THE THOMAS HUGHES FOUNDATION
Scottish Charity No. SC039722
REPORT AND FINANCIAL STATEMENTS Year to 30th September 2024
B05079.0001-LNK-Trustacc
Book2
THE THOMAS HUGHES FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 30TH SEPTEMBER 2024
The Trustees present their annual report and financial statements for the Foundation for the year ended 30th September 2024. 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 Foundation's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and Activities
| Objectives of Trust | The Trustees are directed in terms of the Trust Deed to pay or apply the income or capital of the Trust |
|---|---|
| Fund for the benefit or furtherance of such purposes, objects or institutions, charitable in law, as the | |
| Trustees in their absolute discretion shall determine. The Trustees are also authorised to accumulate | |
| income for a period of twenty one years from 20th April 2008. | |
| Although the objectives set out in the Trust Deed are far reaching the Trustees favour supporting | |
| projects that help to prevent poverty, advance education and health, citizenship and community | |
| development. It should be noted that the Trustees are not bound to continue supporting these areas | |
| and may in the future favour other areas of benefit. | |
| The Trustees aim to achieve these objectives primarily by making grants to charitable organisations. | |
| Grant Making Policy | The Trustees have opted for a policy of making donations to those organisations they feel require |
| most support and whose purposes fall within the spectrum of the Trust Deed. The organisations | |
| supported by the Foundation are carefully evaluated by the Trustees to ensure that the public benefit | |
| of the Charity is maintained. | |
| Report on the Activities | The Trustees supported such organisations as they considered appropriate and that were drawn to |
| of the Trust | their attention. At present there is no formal application process. Donations of £6,500.00 (2023 |
| £6,000.00) were made and no new future commitments were agreed during the year. Previous future | |
| commitments outstanding at the year end were £0.00 (2023 £12,500.00). | |
| During the year, the Trustees agreed that the Foundation would act as Guarantor for the rental of a | |
| property to provide sanctuary to a family of Ukrainian refugees. As at the end of the accounting | |
| period, the contingent liability relating to the balance of the twelve-month lease period was £10,414.80. | |
| The end date of the lease period is 17th April 2025. | |
| Plans for Future Periods The Trustees aim to build a portfolio of direct investments that generate positive social and |
|
| environmental impact. The next step is likely to involve further investments in organisations that | |
| provide truly affordable housing, following on from the initial investment in Oxfordshire Community | |
| Land Trust in 2023. | |
| The Trustees expect the next multi-year donation commitments to focus on provision of high quality | |
| social care for the elderly and services for refugees and asylum seekers. | |
| Achievements and Performance | |
| The Foundation was established in April 2008 with opening funds of £898,030.00. | |
| Total charitable donations made or committed up to 30th September 2024 amounted to £833,095.00. | |
| Total funds carried forward at that date were £809,385.26 | |
| Investment Policy | In accordance with the Trust Deed, the Trustees have power to invest in such stocks, shares, |
| and Performance | investments and property in the United Kingdom or abroad as they in their sole discretion think fit. |
| The Trustees engaged Thornhill Investment Managers (now Schroder & Co Limited trading as | |
| Cazenove Capital Management) as investment managers. |
The Trustees’ investment policy aims to achieve total returns in excess of inflation. While there are no constraints as to type of investment, the Trustees intend to maintain diversified exposure to different asset classes, sectors, geographic regions and currencies.
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THE THOMAS HUGHES FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 30TH SEPTEMBER 2024
| Achievements and | Performance |
|---|---|
| Investment Policy | The total return from the listed investment portfolio was 13.6% while the investment property and |
| and Performance | unlisted loan notes yielded income of 8.8% and 6.5% respectively. After all costs but before |
| donations made and committed during the year, total net assets increased by 9.5%. | |
| Financial Review | |
| Financial Report | There are net assets of £809,385.26 (2023 £744,882.80). Income totalling £79,124.89 (2023 |
| £76,500.47) was received during the financial year. Donations of £6,500.00 (2023 £6,000.00) | |
| were made and no new future commitments were agreed during the year. Previous future | |
| commitments outstanding at the year end were £0.00 (2023 £12,500.00). | |
| Total borrowings were £372,529.11 consisting of a loan to City of Edinburgh Methodist Church | |
| (CEMC) of £297,500.00, along with the balance of a 15-year £185,000.00 mortgage from Triodos | |
| Bank to part-finance the purchase of an investment property in 2014. | |
| Reserves Policy | It is the policy of the Trustees to distribute the income of the Trust in the form of grants or donations. |
| It is anticipated that any surplus income at the close of the account would be so distributed in the | |
| following years. | |
| The funds of the Foundation are wholly unrestricted and are represented by an investment property, | |
| investments and cash net of associated borrowings and unpaid grant commitments. The Trustees | |
| have power to draw upon the fund in furtherance of the Foundation's objectives, whilst retaining | |
| sufficient funds to meet any commitments they may undertake. | |
| Given that the investment portfolio is made up of liquid assets, the Trustees do not consider it | |
| necessary to maintain specific reserves. | |
| Risk Management | The Trustees have assessed the major risks to which the charity is exposed, in particular those |
| related to the operations and finances of the Foundation and are satisfied that measures are in | |
| place to mitigate these major risks. | |
| Performance of investments | |
| A substantial and sustained fall in the value of the Foundation’s investments would impair the Trust’s | |
| ability to make charitable donations and might cause difficulties in meeting existing financial | |
| commitments. The Trustees have mitigated this risk by the appointment of professional investment | |
| managers to advise them, by putting in place a balanced investment strategy with a diversified | |
| portfolio and by ensuring that the portfolio is sufficiently liquid to meet obligations in the event of a | |
| down-turn in financial markets. | |
| Risk of default by tenants or borrowers |
A significant proportion of the Trust’s net assets is represented by an investment property and by loans to private companies. The Trustees have mitigated the risk of default through careful vetting of the financial strength and track record of tenants and borrowers.
Debt service obligations
The Foundation must ensure that it is able to meet its debt service obligations. The Trustees have managed this risk by ensuring that liquid assets and income provide adequate cover for interest and loan repayments, and by carefully considering the impact on net assets and cash flow of fresh donation commitments.
Currency risk
The Trust’s liabilities are denominated in Sterling, whereas some of its investments are linked to other international currencies. Currency risk is mitigated through diversification and by ensuring that all of the Trust’s short-term obligations can be met from liquid, Sterling-denominated assets.
The Trustees have no material uncertainties as to the Trust's ability to continue as a going concern.
Going Concern
Page 3
THE THOMAS HUGHES FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 30TH SEPTEMBER 2024
Structure, Governance & Management
Founding Document Deed of Trust dated 20th April 2008.
Appointment of New The appointment of new Trustees is reserved to the Trustees in office. Trustees
Decision Making All Trustees are actively involved in the decision making process. Requests for funding are reviewed by the Trustees.
Related Parties Both Christopher and Alison Butler are shareholders (and Christopher is Finance Director) of Casemate Publishers Ltd in which the Foundation has invested £150,000.00 (2023 £150,000.00) in the form of loan notes. As the loan notes bear interest at 6.5% per annum, the Foundation received £9,750.00 during the year (2023 £9.750.00).
With effect from September 2023, Alison Butler became a Trustee of Wesley Memorial Methodist Church, who received payments totalling £18,500.00 (2023 £18,500.00).
Employees The Trust has no employees (2023 None). The Trustees have engaged Turcan Connell to undertake the administration of the Trust remuneration for which is recorded in the financial statements.
Management All Trustees are active in the management of the Trust. Training of Trustees The Trustees' Solicitors, Turcan Connell, have continued to keep the Trustees appraised of the implementation of the Charity and Trustee Investment (Scotland) Act 2005 in particular with reference to their duties and responsibilities as Charity Trustees, charity law in general and other areas of the law as necessary.
Reference and Administrative Details Scottish Charity No. SC039722
Address Wooster Arms The Walk Islip Kidlington OX5 2SD
Trustees (Appointed by Deed/Assumption)
Advisers Solicitors Investment Managers Independent Examiner Turcan Connell Cazenove Capital Management Princes Exchange 18 Charlotte Square Saffery LLP 1 Earl Grey Street EDINBURGH 9 Haymarket Square EDINBURGH EH2 4DF Edinburgh EH3 9EE EH3 8RY
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THE THOMAS HUGHES FOUNDATION GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR TO 30TH SEPTEMBER 2024
Statement of Trustees' The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements Responsibilities in in accordance with applicable law and with the Financial Reporting Standards applicable in the United Respect of the Kingdom and Republic of Ireland. Accounts
The law applicable to Charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of the resources of the Trust for that period.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and
-
prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the Trust will continue on that basis.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Foundation's constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Financial statements preparation
The Trustees confirm that the financial statements for the year ended 30th September 2024 have been prepared so as to comply with current statutory requirements, the Charity SORP and the Foundation's own own governing document.
Approved by the Trustees and type-signed on their behalf on
Page 5
THE THOMAS HUGHES FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
Independent examiner’s report to the trustees of The Thomas Hughes Foundation (‘the Foundation’)
I report to the charity Trustees on my examination of the accounts of the Foundation for the year ended 30 September 2024 which are set out on pages 7 to 14. These financial statements have been prepared in accordance with the accounting policies set out therein.
Responsibilities of trustees and examiner
As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (the ‘2005 Act’), and the Charities Accounts (Scotland) Regulations 2006 (as amended)(“the Regulations”). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the Foundation’s accounts as carried out under section 44 (1) (c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Regulations.
Basis of independent examiner’s report
My examination was carried out in accordance with Regulation 11 of the Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It 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
Since the Trust has prepared its accounts on an accruals basis and is also registered in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Regulations. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants in Scotland which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
-
1) accounting records were not kept in respect of the Trust as required by section 44 (1) (a) of the 2005 Act and Regulation 4 of the Regulations; or
-
2) the accounts do not accord with those records; or
-
3) the accounts do not comply with the accounting requirements Regulation 8 of the Regulations and do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Use of this report
This report is made solely to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Trustees, as a body, for my work or for this report.
9 Haymarket Square Edinburgh For and on behalf of Saffery LLP EH3 8RY Chartered Accountants
Date:
Page 6
THE THOMAS HUGHES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 30TH SEPTEMBER 2024
| Income and Endowments from: Investments Rental income Total Expenditure on: Raising Funds Investment management charges Charitable Activities Grants and donations Rent paid Support and governance costs Total Net income before other recognised gains Other recognised gains Net gains/(losses) on investments Net income and movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Note 5 6 7 8 9 10 11 |
2024 Total £ 26,981.35 52,143.54 79,124.89 1,223.06 6,500.00 26,071.77 16,440.60 50,235.43 28,889.46 35,613.00 64,502.46 744,882.80 809,385.26 |
2023 Total £ 25,653.83 50,846.64 |
|---|---|---|---|
| 76,500.47 | |||
| 1,244.97 6,000.00 25,423.32 17,799.93 |
|||
| 50,468.22 | |||
| 26,032.25 (3,276.29) |
|||
| 22,755.96 722,126.84 |
|||
| 744,882.80 |
Page 7
THE THOMAS HUGHES FOUNDATION BALANCE SHEET AS AT 30TH SEPTEMBER 2024
| Fixed Assets Investment Property Investments Total Fixed Assets Current Assets Cash Debtors Total Current Assets Liabilities Creditors: amounts falling due within 12 months Net Current Assets Total Assets less net current liabilities Long Term Liabilities Loan due to CEMC Secured Loan Net Assets The Funds of the Charity Unrestricted Funds |
Notes 2 11 3 4 2 2 |
2024 2023 £ £ 595,000.00 595,000.00 557,923.00 522,310.00 |
|---|---|---|
| 1,152,923.00 1,117,310.00 |
||
| 41,147.45 43,592.46 3,734.40 4,969.60 |
||
| 44,881.85 48,562.06 |
||
| (27,790.48) (47,982.70) |
||
| 17,091.37 579.36 |
||
| 1,170,014.37 1,117,889.36 (297,500.00) (297,500.00) (63,129.11) (75,506.56) |
||
| 809,385.26 744,882.80 |
||
| 809,385.26 744,882.80 |
||
| 809,385.26 744,882.80 |
Approved by the Trustees and type-signed on their behalf on
The notes at page 9 to 14 form part of these financial statements.
Page 8
THE THOMAS HUGHES FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR TO 30TH SEPTEMBER 2024
1 Accounting Policies
a) Financial Statements Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019).
The Foundation constitutes a public benefit entity as defined by FRS102.
The financial statements have been prepared on a going concern basis. The Trustees have assessed the Foundation's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
b) Investment Property
The Foundation acquired a property for investment purposes on 28th July 2014. The property is included at the Trustees' best estimate of fair value at year end.
c) Leasing Arrangement
The investment property is owned by the Foundation. Part of the value of the property is held in terms of a Standard Security granted to the City of Edinburgh Methodist Church. Instead of paying loan interest to the City of Edinburgh Methodist Church, they retain a right to one-half of any income generated and disposal proceeds, less any associated costs. The gross income generated is included in the Statement of Financial Activities as part of the rental income. The half share due to the City of Edinburgh Methodist Church is included in the Statement of Financial Activities as part of the support costs.
d) Investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year.
e) Investment Gains and Losses
All gains or losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between the sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
f) Income
Investment income is included in the financial statements in the year in which the Foundation becomes entitled to it, it can be reliably determined and there is probability of receipt.
Donations are included in the financial statements together with associated gift aid, where applicable, when the Trustees have been advised of the donation with notification of both amount and intended settlement date.
g) Expenditure
Expenditure is included in the financial statement on an accruals basis and recognised in full as soon as a constructive obligation exists, the sums payable can be reliably measured and there is probability of payment.
A provision for a multi-year award is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled conditions and the effect of the discounting is material. At the financial year end of the account and considering the current economic climate at that time, the Trustees consider a discount rate of 2% to be appropriate.
Page 9
THE THOMAS HUGHES FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR TO 30TH SEPTEMBER 2024
1 Accounting Policies
h) Cost of Raising Funds
Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists.
i) Support and Governance Costs
Support costs are the costs associated with the direct management of the charity.
Governance costs are the costs of compliance with the statutory and regulatory requirements of the charity.
Fees charged by Turcan Connell for legal and accounting services are included in the financial statements as follows:
Support (legal and administrative costs) - 50%
Governance (accountancy costs) - 50%
These are recorded in support and governance costs in the Statement of Financial Activities.
Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities.
All other support and governance costs are recorded in the Statement of Financial Activities as appropriate.
As the Foundation does not provide services directly but by way of grants to other organisations, support and governance costs are not allocated against individual grants or donations.
j) Grants
Grants authorised to be paid in respect of the accounting year or future years are provided for in the financial statements in the year in which they are authorised.
k) VAT
The Foundation is not registered for VAT purposes and all VAT incurred is therefore irrecoverable. Where applied, VAT is included as part of the expense.
l) Taxation
The Foundation has been recognised by HMRC as a charity for the purpose of Section 519 Income Taxes Act 2007.
| 2 a) |
Property Fixed Asset ALL and WHOLE 6/10 Earl Grey Street, Edinburgh The trustees, having taken professional advice, are satisfied with the current year valuation as an approximation for fair value as at the balance sheet date of 30 September 2022. |
2024 and 2023 £ 595,000.00 |
|
|---|---|---|---|
On the 28th July 2014, the Foundation purchased All and Whole of 6-10 Earl Grey Street, Edinburgh. The Foundation purchased the investment property for £595,000.00 and paid an amount of £297,500.00, while the balance of £297,500.00 is held in terms of a Standard Security granted to the City of Edinburgh Methodist Church.
Instead of paying loan interest to the City of Edinburgh Methodist Church, they retain a right to one-half of any income generated and disposal proceeds, less any associated costs.
b) Lease and Rent
The Foundation leased premises to a supermarket for a period of 15 years on 28th July 2014.
On 28th July 2019, the Trustees had a rent review carried out on the property and the rent increased to £50,846.66 per annum (exclusive of VAT) from and including 28th July 2019.
On 28th July 2024, the Trustees had a rent review carried out on the property and the rent increased to £58,628.06 per annum (exclusive of VAT) from and including 28th July 2024.
Page 10
THE THOMAS HUGHES FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR TO 30TH SEPTEMBER 2024
2 Property
c) Loan with Triodos Bank
The Foundation obtained a loan from Triodos Bank, which is repayable over 15 years, at an interest rate of base plus 3.5%. The repayments are part capital and part interest. Standard security has been granted in favour of Triodos Bank over the feuhold retail property at 6-10 Earl Grey Street, Edinburgh.
| 3 | Total amount borrowed Less: Capital repayments to loan during account to 30.09.14 Capital repayments to loan during account to 30.09.15 Capital repayments to loan during account to 30.09.16 Capital repayments to loan during account to 30.09.17 Capital repayments to loan during account to 30.09.18 Capital repayments to loan during account to 30.09.19 Capital repayments to loan during account to 30.09.20 Capital repayments to loan during account to 30.09.21 Capital repayments to loan during account to 30.09.22 Capital repayments to loan during account to 30.09.23 Provision for capital repayments during year to 30.09.24 Capital repayments to loan during the year to 30.09.24 Less: Provision in 2023 account Provision for capital repayments during year to 30.09.24 Balance of Loan outstanding as at 30.09.24 Debtors Interest due on Casemate Publishers Loan Notes Funds due from Sainbury's to meet insurance due Funds due from Sainsbury's for 2 month increase in rent |
£ £ 185,000.00 (1,506.02) (9,249.70) (9,626.54) (10,018.73) (10,388.82) (10,711.86) (11,258.72) (11,774.51) (12,066.96) (11,391.58) (11,500.00) 11,977.45 (11,500.00) (477.45) (11,900.00) 63,129.11 2024 2023 £ £ 2,437.50 2,437.50 - 2,532.10 1,296.90 - |
£ £ 185,000.00 (1,506.02) (9,249.70) (9,626.54) (10,018.73) (10,388.82) (10,711.86) (11,258.72) (11,774.51) (12,066.96) (11,391.58) (11,500.00) 11,977.45 (11,500.00) (477.45) (11,900.00) 63,129.11 2024 2023 £ £ 2,437.50 2,437.50 - 2,532.10 1,296.90 - |
£ £ 185,000.00 (1,506.02) (9,249.70) (9,626.54) (10,018.73) (10,388.82) (10,711.86) (11,258.72) (11,774.51) (12,066.96) (11,391.58) (11,500.00) 11,977.45 (11,500.00) (477.45) (11,900.00) 63,129.11 2024 2023 £ £ 2,437.50 2,437.50 - 2,532.10 1,296.90 - |
£ £ 185,000.00 (1,506.02) (9,249.70) (9,626.54) (10,018.73) (10,388.82) (10,711.86) (11,258.72) (11,774.51) (12,066.96) (11,391.58) (11,500.00) 11,977.45 (11,500.00) (477.45) (11,900.00) 63,129.11 2024 2023 £ £ 2,437.50 2,437.50 - 2,532.10 1,296.90 - |
|---|---|---|---|---|---|
| 2024 £ 2,437.50 - 1,296.90 |
|||||
| 63,129.11 | |||||
| 2023 £ 2,437.50 2,532.10 - |
|||||
| 3,734.40 | 4,969.60 |
| 4 | Creditors Due in less than 1 Year Turcan Connell fees Cazenove Capital Management Saffery LLP examiners fee Rent paid in advance Smart Village Foundation Committed donations (see Note 8) Capital repayments to loans (12 months) Triodos payment Funds due to CEMC |
2024 £ 1,590.00 313.45 3,960.00 4,237.22 - - 11,900.00 - 5,789.81 |
2023 £ 1,542.00 299.92 3,780.00 4,237.22 10,000.00 12,500.00 11,500.00 1,591.46 2,532.10 |
|---|---|---|---|
| 27,790.48 | 47,982.70 |
Page 11
THE THOMAS HUGHES FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR TO 30TH SEPTEMBER 2024
| 5 6 7 8 8 9 |
Investment and Other Income Dividends and interest Deposit interest (net) Rental Income 12 months rent Cost of Raising Funds Investment management charges Charitable Activities Grants and Donations Wesley Memorial Methodist Church Dean Court Community Association Smart Village Foundation Unwinding discount financing Less: Committed provided for in previous account New Commitments None Total Charitable Activities Future Commitments Total commitments brought forward Wesley Memorial Methodist Church Add: New commitments None Less: paid in year Wesley Memorial Methodist Church Unwinding discount financing Total commitments carried forward Future Donation Commitments fall due: less than one year between one and six years Rent paid Share of rent paid to CEMC (12 month - 1/2 share) |
2024 £ 26,244.99 736.36 |
2024 £ 26,244.99 736.36 |
2024 £ 26,244.99 736.36 |
2023 £ 25,296.67 357.16 |
|---|---|---|---|---|---|
| 26,981.35 | 25,653.83 | ||||
| 2024 £ 52,143.54 |
2023 £ 50,846.64 |
||||
| 2024 £ 1,223.06 |
2023 £ 1,244.97 |
||||
| 1,223.06 | 1,244.97 | ||||
| 2024 £ 18,500.00 500.00 - |
2023 £ 18,500.00 - 10,000.00 |
||||
| 19,000.00 28,500.00 - - (12,500.00) (22,500.00) |
|||||
| 6,500.00 6,000.00 |
|||||
| - - |
|||||
| - - |
|||||
| 6,500.00 6,000.00 |
|||||
| £ £ 12,500.00 - (12,500.00) - - - - - 2024 2023 26,071.77 25,423.32 2024 |
|||||
| - | |||||
| - - |
|||||
| - | |||||
| 2023 25,423.32 |
|||||
| 26,071.77 | 25,423.32 |
Page 12
THE THOMAS HUGHES FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR TO 30TH SEPTEMBER 2024
| 10 11 |
Support and Governance Costs Support Costs Turcan Connell, administration fee (including VAT) Loan interest paid Miscellaneous cost Governance Turcan Connell, accounting fee (including VAT) Independent examiners fee (including VAT) Investments Opening fair value of investments Add: Purchases Less: Sales Realised gains Unrealised gains Fair value of investments at 30.09.24 Historical value of investments at 30.09.24 Individual holdings which exceed 5% of portfolio by value- Cazenove Charity Responsible Multi-Asset Fund Units Casemate Publishers Ltd |
£ £ 2,595.00 7,110.60 - 9,705.60 2,595.00 4,140.00 6,735.00 16,440.60 2024 |
£ £ 2,595.00 7,110.60 - 9,705.60 2,595.00 4,140.00 6,735.00 16,440.60 2024 |
2023 £ 2,971.00 7,011.26 406.67 2,971.00 4,440.00 |
|
|---|---|---|---|---|---|
| 2,595.00 4,140.00 |
|||||
| 16,440.60 | 17,799.93 | ||||
| £ 522,310.00 - - |
|||||
| 522,310.00 - 35,613.00 |
|||||
| 557,923.00 | |||||
| 531,727.93 | |||||
| £ 402,923.00 150,000.00 |
The main risk to the Trust from investments lies in the volatility of markets.
The Trust manages these investment risks by retaining expert advisors, operating an investment policy that provides for a high degree of diversification of holdings across asset classes and by ensuring adequate liquidity.
With the exception of the Casemate Publishers Ltd loan note and the OxCLT shares, the Trust’s investments consist of open-ended funds and other instruments with good liquidity that are listed on recognised stock exchanges. The Trust has no material holdings in markets subject to exchange controls or trading restrictions.
12 Related Party Transactions
Both are shareholders (and Christopher is Finance Director) of Casemate Publishers Ltd in which the Foundation has invested £150,000.00 (2023 £150,000.00) in the form of loan notes. As the loan notes bear interest at 6.5% per annum, the Foundation received £9,750.00 during the year (2023 £9.750.00).
With effect from September 2023, became a Trustee of Wesley Memorial Methodist Church, who received payments totalling £18,500.00 (2023 £18,500.00).
13 Trustees' Expenses
No fees or expenses have been paid to the Trustees. The Foundation has no employees.
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THE THOMAS HUGHES FOUNDATION NOTES TO THE ACCOUNTS
FOR THE YEAR TO 30TH SEPTEMBER 2024
14 Contingent Liability
During the year, the Trustees agreed that the Foundation would act as Guarantor for the rental of a property to provide sanctuary to a family of Ukrainian refugees. As at the end of the accounting period, the contingent liability relating to the balance of the twelve-month lease period was £10,414.80.
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