ids.
Charlty No. 105758
chartéred accountants
TBF AND KL THOMPSON TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
IDS Chartered Accountants LLP
23125 Queen Street
COLERAINE
Co Londonderry
BTS2 1 BG

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
CONTENTS
Page
Legal and administrative information
Trustees report
Statement of Trustees responsibilities
Independent auditor's report
Statement of financial activities
Balance sheet
Statement of cash flows
11
Notes to the financial statements
12-23

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs ME Magowan
Mr G Mcllroy
Mr G Scott
Mr JA Burns
Mr JE Gough
Charity number
105758
Principal add ress
12 Killyvalley Road
GARVAGH
Co Londonderry
BT515JZ
Auditor
IDS Chartered Accountants LLP
23125 Queen Street
COLERAINE
Co Londonderry
BT52 1 BG
Bankers
Danske Bank
Donegall Square Wesl
BELFAST
BT16JS
Solicitors
Carson McDowell
Murray House
Murray Street
BELFAST
BT16DN
Macaulay Wray
35 New Row
COLERAINE
Co Londonderry
BT52 1AH

TBF AND KL THOMPSON TRUST
ids.
chartered accountonts
TRUSTEES REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report and financial statements for the year ended 5 April 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts
and comply with the Charity's governing document, the Charities Act (Northern Ireland) 2008 and 'Accounting
and Reporting by Chari118s'. Slalement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the LIK and Republic of Ireland {FRS 102)
(effective 1 January 20151
Purpose and ObJe¢tlves
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
established on 8 April 2005 with the same objectives as the original Trusts, namely "lo pay or apply the income,
and may from time to lime pay or apply the whole or any part of the capital of the Trust Fund for sL￿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 paid due regard to guidance 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 19841, 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 RestauranUAuditorium 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 activiiies were
not possible bul 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.
Achievements and performance
While Covid prevented face to face engagement with many of the elderly and vulnerable in monthly gatherings
we were able to connect regularly with the Evergreens group most of whom were confined to home. Regular
telephone calls and door step visits with single meals from our kitchen provided welcome encouragement and a
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 Balymoney,
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.
chartwed accountants
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Financial revlew
In 1978 al 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, particularly in property, the Assets of the Trust now amount to over £41 M. The
property rental income is directed towards supporting the various objectives of the Trust. In the year to 5 April
2024 the Free income generated was £3,217,394(in 2023.. £2,658,342). This income was allocated to fund
grants and related costs which totalled £2,244,449{in 2023.. £2,113,416)
The property at Killyvalley Fload, Garvagh was sold in January 2022. INe 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 Policy
It is the policy of the Charity that unrestricted funds which have not been designated for a spectfic use should be
maintained at a level equivalent to between 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.
Risk 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 Trust are assessed
and consideration is given lo 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, governance and management
The TBF and KL Thompson Trust is a Charitable Trust registered with the Charities Commission for Northern
Ireland and governed by the Declaration of Trust dated 8 April 2005.
The Trustees who served during the year were..
Mrs ME Magowan
Mr G Mcllroy
Mr G Scott
Mr JA Burns
Mr JE Gough
Appointment of Trustees
Trustees are appointed by the Board of Trustees and seNe until their membership is ended by the agreement of
a majority of all Trustees, or by death. The Trustees meet a minimum of three limes per year, and on other
occasions when necessary.
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 result of Dr Thornpson's wisdom, thoughtfuSness
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
countless 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 and Trustees
greatly miss her wisdom and her insight. She was faithful to the Christian principles and charitable objectives of
the Trust.

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Organisation
The Board usually meets quarterly and there are sub-committees with co-optees who meet approximately 10
limes per year to assess grant applications. The Chief Executive (Mr Ronnie McKeel has been appointed by the
Trustees to manage the day-to-day operations of the Charity. The Chief Executive has delegated authority
approved by the TrLJslees for operational matters including finance and employment.
Trustee Induction and Tralning
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 of Trust (Trust Deed dated 8 April 20051 the
decision making prDcesses, the business plan and the recenl financial perforrnance of the Charity. Trustees are
encouraged to attend appropriate external training events where these will facilitate the undertaking of their roles.
Related Parties
None of the Trustees receive remuneration or olher benefits from their work with the Charity.
Trustees report was aJpro
by the Board ofTrustees.
/c°rtJ"
Dated. l.W-. 4 -..￿..

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees are responsible for preparing the Trustees Report and the accounts in accordance 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 stale of affairs of the Charity and of the incoming resources 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 th8 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 concern basis unless it is inappropriate to presume that the charity will continue
in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at
any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities
Act (Northern Ireland) 2008, 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 Ihe prevention and detection of fraud and other irregularities.
order of the Board ofTru

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF TBF AND KL THOMPSON TRUST
Oplnlon
We have audited the financial statements of TBF and KL Thompson Trust (the 'Charity'l for the year ended 5 April
2024 which Comprise the statement of financial activities, tho balance sheet, the statement of cash flows and the
notes to the financial statements, 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 SÉandard applicable in the UK and Republic ol
Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affairs as at 5 April 2024 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
have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)> and applicable
law. Our responsibilities under those standards are further described in the Audiloffs ￿Sponsibl11t￿OS for the audit ol
the financial statements section of our report. We are independent of the Charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material Un￿rtaIntieS relating to events or
conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going
concern for a period of at least twelve months from when the financial statements are aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
levant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the course of the audit, or otherwise appears to be materially misstated. If we identify such rnaterial inconsistencies
or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement
in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that facl.
We have nothing to report in this regard.
Matters on whlch we are required to report by exceptlon
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2015 require us to report to you if, in our opinion..
the information 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 with 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
Responsibllities 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 Trustees determine is necessary to enable the preparation of financial statements that are
free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Trustees
are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 65{2) of the Charities Act (Northern Ireland) 2008 and report in
accordance with the Act and relevant regulations made or having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstalernenl. whelher due to fraud or error, and to issue an auditor's 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 {UKI will always detect a material misstalemenl 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 deGisions 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 respect 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 wlth 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 susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud.,
considering the intemal 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 irregularlties and non-compliance with laws and regulations, we design@d procedures
which included, bul were not limited lo.,
agreeing financial statement disclosures to underfying supporting documentation
discussions with those charged with governance
There are inherent limitations in our audit procedures described. The more removed that laws and regulations are
from financial transactions the less likely it 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 Financial Reporting Couniil's website at.. https'.11
www.frc.org.uklaudilorsresponsibililies. This description foms part of our auditor's report.

TBF AND KL THOMPSON TRUST
ids.
chartéred accountants
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF TBF AND KL THOMPSON TRUST
This report is made solely lo 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 to the company's members those matters we are required to state to them in an auditor's report and for no
other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other
than the company and the Gompany's members as a body, for our audit work, for this report, or for the opinions we
have formed.
L4
IDS Chartered Accountants LLP
Chartered Accountants
Statutory Auditor
23125 Queen Street
COLERAINE
Co Londonderry
BT52 1 BG
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 Companies Act 2006.

TBF AND KL THOMPSON TRUST
ids.
chartéréd accountants
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
Unrestrlcted
funds
2024
Unrestricted
funds
2023
Notes
Income and endowments from:
Donations and legacies
Other trading activities
Investments
Other income
311,377
40,109
500
2,617,733
2,890,771
15,246
Total income
3,217,394
2,658,342
Expendlture on:
Raising funds
7,438
Donations
Mission Hall & Cornerstone
Rock House
Property Cost
1,576,092
132,979
332,546
202,832
1,402,254
144,812
308,128
250,784
Total charitable expendlture
2,244,449
2,105,978
Totsl expendlture
2,244,449
2,113,416
Net gainsl(lossesl on investments
14
6,660,268
(9,849,871}
Net InGomel(expendlturel and movement in funds
7.633,213
(9,304,945)
Reconciliation of funds:
Fund balances at 6 April 2023
38,379,968
47,684,911
Fund balances at 5 April 2024
46,013,181
38,379,966
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 2024
2024
2023
Notes
Fixed assets
Tangible assets
Investment propety
Investments
15
16
17
2,354,630
41,227,436
41,408
2,354,630
34,570,436
38,140
43,623,474
36,963,206
Current assets
Debtors
Cash at bank and in hand
18
4,188
2,650,679
197,320
1,455,548
2,654,867
1,652,868
Credltors: amounts falling due within
one year
Taxation and social security
Other creditors
Deferred income
203,252
48,573
13,334
184,310
20,462
31,334
19
20
265,159
236,106
Net current assets
2,389,708
1,416,762
Total assets less Current liabilities
46,013,183
38,379,968
Income funds
Unrestricted funds
46,013,183
38,379,968
46,013,183
38,379,968
e financial statements by the Trustees on 1IA.-.9.-..￿.L￿•
rov
Trustee
10-

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2024
2024
2023
Notes
Cash flows from operatlng activities
Cash absorbed by operations
23
(1,895,640)
(2,425,771)
Investing activltles
Proceeds from disposal of investments
Investment income received
19,769
2,617,733
2,890,771
Net cash generated from investing
activities
2,890,771
2,637,502
Net cash used In financing activities
Net increase in cash and cash equivalents
1,195,131
211,731
Cash and Cash equivalents at beginning of year
1,455,548
1,243,817
Cash and cash equivalents at end of year
2,650,679
1,455,548
11

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Accounting policies
Charlty information
TBF and KL Thompson Trust is a Registered Charity (charity number 105758) The registered office is 12
Killyvally Road, Garvagh, Coleraine, 8T51 5JZ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the
Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable lo charities preparing 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, which is the functional currency of the Charity. Monetary
amounts in these financial statements are rounded io the nearest £.
The financial staternents 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 sel out below.
1.2 Charitable funds
Unrestricted 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 or grantors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.3 Incoming resources
Income is iecognised 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 performance 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 lime of the donation.
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.
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 obligation 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 which it was incurred.
12

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Accounting policles
(Continued)
1.5 Tangible flxed assets
Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as to writè off the cost or valuation of assets less their reydual values over their
useful lives on the following bases..
Freehold land and buildings
0%
The gain or loss arising on the disposal of an asset is determined as the dIffere[￿e bebNeen the sale
proceeds and the carrylng value of the asset, and is recognised in the statement of financial activities.
1.6 Investment properties
Investment property, which is property held to earn rentals andlor for capital atvreciation, is initially
recognised at cost, which includes the purchase c051 and any directly attributable expenditure. Subsequently
it is measured at fair value al the reporting end date. The surplus or deficit on revaluation is recognised in
statement of Financial Activities.
1.7 Fixed asset Investments
Fixed asset investments are initially measured at transaction pri￿ excluding transaGtion costs, and are
subsequently measured at fair value al each reporting date. Changes in fair value are recognised in net
incomel(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.10 Financial instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party 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 include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rale of interest. Financial assets
classified as receivable within one year are not amortised.
13-

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Accountlng policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price 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 rale of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cast, using the effective interest rate method.
Trade creditors are obligations to pay for goods or ServI￿S 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 crodilors are reGognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
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 servi￿5 are
received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed
to terminate the employment of an employee or to provide lerminalion benefits.
Crltical accounting estimates and judgements
In the application of the Charity's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historica1 experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The eslimales and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
Crltical judgements
Valuation of investment properties
The Trustees had met with their property advisors to review the valuation of the property 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.
Donations and legacies
Unrestricted Unrestricted
funds
funds
2024
2023
Donations and gifts
311,377
40,109
14-

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Other trading activitles
Unrestricted Unrestricted
Funds
Fuds
2024
2023
Restaurant
500
Investments
Unrestricted Unrestricted
funds
funds
2024
2023
Rental income
Income from listed investments
Interest receivable
2,859,560 2,604,210
2,016
1,704
29,195
11,819
2,890,771
2,617,733
Other income
Unrestricted Unrestricted
funds
funds
2024
2023
Consultancy Fees
15,246
Raising funds
Unrestricted Unrestricted
funds
funds
2024
2023
Cost of
eneralin
Restaurant & kitchen
7,438
7,438
15-

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ids.
chartered accountan

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Net movement in funds
2024
2023
The net movement in funds is stated after chargingl{crediting)'.
Fees payable for the audit of the charity's financial statements
3,000
3,000
10 Trustees
None of the Trustees {or any persons connected with them) received any remuneration or benefits from the
Charity during the year.
11 Employe8S
The average monthly number of employees during the year was..
2024
Number
2023
Number
16
30
Employment costs
2024
2023
Wages and salaries
406,370
408,447
The number of employees whose annual remuneration was more than £60,000
is as follows..
2024
Number
2023
Number
£60,000- £100,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows..
2024
2023
Aggregate compensation
78,500
78,500
18-

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
12 Support costs
Support Governance
costs
costs
2024
Support Governance
costs
costs
2023
Staff costs
Operating lease charges
Motor and travelling
expenses
stationery & advertising
Telephone
Postage & carriage
Cornpuler costs
Bank interest & charges
Gifts
Heathlands
General expenses
4Q6,370
5.000
406,370
5,000
408,447
5,000
408,447
5,000
15,077
4,866
5,825
219
2,833
1,115
1,574
6,469
3,549
15,077
4,866
5,825
219
2,833
1,115
1,574
6,469
3,549
17,688
3,127
6,284
1,014
6,384
963
7,084
6,198
2,076
17,688
3,127
6,284
1,014
6,384
963
7,084
6,198
2,076
Audit fee5
Accountancy
Legal and professional
Consultancy fees
3,000
1,299
3,000
1,299
27,346
8.725
3,000
2,286
3,000
2,286
26,823
9,408
27,346
8,725
26,823
9,408
488,968
4,300
493,268
500,496
5,288
505,782
Analysed between
Charitable activities
488,968
4,300
493,268
500,496
5,286
505,782
36,228
Governance costs includes payments to the auditors of £3,000 (2023- £3,000) for audit fees.
13 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
14 Net gainsl(lossesl on investments
Unrestricted
funds
2024
Total
2023
Revaluation of investments
Gainl(lossl on disposal of investments
6,660,268 (9,854,568)
4,697
6,660,268 (9,849,871)
19-

TBF AND KL THOMPSON TRUST
ids.
Chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
15 Tangible flxed assets
Freehold land
and buildings
Cost
At 6 April 2023
2,354,630
At 5 April 2024
2,354,630
Carrylng amount
At 5 April 2024
2,354,630
At 5 April 2023
2,354.630
16 Investment property
2024
Falr value
At 6 April 2023
Net gains or10sses through fair value adjustments
34,570,436
6,657,000
At 5 April 2024
41,227.436
Investment propety comprsses property in Great Britain and Northern Ireland. The fair value of the
investment property has been arrived at on the basis of a valuation carried out by the John Bums, The
valuation was made on an open market value basis by reference to market evidence of transaction prices for
similar properties.
17 Flxed asset Investments
Listed
Investments
Cost or valuatlon
At 5 April 2023
Valuation changes
38,140
3,268
At 5 April 2024
41,408
Carrylng amount
At 05 April 2024
41,408
At 05 April 2023
38.140
-20-

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
18 Debtors
2024
2023
Amounts falllng due withTn one year:
Trade debtors
Other debtors
Prepayments and accrued income
90,031
1,392
105,897
39
4,149
4,188
197,320
19 Other credltors falling due with in one year
2024
2023
Payments received on account
Trade creditors
Accruals and deferred income
2,000
25,189
23,384
18,462
48,573
20,462
20 Deferred income
2024
2023
Arising from Rental Income
13,334
31,334
Deferred income is included in the financial statements as follows..
2024
2023
Deferred income is included within..
Current liabilities
13,334
31,334
Movements in the year:
Deferred income at 6 April 2023
Released trom previous periods
Resources deferred in the year
31,334
(31,334)
13,334
63,882
163, 8821
31,334
Deferred income at 5 April 2024
13,334
31,334
21

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENITS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
21 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations arKi grants which are
not subject to specific conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 6 April
2023
Incomlng
resources
Resources
expended
Gains and
losses
At S April
2024
General funds
38,379,968
3,217,394
(2,244,449}
6,660,268
48,013,181
Previous year:
At S Aprll
2022
Incoming
resources
Resources
expended
Gains and
losses
At 5 April
2023
G@neral funds
47,684,911
2,658,342
(2,113,416) (9,849.871) 38.379,966
22 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
Remuneration of key management personnel
The remuneration of key management personnel was as follows..
2024
2023
Aggregate compensation
78,500
78,500
23 Cash generated from operations
2024
2023
Surplusl{deficit) for the year
7,633,213
(9,304.945)
Adjustments for=
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
(2,890,771) (2,617,733)
14,697)
9,854,568
{6,660,268)
Movements in working capital..
Decreasel(increasel in debtors
Increasel{decrease) in creditors
(Decrease) in deferred income
193,132
47,053
(18,0001
(197,320)
(123,097)
(32,548)
Cash absorbed by operations
11,695,641) (2,425,772}
-22-

TBF AND KL THOMPSON TRUST
ids.
chartered accountants
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
24 Analysis of changes in net funds
The Charity had no material debt during the year.
-23-