2025-04-05-accounts - H And M Castang Charitable Trust

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Charity Number 1003867

H. & M. CASTANG CHARITABLE TRUST

ANNUAL REPORT AND STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2025

Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE

H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT FOR THE YEAR ENDED 5[TH] APRIL 2025

Page 1.

The trustees present their report with the financial statements of the charity for the year ended 5[th] April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Trust is registered with the Charity Commission and was created by a Deed of Trust dated 12[th] July 1991 whereby Miss Hilda Castang settled funds on the Trustees (at that time herself, Michael Boyde Glynn and Ian Anthony Burman) to be used “for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit” (Clause 6.1).

The Settlor’s brother Max Castang, who had recently died, had suffered from Cerebral Palsy from birth and the Settlor wished particularly for the Charity to use its resources for “the promotion of research into the causes of and the alleviation of all forms of mental and physical handicap or disability and the publication of the useful results of such research and the relief of persons suffering from the same by the provision of financial assistance” (Clause 6.2(a)).

Initially, the Trustees used income to make grants to charities involved in caring for the mentally and physically disabled but as they became more aware of the problems involved it became clear that funding for research into the underlying causes of mental and physical disability was much needed.

To this end the Trustees have recruited individuals with medical knowledge to assist the Trustees deliberations.

The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit, and in particular for the promotion for the public benefit of research into the causes and alleviation of neurodisability in childhood and publication of the useful results of such research.

Investment Policy

The Trust has power to invest in such assets as it sees fit. The Trust’s policy is to invest in a range of fixed interest stocks and equity shares and the portfolio is managed by Charles Stanley & Company Limited, the Trust’s stockbrokers. The Investments are held by ROCK (Nominees) Limited, Cofunds and Euroclear. The Trustees require a broad spread of investments, without restriction on the basis of ethical considerations, a low to medium risk to capital and an annual income of approximately £85,000. Approximately 94% of the income requirement has been met this year and a similar level is anticipated for 2025/26. The value of the investments has decreased by 1% in the year.

The Trust holds a variety of cash deposits to provide varying degrees of liquidity.

Grant Making Policy

The Trustees consider applications for grants at each meeting. Applications are submitted to the Foundation and if necessary are peer reviewed by a Trustee prior to the next meeting. The Trustees may request further information. The Foundation has also entered into a collaborative arrangement with the British Academy of Childhood Disability who put forward projects for the Foundation to support.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Trustees held two meetings in the year, on 15 May 2024 and 14 November 2024.

Further progress was made by Dr Alexandra Hendry at Oxford University who was the recipient of the NIHR Castang Foundation Advanced Fellowship Award funded jointly by the Foundation and the National Institute for Health Research. The study on “refining testing and targeting an intervention to support the early development of executive functions amongst infants with an elevated likelihood of autism and/or ADHD” has two years left to run and grants made to it in the year amounted to £38,382.

Following the cessation of the Sunderland study £15,000 was applied to data linkage and sharing workshops held by the British Academy of Childhood Disability (“BACD”).

The study by Manchester University in relation to a heme binding agent for the prevention of fetal vascular compromise is close to completion and the results of the study should be ready for publication in the latter part of 2025 or early 2026. Similarly the Trustees expect papers to be published in 2025 arising from the study undertaken by Chris Oliver at Birmingham University.

H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5[TH] APRIL 2025

Page 2.

Achievements and Performance (continued)

The Trustees are pleased to report that ten further fellowships were awarded arising from the BACD - Castang Fellowships scheme. Of these five are advanced Fellows.

The Trust is not dependent upon the services of unpaid volunteers or donations-in-kind.

Public Benefit

The Trustees have considered their duty set out in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission, and in their opinion the foregoing report on the achievements and performance demonstrates that they have complied therewith.

Financial Review

Going concern

The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Results for the year

Unrestricted income for the year amounted to £79,544, all of which was from investment activities. Unrestricted resources expended during the year amounted to £55,541, of which £38,382 was in respect of funding research projects and £9,926 for the associated support costs.

Reserves Policy

The Trustees’ general reserve policy is to maintain sufficient in the income fund to cover commitments to research projects, (both in progress and agreed to in principle) and to ensure the smooth running of the day to day operations of the Trust. However, no strict reserve policy is necessary as the Trustees are permitted under the Trust Deed to spend Capital. The level of reserves and current commitments are reviewed regularly at Trustees’ meetings.

At the end of the year, the total unrestricted funds amounted to £1,767,176 and total restricted funds were £30,814.

Governance, Structure and Management

Governance

In terms of civil law the operation of the Trust is governed by its Trust Deed through the Trustees and is a Charity registered with the Charity Commission for England and Wales (Charity Registration Number 1003867).

Structure and Management

Ian Burman acts as Clerk to the Trustees and deals with all general administration. Abigale Page acts as Treasurer and deals with the maintenance of the accounting records. Any policy decisions are taken by the full Board of Trustees. There were no changes in policy during the year.

Risk Management

The Trustees continue to monitor the major risks to which the Trust is exposed and are satisfied that adequate systems are in place to mitigate the exposure to those risks.

Recruitment and appointment of new trustees

The power of appointing new or additional Trustees is vested in the Trustees, who prior to appointment would be introduced to the workings of the Trust and advised of their joint and several responsibilities.

Trustees

Ian Anthony Burman LLB Dr Paul Eunson Dr Jeremy Parr Abigail Page FCA

Working Name

Castang Foundation

H. & M. CASTANG CHARITABLE TRUST CHARITY NUMBER 1003867 ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5[TH] APRIL 2025

Page 3.

Registered Office

Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT.

Accounting Records Maintained at

20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE.

Solicitors

Laytons Solicitors LLP, Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT.

Bankers

National Westminster Bank plc., 9 Devonshire Road, Bexhill-on-Sea, East Sussex, TN40 1AG.

Stockbrokers

Charles Stanley & Company Limited, Ropemaker Place, 25 Ropemaker Street, London, EC2Y 9LY.

Accountants

Gibbons Mannington & Phipps LLP, 20 Eversley Road, Bexhill-on-Sea, East Sussex, TN40 1HE.

Independent Examiner

Andy Childs FCA, Magee Gammon, Henwood House, Henwood, Ashford, Kent, TN24 8DH.

Web Site

www.castangfoundation.org.uk

On behalf of the Trustees:

Ian A. Burman

Date: 13 November 2025

Page 4.

H. & M. CASTANG CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2025

Income Capital Fund Fund £ £ 53,604 - 10,894 - 13,869 - 1,177 - 79,544 - - 13,207 55,541 - 55,541 13,207 24,003 (13,207) - - 24,003 (13,207) - 3,778 - 30,192 - 33,970 24,003 20,763 214,004 1,508,406 238,007 1,529,169 Unrestricted Funds	Income Capital Fund Fund £ £ 53,604 - 10,894 - 13,869 - 1,177 - 79,544 - - 13,207 55,541 - 55,541 13,207 24,003 (13,207) - - 24,003 (13,207) - 3,778 - 30,192 - 33,970 24,003 20,763 214,004 1,508,406 238,007 1,529,169 Unrestricted Funds	Restricted Fund £ - - - -	Total 2025 £ 53,604 10,894 13,869 1,177	Total 2024 £ 53,773 12,929 14,540 514
79,544	-	-	79,544	81,756
- 55,541	13,207 -	- 15,000	13,207 70,541	15,416 137,575
55,541	13,207	15,000	83,748	152,991
24,003 -	(13,207) -	(15,000) -	(4,204) -	(71,235) -
24,003	(13,207)	(15,000)	(4,204)	(71,235)
- -	3,778 30,192	- -	3,778 30,192	(51,438) (741)
-	33,970	-	33,970	(52,179)
24,003 214,004	20,763 1,508,406	(15,000) 45,814	29,766 1,768,224	(123,414) 1,891,638
238,007	1,529,169	30,814	1,797,990	1,768,224

Page 5.

H. & M. CASTANG CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2025

Notes £ £ Fixed assets Investments: Equities 16 1,132,426 Fixed income stocks 17 190,330 Other investments 18 344,871 1,667,627 Current assets Cash at bank and with stockbrokers 132,333 Total Current assets 132,333 Liabilities Creditors: Amounts falling due within one year 11 1,970 Net Current assets 130,363 Net assets 1,797,990 The funds of the charity: 12 Unrestricted funds: Capital fund 1,529,169 Income fund 238,007 Restricted fund 30,814 Total charity funds 1,797,990 2025	Notes £ £ Fixed assets Investments: Equities 16 1,132,426 Fixed income stocks 17 190,330 Other investments 18 344,871 1,667,627 Current assets Cash at bank and with stockbrokers 132,333 Total Current assets 132,333 Liabilities Creditors: Amounts falling due within one year 11 1,970 Net Current assets 130,363 Net assets 1,797,990 The funds of the charity: 12 Unrestricted funds: Capital fund 1,529,169 Income fund 238,007 Restricted fund 30,814 Total charity funds 1,797,990 2025	£ £ 1,163,642 192,290 325,831 1,681,763 88,467 88,467 2,006 86,461 1,768,224 1,508,406 214,004 45,814 1,768,224 2024
	1,667,627 130,363	1,681,763 86,461
132,333 1,970

	1,797,990	1,768,224
	1,529,169 238,007 30,814	1,508,406 214,004 45,814
	1,797,990	1,768,224

Approved by the Board of Trustees on 13 November 2025.

Ian Burman Dr Jeremy Parr

Dr Paul Eunson Abigail Page

Page 6.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025

1. Accounting Policies

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

Financial Reporting Standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Cash at bank and with stockbrokers

Cash at bank and with stockbrokers includes cash and short term highly liquid investments with a short maturity of three months or less from the opening of the deposit.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement value.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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 financial statements.

		2025	2024
2.	Charitable Activities	£	£
	Research projects	63,308	131,193
	Other costs	5,349	4,378
	Governance costs	1,884	2,004
		70,541	137,575

Page 7.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

3. Research Projects NIHR Castang Foundation Advanced Fellowship Award Dr Alexandra Hendry, University of Oxford - Refining, testing and targeting an intervention to support the early development of Executive Functions amongst infants at elevated likelihood of autism and/or ADHD BACD Funding Award - RAISE: Researching Allied Health in Schools and Education Newcastle University Research staff and running costs Ian Crocker Study - A Heme-Binding Agent for the Prevention of Fetal Vascular Compromise Manchester University BACD - Data linkage and sharing workshops. Data linkage and sharing workshops with researchers and civil servants / government officials. Support costs	2025 £ 38,382 38,382 - - - - 15,000 15,000 9,926 63,308	2024 £ 40,069
		40,069
		35,000
		35,000
		47,918
		47,918
		-
		-
		8,206
		131,193

Page 8.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

5. Support costs Trustees' expenditure: Research into projects being considered by the Trustees and monitoring those supported by the charity Raising funds Governance costs Allocated as follows: Grants and research projects Raising funds Governance costs	2025 £ 9,926 13,207 1,884 25,017 9,926 13,207 1,884 25,017	2024 £ 8,206 15,416 2,004
		25,626
		8,206 15,416 2,004
		25,626

Support costs comprises of research into projects being considered by the Trustees and monitoring those supported by the Charity. Management and administration comprises of costs for the running of the Charity itself as an organisation. Where costs cannot be directly attributed to either of these two categories, it is estimated based on activity levels that 60% of legal costs and 40% of accountancy charges are attributable to support costs with the balance attributable to management and administration.

6. Raising funds Investment management costs: Stockbroker's nominee fees Administrative fees 7. Other costs Bank charges and interest Printing, stationery and website costs Management and administrative fees 8. Governance costs Accountancy charges Independent examiner's charges	10,609 2,598 13,207 14 224 5,111 5,349 1,068 816 1,884	13,159 2,257
		15,416
		16 144 4,218
		4,378
		1,020 984
		2,004

9. Related party transactions

Transactions with Trustees

I.A. Burman Esq. is a partner in Laytons Solicitors LLP, the Trust's Solicitors, and benefits from the fees paid to that firm for legal and other duties. The total fees payable during the year were £8,574. At the year end there was no balance owing to Laytons Solicitors LLP.

A.M. Page is a Partner in Gibbons Mannington & Phipps LLP, the Trust's Accountants. The total fees payable for bookkeeping and accountancy services during the year were £8,881 At the year end there was no balance owing to Gibbons Mannington & Phipps LLP.

Clause 14 of the Trust Deed permits remuneration to be paid to Trustees acting in a professional capacity and Paragraph 17 of the First Schedule to the Trust Deed permits reimbursement of Trustees expenses.

Expenses

Expenses were reimbursed to two trustees for travel expenses during the year of £1,249.

Page 9.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

10. Investments Equities Quoted investments £ (see notes 17,18 & 19) Market value at 6th April 2024 1,163,642 Additions during the year - Disposals during the year (17,914) Net unrealised investment gains/(losses) (13,302) Market value at 5th April 2025 1,132,426 Historical cost as at 5th April 2025 821,457 11. Creditors: Amounts falling due within one year Other creditors 12. Statement of funds Balance at Incoming 06.04.2024 Resources £ £ Unrestricted funds Income fund General 214,004 79,544 Capital Fund 1,508,406 - 1,722,410 79,544 Restricted funds BACD fund 45,814 - 45,814 - Total funds 1,768,224 79,544	Equities £ 1,163,642 - (17,914) (13,302)	Fixed Income Stocks £ 192,290 - - (1,960)	Other Investments £ 325,831 - - 19,040	Total 2025 £ 1,681,763 - (17,914) 3,778	Total 2024 £ 1,821,052 - (87,851) (51,438)
	1,132,426	190,330	344,871	1,667,627	1,681,763
	821,457	206,481	247,104	1,275,042	1,292,956
		Resources Expended £ (55,541) (13,207)	Net gains/ (losses) - 33,970	1,970	2,006
				Transfers £ - -	Balance at 05.04.2025 £ 238,007 1,529,169
1,722,410	79,544	(68,748)	33,970	-	1,767,176
45,814	-	(15,000)	-	-	30,814
45,814	-	(15,000)	-	-	30,814
1,768,224	79,544	(83,748)	33,970	-	1,797,990

Details of restricted funds are as follows:

The BACD fund consists of a grant of £180,000 which will be expended on research projects. To date £149,186 has been expended.

Page 10.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

13. Future Commitments The Trustees have agreed to fund the following projects: a. BACD b. University of Manchester - Ian Crocker Study c. NIHR Castang Foundation Advanced Fellowship Award d. BACD - Castang Research Programme Manager	Total Cost £ 175,000	Future at 5.4.25 £ 125,000 4,641 37,957 35,000 Commitment
	165,665
	190,101
	35,000

		202,598

BACD

The Foundation has agreed a commitment of £175,000 to support research projects put forward by the British Academy of Childhood Disability (BACD).

This commitment will be paid over 5 years between 2023 and 2027 with £35,000 paid per annum.

University of Manchester - Ian Crocker Study

The Foundation agreed to fund the cost of the study by Ian Crocker with the University of Manchester - Heme binding agent for the prevention of fetal vascular compromise. This is a three year project costing £165,665. Donations of £161,024 have already been made towards this study and a further donation of £25,000 has been made from another charity. The balance remaining is £4,641.

NIHR Castang Foundation Advanced Fellowship Award

The Foundation is working in partnership with the National Institute for Health Research (NIHR) Academy and is co-funding an NIHR Castang Foundation Advanced Fellowship Award. This has been awarded to Dr Alexandra Hendry at the University of Oxford to fund research into 'Refining, testing and targeting an intervention to support the early development of Executive Functions amongst infants at elevated likelihood of autism and/or ADHD'. This funding commenced during 2021/22 and the total cost to the Foundation is £190,101 over five years.

BACD - Castang Research Programme Manager

The foundation is working in partnership with the British Academy of Childhood Disability (BACD) to provide funding to an organisation that employs a research programme manager. The funding of £35,000 will be used over 4 years starting in early 2025.

14. Analysis of net assets between funds

Fixed asset investments Current assets Creditors	Income Capital Fund Fund £ £ 138,458 1,529,169 101,519 - (1,970) - 238,007 1,529,169 Unrestricted Funds	Income Capital Fund Fund £ £ 138,458 1,529,169 101,519 - (1,970) - 238,007 1,529,169 Unrestricted Funds	Restricted Funds £ - 30,814 -	Total funds 2025 £ 1,667,627 132,333 (1,970)	Total funds 2024 £ 1,681,763 88,467 (2,006)
	238,007	1,529,169	30,814	1,797,990	1,768,224

Page 11.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

15. Comparative Statement of Financial Activities

Income Capital Fund Fund £ £ 53,773 - 12,929 - 14,540 - 514 - 81,756 - - 15,416 137,575 - 137,575 15,416 (55,819) (15,416) - - (55,819) (15,416) - (51,438) - (741) - (52,179) (55,819) (67,595) 269,823 1,576,001 214,004 1,508,406 Unrestricted Funds	Income Capital Fund Fund £ £ 53,773 - 12,929 - 14,540 - 514 - 81,756 - - 15,416 137,575 - 137,575 15,416 (55,819) (15,416) - - (55,819) (15,416) - (51,438) - (741) - (52,179) (55,819) (67,595) 269,823 1,576,001 214,004 1,508,406 Unrestricted Funds	Restricted Fund £ - - - -	Total 2024 £ 53,773 12,929 14,540 514
81,756	-	-	81,756
- 137,575	15,416 -	- -	15,416 137,575
137,575	15,416	-	152,991
(55,819) -	(15,416) -	- -	(71,235) -
(55,819)	(15,416)	-	(71,235)
- -	(51,438) (741)	- -	(51,438) (741)
-	(52,179)	-	(52,179)
(55,819) 269,823	(67,595) 1,576,001	- 45,814	(123,414) 1,891,638
214,004	1,508,406	45,814	1,768,224

Page 12.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

16. Investments - Equities

Acquisitions Sales Market Held within the U.K. Number Value Number Cost Number Proceeds £ £ £ AstraZeneca plc 570 60,534 - - - - Ordinary USD 0.25 Shares BAE Systems 7,000 92,820 - - 2,500 41,552 Ordinary 2.5p Shares British American Tobacco 1,870 43,552 - - - - Ord 25p shares BP 12,000 60,732 - - - - Ordinary 0.25US$ Shares Diageo 2,000 56,990 - - - - Ordinary 28101/108p Shares Digital 9 Infrastructure plc 38,095 8,609 - - - - Ord NPV Foresight Solar Fund Ltd 40,000 33,080 - - - - Ord NPV GSK plc 4,000 65,180 - - - - Ordinary 25p Shares Care Reit plc 38,000 31,920 - - - - Ordinary 1p shares JPMorgan Global Core Real Assets 40,000 27,200 - - 6,753 6,554 Ord NPV Land Securities Group plc 4,570 28,860 - - - - Ordinary 10.6666666p Shares Carried forward 509,477 - 48,106 At 6th April 2024	Acquisitions Sales Market Held within the U.K. Number Value Number Cost Number Proceeds £ £ £ AstraZeneca plc 570 60,534 - - - - Ordinary USD 0.25 Shares BAE Systems 7,000 92,820 - - 2,500 41,552 Ordinary 2.5p Shares British American Tobacco 1,870 43,552 - - - - Ord 25p shares BP 12,000 60,732 - - - - Ordinary 0.25US$ Shares Diageo 2,000 56,990 - - - - Ordinary 28101/108p Shares Digital 9 Infrastructure plc 38,095 8,609 - - - - Ord NPV Foresight Solar Fund Ltd 40,000 33,080 - - - - Ord NPV GSK plc 4,000 65,180 - - - - Ordinary 25p Shares Care Reit plc 38,000 31,920 - - - - Ordinary 1p shares JPMorgan Global Core Real Assets 40,000 27,200 - - 6,753 6,554 Ord NPV Land Securities Group plc 4,570 28,860 - - - - Ordinary 10.6666666p Shares Carried forward 509,477 - 48,106 At 6th April 2024	Realised Gains/ (Losses) £ - 30,437 - - - - - - - (245) -	Unrealised Gains/ Market (Losses) Number Value £ £ 1,072 570 61,606 (13,417) 4,500 68,288 14,437 1,870 57,989 (16,248) 12,000 44,484 (16,750) 2,000 40,240 (5,180) 38,095 3,429 (2,640) 40,000 30,440 (8,480) 4,000 56,700 9,196 38,000 41,116 6,396 33,247 26,797 (4,228) 4,570 24,632 (35,842) 455,721 At 5th April 2025	Unrealised Gains/ Market (Losses) Number Value £ £ 1,072 570 61,606 (13,417) 4,500 68,288 14,437 1,870 57,989 (16,248) 12,000 44,484 (16,750) 2,000 40,240 (5,180) 38,095 3,429 (2,640) 40,000 30,440 (8,480) 4,000 56,700 9,196 38,000 41,116 6,396 33,247 26,797 (4,228) 4,570 24,632 (35,842) 455,721 At 5th April 2025	Historical Cost Date £ 17,260 Sep Mar 20,005 Jun Dec 50,235 May Aug Nov Feb 51,597 Jun Sep Dec Mar 12,840 Apr Oct 40,275 39,949 May Aug Nov Feb 63,143 Apr Jul Oct Jan 39,599 May Aug Nov Feb 33,476 May Aug Nov 24,094 Apr Jul Oct Jan 392,473	Dividend Received £ 442.32 957.60 1,295.00 868.00 1,101.06 1,101.05 1,101.06 1,101.06 681.90 725.98 755.51 741.13 641.00 944.60 758.00 800.00 800.00 800.00 640.00 600.00 600.00 600.00 660.25 660.25 660.25 660.25 420.00 420.00 420.00 425.01 552.97 420.44 429.58
	48,106	30,192		455,721		23,784.27

Page 13.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

16. Investments - Equities (Continued)

Investments - Equities (Continued)
Acquisitions Sa Market Held within the U.K. Number Value Number Cost Number £ £ Brought forward 509,477 - Legal & General 24,000 60,264 - - - Ordinary 2½p Shares M.P. Evans Group 3,600 29,664 - - - Ordinary 10p Shares PRS Reit (The) 29,205 22,780 - - - Ordinary 1p shares RELX plc 2,800 92,904 - - - Ordinary 14 51/116p Shares SDCL Efficiency Income Trust plc 40,000 23,600 - - - Ordianry 1p shares Shell 3,000 83,400 - - - Ordinary Euro 0.07 Supermarket Income REIT plc 36,000 27,288 - - - Ordinary 1p Shares Unilever plc 1,700 65,229 - - - Ordinary 31/9p Shares Vodafone 29,000 19,888 - - - Ordinary USD 0.2095238 shares Held Outside the U.K. Roche Holdings AG 300 57,893 - - - Genusscheine NPV (NES) Samarang UCITS SICAV 143 36,844 - - - Asian Prosperity A1 Schroder Oriental 35,000 90,650 - - - Ordinary 1p Shares Universal Music Group 1,850 43,761 - - - Euro 10 shares 1,163,642 - At 6th April 2024	les Proceeds £ 48,106 - - - - - - - - - - - - -	Realised Gains/ (Losses) £ 30,192 - - - - - - - - - - - - -	Unrealised Gains/ (Losses) Number £ (35,842) (6,864) 24,000 5,760 3,600 9,170 29,205 13,944 2,800 (5,440) 40,000 (8,955) 3,000 (396) 36,000 14,569 1,700 (522) 29,000 13,005 300 (2,923) 143 (2,100) 35,000 (6,708) 1,850 (13,302) At 5th	Market Value £ 455,721 53,400 35,424 31,950 106,848 18,160 74,445 26,892 79,798 19,366 70,898 33,921 88,550 37,053 April 2025	Historical Cost Date £ 392,473 34,670 Jun Sep 29,454 Jun Nov 29,426 May Aug Nov Mar 18,118 Jun Sep 40,677 Jun Sep Dec Mar 39,095 Jun Sep Dec Mar 37,161 May Aug Nov Feb 15,457 Jun Sep Dec Mar 45,233 Aug Feb 30,374 Mar 41,042 Dec 37,726 May Aug Nov Feb 30,551 Jun Oct 821,457	Dividend Received £ 23,784.27 3,511.20 1,440.00 1,170.00 540.00 292.06 292.05 292.05 321.26 1,170.40 509.60 624.00 632.00 632.00 632.00 808.20 784.50 810.90 833.70 545.40 545.40 550.80 550.80 624.58 628.32 622.71 641.75 1,099.07 546.96 1,639.29 1,663.09 700.00 700.00 2,100.00 700.00 353.92 311.37
	48,106	30,192		1,132,426		53,603.65

Page 14.

H. & M. CASTANG CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5TH APRIL 2025

17. Investments - Fixed Income Stocks

		At	6th April	2024	Acquisitions	Acquisitions	Sales	Sales	Realised	Unrealised	At	5th April	2025
				Market					Gains/	Gains/			Market	Historical		Income
	Held within the U.K.	Number		Value	Number	Cost	Number	Proceeds	(Losses)	(Losses)	Number		Value	Cost	Date	Received
		£		£	£	£	£	£	£	£	£		£	£		£
	CG Portfiolio Fund		300	47,421	-	-	-	-	-	(315)		300	47,106	48,186	Nov	1,342.44
	The Dollar Fund CLS 'D'
	CQS New City High Yield Fund Ltd	100,000		51,600	-	-	-	-	-	(200)	100,000		51,400	52,388	May	1,000.00
	Ordinary Shares														Aug	1,500.00
															Nov	1,000.00
															Feb	1,000.00
	GCP Infrastructure Investments Ltd	15,291		10,902	-	-	-	-	-	(290)	15,291		10,612	16,095	Jun	267.59
	Ordinary C £0.01														Sep	267.59
															Nov	267.59
															Mar	267.59
	Invesco Bond Income Plus	30,000		51,600	-	-	-	-	-	300	30,000		51,900	55,147	May	862.50
	Ordinary NPV														Aug	862.50
															Nov	862.50
															Feb	918.75
	Held Outside the U.K.
	Biopharma Credit plc	44,000		30,767	-	-	-	-	-	(1,455)	44,000		29,312	34,665	Apr	604.93
	Ord USD0.01 Shares														Jul	581.86
															Oct	1,257.42
															Feb	1,006.10
				192,290		-		-	-	(1,960)			190,330	206,481		13,869.36
18.	Investments - Other
		At	6th April	2024	Acquisitions		Sales		Realised	Unrealised	At	5th April	2025
				Market					Gains/	Gains/			Market	Historical		Dividend
	Held within the U.K.	Number		Value	Number	Cost	Number	Proceeds	(Losses)	(Losses)	Number		Value	Cost	Date	Received
				£		£		£	£	£			£	£		£
	Savills Investment Management (UK) Ltd	50,000		59,405						933	50,000		60,338	60,120	May	721.25
	Charities Property DIS														Aug	687.30
															Nov	713.10
															Feb	716.55
	Ruffer Investment Company	24,000		64,200						3,960	24,000		68,160	30,814	Oct	744.00
	Red Ptg Pref 0.01p Shares														Apr	684.00
	Held Outside the U.K.
	Trojan Investments Funds	77,486.51		97,726						7,291	77,486.51		105,017	89,342	Jul	942.31
	Trojan Global Income F DIS														Sep	765.33
															Dec	752.70
															Mar	726.90
	Veritas Funds plc		400	104,500						6,856		400	111,356	66,828	Oct	2,579.36
	Global Equity Income D GBP DIS														Apr	861.52
				325,831		-		-	-	19,040			344,871	247,104		10,894.32

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF H. & M. CASTANG CHARITABLE TRUST FOR THE YEAR ENDED 5TH APRIL 2025

Page 15

I report on the accounts for the year ended 5th April 2025 set out on pages 4 to 14.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

It is my responsibility to

examine the accounts under section 145 of the 2011 Act,
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act), and
to state whether particular matters have come to my attention.

Basis of the independent examiner’s report

My examination was carried out in accordance with General Directions given by the Charity Commission. 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

In connection with my examination, no matter has come to my attention:

which gives me reasonable cause to believe that in, any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the
Accounting requirements of the 2011 Act

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Andy Childs FCA Magee Gammon Henwood House Henwood Ashford, Kent TN24 8DH

Date: 14 November 2025