Fund received payment in respect of his professional services and è disclosure in respert of thi5 Is included in Note 11. The Trustees sought advice from the Ch3rity Commission regardin8 the payment of fees and expÈnse5 to the two Medical Trustees. On their recommendation the two Trustees mèy invoice the Fund for their tirne Spent on evaluating research applications and also on the Charity's work and reclaim hny out of pocket expense5 incurred. Expenses of E12012023- £671 were charged by one Twstee12023- onel in the yÈar Èndèd 30 September 2024. 1024 2023 Travel 120 67 FIXED ASSET INVESTMENTS 2024 2023 Movement in red asset listed investrnents Market value at 30 September 2023 Less.. Sale proceeds Add.. acquisltions at cost Net gainslllossesl on revaluation ènd disposal 85.402,356 83,612,772 116.173,8551 13,400,owI 15,465,119 486,168 12,183,364 4,703.416 Market value at 30 September 2024 96,876.984 85,402,356 Historical cost of quoted investments 4t 30 September 2024 73,869.068 75,237,104 All investments are1isted on a recognised stock exchange. 20
The Bally Thomas Charitable Fund - A Registered Charity NOTE5TO THE FINANCIAL STATEMENTS at 30 SeptÈmbÈr 2024 FIXED ASSET INVESTMENTS- contlnued As èt 30September 2024. the rnarket valueof investments listed in the UK amounted to £96.876.984 with noinvestments listed overseas. All holdings as at 30 SÈptÈmbef 2024 represented more than 5% of the total fund 3nd cornprised of the followin8'. Marketvalue Historical value 3019124 Artemis Income IExclu5ionsl Fund Baillie Gifford Global Alpha Gr0h Fund B acc Baillie Gifford Multi Asset Growth Fund Bl act Pictet Multi Asset Portfolio Z 3CC 26.378.2S5 20,209.213 14,859.766 17,185,858 18,158.106 19,265,561 12,865,849 15.076,839 14,046,605 12,700,000 R8C Guardcap Global Equity Fund BlackRock iSh3res 96.876,984 73,869,068 CUARENT ASSETS 2024 2023 Debtor5 Taxation reclaim Due frem Provident Fund Prepayments Roy81 Londen Short Term Fixed Income Fund Y Inc CAF Charity Money Management 89.180 108.998 14,360 2,445,355 333,698 14,630 727,892 1,662,696 2,405,218 2,991.591 LIABILMES: amoutttsfallingdue wiihin one year 2024 2023 Accruals ChadÈs Russell Speechly5 LLP - Azets l Ken Young Auditor's fees Accounting and taxation 5ervice5 Investment m3nagers - A55e550r5 12,485 1.575 7.2CQ 17,738 20,298 150 1,673,179 12,761 5,676 2,520 18,466 Grants 1.531,668 1.732,625 1.571.091 10. IIABILITIES.. amounts falling due after one year 2024 2023 Grants 350,841 382,983 21
The Bally Thomas Charitable Fund A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 30 September 2024 11. RELATED PARTIES Mrs Suz3nne M3rriott, a Trustee of the Fund. is a partner of Charlès Russell Speechly5 LLP. In the year ended 30 September 2024 legal costs of £101.869 lincludinE reimbursed expenses of £1,465) were charged to the Charity by Charles Russell Speechlys LLP 12023 E76.8171. Atcrued fee5 of E12,485 lincluding expenses of £0) were outstsndinE ar the year end. Mrs Marriott IS 3150 a Trustee/Governor of The Rix-Thompson-Rothenber8 Foundation Charity which received a grant of £70.000 from the Fund durin8 the year12023 £70,000). Mr Kènneth Young is a Trustee of the Fund. In the yÈ3r ended 30 Septernber 2024 fees of £11.2(Kl were charged to the Ch8riiy by himself for profession315ervices provided. (ln the year ended 30 September 2023 Mr Young was Èmployed bv Azets who charged the fund £16,560). Ac£rued fee5 01 £1.575 were outstanding at the year end. Professor Arigela Hassiotis was appointed as a Medical Trustee of the Fund in March 2024. Before she became a Trustee, she was awarded a resÈarth grant of £118,976 In November 2023. The conditions of the grarit were met in February 2D24 and a payment of £95,181 was made in AprS12024. The b3lantÈ of £23,795 wa5 0Ut5tanding at year end. A researchgrant of £113,868 w3s awarded in June 2024 te Ulster Universityfora research project Sed by Professor Laurence Ta88art. Profe550rT4ggari is a Erant assessor for The Bally Thom45 Charitable Fund. 12. VOLUNTEERS The Charity does not receive any contributions from volunteers. 13. RECONCILIATION OF NET MOVEMENT IN FVNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movernent in Funds las per the Statement of Fin3nci31 Activiriesl IGainsl/losses on Investments Deduct investmènt Income shown in investin8 activities Ilncreasel/decrea5e in debtors Increaselldecreasel creditor5 10,758.863 3,615,642 112,183,364) 14,703,416) 11,863.5661 11,461,092) 197,908 1199,5231 129,392 12,241 Net cash used in operating acrivities 12,960,767> 12,736,148) 14. SUMMARY OF FUND MOVEMENTS Fund balan£es brought forward Fund balances carrled fonvard Gairb5 and losses Fund Name Intomè Exp¢nditure Unrestricted Funds 86,439,873 2,045,134 13,462,290) 12,176,019 97,198,736 Tot31 Funds 86,439,B73 2,045,134 13,462,290) 12,176.019 97,198,736 22