Registered number: 06003552
Charity number: 1117056
(A Company Limited by Guarantee)
For the Year Ended 5 April 2025
Cullum Family Trust
(A Company Limited by Guarantee)
Contents
Cullum Family Trust
(A Company Limited by Guarantee)
Reference and Administrative Details of the Trust, its Trustees and Advisers
For the Year Ended 5 April 2025
Page 1
Cullum Family Trust
(A Company Limited by Guarantee)
Chairman's Statement
For the Year Ended 5 April 2025
The chairman presents his statement for the year.
I am very pleased to report another year of successful activities in support of our chosen charities. I have been very well supported by the other Trustees and we remain actively involved with The National Autistic Society ('NAS').
Claire Cullum-Jay and Abi Cullum have continued to work closely with the team at the Sussex Community Foundation.
Simon Cullum has maintained his active involvement with the NAS Cullum Centres and is the main contact with the project managers as we continue with our programme involving Surrey, Kent & Sussex LEAs, the schools, the architects and main contractors.
We have continued to liaise closely with the NAS CEO, and their senior colleagues in conjunction with the Local Education Authorities.
Funds in excess of £31 million have been invested in carefully selected portfolios with the aim of generating an investment income stream to support our chosen charities and at the same time preserve the real value of the capital investment.
Since it was founded in 2006, the Cullum Family Trust ('CFT') has developed strong links with its charity partners and we look forward to continuing our successful partnerships in 2025-26.
The Cullum Centres continue to make a significant difference to the lives of students and families who are attached to one of the centres.
Claire Cullum-Jay and Abi Cullum have continued to work closely with the team at the Sussex Community Foundation.
Simon Cullum has maintained his active involvement with the NAS Cullum Centres and is the main contact with the project managers as we continue with our programme involving Surrey, Kent & Sussex LEAs, the schools, the architects and main contractors.
We have continued to liaise closely with the NAS CEO, and their senior colleagues in conjunction with the Local Education Authorities.
Funds in excess of £31 million have been invested in carefully selected portfolios with the aim of generating an investment income stream to support our chosen charities and at the same time preserve the real value of the capital investment.
Since it was founded in 2006, the Cullum Family Trust ('CFT') has developed strong links with its charity partners and we look forward to continuing our successful partnerships in 2025-26.
The Cullum Centres continue to make a significant difference to the lives of students and families who are attached to one of the centres.
Peter Cullum, CBE
Chairman of the Cullum Family Trust
Chairman of the Cullum Family Trust
Date:
Page 2
Cullum Family Trust
(A Company Limited by Guarantee)
Trustees' Report
For the Year Ended 5 April 2025
The Trustees present their annual report together with the audited financial statements of the Trust for the 6 April 2024 to 5 April 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Trust qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. The purpose of the Trust are as follows
To build a fund from donations received from the Trust’s Chairman, Peter Cullum, to provide sufficient income to make donations to charitable causes from the returns on investments. In order to help achieve this objective, the Trust has placed funds in investment portfolios operated by Coutts & Co and HSBC. In accordance with the investment management agreement, the Trust has also invested in property and the Bayes Entrepreneurship Fund.
The Trust furthers its charitable purposes for the public benefit through its grant making policy which is carried out in partnership with institutions as follows:
The National Autistic Society (NAS)
The aim of the CFT is to meet the needs identified by the NAS to provide specialist education targeted at children who are on the autism spectrum, but who typically have good cognitive ability. Because of their autism, many of these children lack the necessary social and communication skills to prosper in mainstream educational settings and are often excluded for extended periods. We have opened the first Cullum Centre for primary school pupils at the Canterbury Academy. This is the seventh Cullum Centre in total, with the hope to build a further six over the coming years.
The Sussex Community Foundation (SCF)
Since 2007, The Cullum Family Trust has provided grants in excess of £1,300,000 to over 70 charities and community groups in partnership with the Sussex Community Foundation, which raises funds for, and makes grants to, local charity and community groups across East and West Sussex and Brighton and Hove.
The Fund has expanded its remit over the years and includes groups working with children and young people, community support and development, homelessness, hospices, animals and older people.
The aim of the CFT is to meet the needs identified by the NAS to provide specialist education targeted at children who are on the autism spectrum, but who typically have good cognitive ability. Because of their autism, many of these children lack the necessary social and communication skills to prosper in mainstream educational settings and are often excluded for extended periods. We have opened the first Cullum Centre for primary school pupils at the Canterbury Academy. This is the seventh Cullum Centre in total, with the hope to build a further six over the coming years.
The Sussex Community Foundation (SCF)
Since 2007, The Cullum Family Trust has provided grants in excess of £1,300,000 to over 70 charities and community groups in partnership with the Sussex Community Foundation, which raises funds for, and makes grants to, local charity and community groups across East and West Sussex and Brighton and Hove.
The Fund has expanded its remit over the years and includes groups working with children and young people, community support and development, homelessness, hospices, animals and older people.
The Bayes Entrepreneurship Fund In Partnership with the Bayes Business School
In 2009, Peter Cullum established the Peter Cullum Centre for Entrepreneurship with Bayes (formerly Cass) Business School, as a focal point for budding and established entrepreneurs. The Centre helps develop the skills and connections needed to make great business ideas succeed.
The Fund makes commercial equity investments of between £100,000 and £500,000 into promising, high-growth businesses. Just under £2.365m was invested during the 2024-25 financial year in both new and existing investments.
The Fund receives a cost of running contribution of 5% per annum of the funds invested.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.
Page 3
Cullum Family Trust
(A Company Limited by Guarantee)
Achievements and performance
a. Review of activities
During the year the Trust made grants and donations totalling £906,954.
National Autistic Society (NAS) Cullum Centres
Following discussions in 2012 with Surrey County Council, who had identified a need for specialist education provision for children who are on the autism spectrum, but who have good cognitive ability, it was agreed that NAS and Surrey County Council would work with the Cullum Family Trust to develop 4 pioneering and innovative educational centres.
National Autistic Society (NAS) Cullum Centres
Following discussions in 2012 with Surrey County Council, who had identified a need for specialist education provision for children who are on the autism spectrum, but who have good cognitive ability, it was agreed that NAS and Surrey County Council would work with the Cullum Family Trust to develop 4 pioneering and innovative educational centres.
A detailed Grant Funding Agreement was concluded that incorporated an undertaking by the Trust to provide up to £4m for the proposed 4 schools projects. The funding agreement provided for drawdown payments, monthly progress reports, surveyors certification, naming rights and overall reporting requirements.
In addition, in 2019-20 the Trust committed to funding £1m to build the first Kent-based Cullum Centre at the Canterbury Academy along with the first Cullum Centre for primary school children.
Through the centres, students can access additional academic support and a range of other services including occupational and speech and language therapies and life skills lessons.
The Sussex Community Foundation
The aim of the Cullum Family Trust this year was to continue to support the Sussex Community Foundation with donations to local projects nominated by the Foundation which are discussed and agreed by the Trustees. In this period, the Cullum Family Trust donated £144,602 to the Foundation.
The Bayes Entrepreneurship Fund
The year showed continued progress and development for the Bayes Entrepreneurship Fund and its portfolio companies. Throughout the year, the investment team and the Committee to which it reports remained focussed on its core mission: the support of early-stage businesses and ambitious entrepreneurs to build shareholder value and generate financial returns on investment, from which future generations of entrepreneurs at Bayes may derive support.
The fund has made 8 investments in the year totalling nearly £2.4m. Just over £1.7m related to new investments, Zinc, Kirontech and Carradale, with the remainder relating to existing investments, Evolve, iDefigo and Macranet.
During the period, several new ventures were presented to the Investment Committee for appraisal. These opportunities reflect the select number of curated investment opportunities which meet key investment criteria, and are subsequently prepared for Committee presentation phases.
Since 1 January 2021, Melvyn Sims has been engaged as a consultant acting as the Deputy Chairman of the Trustees for the charity with respect to the Bayes Entrepreneurial Fund. The fee for his services is £6,667 per month and has not increased since his engagement.
The Sussex Community Foundation
The aim of the Cullum Family Trust this year was to continue to support the Sussex Community Foundation with donations to local projects nominated by the Foundation which are discussed and agreed by the Trustees. In this period, the Cullum Family Trust donated £144,602 to the Foundation.
The Bayes Entrepreneurship Fund
The year showed continued progress and development for the Bayes Entrepreneurship Fund and its portfolio companies. Throughout the year, the investment team and the Committee to which it reports remained focussed on its core mission: the support of early-stage businesses and ambitious entrepreneurs to build shareholder value and generate financial returns on investment, from which future generations of entrepreneurs at Bayes may derive support.
The fund has made 8 investments in the year totalling nearly £2.4m. Just over £1.7m related to new investments, Zinc, Kirontech and Carradale, with the remainder relating to existing investments, Evolve, iDefigo and Macranet.
During the period, several new ventures were presented to the Investment Committee for appraisal. These opportunities reflect the select number of curated investment opportunities which meet key investment criteria, and are subsequently prepared for Committee presentation phases.
Since 1 January 2021, Melvyn Sims has been engaged as a consultant acting as the Deputy Chairman of the Trustees for the charity with respect to the Bayes Entrepreneurial Fund. The fee for his services is £6,667 per month and has not increased since his engagement.
Page 4
Cullum Family Trust
(A Company Limited by Guarantee)
Achievements and performance (continued)
b. Investments Policy and Performance
The Trust’s policy is to build a fund from donations received from Peter Cullum to provide sufficient income to make donations to charitable causes from the returns on investments. In order to help achieve this objective, the Trust has placed funds in investment portfolios managed by Coutts & Co and HSBC.
Investment policy and objective
To achieve an income of between 3% and 5% per annum whilst achieving long term capital growth of the portfolio.
Investment policy and objective
To achieve an income of between 3% and 5% per annum whilst achieving long term capital growth of the portfolio.
The asset allocation is at the discretion of the Coutts/HSBC Investment Managers. The aim is for the Trust to have a medium risk exposure. Coutts/HSBC Wealth Management are tasked with managing the portfolios in accordance with the agreed investment profile schedule.
Performance Summary
The Coutts & Co portfolio performance over the period is as follows:-
The Coutts & Co portfolio value as at 5 April 2025 stood at £14,196,031.
Performance is measured against a benchmark of 30% Bloomberg Global G7 Total Return Index (GBP hedged), 15% Bloomberg Global Credit Hedged (GBP), 33% MSCI AC World Ex UK ESG Screened Index NR (GBP) and 22% MSCI UK Select ESG Screened Index NR (GBP).
Performance Summary
The Coutts & Co portfolio performance over the period is as follows:-
The Coutts & Co portfolio value as at 5 April 2025 stood at £14,196,031.
Performance is measured against a benchmark of 30% Bloomberg Global G7 Total Return Index (GBP hedged), 15% Bloomberg Global Credit Hedged (GBP), 33% MSCI AC World Ex UK ESG Screened Index NR (GBP) and 22% MSCI UK Select ESG Screened Index NR (GBP).
Page 5
Cullum Family Trust
(A Company Limited by Guarantee)
Achievements and performance (continued)
The HSBC portfolio performance over the period is as follows:-
The HSBC portfolio value as at 5 April 2025 stood at £11,279,335.
Investment Performance data from both Coutts and HSBC is provided to the Trustees on a quarterly basis and half yearly review meetings are held with the Investment Managers.
Investment Restrictions
There are no specific investment restrictions but it has been stipulated by the charity that Russian-based investments are not permitted.
A medium risk strategy applies to both the Coutts and HSBC Investment Portfolios, and this is carefully documented as part of the investment agreements.
The HSBC portfolio value as at 5 April 2025 stood at £11,279,335.
Investment Performance data from both Coutts and HSBC is provided to the Trustees on a quarterly basis and half yearly review meetings are held with the Investment Managers.
Investment Restrictions
There are no specific investment restrictions but it has been stipulated by the charity that Russian-based investments are not permitted.
A medium risk strategy applies to both the Coutts and HSBC Investment Portfolios, and this is carefully documented as part of the investment agreements.
Financial review
a. Reserves policy
The Trustees consider the fund to be an investment fund held to generate income and aim to ensure the stability of the existing grant making programme funded by it.
Based on the current total funds held in the respective investment pots, the Trustees are confident sufficient income will be generated to maintain the ongoing programme of donations.
Page 6
Cullum Family Trust
(A Company Limited by Guarantee)
Financial review (continued)
b. Plans for the future
We will continue to work with our chosen charity partners in 2025-26.
In the next 12 months the Trustees anticipate the following:
In the next 12 months the Trustees anticipate the following:
∙In addition to continuing the NAS Cullum Centres project, the Trust is considering other ways of supporting the NAS on the theme of education and continuing the evaluation project with regards to the existing centres.
∙We will continue to support an NAS Digital Guidance project. This project has enabled NAS to provide immediate support such as digitising their helpline content and making it available on their website. It has also given NAS the opportunity to think long-term about the future and how they can ensure they are meeting their audience’s needs in the most effective and efficient way.
∙We have pledged to continue our support for the Sussex Community Fund with funding in 2025-26 totalling £100,000.
∙We will continue to provide financial support to Bayes Business School (formerly known as Cass Business School) with a facility for entrepreneurship using the fund of £10m launched in 2023-24 which began actively investing in new businesses during 2024-25.
c. Results for the year
During the year, the Trust received investment income of £573,010 (2024: £489,205). Expenditure on charitable activities totalled £1,149,173 (2024: £1,400,627). Costs of generating funds, including investment management fees, totalled £123,964 (2024: £131,606) and governance costs totalled £122,731 (2024: £99,102).
After adding gains and deducting losses on the disposal of investments, net expenditure before unrealised gains was £700,127 (2024: £1,043,028). The Trust has listed and unlisted investments of £26,270,858 (2024: £29,048,538). The Trust also has investments in property of £450,000 (2024: £450,000), other investments of £5,669,014 (2024: £3,628,800) and net current assets totalling £599,834 (2024: £781,247). At 5 April 2025 the Trust's reserves totalled £32,989,706 (2024: £33,908,585).
After adding gains and deducting losses on the disposal of investments, net expenditure before unrealised gains was £700,127 (2024: £1,043,028). The Trust has listed and unlisted investments of £26,270,858 (2024: £29,048,538). The Trust also has investments in property of £450,000 (2024: £450,000), other investments of £5,669,014 (2024: £3,628,800) and net current assets totalling £599,834 (2024: £781,247). At 5 April 2025 the Trust's reserves totalled £32,989,706 (2024: £33,908,585).
Page 7
Cullum Family Trust
(A Company Limited by Guarantee)
Structure, governance and management
a. Constitution
The Trust is a registered charity number 1117056 and was established by Peter Cullum CBE in 2006.
It is chaired by Peter Cullum who takes an overview of all activities and in particular The Bayes Entrepreneurship Fund and investee companies.
This is a non-salaried role and requires, on average, attendance at meetings for 2-3 days per month.
Claire Cullum-Jay is the Chief Executive and has overall responsibility for the day-to-day operations and reports to the Chairman of the Trustees.
Abi Cullum is responsible for general administration including supporting the work with the Sussex Community Foundation.
Simon Cullum has full responsibility for managing the relationship with The National Autistic Society.
b. Management remuneration
Claire Cullum-Jay £31,817
Abi Cullum £25,453
Simon Cullum £52,818
The Chairman agreed the remuneration for each of the three individual members of the team.
The above staff received a salary increase of 2.5% from 1 January 2025.
This was based on his wish to maintain a low quartile of salary in keeping with the ethos and value of the Trust.
c. Governance
The decision-making process involves regular meetings to discuss and share progress reports on the various projects, and to agree the new charity groups to support on an ongoing basis.
The CEO holds a series of meetings with the CEO of the Sussex Community Foundation.
The CEO holds a series of meetings with the CEO of the Sussex Community Foundation.
The Chairman and Simon Cullum are fully engaged with the team at The National Autistic Society on the project management of the NAS Cullum Centres. This has developed into a first class working relationship which is both proactive and highly structured in relation to the project initiatives.
The Chairman and the consultant, Melvyn Sims (acting as the Deputy Chairman of the Trustees), manage the interaction with Bayes Business School on The Bayes Entrepreneurship Fund. This involves holding monthly management meetings to review the financial performance of the companies the fund has invested in and to consider prospective investments.
The Cullum Family Trust has the full benefit of the management team at The Bayes Entrepreneurship Fund and an independent investment committee that has, amongst its members, the Dean of Bayes Business School, the Professor of Entrepreneurship, the Bayes COO and a leading investment banker.
Page 8
Cullum Family Trust
(A Company Limited by Guarantee)
Structure, governance and management (continued)
d. Trustees Appointments and Training
e. Structure and Constitution
The main objectives of the Trust are:
∙To relieve poverty and the advancement of education and religion; and
∙Any such other purposes for the benefit of the public as shall be exclusively charitable.
f. Risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operation and finances of the Trust and are satisfied that the systems and procedures are in place to mitigate the Trust’s exposure to the major risks.
The risk of a lack of capacity to manage the grant making programme is mitigated by the close working relationships the Trust has with its three charity partners as we are fully supported by their expertise and capacity.
The principal risks faced by the Trust lie in the performance of the investments needed to generate the income to continue the grant making programme.
The target of generating 3-5% income is currently being achieved.
g. Financial risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the Trust in the event of winding up.
Page 9
Cullum Family Trust
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Hurst Accountants Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Page 10
Cullum Family Trust
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Cullum Family Trust
We have audited the financial statements of Cullum Family Trust (the 'trust') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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 material 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 fact.
We have nothing to report in this regard.
Page 11
Cullum Family Trust
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Cullum Family Trust (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 misstatement, whether due to fraud or error.
Page 12
Cullum Family Trust
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Cullum Family Trust (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business
performance including key drivers for directors' remuneration, bonus levels and performance targets.
performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was
aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any
actual, suspected, or alleged fraud.
aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any
actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial
statements and any potential indicators of fraud.
statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have
a direct effect on the financial statements, such as the Companies Act 2006, Charities SORP, Charities Act 2011,
Charities Commission, pensions and tax legislation, or which had a fundamental effect on the operations of the
Company, including General Data Protection requirements, Anti-bribery and Corruption.
a direct effect on the financial statements, such as the Companies Act 2006, Charities SORP, Charities Act 2011,
Charities Commission, pensions and tax legislation, or which had a fundamental effect on the operations of the
Company, including General Data Protection requirements, Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the
provisions of those relevant laws and regulations which have a direct effect on the financial statements
provisions of those relevant laws and regulations which have a direct effect on the financial statements
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws
and regulations and fraud
and regulations and fraud
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of
material misstatement due to fraud.
material misstatement due to fraud.
Page 13
Cullum Family Trust
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Cullum Family Trust (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the
judgements made in making accounting estimates are indicative of a potential bias; and
judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.
business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws
and regulations are from the events and transactions reflected in the financial statements, the less likely we would become
aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws
and regulations are from the events and transactions reflected in the financial statements, the less likely we would become
aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG
Page 14
Cullum Family Trust
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 5 April 2025
Page 15
Cullum Family Trust
(A Company Limited by Guarantee)
Registered number: 06003552
Balance Sheet
As at 5 April 2025
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Page 16
Cullum Family Trust
(A Company Limited by Guarantee)
Statement of Cash Flows
For the Year Ended 5 April 2025
Page 17
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
The Trust is a company limited by guarantee domiciled and incorporated in England and Wales, registered number 06003552. The members of the company are the Trustees named on page 1. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust.
The address of its registered office and principal place of business is Wealden Hall, Parkfield, Sevenoaks, Kent, TN15 0HX.
The address of its registered office and principal place of business is Wealden Hall, Parkfield, Sevenoaks, Kent, TN15 0HX.
2.Accounting policies
The financial statements have been presented in Pounds Sterling rounded to the nearest £1.
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Investment income (consisting of loan note interest and dividend income) is recognised in the Statement of Financial Activities using the effective interest method.
Income from Bayes LLPs is recognised as profits are allocated, in line with the relevant LLP agreements.
Income from Bayes LLPs is recognised as profits are allocated, in line with the relevant LLP agreements.
Page 18
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
2.Accounting policies (continued)
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charitable company. Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank.
Page 19
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the Trustees and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific assets. No depreciation is provided. Changes in fair value are recognised in the statement of financial activities.
Page 20
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
Page 21
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
Page 22
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
Page 23
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
7.Analysis of expenditure by activities (continued)
Page 24
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
9.Staff costs (continued)
The 2025 valuations were made by the Trustees, on an open market value for existing use basis. No further valuations were made during 2025.
Page 25
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
Page 26
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
Page 27
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
Page 28
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
At the balance sheet date, the Trust plans to provide grants of up to a maximum of £13,060,145 (2024: £13,060,145) to the National Autistic Society (NAS). Grants to the NAS of £537,195 are recognised in the period (2024: £768,120). There is no specific timetable or amounts for payment of these grants, but they will be payable to the NAS subject to the cash flow requirements for the projects.
At the balance sheet date, the Trust is committed to providing a grant of £100,000 (2024: £100,000) to the Little Gate Farm for the supported employment programme. Grants to Little Gate Farm of £25,000 are recognised in the period (2024: £25,450).
At the balance sheet date, the Trust is committed to providing a grant of £100,000 (2024: £100,000) to the Little Gate Farm for the supported employment programme. Grants to Little Gate Farm of £25,000 are recognised in the period (2024: £25,450).
Page 29
Cullum Family Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 5 April 2025
Page 30