REGISTERED CHARITY NUMBER: 298450
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
FOR
THE TITCOMB FOUNDATION
Chariot House Limited Chartered Accountants
44 Grand Parade Brighton East Sussex BN2 9QA
THE TITCOMB FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 11
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THE TITCOMB FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable Trust was established on 9 February 1987. Both the initial donation and additional amounts donated since have been under terms which allow the trustees to either retain the amounts as capital or to spend them.
The Trust deed gives the trustees the power to apply the funds in such a manner as they think fit to or for the benefit of any charitable object or purpose.
The trustees identify projects and organisations as they wish to support and so the Trust does not make grants to people or organisations who apply speculatively.
Public benefit
The trustees have had regard to the Charity Commission guidance on public benefit and paid due regard to it in deciding what activities the charity should undertake.
The trustees are satisfied that the ongoing grants they are making means that the charity is continuing to meet the public benefit requirement.
Grantmaking
The trustees normally meet quarterly to consider what grants they will make and to review any feedback they have received.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year the Foundation made grants totalling £58,000 (2024: £57,928).
FINANCIAL REVIEW
Financial position
The trustees have set a policy that the expendable endowment should be invested so as to maximize the total return (capital growth plus income) with a medium level of risk. The income from investments for the year was £84,746.
The net incoming resources, after grants and operational expenses of £83,529 for the year and gains on investments of £24,839 was £26,056. The adequacy of the reserves is reviewed annually.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
298450
Page 1
THE TITCOMB FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
Principal address Little Orchard Rickmans Lane Plaistow Billingshurst RH14 0NT Trustees Clarissa Bushell Mark Titcomb Clive Titcomb Independent Examiner Dr Shona F Wardrop C.A. Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Bankers Barclays Bank PLC The Old Bank High Street Lewes BN7 2JP Investment Managers Evelyn Partners 45 Gresham Street London EC2V 7BG
Approved by order of the board of trustees on 5 February 2026 and signed on its behalf by:
Clarissa Bushell - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TITCOMB FOUNDATION
Independent examiner's report to the trustees of The Titcomb Foundation
I report to the charity trustees on my examination of the accounts of The Titcomb Foundation (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Dr Shona F Wardrop C.A. The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
5 February 2026
Page 3
THE TITCOMB FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants & Administration Total Net gains on investments NET INCOME Transfers between funds 9 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 84,746 24,017 59,512 83,529 - 1,217 (1,217) - - - |
Endowment fund £ - - - - 24,839 24,839 1,217 26,056 4,792,754 4,818,810 |
2025 Total funds £ 84,746 24,017 59,512 83,529 24,839 26,056 - 26,056 4,792,754 4,818,810 |
2024 Total funds £ 77,239 |
|---|---|---|---|---|
| 22,204 60,365 |
||||
| 82,569 | ||||
| 198,984 | ||||
| 193,654 - |
||||
| 193,654 4,599,100 |
||||
| 4,792,754 |
The notes form part of these financial statements
Page 4
THE TITCOMB FOUNDATION
BALANCE SHEET
5 APRIL 2025
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Endowment funds TOTAL FUNDS |
Unrestricted fund £ - - - - - - |
Endowment fund £ 4,725,581 95,509 (2,280) 93,229 4,818,810 4,818,810 |
2025 Total funds £ 4,725,581 95,509 (2,280) 93,229 4,818,810 4,818,810 4,818,810 4,818,810 |
2024 Total funds £ 4,664,133 133,409 (4,788) 128,621 4,792,754 4,792,754 4,792,754 4,792,754 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 February 2026 and were signed on its behalf by:
Clarissa Bushell - Trustee
The notes form part of these financial statements
Page 5
THE TITCOMB FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest pound.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Expendable Endowment fund holds the original endowed investments, gains on which can be used to support the charitable activities.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
THE TITCOMB FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
| 2. INVESTMENT INCOME Interest on treasury stock Dividends 3. RAISING FUNDS Investment management costs Portfolio management 4. GRANTS PAYABLE Grants & Administration The total grants paid to institutions during the year was as follows: PCC Rudgwick Cokenach Cricket Club Greenpeace Whitley Fund Hertfordshire Community Foundation All Saints Langham Place TAMAR Essex and Heartfordshire Air Ambulance Trust Kent, Surrey and Sussex Air Ambulance Movember Europe The Ashdown Forest Foundation Much Hadham PCC CERGE-EI Foundation Ovacome Wildlife Trust for Beds, Cambs and Northants Help for Heroes |
2025 £ 12,182 72,564 84,746 2025 £ 24,017 2025 £ 58,000 2025 £ 5,000 3,000 - 3,000 - 5,000 - - - 5,000 - - 5,000 2,000 30,000 58,000 |
2024 £ 13,176 64,063 |
|---|---|---|
| 77,239 | ||
| 2024 £ 22,204 |
||
| 2024 £ 57,928 |
||
| 2024 £ 5,000 3,000 6,000 2,500 10,000 5,000 3,000 1,000 2,000 14,928 2,500 3,000 - - - |
||
| 57,928 |
continued...
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THE TITCOMB FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grants & Administration Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 77,239 22,204 60,365 82,569 - (5,330) 5,330 - - - |
Endowment fund £ - - - - 198,984 198,984 (5,330) 193,654 4,599,100 4,792,754 |
Total funds £ 77,239 |
|---|---|---|---|
| 22,204 60,365 |
|||
| 82,569 | |||
| 198,984 | |||
| 193,654 - |
|||
| 193,654 4,599,100 |
|||
| 4,792,754 |
continued...
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THE TITCOMB FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
7. FIXED ASSET INVESTMENTS
| £ 4,664,133 685,171 (658,011 ) 4,691,293 (16,354) 41,193 9,449 4,725,581 3,980,533 the following 1,516,907 3,088,674 13,782 4,725,581 2024 £ 4,788 |
|
|---|---|
| Valuation: | |
| At 6 April 2024 | |
| Additions | |
| Disposals | |
| Realised gain/(loss) | |
| Unrealised gain/(loss) | |
| Movement in cash held by stockbrokers | |
| Valuation at 5 April 2025 | |
| Cost at 5 April 2025 | |
| Investments comprising more than 5% of the portfolio value at 5 April 2025 were in the equities of companies: |
|
| Troy Trojan Fund | |
| Other Investment Portfolio Management Holdings: | |
| - Evelyn Partners Stockbrokers | |
| - Citi Private Bank | |
| Valuation at 5 April 2025 | |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Other creditors 2,280 |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Unrestricted funds General fund Endowment funds Expendable Endowment Fund TOTAL FUNDS |
At 6/4/24 £ - 4,792,754 4,792,754 |
Net movement in funds £ 1,217 24,839 26,056 |
Transfers between funds £ (1,217) 1,217 - |
At 5/4/25 £ - 4,818,810 |
| 4,818,810 |
continued...
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THE TITCOMB FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 84,746 (83,529) Endowment funds Expendable Endowment Fund - - TOTAL FUNDS 84,746 (83,529) Comparatives for movement in funds Net movement At 6/4/23 in funds £ £ Unrestricted funds General fund - (5,330) Endowment funds Expendable Endowment Fund 4,599,100 198,984 TOTAL FUNDS 4,599,100 193,654 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 77,239 (82,569) Endowment funds Expendable Endowment Fund - - TOTAL FUNDS 77,239 (82,569) |
Gains and losses £ - 24,839 24,839 Transfers between funds £ 5,330 (5,330) - Gains and losses £ - 198,984 198,984 |
Movement in funds £ 1,217 24,839 26,056 At 5/4/24 £ - 4,792,754 4,792,754 Movement in funds £ (5,330) 198,984 193,654 |
|
|---|---|---|---|
continued...
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THE TITCOMB FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2025.
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