2022-08-31-accounts - The Sue Thomson Foundation

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Reports and Financial Statements

For the year ended 31 August 2022 The Sue Thomson Foundation

The Sue Thomson Foundation Contents

	Page
Trustees’ report	3-8
Independent Examiner’s report	9
Statement of financial activities	10
Balance sheet	11
Notes to the financial statements	12 -18

The Sue Thomson Foundation Trustees’ Report

Charity registration number	298808
Registered address	Southside, 76c Reigate Hill, Reigate, Surrey RH2 9PD
Trustees	Susannah Holliman (appointed 15 March 2022) (Chairman)
	Susan Mitchell (retired on 14 March 2022)
	Timothy J Binnington
	Kathleen N Duncan OBE
	Mary Ireland (died 26 January 2023)
	Michael Barford, FCA
	Jeremy Monson PhD
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 LLP
	Springfield House, 23 Oatlands Drive
	Weybridge, Surrey, KT13 9LZ

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 2022. 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

During the year under review STF, once again, awarded grants to CH and provided 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 2021/22 the STF ‘family’ totalled 29, being 12 in the school and 17 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’. During the year, STF supported two boarding pupils at CLFS. 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.

During 2021/22 the trustees agreed to support a third school - Royal Alexandra and Albert School – one of only 2 state boarding schools in the country to accept boarders from the age of 7. It has the same general object as above although the benefit to children in significant need of a boarding education is the dominant objective. It was agreed with the school that the STF would fund two thirds of the boarding fees (education is paid for by the state) for one child entering the junior school due to a very high level of need both socially and financially. By the end of the 2021/22 year a child had been nominated and her place secured for entry into Year 6 with funding for a boarding education to start in September 2022.

In addition, the STF made grants to five 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

The Sue Thomson Foundation Trustees’ Report

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 (34% 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, in 2020 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.

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 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’.

As part of the revised financial arrangements relating to school fees for four children referred to above and agreed with CH, 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.

The Sue Thomson Foundation Trustees’ Report

Four pupils supported by the STF left CH after completing their final Upper Sixth year at the school. One student gained 4 A*s and is taking a gap year, after which she will be studying a degree in Spanish, French and Russian at Bristol. One achieved 2As and one B and has started her French and Spanish Degree at York. A third presentee is going on to study Medicine at Nottingham after gaining 42 points in her Bac exams. The fourth CH pupil gained ACD at A level and is going to Goldsmiths to take a Foundation Course in Art History. At CLFS one pupil left gaining BBC and is going to study Diagnostic Radiology at Portsmouth. One Student completed her University degree and gained a 2:1.

FINANCIAL REVIEW FOR YEAR ENDED 31 AUGUST 2022

Grants paid in the year amounted to £170,873 (2020-21: £173,671). STF has awarded future grants of £232,900 of which £102,473 is payable in 2022-23. As at 1 September 2022, STF has made financial commitments in respect of two pupils currently at CH, for two pupils currently at CLFS and for one pupil currently at RAA for the remainder of their careers at those schools. 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 decreased as a result of the decrease 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 £307,078 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.

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 Sue Thomson Foundation Trustees’ Report

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. We have a small amount of cash with CCLA, and it too is signed up to the 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 several 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 2022

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 increased in the year under review from £169,891 to £190,558, in line with the experience of many other charities whose dividends had been 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 2.9% in the year ended 31 August 2022 (2021: 21.7%).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees

The Trust Deed provides for trustees to be appointed by the Settlor, Susan Mitchell. She consults with 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.

At a trustees’ meeting on 7[th] March 2022, Susan Mitchell gave notice of her intention to stand down as Chairman and a trustee; she retired by Deed on 14[th ] March 2022, aged eighty-three. At the same meeting on 7[th] March 2022, the election of STF’s Director, Susannah Holliman, aged forty-three, was unanimously approved by the continuing trustees, to be appointed as a trustee and as Chairman in succession to Susan, on the day following Susan’s retirement.

Susan settled The Sue Thomson Foundation in 1986 and has been Chairman from its inception. She has dedicated time, wisdom and expertise to develop it into the charity it is today and she remains very close to all the Trustees and others involved in fulfilling its objectives. Susan continues to be welcomed to all Trustees’ Meetings and will always remain integral to the work of the Foundation. She was delighted that her only daughter was independently elected to succeed her as Chairman.

Susannah Holliman, BA, has gained much experience and knowledge of the charity sector by working with the STF and attending various charity trustee training events: first, informally, in the Foundation’s very early years, as a ‘shadow trustee’, attending trustees’ meetings and being encouraged to contribute to the debates but having no vote; secondly as a trustee from August 2004 to September 2010; next as

The Sue Thomson Foundation Trustees’ Report

Administrator from November 2010; and, finally, as Director from March 2013 to date. She has earned the respect of all STF’s Trustees and Investment Consultant for her hard work. Her familiarity with the varied needs and difficulties facing the children and families the STF supports, and the help she provides for them on behalf of the STF in practical ways as well as financially, are particularly appreciated by the trustees. Susannah aims to ensure the STF continues on the same path of meeting its objectives as it was when chaired by Susan.

Charles Corman, BA, a consultant and former Partner of Dechert LLP, retired by Deed as a trustee on 23[rd] November 2021. Charles was a founding trustee in 1986 and he served STF as honorary solicitor and legal adviser throughout that period. Charles was a loyal and highly valued friend to the Foundation; he never missed a trustees’ meeting and his advice and contributions to trustees’ debates and decision-making were invariably wise. Charles died in September 2022 following a stroke, aged eighty-eight.

In February 2023 the trustees learned with great sadness of the death of Mrs Mary Ireland, BSc, DipEd, after a long illness, borne with great courage and fortitude, at the age of sixty seven. When she joined the trustee board in August 2013 after her retirement as Head at Bancroft’s School, Essex, Mary was already well known to the STF’s trustees from her previous post of Deputy Head at Christ’s Hospital, where she had been held in high esteem by the governing body, staff and pupils alike. Mary leaves impossible shoes for the STF to fill; her experience and expertise in the education sector has been invaluable to the board and her humour and spark has added so much to our meetings.

The trustees are considering whether the five trustees in post have sufficient breadth of experience and expertise between them to meet STF’s current needs.

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.

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 Sue Thomson Foundation Trustees’ Report

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 15 March 2023

and signed on their behalf by

Susannah Holliman

……………………………………………………

Susannah Holliman

Chairman of the Trustees

Date …15 March 2023……………………………..

The Sue Thomson Foundation Independent Examiner’s Report

I report on the accounts of The Sue Thomson Foundation for the year ended 31 August 2022, 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

Springfield House 23 Oatlands Drive Weybridge Surrey KT13 9LZ

Date 15 March 2023

The Sue Thomson Foundation Statement of Financial Activities For year ended 31[st] August 2022

Notes Unrestricted Funds Restricted Funds £ £ Income Donations and Legacies 2,590 - Income from investments 190,558 - Total income and endowments 193,148 - Expenditure Expenditure on raising funds 6, 10 Investment management costs 2,413 - Expenditure on charitable 2 234,662 - activities Total expenditure 237,075 - Net income/(expenditure) excluding investment gains (43,927) - Net (losses)/gains on investments 6 (4,642) - Net income/(expenditure) (48,569) - Balances brought forward at 1 September 2021 355,647 - Balances carried forward at 31 August 2022 307,078 -	Expendable Endowment Fund £ - - - 27,750 - 27,750 (27,750) (53,387) (81,137) 4,227,612 4,146,475	Expendable Endowment Fund £ - - - 27,750 - 27,750 (27,750) (53,387) (81,137) 4,227,612 4,146,475	Expendable Endowment Fund £ - - - 27,750 - 27,750 (27,750) (53,387) (81,137) 4,227,612 4,146,475	Expendable Endowment Fund £ - - - 27,750 - 27,750 (27,750) (53,387) (81,137) 4,227,612 4,146,475	Total Funds 2022 £ 2,590 190,558 193,148 30,163 234,662 264,825 (71,677) (58,029) (129,706) 4,583,259 4,453,553	Total Funds 2021 £ 123,874 169,891 293,765 25,837 154,945 180,782 112,983 697,498 810,481 4,583,259	Total Funds 2021 £ 123,874 169,891
							293,765
							25,837 154,945
							180,782
							112,983 697,498
						4,583,259

All amounts derive from continuing activities. The charity has no gains or losses other than those shown above.

The Sue Thomson Foundation Balance Sheet 31[st] August 2022

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	2022 £ £ - 4,506,982 4,506,982 9,229 173,609 182,838 (105,840) 76,998 4,583,980 (130,427) 4,453,553 4,146,475 307,078 - 4,453,553	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	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
			4,595,174 79,529
			4,674,703 (91,444)
			4,583,259
			4,227,612 355,647 -
			4,583,259

Approved by the Trustees on 15 March 2023 and signed on their behalf by:

Susannah Holliman

…………………………….

Susannah Holliman

Michael Barford

…………………………….

Michael T Barford FCA

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2022

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.

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2022

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 £ 52,522 118,351 - 170,873	Future grants Support accrued costs £ £ 178 6,224 26,650 22,682 - 8,055 26,828 36,961	Total 2022 £ 58,924 167,683 8,055 234,662	Total 2021 £ 41,262 105,052 7,831 154,145

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 5,286 19,822 1,321 Consultancy fees - - 3,500 Office expenses 938 2,860 744 Examination/Audit - - 2,300 Other costs - - 190 6,224 22,682 8,055		Total 2022 £ 26,429 3,500 4,542 2,300 190 36,961	Total Basis of 2021 allocation £ 23,948 Staff time 3,500 Consultant’s time 1,713 Use of office 2,100 Direct 38 Direct 31,299

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.

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2022

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 Children’s Trust City of London Prep School Draper’s Maryland Primary School The Leonard Sainer Legal Education Foundation 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	2022 £ 50,087 38,835 5,000 2,000 1,000 10,000 3,000 - - 17,730 39,915 1,533 1,773 170,873	2021 £ 50,806 31,837 5,000 2,000 1,000 10,000 - 1,500 3,000 9,948 54,442 1,700 2,438 173,671

5 Tangible fixed assets

There are no tangible fixed assets. At 31 August 2021, computer equipment costing £2,358 had been fully depreciated and therefore had a net book value of £nil. During the year, this computer equipment was disposed of and was replaced by computer equipment which cost less than £5,000 and which was therefore not capitalised.

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2022

6 Investments

Market value at 1 September 2021 Donation received Acquisitions at cost Disposals at market value Investment managers’ charges (Loss)/gain on revaluation at the end of the year Market value at 31 August 2022	2022 £ 4,595,174 - - - (30,163) (58,029) 4,506,982	2021 £ 3,877,426 100,162 314,500 (368,575) (25,837) 697,498 4,595,174

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 £ 1,481,313 519,074 2,174 916,017 1,386,431 247,003 43,162	2021 £ 1,481,313 519,074 2,174 916,017 1,386,431 247,003 43,162	2021 £ 1,481,313 519,074 2,174 916,017 1,386,431 247,003 43,162
4,595,174
	2021 £ 9,229 1,262 10,491 2021 £ 50,029 38,997 - 25,602 3,267	2021 £ 9,229 1,262
	117,895

The Sue Thomson Foundation Notes to the financial statements for the year ended 31 August 2022

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 Royal Alexandra and Albert School Future commitments to other grants 10 Expendable endowment fund Balance brought forward at 1 September 2021 Donations received Investment management costs Net gains/(losses) on investments Balance carried forward at 31 August 2022 11 Unrestricted funds Balance brought forward at 1 September 2021 Net income excluding investment gains/(losses) Net gains/(losses) on investments Balance carried forward at 31 August 2022 12 Restricted funds The Blue Fund Pilot: Balance brought forward at 1 September 2021 Donations received Interest received Grant paid to Christ’s Hospital Balance carried forward at 31 August 2022	2022 £ 16,292 19,776 79,359 15,000 130,427 2022 £ 4,227,612 - (27,750) (53,387) 4,146,475 2022 £ 355,647 (43,927) (4,642) 307,078 2022 £ - - - - -	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) -

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 at 31 August 2020 of £800, representing gift aid due, was received during the year ended 31 August 2021 and paid to the same fund in CH.

The Sue Thomson Foundation Notes to the financial statements for the year ended 31 August 2022

13 Analysis of net assets

Expendable Unrestricted Funds £ Restricted Funds £ Endowment Funds £ Tangible fixed assets - - - Fixed asset investments 360,507 - 4,146,475 Current assets 182,838 - - Current liabilities (105,840) - - Non-current liabilities (130,427) - - Total funds 307,078 - 4,146,475	Total £ - 4,506,982 182,838 (105,840) (130,427)
	4,453,553

14 Related party transactions

Charles L Corman was a trustee of the Foundation and a trustee of the Leonard Sainer Legal Education Foundation during the year ended 31 August 2021, when the Foundation paid a grant of £3,000 to the Leonard Sainer Legal Education Foundation.

Mary Ireland, a trustee of the Foundation, was 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 ended 31 August 2021.

Susannah Holliman, who was elected a trustee of the Foundation on 15 March 2022, has been a paid employee of the Foundation since 2010. In the period from 15 March 2022 to 31 August 2022 she received remuneration of £12,269 which relates solely to her work as an employee. No other trustee received remuneration or was reimbursed expenses in either year.

The Sue Thomson Foundation Notes to the financial statements for the year ended 31 August 2022

15 Comparative statement of financial activities

Unrestricted £ Restricted £ Expendable Endowment £ Income Donations and Legacies 23,712 - 100,162 Income from investments 169,891 - - Total income 193,603 - 100,162 Expenditure Expenditure on raising funds 2,395 - 23,442 Expenditure on charitable activities 154,145 800 - Total expenditure 156,540 800 23,442 Net income/(expenditure) excluding capital gains 37,063 (800) 76,720 Net gains on investments 64,658 - 632,840 Net income/(expenditure) 101,721 (800) 709,560 Balances brought forward at 1 September 2020 253,926 800 3,518,052 Balances carried forward at 31 August 2021 355,647 - 4,227,612	Total 2021 £ 123,874 169,891 293,765 25,837 154,945 180,782 112,983 697,498 810,481 3,772,778	Total 2021 £ 123,874 169,891
		293,765
		25,837 154,945
		180,782
		112,983 697,498
	4,583,259

All amounts derive from continuing activities. The charity has no gains or losses other than those shown above.