ids. Charity No. 105758 chartered accountants TBF AND KL THOMPSON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 IDS Chartered Accountsnts LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG TBF AND KL THOMPSON TRUST ids. chartered accountants CONTENTS Page Legal and administrative information Trustees report Independent auditorfs report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements 11-22 TBF AND KL THOMPSON TRUST ids. chartered accountants LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs ME Magowan Mr G Mcllroy Mr G Scott Mr JA Bums Mr JE Gough Charlty number 105758 Prlnclpal address 12 Killyvalley Road GARVAGH Co Londonderry BT51 5JZ Audltor IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG Bankers Danske Bank Donegall Square West BELFAST BT16JS Sollcltors Carson McDowell Murray House Murray Str8et BELFAST BTI 6DN Macaulay Wray 35 New Row COLERAINE Co Londondery BT52 1AH TBF AND KL THOMPSON TRUST ids. ¢hartered accountants TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their annual report and financial statements for the year ended 5 April 2023. The accounts have been prepared in accordan￿ with the accounting policies set out in note 1 to tFE accounts and comply with the Charity's goveming document, the Charities Act (Northem Ireland) 2008 and 'Accounling 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 20151°. Purpose and Objectlves The TBF Thompson Trust and the Kathleen L Thompson Trust were constituted by Trust Deeds dated 12 December 1978, and were registered as charities. The TBF and KL Thompson Trust was subsequently eslablished on 8 April 2005 with the same objectives as the original Trusts, namely 'to pay or apply the income, and may from lime to time pay or apply the whole or any part of the capital of the Trust Fund for s￿h purposes or objects as are or may be for the time being legally charitable.. The purposes of the Charity are.. The advancement of religion Relief of povety Community Medical ArtslEducation The Trustees have pald due regard to guldance Issued by the Charities Commission Nl in deciding what activities the Charity should undertake. The Trust seeks to express Christian values by providing free holidays to needy cases (Rock House Holiday Home. opened in 1984), care for the elderly in the local Community (through Evergreens - a monthly gathering for senior citizens), as well as providing a couple who undertake pastoral visits to homes, hospitals etc and provide transport to hospital appointments and host a RestauranVAuditorium where a seniors group can meet for fellowship and bible study. The Trust also expresses its Christian beliefs through the publication of booklets which are provided free of charge to those who request them. During Covid many of the normal activities were not possible but pastoral care and support was delivered via telephone calls and through Bible Study materials delivered by post. Trustees receive and consider various applications for funding from many applicants. These are reviewed to establish if they are consistent with the objectives of the Trust. In shaping our objectives for the year and planning our activities the Trustees have considered the Charity Commission's guidance on public benefit. Achlevements and perfomance While Covid prevented face to face engagement with many of the elderly and vulnerable in monthly gatherings we were able to connect regularfy wth the Evergreens group most of whom were confined to home. Regular telephone calls and door slep visits with single meals from our kitchen provided welcome encouragement and positive sense of wellbeing. With no groups attending functions we were able to establish a strong relationship with local Churches, the Salvation Army and the Simon Community as well as others as far away as Ballymoney, Coleraine, Maghera and Draperstown in order to provide single meals to the vulnerable. 150 meals were prepared weekly from our kitchen and over Christmas approximately 150 Christmas Dinners were delivered across the Community. This has continued in the last year although at a reduced level. TBF AND KL THOMPSON TRUST ids. chartered accountants TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Financlal review In 1978 at the inception of the Trusts the Charity had received very generous donations from the late Dr TBF and Mrs Kathleen Thompson. In the intervening years additional significant sums were donated by Dr Thompson. Through wise investment, particulady in property, the Assels of the Trust now amount to over £48M. The property rental income is directed towards supporting the various objectives of the Trust. In the year to 5 Aprsl 2023 the Free income generated was £2.651,174 lin 2022.. £3,249,592). This income was allocated to fund grants and related costs which totalled £2,106,247 (in 2022.. £1,840,906) The property at Killyvalley Road, Garvagh was sold in January 2022. We subsequently entered into a five year lease which allows us to continue to use the office, restaurant and auditorium areas as required. There are no restrictions on the Charity's power to invest. The Investment strategy is kept under constant review by the Trustees and takes account of the demand for funds and the merit of specific funding applications. Reserve Pollcy It is the policy of the Charity that unrestricted funds which have not been designated for a specnf c use should be maintained at a level equivalent to be￿een three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. Rlsk Management The Charity has a risk management strategy in place which involves an annual review of the major risks to which the Charity is exposed. In particular the risks relating to the operation and finances of the Twst are assessed and consideration is given to the management of such risks. The Board of Trustees are satisfied that sufficient measures are in place to mitigate exposure to the major risks. Structure, gov8rnanc8 and management The TBF and KL Thompson Trust is a Charitable Trust registered with the Charities Commission for Northern Ireland and governed by the Dedaralion ofTru8t dated 8April 2005. The Trustees who served during the year were: Mrs ME Magowan Mr G Mcllroy Mr G Scott Mr JA Bums Mr JE Gough Appolntment of Trustees Trustees are appointed by the Board of Trustees and serve until their membership is ended by the agreement of a majority of all Trustees, or by death. The Trustees meet a minimum of three times per year, and on other occasions when ne￿ssary. The Trustees continue to Miss and are indebted to their highly esteemed former Chairman and Founder of the Trust, Dr TBF Thompson who died on 1 January 2009. As a resurt of Dr Thompson's wisdom, thoughtfulness and generosity in financial terms to the Trust over many years, the Trust is well funded and in a position to continue {DV) the charitable and Christian work which was so deeply embedded in Dr Thompson's heart. We and counlless others continue to be greatly indebted to him. Mrs AE Thompson died on 8 September 2021. She had been a founding Trustee of the Trust Trustees greatly miss her wisdom and her insight. She was faith￿1 to the Christian principles and Charitab￿ objectives of the Trust. TBF AND KL THOMPSON TRUST ids. chartered accountants TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Organlsation The Board usually meets quarterly and there are sub-committees with co-oplees who meet approximately 10 times per year to assess grant applications. The Chief Executive {Mr Ronnie McKee) has been appointed by the Trustees to manage the day-to-day operations of the Charity. The Chief Execulive has delegated authority approved by the Trustees for operational matters including finance and employment. Trustee Inductlon and Tralnlng New Trustees undergo an orientation day to brief them on their legal obligations under Charity Law, the Charity Commission guidance on public benefit, content of the Declaration ofTrusl (Trust Deed dated 8 April 20051 the decision making processes, the business plan and the recent financial performance of the Charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their roles. Related Partles None of the Trustees receive remuneration or other benefits from their work with the Charity. ststement of Trustees re$ponslblllt188 The Trustee5 are responsible for preparing the Trustees Report and the ac￿unt$ in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northern Ireland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resource5 and application of resources of the Charity for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make Judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disdose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act (Northem Ireland) 2008. the Charity (Accounts and Reports) Regulations 2008 and the provision5 of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Th rustees report was approved by the Board of Trustees. Dated.. TBF AND KL THOMPSON TRUST ids. chartered accountants INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TBF AND KL THOMPSON TRUST Opinion We have audited the financial statements of TBF and KL Thompson Trust {the 'Charity'} for the year ended 5 April 2023 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and the notes to the financial statements. induding 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 ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial ststements.. give a true and fair view ofthe state ofthe charity's affairs as at 5 April 2023 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 Practi￿., and hav8 b88n prepared in accordance with the requirements of the Charities Act (Northem Ireland) 2008. Basls for oplnlon We conducted our audit in accordance with Intemational Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoffs responsibilities for the audit ol thg financial st8t8ments 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 slatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical 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. Concluslons relatlng to golng concern In auditing the financial statements, we have conduded 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 perfomed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability lo continue as a going concern for a period of at least hyelve months from vthen the financial statements are aulhorised for issu&. Our responsibilities and the responsibilities of the Trustees with respect to going CA)ncem are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financlal statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have performed, V￿ conclude that there is material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to whith the Charities (Accounts and Reports) Regulations 2015 require us to report to you if, in our opinion.. the infomiation given in the financial statements is inconsistent in any material respect with the Trustees report., or sufficient accounting records have not been kept", or the financial statements are not in agreement vrith the accounting records., or we have not received all the information and explanations we require for our audit. TBF AND KL THOMPSON TRUST ids. chartered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TBF AND KL THOMPSON TRUST Responslbllltles of Trustees As explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Tru51ees determine is necessary to enable the preparation of financial statements that are free from material misstatemenl. whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going COn￿rn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic allernative but to do so. Audltorfs responsibilltles for the audit of the flnanclal statements We have been appointed as auditor under section 65(2) of the Charities Act {Northem Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditoffs 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in resp8cl of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We identified the laws and regulations applicable to the charity through discussions with senior management and from our commercial knowledge We assessed the extend of compliance with the laws and regulations identified above through making enquiries of management We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by.. making enquiries of management as to where they considered there was SuS￿ptIbIlity to fraud, their knowledge of actual, suspected and alleged fraud- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations performed analytical procedures to identify any unusual or unexpected relationships investigated the rationale behind significant or unusual transactions In response to the risk of i￿egUlar1tieS and non-compliance with laws and regulations, we designed procedures which included. but were not limited to., agreeing financial statement disclosures to undertying supporting documentation discussions with those charged with govemance There are inherent limitations in our audit procedures described. The more removed that laws and regulations are from financial transactions , the less likely il is that we would become aware of non-compliance. Auditing standards are also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Finanaal Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report. TBF AND KL THOMPSON TRUST ids. chartered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TBF AND KL THOMPSON TRUST This report is made solely to the company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015. Our audit work has been undertaken so that we might state lo the company's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work. for this report, or for the opinions we have formed. Mrs Allson Wallace (Senlor Statutory Auditor) for and on behalf of IDS Chartered Accountants LLP Chartered Accountants Statutory Auditor 23125 Queen Street COLERAINE Co Londonderry BT52 1BG IDS Chartered Accountants LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 2006. TBF AND KL THOMPSON TRUST ids. chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted Unrestrlcted funds funds 2023 2022 Notes ndowments Donations and legacies 40,109 568,382 Other trading activities Investments other income 500 1,252 2,617,733 2,666.343 13,615 Total Income 2,658,342 3,249,592 Raising funds 7,438 14,056 Donations Mission Hall & Comerslone Rock House Property Costs 1,402,254 144,812 308,128 250,784 1,260,328 129,885 244,674 191,963 Total charltable expendlture 2,105,978 1,826,850 Total expendlture 2,113,416 1,840,906 Net gainsl(losses) on investments 13 (9,849,871) {80,473) Net movement In funds (9,304,945) 1,328,213 Fund balances at 6 April 2022 47,684,911 46,356,698 Fund balances at 5 Aprll 2023 38,379,966 47,684,911 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. TBF AND KL THOMPSON TRUST ids. chartered accountants BALANCE SHEET AS AT 5APRIL 2023 2023 2022 Notes Flxed assets Tangible assets Investment property Investments 14 15 16 2,354,630 34,570,436 38,140 2,354,630 44,421,494 56,721 36,963,206 46,832,845 Current assets Debtors Cash at bank and in hand 17 197,320 1,455.548 1,243,817 1,652.868 1,243,817 Credltors: amounts falllng due wlthln one year Taxation and social security Other creditors Deferred income 184,310 20,462 31,334 310,799 17,070 63,882 18 20 236,106 391,751 Net current assets 1,416.762 852,068 Total assets less current Ilabllltles 38,379,968 47,684,911 Income funds Unrestricted funds 38,379.968 47,684,911 38,379.968 47,684,911 The ancial statements were approved by the Trustees on Trustee TBF AND KL THOMPSON TRUST ids. chartered accountants STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash absorbed by operations 22 (2.425,771) (1,060,126) Investing actlvltles Purchase of investment property Proceeds from disposal of investment property Proceeds from disposal of other investments Investment income received (4,753,515) 666,431 36,327 2,666,343 19.769 2,617,733 Net cash generated fromllused In) Investlng actlvltles 2,637,502 (1,384,414) Net cash used In flnanclng actlvltles Net Increasel(decrease} In cash and cash equlvalents 211,731 {2,444,540) Cash and cash equivalents at beginning of year 1,243,817 3,688,358 Cash and cash equlvalents at end of year 1,455,548 1.243,817 10- TBF AND KL THOMPSON TRUST ids chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accountlng pollcles Charlty Informatlon TBF and KL Thompson Trust is a Registered Charity (charity number 105758) The registered office is 12 Killyvally Road, Garvagh, Coleraine, BT515JZ. 1.1 Accountlng conventlon The financial Statements have been prepared in accordance with the Charity's goveming document, the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities.- Statement ol Recommended Practice applicable to charities prepartng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). las amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, vthich is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Charltsble funds Unreslricled funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purpjses and uses of the restricted funds are set out in the notes to the financial statements. 1.3 Incomlng resources Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othenvise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not knovm, the legacy is treated as a contingent asset. 1.4 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obSigation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for vthich it was incurred. 11 TBF AND KL THOMPSON TRUST ids, chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Accountlng pollcles (Continued) 1.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequentty measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to Trmite off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.6 Investment propertl83 Investment property, which is. property held to eam rentals andlor for capital appreciation, is initially recognised at Cost, which includes the purchase cost and any directly allributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in Statement of Financial Activities. 1.7 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net incomel{expenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impalrnient of flxed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assels to delermine whether there is any indication that those assets have suffered an impairment loss. If any such indvation exists, the recoverable amount of the asset is estimated in order to detemine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-temi liquid investmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 FlnanGlal Instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of tts financial instruments. Financial instruments are recognised in the Charivs balan￿ sheet when the Charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are initially measured at Iransaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rnethod unless the arrangement constitutes a financing transaction, where the transaction 15 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 12- TBF AND KL THOMPSON TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Accountlng pollcies (Contlnued) Basic financial liabilities Basic financial liabilities, including cre¢Jitors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method, Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Ternination benefits are ra¢ognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Crltlcal accountlng estlmates and Judgements In the application of the Charity's a¢￿UntIng poliries, the Trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is rewsed where the revision affects only that period, or in the period of the fevision and future periods where the revision affects both current and future periods. Crltlcal Judgements Valuatlon of Investment propertles The Trustees had met with their propety advisors to review the valuation of the propety investment portfolio and compared this to current market value and the remaining lease conditions. Changes in the fair value of the investment properties have been recognised in the Statement of Financial Activities. 13- TBF AND KL THOMPSON TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 Donations and legacles Unrestrlcted Unrestricted funds funds 2023 2022 Donations and gifts Legacies receivable 40,109 13,092 555,290 40,109 568,382 Other tradlng actlvltles Unrestrlcted Unrestricted funds funds 2023 2022 Restaurant 500 1,252 Investments Unrestrlcted Unrestricted funds funds 2023 2022 Rental income Income from listed investments Interest receivable 2,604,210 2,861,716 1.704 1,592 11,819 3,035 2,617,733 2,666,343 Other Income Total Unrestricted funds 2023 2022 JRS income 13,615 14- TBF AND KL THOMPSON TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Ralslng funds Unr8Strlcted Unrestricted funds funds 2023 2022 Restaurant & kitchen 7,438 14,056 7,438 14,056 15- ere ac ntan 00￿¢9(0￿￿>(w CDOfD IM CT) O ¢D ¢JJ •* GJ ) r) f 17) 17) (N trDo•** co (o o Oi 10 ffi ￿- ¢D CQ ￿- O r£J ￿￿{0￿(D ¢0 (Nlon ONLri M￿￿(90￿) (Y) uj In ¢£1 (Li C•> ￿ Ui ¢n (o fo rD crj co r a) a) I 11 Sc£u