Reports and Financial Statements
For the year ended 31 August 2021 The Sue Thomson Foundation
The Sue Thomson Foundation Contents
| Page | |
|---|---|
| Trustees’ report | 3-7 |
| Independent Examiner’s report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11-16 |
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The Sue Thomson Foundation Charity Information
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Charity registration number 298808
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| Registered address | Arcadia, 58a Woodland Way |
| Kingswood, Surrey, KT20 6NW | |
| Trustees | Susan Mitchell (Chairman) |
| Charles L Corman (resigned 23 November 2021) | |
| Timothy J Binnington | |
| Kathleen N Duncan OBE | |
| Mary Ireland | |
| Michael Barford, FCA | |
| Jeremy Monson PhD (appointed 5 November 2021) | |
| Director | Susannah Holliman |
| Investment Managers | Schroder Unit Trusts Limited |
| PO Box 1402, Sunderland, SR3 4AF | |
| M&G Investments | |
| 10 Fenchurch Avenue | |
| London EC4R 0HH | |
| Sarasin & Partners LLP | |
| Juxon House, 100 St Paul’s Churchyard | |
| London EC3M 5BN | |
| The Charities Property Fund | |
| c/o Savills Investment Management (UK) Ltd | |
| London W1G OJD | |
| Mayfair Capital Investment Management Ltd | |
| 55 Wells Street, London, W1T 3PT | |
| Bankers | National Westminster Bank Plc |
| 208 Piccadilly | |
| London W1A 2DG | |
| Independent Examiner | Susan Kumar, ACA, Holden Granat |
| Springfield House, 23 Oatlands Drive | |
| Weybridge, Surrey, KT13 9LZ |
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The Sue Thomson Foundation Trustees’ Report
The trustees are pleased to present their report together with the financial statements of The Sue Thomson Foundation (‘STF’) for the year ended 31 August 2021. The financial statements have been prepared in accordance with 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 (revised 1 January 2019). This is known as the Charities SORP (FRS 102).
OBJECTS AND ACTIVITIES
Objects
STF was endowed in 1988 by Susan Mitchell, who worked in book publishing as Sue Thomson and has been active in the grant-making charity sector for many years. She set up STF with the principal object of offering financial support to Christ’s Hospital (CH), the School where she was educated from 1947–56, by presenting (nominating) children in need and capable of benefiting from the academic and boarding school education that the School provides. Such children are known as STF’s ‘presentees’.
STF’s Trust Deed dated 17 February 1988 empowers the trustees to allocate the income and capital of the trust fund to or for the benefit of such charities or charitable purposes as they may from time to time in their absolute discretion select.
Activities
STF’s principal activity in the year under review was, once again, the award of grants to CH and the provision of practical support to STF’s presentees. Support is provided principally by the Director and trustees who keep in contact with the presentee and family throughout the child’s school career. In addition, all of our presentees’ families received one or more discretionary grants in at least three of the categories of welfare, hardship, study and study aids, music lessons, regulation sports clothing, travel to and from School, and an opportunity for an outing, all of which contributed to their wellbeing and to meeting some of their educational or welfare needs. During 2020/21 the STF ‘family’ totalled 28, being 17 in the school and 11 former pupils who are still receiving University grants. STF had on-going financial commitments to CH for 4 presentees, amounting to the equivalent of 42% of assessed school fees for the remainder of their time at the School. It is also the trustees’ intention to continue providing the above-mentioned discretionary grants as appropriate to individual pupils for the remainder of their time at the School and, where applicable, university.
During 2019/20 the trustees decided to broaden the STF’s work beyond CH to include a second school, and developed a relationship with the City of London Freemen’s School, Surrey (CLFS). It has the same general object as that described above in the first paragraph under the heading ‘Objects’. The first two pupil recipients of this new support at CLFS joined the School in September 2020, one as a boarder and one as a day pupil. Their places are fully funded, 50% by the STF and 50% by the City of London Corporation, with whom the School is developing an expanding Bursary programme.
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The Sue Thomson Foundation Trustees’ Report
In addition, the STF made grants to six other charities, which are set out in Note 4 to the financial statements. Our grant recipients are charities working in education and/or welfare whose work is familiar or, in some cases, very well known to the trustees and who have impressed us by their aims, achievements, social inclusion and relevance to current social needs.
Public benefit
STF’s overarching aim is to improve opportunity and quality of life for people in need.
In accordance with the requirement in Section 710 of the Charities Act 2011, the trustees have continued to consider, and to have due regard to, the public benefit guidance published by the Charity Commission on its website. The trustees have noted the legal requirement for charities to benefit the public and for trustees to report on how STF does so. On the basis of this guidance, the trustees believe that STF’s own work and that of the grant-making charities it supports do provide public benefits.
Our largest grants (37% of the total) were paid direct to the current and former CH students or to their families referred to above and in Note 4. Grants amounting to a further 29% of the total paid in the year were made to CH. The overall impact of a CH education on its pupils is, generally and in line with CH’s mission statement, to fit them for work and service and to enable them to compete confidently with their peers for opportunities in further education and careers. CH encourages the development of skills, learning habits and spiritual awareness to motivate its pupils to continue their education throughout their lives, and to develop a sense of responsibility towards themselves, their families and to society. STF’s trustees believe that this aspect of a CH education is of particularly great public benefit, both to the children and to society at large.
In addition, the charitable purpose of CH itself is summarised in the objects of that charity. They include the advancement of education of children, principally for the benefit of those whose families are in social, financial or other specific need. The STF’s presentees to CH come from diverse cultural and social backgrounds in the UK; invariably they come from low-income families at the date of admission and, in addition, have at least one other compelling need for a boarding education that would not otherwise be available to them.
The trustees are confident that the work of all the charities we support is conducted for the benefit of members of the public who have particular needs that are not met, or are only partially met, by the state, or who are otherwise deprived of opportunity.
ACHIEVEMENT AND PERFORMANCE
As reported here last year, trustees agreed that the requirements imposed on STF by CH in connection with changes in the law and CH’s new Child Safeguarding Policy were too onerous for our one part-time member of staff to undertake and reluctantly concluded that STF would not present any children to CH for the next three years. Trustees will review the position in 2023 or in the event that CH is able to revise its Safeguarding Policy.
Good contacts with all the families supported by the STF were maintained with parents by the Director and trustees. All families continued to benefit from the additional support which STF had committed to them from the time they were admitted to the School until their departure. The continuing impact of Covid-19 seriously reduced opportunities for trustees’ personal contact with our families but the trustees were pleased to be able to provide them directly with extra financial support, including food parcels to those most in
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The Sue Thomson Foundation
Trustees’ Report
need. The STF also made grants to these families equivalent to the 50% discount they had previously enjoyed on their assessed parental contributions, where applicable, for the remainder of their time at the School. These grants are reflected in Note 4: ‘Grants to current and former pupils of CH and to their families’.
The revised financial arrangements relating to school fees for four children referred to above and agreed with CH, were described here in detail last year. The STF makes, in lieu of school fees, equivalent donations to CH’s Additional Costs Fund (ACF) which provides additional support, particularly for additional clothing and travel costs, for children from families in exceptional financial need. This arrangement is intended to continue until each of the relevant children leaves CH.
Five pupils supported by the STF left CH after completing their final Upper Sixth year at the school. One student gained 3 As and is taking a gap year after which he will be studying Engineering at Newcastle. One achieved 2As and one B and has started his Engineering Degree Course at Loughborough. A third presentee is going on to do a Foundation Course at university due to her grades being 1 B, 1 N and 1 U. She will be considering her further education plans after this 1 year course. Two students have yet to decide on their choice of University or other Further Education options but they gained 2As and a C and 1 A and 2Bs respectively so will have a wide range of opportunities. One student completed her university degree and has obtained a 2:1.
FINANCIAL REVIEW FOR YEAR ENDED 31 AUGUST 2021
Grants paid in the year amounted to £173,671 (2019-20: £242,461). STF has awarded future grants of £206,072 of which £114,628 is payable in 2020-21. As at 1 September 2021, STF has made a financial commitment in respect of four pupils currently at CH for the remainder of their careers at the School. STF’s commitment for these pupils, which is explained in the third paragraph above under the heading ‘Achievement and Performance’, amounts to £96,103 at current costs. In line with best practice, STF recognises these and other future commitments as liabilities in its financial statements.
In Notes 2 and 3, grants made and future grants to which STF are committed are analysed between those made for education and those made for welfare, with an apportionment being made based on the nature of expenditure by CH and other charities receiving grants.
Reserves and Resources
The Expendable Endowment Fund represents the unspent balance of the original and subsequent donations by the Settlor and others together with the realised and unrealised gains and losses arising from the investment assets that comprise that Fund. It is STF’s principal reserve fund, the income from which is transferred to the Unrestricted Fund as it is received and used for grant making, support costs and the management and administration of STF.
The capital value of the expendable endowment fund in the year under review increased as a result of the increase in the value of STF’s investments.
STF was able to meet all its current commitments in the year under review and the Unrestricted Fund stood at £355,647 at the balance sheet date. The financial statements show the current state of STF ‘s finances, which the trustees consider to be sufficient to enable them to meet their present and future commitments.
The trustees are of the view that STF should maintain cash reserves of approximately one year’s expenditure and sufficient unrestricted reserves in order to ensure that STF would be able to meet its obligations to current beneficiaries from unrestricted funds even in adverse financial circumstances.
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The Sue Thomson Foundation Trustees’ Report
Investment powers, strategy and objectives
The Trust Deed of 17 February 1988 defines the trustees’ investment powers, which are widely drawn. These powers are exercised by the Board. The trustees’ investment strategy is to manage the assets in such a way as to ensure the continuation of STF in perpetuity. It therefore aims to preserve the value of its capital assets while allowing a measure of flexibility from one year to the next.
It is the trustees’ policy to restrict capital risk through diversification and to try to achieve a growing income. The investment objective is to maximise total return either by capital appreciation or by increased income depending on varying investment conditions. The degree of acceptable risk is generally moderate. In fulfilling this policy, and in the interests of ensuring diversification and the professional management of its funds, the trustees continue to hold significant investments in common investment funds for equities and property.
The Trustees have received an ESG report from the Foundation’s investment consultant and are satisfied that all the Foundation’s investment managers take their responsibilities seriously and are devoting sufficient resources to ESG. They are all signatories to the United Nations Principles of Responsible Investing (UNPRI) and all have high scores. Our equity managers have good stewardship arrangements and three are approved signatories of the Financial Reporting Council 2020 Stewardship Code. Our property managers focus on environmental issues concerning the buildings they own and there is good evidence of an improving trend over time and in general above peer-group scores. One is already signed up to the 2020 Stewardship Code There are a number of exclusions within the funds. Tobacco is the most significant. Climate change features more heavily this year and five of our managers have signed up to the “Net Zero Asset Managers’ initiative”
Investment performance, year ended 31 August 2021
Investments are shown in note 6. In the year under review the trustees were very well served by research and reports from the Investment Consultant, who kept investment policy and performance under review throughout the period.
Income from the holdings in common investment funds was received net of the managers’ charges. For the purposes of reporting to comply with FRS 102 the income has been stated gross on the SOFA with the investment management charges shown separately.
STF’s investment income fell in the year under review from £199,959 to £169,891, in line with the experience of many other charities during this period when dividends were widely restricted during the ‘pandemic recession’.
The total return on the STF’s investments (income and net realised and unrealised capital gains, net of management charges) was 21.7% in the year ended 31 August 2021 (2020: -6.0). The trustees are pleased with the speed of the recovery of investments after the fall in values caused by the pandemic recession.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustees
The Trust Deed provides for trustees to be appointed by the Settlor, Susan Mitchell. She consults with other trustees and the Director (see below) to define the experience, skills and qualities needed by STF and to invite their assistance in identifying suitable persons as trustees. There is no limit to the number of trustees. The trustees are satisfied that the six trustees in post have sufficient breadth of experience and expertise between them to meet STF’s current needs. Succession planning for the Chairman continues under review.
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The Sue Thomson Foundation Trustees’ Report
Director and key management personnel
The trustees are responsible for the overall policies and development of STF. The day-to-day running of the charity is undertaken by the part-time Director, who is STF’s key management personnel.
Risk management
The trustees have identified and considered the principal strategic, operational and financial risks and uncertainties to which STF is exposed, and have put in place plans and strategies for managing those risks.
The impact of uncertainties due to Britain exiting the European Union on the charity
The Trustees have considered the impact of the withdrawal of the United Kingdom from the European Union (Brexit). It is difficult to evaluate all of the potential implications on the charity and the wider economy. The Trustees are monitoring events and their potential impact on the charity and its investments, however at this stage Brexit is not expected to have a significant impact on the charity.
The impact of uncertainties due to the COVID-19 pandemic
The Trustees have considered the impact of the COVID-19 pandemic on the charity and its investments, as well as the impact on the charity’s beneficiaries. The Trustees are monitoring events and are taking such steps as they consider appropriate to protect the charity’s investments and its ability to assist its beneficiaries in very difficult times.
Statement of Trustees’ responsibilities for the preparation of financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of STF as at the balance sheet date and of its incoming resources and the application of them for the financial year. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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comply with applicable accounting standards subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that STF will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of STF and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of STF and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on
and signed on their behalf by
……………………………………………………
Susan M Mitchell
Chairman of the Trustees
Date ……………………………………..
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The Sue Thomson Foundation Independent Examiner’s Report
I report on the accounts of The Sue Thomson Foundation for the year ended 31 August 2021, which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes 1 to 15.
Respective responsibilities of trustees and examiner
As the charity’s trustees you are responsible for the preparation of the accounts. You consider that an audit is not required this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to examine the accounts under section 145 of the 2011 Act, follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) of the Act, and state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes examination of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Susan Kumar ACA Holden Granat LLP Date March 2022
Springfield House 23 Oatlands Drive Weybridge Surrey KT13 9LZ
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The Sue Thomson Foundation Statement of Financial Activities For year ended 31[st] August 2021
| Notes Unrestricted Funds Restricted Funds £ £ Income Donations and Legacies 23,712 - Income from investments 169,891 - Total income and endowments 193,603 - Expenditure Expenditure on raising funds 6, 10 Investment management costs 2,395 - Expenditure on charitable 2, 12 154,145 800 activities Total expenditure 156,540 800 Net income/(expenditure) excluding investment gains 37,063 (800) Net (losses)/gains on investments 6 64,658 - Net income/(expenditure) 101,721 (800) Balances brought forward at 1 September 2020 253,926 800 Balances carried forward at 31 August 2021 355,647 - |
Expendable Endowment Fund £ 100,162 - 100,162 23,442 - 23,442 76,720 632,840 709,560 3,518,052 4,227,612 |
Expendable Endowment Fund £ 100,162 - 100,162 23,442 - 23,442 76,720 632,840 709,560 3,518,052 4,227,612 |
Expendable Endowment Fund £ 100,162 - 100,162 23,442 - 23,442 76,720 632,840 709,560 3,518,052 4,227,612 |
Total Funds 2021 £ 123,874 169,891 293,765 25,837 154,945 180,782 112,983 697,498 810,481 3,772,778 4,583,259 |
Total Funds 2020 £ 20,650 199,959 220,609 25,358 129,338 154,696 65,913 (433,774) |
Total Funds 2020 £ 20,650 199,959 |
|---|---|---|---|---|---|---|
| 220,609 | ||||||
| 25,358 129,338 |
||||||
| 154,696 | ||||||
(367,861) 4,140,639 |
||||||
| 3,772,778 |
All amounts derive from continuing activities. The charity has no gains or losses other than those shown above.
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The Sue Thomson Foundation Balance Sheet 31[st] August 2021
| Notes Fixed assets Tangible assets 5 Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors – Amounts falling due within one year 8 Net current assets Total assets less current liabilities Creditors – Amounts falling due after one year 9 Net assets Represented by: Expendable endowment fund 10 Unrestricted funds 11 Restricted funds 12 |
2021 £ £ - 4,595,174 4,595,174 10,491 186,933 197,424 (117,895) 79,529 4,674,703 (91,444) 4,583,259 4,227,612 355,647 - 4,583,259 |
2020 £ £ - 3,877,426 3,877,426 11,048 144,468 155,516 (113,630) 41,886 3,919,312 (146,534) 3,772,778 3,518,052 253,926 800 3,772,778 |
2020 £ £ - 3,877,426 3,877,426 11,048 144,468 155,516 (113,630) 41,886 3,919,312 (146,534) 3,772,778 3,518,052 253,926 800 3,772,778 |
2020 £ £ - 3,877,426 3,877,426 11,048 144,468 155,516 (113,630) 41,886 3,919,312 (146,534) 3,772,778 3,518,052 253,926 800 3,772,778 |
|---|---|---|---|---|
| 3,877,426 | ||||
41,886 |
||||
3,919,312 (146,534) |
||||
3,772,778 |
||||
| 3,518,052 253,926 800 |
||||
| 3,772,778 |
Approved by the Trustees on and signed on their behalf by:
…………………………….
Susan M Mitchell
…………………………….
Michael T Barford FCA
10
The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2021
1 Accounting policies
1.1 Basis of preparation of Financial Statements
The financial statements have been prepared in accordance with 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) (revised 1 January 2019) – (Charities SORP (FRS 102)). The financial statements are also prepared in accordance with the Charities Act 2011.
The Sue Thomson Foundation (registered in England and Wales as charity no 298808) meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Income
Income from investments is recognised as it becomes receivable by the charity. All investment income is generated from the investment portfolio, except for a small amount from cash on deposit.
Donations are recognised when received. They are restricted in accordance with the donors’ instructions.
1.3 Expenditure
All expenditure is included on an accruals basis. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements. Support costs are allocated.
1.4 Grant expenditure
Grants are included when the Foundation is committed to making the payment and the recipient has been notified of the grant
1.5 Depreciation
Depreciation is provided on computer equipment at 33% per annum on a straight line basis. This rate is based on the estimated useful economic life of the assets and their anticipated residual value.
1.6 Capitalisation policy
Tangible fixed assets are recorded at cost. It is the policy of the charity that, with effect from the year ended 31 August 2016, no item with a cost of less than £5,000 is capitalised.
1.7 Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors.
Expendable endowment funds are funds which have been donated as capital funds. The trustees have discretionary power to convert such funds into spendable income.
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The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2021
Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
1.8 Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at market value at the year end, with any realised or unrealised surplus or deficit being taken to the Statement of Financial Activities.
2 Analysis of expenditure on charitable activities
| Education Welfare Governance |
Grants paid £ 39,614 134,057 - 173,671 |
Future grants Support accrued costs £ £ (3,293) 4,941 (47,532) 18,527 - 7,831 (50,825) 31,299 |
Total 2021 £ 41,262 105,052 7,831 154,145 |
Total 2020 £ 120,364 1,330 7,644 129,338 |
|---|---|---|---|---|
3 Allocation of support costs and overheads
The breakdown of support costs and overheads and how these were allocated between governance, education and welfare is shown below.
| Education Welfare Governance £ £ £ Wages 4,790 17,961 1,197 Consultancy fees - - 3,500 Office expenses 151 566 996 Examination/Audit - - 2,100 Other costs - - 38 4,941 18,527 7,831 |
Total 2021 £ 23,948 3,500 1,713 2,100 38 31,299 |
Total Basis of 2020 allocation £ 21,874 Staff time 3,167 Consultant’s time 2,190 Use of office 6,530 Direct 51 Direct 33,812 |
|---|---|---|
There is one member of staff in both years, who is deemed to be the key management personnel by trustees. Her total remuneration is set out above. No employee received emoluments in excess of £60,000 in either year. No trustee received remuneration or was reimbursed expenses in either year.
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The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2021
4 Grants paid
| Grants to charities Christ’s Hospital City of London Freemen’s School Book Trade Benevolent Society The Bridewell Foundation The Stationers’ Foundation The Leonard Sainer Legal Education Foundation Children’s Trust Draper’s Maryland Primary School Living Paintings Grants to current and former CH pupils and their families Educational grants Welfare grants Grants to pupils at City of London Freemen’s School Educational grants Welfare grants Total charitable expenditure 5 Tangible fixed assets Cost At 1 September 2020 and at 31 August 2021 Accumulated depreciation At 1 September 2020 and at 31 August 2021 Net book value At 1 September 2020 and at 31 August 2021 |
2021 £ 2020 £ 50,806 156,358 31,837 - 5,000 5,000 2,000 2,000 1,000 1,000 3,000 3,000 10,000 10,000 1,500 - - 500 9,948 18,404 54,442 45,549 - 1,700 600 2,438 50 173,671 242,461 Computer equipment £ 2,358 2,358 - |
2020 £ 156,358 - 5,000 2,000 1,000 3,000 10,000 - 500 18,404 45,549 - 600 50 |
|---|---|---|
| 242,461 |
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The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2021
6 Investments
| Market value at 1 September 2020 Donation received Acquisitions at cost Disposals at market value Investment managers’ charges Gain on disposals and on revaluation at the end of the year Market value at 31 August 2021 |
2021 £ 3,877,426 100,162 314,500 (368,575) (25,837) 697,498 4,595,174 |
2020 £ 4,355,323 - - (18,765) (25,358) (433,774) |
|---|---|---|
| 3,877,426 |
All investment assets are stated at market value at the balance sheet date. The Trustees consider that market value best represents a true and fair view of these assets to the charity, given the duty of the Trustees to administer the portfolio of investment assets so as to obtain the best investment performance without undue risk.
| 2021 Holdings M&G Charifund units 94,882 Charities Property Fund units 411,409 RELX plc 100 SUTL Cazenove Charity CIF 1,026,234 Sarasin Endowment Fund 1,098,651 Property Income Trust for Charities 283,423 Vanguard ESG Developed World All Cap Equity Index 326.464 7 Debtors Accrued investment income Accrued gift aid 8 Creditors: amounts falling due within one year Next year’s commitment to Christ’s Hospital Next year’s commitment to City of London Freemen’s School Next year’s commitments to other grants Accruals |
2021 £ 1,481,313 519,074 2,174 916,017 1,386,431 247,003 43,162 4,595,174 |
2020 Holdings 103,600 411,409 1,100 1,176,570 911,235 226,881 - 2021 £ 9,229 1,262 10,491 2021 £ 50,029 38,997 25,602 3,267 117,895 |
2020 £ 1,282,133 504,922 18,750 847,366 1,037,396 186,859 - |
2020 £ 1,282,133 504,922 18,750 847,366 1,037,396 186,859 - |
2020 £ 1,282,133 504,922 18,750 847,366 1,037,396 186,859 - |
2020 £ 1,282,133 504,922 18,750 847,366 1,037,396 186,859 - |
|---|---|---|---|---|---|---|
| 3,877,426 | ||||||
| 2020 £ 8,748 2,300 11,048 2020 £ 50,806 29,135 30,422 3,267 113,630 |
2020 £ 8,748 2,300 11,048 |
2020 £ 8,748 2,300 |
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The Sue Thomson Foundation Notes to the financial statements for the year ended 31 August 2021
9 Creditors: amounts falling due after one year
| 9 Creditors: amounts falling due after one year | |||
|---|---|---|---|
| Future commitments to Christ’s Hospital Future commitments to City of London Freemen’s School Future commitments to other grants 10 Expendable endowment fund Balance brought forward at 1 September 2020 Donations received Investment management costs Net gains/(losses) on investments Balance carried forward at 31 August 2021 11 Unrestricted funds Balance brought forward at 1 September 2020 Net income excluding investment gains/(losses) Net gains/(losses) on investments Balance carried forward at 31 August 2021 12 Restricted funds The Blue Fund Pilot: Balance brought forward at 1 September 2020 Donations received Interest received Grant paid to Christ’s Hospital Balance carried forward at 31 August 2021 |
2021 £ 46,074 19,370 26,000 91,444 2021 £ 3,518,052 100,162 (23,442) 632,840 4,227,612 2021 £ 253,926 37,063 64,658 355,647 2021 £ 800 - - (800) **- ** |
2020 £ 95,977 29,135 21,422 146,534 2020 £ 3,932,583 - (23,007) (391,524) 3,518,052 2020 £ 157,916 138,260 (42,250) 253,926 2020 £ 50,140 5,785 96 (55,221) 800 |
|
The purpose of the Blue Fund Pilot was to meet the full cost of educating one child from a needy family for seven years at CH. This Restricted Fund comprised money donated in response to the pilot test appeal run by the Foundation for CH, less the full costs of the child’s education for seven years. The surplus at the end of the seven year period was paid to CH as a contribution towards similar Blue Fund Partnerships within CH. The remaining balance of £800, representing gift aid due, was received during the year and paid to the same fund in CH.
15
The Sue Thomson Foundation Notes to the financial statements for the year ended 31 August 2021
13 Analysis of net assets
| Expendable Unrestricted Funds £ Restricted Funds £ Endowment Funds £ Tangible fixed assets - - - Fixed asset investments 367,562 - 4,227,612 Current assets 197,424 - - Current liabilities (117,895) - - Non-current liabilities (91,444) - - Total funds 355,647 - 4,227,612 |
Total £ - 4,595,174 197,424 (117,895) (91,444) 4,583,259 |
|---|---|
14 Related party transactions
Charles L Corman, a trustee of the Foundation, is also a trustee of the Leonard Sainer Legal Education Foundation. The Foundation paid a grant of £3,000 to the Leonard Sainer Legal Education Foundation during the year (2020: £3,000).
Mary Ireland, a trustee of the Foundation, is also the Chair of Governors at Drapers’ Maryland Primary School. The Foundation paid a grant of £1,500 to Drapers’ Maryland Primary School during the year (2020: £nil).
15 Comparative statement of financial activities
| Unrestricted £ Restricted £ Expendable Endowment £ Income Donations and Legacies 14,865 5,785 - Income from investments 199,863 96 - Total income 214,728 5,881 - Expenditure Expenditure on raising funds 2,351 - 23,007 Expenditure on charitable activities 74,117 55,221 - Total expenditure 76,468 55,221 23,007 Net income/(expenditure) excluding capital gains 138,260 (49,340) (23,007) Net gains on investments (42,250) - (391,524) Net income/(expenditure) 96,010 (49,340) (414,531) Balances brought forward at 1 September 2019 157,916 50,140 3,932,583 Balances carried forward at 31 August 2020 253,926 800 3,518,052 |
Total 2020 £ 20,650 199,959 220,609 25,358 129,338 154,696 65,913 (433,774) |
Total 2020 £ 20,650 199,959 |
|---|---|---|
| 220,609 | ||
| 25,358 129,338 |
||
| 154,696 | ||
| (367,861) 4,140,639 |
||
| 3,772,778 |
All amounts derive from continuing activities. The charity has no gains or losses other than those shown above.
16