## THE BLAIR FOUNDATION 

Unaudited Annual report and accounts 

For the year ended 5 April 2025 

Registered Charity No 801755 

Page 1 

## The Blair Foundation 

## Contents 

______________________________________________________________________________________ 

|||Page|
|---|---|---|
|Legal|and administrative information|2|
|Report of the Trustees’||3-5|
|Report of the Independent Examiner||6|
|Receipts and payments account||7|
|Statement of assets and liabilities||8|
|Notes:|||
|1.|Accounting policies|9|
|2.|Taxation|9|
|3.|Investment income|9|
|4.|Grants paid|10-11|
|5.|Other expenditure|11|
|6.|Administrative expenses|11|
|7.|Employee information|11|
|8.|Transactions with Trustees|11|
|9.|Tangible Fixed Assets|12|
|10.|Fixed Asset Investments|12-13|



Page 2 

## The Blair Foundation 

## Legal and administrative information 

______________________________________________________________________________________ 

Name and Registered The charity is registered as “The Blair Foundation” and its registered number Number of Charity is 801755. 

Administration and The Trust Deed states that there must be at least three Trustees. The power Management of to appoint Trustees vested in the Settlor (Robert Campbell Thornton) during Charity his lifetime. Following the death of the settlor, the power to appoint new trustees vests in the current trustees. 

Governing Document The Trust was created by Deed on 29 March 1989.  It is an unincorporated association, registered as a UK charity. 

Names of Trustees Jennifer Mary Thornton Alan Thomas Thornton Fiona Peta Thornton Principal Address The Barn Quarrs Farm Dudwell Lane Chewton Mendip Somerset BA3 4ND Solicitors Chubb Bulleid 7 Market Place Wells Somerset BA5 2RJ Accountants S&W Partners LLP Onslow House Onslow Street Guildford Surrey GU1 4TL Bankers Lloyds Bank PLC P O Box 1000 BX1 1LT Investment Advisors Evelyn Partners Investment Management Limited 45 Gresham Street London EC2V 7BG 

Page 3 

## The Blair Foundation 

## Trustees’ report 

______________________________________________________________________________________ 

The Trustees present their report and accounts for the year ended 5 April 2025. The accounts have been prepared in accordance with the Deed of Trust and the recommendations of the 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). 

## Powers of Trustees 

The Trustees have power to apply income as it arises, as well as the whole or part of the capital of the Trust Fund, for such charitable purposes as the Trustees shall think fit. 

The Trustees have power to accumulate income throughout the accumulation period (twenty one years from the date of the original deed). Any accumulations shall be held as an accretion to the capital of the Trust Fund and be subsequently distributed as if it were income arising in the current year of distribution. 

The Trustees have the power to invest in the purchase or other acquisition or improvement of any property as if they were absolutely entitled to the Trust Fund beneficially. 

The Trustees have the powers to employ agents to transact any business on their behalf, provided that the Trustees exercise reasonable supervision of any person or corporation employed by them, and that all actions exercised by advisors on behalf of the Trustees are reported to them as soon as possible. 

## Objects 

The objects of the Charity are for the Trustees to apply the income and capital of the trust for such charitable purposes as they shall see fit. 

## Governance 

The Charity was established by Charitable Trust Deed dated 29 March 1989.  The deed requires that there must be at least three serving Trustees.  The statutory power to appoint new Trustees is vested in the Settlor, Robert Thornton, during his lifetime.  Following the death of the Settlor, the power to appoint new trustees vests in the continuing Trustees. 

## How the Charity operates 

The Trustees currently meet at least once a year to review the activities of the Trust, and to review and approve donations to charitable bodies. A receipt for all donations made is requested from donees and held by the Trustees. Donations are funded from cash held with Evelyn Partners Investment Management Limited.  The accounting records are maintained by Philippa Jill Thornton. 

## Activities 

In the last year The Blair Foundation spent a little under £105,000 on 50 charities - an increase in funds of just over 2.5%. 

Seven charities received donations of £5,000 or more including the Queen Elizabeth Foundation, Sense, Handicapped Children's Action Group, Home Farm Trust, Ayrshire Fiddle Orchestra and the Wells Cathedral Oratorio Society.  This last charity, which provides opportunities to participate in and hear major choral works performed live in the Cathedral, welcomed Sir Karl Jenkins last December to conduct some of his work. 

Page 4 

## The Blair Foundation 

## Trustees’ report (cont….) 

______________________________________________________________________________________ 

Nine charities were granted between £3,000 and £4,000 and have all been supported by the Blair Foundation in the past.  Jamie's Farm was one such and received £1,000 more in recognition of the work it does supporting young people experiencing social and academic exclusion.  The charity has set up apprenticeships for people who have participated in their programmes to help them move into paid roles.  It provides a supportive and nurturing environment for these young people to enter the world of work and make the sometimes difficult transition from education to employment. 

Half the charities we chose were given between £1,000 and £2,500 and whilst these are small sums we know the difference these amounts make to some of these organisations.  Joanna Lumley, patron of the Respite Association (one of our new charities) which provides care for carers writes ‘ what seems like peanuts to larger organisations would be a godsend to this charity.  It means we can help ease the burden and bring some comfort, escape and freedom to those who give their all to others day after week after month after year.  These are my heroes’. 

Two other new charities on our list which both received £1000 are Climbing Out and EFGA.  Climbing Out was founded in 2010 by Kelda Wood to help people like herself who have been through life changing mental or physical trauma or illness. It runs five day outdoor activity programmes aimed at rebuilding confidence and self esteem. EFGA is a church based charity which provides community support in Somerset. They are fundraising for a new shepherds hut in the grounds of a hostel it runs for rough sleepers. The old hut was a very successful addition to the hostel as it was a good first room for those who had been living rough and who might struggle with the thought of being in bricks and mortar. We thought this was particularly imaginative and inspiring and know that our contribution will go a long way. 

A third of the charities supported by The Blair Foundation last year are involved with children and young adults, mostly with physical, mental or social disadvantages or life limiting illnesses. 

Almost all are small and subject to the cost of living crisis, an increase in operating costs and legal obligations and a fall in donors. That many of them are based in the West Country and known to the Foundation helps us target our response and continue to help these unseen but precious groups operating in our community. 

## Investments 

The trust investments are all in UK Listed Securities on which the Trustees have taken the advice of their Investment Managers with the exception of the Investment with Halifax Financial Services. The Trustees instructions to the Investment Managers are to maximise the Fund’s income, subject to at least preserving the real value of its capital, and therefore to adopt a medium to low risk investment strategy.  The Trustees are satisfied with the portfolio’s overall performance. Investment policies and performances are reviewed at meetings by the Trustees. 

## Reserves policy 

It is the intention of the Trustees to maintain the capital of the trust so as to provide a continuing, and hopefully increasing, stream of income.  The Trustees consider the charity’s finances are in a strong position and enable the future to be faced with confidence. The charity has free reserves of £240,830 (2024: free reserves of £29,908). The Expendable Endowment Fund can be transferred to the Unrestricted Fund at the Trustees’ Discretion. 

## Risk management 

The Trustees consider that they hold adequate funds to meet current liabilities.  They have reviewed their procedures for the assessment of management risk and consider that they have proper procedures in place. 

# 09/02/2026 

Page 6 

## The Blair Foundation 

## Independent Examiner’s Report to the Trustees 

______________________________________________________________________________________ 

I report on the accounts of The Blair Foundation for the year ended 5 April 2025 which comprise the Receipts and Payments Account, the Balance Sheet and the related notes 1 to 10. 

## Respective responsibilities of trustees and examiners 

As the charity's trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

It is my responsibility to examine the accounts under section 145 of the 2011 Act, follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and state whether particular matters have come to my attention. 

## Basis of independent examiner's report 

My examination was carried out in accordance with the General Directions given by the Charity Commission.  An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.  It is also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters.  The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. 

## Independent examiner's statement 

In connection with my examination, no matter has come to my attention: 

- which gives me reasonable cause to believe that, in any material respect, the requirements: 

to keep accounting records in accordance with s130 of the 2011 Act; and 

to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 

- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 


Susan Kumar ACA Holden Granat LLP 

Springfield House, 23 Oatlands Drive, Weybridge, Surrey KT1 9LZ 

Date: 9 February 2026 

Page 7 

## The Blair Foundation 

## Receipts and payments account for the year ended 5 April 2025 

______________________________________________________________________________________ 

|Unrestricted  Endowment<br>Funds<br>Fund<br>Note<br>£<br>£<br>Receipts<br>Investment income<br>3<br>25,897<br>-<br>Investment transactions<br>347,139<br>-<br>Total Receipts<br>373,036<br>-<br>Payments<br>Grants paid<br>4<br>104,550<br>-<br>Other expenditure<br>5<br>9,099<br>-<br>Management charges<br>6<br>4,921<br>-<br>Investment transactions<br>43,544<br>-<br>162,114<br>-<br>Net Receipts for the year<br>210,922<br>-<br>Bank account balances at 5 April 2024<br>29,908<br>-<br>Bank account balances at 5 April 2025<br>240,830<br>-|Total<br>Total<br>2025<br>2024<br>£<br>£<br>25,897<br>28,278<br>347,139<br>239,158<br>373,036<br>267,436<br>104,550<br>101,950<br>9,099<br>8,000<br>4,921<br>12,907<br>43,544<br>133,503<br>162,114<br>256,360<br>210,922<br>11,076<br>29,908<br>18,832<br>240,830<br>29,908|
|---|---|



09/02/2026 andApproved bysigned ontheits behalfBoard of byTrustees Jeni on 

Page 9 

## The Blair Foundation 

## Notes to the accounts for the year ended 5 April 2025 

______________________________________________________________________________________ 

## 1. ACCOUNTING POLICIES 

- a) Accounting Conventions 

   - The accounts have been prepared on a receipts and payments basis and in accordance with applicable accounting standards and Charities Act 2011. 

- b) Investment Income 

Income is brought to credit on a cash received basis. 

- c) Investments Investments are valued at a mid-market value at 5 April 2025. 

- d) Tangible fixed assets Tangible fixed assets are included at cost and not depreciated. 

- e) Income All income from donations and gifts are included in income upon receipt.  Any associated income tax recovery is recognised as income when received. 

## f) Grants Paid 

Full details of grants paid to institutions of more than £500 are included in Note 4 of the accounts. 

## 2. TAXATION 

As a charity, the Trust is exempt from tax on income and gains falling within section 524 to 536 Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.  No tax charges have arisen in the charity. 

## 3. INVESTMENT INCOME 

|Investment Income received from:<br>Dividend Income<br>Interest Income|2025<br>£<br>13,527<br>12,370<br>25,897|2024<br>£<br>16,592<br>11,711<br>28,303|
|---|---|---|



Page 10 

## The Blair Foundation 

## Notes to the accounts for the year ended 5 April 2025 (cont….) 

|Notes to the accounts for the year ended 5 April 2025 (cont….)|Notes to the accounts for the year ended 5 April 2025 (cont….)|Notes to the accounts for the year ended 5 April 2025 (cont….)|Notes to the accounts for the year ended 5 April 2025 (cont….)|
|---|---|---|---|
|______________________________________________________________________________________||||
|4.|GRANTS PAID|2025|2024|
|||£|£|
||Age UK|1,000|1,000|
||Ahoy Centre|-|1,000|
||Ayrshire Fiddle Orchestra|6,000|6,000|
||Barn Owl Trust (The)|1,000|1,000|
||Blesma|750|500|
||Blood Centre UK|-|500|
||Brainwave|1,000|1,000|
||Bristol Children’s Help Society|5,000|4,000|
||Bumblebee Conservation Trust|500|500|
||Butterfly Conservation|500|500|
||CHAS|2,000|2,000|
||Climbing Out|1,000|-|
||Coram Beanstalk|-|1,000|
||Coram Life Education Bristol|1,000|1,000|
||Crosshouse Children's Fund|300|-|
||Demelza Hospice Care for Children|500|-|
||Disabled Sailors Association|3,500|3,500|
||Eastside Community Trust|1,000|1,000|
||Edinburgh Children’s Hospital|-|1,000|
||EFGA|1,000|-|
||Fight Against Blindness|500|500|
||Flamingo Chicks|2,500|2,500|
||Grief Encounter|1,000|1,000|
||Guide Dogs|500|-|
||Handicapped Children’s Action Group|5,000|5,000|
||Heads Up|3,000|3,000|
||Home Farm Trust|5,000|5,000|
||Jamie’s Farm|4,000|3,000|
||Jessie May - Children’s Hospice at Home|3,000|3,000|
||Julia’s House|2,500|2,500|
||MPS Society|1,000|-|
||MNDA|1,000|1,000|
||Music Space|1,500|1,500|
||Orchard Vale Trust|2,000|1,000|
||Penny Brohn Cancer Care|3,000|3,000|
||Prickles Hedgehog Rescue|-|750|
||Project Factory|-|5,000|
||Project Seagrass|500|500|
||QEF|7,000|7,000|
||Resolve West|500|500|
||Scottish Mountain Rescue|1,000|500|
||Second Chance|3,500|3,500|
||SENSE|5,000|3,500|
||Sofa Project Ltd|-|1,000|
||Soil Association|-|1,000|
||Somerset Wildlife Trust|1,500|1,500|
||St Margaret’s Hospice|2,000|2,000|
||St Peter’s Hospice|1,000|1,000|
||Starlight Children’s Foundation|2,000|2,000|



Page 11 

## The Blair Foundation 

## Notes to the accounts for the year ended 5 April 2025 (cont….) 

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|2025<br>£<br>Support our Military Veterans<br>500<br>Sustrans<br>1,000<br>Tall Ships Youth Trust<br>3,000<br>Teenage Cancer Trust<br>3,500<br>The Respite Association<br>1,000<br>The Woodland Trust<br>1,000<br>Wells Art Contemporary Community Interest Company<br>1,000<br>Wells Cathedral Oratorio Society<br>5,000<br>Wells Community Network<br>-<br>Wells Scout Group<br>-<br>Wells Skate Park<br>3,000<br>Charitable donations of less than £500<br>-<br>104,550<br>5.<br>OTHER EXPENDITURE<br>2025<br>£<br>Secretarial services<br>9,000<br>Postage<br>99<br>9,099<br>6.<br>ADMINISTRATIVE EXPENDITURE<br>£<br>Investment management fees<br>4,921<br>Accountancy and administration<br>-<br>4,921<br>7.<br>EMPLOYEE INFORMATION<br>The average number of full time employees<br>Nil<br>The average number of part time employees<br>Nil|2024<br>£<br>500<br>1,000<br>3,000<br>3,500<br>-<br>1,000<br>4,000<br>500<br>1,000<br>-<br>200|
|---|---|
||101,950<br>2024<br>£<br>8,000<br>-<br>8,000<br>£<br>5,186<br>7,721<br>12,907<br>Nil<br>Nil|
|||



## 8. TRANSACTIONS WITH TRUSTEES & RELATED PARTY TRANSACTIONS 

None of the Trustees were paid any remuneration or expenses by the charity during the year (2024: nil). 

P J Thornton, who is related to the Trustees, was paid £9,000 for secretarial services in the year (2024: £8,000). 

Page 12 

## The Blair Foundation 

## Notes to the accounts for the year ended 5 April 2025 (cont….) 

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9. TANGIBLE FIXED ASSETS 

|Cost<br> At 6 April 2024<br>At 5 April 2025<br>Accumulated depreciation<br>At 6 April 2024<br> At 5 April 2025<br>Net book values<br>At 5 April 2025|2025<br>2025<br>2024<br>Historical<br>Total<br>Desk Seal<br>Total<br>£<br>£<br>£<br>7,500<br>7,500<br>7,500<br>7,500<br>7,500<br>7,500<br>-<br>-<br>-<br>-<br>-<br>-<br>7,500<br>7,500<br>7,500|
|---|---|



Note - The Historical desk seal is on loan to The Royal Naval Museum. 

## 10. FIXED ASSET INVESTMENTS 

|Investments<br>Market value 6 April 2024<br>Additions<br>Disposals<br>Net investment (loss)/gain<br>Mid market value at 5 April 2025<br>Market value of Listed UK Securities<br>Market value of Unlisted UK Securities|Total<br>Total<br>2025<br>2024<br>£<br>£<br>893,843<br>947,662<br>44,358<br>133,503<br>(347,139)<br>(239,158)<br>(12,881)<br>51,836<br>578,180<br>893,843<br>578,180<br>676,911<br>-<br>216,932<br>578,180<br>893,843|
|---|---|



Page 13 

## The Blair Foundation 

## Notes to the accounts for the year ended 5 April 2025 (cont….) 

______________________________________________________________________________________ 

## 10. FIXED ASSET INVESTMENTS - continued 

Investments in individual entities held at 5 April 2025 which are over 5% of the portfolio of Listed UK Securities by value are: 

|||Market|
|---|---|---|
|Nominal||Value|
|||£|
|52,600|UK (GOV OF) 0.25% BDS 31/07/2031 GBP1000|41,728|
|12,300|IFSL Evenlode Investment Funds|30,586|
|4,000|iShares Core FTSE 100 UCITS|31,472|
|28,800|Thesis Unit Trust Management Ltd|34,042|
|120|Edgewood Select US Select Growth|36,664|
|1,450|First Trust Global Funds|34,176|
|1,300|iShares Core S&P 500 UCITS|51,782|



The Unlisted Investment is invested in 250,657 Halifax UK Investment Funds Corporate Bond Fund Income Shares was sold in its entirety during the year to 5 April 2025 (market value of £216,931 at 5 April 2024).