Charity number: 328558 OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
OLD POSSUM'S PRACTICAL TRUST CONTENTS Page 1-12 Trustees. report Trustees. responsibilities statement 13 Independent auditors. report on the financial statements 14-16 Statement of financial activities 17 Balance sheet 18 Notes to the financial statements 19-29
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual r&port together with the audited financial ststements of the Charity for the year 1 April 2024 to 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitys trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities= Stalement 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). Objectives and activities The primary object of the charty is to increase knowledge and appreciation of any matters of literary, musical. theatrical, historic or artistic interest. The Trustees continue 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. Eliot. Achievements and performance Since the charity was founded in 1990 it has awarded grants of £22,647,773. 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 projecls and gives them time to seek alternative 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 funding. 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 Prlze for Poetry In Translation and Shakespeare Schools Festlval and started new 3-year grants with. amongst others, The Nucleo Project, Lyric Hammersmith, Natlonal Opera Studio, Britten Pears Art5, Read for Good and Criterion New Writing. The Trust having started a new £25.000 per annum 3-year commitment with the National Theatre for its work with young writers through tts New Views programme in 2023. paused this in 2025 as the National reflected on the programme, taking stock and working towards a refreshed programme in 2026. The Trust has therefore committed for a further 3 years from 2026 to 2028. From the end of the Festival in 2024, The National began a rigorous stakeholder evaluation process to understand the strengths and areas of development for New Views and how they can adapt the programme to fit with the National Theatre's strategic aims. New Views is a unique springboard for self-expression.. an opportunity for students to wrtte about what matters most to them. Over the last 11 years. 786 educational institutions have taken part. Old Possum's Practical Trust's support since the start of the programme has enabled more than 13.000 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. Our grant in February 2024 supported the nationwide delivery of the 11th New Wiews programme, as well a5 the staging of nine plays by professional theatre makers at Ihe New Views Festival in July. Thanks lo our gift. students all the way from Aberdeen to Exeter expressed themselves through writing. and nine young people had the unique chance to Collaborate with professional theatre makers to bring their plays to life. Page 1
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In April 2024, The National received 500 second drafts which were reviewed by a team of volunteers. This was narrowed down to a longlist from which a panel of experts, including the mentor playwrights and last year's New Views winner, Keira Grierson, chose the winning plays. This year, due to the exceptionally high standard of submissions, two young writers were selected as the winners: Luke Fields (Aquinas Diocesan Grammar School. Belfast) and Emyr Strudwick (The College. Merthyr Tydfil). One of our Trustees, Clare Reihill, also sat on the judging panel. 'Returning this year as a judge, and watching several young writers be presented with the same opportunities that validated and inspired my passion for writing and theatre is another privileged experience at the National I won't forget." Keira Grierson. New Views Winner 2023 On 4th and 5th July 2024. the New Views Festival was hosted at the National Theatre, where the winning plays and runners up had their scripts perfomied by professional actors in front of a live audience of 300 people. many of whom were students who had taken part in the programme. Alongside the performances. there was a special devising and playwriting workshop for the young people attending the Festival. The workshop wa5 Created by parbcipants of the NT'S Young Producers course. Luke's play was directed by Emily Bums and Emyrfs play was directed by Rufus Norris. Director of the NT. The winning plays were performed on both days in the Gorvy Rehearsal Room and were followed by a Q&A with the writers and directors. hosted by Nina Steiger, Head of Play Development. The seven shortlisted scripts had rehearsed readings in the Duffield Studio across the two Festival days. "I found it an incredible experience. Getting to advance my own skills whilst interacting with like-minded students and having the chance to read and see their work and what inspires everyone else was really special and exciting." Luke Fields, New Views Winner 2024 Teulu by Emyr Strudwick Page 2
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trust awarded a new 3-year grant to The Lyric Theatre, Hammersmith towards their Springboard Programme. SPRINGBOARD is a free training programme that aims to find. shape. inspire, champion and sustain the next generation of performers from underrepresented backgrounds. This ground-breaking programme established multiple performance pathways into employment. It was designed specifically to support young people aged 18-25 who lived in West London. had zero to little formal drama training and were currently under-represenled in theatre. Over three years of their pilot programme, 31 trainees were enrolled and were supported to take part in a wide range of development initiatives including performances, workshops. masterclasses, artist development discussions. with opportunities both on and off the slage. The Trust has awarded support towards the next stage of development of the Programme. The Trust renewed its support of English National Ballet with a new three-year grant of £15K per annum to support Ballet Futures. Thanks to the support of Old Possum's Practical Trust, Ballet Futures continues to achieve incredible success. They are creating flourishing and sustainable relationships with each of Iheir dancers. their parents and carers, their associated schools and their respective directors. and other ballet schools and talent initiatives that fully support their aims and our vision. Artistically. they are witnessing incredible improvement in their dancers, technical development, work ethic and self-confidence, which feeds directly into increasing their prospects of transitioning into full-time vocational training at a ballet sGhool. Their dancers are also being exposed to leaming new explorative and creative skills, which will hopefully help them begin to learn how to increase their versatility as young innovative artists. Ballet Futures is already achieving one of its principal aims of increasing the level of diversity in the classical ballet sector and on the stage. most powerfully demonstrated by our dancers successfully auditioning for leading vocational ballel schools, and their dancers appearing in ENB'S main productions. Above all. Ballet Futures has encouraged their dancers to believe that there is a place for them within this art form. and that with the right support, guidance, and access to opportunity. anything can be achieved. Dupont visit, March 2024 0 Jack Thomson As part of their participation in Ballet Futures. we have offered 160 tickets across seven theatre trips to productions including Derek Deane's Swan Lake in-the-round, at the Royal Albert Hall. Wayne Eagling's Nutcracker, at The London Coliseum, and Mary Skeaping's Giselle. and John Inger's Cannen, both at Sadler's Wells. °Thank you once again to Old Possum's Practical Trust for your support" Page 3
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trust supports organisations working in music and honoured Mrs Valerie Eliot's love of Opera and music by supporting National Opera Studio (£2,500), Wlgmore Hall (£5,000) Royal College of Muslc {£5.000) Holland Park Opera {£5,000) and Garsington (£7,000). We also started a new relationship with The Nucleo making a 3-year commitment for a grant of £5,000 from 2024125. Nucleo is a 'musi¢ for social action. project offering free, ensemble-based musi¢-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. htt s.'Ilwww.thenucleo ro ect.or Ifa Continuing our work with musical projects we awarded the third instalment of a 3 year grant increased from £30K to £40K 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 Oook free at the poinl of access for talented young musicians aged 11-25, where they learn from Ihose 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 wth 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+), Jazz4Strings (17+). Beeen 85°-90./0 of their musicians go on to have successful careers as professional musicians. °TOMORROW'S WARRIORS runs an acclaimed Young & Emerging Artist Development Pmgramme FREE for the next generation of aspiring UK Jazz musicians. to keep it accessible across cultural divides and barriers, wlth a particular focus on Black muslcians and young women, and those facing economic hardship." The Trust also supported Wigmore Hall for the first time with a grant of £5K for their Come and Create music programme for autistic young people aged 15+ consisting of a fortnightly band, online socials. and 4-day summer project. P*&i.'-¢A. Page 4
OLD POSSUM'S PRACTICAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trust also continues to support the music at st stephen's Church, TS Eliot's and Mrs Valerie Eliot's local church. St Stephen's Church South Kensington wordéfvorth GRASMERE The Trust awarded a 2-year grant of £10K per annum to the Wordsworth Trust in 2024125. The grant has enabled the Trust to work with eight poets and writers to reach 1.571 young people. roughly equally split between primary and secondary schools. Of that 369 young people (23Yo of the total) were in the Barrow-in-Furness area". one of Arts Council England's 'priority places.. which are defined as being 'overlooked and neglected, in terms of cultural provision. Most of this activity took place through visits to schools. As well as Barrow-in-Furness, the Trust brought poets into schools across Cumbria, from Carlisle in the north of the county to Kirkby Lonsdale on the Lancashire border. and from Workington on the west coast to Sedbergh in the Yorkshire Dales. Activity has ranged from one-off poetry workshops to regularl sustsined activities, working with the same young people over an extended period of time. Sustained activities included: the Dove Cottage Young Poets (for 13-19-year-olds). who are drawr¢ from secondary schools in the Kendal area and meet fortnightly after school in term time. In October, the Dove Cottage Young Poets performed at Kendal's Brewery Arts Centre. the Untrodden Ways poetry group (for 11-14 year-olds). which meets 1-2 times a month at a school in Dalton-in-Fumess. drama workshops at Roose Primary School in Barrow-in-Furness leading to a performance at Windemiere Jetty Museum. Bowness-on-windemiere. Roose Primary School is in an area of high deprivation with 20°/0 of its intake eligible for the pupil premium. Page 5
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Evidence of impact "One of the poems we looked at was The Thought Fox: and when we flnished reading it, a year 9 boy said 'Wow!' There was also a Jot of general Jove for poety and for the sessions, with a spontaneous conversation about how amazing poems are. and how much there can be packed into them - as well as (from another boy).. 'If l just read this on my own maybe I'd like it, but I wouldn't get nearly as much from it - but then we talk about it and irs amazingl, It felt like I was watching a lifelong poetry obsession forming in real timel. Katie Hale. poet, on the Untrodden Ways Poetry Group "The children produced some amazing work and gave readings to their peer groups. It was a total joy!. Dave Cryer, poet, on leading a workshop in a primary school in Coniston "Being part of this programme has led to an improvement in my creative skills. I have felt that the quality of my work has improved and I have grown as being part of the programme. I have also felt that I have received lots of support from Wordsworth Grasmere. I have felt like a valued member of the Dove Cottage Young Poets. Muhammed, 16, member of the Dove Cottage Young Poets The Trust also committed to further funding for First Story to support their Writers in Residence in Pupil Referral Units with an initial grant of £40K followed by £20K for a further 3 years. First Story exists because access to quality cultural education is not distributed equally across the country or in education settings. They work together with teachers. professional writers and others, providing opportunities for under-served young people to participate in enriching creative writing activities. The Trust continued its second 3-year commitment with the British Film Institute 'BFI' with an award of £20,000 in September 2024 (2nd year of the commitment) supporting them to further develop a strategic BFI Festivals Education Pro ramme for the 2024 London Film Festival (LFF). BFI IONDON FILM FESTIVAL 2024-. Other notable awards included The Children's Bookshow with a renewal of our grant of £15K for 3 years to 2026127. The Children's Bookshow 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 whlch 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. internationally 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 performances. The Trust awarded £17.675 to The Book Trade Benevolent Society (BTBS). Almost by default, people in the book trade are deeply and personally engaged with the world of the written word - books, manuscripts, illustrations, publicalion - capturing ideas, information and slices of time. Everyone has their own libraries, folders of papers and assorted records too precious or personal to throw out. As a result of their 186-year history. and love of the Written word, the Book Trade Charity archive is huge but in practical terms, largely inaccessible. They have a unique opportunity to systematically uncover, catalogue and unlock their shared history of the book trade. The phase one cost of £17,675 covers the experienced subject malter experts to start the process of sorting through and collating this history into a useable archive. Page 6
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Young V&A Learning Programme at the V&A located in Bethnal Green, East London, was awarded a 3- year grant of £5K. The Learning Programme aims to inspire future generations and engage a wide range of audiences. especially early years and local school children, helping them build the skills and creative confidence needed to thrive in our fast-changing world. Al a time when arts provision is reducing in UK schools, the Young V&A Learning Programme is essential for supporting creative learning both in and out of the classroom. The Young V&A Learning Programme is divided into four strands: Schools, Family, Creative, and Design. The majority of activities takes place in the Young V&A's three new galleries and the Clore Leaming Centre. The Anne Frank Trust UK We made our third award of £15K to The Anne Frank Trust UK which is an education charity which empowers 10 to 15-year-olds lo challenge all forms of prejudice, inspired by the life and work of Anne Frank. Using the diary of Anne Frank as a starting point for discussing the impact of unchallenged discrimination, they deliver programmes enabling young people to become voices for equality and champions of tolerance. Thanks to our funding The Anne Frank Trust was able to take sixteen young Ambassadors aged between 11 and 14 years on an inspiring study trip to the shores of Lake Windermere from July 29th to August 2nd. 2024. The five-day excursion aimed to enhance their understanding of antisemitism and all forms of prejudice, honing their skills as writers and storytellers. and deepening their appreciation of nature as a source of inspiration. This trip was open to all ambassadors in years seven to ten, with a focus on younger ambassadors who are currently too young for their trips abroad. The ambassadors participating in this trip were from 11 different schools based in London. the Home Counties, the West Midlands, the Northeast and Yorkshire. Many of them were from underrepresented backgrounds and have lived experience of discrimination or hate-based bullyFng. The participants on this trip face challenges in their lives including a lack of opportunities to take part in new experiences and meet people from different communities. For most participants. the trip was their first chance to meet other ambassadors in-person. For some of the city-based young people. the trip was their first opportunity to spend meaningful time in the great outdoors. .1 felt a connection with nature throughout the week. There's not much greenery where I'm from. I've seen so many new things, having not been to the Lakes before. On a morning in my house, I don't hear the birds sing or the rustling of the trees like I have here. It's a lovely relaxing environment." Thomas, aged 12, Teesside. The restorative power of nature was emphasised as the young ambassadors learned about the Windermere Children at the Lake District Holocaust Project. They saw an exhibition retelling Ihe Story of the 300-plus young Jewish people who had survived the Holocaust and were brought to the Calgarth Estate in Windermere to recuperate. .1 never knew that children after the Holocaust came to Windermere. It was an incredible story to learn for the first time.. Julia, aged 11, London. Page 7
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 PaCIpantS in the 2024 Lake Windermere Trip with their certificates. We have awarded a further 3-year grant of £IOK per annum from 2025126 to the Trust FAFMr ÈIA CITY LHILPREry Famis for City Children were awarded the fifth of their 5- year grant of £10.000 per annum in May 2024, having previously been supported by Valerie Eliot. And the Trustees have extended the grant by a further two years to end in April 2026. Page 8
OLD POSSUM'S PRACTICAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 We commenced a further 3-year commitment with The Felix Project with the first award of £20K being made in December 2024. The Felix Project is London's largest food redistribution charity- They rescue high quality, surplus food that would otherwise go to waste and redistribute it to over 1.200 community organisations across the capital. 2024 was a landmark year in their mission to tackle food waste and hunger across London. They rescued and distributed enough surplus food to provide 38 million meals through their network 01 1,264 community organisations and schools, while also expanding beyond food aid through the launch of Felix's Mulitbank, which has distributed 1.46 million non-food items to Londoners in need. Their success has been powered by their growing volunteer network and innovative approaches to food rescue. from farm-t(Trfork initiatives to new processing techniques. Thevve established crucial partnerships, including the Coronation Food Project with His Majesty the King and strengthened their collaboration with the Mayor of London to address holiday hunger. The Brttish Library (BL) is on a 10-year journey to redefine the national library of the 21st Century, transforming how the public will engage with their extraordinary collections. Central to this ambition is a new permanent site in Leeds to open their world-class resources to more people than ever before. They are working wtth partners towards a BL presence in one of the North's greatest architectural wonders - the Grade-l listed Temple Works in Holbeck. Leeds, which will support regeneration at a local, regional and national scale. The Libra$ ambitlon5 for the North will support research, creativity, learning, collaboration and innovation across the whole region, and as such. Ihe BL has been running a Cultural and Learning programme in Leeds since 2019. This engagement activity will shape their vision for Temple Works and develop audiences for our future permanent home in Leeds. The Librarfs Leeds Cultural and Learning programme responds to the specific needs of the local area, building on the strengths of their existing programming delivered onsite in London, their work with schools (previously supported by the Old Possum's Practical Trust}, while also piloting new approaches for their learning and community programmes. The Trust is supporting this work with an initial grant of £20K in 2024125 and further annual grants of £10K. Page 9
OLD POSSUM'S PRACTICAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trust also awarded £10,000 to the White City Theatre Project, £5,000 to Anno's Africa, £5,000 to Hospital Rooms who install athork and run art classes in NHS mother and baby units. We continued our annual support for the T.S.Eliot Festival at Llttle Glddlng with a grant of £5,000. Financial Review The investment fund generates income, which is used towards the objectives of the Charity. The fund generated income in the year to 31 March 2025 of £110.772 {2024'. £106.963). In addition, we ceiVed royalty income of £78,530 (2024.. £43,000). Grants made to various charitable institutions in accordance with the Charity's objectives totalled £405,375 (2024: £263,675). After taking account of the above-mentioned grants together with costs of generating income (investment management and legal fees) of £37.414 (2024: £35.500) and governance costs ol £15.949 (2024.. £19,538). the charity is showing net incoming expenditure for the year of £309,386 (net income resources 2024: £545.835). With funds brought forward totalling £5.958.502. there remains funds carried forward of £5.649.116. Financial risk management objectives and polFcies 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 to adopt the going concern 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 established 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. Adequate 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. Investments pollcy There is no restrictions on the Charitys power to invest. The Trustees consider the income requirements, the risk profile and investment manager's review of the market prospecls in the medium term. 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 £110,772 (2024: £106,963) in the year and the Trustees are satisfied with this performance. Page 10
OLD POSSUM'S PRACTICAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure* governance and management The Old Possum's Practical Trust is an unincorporated charity registered with the Charity Commissioners under registration number 328558 formed 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 charity has been delegated is Judith Hooper. Until her death on 9 November 2012, Trustees were appoinled 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 speGifi¢ lerm 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 year's financial statements and a copy of the Charity Commission leaflet "The Essential Trustee- what you need to kno. 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 temis of the Trust deed. Trustees J Hooper C Reihill D Simpson Charity registered 328558 Principal office The Pinnacle 150 Silbury Boulevard Milton Keynes MK9 1LZ Independent auditors MHA Statutory Auditors The Pinnacle 150 Silbury Boulevard Milton Keynes MK9 1LZ Bankers Arbuthnot Latham 7 Wilson Street London EC2M 2SN Solicltors Withers LLP 20 Old Bailey London EC4M 7AN Investment Managers W1 M {fomierly Waverton Investment Management) 16 Babmaes Street London SW1Y 6AH Webslte wvrn.tseliot.comlfoundationlold ossums-trustl Page 11
OLD POSSUM'S PRACTICAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 information to auditors Each of the persons who are Trustees at Ihe time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the Charivs auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit infomiation and to establish Ihat the Charivs auditors are aware of that Auditors The auditor. MHA. previously traded through the legal entity Maclntyre Hudson LLP. In reponse to regulatory changes. Maclntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. 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.. ~/,,J zr £5 Page 12
OLD POSSUM'S PRACTICAL TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities 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 ils income and expenditure, for thal 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 reasonable and prudent- state 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 statemenls on the going concern basis unless it is inappropriate to presume that Ihe Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Chariws transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensu that the financial statements comply with the Charities Act 2011, the Charity (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 the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on i ehalf by. J Hooper Trustee Date: C Reihill Trustee Date..
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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 2025 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 Reporling by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred 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 charitys affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basts 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 eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relating to going concern In audlting the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in Ihe 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 charitvs ability to continue as a going concern for a period of at leasl e1ve 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. Page 14
OLD POSSUM'S PRACTICAL TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OLD POSSUM'S PRACTICAL TRUST (CONTINUED) Other infomiation 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 informalion contained within the Annual report. Our opinion on the financial statements 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 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 Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconsislencies 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 malerial misstatement of this other information. we are required to report Ihat 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 (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion= the information given in the Trustees, report is inconsistent in any material respect wilh the financial statements: or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounling records and returns., or we have not received all the information and explanations we require for our audit. Responslbilities 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. In preparing the financial statements, the Trustees are responsible for assessing the charitys ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operalions, or have no realistic alternative but to do so. Page 15
OLD POSSUM'S PRACTICAL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OLD POSSUM'S PRACTICAL TRUST (CONTINUED) Auditors. responsibilities 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 obtaln reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatemenls 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. 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 procedures 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 significant transactions outside the normal course of busines5 and reviewing accounting estimates for bias; Reviewing financial statements disclosures and testing to supporting documentstion 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.frG.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitys trustees, as a body. in accordance with Parl 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 permitted 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 formed. MHA Statutory Auditors Milton Keynes Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 16
OLD POSSUM'S PRACTICAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Donations and legacies Investments 78,679 110,772 78,679 110.772 43,133 106.963 Total income and endowments 189,451 189,451 150,096 Expenditure on: Raising funds Charitable aclivities 37,414 37,414 435,448 35.500 296.937 435,448 Total expenditure 435.448 37,414 472,862 332,437 Net expenditure before net (10ssès)Igains on investments Net (lossesygains on investments (245.997> (37,414) {25,975) (283.411) {25,975) (182,341) 728,176 Net (expenditure)lincome Transfers between funds (245,997) 245,997 (63.389) (245,997) (309.386) 545,835 Total transfers 245,997 (245,997) Net movement in funds {309,386) {309,386) 545,835 Reconciliation of funds: Total funds brought forward Net movement in funds 5,958,502 (309,386) 5,958,502 (309,386) 5,412,667 545,835 Total funds carrled forward 5.649,116 5,649,116 5.958,502 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 19 to 29 form part of these financial statements. Page 17
OLD POSSUM'S PRACTICAL TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Investments 11 5,614,999 5.968,329 5,614.999 5,968,329 Current assets Cash at bank and in hand 60,192 15,674 60,192 15.674 Current liabilities Creditors- amounts falling due within one year 12 {26,075) (25,501} Net current assets I liabilites 34,117 (9,827} Total assets less current liabllities 5,649.116 5,958.502 Total net assets 5,649.116 5.958,502 Charity funds Endowment funds 5,649,116 5.958.502 Total funds 5,649.116 5.958.502 The financial statements were approved and authorised for issue by the Truste and signed on their behalf by.. ooper Trustee Date.. C Relhlll Trustee Date: // The notes on pages 19 to 29 form part of these financial statements. 44., [* Page 18
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information The Charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is The Pinnacle, 150 Midsummer Boulevard, Milton Keynes, MK9 1LZ. 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 policles 2.1 Basls of preparation of financial statements The financial statements have been prepared in acGordance with the Charities SORP (FRS 102) 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'tfue and fairf view and have departed from the Charities (Accounts and Reports) Regulation5 2008 only to the extent required lo provide a 'true and fairf 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 effective 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. Assels and liabilities are initially recognised at historical cost or transaction value unless othetwise staled in the relevant accounting policy. 2.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expedation that the Charity has adequate resources lo continue in operational existence for the forseeable future. ThLts the Trustees continue to adopt the going concern basis of accounting in preparing ihe financial statements. 2.3 Income Al income is recognised once the Charity has entitlement to the income. it is probable that the income will be received. and the amount of income receivable can be measured reliably. Legacies are recognised on receipt or otherwise if 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 contingent asset. Page 19
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {contlnued) 2.4 Expenditure Expenditure is recognised once 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 required 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 allocated directly to that activity. Shared Gosts 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 raise funds for its charitable purposes and includes costs of all fundraising activities. events and non-charitable trading. Expenditure on charrtable activities is incurred on directly undertaking the activities which further the Charivs objectives. as well as any associated support costs. Grants payable are Gharged in the year when the offer is made except in Ihose cases where the offer is conditional, such grants being recognised as expendtture when the conditions attaGhing are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably 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 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investrnents with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.7 Liabilities and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a sU11 of a past event, it is probable that a transfer of economic benefit will be required in settlement, and Ihe 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 requlred to settle the obligation. Where the effect of the time value of money is material. the provision 15 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. .ItAL '[*: Page 20
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting policies (continued) 2.8 Flnan¢ial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently Tneasured at their settlement value with the exception of bank loans which are subsequ6ntly measured at amortised Gost using the effective interest method. 2.9 Fund accounting General funds are unrestricted 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 2025 Total funds 2025 Total funds 2024 Royalty Income Donations 149 78.530 149 78,530 133 43.000 78.679 78,679 43,133 Investment income Unreslricled funds 2025 Total funds 2025 Total funds 2024 UK Equities and Unit Trusts Interest Receivable Overseas Equities 24,389 6,560 79,823 24,389 6,560 79,823 24,031 9.237 73,695 110,772 110,772 106.963 Page 21
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment management costs Endowment funds 2025 Total funds 2025 Total funds 2024 Investment management 37,414 37,414 35,500 Analysls of grants Grants to Institutions 2025 Total funds 2025 Total funds 2024 Grants & donations 405.375 405,375 263,675 Page 22
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Grants Payable for the year 2025 2024 Educational Support Ambler Primary School Annos Africa Barnsley Civic Enterprise Ltd - writing groups Children's Book Project Coram Shakespeare Doye Mosse Productions (CNWIINK outreaGh project) Famis for City Children First Story Ltd Herne Hill Station Hall - Kids. lilerary Festival Hounslow Action for Youth Magic Lantern Read for Good Sandy Hill Trust The Anne Frank Trust The Children's Bookshow The Kittiwake Tnjst 5,000 5,000 4,300 500 2.500 5,000 2,700 10,000 40.000 5,000 5,000 10.000 1.000 2,000 5,000 2,000 15,000 15.000 2,000 15,000 20,000 116,200 55,800 Page 23
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Support for the Arts Accidental Theatre Berkshire Chamber Music Bradford Literary Festival Britten Pears Arts British Film Institute Brltish Fllm Institute - Powell & Pressburger exhibltion British Library English National Ballet Festival of Cats Four Corners Ltd Friends of Little Gidding (Eliot Festival) Garsington Opera Arts Hub Headlong Theatre Holland Park Opera Hugenot Heritage Centre INK from pen to performance International Organ Festival Jeremie Queyras - St Stephens exhibition Little Gidding Trust - Farrar House - retreat centre Lyric Theatre National Opera Studio National Theatre Poetry in Aldeburgh Propel Magazine Ltd Royal College of Music Royal Court Theatre (The English Stage Company) St Stephen's Church- music StAnza. Scotland's Poetry Festival Stephen Spender Prizerust The Little Angel Theatre The Nucleo Project Theatre 503 The Wigmore Hall Trust Tomorrow's Warriors Trust Troupe Productions Ltd V&A Museum Vox Urbane White City Theatre Project Wiltons Music Hall Wordsworth Trust Young Classical Artists Trust Grant Refunded 5,000 2,500 3.750 3,000 20,000 20,000 15,000 20,000 15,000 15.000 2.150 2,500 5,000 7,000 5.000 5,000 2,500 5,000 4.000 5.000 4,680 10.000 2,500 5,000 5.000 2,500 5.000 25,000 3,000 5.000 5,000 5,000 15.000 4,500 5,000 5,000 15,000 6,000 4,500 s,000 2.500 5,000 5,000 40,000 1,000 5,000 30.000 1.500 10,000 5,000 10,000 5,000 5.000 (7,500) 190,580 227,000 Page 24
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Support for disadvantaged groups Autism Bedfordshire Guide Dogs for the Blind Hospital Rooms InterAct Stroke Support Refuge Ride2Give The Book Trade Charity The Daisy Garland The Felix Project 5,000 3,000 5,000 1,500 5.000 5,000 1.500 27,675 5.795 20.000 62,175 17,295 405.375 263,675 Analysis of expenditure on charitable activities Summary by fund type Unrestrl¢ted funds 2025 Total 2025 Total 2024 Grant funding. support costs. govemance costs and donation to The T.S. Eliot Foundation 435,448 435,448 296.937 Page 25
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Granl funding of acttvities 2025 Support costs 2025 Total funds 2025 Total funds 2024 Grant funding. support costs. governance costs & donations 405,375 30.073 435,448 296.937 Analysis of support costs Support costs Total funds 2025 Total funds 2024 Salaries & social security Bank charges Sundry Website costs Governance costs- Audit and accountancy 11,547 60 9.840 59 3,020 805 2.517 15,949 19,538 30,073 33.262 Page 26
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Trustees. remuneratlon and expenses During the year, no Truslees received any remuneration or olher benefits12024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). 11. Flxed asset Investments Listed Investments Cost or valualion At 1 April 2024 Additions Movement in portfolio cash Disposals Revaluations 5,968,329 477,982 (213,446) {531,597) (86,269) At 31 March 2025 5,614,999 Net book value At 31 March 2025 5,614,999 At 31 March 2024 5.968,329 Page 27
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Creditors.. Amounts falling due within one year 2025 2024 Other taxation and social security Other creditors Accruals and deferred income 637 100 25,338 510 24,991 26,075 25,501 13. Summary of funds Summary of funds - current year Balance al 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl (Losses) Income Expenditure General funds Endowment funds 189,451 (435,448) 245.997 5,958,502 (37,414) (245,997) (25,975) 5,649,116 5,958,502 189,451 (472,862) (25,975) 5,649,116 14. Analysis of net assets between funds Analysis of net assets between funds - current year Endowment funds 2025 Total funds 2025 Fixed asset investments Current assets Creditors due within one year 5.614,999 60.192 (26,075) 5,614,999 60,192 (26.075) Total 5.649,116 5,649,116 Page 28
OLD POSSUM'S PRACTICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Related party transactions Old Possum's Practical Trust received a donation of £78.530 during the year from Set Copyrights Limited (2024 - £43,000). Page 29