## 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|
1
## **The Sue Thomson Foundation Charity Information**
**----- Start of picture text -----**
Charity registration number 298808
**----- End of picture text -----**
|||
|---|---|
|**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|
2
## **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.
3
**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
4
## **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.
5
## **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.
6
## **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:
- select suitable accounting policies and then apply them consistently;
- make judgments and estimates that are reasonable and prudent;
- comply with applicable accounting standards subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that 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** ……………………………………..
7
## **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:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
-
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
- (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
8
## **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.
9
## **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.
11
## **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.
12
## **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**|
13
## **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|
14
## **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