## THE ANNANDALE CHARITABLE TRUST
## **Trustee’s Report**
## **and Financial Statements**
for the period ended 1 September 2025
**Registered Charity Number 1049193**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **INDEX**
||**Page**|
|---|---|
|**Charity information**|**1**|
|**Trustee’s report**|**2**|
|**Independent auditor’s report**|**4**|
|**Statement of financial activities**|**7**|
|**Balance sheet**|**8**|
|**Statement of cash flows**|**9**|
|**Accounting policies**|**10**|
|**Notes to the financial statements**|**12**|
**THE ANNANDALE CHARITABLE TRUST** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **CHARITY INFORMATION**
## **Trustee**
Ludlow Trust Company (Southampton) Limited (Company no. 00106294 – corporate trustee) (formerly HSBC Trust Company (UK) Limited)
## **Corporate trustee**
_Represented during the year by the following directors:_ Gary St John Collins (appointed 01/03/2025 and resigned 31/03/2026) Walter Duncan Coxon (appointed 01/03/2025) Christopher Ian Thurlow (appointed 19/03/2025) Matthew John Wickers (appointed 01/03/2025) Jacqueline Marie Gentles (resigned 01/03/2025) Emma Louise Chee (resigned 01/03/2025) James Coyle (resigned 24/04/2024) Jenny Fiona Goldie-Scot (appointed 25/04/2024 and resigned 01/03/2025) James Edward Hewitson (resigned 01/03/2025) Paul Michael Spencer (resigned 05/12/2024) Alexander Edward Mulroe (appointed 01/04/2026)
## **Principal office**
Ludlow Trust Company (Southampton) Limited Yarmouth House 1300 Parkway Solent Business Park Whiteley PO15 7AX
## **Registered charity number**
1049193
## **Independent Auditor**
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Investment manager and banker**
HSBC UK Bank Plc 1 Centenary Square Birmingham B1 1HQ
**Page 1**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **TRUSTEE’S REPORT**
The trustee has pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 1 September 2025. The trustee has 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 charity.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The Annandale Charitable Trust is an unincorporated trust constituted under a trust deed dated 1 September 1995, set up by the late Mrs S.M. Blofeld, and registered as a charity 14 September 1995.
The trust is controlled by the trustee (list provided on page 1), appointed by the settlor under the trust deed. The power to appoint and remove trustees rested with the settlor and now rests with the current trustee. The trust deed requires a minimum of three trustees, unless a trust corporation is appointed.
Policies and procedures are in place to ensure the new trustees receive induction and training, including briefing by the existing trustee on the history of the trust, day-to-day management, trustee responsibilities, current objectives, and future plans.
The trustee has opted to align the accounting reference date with the charity’s creation, being 1 September. Consequently, the financial statements presented are for a 17-month period 6 April 2024 to 1 September 2025, with the comparative figures representing the year ended 5 April 2024. Accordingly, the comparative figures are not entirely comparable due to the differing reporting periods.
The trustee has assessed the major risks to which the charity is exposed. The trustee believes, that by ensuring appropriate controls exist over key financial systems, including those operated by HSBC UK Bank plc and Ludlow Trust Company (Southampton) Limited, effective systems have been established to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
The charity’s objects are: “Such charitable purposes as the trustees in their absolute discretion think fit.”
In pursuance of its objects, the charity’s income, and, at the absolute discretion of the trustee, its capital, is applied in making grants to charitable organisations.
In the furtherance of the charity’s objectives for the public benefit the trustee shall provide grants. In determining how the charity should pursue its objects, the trustee has had regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
Incoming resources for the period amounted to £712,489(year ended 5 April 2024: £298,905) comprising of income from investments of £580,888 (year ended 5 April 2024: £350,968) and transfers from endowment funds of £131,601 (year ended 5 April 2024: to endowment £52,063).
During the period under review the charity made grants in furtherance of the objects amounting to £206,720 (year ended 5 April 2024: £430,040).
Other expenditure included investment management costs of £112,087 (year ended 5 April 2024: £78,309) while support and governance costs amounted to £137,637 (year ended 5 April 2024: £98,272) giving total resources expended of £456,444 (year ended 5 April 2024: £606,621).
At 1 September 2025 the charity’s total funds amounted to £16,604,222 (year ended 5 April 2024: £15,579,594) with free reserves of £442,792 (year ended 5 April 2024: £74,660). Given the availability of the expendable endowment fund the trustee does not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time.
The charity’s investments are managed by HSBC UK Bank plc with the target of generating income and growing the investments above the inflation. The trustee continually monitors the investment policy and performance against the objectives and are content with the performance of investments during the period under review.
**Page 2**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **TRUSTEE’S REPORT**
_Investment policy:_ In accordance with the governing document, the trustee has the power to invest in such stocks, shares, investments and property as they see fit. The trustee engaged HSBC UK Bank plc as investment managers. The policy is to adopt a low to medium risk investment strategy to protect, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income and also providing the potential for longer term growth of capital in real terms.
_Grant-making policy:_ Applications for help from the charity are made by applying in writing to the trustee. The applications are considered at regular intervals during meetings.
## **FUNDRAISING STANDARDS**
The charity does not carry out any fundraising activities from the public with grants made from income derived from capital and capital withdrawals.
## **PLANS FOR FUTURE PERIODS**
The trustee intends to continue the charity’s grant-making activity in furtherance of the charity’s objects.
## **STATEMENT OF TRUSTEE’S RESPONSIBILITIES**
The trustee is responsible for preparing the Trustee’s 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 requires the trustee 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 trustee is required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustee is 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.
## **APPOINTMENT OF INDEPENDENT AUDITOR**
During the period under review the charity exceeded the threshold for audit and appointed Blue Spire Limited as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity for subsequent financial years where the charity remains over the audit threshold.
Approved by the trustee and signed on their behalf.
Chris Thurlow on behalf of Ludlow Trust Company (Southampton) Limited Trustee
Date 27 May 2026
**Page 3**
**THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **INDEPENDENT AUDITOR’S REPORT**
## **Independent Auditor’s Report to the Trustee of The Annandale Charitable Trust**
## **Opinion**
We have audited the financial statements of The Annandale Charitable Trust (the ‘charity’) for the 17-month period ended 1 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 1 September 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Other matter**
The financial statements of the charity for the year ended 5 April 2024 were audited by another auditor who issued an unqualified opinion on those statements on 4 February 2025. Accordingly, we make no comment nor draw any conclusions in respect of the period to 5 April 2024.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
**Page 4**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **INDEPENDENT AUDITOR’S REPORT**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustee’s report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustee**
As explained more fully in the trustee’s responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
- Enquiry of those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
**Page 5**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **INDEPENDENT AUDITOR’S REPORT**
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited, Statutory Auditor _Date_ 28 May 2026
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
_Blue Spire Limited is eligible for appointment as auditor of the charity by virtue its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006_
**Page 6**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Investment income
**1**
**Total**
**EXPENDITURE ON:**
Raising funds - investment managers fees
**2**
Charitable activities
**3**
**Total**
Gains/(losses) on investments
**6**
**Net income/expenditure)**
**Transfers between funds**
**11**
**OTHER RECOGNISED GAINS/(LOSSES):**
Gains/Losses) on foreign exchange
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**10, 11**
**Total funds carried forward**
**10, 11**|**Unrestricted**
**Funds**
**£**
580,888
580,888
-
344,357
344,357
-
236,531
131,601
-
368,132
74,660
442,792|**Endowment**
**Funds**
**£**
-
-
112,087
-
112,087
900,155
788,068
(131,601)
29
656,496
15,504,934
16,161,430|**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
580,888
580,888
112,087
344,357
456,444
900,155
1,024,599
-
29
1,024,628
15,579,594
16,604,222|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
350,968|
|---|---|---|---|---|
|||||350,968|
|||||78,309
528,312|
|||||606,621|
|||||1,415,706|
|||||1,160,053|
|||||-|
|||||1,160,053
14,419,541|
|||||15,579,594|
None of the charity’s other activities were acquired or discontinued during the above financial year.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 7**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **BALANCE SHEET AS AT 1 SEPTEMBER 2025**
|**Note**
**FIXED ASSETS**
Investments
**6**
**CURRENT ASSETS**
Debtors
**7**
Cash at hand and in bank
**Total current assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
**8**
**Net current assets/(liabilities)**
**Net assets/(liabilities)**
**THE FUNDS OF THE CHARITY**
Expendable endowment funds
**10, 11**
Unrestricted funds
**10, 11**
**Total charity funds**|**£**
**£**
16,121,552
16,121,552
7,375
509,368
516,743
34,073
482,670
16,604,222
16,161,430
442,792
16,604,222
**2025**|**£**
**£**
15,545,814
15,545,814
4,637
69,279
73,916
40,136
33,780
15,579,594
15,504,934
74,660
15,579,594
**2024**|**£**
**£**
15,545,814
15,545,814
4,637
69,279
73,916
40,136
33,780
15,579,594
15,504,934
74,660
15,579,594
**2024**|
|---|---|---|---|
||||15,579,594|
||||15,504,934
74,660|
||||15,579,594|
The notes on pages 12 to 18 form part of these accounts.
These financial statements were approved by the board and signed on their behalf
Chris Thurlow on behalf of Ludlow Trust Company (Southampton) Limited Trustee
Date 27 May 2026
**Page 8**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **STATEMENT OF CASH FLOWS**
|**Note**
**Net cash flow from operating activities (see below)**
**Cash flow from investing activities**
Investment income
Proceeds from sale of investments
Purchase of investments
**Net cash flow from investing activities**
**Net increase/(decrease) in cash and cash equivalents**
**Cash and cash equivalents brought forward**
**Cash and cash equivalents carried forward**
**Cash and cash equivalents consist of:**
Cash at bank and in hand
**Cash and cash equivalents carried forward**
**Reconciliation of net income to net cash flow from operating activities**
Net income for the year
Adjusted for:
Investment income
(Gain)/loss on investments
Gain/(loss) on foreign exchange
(Increase)/decrease in debtors
Increase/(decrease) in creditors|**£**
**£**
(465,216)
580,888
12,733,712
(12,409,295)
905,305
440,089
69,279
509,368
509,368
509,368
**£**
**£**
1,024,599
(580,888)
(900,155)
29
(2,738)
(6,063)
(1,489,815)
(465,216)
**2025**
**2025**|**£**
**£**
(572,274)
350,968
9,032,279
(8,965,954)
417,293
(154,981)
224,260
69,279
69,279
69,279
**£**
**£**
1,160,053
(350,968)
(1,415,706)
-
36,988
(2,641)
(1,732,327)
(572,274)
**2024**
**2024**|**£**
**£**
(572,274)
350,968
9,032,279
(8,965,954)
417,293
(154,981)
224,260
69,279
69,279
69,279
**£**
**£**
1,160,053
(350,968)
(1,415,706)
-
36,988
(2,641)
(1,732,327)
(572,274)
**2024**
**2024**|
|---|---|---|---|
||||(572,274)|
**Page 9**
**THE ANNANDALE CHARITABLE TRUST** FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The Annandale Charitable Trust is an unincorporated charity registered in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees'
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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
## **VAT**
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
## **Taxation**
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
**Page 10**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **ACCOUNTING POLICIES**
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
## **Fund accounting**
Unrestricted income funds 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.
Capital (endowment) funds comprise the original gifts introduced by the settlor and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustee. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 11**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Investment income**
|Income from investment holdings
Interest on the cash deposit
**2. Raising funds**
Investment management fees|**Unrestricted**
**Funds**
**£**
570,779
10,109
580,888
**Unrestricted**
**Funds**
**£**
-
-|**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
112,087
112,087|**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
570,779
10,109
580,888
**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
112,087
112,087|**Unrestricted**
**Funds**
**£**
342,716
8,252
350,968
**Unrestricted**
**Funds**
**£**
-
-|**Endowment**
**Funds**
**£**
-
-
-
**Endowment**
**Funds**
**£**
78,309
78,309|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
342,716
8,252|
|---|---|---|---|---|---|---|
|||||||350,968|
|||||||**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
78,309|
|||||||78,309|
## **3. Charitable activities**
|Grants to institutions (see note 4)
Support and governance costs:
Administrative fees
Auditor's fee (see note 5)|**Unrestricted**
**Funds**
**£**
206,720
133,449
4,188
344,357|**Endowment**
**Funds**
**£**
-
-
-
-|**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
206,720
133,449
4,188
344,357|**Unrestricted**
**Funds**
**£**
430,040
-
10,616
440,656|**Endowment**
**Funds**
**£**
-
87,656
-
87,656|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
430,040
87,656
10,616|
|---|---|---|---|---|---|---|
|||||||528,312|
During the period under review, the administrative fees provided by the Ludlow Trust Company (Southampton) Limited (formerly HSBC Trust Company (UK) Limited) have been allocated against unrestricted funds, in accordance with Charities SORP 2019 (FRS102).
**Page 12**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
|**4. Grants to institutions (one grant and England and Wales unless indicated)**
**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**Country**
**No.**
**£**
**Country**
**No.**
Anthony Nolan
-
3
Blue Cross
5,340
3
British Heart Foundation
5,340
3
British Liver Trust
-
British Red Cross Society
1,900
2
Cancer Research UK
5,340
3
Cats Protection
-
Southern Hospice Group -_Chestnut_
_Tree House_
5,340
3
Children First
**Scotland**
5,340
**Scotland**
3
Children With Cancer UK
5,340
2
CLIC Sargent Cancer Care for Children
2
7,240
2
Cosmetic Toiletry and Perfumery
Foundation
5,340
Crackerjacks Children's Trust
5,340
3
Cruse Bereavement Support
-
Cystic Fibrosis Trust
5,340
3
Deki Limited
-
Demelza Hospice Care for Children
-
Dogs Trust
5,340
2
Florence Nightingale Hospice Charity
-
Great Ormond Street Hospital Children's
Charity
5,340
3
Headway - The Brain Injury Association
5,340
3
Helen & Douglas House
5,340
Hope for Tomorrow
-
Hospice UK
5,340
3
ICAN Charity
5,340
Isobel Hospice Limited
5,340
3
Isle of Wight Donkey Sanctuary CIO
-
Kidney Research UK
5,340
3
Lennox Children's Cancer Fund
-
Lewis-Manning Hospice Care
-
2
MacMillan Cancer Support
5,340
3
Make-A-Wish Foundation
-
3
Marie Curie
5,340
3
Motor Neurone Disease Association
5,340
3
Muscular Dystrophy UK
5,340
3
NSPCC
5,340
3
Odyssey Project Limited
-
2
OMEGA - Ending Isolation, Ending
Loneliness Ltd
5,340
OXFAM
5,340
3
P D S A
5,340
3
Planets Cancer Charity
5,340
Redwings Horse Sanctuary
5,340
3
Rennie Grove Peace Hospice Care
5,340
RNIB
5,340
3
RNLI
-
3
R S P C A
5,340
3
Ruby's Fund
-
2
_Carried down_
169,340|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
10,730
10,730
10,730
4,930
8,830
10,730
2,790
10,730
10,730
5,800
8,830
-
9,620
4,930
10,730
4,930
1,900
6,830
2,790
10,730
10,730
-
4,930
10,730
-
10,730
2,790
10,730
4,930
4,690
10,730
10,730
10,730
10,730
10,730
10,730
7,720
-
10,730
10,730
1,900
10,730
-
10,730
10,730
10,730
7,720|
|---|---|
||354,380|
**Page 13**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
|**4. Grants to institutions (one grant and England and Wales unless indicated)****_(continued)_**
**2025**
**Total**
**Funds**
**Country**
**No.**
**£**
**Country**
**No.**
_Brought down_
169,340
Spencer Dayman Meningitis Research
-
Stormbreak CIO
5,340
Stroke Association
-
3
The Brain Tumour Charity
-
The Brigstowe Project
-
The Donkey Sanctuary
5,340
3
The Elisabeth Svendsen Trust for
Children and Donkeys
-
Humane World for Animals United
Kingdom
-
The RAF Benevolent Fund Housing Trust
Limited
-
The Seeing Dogs Alliance
5,340
The Terrence Higgins Trust
5,340
2
Tommy's
5,340
3
Unknown
-
Victim Support
5,340
3
Wonderseekers
5,340
206,720|**2024**
**Total**
**Funds**
**£**
354,380
4,930
1,900
10,730
4,930
1,900
10,730
3,900
2,790
2,790
1,900
5,800
10,730
1,900
10,730
-|
|---|---|
||430,040|
## **5. Auditor's fees**
|**5. Auditor's fees**|||||||
|---|---|---|---|---|---|---|
|Auditor's fee - accountancy
Auditor's fee - audit
Auditor's fee - prior year (over)/under
accrual|**Unrestricted**
**Funds**
**£**
-
3,300
888
4,188|**Endowment**
**Funds**
**£**
-
-
-
-|**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
-
3,300
888
4,188|**Income**
**Fund**
**£**
2,575
8,041
-
10,616|**Capital**
**Fund**
**£**
-
-
-
-|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
2,575
8,041
-|
|||||||10,616|
**Page 14**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
|**6. Investments**
Market value brought forward
Cost of investments purchased
Disposals at proceeds
Gains/(losses) on investments
Market value carried forward
_Analysis of investment holdings:_
Listed investments
**7. Debtors**
Accrued income - dividends
**8. Creditors**
Accrual - Investment management fees
Accrual - Administrative management fees
Accrual - Auditor's fee|**Period Ended**
**1 September**
**2025**
**£**
15,545,814
12,409,295
(12,733,712)
900,155
16,121,552
16,121,552
**Period Ended**
**1 September**
**2025**
**£**
7,375
7,375
**Period Ended**
**1 September**
**2025**
**£**
13,945
16,828
3,300
34,073|**Year Ended**
**5 April**
**2024**
**£**
14,196,433
8,965,954
(9,032,279)
1,415,706|
|---|---|---|
|||15,545,814|
|||15,545,814|
|||**Year Ended**
**5 April**
**2024**
**£**
4,637|
|||4,637|
|||**Year Ended**
**5 April**
**2024**
**£**
18,887
9,459
11,790|
|||40,136|
## **9. Related party transactions and employment costs**
During the period under review, Ludlow Trust Company (Southampton) Limited, formerly HSBC Trust Company (UK) Limited (see page 1), charged fees for the provision of administrative services of £133,449 (year ended 5 April 2024: £87,656), shown in note 3. At the balance sheet £16,828 (year ended 5 April 2024: £9,459) is accrued and payable to the Ludlow Trust Company (Southampton) Limited. The fees are authorised under clause 6 of the trust deed.
During the period under review, £77,943 (year ended 5 April 2024: £80,487) of investment management fees were paid to HSBC Bank Plc up to 1 March 2025. Up to 1 March 2025, the corporate trustee (formerly HSBC Trust Company (UK) Limited) and the investment manager, were both wholly owned subsidiaries of HSBC Holdings Plc.
The charity has no employees, all administration being carried out by the trustee. Other than the fees noted above no remuneration was paid or expenses reimbursed to any trustee or other related party.
There were no other disclosable related party transactions in the year under review or the comparative year.
**Page 15**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **THE ANNANDALE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **10. Analysis of net assets between funds**
|Investments
Current assets
Current liabilities|**Unrestricted**
**Funds**
**£**
-
462,920
(20,128)
442,792|**Endowment**
**Funds**
**£**
16,121,552
53,823
(13,945)
16,161,430|**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
16,121,552
516,743
(34,073)
16,604,222|**Unrestricted**
**Funds**
**£**
-
93,981
(19,321)
74,660|**Endowment**
**Funds**
**£**
15,545,814
(20,065)
(20,815)
15,504,934|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
15,545,814
73,916
(40,136)|
|---|---|---|---|---|---|---|
|||||||15,579,594|
## **11. Net movement in funds**
|**11. Net movement in funds**|||||||
|---|---|---|---|---|---|---|
|Endowment funds
Unrestricted funds
Endowment funds
Unrestricted funds||**Period ended 1 September 2025**|||||
||**Total funds**
**brought**
**forward**
**£**
15,504,934
74,660
15,579,594|**Total**
**incoming**
**resources**
**£**
-
580,888
580,888|**Total**
**Gains/**
**resources**
**(losses) on**
**expended**
**investments**
**and foreign**
**exchange**
**£**
**£**
(112,087)
900,184
(344,357)
-
(456,444)
900,184
**Year ended 5 April 2024**||**Transfers**
**between**
**funds**
**£**
(131,601)
131,601
-|**Total funds**
**carried**
**forward**
**£**
16,161,430
442,792|
|||||||16,604,222|
||||||||
||**Total funds**
**brought**
**forward**
**£**
14,203,130
216,411
14,419,541|**Total**
**incoming**
**resources**
**£**
-
350,968
350,968|**Total**
**resources**
**expended**
**£**
(165,965)
(440,656)
(606,621)|**Gains/**
**(losses) on**
**investments**
**£**
1,415,706
-
1,415,706|**Transfers**
**between**
**funds**
**£**
52,063
(52,063)
-|**Total funds**
**carried**
**forward**
**£**
15,504,934
74,660|
|||||||15,579,594|
The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives as authorised by clause 3.2 of the trust deed.
**Page 16**
## **THE ANNANDALE CHARITABLE TRUST**
## FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
## **12. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:
|**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
16,121,552
16,121,552
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
**Period Ended**
**1 September**
**2025**
**Total**
**Funds**
**£**
_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
570,779
Investment management fees
(112,087)
458,692
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
900,155
900,155|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
15,545,814|
|---|---|
||15,545,814|
||**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
342,716
(78,309)|
||264,407|
||1,415,706|
||1,415,706|
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
**Page 17**
## **THE ANNANDALE CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 1 SEPTEMBER 2025
## **NOTES TO THE FINANCIAL STATEMENTS**
## **13. Comparative statement of financial activities**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Investments
**1**
**Total**
**EXPENDITURE ON:**
Raising funds - investment managers fees
**2**
Charitable activities
**3**
**Total**
Gains/(losses) on investments
**6**
**Net income/expenditure)**
Transfers between funds
**11**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**10, 11**
**Total funds carried forward**
**10, 11**|**Unrestricted**
**Funds**
**£**
350,968
350,968
-
440,656
440,656
-
(89,688)
(52,063)
(141,751)
216,411
74,660|**Endowment**
**Funds**
**£**
-
-
78,309
87,656
165,965
1,415,706
1,249,741
52,063
1,301,804
14,203,130
15,504,934|**Year Ended**
**5 April**
**2024**
**Total**
**Funds**
**£**
350,968|
|---|---|---|---|
||||350,968|
||||78,309
528,312|
||||606,621|
||||1,415,706|
||||1,160,053
-|
||||1,160,053
14,419,541|
||||15,579,594|
**Page 18**