Charity number: 328558 OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
OLD POSSUM'S PRACTICAL TRUST CONTENTS Page Trustees, report Trustees, responslbilitles statement Independent auditors, report on tho financial statements 12-14 Statement of financial activities 15 Balance sheet 16 Notes to the financial statements 17-26
OLD POSSUM'S PRACTICAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial ststements 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 Republic of Ireland (FRS 102). Objectlves and activities The primary object of the charity is to increase knowledge and appreciation of any matters of literary, musical, theatri1. historic or artistic interest. The Trustees Gontinue to actively seek out and support organisations that fit with its aims, and those of its founder, Mrs Valerie Eliot, the late widow of T.S.ElioL Achievements and perforniance Since the charity was founded in 1990 it has awarded grants of £22,247,398 The Trustees aim to support organisations for an initial period of three years if funds allow and if the project for which funds are being requested is ongoing. In that way it gives the organisations certainty and enables them to plan sustainable projects and gives them time to seek altemative funding when our grants end. The grants tend to be in the region of £5,000 per annum but the Trustees do award higher grants and consider all relevant requests for fvnding. Additionally. the Trustees seeks out organisations that work in fields supported by the Trust in particular Literacy. Poetry. Music and Theatre and those previously supported by its founder Mrs Valerie Eliot. However, grants are made at the discretion of the Trustees and are not limited to these areas of interest. This year amongst its 3 year grants the Trust continued to support the Stephen Spender Prtze for Poetry in Translation. Coram Shakespeare. Propel Magazine and The Royal Court for its work with new writers. The Trust started a new £25,000 per annum 3-year commitment with the National Theatre for its work with young writers through its New Views programme. In 2023. the National celebrated the 1 Oth anniversary of the New Views programme. New Views is a unique springboard for self-expression: an opportunity for students to write about what matters most to them. Over the last 10 years, 750 educational institutions have taken part. Old Possum's Practical Trust's support since the start of the programme has empowered more than 12.500 young people aged 14-19 to tell stories that matter to them. and to grow in confidence and academic ability. Diversity of experience is key to the programme's success, empowering young people of all backgrounds to show us the world through their lens. Page 1
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) Archie Barnes, judging panel member and 17-year- old actor (Phaedra, 2023) "The breadth of talent at thls year's New Views is seriously impressive. The diverse charactern and Compelling stories reflect the reality of the world we live in, promoting understanding. empathy and social justice. It is exhilarating to think that one day I might be lucky enough to perfom in a play written by one or more of the finalists." lan Rickson, director of 3.2.1 -1 am Trally excited to be working on New Wiews this year. a vital sOUrCe both fi)r first time writers and the wider culture, especially at a time when they are under such threat in education and oursociety as a whole." Keira Grierson, 2023 winner and writer of 3.2.1 "It felt surreal winning the competltion, but I was just overjoyed that my passion for writing had led to such a great opportunity. Taking part in New Wiews has been such an exciting way for me to express myself and my writing. I have really eryoyed working on my scrip¢ it has been an amazlng rewardlng experience." Page 2
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) In July, the National hosted the New Views Festival as a celebration of all involved in the project. The winning script. 3.2.1 by 15-year-old Keira Grierson (Oasis Academy Coulsdon), was directed by lan Rickson. former artistic director at the Royal Court Theatre. It was performed by a full professional cast in the iconic Olivier Theatrel 3.2.1 follows the entwined stories of a group of conflicted teenagers as they navigate the pressures of social media. modem female beauty expectations and young love. The Trust continued the third year of a 3-year commitment with English National Ballet. The grant this year was added to English National Ballet's match fund for the Arts for Impact 2024 enabling a doubling of the donation to £30,000 through Big Give helping to secure the long-term future of Ballet Futures. The Trust supports organisations working in music and honoured Mrs Valerie Eliot's love of Opera and music by supporting National Opera Studio (£5,000). Royal College of Music (£5.000) Holland Park Operd (£5,000) and Young Classical Artist's Trust (£5,000). We also started a new relationship with The Nucleo Project commencing wtth a grant of £2,500 in 2023-24 and making a 3-year commitment for a grant of £5,000 from 2024-25. Nucleo is a "music for social action" project offering free, ensemble-based music-making opportunities to children and young people through their immersive programme in North Kensington. They run a national Instrument Donation Bank to get unused instruments into the hands of young musicians and deliver the national Young Leaders Programme. The young musicians in their Community Programme attend over 100 different schools. and together they speak over 40 different languages at home. The Trust also continues to support the music at St Stephen's Church. TS Elioys and Mrs Valerie Eliot's local church. St Stephen's Church South Kensington The Trust commenced its second 3-year commitment with the Britlsh Film Institute "BFI" with an award of £20,000 in September 2023 supporting them to further develop a strategic BFI Festivals Education Programme for the 2023 London Film Festival (LFF). Page 3
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) I LONDON IVAL The Trust also supported an exhibits'on of the celebrated filmmakers, Powell and Pressburger in October 2023. The Red Shoes: Beyond the Mirror .%': VTèO&P";¢, }. t4- Ar 'Time rushes by. love rushes by, life rushes by. but the red shoes go on. In this BFI Southbank exhibition, based on Powell and Pressburger's mesmerising 1948 production The Red Shoes. Inspired by Hans Christian Andersen's classic fairy tale. it tells the story of a young woman whose desire is to become a leading dancer. Itictoria Page (played by prima ballerina Moira Shearer) secures a transformative role at the Ballet Lermontov. that of a girl beguiled by a pair of magic red slippers. Gradually. the boundaries beeen fact and fiction blur as Page's lrfe intertwines with the feverish part she dances. The exhibition had over 100 previously unseen costume and production designs, scripts, behind the scenes photographs and posters. alongside the iconic red ballet shoes featured in the film. The exhibition also featured personal items owned by Moira Shearer and costumes from Matthew Bourne's recent ballet adaptation. Set within a specially designed space that brought the film's dazzling centrepiece the Ballet Lermontov's fantastical telling of the Red Shoes story - spellbindingly to life. The Red Shoes: Beyond the Mirror exhibition was made possible due to support from the BFI Philanthropy Powell & Pressburger Consortium and Old Possum's Practical Trust. Other notable awards in 202&24 included The Children's Bookshow which established a tour in 2003 with the aim of bringing the best writers and illustrators of children's literature to theatres and arts venues throughout England. The writers selected are chosen from a wide variety of countries and cultures to give young people the opportunity to experience the best children's literature from around the world. with focused attention on schools in disadvantaged communities in areas ranging from Tower Hamlets in London to those in Newcastle. The tour is backed up by a series of school workshops. led by the writers at which children are given the opportunity to work with them on their own creative projects. The tour promotes the enjoyment of poetry by giving children the opportunity to meet inspiring, intemationally acclaimed poets. it helps foster in children a love of poetry; and it encourages children to write their own in the school workshops which follow the perfomiances. Page 4
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) We made our second award of £15K to The Anne Frank Trust UK which is an education charity which empowers 10- to 15-year-olds to Challenge all forms of prejudice. inspired by the lrfe and work of Anne Frank. Using the diary of Anne Frank as a stsrting point for discussing the impact of unchallenged discrimination, they deliver programmes enabling young people to become voices for equality and champions of tolerance. 16 young people from across England and Scotland were able to take part in a study trip to the Lake District to further their learning about the Holocaust and develop their confidence in challenging prejudice. This included visiting the Lake District Holocaust Project to learn about The Windermere Children from one of the Windermere Boys. Harry Olmer and author Tom Palmer, as well as exploring the power of creative writing through the worf( of Dorothy and William Wordsworth in a workshop with poet Clare Shaw. Anne Frank, a beacon of hope, In the secret annex. she wrote. Amidst the darkness. she found solace, In nature's beauty, she found a promise. Through her window, she gazed at the sky, The birds soaring freely. look at how they fly. She saw the flowers. so vibrant and bold, Nature's wonders with stories untold. In her dlary. she challenged prejudice. Using nature, she found bliss. For in the natural worjd, there's no divide. No judgment, no hatred, no need to hide Anne Frank Ambassador Thank you, Old Possum's Practical Trust for supportlng the Anne Frank Ambassadorsl Page 5
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance (continued) Continuing our work with musical projects we awarded the second instslment of a 3 year grant of £30K per annum to the Tomorrow's Warriors Trust for their Young Artist Development Programme at the Southbank Centre - a year-round, weekly development programme that is 1 OOQA free at the point of access for talented young musicians aged 11-25, where they learn from those who have come through the programme who are now leading musicians on the UK jazz scene (the embodiment of their 'Each One Teach One. ethos). They work with c. 150-180 musicians a year, primarily focusing on musicians of colour and female musicians in their Junior Warriors (aged 11-15). Development Group (15-19). Advanced Development Group (17-25). Jazz Hang (15- 25}, Female Collective (14+), Jau4Strings {17+). Between 85%.900k of their musicians go on to have successful Careers as professional musicians. "TOMORROWS WARRIORS runs an acclaimed Young & Emerying Attst Development Pmgramme FREE for the next generation of aspiring UK Jazz musicians, to keep it accessible across cultural divides and baffiers, with a particular focus on Black musicians and young women. and those facing economic hardship." Fams for City Children were awarded the fourth of their 5- year grant of £10,000 per annum in May 2023, having previously been supported by Valerie Eliot. p•ft CITY LHILPREN We ended our 3-year commitment wtth The Fellx Project with a third annual award of £25,000 in May 2022. however we have pledged a further 3 years of support at £20K per annum commencing in December 2024. The Trust's support over the last three years has come at a crucial time for the organisation and has supported their growth from an organisakn-on delivering 6.4 million meals in 2019 to one that delivered just under 42 million in 2022. The cost-of-living crisis has seen a surge in demand and therefore the Trust felt it appropriate to continue their support. THE FEI.IX PROJECT Page 6
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfom)ance (continued) The Trust also awarded £5.000 to Refuge, and £5,000 to Hospital Rooms who install athork and run art classes in NHS mother and baby units as well as £5,000 to Theatre503 a small but well used theatre in Battersea showcasing new writers and £3,750 to Bradford Literary Festival. We continued our annual support for the T.S.Eliot Festival at Llttle Gidding and additionally this year we provided £5.000 to assist with renovations at Farrer House. Ruth Padel opened the 2023 Festival with a reading of Prufrock. The Fests-val also featured Eliot scholars Seamus Perry and David Trotter, and poet George Szirtes, winner of the 2004 T S Eliot Prize for Poety. Financial Review The investment fund generates income, which is used towards the objectrves of the charity. The fund generated income in the year to 31 March 2024 of £106,963 {2023: £140.927). In addition, we received royalty income of £43.000 (2023: £22.000). Grants made to various charitable institutions in accordance with the charitys objectives totalled 263.675 (2023.. £3,527.074). After taking account of the above-mentioned grants together with costs of generating income (investrnent management and legal fees) of £35,500 (2023". £49,558) and governance costs of £19,538 (2023. £10,048), the charity is showing net incoming resources for the year of £545,835 (2023: £3,453.613). Wtth funds brought forward totslling £5,412.667. there remains funds carried forward of £5,958,502. Page 7
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financial risk management objectives and policies Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they Continue lo adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Reserves policy The trustees have estsblished a policy whereby the unrestricted funds. which are the free reseNes of the charity. should be kept at a minumum level. The charity has minimal operating costs and aims to distribute its unrestricted income within the year of receipt. Adeduate funds will be retained to cover the small operating expenses and to enable the trustees to respond to emergency applications for donations, which arise from time to time. Investmonts policy There is no restrictions on the charity's power to invest. The trustees Consider the income requirements, the risk profile and investment managerfs review of the market prospects in the medium temi. The primary objectives are for a balance of income and capital growth using the indicator agreed of FTSEIAPCIMS Balanced index with an appropriate income yield. The Portfolio yielded £106,963 {2023: £140.927) in the year and the trustees are satisfied with this performance. Structure, governance and management The Old Possum's Practical Trust is an unincorporated charity registered with the Charity Commissioners under registrats.on number 328558 fomied under the Trust Deed dated 29 January 1990. The names of the trustees who have held office during the year and since the year end are shown on page 7. The trustee to whom the day to day management of the charty has been delegated is Judith Hooper. Until her death on 9 November 2012, trustees were appointed by Mrs EV Eliot as Settlor and Patron of the charity. Following her death the current trustees have the power to appoint new trustees. The number of trustees shall not be less than two. Trustees do not have any specific temi of office. New trustees receive an induction from the Board which involves an awareness of a Trustee's responsibilities, the Trust deed, administrative procedures and the history and approach of the charity. A new trustee would receive a copy of the previous yearfs financial ststements and a copy of the Charity Commission leaflet 'The Essential Trustee.. what you need to know". Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co opted under the terms of the Trust deed. Page 8
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mrs J M Hooper Mrs C Reihill Mrs D Simpson Charity registered 328558 Principal offlce 201 Silbury Boulevard Moorgate House Milton Keynes MK91LZ Independent auditors MHA Chartered Accountants & Statutory Auditors Moorgate House 201 Silbury Boulevard Milton Keynes Bud(inghamshire MK9111 Banke Arbuthnot Latham 7 Wilson Street London EC2M 2SN Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Investment Manager& Waverton Investment Management 16 Babmaes Street London SW1Y 6AH Website www.tseliot.comlfoundationlold- ssums-trustl Risk Management The Trustees annually assess the major risks to which the charity is exposed. These mainly relate to investment management and the grant making process. The Trustees are satisfied that systems are in place to mitigate the exposure to these major risks. Disclosure of inforniation to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confimed that: so far as that Trustee is aware, there is no relevant audit infomiation of which the charity's auditors a unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charity's auditors are aware of that infomiation. Page 9
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Auditors The auditor. MHA Maclntyre Hudson, is deemed to be reappointed under section 487(2) of the Companies Act 2006. Following a rebranding exercise on 15 May 2023 the trading name of the companvs independent auditor changed from MHA Maclntyre Hudsn to MHA. Approved by order of the members of the board of Trustees and signed on t 'r behalf by: J Hooper Trustee Date". C Reihill Trustee Date.. Page 10
OLD POSSUM'S PRACTICAL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charFties in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including Its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102)", make judgments and accounting estimates that are reasonabte and prudent; slate whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements", prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the Chartywill continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitys transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial ststements comply with the Charities Act 2011, the Chaiity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for th , prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on s behalf by= J Hooper Trustee Date: C Reihill Trustee Date: 7 J,-/-.L4 Z*-l) o Page11
OLD POSSUM'S PRACTICAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OLD POSSUM'S PRACTICAL TRUST Opinion We have audited the financial statements of Old Possum's Practical Trust (the 'charity') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Stalement of Recommended Practice issued on 1 April 2005 which is refeed to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of S incoming resources and application of resources for the year then ended: have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. 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 United Kingdom, including the Financial Reporting Council'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 concem 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 perfomied, we have not identrfied 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 8re authorised for issue. Our responsibilities and the responsibiltties of the Trustees with respect to going concern are described in the relevant sections of this report. Page 12
OLD POSSUM'S PRACTICAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OLD POSSUM'S PRACTICAL TRUST (CONTINUED) Other inforniation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial 5tstements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infomiation is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misststed. If we identrfy such material inconsistencies or apparent material misstatements. we a 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 whi¢h we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion= the information given in the Trustee5' report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records and returns" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal 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. n preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem 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. Page 13
OLD POSSUM'S PRACTICAL TRUST INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF OLD POSSUM'S PRACTICAL TRUST (CONTINUED) Auditors. responsibillties for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will ahvays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, 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. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedu$ are capable of detecting irregularities, including fraud is detailed below: Enquiry of management around actual and potential litigation and claims- Enquiry of entity staff in compliance functions to identify any instance of non-compliance with laws and regulations., Performing audit work over the risk of management override of controls, including testing of journals entries and other adjustments for appropriateness. evaluation the business rationale of signrficant transactions outside the normal course of business and reviewing accounting estimates for bias., Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklauditorsres nsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the chartvs trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have fomied. MHA Chartered Accountants Statutory Auditors MiFton Keynes Date: 2? 2( MHA are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313) Page 14
OLD POSSUM'S PRACTICAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Investments 43,133 106.963 43.133 106.963 22,094 140,927 Total income and endowments 150,096 1 50.096 163.021 Expenditure on: Raising funds Charitable activities 35,500 35,500 296,937 49,558 3,549,677 296,937 Total expenditure 296,937 35,500 332,437 3,599.235 Net expenditure befo net gainsl(losses) on investments Net gainsl(losses) on investments {146.841) {35,500) 728,176 {182,341) {3,436.214) 728,176 (17,399) Net {expenditure)lincome Transfers beiween funds (146,841) 146,841 692,676 (146,841) 545,835 (3,453,613) Total transfer8 146.841 (146.841) Net movement in funds 545,835 545.835 (3,453.613) Reconciliation of funds". Total funds brought forward Net movement in funds 5,412,667 545,835 SN12.667 545,835 8,866.280 13,453,613) Total funds carried forward 5.958.502 5,958.502 5,412,667 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 26 form part of these financial statements. Page 15
OLD POSSUM'S PRACTICAL TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Investments 11 5,968,329 5,409.485 5,968,329 5,409.485 Current assets Debtors Cash at bank and in hand 12 480 15,674 23.663 15,674 24,143 Creditors.. amounts falling due within one year 13 (25,501) (20,961) Net current liabilities l assets {9,827) 3,182 Total assets less current liabilities 5,958.502 5,412.667 Total net assets 5,958.502 5.412,667 Charity funds Endowment funds 5,958,502 5,412,667 Restricted funds Unrestricted funds Total funds 5.958.502 5.412,667 The financial statements were approved anfl authorised for issue by the Trustees signed on their behalf by.. J Hooper Trustee Date: Mrs C Rei Trustee Date.. 371,.IzOt-Lk Lo LV- The notes on pages 17 to 26 form part of these financial statements. Page 16
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE Flf4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiation The Charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is Moorgate House, 201 Silbury Boulevard, Milton Keynes MK9 1 LZ. The principal place of business is Flat 3, Kensington Court Gardens, London, W8 5QE. Figures in the financial statements and the notes have been rounded to the nearest whole number in GBP. Accounting poli¢les 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Chartties Act 2011. The financial statements have been prepared to give a 'true and fairf 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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effectNe from 1 April 2005 which has since been withdrawn. Old Possum's Practical Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the forseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Income All income is recognised once the Charity has entttlement to the income, it is probable that the income will be received, and the amount of income receivabSe can be measured reliably. Legacies are recognised on receipt or othenvise rf the charity has been notified of an impending distribution. the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a conts-ngent asset. Page 17
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be fequired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are alk)cated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Charity to lse funds for its charitable purposes and includes costs of all fundraising activtties. events and non<haritable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitys objectives. as well as any associated support costs. Grants payable are Charged in the year when the offer is made except in those c2ses where the offer is conditional, such grants 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 commitmenc but not accrued as expenditure. AII expenditure is inclusive of irrecoverable VAT. 2.5 Investments Fixed asset investments are a form of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliabFy in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statement of financial activities. 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL Page 18
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (continued) 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement Can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.9 Financial Instruments The Charity only has financial assets and financial liabilits-es of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effectrve interest method. 2.10 Fund accounting General fund5 are unrestrtcted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 Donations Royaty income 133 43,000 133 43,000 94 22,000 43,133 43,133 22,094 Page 19
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Invèstment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 UK Equities and Unit Trusts Interest Re1vable Overseas Equities 24,031 9.237 73.695 24,031 9,237 73.695 35,096 11,710 94,121 106.963 106.963 140,927 Investment management costs Endowment funds 2024 Total funds 2024 Total funds 2023 Investment management 35,500 35.51JO 49,558 Anatysis of grnnts Grants to Institutions 2024 Total funds 2024 Total funds 2023 Grants & donations 283.675 263,675 3,527,074 Page 20
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants Payable for the year 2024 2023 Educational Support Barnsley Civic Enteprise Ltd - writing groups Hounslow Action for Youth Anno's Africa St Elizabeth's RC Primary School Farms for City Children The Children's Bookshow The Anne Frank Trust UK Coram Shakespeare Schools Festival Tristan Carter (cello tuition) 500 1.000 4.300 4.300 2,500 10.000 20,000 15,000 5.000 2.400 10,000 20,000 15,000 5,000 55,800 59.200 Support for Disadvantaged Groups The Book Trade Charity Great Brickhill Charity re= Ukraine The Felix Project (emergency funding) The Laurie Todd Foundation Dalgarno Trust {foodbank) Refuge (emergency funding) Ride2Give Camphill Community Trust. Milton Keynes Unicef Hospital Rooms (Bethlem Mental Health Unit) The Daisy Garland Great Omiond Street Hospital The Big Issue Foundation 10.000 5.000 25.000 2.000 1,500 5,000 1,500 10,000 5,000 5,000 1,500 5,000 5,795 1,010 5,000 17.29S 71,010 Support for the Arts Arkbound Foundation British Film Institute Exeter Literary Festival Stephen Spender Prizerrrust St stephen's Church - music Friends of Little Gidding (Eliot Festival) English National Ballet Bradford Literary Festival 5,000 20,000 10,000 5,000 15,000 4,000 15,000 20,000 5,000 15.000 4.000 15.000 3,750 Page 21
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 British Film Institute - Powell & Pressburger exhibition Garsington Opera Education Julian Quartet- reading four Quartets Festival of Cats Royal Court Theatre National Opera Studio Holland Park Opera Wiltons Music Hall British Library Little Gidding Trust- Farrar House - retreat centre INK from pen to performance International Organ Festival National Theatre Sound & Music Royal College of Music Unicom Theat (Carol Jenner Productions) The Little Angel Theatre The Nucleo Project Propel Magazine Ltd V&A Museum 15.000 50,000 1,000 2,150 5,000 5,000 5.000 5.000 5,000 5,000 7,500 10,469 5,000 4,680 10,000 25,000 25.000 5.000 5,000 5,000 2,000 5,000 2,500 5,000 5.000 5.400 5.000 1.495 Young Classical Artists Weslbury Arts Centre StAnza. Scotland's Poetry Festival Tomorrow's Warriors Trust 5,000 4.500 30.000 5,000 30,000 Theatre 503 The T.S. Eliot Foundation Vox Urbane No longer required 3.150,000 1,500 {7,500) 190,580 3,396,864 Total 263,675 3,527,074 Page 22
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activitles Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Grant funding, support costs , governance costs and donation to The T.S. Eliot Foundation 296,937 296,937 3,549,677 Analysis of expenditure by acttvities Grant funding of activities 2024 Support costs 2024 Totsl funds 2024 Total funds 2023 Grant funding. support costs, governance costs & donats'ons 263.675 33,262 296,937 3,549.677 Analysls of support costs Support costs Total funds 2024 Total funds 2023 Salaries & social security Bank charges Sundry Website costs 9,840 59 3,020 805 19,538 8,768 69 2,063 1,655 10.048 Governance costs- Audit and accountancy 33,262 22,603 Page 23
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Trustees. remuneratron and expensas During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred {2023 - £NIL). 11. Fixed asset investments Llsted investments Cost or valuation At 1 April 2023 Additions On acquisition of subsidiaries Disposals Foreign exchange movement 5,409,485 532.480 (47,271) (654,541) 728.176 At 31 March 2024 5.968.329 Net book value At 31 March 2024 5,968,329 At 31 March 2023 5.409,485 12. Debtors 2024 2023 Due withln one year Prepayments and accrued income 480 480 Page 24
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Creditors: Amounts falling due within one year 2024 2023 Other taxation and social security Accruals and deferred income 510 24,991 510 20,451 25,501 20.961 14. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Galnsl (Losses) Income Expenditure General funds Endowment funds 150,096 {296,937) 146.841 5,412,667 135,500) {146.841) 728,176 5,958,502 5,412,667 150,096 {332,437) 728.176 5,958,502 15. Analysis of net assets between funds Analysis of net assets between funds - Current period Endowment funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 5,968,329 15.674 (25,501) 5,968,329 15.674 {25,501) Total 5,958,502 5,958,502 Page 25
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Related party transactions Old Possum's Practical Trust made a donation of £nil during the year to The T.S. Eliot Foundation for the purchase of The T. S. Eliot Archive {2023- £3,150,000). Old Possum's Pradical Trust received a donation of £43,000 during the year from Set Copyrights Limited (2023 - £22,000). Page 26