2024-08-31-accounts - The Sue Thomson Foundation

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Reports and Financial Statements

For the year ended 31 August 2024 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

The Sue Thomson Foundation Trustees’ Report

Charity registration number	298808
Registered address	Southside, 76c Reigate Hill, Reigate, Surrey RH2 9PD
Trustees	Susannah Holliman (Chairman)
	Michael Barford, FCA
	Timothy J Binnington
	Kathleen N Duncan OBE
	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 2024. 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 2023/24 the STF ‘family’ totalled 22, being 8 in the School and 14 former pupils who are still receiving University grants. STF had on-going financial commitments to CH for 1 presentee, amounting to the equivalent of 42% of assessed school fees for the remainder of their time at the School. It is the trustees’ intention to continue providing the above-mentioned discretionary grants as appropriate to individual pupils and their families for the remainder of their time at the School and, where applicable, university.

During the year, STF supported one boarding pupil at the City of London Freemen’s School, Surrey (CLFS), which has the same general object as that described above in the first paragraph under the heading ‘Objects’. 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 the year, STF continued to support 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. STF funds two thirds of the boarding fees (education is paid for by the state) for two children, who entered the school due to a very high level of need both socially and financially.

A new relationship began in September 2023 with Bancroft’s School in North London. This is an independent Co-Educational day school for students aged 11-18. The relationship was formed after the sad passing of former Trustee of STF, Mary Ireland, who was formerly Head at Bancroft’s. The STF have

The Sue Thomson Foundation Trustees’ Report

agreed to support one child initially at the school – The Mary Ireland Award – providing 50% of fees (reviewed annually) and also working directly with the family to provide support where needed.

In addition, STF made grants to four 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 which 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.

51% of the total grants paid were paid either direct to CH or to current and former CH students or to their families referred to above and in Note 4. 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. 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.

A further 20% of the total grants paid were paid either direct to CLFS or to their current and former pupils. The support was for the benefit of families who are in social and financial need and who come from diverse social and cultural backgrounds in the UK. They come from low-income families and have potential academically that may not be promoted in the 6[th] form opportunities otherwise offered 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

STF continues to work with CH but is not presenting any new children for the next two years, when the position will be reviewed.

Good contacts with all the families supported by the STF were maintained with 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 Sue Thomson Foundation Trustees’ Report

As part of the revised financial arrangements relating to school fees for the child 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. The grant CH was increased to £30,000 from the £17,602 required for the one pupil at the school to whose fees the STF contributes. The intention is to continue this support as a minimum until the review is complete either to the ACF or to an alternative CH fund that benefits children in need.

Three pupils supported by STF left CH after completing their final Upper Sixth year at the school. One student gained an A*, A and B and is now studying Mechanical Engineering at Nottingham. A second gained A,B,C and is studying Sports Science at Brighton. The third is now applying for Music schools after achieving 2 Grade 8 Distinction awards on Drums. One Student completed her A levels at CLFS and after achieving A and B. She is taking her third A level this year and then plans to study Medicine. 3 Children completed their University degrees, all gaining 2:1s.

FINANCIAL REVIEW FOR YEAR ENDED 31 AUGUST 2024

Grants paid in the year amounted to £142,042 (2022-23: £148,638). STF has awarded future grants of £193,077 of which £60,422 is payable in 2024-25. As at 1 September 2024, STF has made financial commitments in respect of one pupil 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 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 £405,445 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.

The Sue Thomson Foundation Trustees’ Report

It is the trustees’ policy to manage capital risk through diversification and the appointment of leading investment managers. The investment objective is to maximise total return from capital appreciation and 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 majority of the Investment Portfolio is held in funds that can be easily and quickly realised into cash if so required

The Trustees are satisfied that all the Foundation’s investment managers take their responsibilities seriously and are devoting sufficient resources to ESG. The Trustees monitor the investment managers’ Quarterly and Annual Reports to ensure this continues to be the case. The Trustees are satisfied that the equity managers have good stewardship arrangements and monitor closely the companies in which they invest. Engagement with investee companies is centred around Climate, Natural Capital, Human Resources, Diversity and Inclusion. Cazenove (Schroders), Sarasin and M&G are founder members of the ‘Net Zero Asset Managers’ Initiative’. 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.

Investment performance, year ended 31 August 2024

Investments are shown in note 6.

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 £198,192 to £208,179.

The total return on the STF’s investments (income and net realised and unrealised capital gains, net of management charges) was 11.9% in the year ended 31 August 2024 (2023: -1.2%). The increase in income and in capital value are welcome. We are long-term investors with a diversified portfolio and we have regard to total return. Our funds are managed by leading investment managers. The funds have performed in line with their benchmarks and their peers. Following reviews of the performance with our investment managers we have reduced the weighting allocation to the UK Equity Market and increased our Multi Asset holding. Our funds are now further diversified to mitigate the risk of a fall in any particular market whilst still being invested to provide consistently high income that will allow us to fulfil our ongoing commitments.

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.

Susan settled The Sue Thomson Foundation in 1986 and was Chairman from its inception until she retired in March 2022. She dedicated time, wisdom and expertise to developing the Foundation 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.

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

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.

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 12 March 2025

and signed on their behalf by

Susannah Holliman

……………………………………………………

Susannah Holliman

Chairman of the Trustees

Date …12 March 2025……………………………..

The Sue Thomson Foundation Independent Examiner’s Report

I report on the accounts of The Sue Thomson Foundation for the year ended 31 August 2024, which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes 1 to 14.

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 12 March 2025

The Sue Thomson Foundation Statement of Financial Activities For year ended 31[st] August 2024

Total Funds 2023 £ 33,550 198,912 232,462 30,667 97,920 128,587 103,875 (222,280)	Total Funds 2023 £ 33,550 198,912	Total Funds 2023 £ 33,550 198,912
	232,462
	30,667 97,920 128,587	30,667 97,920

(118,405) 4,453,553
4,335,148

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 2024

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	2024 £ £ - 4,685,855 4,685,855 9,339 208,680 218,019 (64,657) 153,362 4,839,217 (132,655) 4,706,562 4,301,117 405,445 - 4,706,562	2023 £ £ - 4,279,035 4,279,035 9,429 200,594 210,023 (74,362) 135,661 4,414,696 (79,548) 4,335,148 3,943,981 391,167 - 4,335,148	2023 £ £ - 4,279,035 4,279,035 9,429 200,594 210,023 (74,362) 135,661 4,414,696 (79,548) 4,335,148 3,943,981 391,167 - 4,335,148	2023 £ £ - 4,279,035 4,279,035 9,429 200,594 210,023 (74,362) 135,661 4,414,696 (79,548) 4,335,148 3,943,981 391,167 - 4,335,148
				4,279,035 135,661
				4,414,696 (79,548)
				4,335,148
				3,943,981 391,167 -
				4,335,148

Approved by the Trustees on 12 March 2025 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 2024

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 2024

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 £ 42,568 99,474 - 142,042	Future grants Support accrued costs £ £ 18,863 6,106 24,339 22,894 - 5,247 43,202 34,247	Total 2024 £ 67,537 146,707 5,247 219,491	Total 2023 £ 26,258 66,043 5,619 97,920

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 £ £ £ Staff costs 5,877 22,038 1,469 Consultancy fees - - - Office expenses 229 856 908 Examination/Audit - - 2,870 6,106 22,894 5,247	Total 2024 £ 29,384 - 1,993 2,870 34,247	Total Basis of 2023 allocation £ 26,791 Staff time 583 Consultant’s time 2,091 Use of office 2,842 Direct 32,307

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 August 2024

4 Grants paid

Grants to charities Christ’s Hospital BSB Royal Albert and Alexandra School City of London Freemen’s School Book Trade Benevolent Society The Stationers’ Foundation Children’s Trust City of London Prep School Grants to current and former CH pupils and their families Educational grants Welfare grants Grants to current and former pupils at City of London Freemen’s School Educational grants Welfare grants Grants to pupils at Royal Albert and Alexandra School Education grants Welfare grants Grants to pupils at Bancroft’s School Educational grants Welfare grants Total charitable expenditure	2024 £ 50,233 - 11,665 22,542 5,000 1,000 10,000 3,000 - 22,678 1,470 4,414 60 6,256 420 3,304 142,042	2023 £ 32,583 1,950 11,335 41,455 5,000 1,000 10,000 3,000 14,504 19,524 2,150 2,615 - 3,522 - -
		148,638

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2024

5 Tangible fixed assets

There are no tangible fixed assets.

6 Investments

Market value at 1 September 2023 Acquisitions at cost Disposals at market value Investment managers’ charges Gain/(loss) on revaluation at the end of the year Market value at 31 August 2024	2024 £ 4,279,035 1,088,936 (982,686) (33,758) 334,328 4,685,855	2023 £ 4,506,982 25,000 - (30,667) (222,280)
		4,279,035

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.

2024 Holdings M&G Charifund units 94,882 Charities Property Fund units 411,409 SUTLCazenove Sustainable Multi-asset Fund 1,983,490 Sarasin Endowment Fund 1,098,651 Property Income Trust for Charities 283,423 RELX plc - SUTL Cazenove Charity CIF - Treasury 0.125% 2024 - Vanguard ESG Developed World All Cap Equity Index - 7 Debtors Accrued investment income Accrued gift aid	2024 2023 £ Holdings 1,461,276 94,882 485,791 411,409 1,149,432 - 1,379,906 1,098,651 209,450 283,423 - 100 - 1,026,234 - 25,983 - 326.464 4,685,855 2024 £ 9,339 - 9,339	2023 £ 1,319,171 513,726 - 1,249,166 222,912 2,574 902,265 25,456 43,765 4,279,035 2023 £ 9,229 200 9,429	2023 £ 1,319,171 513,726 - 1,249,166 222,912 2,574 902,265 25,456 43,765 4,279,035 2023 £ 9,229 200 9,429

			9,429

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2024

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 Royal Alexandra and Albert School Next year’s commitments to Bancroft’s School Next year’s commitments to other grants Other creditors tors: amounts falling due after one year Future commitments to City of London Freemen’s School Future commitments to Royal Alexandra and Albert School Future commitments to other grants	2024 £ - 23,305 12,870 8,247 16,000 4,235 64,657 2024 £ 23,305 64,350 45,000 132,655	2023 £ 17,602 21,467 12,258 - 19,000 4,035 74,362 2023 £ - 73,548 6,000 79,548

9 Creditors: amounts falling due after one year

10 Expendable endowment fund Balance brought forward at 1 September 2023 Donations received Investment management costs Net gains/(losses) on investments Balance carried forward at 31 August 2024 11 Unrestricted funds Balance brought forward at 1 September 2023 Net income/(expenditure) excluding investment gains/(losses) Net gains/(losses) on investments Balance carried forward at 31 August 2024	2024 £ 3,943,981 80,101 (31,115) 308,150 4,301,117 2024 £ 391,167 (11,900) 26,178 405,445	2023 £ 4,146,475 30,217 (28,214) (204,497) 3,943,981 2023 £ 307,078 101,872 (17,783) 391,167
		(

12 Analysis of net assets

Expendable Unrestricted Funds £ Restricted Funds £ Endowment Funds £ Tangible fixed assets - - - Fixed asset investments 384,738 - 4,301,117 Current assets 218,019 - - Current liabilities (64,657) - - Non-current liabilities (132,655) - - Total funds 405,445 - 4,301,117	Total £ - 4,685,855 218,019 (64,657) (132,655)
	4,706,562

The Sue Thomson Foundation Notes to the Financial Statements For the year ended 31[st] August 2024

13 Related party transactions

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 year ended 31August 2024, she received remuneration of £29,384 (2023 - £26,791) which relates solely to her work as an employee. No other trustee received remuneration or was reimbursed expenses in either year.

14 Comparative statement of financial activities

Total 2023 £ 33,550 198,912 232,462 30,667 97,920 128,587 103,875 (222,280)	Total 2023 £ 33,550 198,912	Total 2023 £ 33,550 198,912
	232,462
	30,667 97,920 128,587	30,667 97,920
(118,405) 4,453,553
4,335,148

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