THE THOMPSON FAMILY CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31ST JANUARY 2024
Registered Charity in England and Wales Number 326801
THE THOMPSON FAMILY CHARITABLE TRUST
CONTENTS
Page 1 Reference and Administrative Information Pages 2 to 3 Report of the Trustees Pages 4 to 5 Report of the Independent Auditor Page 6 Statement of Financial Activities Page 7 Balance Sheet Page 8 Statement of Cash Flows Pages 9 to 14 Notes to the Financial Statements
REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES AND PATRICIA THOMPSON CBE CUSTODIAN TRUSTEES KATHARINE WOODWARD ROY COPUS MA ACA ADDRESS HILLSDOWN COURT 15 TOTTERIDGE COMMON LONDON N20 8LR REGISTERED NUMBER Charity Number 326801 AUDITORS RSM UK AUDIT LLP, Chartered Accountants, St. Olaf's Hall, Church Road, Lerwick, Shetland ZE1 0FD. BANKERS BARCLAYS BANK PLC, 1 Churchill Place, London, E14 5HP. STOCKBROKERS AND BARCLAYS BANK PLC, 1 Churchill Place, London, E14 5HP. CUSTODIANS OF TRUST ASSETS CANACCORD GENUITY WEALTH MANAGEMENT 41 Lothbury, London EC2R 7AE. SOLICITORS SOLOMON TAYLOR & SHAW, 3 Coach House Yard, Hampstead High Street, London NW3 1QF.
1
THE THOMPSON FAMILY CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JANUARY 2024
The Trustees present their annual report along with the financial statements of the Charity for the year ended 31st January 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity's trust deed, the Charities Act 2011 and 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 the Republic of Ireland effective 1 January 2019 ("FRS 102").
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Thompson Family Charitable Trust is constituted under a settlement deed dated 15th January 1985 and is a registered charity in England and Wales (no. 326801). The trust fund is derived entirely from a gift from Mr David Thompson CBE. The Charity does not seek to raise funds from external sources, and carries out the charitable activities desired by the donor and current Trustees through careful stewardship of its existing resources. The address of the charity is noted on page 1.
The Trustees who have served during the year and since the year-end are set out on page 1. Trustees are appointed by the Board of Trustees, and under the terms of the settlement deed the number of Trustees shall never be less than two or more than seven. Incoming Trustees are instructed in their duties and responsibilities by the Board, also making use of written guidance provided by the Charity Commission. The Trustees are jointly responsible for the running of the affairs of the Charity. There are no employees and therefore there is no policy for setting pay.
RISK MANAGEMENT AND GOING CONCERN
The Trustees have examined and reviewed the major risks to which the Charity is exposed, and have established systems to mitigate those risks. Further information concerning financial risks is given in note 5.
The Trustees have considered the Trust's ability to continue as a going concern and are satisfied that it has sufficient liquidity and expendable resources to meet its foreseeable commitments.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The object of the Charity is the making of grants and donations to charitable bodies or for charitable purposes. Aggregate donations since the creation of the Charity to 31st January 2024 total approximately £110.4 million.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy. Grants are only made to registered charities or for charitable purposes, and the Trustees review the financial statements of recipients both before and after the making of grants in order to monitor the way in which the Charity's grants are employed. Note 3 provides an indication of the wide range of charitable activities that have been awarded grants in recent years. Recipients of grants are selected by the the trustees based on their own research, and in order to minimise administation costs the Charity reserves the right not to acknowledge or respond to unsolicited requests for funding.
GRANT MAKING POLICY
The Trustees meet as regularly as is necessary to consider potential grants and the trustees give consideration to all categories of registered charity.
INVESTMENT POLICY
There are no restrictions over the Charity's power to invest. The investment strategy of the Trustees aims to achieve a satisfactory return in the context of prevailing market conditions from income and capital appreciation without resorting to a high risk profile. Investments are selected by the Trustees with a view to ensuring a sufficient level of income and liquidity with which to make grants and donations. The Trustees are satisfied that the year's investment returns were in keeping with the above strategies.
FINANCIAL REVIEW
The funds of the Charity, which are unrestricted, stood at £85.0 million (2023: £111.1 million) at the commencement of the year. Income generated by this fund totalled £6.4 million (2023: £5.7 million) and £7.7 million (2023: £14.3 million) was donated in grants to other institutions. The balance after minor administration costs and net losses of £1.8 million (2023: £17.4 million) on revaluations and disposals of investment assets has been deducted from the fund, bringing the fund balance at the end of the year after rounding adjustments to £82.0 million (2023: £85.0 million).
2
THE THOMPSON FAMtL Y CHARIT.4BLE TRLST REPORT OF THE TRUSTEES FOR THE YEAR E%J)ED 31ST JLNI'ARY 24 ACHIEVEMEiYfs AND PERFORMLNCE ioiailinv £7.7 million malr durin4 the lear bn'nuino donalions up io £110.4 million. The Charit) s quotcd ri.ILxJ inWEne ini'esimenis u)niinued io IveneNe subsiant&al inu)me. bui ihcir Lwiial mArkd i e has affed8J in the sh()rt lemi b). the ii'oddm ide incrLXSL in inler2st Nes. ThL ChiwiI% is 3 long-l¢Ym ini e51or and li a)nsidets ini Lsimeni raurns oi'cr exiendLII peri(xts to th¢ Fst guide iu ini estmeni fOrnilE. Pani111 in i of rkx1 hilyh lth'cls of finanlial ni&d i olalilil) 4hnd tlie )ntinuing uncenaini! tsardIng w'orld economic pms[15. "I"he ai <r4oc annual Ini eit[nL1 rdurn oi'u ihe liLS1 Icn ).< has bLYn 6.4 %. RESF.RVES POLICY AND PLANS FOR THE FLTLIiE Ag¥r¢iiaLe lunds a 31 si January 2024 $1(MxI at £X2.0 million i?02.1.. £8.5.O million). li is ihc EKJlic)' of ihe chl) io hold r¢sLn'L4 hICh M'ill enablc the Trusi io mJk"c major donaions for Lwital pn)jixls (for aMPle io fund ihe Li)nsirndion and end()wnieni ol. new" nj1 or edu(ional l&iliiiesl. A donuii)n in this e00T5 1£7..i million plgLY1 i() CbridgL C'hi IdrL'n's Hospiial I m1¢ in ihc prior !¢ar. and h¢r appropriaL 1[al pn)j(s Lwrrti11 beiiig ini'csligdLed. Further infomjdion regarding is Ll)niainul in ne 8. In dIllon io supp)rtino Lwilal pN)jLXas ihe'l'Nsi H'il l Lxiniii)ue io make 'Lul. grants io h¢r registLwI tharitics. STATEMF.iYT OF RESPONSIBII.ITIES OF THE TRL'STEES I hL Inisi¢Y4 are r¢sp)nsibl¢ lor prrparing ihe '['rn51 RLp)-n ald ihe finanLial sthtem¢nls in &u)rdan(r H'iih appIlL]e law id IlniiLXt Kingdom ALwuniing Siandards (Ln&i Kingd7 (ittitrall) ALxxrned ALLI)ulliing Pra#iL¥I. 'I'h¢ law 44)pIlL)lL 10 llieS in FJ)gland and WaJ¢s wuires Twsiees lu prEp finanaal slatemolis for Ixh finwiLial )'LW. I IndLY th lam. Ihe I'rusi¢rs musi nol appro%'e ihe fInala1 Siacmenls unless ihth sisfiLIl iha ihe% gill a irnL" )d f'dir view of the slal¢ of affairs ol" th¢ dwiis and of the ina)ming re50urc¢s wli(aion of $OUr(S. induding ihe inLI)me und expLY)diture. of Ihe charit)" lor tha FriiMI. In prwing lh finanaal slal¢mfflts. Ihe irnslffs are n4UiTuI io.. se1% suitahle x¢ouniing wlici¢s and ihen appl! ihan LnSisteni1v. i)lf+ e ihL mL%hiKls pnnLiple5 of ihl Chan"Iic5 SORP: makc judgemfflis e51im8¢s iha nxsona)Ic aKI Prudenl: 51ale 4)pIiLthle I',K ALuiunting shds hai'e follow.ed. subj1 lo an). mcri dq)artures disdosed and eiplaincd in the fInLI slaemenis: )d pre ihe financial SiLYn¢nis on the going LDnLTrn basis unlcss il is inappropriate to PSUm¢ that ih¢ C-harii). .111 o)niinuc in oivation. "fhL "1"rn51Ks a resrK)nsibl¢ for kwing KDunting rrdS H"hith disdosc %4iih reawnthle 1r. the finanaal EK)Sitic)n of ihe Lhaxbtj. and H'hich Cnable ihLYn t() asrtain ihe finaK?al FX)silion of the Chii!" and whiLth abIC them IiTr ¢nsurc that the linanciai stat¢in¢nls (Mpl>. m.ith the Ch¥iii¢s Ad 2011. the Chwit!. IA(wunts and Rqx)rtsl 2(KW Rcoulalion% and (he proi isions of the trust dcej. The I'rn%lffs are resrM)nsibl¢ for safeguardinu the assas of the and henLf for thking Ton&]< stcps for ihe prc%'ention and dct£ttion of Iraud and 4)ih¢r irrcguI1lIl. ST ATEMENf OF DISCLOSURE TO ALfDITOR lal 51) far as the Tw51¢rs are aw'wr. Ihcre is no rtlrn.ant wdii informaion of Mhith ihe Chwit) s audtior5 unawojr. and Ib) the 'fru5tees hai¢ iakcn all the slcps th& iho ouoht to hai ¢ thk.cn as TnleS in ordcr to make Ih¢it]seli'es awar¢ of any r¢lo'ant audil infrom)ation *MI to e5tsblish that the Ch¥il) s auditOTS arc of iha infomi&ion. Approv(xJ by the Trn51 on 2.iih Noi ember 2024 and signal tha" r behaf b!": R.B. C.OPLiS 'I'rustee
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE THOMPSON FAMILY CHARITABLE TRUST
Opinion
We have audited the financial statements of The Thompson Family Charitable Trust (the ‘charity’) for the year ended 31 January 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 January 2024 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Report of the Trustees ; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Responsibilities of the Trustees set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE THOMPSON FAMILY CHARITABLE TRUST (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
a high level of assurance, but is not a guarantee that an audit conducted with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the sector, including the legal and regulatory framework, that the charity operates in and how the charity is complying with the legal and regulatory framework;
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inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011 and the charity’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Report of the Trustees and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.
A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
RSM UK Audit LLP
RSM UK Audit LLP Statutory Auditor Chartered Accountants St. Olaf's Hall, Church Road, Lerwick, Shetland ZE1 0FD.
25/11/24
RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
5
THE THOMPSON FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JANUARY 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted Funds | Unrestricted Funds | ||
| Notes | £ | £ | |
| INCOME FROM: | |||
| Investment | 2 | 6,437,259 | 5,706,552 |
| Total income | 6,437,259 | 5,706,552 | |
| EXPENDITURE ON: | |||
| Charitable activities | |||
| Charitable donations and grants | 3 | (7,709,673) | (14,330,000) |
| Support and governance costs | 4 | (11,590) | (10,192) |
| Total expenditure | (7,721,263) | (14,340,192) | |
| NET INCOME / (EXPENDITURE) AND NET | |||
| MOVEMENT IN FUNDS BEFORE GAINS | |||
| AND LOSSES ON INVESTMENTS | (1,284,004) | (8,633,640) | |
| Gains / (losses) on investments | 5 | (1,785,908) | (17,395,117) |
| NET MOVEMENT IN FUNDS | (3,069,912) | (26,028,757) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 8 | 85,042,939 | 111,071,696 |
| TOTAL FUNDS CARRIED FORWARD | 8 | 81,973,027 | 85,042,939 |
6
THE THOMPSON FAMILY CHARITABLE TRUST BALANCE SHEET AT 3EST j.ARy ?024 2024 2023 2023 FIXED ASSETS In&estmenis 7.5.284.726 82.215.634 CURRENT LSSETS ?6 1.846 19.416.(KA 1.5.252 18.881.762 C <ii bank Totsl curnt assets 19.707.910 19.197.014 CURRENT LIABILITIES ('rixiili)r% Idilinby duL i%1¢hin onL )'car (13.019.fAW) 116.369.7fr)) NET CURRENT ASSETS / ILIABILITESI 6.688.301 2.1127.111.5 NET ASSETS 81.97.1.027 85.042.939 FUNDS OF THE CHARITY I In[ric1l fund.s 81 .97.1.027 85.(H2.939 TOT AL CHARITY FUNDS 81.97.3.027 8.5.IH2.939 Register¢d Charii). in FgId and wait NumlKY 326801 'rhe iiotes on pagLs 9 to 14 fomi of iheie fJnan(?al siaem¢nt5. 'rhc financtal Si*anenls iiere app%.j b). (he Trtt on 25ih 401"emb 2024 and were 5ign¢d on their b¢hall' b)": R.B. COPLIS Trusicc
THE THOMPSON FAMILY CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST JANUARY 2024
| 2024 £ OPERATING ACTIVITIES Donations paid (11,059,673) Administration and governance costs (11,590) Cash used in operating activities INVESTING ACTIVITIES Interest and similar income received 6,435,291 Property income received 55,274 Purchase of investments - Disposal of investments 5,145,000 Net cash provided by investing activities CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents brought forward CASH AND CASH EQUIVALENTS CARRIED FORWARD |
2024 £ (11,071,263) 11,635,565 564,302 18,881,762 19,446,064 |
2023 £ (9,180,000) (10,192) 5,599,768 41,921 (16,353,519) 33,326,224 |
2023 £ |
|---|---|---|---|
| (9,190,192) 22,614,394 |
|||
| 13,424,202 5,457,560 |
|||
| 18,881,762 |
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THE THOMPSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024
1 ACCOUNTING POLICIES
Basis of Preparation and Assessment of Going Concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 and the Charities Act 2011). The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties which could affect the Charity's ability to continue as a going concern. In making this assessment, the Trustees have specifically considered recent uncertainty created by the world economic and political situation, which is not expected to have any material long-term adverse consequences for the Trust.
Investment Income Recognition
Interest income and rents are credited to the Statement of Financial Activities on an accruals basis. Dividends are accounted for when received, as this is when both the charity's entitlement to receive payment and the probability of receipt are certain.
Expenditure Recognition
Expenditure is included on an accruals basis. Grants and donations payable are charged in the year in which the payment is notified to the recipient, except in those cases where the grant is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but are not accrued as expenditure.
Financial Instruments
Financial instruments which are quoted investments are initially recognised at their transaction value and are subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not hold options, derivatives or similar complex financial instruments. Other basic financial instruments such as cash deposits, receivables and creditors that do not constitute a financing transaction are initially recorded at the transaction value and are subsequently measured at amortised cost.
Fixed Asset Investment Properties
Investment properties are valued annually by the Trustees on an open market basis and the surplus or deficit is taken to the Statement of Financial Activities. No depreciation or amortisation is provided in respect of freehold investment properties, as these properties are held for investment rather than consumption and the Trustees believe that systematic annual depreciation would be inappropriate. Depreciation is only one of many factors reflected in the annual valuation and the amount which otherwise might be shown cannot be separately identified or quantified. Investment properties are let under operating leases to third parties. Rental income from operating leases is included in the statement of financial activities on an accruals basis.
Fund Accounting
All funds are unrestricted and are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and have not been designated for any other purpose.
Critical Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the future but accounting estimates and assumptions will, by definition, seldom equal the related actual results There are no estimates and assumptions that, in the Trustees’ view, have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
Functional Currency
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound sterling.
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THE THOMPSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024 (CONTINUED)
| 2 INVESTMENT INCOME Interest received on cash deposits Income from quoted fixed interest securities & preference shares Equity dividends Operating net lease rentals and other property income 3 CHARITABLE DONATIONS AND GRANTS Ambitious about Autism BAFTA Beyond Autism B: Music Break - Changing Young Lives British Film Institute British Horse Society British Racing School Education Cambridge Women's Aid Carers in Hertfordshire Cambridge Children's Hospital / Addenbrooke's Charitable Trust Centrepoint Chickenshed Theatre Trust ChildVision Chipping Campden Music Festival City of London Sinfonia Deborah Rogers Foundation Donmar Warehouse Projects Drogheda Memorial Fund East Anglia's Children's Hospices East Anglian Air Ambulance English National Opera English Stage Company Erdington Foodbank Fare Share Forward Trust Friends of the Old Bakehouse Great Ormond Street Hospital Children's Charity (2 grants in 2024) Greenhouse Sports Headway: the Brain Injury Association (2 grants in 2024) Hearing Dogs for Deaf People Injured Jockeys Fund Jackdaws Educational Trust Kidney Research UK Lily Mae Foundation London Air Ambulance London Symphony Orchestra Longborough Festival Opera Love Burnt Oak Macmillan Cancer Support Maggie's Magic Breakfast Mind Moorfields Eye Charity Motor Neurone Disease Association Carried forward |
2024 £ 1,122,500 5,125,288 137,893 51,578 6,437,259 2024 £ 150,000 100,000 24,000 5,000 50,000 25,000 20,000 16,860 50,000 65,000 - 100,000 50,000 86,000 5,000 5,000 25,000 100,000 - 300,000 10,000 20,000 25,000 - 75,000 100,000 50,000 215,663 100,000 55,000 25,000 100,000 5,000 250,000 5,000 20,000 20,000 20,000 10,000 350,000 1,000 - - 100,000 2,000 2,735,523 |
2023 £ |
|---|---|---|
| 400,256 5,134,477 94,788 77,031 |
||
| 5,706,552 | ||
| 2023 £ |
||
| 150,000 100,000 33,000 5,000 50,000 60,000 20,000 - 50,000 33,000 7,500,000 100,000 - - 5,000 - 25,000 100,000 1,000 300,000 10,000 - - 5,000 50,000 100,000 - 180,000 100,000 50,000 25,000 100,000 - - 5,000 - 20,000 10,000 10,000 300,000 - 25,000 50,000 - - |
||
| 9,572,000 |
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THE THOMPSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024 (CONTINUED)
| 3 CHARITABLE DONATIONS AND GRANTS (CONTINUED) From page 10 Multiple Sclerosis Society Multiple System Atophy Trust My Wish Charity National Gallery National Opera Studio National Youth Orchestra North London Hospice Our Special Friends (2 grants in 2023) Outward Bound Trust (2 grants in 2023) Oxford Philharmonic Orchestra Trust Oxford Playhouse Trust Papyrus Prevention of Young Suicide Parkinson's UK The Passage Pilgrim Bandits Pret Foundation Trust Primary Shakespeare Company Queen's Club Foundation Racing Welfare Retraining of Racehorses Riding for the Disabled Association Royal Academy of Music Royal Albert Hall Royal Ballet School Royal Foundation Royal National Theatre (2 grants in 2023) Royal Opera House Covent Garden Foundation (2 grants in 2024) Royal Osteoporosis Society Royal Shakespeare Company Royal Society of Medicine Royal Veterinary College St. Andrew's Primary School St. Bartholomew's Heritage Appeal St. John's College Oxford St. Mary's Church, Cheveley St. Mary's Church, St Albans Scene and Heard Screen Academy Foundation Shakespeare Globe Trust Snow Sports Foundation Spinal Injuries Association Sports Aid Trust Suffolk Horse Society Tender Theatre Royal Bury St Edmunds Tommy's (2 grants in 2024) University College London Hospitals Charity University Hospitals Birmingham Charity Urology Foundation (2 grants in 2024) Victoria and Albert Museum Wellbeing of Women |
2024 £ 2,735,523 100,000 5,000 - 300,000 5,000 100,000 50,000 - 75,000 60,000 50,000 25,000 - 100,000 5,000 50,000 50,000 10,000 100,000 - 50,000 350,000 500,000 300,000 500,000 450,000 258,000 100,000 25,000 200,000 25,000 50,000 - 100,000 1,000 5,000 50,000 100,000 7,000 50,000 - 200,000 - 50,000 - 12,500 - 5,000 300,650 100,000 100,000 7,709,673 |
2023 £ |
|---|---|---|
| 9,572,000 100,000 - 8,000 300,000 5,000 - 50,000 1,500 122,500 30,000 50,000 25,000 10,000 100,000 - - 50,000 10,000 100,000 10,000 - 320,000 500,000 300,000 500,000 600,000 - - - - 25,000 - 250,000 250,000 1,000 - 50,000 - - 50,000 50,000 200,000 5,000 50,000 25,000 - 500,000 10,000 - - 100,000 |
||
| 14,330,000 |
11
THE THOMPSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024 (CONTINUED)
| 4 SUPPORT AND GOVERNANCE COSTS Support costs Governance costs - audit fee |
2024 £ 590 11,000 11,590 |
2023 £ |
|---|---|---|
| 192 10,000 |
||
| 10,192 |
No payment of remuneration or expenses has been made to any of the Trustees (2023: £nil) and the Charity has no employees (2023: nil). There were no related party transactions in the year or the prior year.
| 5 FIXED ASSET INVESTMENTS Market value at 1st February 2023 Additions at cost Disposal proceeds Gains / (losses) in the year Market value at 31st January 2024 Historical cost at 1st February 2023 Historical cost at 31st January 2024 |
Freehold properties £ 400,000 - - - 400,000 1,454,662 1,454,662 |
Quoted fixed income £ 78,639,175 - (5,145,000) (1,680,763) 71,813,412 84,912,500 79,827,586 |
Quoted Equities £ 3,176,459 - - (105,145) 3,071,314 3,281,542 3,281,542 |
Total investments £ |
|---|---|---|---|---|
| 82,215,634 - (5,145,000) (1,785,908) |
||||
| 75,284,726 | ||||
| 89,648,704 84,563,790 |
All investments are in the UK, and the valuation of the properties has been carried out by the Trustees after taking advice from a Chartered Surveyor (Andrew Oliver BSc MRICS) whose last formal valuation was as at 31 January 2020.
At 31st January 2024, the following investments represented more than 5% of total investments:
| Aviva 8.375% Preference Shares Aviva 8.75% Preference Shares Barclays 5.875% Bonds Lloyds Banking Group 9.25% Preference Shares Nationwide 10.25% CCDS Natwest 9% Preference Shares |
£ |
|---|---|
| 7,519,156 7,379,957 4,464,215 14,232,677 21,902,880 4,295,252 |
The main form of financial risk faced by the Charity is that of volatility in investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment within investment sectors or sub-sectors. The Trustees seek to mitigate those risks by monitoring investment markets on a daily basis and adjusting the investment strategies accordingly.
| 6 DEBTORS FALLING DUE WITHIN ONE YEAR Accrued income Balance due from stockbrokers Property-related receivables |
2024 £ 258,283 3,563 - 261,846 |
2023 £ |
|---|---|---|
| 309,120 2,337 3,795 |
||
| 315,252 |
12
THE THOMPSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024 (CONTINUED)
| 7 CREDITORS FALLING DUE WITHIN ONE YEAR Rents and other property income received in advance Donations pledged but not yet paid at year end Accruals VAT payable |
2024 £ 16,209 12,995,000 7,000 1,400 13,019,609 |
2023 £ |
|---|---|---|
| 16,209 16,345,000 7,000 1,500 |
||
| 16,369,709 |
There are no capital or other commitments at 31st January 2024 (2023: £nil).
| 8 | FUNDS | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Unrestricted funds brought forward | 85,042,939 | 111,071,696 | |
| Net increase / (decrease) for the year | (3,069,912) | (26,028,757) | |
| Unrestricted funds carried forward | 81,973,027 | 85,042,939 | |
| All funds are unrestricted, and may be distributed in any way which is consistent with the charitable objects of the Trust. | |||
| The Trustees, however, anticipate that up to approximately £50 million of the funds may be utilised on the future capital pr | |||
| referred to in the Report of the Trustees. | |||
| 9 | FINANCIAL INSTRUMENTS | 2024 | 2023 |
| £ | £ | ||
| Financial assets at fair value | |||
| Quoted investments | 74,884,726 | 81,815,634 | |
| Financial assets that are debt instruments | |||
| measured at amortised cost | |||
| Accrued income receivable | 258,283 | 309,120 | |
| Balance due from stockbroker | 3,563 | 2,337 | |
| Other receivables | - | 3,795 | |
| 261,846 | 315,252 | ||
| Financial liabilities | |||
| measured at amortised cost | |||
| Donations pledged but not yet paid at year end | 12,995,000 | 16,345,000 | |
| Other creditors | 7,000 | 7,000 | |
| 13,002,000 | 16,352,000 |
All funds are unrestricted, and may be distributed in any way which is consistent with the charitable objects of the Trust. The Trustees, however, anticipate that up to approximately £50 million of the funds may be utilised on the future capital projects referred to in the Report of the Trustees.
13
THE THOMPSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
10 OPERATING LEASE INCOME
The future minimum lease payments due to be received under non-cancellable operating leases are as follows:
| Receivable within one year Receivable later than one year and not later than five years Receivable in five years or more |
2024 £ 50,000 125,000 - 175,000 |
2023 £ |
|---|---|---|
| 50,000 175,000 - |
||
| 225,000 |
14