**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** |**Notes**
**Income and endowments from:**
Investments
Dividends received on equities
**16**
Interest received on other
Investments
**18**
Interest received on fixed interest
stocks
**17**
Stockbrokers account interest
**Total income**
**Expenditure on:**
Raising funds
**6**
Charitable activities
**2**
**Total expenditure**
**Net income/(expenditure)**
**Transfer between funds**
**Gains/(losses) on investment assets**
Unrealised
**16-18**
Realised
**16-18**
**Net Movement In Funds**
**Reconciliation of Funds**
Total Funds brought forward
**Total Funds carried forward**|**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**|**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_|_£_
_£_
_1,163,642_
_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**|**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 and endowments from:**
Investments
Dividends received on equities
Interest received on other
Investments
Interest received on fixed interest
stocks
Stockbrokers account interest
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**Net income/(expenditure)**
**Transfer between funds**
**Gains/(losses) on investment assets**
Unrealised
Realised
**Net Movement In Funds**
**Reconciliation of Funds**
Total Funds brought forward
**Total Funds carried forward**|**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: 1. 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 2. 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