Registered Charity Number: 1053321 THE BELSTEAD GANZONI CHARITABLE SErrLEMENT TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 THE BELSTEAD GANZONI CHARITABLE SETTLEMENT CONTENTS Pages Trustees and professional advisors Trustees, report Independent Auditoffs report Statement of financial activltles 10 Balance sheet Cash flow statement 12 Notes to the financlal statements 13-27 THE BELSTEAD GANZONI CHARITABLE SErrLEMENT TRUSTEES AND PROFESSIONAL ADVISORS Registered Charlty Number 1053321 Trustees The Honourable C R Boscawen J C Pickering LMLong Reglstered Office Providen￿ House 141-145 Princes Street Ips]Mch Suffolk IP11QJ Investment Advlsors Cazenove Capltal Management 12 Moorgate London EC2R 6DA CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Banks Barclays Bank 1 Princes Street Ipswich Suffolk IP11PB CAF Bank Registered Office: 25 Kings Hill Avenue Klngs Hlll West Malllng ME19 4JQ Audltor Sumer Auditco Llmlted statutory Auditor Fltzroy House Crown Street Ipswlch Suffolk IP13LG Solicltor Birketts LLP Providence House 141-145 Princes Street Ipswich Suffolk IP11QJ THE BELSTEAD GANZONI CHARITABLE SE￿LEMENT TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The Trustees present thelr report and the financial statements for the perlod ended 31 March 2025. The financial statements have been prepared in accordance wilh current statutory requlrements, the Charills governlng instrument and the provisions of the Statement of Recommended Practice (SORP), appllcable to charities preparing their accounts in accordance with the Flnancial Reportlng Slandard applicable in the Unlted Kingdom and Republic of Ireland (FRS 1021. Objectlves and actlvltles for the public beneflt The Trustees shall hold the Trust Fund upon such charitable trusts and for such charltable purposes as they shall In their uncontrolled discretion from time to time determine. The Trustees confirm thal they have referred to the guldance contalned in the Charlty Commission's general guidance on public benefit when revIe￿ng the Trust's aims and objectives and In planning future activities and setting the grant making policy for the pertod. The Trust carries out these objectives by making grants to charitable organisations. The policy of the Trustees Is to set donations at a level which broadly equates to investment income received wth a contribution from capital funds as required. Grant maklng policy The Trust has established its grant maklng policy to achleve its objects for Ihe public benefit to improve the lives of those in the local community. The Trustees revlew the grant making policy 8nnually to ensure that it reflects the Trusts objects and thereby advances public benefit. The Trust Invltes applications for grants from all charilable instllutions. These are then revlewed by the Trustees, who decide If the grant meets the Trust's objectlves and are for public benefrt. Achlevements and performance The Trust has made charitable distributions in 2025 amounting to £711,350 (2024.. £660,550) to charitable causes within the Trustees, policy objective for annual donations. The Trustees continue to support charitable causes within the Trust's objectives wlth a preference for local projects in Suffolk. Durlng the period the trustees recelved a Legacy from the Lord Belstead Children'5 Settlement, as Set out under the Flnancial Revlew section of thls report. Financlal revlew The net movement in funds for the period amounted to Net (losses) I gains on investments in the period £1,087,524 2024: £9,845,342 (£534,639) 2024.. £1,598.400 The Charilvs powers to invest its funds are set out in the Charity's govemlng Instrument. Any monies not Immediately requlred for the furtherance of the Charity's objects may be invested at the discretion of the Trustees. There are no restrictions on the Trustees, pow&r to Invest funds. THE BELSTEAD GANZONI CHARITABLE SErrLEMENT TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2025 (Continued) Financlal revlew (contlnued) It is the policy of the Charlty to maintaln unrestricted funds. which are the free reserves of the Charity. The Charlty has Inheritance from the estate of the Late Lord Belstead, all of whlch was transferred to the Charity in previous years. The Charity also has inherltance from the estate of the Late Mary Jill Ganzoni, the majority of which was transferred to the Charity in the prfor year. By Deed dated 19 February 2025, the charitable trustees of the Lord Belstead Children's Settlement appolnted the fund to be held for the Belstead Ganzoni Charitable Settlement absolutely. Thls legacy is Included wlthin debtors for the current year, subject to the ascertalnment of the final assets and Ilabilities of the Lord Belstead Children's Selt18ment. Investment policy The Trustees have adopted a bias towards capital growth. They wlsh to adopt a medium risk Investment strategy. Plans for the future The Trustees plan to continue to designate expendlture wlthin thelr objective of settlng the donations at a level which broadly equates to investment income received over the medium term. structure, governance and management The organlsation is an unincorporated Charltable Trust, created on 14 August 1972 by the late Lord Belstead and reglstered as a charity on 27 February 1996. The Trust was established under a Trust deed whlch established the objects of the Trust and powers of the Trustees. By Vesting Deed dated 15 May 2023 and Pursuant to an Order of the Charity Commission dated 17 April 2023, the Trustees of the Ganzoni Trust were authorised to vest the beneficial interest in all assets they currently hold on the trust for the Ganzoni Trust so that, ￿th effect from the date of the Vesting Deed, they held those assets on trust for the Belstead Settlement. Upon merger. the Trustees resolved that the Charfty name be changed to "The Belstead Ganzoni Charitable Settlement.. By Deed of Amendment and Restatement dated 23 October 2024. with consent provlded by the Charlty Commisslon on the same date, the Trustees varied the Trust by amending its terms as set out in that Deed. The Trustees set out below have held office durlng the year and to the date of this report, except as stated otherwise. The Hon Charles Rlchard Boscawen John Charles Pickerlng Louise Mary Long The power of appolnting new Trustees of the Trust Deed Is vested In the continuing Trustees. THE BELSTEAD GANZONI CHARITABLE SEThLEMENT TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2025 (Continued) Structure, governance and management (Continued) The current Trustees are responsible for the inductlon of any new Trustees which involves awareness of a Trustee's responsibilities, the governlng document, adminlstrative procedures, and the history of the Charity. Reference and admlnlstrative Informatlon The Belstead Ganzoni Charitable Settlement is reglstered with the Charily Commlssioners, registration number 1053321, Its registered address belng Providence House. 141-145 Princes Street, Ipswich, IP1 1 QJ. Trustees. responsibllltles for the financial statements The Trustees are responsible for preparlng the Annual Report and flnancial statements In accordance with appllcable law and regulations. The law applicable to charities in England & Wales requires the Trustees to prepare financial slatements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (Unlted Klngdom Accounting Standards and applicable law). The Trustees must not approve the financlal statements unless they are satisfied that they glve a true and fair view of the state of affairs of the Charity and of Ihe incomlng resources and applicatlon of resources, Including the income and expenditur8, of the Charlty for that period. In preparing these financial statements the Trustees are requSred to: (a) s8lect sultable accounting policles and apply them consistently, (b) observe the methods and princlples In the Charities SORP. (c) make Judgments and estlmates that are reasonable and prudent. (d) state whether appllcable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements and. (e) prepare the financial statements on the golng concern basis unless It Is inappropriate to presume that the Charity wlll continue in operatlon. The Trustees are responslble for keeping sufficlent accounting records that disclose with reasonable accuracy at any time the financial posltlon of the Charity and enable them to ensure that the financial statements comply wlth the Charities Act 2011, the Charity (Accounts and Reports) Regulatlons 2008 and the provlsSons of the Trust Deed. They are also responslble for safeguarding the assets of the Charity and hence for taklng reasonable steps for the preventlon and detection of Provision of Informatlon to audltors The Trustees confirm that so far as they are aware, there is no relevant audlt Information of which the Charitls auditor is unaware. The Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit Information and to establlsh that the Charity's Audltor Is aware of that Informatlon. THE BELSTEAD GANZONI CHARITABLE SETTLEMENT TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2025 Audltor The auditor, Sumer Auditco Limited, has Indlcate Its willingness to continue in office. The Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by the Trustees and slgned on their behalf by The Hono le C R Boscawen J C Plckerlng LMLong Dated .2025 THE BELSTEAD GANZONI CHARITABLE SErrLEMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES Opinion We have audlted the flnancial statements of The Belstead Ganzoni Charitable Settl8ment {the 'Charlty') for the period ended 31 March 2025 which comprise the Statement of Financial Actlvltles, 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 Accountlng Standards. Includlng Flnancial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practlce). In our opinion, the financlal statements: glve a true and fair view of the state of the Charitls affairs as at 31 March 2025 and of its Incomlng resources and application of resources for the year then ended; have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practice. and have been prepared Sn accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responslbllltles for the audlt of the financial statements section of our report. We are independent of the Charfty In accordance with the ethical requirements that are relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fulfllled our other ethlcal responsibilities in accordance with these requirements. We belleve that the audlt evldence we have obtsined is sufficient and appropriate to provlde a basls for our oplnlon. Conclusions relating to going concern In auditing the financlal statements. we have concluded that the Trustees, use of the going concern basts of accountlng in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not IdentSfled any materfal uncertainties relating to events or conditlons that, Indlvldually or collectlvely. may cast slgnlficant doubt on the Charit￿S ability to continue as a golng concern for a period of at least twelve months from when the financial statements are authorlsed for issue. uur responsiDiiiiies ana irie re5pon5ii)iiiiies Di ine I iuslees wiin respeGi io going conLerri a described In the relevant sectlons of thls report. THE BELSTEAD GANZONI CHARITABLE SETTLEMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES (Continued) Other Informatlon The other information comprises the information Included In the Trustees, Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Trustee's Report. Our opinion on Ihe fSnanclal statements does not cover the other Information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thgreon. Our responslbillty Is to read the other information and, in doing so, consider whether the other information Is materfally Inconslstent with the financial statements or our kno￿edge obtained in the course of the audit or otherwise appears to be materially mlsstated. If we Identlfy such materlal Inconslstencies or apparent material misstatements. we are required to determSne whether thls glves 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 mlsstatement of this other Information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothlng to report In respect of the following matters in relation to which the Charltles (Accounts and Reports) Regulatlons 2008 requlre us to report to you if, in our opinion.. the information given in the Trustees, Report is inconslstent In any materfal respect wtth the financlal statements., or sufflclent accountlng records have not been kept; or the financial statements are not in agreement wlth the accountlng records and returns. or we have not received all the information and explanations we require for our audlt. Responslbllltles of trustees As explained more fully in the Trustees, responsibiltties statement, set out on page 3 and 4, the Trustees are responsible for the preparation of the financlal statements and for belng satlsfied that they glve a true and fair vlew, and for such internal control as the Trustees determlne Is necessary to enable the preparatlon of flnanclal statements that are free from material misstatement, whether due to fraud or error. In preparfng the financlal statements, the Trustees are responsible for assessing the Chariws ablllty to continue as a going concern. disclosing, as appllcable, matters related to going concern and uslng the going concern basis of accounting unless the trustees elther Intend to liquidate the Charity or to cease operations. or have no realistic alt8rnative but to do so. THE BELSTEAD GANZONI CHARITABLE SErrLEMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES (Continued) Auditor's responsibilities for the audit of the flnanclal statements We have been appolnted 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 slatements as a whole are free from material misstalement, whether due to fraud or error, and to issue an Audltor's Report that includes our opinion. Reasonable assurance Is a high level of assurance, but Is not a guarantee that an audlt conducted in accordance with ISAS (UK) will always detect a material mlsstatement when it exists. Misstatements can arlse from fraud or error and are considered material If. individually or In the aggregate. they could reasonably be expected to influence Ihe economic decislons of users taken on the basis of these financial statements. The extent to whlch our procedures are capable of detecting irregularities, Including fraud is detailed below: We Identified areas of laws and regulatlons that could reasonably be expected lo have a materlal effect on the financlal statements from our general charltable organisation experience and through dlscussions and enquirles of Trustees and management. During the engagement team brfeflng, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Charlty. The following laws and regulations were identlfled as being of slgnificance to the Charity: Those laws and regulations considered to have a direct effect on the financlal statements Including UK financial reportlng standards, taxation regulations and the Charities Act 2011. The Charity Is subject to many other laws and regulatlons where the consequences of non- compliance could have a materlal effect on amounts or disclosures in the financial statements. for instance through Ihe imposition of fines or litigation. We identified the following area as those most likely to have such an effect: GDPR compllance. Audit procedures undertaken In response to the potential risks relatlng to irregularities (which include fraud and non-compliance wlth laws and regulations) comprfsed of.. enquiries of management and those charged wlth govemance as to whether the Charlty complies with such regulations. enqulrles of management and those charged wlth governance conceming any actual or potential litigation or clalms. inspectlon of relevant legal documentation, revlew of board minutes. testing the appropriateness of entries in the nominal ledger, including journal entrles and the performance of analytical procedures to identify any unexpected movements in account balances whlch may be indicative of fraud. The likelihood of detecting irregularlties, including fraud, is limited by the Inherent difflculty In detecting irregularitles. the effectiveness of the CharIt￿S controls, and the nature, timing and extent of the audit procedures performed. Irregularlties that result from fraud might be Inherently more dlfflcult to detect than irregularities that result from error. As explalned above, there Is an unavoidable rlsk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAS (UK). THE BELSTEAD GANZONI CHARITABLE SETTLEMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES {Contlnued) Auditorfs responsibllities for the audit of the financlal statements (contlnued) A further description of our responsibilities for the audit of the financial statements is located on the Financlal Reportlng Council's website at.. https:/lwww.frc.org.uklauditorsresponsibilities. This description forms part of our Auditor's Report. Use of our Report This report is made solely to the Charlty's Trustees, as a body, in accordance with Part 4 of the Charltles (Accounts and Reports) Regulatlons 2008. Our audlt 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 responslbillty to anyone other than the Charlty and the Charity's Trustees as a body, for our audit work, for IhSs report. or for Ihe opinions we have formed. Sumer Audltco Llmlted Statutory Auditor Fitzroy House Crown Street Ipswlch IP13LG Date: 12 Decembei 2025 Sumer Auditco Llmited is eligible to act as an auditor in tems of Sectlon 1212 of the Companles Act THE BELSTEAD GANZONI CHARITABLE SErrLEMENT STATEMENT OF FINANCIAL ACTIVITIES