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2025-09-30-accounts

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust

Trustees’ report and consolidated

financial statements Registered charity number 1015762 30 September 2025

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Contents

Reference and administrative details 3
Trustees’ report 4
Independent Examiners report 10
Consolidated statement of financial activities 11
Trust statement of finamcial activities 12
Consolidated and Charity balance sheets 13
Notes (forming part of the financial statements) 14- 30

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Reference and administrative details

Registered charity number 1015762 Chairman Revd JR Libby Trustees Revd JR Libby ME Browne MG Libby C Armstrong Centre Manager Mr Neil Addington Registered Address The Kepplewray Centre Kepplewray Hill Broughton-in-Furness Cumbria LA20 6HE Solicitors Burnetts, Carlisle Bankers Barclays Bank Plc, Kendal, Cumbria Registered accountants MHA, Murley Moss Business Village, Oxenholme Road, Kendal

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Trustees’ report

The Trustees present their report and the financial statements of the Trust for the year ended 30 September 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Trust.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Trust’s governing document, the Charities Act 2011 and 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 published in October 2019.

Reference and Administrative Information

The Causeway Trust was created by a Declaration of Trust dated 24 September 1992 and was registered as a charity on 16 December 1992. By a deed dated 1 October 1994 the Trust’s name was changed to The Kepplewray Trust. The charity is registered with the Charity Commission under charity number 1015762. The Trustees, executive officers and principal addresses of the Charity, together with its professional advisers, are given on page 3.

Objects, Aims, Objectives and Activities

Charitable Objective

The main objective of the Trust is the advancement of the education and awareness of individuals and groups of disabled and non-disabled people through residential and day programmes of adventure, learning, challenge and relaxation in a fully accessible and inclusive Christian environment.

Through its trading company, Kepplewray Limited, a large mansion (‘Kepplewray’) in the Lake District was acquired which, after substantial renovation, enables the Trust to meet its charitable objective. Programmes at Kepplewray stretch mental and physical capabilities and deliberately promote the inclusion of disabled and disadvantaged people so that their conditions of life might be improved.

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Achievement and Performance

Despite best efforts and an increase in our sales and marketing efforts our residential booking revenue has fallen for a third year. The decrease in residential group bookings and the volatility (seasonality) of demand is very challenging and seems to reflect the ongoing impact of the cost-of-living crisis in the UK.

However, we have sought to mitigate the reduction in school residentials by developing a self-catering offer as a way of diversifying the business and this has been reasonably successful in filling up weekends and holiday periods which would otherwise be empty.

In addition, we have been able through careful planning to significantly reduce staffing costs across the charities activities and in hiring freelance instructors. These savings have reduced our losses in the current financial year compared to the previous year. However, these savings could not be replicated year on year, and we therefore recognise the vital need to see an increase in our earned income in future years whilst at the same time maintaining the costs savings already made.

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Steps taken to diversify our vision and business, as well as improve out-of-season income, include offering an instructor training course leading to professional qualifications, and we already have bookings for Autumn 2026 on this course. Another area being explored is an increased appreciation of neurodiversity and we are assessing our accommodation and activities in order to offer significant and relevant support to those in this group. We are also at the point of finalising an agreement with a supportive trust which will significantly reduce our monthly loan and lease repayments.

Refurb Projects

Despite the challenging economic conditions there has been progress in the successful delivery of projects to improve the Centre building and introduce new assets into our offer.

CGP Support : We have been greatly encouraged by the generous practical and financial support provided by local business CGP, which has enabled significant repairs and improvements to both the premises and surrounding grounds. Works completed or underway include extensive drainage improvements and resurfacing of the car park, landscaping and enhancements to the gardens, redecoration of the building internally and externally, replacement lighting, new blinds and curtains, attractive artwork throughout the public areas, and improvements to the roof and external fabric of the property. These developments have transformed the appearance, accessibility and functionality of the premises, creating a more welcoming and appealing environment for both staff and clients. The support received has been substantial and, had it not been so generously provided, would have represented a considerable cost to the charity.

Broughton School: We continued close links with Broughton-in-Furness Primary School, welcoming their pupils for activities throughout the year and providing freshly cooked school dinners for them daily. The Kepp Adventure programme continues to inspire and equip these young children for living life to the full in the great outdoors, whatever the weather.

PIF: We continue to make good use of our Participation Inclusion Fund, which provides greatly subsidised access to activities for hundreds of guests who would not normally be able to join us at the Centre. Thanks to the generosity of a number of funders, we estimate that approximately a third of our visitors are able to come to the centre as a direct result of the support they receive from the PI.

Our thanks are also due to all of those who have made this continued momentum possible. To the staff team, but also to my fellow trustees, to our donors, to our returning user groups, to our essential prayerful supporters and to the Broughton-in-Furness community. The combined efforts of all these groups have enabled our inclusive journey to continue and to evolve even through a period of great uncertainty and vulnerability.

The Bethesda Project in Burundi

The Kepplewray Trust has continued its support of the work of Bethesda in the Muyinga diocese in northern Burundi through restricted donations from supporters around the UK. The work is carried out by three national staff one of whom is team leader reporting to the Bishop of Muyinga. They visit people with disabilities, prioritizing the young in the villages around Muyinga providing holistic care. This includes physiotherapy, provision of mobility and other aids, nutrition advice, promoting long term self-sufficiency, and education to try to remove the barriers to inclusion.

Throughout 2025 there has been considerable development of the work enabling expansion of both their provision and scope. This has been made possible by a number of factors:

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

In addition, there have been several significant developments made possible by close liaison with other supporting parties who have provided funding for specific projects:

Plans to visit Burundi in October 2025 had to be postponed due to health issues but it is hoped to reschedule that visit later this year, the purpose of which was to introduce some potential new funders to the work. Bridget Hathaway, a healthcare outreach worker with much experience of working in Africa, is visiting Muyinga for four days in March 2026 to provide training and support to the team.

We are very grateful to our faithful supporters of this vital work in one of the world ’ s poorest countries.

Management Development

In line with good practice, and very much as part of the work of the Development Team, we continue to develop our internal systems, support our staff, implement, review and amend our policies in order to deliver the best possible service to our guests.

Thanks

Donations and grants are vital to the development of the Centre. We are very grateful to all of our supporters and donors.

Financial review and results for the year

The Trust’s year end is 30 September, and the accounts are independently examined annually. The consolidated results are shown in the unaudited accounts attached to this report.

Investment Policy

The Trustees do not envisage the Trust holding investments in the foreseeable future apart from shares in its trading subsidiary. Any shares donated to the group will be sold as soon as they are fully listed.

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Reserves Policy

The group’s free reserves at 30 September 2025 are in deficit by £768,767 (2024: deficit of £756,591). Of this amount, £661,047 (2024: £663,721) are long term liabilities not due to crystallise for at least 12 months from the balance sheet date. Allowing for this, the adjusted free reserves for the group at 30 September 2025 are a deficit of £107,720 (2024: deficit of £92,870).

The charity’s free reserves at 30 September 2025 are in deficit by £135,083 (2024: deficit of £135,949). Of this amount, £239,140 (2024: £239,140) are long term liabilities not due to crystallise for at least 12 months from the balance sheet date. Allowing for this and the long-term debtor of £146,745 (2024: £133,998), the adjusted free reserves for the charity at 30 September 2025 is a deficit of £42,688 (2024: deficit of £30,807).

Despite its financial struggles and a failure to build any reserves Kepplewray Trust continues to effectively deliver its mission driven focus thanks to the support of donors and the generous intervention of its Trustees. We believe the following points help support the argument that despite the lack of reserves we are still a going concern.

  1. Earned income reduced but there are signs of recovery through new markets and diversification of our offer. Our earned income has been reduced post covid and we are working hard to recover this income by

  2. widening our sales and marketing reach to new areas of the Northwest region as well as;

  3. seeking to diversify our offer in particular with the introduction of self-catering options to help fill weekends.

Both these initiatives are beginning to show signs of working albeit slowly.

  1. Strong Donor Base : Regular contributions from committed donors continue to help sustain the charity's activities. We hope to grow this in the future.

  2. Effective Cost Management : The charity has demonstrated effective cost management and the ability to operate on a shoestring budget. We continue to work on efficient use of resources and cost-cutting measures to ensure sustainability.

  3. NB We hope soon to significantly reduce our rent outgoings due to the intervention of one of the Kepplewray management group who is planning to pay off the remaining mortgage and take over as landlord of the centre but offering a 5 year holiday from rent.

  4. Positive Impact and Community Support : The charity's positive impact on its clients and strong support from beneficiaries and stakeholders is a sign of its longer term viability. In particular the support from local business CGP in the refurbishment of the building is a significant added value to the operation saving tens of thousands of pounds and adding huge value to the building and grounds.

  5. Access to Credit : The charity has access to short-term financing options via the Kepplewray Ltd overdraft which we have judicially used to manage cash flow issues and continue operations.

6. Future Funding Opportunities : The charity has started using the services of an external fundraiser and it is hoped that this will lead to greater success in potential future funding opportunities, such as upcoming grants or fundraising campaigns.

  1. Dedicated Trustees, Leadership and Staff : A committed leadership team and dedicated staff all contribute to the charity's mission during challenging financial times. Their dedication helps navigate financial difficulties and help to find innovative solutions.

  2. Mission-Driven Focus : The charity's unwavering commitment to its mission can inspire confidence in donors, volunteers, and stakeholders. We do have a clear and compelling mission to provide inclusive adventure experiences for all abilities and to use these to develop confidence and self-esteem in our young participants.

  3. Financial Planning and Forecasting : we are committed to using and improving financial planning and forecasting to help the charity anticipate and manage financial challenges.

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Structure, governance and management

Governing Document

The charity is governed by its Trust deed dating from 1992. The Trustees are granted wide powers of investment and of application of Trust funds towards the charitable objects of the Trust except that they may not undertake permanent trading activities in raising funds to achieve its objects.

Governing body

The charity is governed by its trustees, of whom there are currently four. They are responsible for the administration of the objects of the Trust, having overall control and holding the legal, financial and management responsibility of the charity. They meet at least quarterly, but also receive regular reports from the Management Group.

Recruitment, appointment, induction and training of new Trustees

Potential new trustees are approached by the Chairman on the basis of eligibility, availability, expertise and personal competence. They are normally invited to join the Kepplewray Management Group before being invited to become a trustee. On the group, they are introduced to all of the workings of the Charity. As trustees, they receive copies of Charity Commission newsletters and are informed of training courses that may be suitable for them.

Group structure and relationships

On 1 January 1995 the Trust signed a 99 year lease agreement with Kepplewray Limited, which is wholly owned by the Trust, to secure the exclusive use of the property at Kepplewray and enable the Trust to further its charitable objectives. The results of Kepplewray Limited are shown in note 15 to the financial statements.

Risk Management

The Trustees have identified the major risks to which the charity is exposed. Those risks have been reviewed and systems established to mitigate them. In keeping under review the Trust’s activities, Trustees are mindful of the potential for any changes to the present range of risks.

Future developments

Subsequent to the year end, the Charity secured additional funding which enabled the outstanding bank loan to be repaid in full. The Trustees have also progressed arrangements for the Charity's freehold property to be transferred to a member of the Kepplewray management group in settlement of the funding advanced and certain existing loan balances.

Under the proposed arrangements, the Charity will continue to operate from the property under a lease agreement, including an initial five-year rent-free period. The Trustees consider that these arrangements will significantly improve the Charity's cash flow, reduce its ongoing occupancy costs and support the restoration of unrestricted reserves.

These matters have been taken into account by the Trustees in their assessment of the Charity's ability to continue as a going concern.

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales/Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

…………………………………………………………………….

The Reverend J R Libby July 29, 2026 Chairman of the Trustees Date ………………………………………………

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Independent Examiner's Report to the Trustees of the Kepplewray Trust

I report to the charity trustees on my examination of the consolidated accounts of the group comprising the Kepplewray Trust (the ‘trust’) and its subsidiary for the year ended 30 September 2025 which are set out on pages 11 to 30.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts (both parent and group) carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I draw attention to the disclosures contained within the Trustees' Report and Note 1 concerning the Charity's ability to continue as a going concern. At 30 September 2025 the Group had net liabilities of £1,018 and unrestricted funds were in deficit. The Trustees also identify recurring operating losses, constrained cash resources, the requirement to restore restricted fund balances and the successful completion of planned postyear-end restructuring arrangements as matters giving rise to a material uncertainty that may cast significant doubt on the Group's and Charity's ability to continue as a going concern.

I confirm that there are no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jack Steer ICAEW, BA(Hons) MHA Kendal House Murley Moss Business Village Oxenholme Road Kendal LA9 7RL

July 29, 2026 Date…………………………

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Consolidated statement of financial activities

for the year ended 30 September 2025

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities:
Grants received
3
Accommodation and activities income
Other trading activities
Other
Total income and endowments
Expenditure
Raising funds:
Fundraising trading
Fundraising costs
Charitable activities
Provision of accommodation and activities
Governance/admin
Total expenditure
4
Net income/ (expenditure)
Transfers between funds
14
Tax on activities
Net movement in funds
Reconciliation of funds:
Fund balance brought forward
13,14
Fund balance carried forward
13,14		 Restricted
funds
£
37,207
20,001
-
-
-
57,208
-
-
42,806
-
42,806
14,402
(24,719)
-
(10,317)
32,378
22,061		 Unrestricted
funds
£
66,234
500
304,010
5,666
1,391
377,801
1,582
6,055
348,901
61,984
418,522
(40,721)
24,719
-
(16,002)
(7,077)
(23,079)
2025		 Total
£
103,441
20,501
304,010
5,666
1,391
435,009
1,582
6,055
391,707
61,984
461,328
(26,319)
-
-
(26,319)
25,301
(1,018)		 2024
Total
£
56,195
52,721
343,313
1,670
50
453,949
1,292
33,756
457,086
43,934
-
536,068
(82,119)
-
(2,286)
(84,405)
109,706
25,301

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Trust statement of financial activities for the year ended 30 September 2025

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities:
Grants received
3
Accommodation and activities income
Other
Total income and endowments
Expenditure
Raising funds
Fundraising costs
Advertising & Marketing
Charitable activities:
Provision of accommodation and activities
Other
Total expenditure
4
Unrealised loss on investment
9

Net income/ (expenditure)
Transfers between funds
14

Net movement in funds
Reconciliation of funds:
Fund balance brought forward
Fund balance carried forward		 Restricted
funds
£
37,207
20,001
-

-

57,208
-
-
42,806
-
42,806
-
14,402
(24,719)
(10,317)
32,378
22,061		 Unrestricted
funds
£
66,234
500
304,010
11,666
382,410
5,120
935
370,101
31,645
407,801
-
(25,391)
24,719
(672)
(19,888)
(20,560)
2025		 Total
£
103,441
20,501
304,010
11,666
439,618
5,120
935
412,907
31,645
450,607
-
(10,989)
-
(10,989)
12,490
1,501		 2024
Total
£
56,195
52,721
343,313
5,839
458,068
13,727
20,029
477,066
39,111
549,933
-
(91,865)
-
(91,865)
104,355
12,490

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Consolidated and Charity Balance Sheets at 30 September 2025

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Stocks
Debtors: amounts falling due within one year
10
Debtors: amounts falling due after more than one year
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
12
more than one year
Net assets
Income funds
Restricted funds
13,14
Unrestricted funds
13,14		 30 Sept
30 Sept
2025
2024
£
£
745,688
749,514
-

-
745,688
749,514
1,849
3,544
11,698
11,444
-
-
19,010
36,051
32,557
51,039
(118,216)
(111,531)
(85,659)
(60,492)
660,029
689,022
(661,047)
(663,721)
(1,018)
25,301
22,061
32,378
(23,079)
(7,077)
(1,018)
25,301
Group		 30 Sept
30 Sept
2025
2024
£
£
86,523
88,061
28,000
28,000
114,523
116,061
1,316
2,395
11,698
11,444
146,745
133,998
19,010
36,051
178,769
183,888
(52,651)
(48,319)
126,118
135,569
240,641
251,630
(239,140)
(239,140)
1,501
12,490
22,061
32,378
(20,560)
(19,888)
1,501
12,490
Charity		 30 Sept
30 Sept
2025
2024
£
£
86,523
88,061
28,000
28,000
114,523
116,061
1,316
2,395
11,698
11,444
146,745
133,998
19,010
36,051
178,769
183,888
(52,651)
(48,319)
126,118
135,569
240,641
251,630
(239,140)
(239,140)
1,501
12,490
22,061
32,378
(20,560)
(19,888)
1,501
12,490
Charity
116,061
2,395
11,444
133,998
36,051
183,888
(48,319)
135,569
251,630
(239,140)
12,490
32,378
(19,888)
12,490

July 29, 2026

These financial statements were approved by the board of Trustees on ……………………………………………… and were signed on its behalf by:

……………………………………………… The Reverend JR Libby Trustee

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (forming part of the financial statements)

1. Accounting policies

Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The Kepplewray Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At 30 September 2025, the Group had net liabilities of £1,018 (2024: net assets of £25,301) and unrestricted funds were in deficit by £23,079 (2024: deficit of £7,077). The Charity had unrestricted funds in deficit of £20,560 (2024: deficit of £19,888).

During the year, the Charity continued to experience trading losses and cash flow pressures. As a consequence, cash resources attributable to restricted funds have been temporarily utilised to support the Charity's working capital requirements. The Trustees recognise that these funds remain subject to donor-imposed restrictions and are committed to restoring the restricted fund balances from future unrestricted surpluses.

In assessing the appropriateness of adopting the going concern basis, the Trustees have considered cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. This incorporates assumptions regarding future trading performance, expected fundraising income, operating expenditure, continued support from donors and creditors, and the continued availability of existing financing arrangements.

The Trustees have identified a number of mitigating factors supporting these forecasts. During the year, operating costs were reduced, certain trading activities showed signs of recovery, donor support has continued, and confirmation has been received that certain loan balances will not be repayable within the next twelve months.

Subsequent to the year end, the Trustees secured additional funding which enabled the Charity to repay its bank loan in full. The Trustees are also progressing arrangements to transfer ownership of the Charity's freehold property to a member of the management group in settlement of the bank loan funding and certain existing loans. In return, the Charity will enter into a lease of the property, including an initial rent-free period, which is expected to improve liquidity and support the restoration of positive unrestricted reserves.

Notwithstanding these mitigating actions, at the time of approval of the accounts, the Group and the Charity continue to have net liabilities, recurring operating losses, constrained cash resources and an obligation to restore restricted fund balances. In addition, the proposed property transaction has not yet been completed. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt upon the Group's and Charity's ability to continue as a going concern.

Nevertheless, having considered the cash flow forecasts, the funding available to the Charity and the expected outcome of the actions described above, the Trustees have concluded that it is appropriate to prepare the financial statements on the going concern basis. Accordingly, the financial statements do not include any adjustments that would result if the Group or the Charity were unable to continue as a going concern.

Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. There are no designated funds in the period.

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

1. Accounting policies (continued)

Funds (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income and gains are allocated to the appropriate fund.

Income recognition policies

All incoming resources are included in the Statement of Financial Activities (SOFA) when it is probable the charity will be legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Other costs comprise the costs of running the charity, including strategic planning for its future development, also external audit, any legal advice for the trustees, and all the costs of complying with constitutional and statutory requirement, such as the costs of Trustees’ meetings and of preparing statutory accounts and satisfying public accountability.

Rent charged to the charity by its subsidiary company is treated as a cost of the charity, and the intra-group income and costs are excluded from the consolidated figures.

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The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

1. Accounting policies (continued)

Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and included at cost including any incidental costs of acquisition. Assets which are used by the group for direct charitable purposes are allocated as such. There are no assets otherwise classified.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic life as follows:

Freehold property Nil Semi-permanent property 10% Fixtures and fittings 10%/20% Equipment 10%/20% Motor vehicles 25%/12.5% for motorcars 10% with residual value of £1,000 for minibuses Equipment in Burundi 33%

The trustees perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Operating leases

Rentals payable under operating leases are charged against income based on occupancy levels.

Investments

Current asset investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the period. Fixed asset investments are stated at cost less any provision for permanent diminution in value

Stock

Stock consists of finished goods for resale and is valued at the lower of cost and net realisable value.

Related party transactions

The Trustees have taken advantage of the exemption in the FRS 102 and have not disclosed related party transactions with its subsidiary undertaking.

Pensions: Defined Contribution

The Charity set up a pension scheme with The Peoples’ Pension in March 2016 to comply with automatic enrolment requirements. Contributions to the scheme are charged in the SOFA as they become payable.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. In the opinion of the Trustees there have been no significant judgements made in the process of applying the above accounting policies. There have been no key assumptions concerning future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

2. Donations and gifts

Individuals
Donated facilities
Charitable foundations
Companies		 Group
21,899
9,566
41,643
30,333
103,441
2025		 Charity
Group
Charity
£
£
21,899
29,534
29,534

9,566
9,566
9,566

41,643
7,095
7,095
30,333
10,000
10,000
103,441
56,195
56,195
2024

Of the £103,441 received in 2025 (2024: £56,195) £37,207 was restricted funds (2024: £34,174) and £66,234 was unrestricted (2024: £22,021).

The charity is indebted to individuals for providing interest-free loans to the group. The value placed on this contribution is £9,566 (2024: £9,566), (Trust £9,566 (2024: £9,566)). The income equivalent is recognised within incoming resources as a donation, and an equivalent charge is included within interest payable.

3. Grants received

Active Cumbria
Alpkit Foundation
Archer Trust
Catherine Cookson Charitable Trust
CGP Trust
Copeland Community Fund
Cumbria Community Foundation
David Snowdon Trust
Hadfield Trust
John Gilpin Charitable Trust
John Fisher Foundation
Proven Family Trust
Souter Charitable Trust
Apprenticeship Grant*		 2025
Group
£
4,995
-
-
-
500
1,006
3,000
-
-
-
10,000
500
-
500
20,501		 2025
Charity
£
4,995
-
-
-
500
1,006
3,000
-
-
-
10,000
500
-
500
20,501		 2024
2024
Group
Charity
£
£
2,996
2,996
400
400
3,000
3,000
3,000
3,000
800
800
4,025
4,025
5,000
5,000
7,500
7,500
17,000
17,000
5,000
5,000
-
-
-
-
4,000
4,000
-
-
52,721
52,721

Grants marked with a (*) represent unrestricted grants, all other grants are restricted.

17

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

4. Total expenditure – Group

Fundraising trading
Fundraising costs
Advertising
Provision of accommodation and activities
Other-Governance
Total expenditure
Fundraising trading
Fundraising costs
Advertising
Provision of accommodation and activities
Other
Total expenditure		 Staff costs
£
-
-
-
209,904
-
209,904
Staff costs
£
-
13,660
18,691
160,276
24,063
216,690		 Other direct
Costs
£
1,582
5,120
935
181,803
61,984
251,424
Other direct
Costs
£
1,292
67
1,338
296,810
19,871
319,378		 Other allocated
2025
Costs
£
£
-
1,582
-
5,120
-
935
-
391,707
-
61,984
-
461,328
Other allocated
2024
Costs
£
£
-
1,292
-
13,727
-
20,029
-
457,086
-
43,934
-
536,068

Staff costs per Note 6. Other direct costs include:

Staff costs per Note 6. Other direct costs include:
2025 2024
£ £
Accountants’ remuneration 9,920 10,292
Depreciation 17,156 16,656
Interest payable 32,131 35,415

18

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

4. Total expenditure (continued) – Charity

Staff costs
£
Fundraising costs
-
Advertising
-
Provision of accommodation and activities
209,904
Other-Governance
-
Total expenditure
209,904
Staff costs
£
Fundraising costs
13,660
Advertising
18,691
Provision of accommodation and activities
160,276
Governance costs
24,063
Total expenditure
216,690
Staff costs per Note 6. Other direct costs include:
Accountants’ remuneration
Depreciation
Interest payable		 Other direct
Costs
£
5,120
935
203,003
31,645
240,703
Other direct
Costs
£
67
1,338
316,790
15,048
333,243		 Other allocated
2025
Costs
£
£
-
5,120
-
935
-
412,907
-
31,645
-
450,607
Other allocated
2024
Costs
£
£
-
13,727
-
20,029
-
477,066
-
39,111
-
549,933
2025
2024
£
£
5,436
5,482
14,868
14,368
9,566
9,566

19

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

5. Trustees' remuneration

The Trustees received no remuneration during the year, either from the charity, or from Kepplewray Limited in their capacity as directors (2024: £Nil). Reimbursement of travel and meeting expenses to trustees amounted to £Nil (2024: £Nil).

6. Staff numbers and costs

The total wages and salaries costs for the group were as follows:

Wages and salaries
Social security costs
Pension costs
Group total		 2025
£
196,603
6,551
6,749
_
209,903
 2024
£
200,040
9,008
7,642
216,690

There were no employees receiving more than £60,000 in the year (2025: None).

The average number of employees during the year, analysed by function, was as follows:


Cost of generating funds
Charitable activities
Management and administration of the charity
Group total		 Number of employees
2025
2024
1
1
10
10
3
3
______
14
14

Kepplewray Limited has a total of 1 (2024: 2) directors.

7. Pensions

Defined Contribution Scheme: contributions amounted to £6,749 (2024 £7,642). £1,004 was outstanding at the period end (2024: £Nil). Of the £6,749 (£7,642 in 2024 ) £nil was restricted costs (2024: £nil) and £6,749 unrestricted costs (2024: £7,642).

20

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

8. Tangible fixed assets

Group
Cost
At 1 October 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for year
Disposals
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Freehold
Fixtures,
Motor
Total
land and
fittings and
vehicles
buildings
equipment
£
£
£
£
821,137
244,112
58,548
1,123,797
-
14,644
-
14,644
-
-
(10,500)
(10,500)
821,137
258,756
48,048
1,127,941
107,905
215,750
50,628
374,283
1,842
10,709
4,605
17,156
-
-
(9,186)
(9,186)
109,747
226,459
46,047
382,253
711,390

32,297
2,001
745,688
713,232
28,362
7,920
749,514

All of the fixed assets of the group are used by the group for direct charitable purposes.

21

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

8. Tangible fixed assets (continued)

Tangible fixed assets (continued)
Charity
Cost
At 1 October 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for year
Disposals
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Land and
Equipment
Motor
Total
Property
vehicles
improvements
£
£
£
£
85,897
149,287
58,548
293,732
-
14,644
-
14,644
-
-
(10,500)
(10,500)
85,897
163,931
48,048
297,876
28,398
126,645
50,628
205,671
1,842
8,421
4,605
14,868
-
-
(9,186)
(9,186)
30,240
135,066
46,047
211,353
55,657
28,865

2,001
86,523
57,499
22,642
7,920
88,061

All of the charity’s fixed assets are used by the charity for direct charitable purposes.

9. Investments

Fixed asset investments: Investments in subsidiary undertaking

Charity
Ordinary £1 shares in Kepplewray Limited
Cost at 1 October 2024 and 30 September 2025
Net book value
Net book value at 1 October 2024
Unrealised loss on investment
Net book value at 30 September 2025		 2025
2024
£
£
116,000
116,000
28,000
28,000
-
-
28,000
28,000

22

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

10.
Debtors
Group
Trade debtors
Other debtors
Prepayments
Charity
Trade debtors
Other debtors
Group company (*)
Prepayments		 2025
£
9,587
951
1,160
11,698
£
9,587
951
146,745
1,160
158,443		 2024
£
3,554
2,717
5,173
11,444
£
3,554
2,717
133,998
5,173
145,442

*The amount owing from the group company is due after more than one year. The charity’s subsidiary company, Kepplewray Limited, is currently reliant on the charity to assist with bank loan repayments. Kepplewray Limited is not currently in a position to repay the group debt. Accordingly, this debtor is stated as being due after more than one year.

23

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

11. Creditors: amounts falling due within one year

Group
Bank loans and overdrafts
Trade creditors
Other taxation and social security
Accruals and deferred income
Movements in deferred income are as follows:
Balance at 1 October 2024
Amount deferred in the year
Balance as at 30 September 2025		 2025
2024
£
£
61,160
56,926
15,166
20,082
1,136
5,241
40,754
29,282
118,216
111,531
2025
2024
£
£
17,000
12,370
7,647
4,630
24,647
17,000

The bank loan and overdraft are secured by a first legal charge over the land and buildings of Kepplewray Limited.

Charity
Trade creditors
Other taxation and social security
Accruals and deferred income
Movements in deferred income are as follows:
Balance at 1 October 2024
Amount deferred in the year
Balance as at 30 September 2025		 2025
2024
£
£
15,166
20,082
1,136
2,955
36,349
25,282
52,651
48,319
2025
2024
£
£
17,000
12,370
7,647
4,630
24,647
17,000

24

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

12. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Group
Bank loans
Other loans
Analysis of loans
Wholly repayable within five years:
By instalments
Other than by instalments
Not wholly repayable within five years:
By instalments
Included in current liabilities		 2025
£
268,407
392,640
661,047
£
8,333
392,640
296,578
697,551
(36,504)
661,047		 2024
£
309,081
354,640
663,721
£
18,333
354,640
324,748
697,721
(34,000)
663,721

The Barclays Bank loan (£296,578) is repayable over twenty-five years and will be repaid in full by December 2033. It bears interest at 2% over base rate. The bank loan is secured by a fixed charge over the freehold property of Kepplewray Limited. There were no other secured loans as of 30 September 2025. Consequently, the amount of secured liabilities at 30 September 2025 amounted to £296,578 (2024 £324,748).

A government-secured bounce back loan for £50,000 was taken out with Barclays Bank in July 2020, to ease the impact of the coronavirus restrictions. Monthly repayments on this loan commenced in August 2021 and will be repaid in full by July 2026.

Other loans totalling £392,640 (2024 £354,640) is interest free. The Directors and Trustees have received assurance from the lender confirming there is no obligation to repay before July 2027. In the spring of 2025, a second legal charge for this loan has been secured on the freehold property of Kepplewray Limited.

25

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

12. Creditors: amounts falling due after more than one year (continued)

Charity
Other loans
Bank loans
Analysis of loans
Wholly repayable within five years:
Other than by instalments
Not wholly repayable within five years:
By instalments		 2025
£
239,140
-
239,140
£
239,140
-
239,140
239,140
 2024
£
239,140
-
239,140
£
239,140
-
239,140
239,140

13. Analysis of group net assets between funds

2025
Group
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
2024
Group
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities		 £
-

22,061
-
-
22,061
Restricted
funds
£
-
32,378
-
-
32,378
Restricted
funds		 Total funds
£
£
745,688
745,688
10,496
32,557
(118,216)
(118,216)
(661,047)
(661,047)
(23,079)
(1,018)
Total funds
£
£
749,514
749,514
18,661
51,039
(111,531)
(111,531)
(663,721)
(663,721)
(7,077)
25,301
Unrestricted
funds
Unrestricted
funds

26

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

14. Restricted funds

. Restricted funds
Fund- 2025
Hedley - Portable Hoist
Portable Hoist
Harold & Alice Bridges - Aquabac
Aquabac
Aviva Community Fund - minibus
Minibus
Gatehill Trust
Disability Equipment
Barnabas Trust
Minibus
Tesco Community Fund
Minibus
Benefact Trust
Building Phase1/2
Cumbria Community Foundation
Building refurbishment
CGP Trust
Holiday club
John Gilpin Charitable Trust
Inclusion fund
Catherine Cookson Trust
Inclusion fund
Paypal Giving
Inclusion fund
Sir John Fisher Foundation
Inclusion fund
BAE GAYE
Equipment
CGP Ltd
Redecoration
Sponsorship via Sponsor Me
Inclusion fund
Proven Family trust
Inclusion fund
Active Cumbria
AgeUk
Copeland Community Fund
Inclusion fund
Cumbria Community Fund
Inclusion fund
Burundi
see page 6 on Trustees report
Total		 B/Fwd
2,750
2,000
100
1,034
1,600
500
384
1,931
145
4,480
3,000
-
-
-
-
-
-
-
-
-		 Incoming
resources
-
-
-
-
-
-
-
-
500
-
-
113
10,000
500
16,918
2,358
500
4,995
1,006
3,000		 Resources
expended
-
-
-
-
-
-
-
-
-
-
-
-
-
(500)
(16,918)
-
-
(4,995)
-
-		 Transferred
-
-
-
(1,034)
-
-
(384)
(1,931)
-
(4,480)
(3,000)
(113)
(8,985)
-
-
(286)
(500)
-
(1,006)
(3,000)
(24,719)
-
(24,719)		 C/Fwd
2,750
2,000
100
-
1,600
500
-
-
645
-
-
-
1,015
-
-
2,072
-
-
-
-
10,682
17,924 39,890 (22,413)
14,454 17,318 (20,393) 11,379
32,378 57,208 (42,806) 22,061

Where the fund narrative states inclusion fund or holiday club, income is transferred to unrestricted funds to compensate for the unrestricted accommodation income sold at a reduced rate for the less fortunate customers.

27

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

14. Restricted funds (continued)

14. Restricted funds (continued)
Fund- 2024
Hedley
Portable Hoist
Harold & Alice Bridges
Aquabac
Lord Barnaby's Foundation
Waterproof clothing
Aviva Community Fund
Minibus
Gatehill Trust
Disability Equipment
Bruce Wake Charitable Trust
Mountain trike
Sir John Fisher Foundation
Climbing wall
Barnabas Trust
Minibus
Tesco Community Fund
Minibus
Roselands Trust
Inclusion fund
Francis C Scott Charitable Trust
Windows
V Libby donation via M Libby
Inclusion fund
R Watkins donation via M Libby
Inclusion fund
R Wood donation
Inclusion fund
Firdale Christian Trust
Inclusion fund
Whirlwind Charitable Trust
Inclusion fund
CGP Trust
Holiday club
Benefact Trust
Building Phase1/2
Copeland Community Fund
Inclusion fund
CGP Trust
Holiday club
Keswick 2 Barrow
Inclusion fund
David Snowdon Trust
Inclusion fund
Archer Trust
Inclusion fund
Bob Graham 24 Hour Club
Equipment
BAE GAYE donations via LCVS
Inclusion fund
Souter Charitable Trust
Inclusion fund
Cumbria Community Foundation
Building refurbishment
Alpkit
Kepp Adventure
CGP Trust
Holiday club
David Snowdon Trust
Servery
Active Cumbria
AgeUK
PayPal Giving
Inclusion fund
Hadfield Trust
Shelter
PayPal Giving
Inclusion fund
John Gilpin Charitable Trust
Inclusion fund
Catherine Cookson Trust
Inclusion fund
Burundi
see page 6 on Trustees report
Total		 B/Fwd
2,750
2,000
500
100
3,000
2,000
265
1,600
500
2,164
25,000
250
250
625
1,000
4,000
70
3,250
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Incoming
resources
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,025
300
650
4,000
3,000
500
500
4,000
5,000
400
500
3,500
2,996
10
17,000
98
5,000
3,000		 Resources
expended
-
-
-
-
-
-
(265)
-
-
-
(25,000)
-
-
-
-
-
-
(733)
-
-
-
-
-
-
-
-
(3,069)
-
-
-
-
-
-
-
-
-		 Transferred
-
-
(500)
-
(1,966)
(2,000)
-
-
-
(2,164)
-
(250)
(250)
(625)
(1,000)
(4,000)
(70)
(2,133)
(4,025)
(300)
(650)
(4,000)
(3,000)
(500)
(500)
(4,000)
-
(400)
(355)
(3,500)
(2,996)
(10)
(17,000)
(98)
(520)
-
(56,812)
-
(56,812)		 C/Fwd
2,750
2,000
-
100
1,034
-
-
1,600
500
-
-
-
-
-
-
-
-
384
-
-
-
-
-
-
-
-
1,931
-
145
-
-
-
-
-
4,480
3,000
49,324 54,479 (29,067) 17,924
27,073 32,416 (45,035) 14,454
76,397 86,895 (74,102) 32,378

28

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

15. Subsidiary company

The charity owns the whole of the issued share capital of Kepplewray Limited; a company registered in England. The subsidiary owns the property leased to the charity, from which the charity's activities take place. All activities of the company have been consolidated on a line-by-line basis in the SOFA.

A summary of the results of the subsidiary is shown below:

Kepplewray Limited

Turnover
Cost of sales
Gross profit/(loss)
Administrative expenses
Other operational income
Net profit/(loss)
Tax payable
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities		 2025
£
22,591
(7,582)
15,009
(30,339)
-
(15,330)
(15,330)
659,696

(634,216)
25,480		 2024
£
51,670
(1,292)
50,378
(40,632)
-
9,746
(2,286)
7,460
662,602
(621,792)
40,810

16. Related party transactions

There were no related party transactions during the current and previous year.

17. Taxation

As a charity, Kepplewray Trust is exempt from tax on income and gains falling within sections 472-474 of the Corporation Tax Act 2010, sections 478-489 of the Corporation Tax Act 2010, or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

18. Control

There is no single controlling party of the Trust in the current and previous year.

19. Operating Lease

Kepplewray Trust leases the premises from Kepplewray Limited under a 99-year lease dated 1 January 1995 . The rental which is no longer tied to occupancy levels was reduced this year due to £21,200 with the balance being made up of loan contributions from the David Rose Trust to cover mortgage payments.

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Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Notes (continued)

20. Events after the end of the reporting period

Subsequent to the year end, the Charity received additional funding which enabled it to repay the outstanding bank loan in full.

The Trustees have also agreed, subject to completion of the necessary legal documentation, to transfer ownership of the Charity's freehold property to a member of the management group in settlement of the funding advanced to repay the bank loan together with certain existing loan balances. Under the proposed arrangements, the Charity will continue to occupy the property under a lease agreement, including an initial rent-free period.

The Trustees consider that these events provide additional support for the Charity's ongoing financial restructuring and are expected to improve its liquidity and financial position. As these events occurred after the reporting date, no adjustment has been made to the amounts recognised in these financial statements.

30

Docusign Envelope ID: 9F906A34-3E92-8994-83B0-53E764DB700A

The Kepplewray Trust Trustees’ report and consolidated financial statements 30 September 2025

Detailed Trust income and expenditure account
for the year ended 30 September 2025
Incoming resources
Donations
Grants received
Gift aid and covenant income
Accommodation income
Other income
Government grants
Total incoming resources
Direct charitable expenditure
Salaries
Freelancers
Bethesda costs
Expenses
Staff costs
Rental
Rates and premises cost
Repairs and maintenance
Accommodation provision costs
Establishment costs
Total direct charitable expenditure
Other expenditure
Advertising & Marketing
Fundraising
Other costs
Office expenses
Audit and accountancy
Professional fees
Bank charges and interest
Loan interest
Depreciation and profit/loss on disposals
Administrative expenses
Total expenses
Net movement in funds		 2025
£
63,239
20,001
40,202
304,010
11,666
500
439,618
209,904
33,566
19,234
2,306
265,010
21,200
32,925
27,807
65,965
147,897
412,907
935
5,120
6,055
5,926
5,436
237
163
9,566
10,317
31,645
450,607
(10,989)		 2024
£
33,452
49,725
22,743
343,313
5,839
2,996
458,068
216,690
63,935
45,035
542
326,202
50,000
34,492
38,797
62,584
185,873
512,075
1,338
67
1,405
5,318
5,482
1,200
519
9,566
14,368
36,453
549,933
(91,865)

This page does not form part of the statutory financial statements.

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