Re ort of the Trustees and Unaudited Flnancial Statement5 for the Year Ended 30 Se tember 2025 for TheThomas Hu hes Foundation Chapman Robinson and Moore Limited 30 Bankside Court Stationfields Kidlington Oxford OX5 IJE
The Thomas Hu he5 Foundation ConteTrt5 of the Financlal Statements for the Year Ended 30 Se tember 2025 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Finantial Statements 9 to 17 Detailed Statement of Financial Activitles 18
The Thomas Hu hes Foundation Reference and Administrative Details for the Year Ended 30 Se tember 2025 TRUSTEES Mr Christopher Butler Mrs Ali50n Mairi Butler Mr Peter John Hillier PRINCIPAL ADDRESS W005ter Arms The Walk Kidlington Oxfordshire OX525D REGISTERED CHARITY NUMBER SC039722 INDEPENDENT EXAMINER Chapman Robinson and Moore Limlted 30 Bankside Court Stationfields Kidlington Oxford OXS IIE Page I
The Thomas Hu he5 Foundation Re ort of the Trustee5 for the Year Ended 30 Se tember 2025 The Trustees present their annual report and financial statements for the Foundation for the year ended 30th September 2025. The financial statement5 have been prepared in accordance with the accounting policies set out in Note I to the financial statements and comply with the Foundation's Trust Deed, the Charities and Trustee Investment (Scotlandl Act 2005, the Charitie5 Accounts (Scotlandl Regulations 2006 las amendedl 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 IFRS 102lleffective I January 20191. OBJECTIVES AND ACTIVITIES Objective5 of Trust The Trustees are directed in terms of the Trust Deed to pay or apply the income or capit31 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 3Uthorised to accumulate income for 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 suppgrting 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. Report on the Activities of the Trust The trustees Supported such organisation as they considered appropriate 3nd that were drawn to their attention. At present there is no formal application process. Donations of £57,375 12024: £6,5001 were made, with future commitments of £33,500, which were agreed on 3 March 2025. These donations included multi-year commitments to international relief and development tharity, All We Can and to Asylum Welcome, a charity that offers information, advice and practical support to asylum seekers, refugees and vulnerable migrants in Oxfordshire. During the previous year, the Trustees had agreed that the Foundation would act as a Guarantor for the rental of a property to a family of Ukrainian refugees. The guarantee expired on the anniversary of the lea5e117th April 2025lat whlch point the family was able to extend the lease without the need for a fresh guarantee. Towards the end of the financial year, the ftnancial year, £150.000 in cash was received from Casemate Publishers Ltd on the redemption of loan notes issued to the Foundation. Grant Maklng Pollcy The Trustees have opted for a policy of making donations to those organisation5 they feel require most support and whose purposes fall within the spertrum 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 malntained. Grant5 typically take the form of multi-year. unrestricted core funding. The Trustees believe that thi5 type of funding is of particular value to beneficiary charities because it is generally more difficult tts obtain than project funding, facilitates long-term planning and reduces fund-raising costs. Page 2
The Thomas Hu hes Foundation ort of the Trustees for the Year Ended 30 Se tember 2025 ACHIEVEMENTS AND PERFORMANCE Investment Poliry and Perfom7ance In accordance with the Trust Deed, the Trustees have power to invest in suth stocks. share5, 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 Managementl 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, 6eographic reglons and currencies. In the year under review. returns from each of the main components of the Foundation's investment portfolio were above CPI inflation of 3.8%. The total return from the listed investment portfolio was 6.6% while the investment property and unlisted loan notes yielded income of 9.9% and 6.5% respectively. Growth in net assets over the last two years has enabled the Trustee5 to step up the level of charitable donations. Between its establishment in April 2008 and 30 September 2025, the Foundation has donated £890,470, representing almost all of its ori8inal capital of £898,030. Nevertheless, there remain total fund5 to carry forward of £818.370. By providing a guarantee, the Foundation helped to secure accommodation for a refugee family who have subsequently been able to find work and renew their lease without third party asslstance. FINANCIAL REVIEW Financial position There are net assets of £818,37012024 £809,385). Income totalling £75,75212024 £79,124.89) was received during the financial year. Donations of £57,375 12024.. £6,51101 were made. with future commitments of £33,500, which were agreed on 3 March 2025. Previous future commitments outstanding at the year end were £012024 £01. Total borrowings were £359,257 consisting of a loan to City of Edinburgh Methodist Church ICEMCI of £297,500, along with the balance of a 15-year £185,000 mortgage from Triodos Bank to part-finance the purchase of an investment property in 2014. Page 3
The Thomas Hu hes Foundation Re ort of the Tru5tee5 for the Year Ended 30 Se tember 2025 FINANCIAL REVIEW Risk Management The Tru5tee5 have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Foundation 3nd 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 Tru5t'5 ability to make charitable donation5 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 dlversified portfollo 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 5ervlce obllgatlon5 The Foundation must ensure that it is able to meet its debt service obligations. The Trustees have managed this risk by en5urin8 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 rlsk The Trusys 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 oblig3tions tan be met from liquid, Sterling-denominated assets. 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 year5. The funds of the Foundation are wholly unrestricted and are represented by an investment propertv, investments and cash net of 35$0Clated 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 a55ets, the Trustees do not conslder it necessary to maintain specific reserves. Golng concern The Trustees have no material uncertainties as to the Trust's ability to continue as a going concern and are confident that the Foundation will continue to be able to settle all of its debts as they fall due within the next 12 month5. Page 4
The Thomas Hu hes Foundation Re ort of the Trustees for the Year Ended 30 Se tember 2025 FUTURE PLANS Since the year end, the above cash receipt has been used to.. al Repay the loan from Triod05 Bank that was origlnally used to finance purchase of the investment property in 2014. The security h35 also been released. bl Add to the investment portfolio managed by Cazenove. cl Begin a multi-year donation commitment to MHA. in line with the Trustee5' intention, stated in the last Annual Report to support high quality care for the elderlv. To complement the Foundation's historic model of using investment returns to make charitable donaticins, the Trustees intend, over time, to build a portfollo of dlrect Investments that generate positive social and environmental impact. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Thomas Hughes Foundation 15 a charity registered with Scottish Charity Register I reg. no. SC0397221 established under a Trust Deed Dated 20th April 20081 Appolntment of new trustees The appointment of new Trustees is reserved to the Trustees in office. De¢lslon making All Trustees are actively involved in the decision making process. Requests for funding are reviewed by the Trustees. Management All Trustees are attive in the management of the Trust. Related partles Both Christopher and Alison Butler are shareholders land Christopher is FSnance Director) of Casemate Publisher5 Ltd In which the Foundation previously invested £ISO,000 in the form of loan notes that were redeemed in full at par in September 2025. With effect from September 2023, Alison Butler became a Trustee of Wesley Memorial Methodist Church, who received payments totalling £7,00012024 £18,500). Employee5 The Trust has no employees12024 Nonel- Approved by order of the board of trustees on . 30th June 2026 and signed on its behalf by.. Mr Christopher Butlef - Trustee Page 5
Inde endent Examiner's Re ort to the Trustees of The Thoma5 Hu hes Foundation I report on the accounts for the year ended 30 September 2025 set out on pages seven to seventeen. Re5pertive re5pon5ibilitie5 of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts IScot13ndl Regulations 2006 las amended). The charity's trustees consider that the audit requirement of Regulation Iollllal to Icl of the Accounts Regulations does not apply. It 15 my responsibility to examine the accounts as required under Section 44llllcl of the Act and to state whether particular matters have come to my dttention. Basis of the independent examiner's report My examination was carried out in accordance with RegulatlDn 11 of the Charities Accounts 15cotlandl Regulations 2006. An examination include5 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 I do not express an audit opinion on the view given by the accounts. Independent examlner's statement In connection with my examination, no matter has come to my attention 111 which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with Section 44llllal of the 2005 Act and Regulation 4 of the 2006 Accounts ReguSations; and to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations have not been met; or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. l.E.Ma50n FCCA The Association of Chartered Certified Accountants Chapman Robinson and Moore Limited 30 Bankside Court Stationfields Kidlington Oxford OX5 IIE Date.. Page 6
The Thomas Hu hes Foundation Statemen Df Financial Activities for the Year Ended 30 Se tember 2025 3019125 Unrestricted fund 3019124 Total funds Notes INCOME AND ENOOWMENTS FROM Investment income 75,752 79,125 EXPENDITURE ON Raising funds 49,920 43,736 Charitable artivltles Wesley Memorial Methodist Church All We Can Asylum Welcome Oxford Phab Club ISLIP PCC 7,000 30,000 Is,000 5,000 375 6,500 Total 107,295 50,236 Net gains on investments 40.528 35,613 NET INCOMÉ 8,985 64,502 RECONCILIATION OF FUNDS Total funds brought forward 809.385 744,883 TOTAL FUNDS CARRIED FORWARD 818,370 809.385 The note5 form part of these financial statements Page 7
The Thomas Hu hes Foundation Balance Sheet 305e tember 2025 3019125 3019124 Total fund5 Unrestricted fund Notes FIXED ASSET5 Investments Investments Investment property 407,298 595,000 557,923 595,000 1,002,298 1,152,923 CURRENT ASSErs Debtors Cash at bank 3.734 41.147 224,495 224,495 44,881 CREDITORS Amounts falling due within one year io 150,6161 127,7901 NETCURRENT ASSETS 173,879 17.091 TOTAL ASSETS LESS CURRENT LIABILITIES 1,176,177 1,170,014 CREDITORS Amount5 falling due after more than one Year li 1357,8071 1360,6291 NET ASSETS 818,370 809.385 FUNDS Unrestricted funds 13 818,370 809,385 TOTAL FUNDS 818,370 809,385 The financial statements were approved by the Board of Trustees and authorised for issue on 30th June 2026 and were signed on its behalf by.. Mr Christopher Butler- Trustee The notes form part of these financial statements Page 8
The Thomas Hu he5 Foundation Note5 to the Financial Statements for the Year Ended 30 Se tember 2025 ACCOUNTING POLICIES Financial statement5 preparatlon 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 ntstelsl to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by charitie5'. Statement of Recommended Practice applicable to Charities preparing their financi31 statement5 in accordance with the Financi31 Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 (effective l January 20191. The Foundation constitutes a public benefit as defined by FRS 102. 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 Trvst 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. Income All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donations are included in the financlal statements together wlth associated gift aid5, where applicable, when the Trustees have been advised of the donation with notification of both amount and intended settlement date. Expenditure Expenditure is included in the financial statement on a accruals basis and recognised in full as soon a5 a constructive obligation exists, the sums payable can be reliably measures and there is probabllity of payment. A provision for a multi-year award is recognSsed at its present value where settlement is due over more than one year from the date of the èward, there are no unfulfilled condition5 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 tate of 2% to be appropriate. Grants authori5ed 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. Cost of raising funds Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exists. Support and governance costs Support costs are the costs associated with the direct management of the charity. Governance costs are the cost of. compliance with the statutory and regulatory requirement of the charity. 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 the way of gr3ntS to other organisations, support and governance costs are not allocated against individual grants or donations. Page 9 continued...
The Thomas Hu hes Foundatlon Notes to the Financial Statements - continued for the Year Ended 30 Se tember 2025 ACCOUNTING POLICIES- continued Support and governance costs Independent examination fees are recorded in support and governance costs in the Statement of Financial Activities. 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. Taxation The Foundation has been recognised by HMRC as a charity for the purpose of Sectlon 519 Income Taxes Act 2007. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the di5¢retion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charitv. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financia5 statements. INVESTMENT INCOME 3019125 3019124 Rent5 received Investment incorne Deposit account interest 58,713 16,939 loo 52,144 26,245 736 75,752 79,125 Page 10 continued...
The Thomas Hu hes Foundation Notes to the Financlal Statements continued for the Year Ended 30 Se tember 2025 RAISING FUNDS Other trading activities 3019125 3019124 Support costs 19,427 16,441 Investment management costs 3019125 3019124 Investment advice Rent collection 1,137 29,356 1,223 26,072 30,493 27,295 Aggregate amount5 49,920 43,736 CHARITABLE AcTIVlEs COSTS Grant funding of activities Wesley Memorial Methodist Church All We Can Asylum Welcome Oxford Phab Club ISLIP PCC 7,000 30,000 15,000 5,000 375 57,375 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024. Page 11 continued...
The Thomas Hu hes Foundation Notes to the Financial Statement5 - continued for the Year Ended 30 Se tember 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricte fund INCOME AND ENDOWMENTS FROM Investment income 79,125 EXPENDITURE ON Raising funds 43,736 Charltable artivities Wesley Memorial Methodist Church 6,500 Total 50.236 Net gains on Investments 35,613 NET INCOME 64,502 RECONCILIATION OF FUNDS Total fund5 brought forward 744,883 TOTAL FUNDS CARRIED FORWARD 809,385 FIXED ASSET INVESTMENTS Listed Unlisted investments investments Totals MARKEf VALUE At l October 2024 Additions Disposals 402,923 39,375 140,0001 155,000 557,923 39,375 1190,m)I 1150,0001 At 30 September 2025 402.298 5,0(X) 407,298 NET BOOKVALUE At 30 September 2025 402,298 5,000 407,298 At 30 September 2024 402,923 155,000 557.923 There were no investment a55ets outside the UK. Page 12 continued...
The Thomas Hu hes Foundation Notes to the Financial Statements- continued for e Year Ended 30 Se tember 2025 FIXED ASSET INVESTMENTS- continued With the exception of the OXCLT shares, the Trust'5 investments consist of open-ended funds and other instrument5 Wlth good liquidity that are listed on recognised stock exchanges. The Trust has no material holdings in market5 subject to exchange controls or trading restrictions. The main rlsk to the Trust from investments Iles in the volatility of markets. The Trust manages these investment rlsks by retaining expert advisor5, operatillg an investment policy that provides for a high degree of diversification of holdings across asset classes and by ensurlng adequate liquidity. INVESTMENT PROPERTY FAIR VALUE At l October 2024 and 30 September 2025 595,000 NET BOOKVALUE At 30 September 2025 595,000 At 30 September 2024 595.000 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3019125 3019124 Debtors 3,734 Page 13 continued...
The Thomas Hu hes Foundation Notes to the Financial Statements - continued for the Year Ended 30 Se tember 2025 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE Y&4R 3019125 3019124 8ank loans and overdrafts (see note 121 Trade creditors Other creditors 18,300 23,068 9,248 11,900 11,653 4,237 50,616 27,790 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 3019125 3019124 Bank loans (see note 121 Trade creditors Other creditors 43,457 16,850 297,500 63,129 297,500 357,807 360,629 12. LOANS An analysis of the maturity of loan5 is given below.. 3019125 3019124 Amount5 falling due within one year on demand.. 8ank loans 18,300 11.900 Amounts falling due between two and five years.. Bank loans 2-5 years 43,457 63,129 13. MOVEMENT IN FUNDS Net movement in funds At 1110124 At 3019125 Unrestricted funds General fund 809,385 8,985 818,370 TOTAL FUNDS 809,385 8,985 818,370 Page 14 continued...
The Thomas Hu hes Foundatlon Notes to the Financial Statements- continued for the Year Ended 30 Se tember 2025 13. MOVEMENT IN FUNDS-continued Net movement in funds, included in the above are as follows.. Incoming resources Re50urce5 expended Galns and 50sses Movement in fund5 Unrestrirted funds General fund 75,752 1107,2951 40,528 8,985 TOTAL FUNDS 75,752 1107,2951 40,528 8,985 Comparatlve5 for movement In funds Net movement in funds At 1110123 At 3019124 Unrestricted funds Gèneral fund 744,883 64,502 809,385 TOTAL FUNDS 744,883 64,502 809,385 Comparative net movement in funds, included in the above are as follow5: Incoming resources Resources expended Gains and Movement losse5 in funds Unrestricted funds General fund 79,125 150,2361 35,613 64,502 TOTAL FUNDS 79,125 150,2361 35,613 64,502 Pège 15 continued.
The Thomas Hu hes Foundation Notes to rhe Financial Statements- continued for the Year Ended 30 Se tember 20 MOVEMETrif IN FUNDS. continued A Current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 1110123 At 3019125 Unrestrlcted funds General fund 744.883 73,487 818,370 TOTAL FUNDS 744,883 73,487 818,370 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in fund5 Unrestricted fund5 General fund 154,877 1157,5311 76,141 73,487 TOTAL FUNDS 154,877 1157,5311 76,141 73,487 14. CONTINGENT LIABILITIES The City of Edinburgh Methodist Church advanced a loan of £297.500 to The Thomas Hughe5 Foundation to support the purchase of the property. The loan is intere5t-free and 15 Secured by a standard security over the property. Under the terms of the agreement. the Trust is obliged to transfer to the lender 50% of any income generated from the property and 50% of any net proceed5 arising from a future disposal of the property* after deducting any directly attributable costs of sale. The loan is shown in other creditors due greater than one year, at the amount borrowed, any gain on this value from the increase in the fair value of the property will be disclosed as a contingent liability, for 2025 £nil12024, Enill. Page 16 continued...
The Thomas Hu hes Foundation Note5 to the Financial Statements- continued for the Year Ended 30 Se tember 2025 15. RELATED PARTY DISCLOSURES Both Christopher and Ali50n Butler are shareholders land Christopher is Finance Directorl of Casemate Publishers Ltd in which the Foundation had investment of £150,000 (lune 20151 in the form of loan notes. As the loan note5 bear interest at 6.5% per annum, the foundation received f 9,406 during the year12024 £9,750) and the loan notes were redeemed on 1st August 2025. With effett from Septernber 2023, Alison Butler became a Trustee of Wesley Memorial Methodist Church, who received payments totalling £7,00012024 £18,5001. Page 17
The Thomas Hu hes Foundation Detailed Statement of Financial Activities for the Year Ended 30 Se tember 2025 3019125 3019124 INCOME AND ENDOWMENTS Investment income Rent5 received Investment income Deposit account interest 58,713 16,939 loo 52,144 26,245 736 75,752 79.125 Total incomin8 resources 75,752 79,125 EXPENDITURE Investment management costs Investment advice Rent collection 1,137 29,356 1,223 26,072 30,493 27,295 Charitable artlvities Grants and Donations 57,375 6,500 Support costs Management Insurance 2,731 2,595 Finance Bank loan interest 5,524 7,111 Governance costs Accountancy and legal fees 11,172 6,735 Total resources expended 107,295 50,236 Net lexpendlturel/lncome before gains and losses 131.5431 28,889 Realised recognised galns and losses Realised gainslllossesl on fixed asset investments 40,528 35,613 Net in¢ome 8,985 64,502 Thi5 page doe5 not form part of the statutory financial statements Page 18