THE CHARLTON BEQUEST AND DISPENSARY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE CHARLTON BEQUEST AND DISPENSARYTRUST Contents Truslees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-14 The followlng pages do not fomi part of the statutory accounts: Schedule of Investments 15-17 Purchase of Investments 18 Sale of Investments 19
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements ofthe charity for the yearended 31 March 2025. The financial statements have been prepared in accordance with the accounling policies set out in note 1 to the rinancial statements and comply wrth the charity's constilution, the Charities Act 2011, the second edition of the Charities Statement of Recommended Practice issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT PURPOSES AND AIMS The objects of the Charity are the provision of accommodation for letting lo poor and sick persons and to apply income of the Charity applicable for relief in relieving sick and needy persons resident in the area of the former County Borough of Tynemouth. ENSURING OUR WORK DELIVERS OUR AIMS We review our aims, objectives and activities each year. This review looks at what we have achieved and the oul¢omes of our work in the Previous 12 months. The review looks al the success of each key activity and the benefits that they have brought to those groups of people we are set up to help. Th8 review also helps us lo ensure that our aims, objective5 and activities have remained focussed on our stated purposes. We have referred to guidance contained in the Charity's Commission's general guidance on public benefit when reviewing our aims and obje¢lives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. THE FOCUS OF OUR WORK Our main objectives for the year continued to be to provide accommodation to the sick and needy. The strategies we used lo meet these objectives included.. Providing apartments to the sick. needy and elderly. Providing or paying for items, services or facilities that alleviate Ihe suffering of the sick. needy and elderfy. HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT Our main activities and who we try lo help are described below. All our charitable objectives focus on helping the sick and elderly and are undertaken to further our charitable purposes for the public benefit. WHO USED AND BENEFITED FROM OUR SERVICES? There have been no changes in the Charity's objects or policies during the year. The Charity attempts lo achieve ils objectives by means of providing accommodation in the form of two large properties divided into apartments. The Trustees also listen sympathetically to réquests for help from sick and needy persons. ACHIEVEMENT AND PERFORMANCE As a result of continuing investment the Charity's two properties are extremely well presenled and provide very comfortable accommodation for their tenants after considerable upgrading over the last 10 years. The properties continue to achieve extremely high levels of occupancy.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE ICONnMUED) Funding is provided from the Charity's own resources. The properties were valued at 14 June 2023 at £1,535,000 (up from £1,280,000) and the Trustees have recognised this valuation in the 2023 financial statements. The Trustees consider that the valuation remains appropriate for the 2025 financial statemenls. The Trust will continue to consider and make Grants available to the sick and needy in 2025126 in accordanc8 with the temis of the Trust Deed. The Trustees completed an extensive ongoing refurbishment of the Trust properties and had the revaluation when the work was completed. FINANCIAL REVIEW RESULTS FOR THE YEAR The statement of Financial Activilies shows a surplus for the year before UnalISed gainslllosses) on assets of £49,518 against a surplus of £28,881 in the previous year. The market value of inveslments and properties resulted in a £7,825 decrease for the year {18St year £133,194 increase) and as a result the value of the Charity's funds increased by £41,693 to £3,007.192. PRINCIPAL FUNDING SOURCES The Charity conlinues to be self-funding and does not rely on funding trom external sources. INVESTMENT POWERS AND POLICY Unrestri¢l8d Fund Investments are held by Wise Speke, Asset Management Division of Brewin Dolphin Securities under a DeclaTation of Trust and the portfolio is reviewed constantly. The value of investments increased from £775,71310 £776,028 over the year. Around 16°h of investments are held in Fixed Interest Secunties and dated stock as well as all of the investments Irealed as Restricted Funds which decreased by £11,78910 £581,378. All cash belonging to the Charity and not needed for Immediate working capilal purposes is invested under the power of the Trustees. RESERVES POLICY AND GOING CONCERN The Trustees ensure that there are sufficient reserves lo meet the working Capital and cash flow requirements of the Charity. PLANS FOR FUTURE YEARS The Charity's future plan is to continue to maintain its properties lo a standard that they provide first class ac¢ommodalion. The Trusl will continue in appropriate cases lo award grants to the sick and needy.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS CHARITY NAME: The Charlton Bequest and Dispensary Trust CHARITY NUMBER: 1055160 OPERATIONAL ADDRESS: 112 Whitley Road Whitley Bay Tyne and Wear NE26 2NE BANKERS: Lloyds Bank plc 69 Bedford Street North Shields NE29 OAU INDEPENDENT EXAMINER E J Hartshorne-Ferguson BA FCA Bell Tindle Williamson LLP The Old Post Office 63 Saville Street North Shields Tyne & Wear NE30 1AY TRUSTEES The trustees who served during the year and since the year end were as follows.. Key Management Personnel: Trustees, ELECTED TRUSTEES: M Abbot B Steward IHay P Stephenson M Brandrith G Stewart D Nichol Key Management Personnel: Informed Management HONORARY TREASURER: D Nichol MINUTE SECRETARY: K Kenny
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Charity's objects and regulations are regulated by a revised Trust Deed dated 21 Octobef 1994 and under that Deed is conslituled as an unincorporated association. Ttte original Deed was dated 13 August 1957. RECRUITMENT AND APPOINTMENT OF TRUSTEES There are seven Trustees constituting the body of the Trusl. Each Trustee is appointed for a five year term and subject to re-appointment after that time. The Trust endeavours to hold four meetings a year. Contact and consultation wilh Trustees has been maintained by telephone and email lo ensure thal they are involved in decision making and kept informed of Trust matters. Thrèe Trustèes constitute a quorum. Declaration and willingness to a¢1 as a Trustee are signed in the minute book. Most traditional skills {business, financial. educational and management) are represented on the Board. Efforts are made lo recruit Trustees who possess the skills which the Organisation requires and membership is kept under review by the Board. TRUSTEE INDUCTION AND TRAINING Most Board members are already familiar with the practical work of the charity having received a members, handbook and an opportunity to spend time in the organisation. The induction and training process for new Board members covers.. the obligalions of the Trustees the main documents which sel out the operational framework for the Charity r8sourcing and the cuTrenl financial position future plans and objectives The two properties owned by the Trust are run as Almshouses. They are operated by the Trustees under the Standards of Almshouses Management which is a guide to good practice for Trustees and Clerks lo Trustees of Almshouse Charities. All Trustees have a copy of this guide and are also taught by precept and example. Regular welfare visits lo residents are in force. ORGANISATION The Charlton Bequest and Dispensary Trust is managed by a Board of Trustees which meet at least 4 limes a year. They are legally responsible for Ihe oTganisalion and for the strategic direction of the oiganisalion. Under the direction and supervision of the Chairman individual Trustees are delegated tasks and responsibilities and this ensures a smooth day to day running ofthe organisation. The Chaiman, l Hay, 1$ responsible for the day lo day management of the Charity. RELATED PARTIES Ni¢hol Goodwill Brown Ltd provide accounlancy and adminislralive services to the Trust. D Nichol, Honorary Treasurer of the Tfust, is a director of that company. RISK MANAGEMENT The Trustees have conducted a review of the major risks lo which the organisation is exposed. This assessment of risk is reviewed and updated annually. Where appropriate, systems and procedures have been established to mitigate risks. Extemal risks are limited by means of a Gautious investment policy and the use of Brewin Dolphin as investment advisors. Inlerrsal Gonlrol risks are minimised by the implementation of robust policies and procedures which safeguard the resources and reputation of the organisalion.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The TTuslees are responsible for preparing a Trustees Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standafds {United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Charily Trustees lo prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of Tesources. of the Charity for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them Consistently.. obseNe the methods and principles in the Charities SORP.. make sound judgements and estimates that are reasonable and prudent; state whether appli¢able accounting standards have been followed, subject to any material departures that musl be disclosed and explained in the financial slalements: and prepare the financial statements on the going concern basis unless il is inappropriale lo presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and to enable them lo ensure that the financial statements comply with the Charities A¢1 2011. the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Constilulion. They are also responsible for Safeguarding ihe assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that.. The Charllon Bequest and Dispensary Trusl is operating efficiently and effectively., All assets are safeguarded against unaulhorised use or disposition and are properly applied.. Proper accounting records are maintained, and financial informalion used within The Chadton Bequesl and Dispensary Trust is reliable., and The Charlton Bequest and Dispensary Trust complies with relevant laws and regulations. STATEMENT OF DISCLOSURE TO OUR INDEPENDENT EXAMINER The Trustees who served during the year and up to the date ofthis report are set out on page 3. In so far as the Trustees are aware al the lime of approving our Truslees. Annual Report.. There is no relevant information, being information needed by the independent examiner in ¢onnection with preparing their report, of which the charity's independent examiner is unaware., and The Trustees, having made enquiries of fellow Trustees that they ought to have individually taken, have each taken all the steps that helshe is obliged to make as a Trustee in order lo make themselves aware of any relevant information and to establish that the Charity'5 independent examiner is aware of that information.
THE CHARLTON BEQUEST AND DISPENSARY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES The accounting policiès of the charity have not changed during the year. The Truslees confimi that the financial statements comply with the requirements of the Charity's governing document. INDEMNrrY INSURANCE The Charity does not hold insurance cover in respect of Ihe Trustees of the Charity. POLICY ON PAYMENT OF CREDITORS It is the Charity policy, in respect of all suppliers to settle the terms of payment when agreeing the terms of each transaclion, to ensure that suppliers are made aware of the terms of paymerbt, and abide by the lerms of payment. INDEPENDENT EXAMINER During the year E J Hartshorne-Ferguson BA FCA of Bell Tindle Wlliamson LLP was appointed as independent examiner and has expressed her willingness to continue in that capacity. This report was approved by the Trustees on 19 January 2026. Signed on behalf of the Trustees Chalrman
THE CHARLTON BEQUEST AND DISPENSARY TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARLTON BEQUEST AND DISPENSARY TRUST I report on the financial statements for the year ended 31 March 2025 which are set out on pages 8 10 14, Respectlve responslbilities of the Trusteos and Examlner The Charity'5 Trustees are responsible for the preparalion of the financial slatemenls. The Charity's Trustees consider that an audit is not required for this year under Section 144121 of the Chari118s Act 2011 (the 2011 Act) and that an independenl examination is needed. It is my responsibility to.. examine the financial statements under seGtion 145 of the 2011 Act: follow the procedures laid down in the general directions given by the Charities Commission under section 145{5) (b) of the 2011 Act, and.. state whether particular matters have come to my attention. Basls of Independent Examlner's Report My examination was carried out in accordance wilh the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the financial slalements presented with those records. 11 also include5 consideration of any unusual items or disclosures in the financial statements, and the seeking of explanations from the TrLtstees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and, consequently no opinion is given as to whether the financial stalemenls present a 'lrue and fair view, and the report is limited to those mallers set out in the slaternent below. Independent Examlnor'$ St•temont In connèction with my examination, no matter has come to my attention.. which gives me reasonable r2use lo believe that, In any material respect. the requirements.. a) to keep accounting records in a¢cordanc& with section 130 of th8 2011 Act.. and b) to prepare financial slatemenls which ac¢ord with the accounting records and lo comply with the accounting requirements of the 2011 Act have not been mel, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. E J Hartshorne-Ferguson BA FCA Bell Tlndle Willlamson LLP Chartered A¢countants The Old Post Offi¢e 63 Savllle Street North Shields Tyne & Wear NE30 1AY Charlty Number 1055160 19 January 2026
THE CHARLTON 8EQUEST AND DISPENSARY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds Restrltted Funds Total 2025 Total 2024 Notes INCOME: Bank interest received Investment income 163 21,258 163 21,258 380 20,111 Income from charllable activitles Property Income 47 Linskill Terrace - Gross rents 63 Percy Park Road- Gross rents 23,570 30.660 23,570 30,660 29,634 30,640 TOTAL INCOMING RESOURCES 75,651 75,651 80.765 EXPENDITURE Expendlture on Charltabl• Actlvllles Propety Expenses.. 47 Linskill Terrace 63 Percy Park Road Governance costs 10,720 7,992 10.978 10,720 7.992 10,978 29,915 10,628 10,447 29.690 29,690 50,990 NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINSI{LOSSESI Realised profitsl{losses) on disposal of investmen15 45,961 45,961 29,775 3.557 3,557 {894) SURPLUS FOR YEAR Unrealised gainl(lossl on investment assets 49,518 49,518 28,881 3,984 (11,789) (7,825) 133,194 NET MOVEMENT IN FUNDS 53.482 {11,789) 41,693 162,075 RECONCILIATION OF FUNDS Fund balances brought forward at 1 Aprll 2024 2,452,331 513,168 2,965,499 2,803.424 Fund balance8 ¢arrled forward at 31 March 2025 £2.505,813 £501,379 £3,007,192 £2.965,499 The notes on pages 10 to 14 form part ofthese financial statements.
THE CHARLTON BEQUEST AND DISPENSARY TRUST BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 FIXED ASSETS Tangible fixed assets Investments Sinking fund inveslments 1.535,000 776,028 581,378 1.535,000 775,713 593.167 2,892,406 2,903,880 CURRENT ASSETS Sundry debtors Cash al bank and in hand 670 120,676 1,415 65,184 121.346 66,599 CREDITORS: Amounts falllng duo within onè year Accrued liabilities (6,5601 (4,980) NET CURRENT ASSETS 114,788 61,819 NET ASSETS £3,007,192 £2,965,499 CAPITAL FUNDS Unreslricled Reslricled 2,505,813 501,379 2,452.331 513,168 TOTAL FUNDS £3,007,192 £2,965,499 These accounts were approved by the Tru8teeg on 19 January 2026. Chalrnmn D Nichol Honorary Treaguror The note5 on page$ 10 to 14 form part of these financial statements.
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES asis of Pre aration The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed assets, with items recognised al cost or transaction value unless othefwise staled in the relevant notes lo the financial statements. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in Oclober 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charilies Act 2011. The charity constitutes a public benefit entity as defin8d by FRS 102. Pre aratlon of he Fln Con ern Basl The Trustees consider thal there are no material uncertainties about the Charity's abllity to continue as a going concern. There are no significant judgements or key sources of eslimalion uncertainly that affect the financial statements. Cash Flow Statement The Trustees have taken advantage of the exemption from including a cash flow statement in the financial slalements on the grounds that the charity is small. om All income is recognised once the charity has enlillemenl to the income, il is probable that the income will be received and the amount of income receivable Can be measured reliably. Donations and grants are re¢ognised when the charity has been notified in writing of both the amount and the setllemenl dale. In the event that a donation is subject lo conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fvlly met, or the fulfilment of those conditions is wholly within control of the charity and it is probable thal those conditions will be fulfilled in the reporting period. Investmènt income is included when receivable. Incoming resources from charitable activities are accounted for when receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. Ihis is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. endl Expenditure is recognised once there is a legal or constru¢live obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligalion can be measured reliably. Expenditure is Glassified under the following activity headings.. Expenditure on charitable activities includes the costs of performances, events and other activities undertaken lo further the purpose of the charity and their associated 5UPPOrt costs. Governance costs includes those ¢osls associated with meeting the conslilutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the Charity. Irrecoverable VAT is charged as a cosl against the activity for which the expenditure was incurred. 10
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Icontlnuedl ACC UNTING POLICIES (continued) Co Support costs are those functions that assist in the work of the charity bul do not directly undertake charitable activities. Support costs include office costs. finance and governance costs which support the Gharily's activities. These costs have been included within expenditure on charitable a¢livilies. Fund Accountln Unreslricled funds are available for use at the discretion of thè Trustees in furtherance of the general Obje¢lives of the Charity and ar8 funds which have not been designated for other purposes. Restricted funds are lo be used in accordance wilh specific restrictions imposed by their donors. Ible Fl Individual fixed assets are capilalised al cost, where acquired, or fair value as determined by the Trustees and are deprecialed over their estimated useful economic live5. nv èn Listed inveslm8nls are shown at market value. 1.10 Flxed Asset Inves men Investmen15 are a form of basic financial instrumenl and are inilially recognised al their transaction value and subsequently measured al their fair value as at the balance sheet date using the closing quoted markel price. The statement of financial activities includes Ihe nel gains and losses arising on revaluation throughout the year. Prepayments are valued al the amount prèpaid nel of any trade discounts due. Accrued income is recognised al the settlement amount due after any trade discount offered. Sh Cash al bank and in hand comprises a bank current account and a small petty cash balance. 1.13 C dltors an Provlsio Creditors are recognised where the charity has a present obligation as a resull of a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised al their settlement amounl after allowing for any trade discounts due. 1.14 Flnanclal Instruments The charity only has financial assets and liabilities of a kind that qualify as basi¢ financial instruments. Basic financial instruments are initially recognised at Iransaclion value and subsequently measured al their settlement date, with the exception of fixed assel investments which are subsequently measured at their fair value as al the balance sheet dale using the closing quoted market price. 11
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued} GOVERNANCE COSTS 025 2024 Governance costs comprlso: Independent Examiners fee Administration and accounlaDCy Honorarium and donations Subscription5 Other Investment Portfolio Management Fees 986 1,802 300 384 948 1,722 300 305 290 6,882 7,506 £10,978 £10,447 PROFITI(LOSS) ON SALE OF INVESTMENTS Unrn8trlcted Funds 2025 Restrlcted Funds 202S Total 2024 Proceeds of sale 31 March 2024 market value 132,055 (128,498) 70,403 (71,297) ProflVILoss) on sale of investments £3,557 £1894) 12
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 lcontlnued) FIXED ASSETS 47 Linskill Terrace 63 Percy Park Road Total COSTIVALUATION Al 1 April 2024 Refurbishments at cost Revaluation surplus 595,000 940,000 1,535,000 Al 31 March 2025 595.000 940,000 1,535,000 NET BOOK VALUE At 31 March 2025 £595,000 £940,000 £1,535,000 At 31 March 2024 £595,000 £940,000 £1,535,000 The freehold prop8rties were revalued on 14 June 2023 by NE Residential, Chartered Surveyors, on an existing use open market value basis and following the completion of significant refurbishment work. The Trustees agreed that it was appropriate lo reflect the valuation in the 31 March 2023 financial statements and in view of the substantial upgrade work Carried out on both properties on a regular basis. they are of the opinion that any provision for depreciation would be inappropriate. INVESTMENTS Investments comprise equities. government securities and other fixed interest securities which are shown at market value of £776,028 (2024 - £775,713}. The split is as follows.. 2025 2024 UK Fixed Interest UK Equities Overseas Equities Overseas Fixed Interest Altemalive Investments Cash 65,811 136,412 382,993 61,788 121,019 8,005 67.024 133.947 405,160 41,577 123,314 4,691 £776,028 £775,713 SINKING FUNDS The sinking fund is represented by.. Orlglnal cost 2025 Orlglnal cost 2024 Market value 2025 Market value 2024 Nomlnal va Charity Commissioners (a) £1 Accumulative shares (47 Linskill Terrace) 432.21 590 590 108,900 111,107 (b) £1 Accumulative shares 163 Percy Park Road) 1,874.36 260,657 260.657 472,284 481,835 Ic) £1 Income units 11.00 214 225 £261,247 £261,247 £581,378 £593.167 13
THE CHARLTON BEQUEST AND DISPENSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (continued) DEBTOR3 2025 2024 Prepayments and accrued income £670 £1,415 CREDITORS: amounts falllng due within one year 2025 2024 A¢cruals and deferred income £8,560 £4,980 FUNDS Unrestrfcted Restrlcted Balance at 1 April 2024 Surplus for year Unrealised gainllloss) on investment assets 2,452,331 49,518 3,964 513,188 (11.789) Balance at 31 March 2025 £2,505,813 £501,379 Unrestrided Funds - these funds can be used in any way by the Trustees in accordance wilh the objectives of the charity. Reslricled Funds - are to be used in a¢¢ordan¢e with speclfic reslriclions imposed by their donors. 10. RELATED PAR TY TRANSACTIONS Included within governance costs is £1,746 {2024 £1,722) paid to Nichol Goodwill Brown Ltd in respect of ac¢ounlan¢y and addilional adminislralion services. D Nichol. honorary treasurer and trustee, is a director of that company. 11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL The charity had no paid employees during the current or previous financial year. The charity Considers ils key management personnel comprises of the truslees. Trustees are reimbursed for any expenses incurred in connection wilh the activities of the Charity. The aggregate amount reimbursed in the year was £nil (2024 - £99) to one Trustee in respeGI of travel and telephone. An honorarium of £300 (2024 - £300) was paid for secretarial services. The charity trustees were not paid and did not receive any olher benefits from employment with Ihe Charity in the year. 14
Th• Charlton B•qu•at and DlJp•ns•ryTrust Schedul• of Inv•gtm•nts lorthe y•af •ndod 31 MaT¢h 2025 Origrnal ¢o¥t or vqLuBtlon Orlglnal cost or Mark8t voluo Morket value Nomlnal v#luatlon UK80NDS Bond Funds UK Gow Treasury Bond 4.125% 2911127 UK GO Treasury Bond 4.25% $8nior Bond UK Govt Tr888uryBond S% 2025 GCP Inffsstructurè 1 p ord TwentyFourAM Corp Bond £1 V8nguard Inv Sor UK Gvt Bond Inilex Inst P18 Inc I Sh8res111 plc m8rket 130XX Colp TOTALFORUK BONDS 9,500 12,000 8395.91 12.000 250 9.523.61 11,809.11 9,490.50 11.504.40 8,759.87 14,829.00 25,261.00 11,346.00 19,637.00 79,832.87 8,444.28 8,676.00 21,260.00 8,600.62 20.043.10 67,024.00 14.829.00 25.281.00 11,346.00 7,234.70 80,003.42 8.556,00 21,007.50 8,125.63 7.126.70 65,810.73 100 70 OVERSEAS BONDS Colcttesier Global Bond Mult5 Strat V8nguar¢Y Inv Ser US GO Bond Henderson Inv Fixed Int Monthly Income18nu8 Robeco Lux SA Glob81 Credits 18H TOTAL FOR OVERSEAS BONOS 889 220 32.303 6S 7.733.31 79,902.77 21,131.00 19.727.70 68.494.78 7,765.87 19.206.20 16.561.98 18,254.00 61.788.05 19.902.77 21,131.00 7.258.00 48.291.77 19,092.33 16,523.22 5,961.15 41.576.70 UK EQUITIES Royol Dutch Sholl'B' Ord Eui 0.07 Crod6 Iniernaiional ord 8h8ies Rio Tinro ord Iop D18geo 28p Ofd Taylorwimpay 1p ord UnSlever plc 3.1111p ort1 H81eon plc ord EO.01 GSK pl¢ ord È0.3125 Rélx plc £0.1444 Compgss Group 11.05p or National Gflt1 ord 12.431289p Legal end Geneial or¢J 2.5p Schroders VTG Sh5 £1 S lor 1 reorg ES Rivel & Mgrc8ntile UK Equity Inc Meicantile lThv Tru¥t plc 25p ord 700 170 200 260 2.000 300 2.100 560 380 542 550 3.000 1,176 3,003 5,000 10,118,00 7,867.00 7,393.OQ 4,239.00 3,070.00 8,053.00 477.00 2.035.00 7,221.00 4,988.00 2,784.00 6,746.00 3,204.00 6,050.00 8,585.00 18,375.00 8.333.40 10.034.00 7,606.30 2.741.00 11,926,50 2,331.70 9,568.18 13.011.20 12,590.66 5.863.00 7,632.DO 4,428.82 8,055.14 11,450.00 10,118.00 7,867.00 7,39J.00 4,239.00 3,070.00 8.053.00 5,767.07 2,035.00 7.221.00 4,988,DO 2,784.00 6,746.00 3.204.00 6,850.00 8,S85.00 19,775.00 4.969.10 9.173.00 5,237.70 2,162.00 13,830.00 8,217.30 8.187.20 14,717.40 13,837.26 5,552.25 7.284.00 4,090.13 8.054,27 11,325.00 TOTAL FOR UK EQUITIES 83.630.00 133,946.88 88,920.07 138,411.61 1S
Th• Charlton 8equ•st and Di3pen8aryTrust Schedul• ol Inv•sim•nt$fortho y•arendèd 3110312025 l¢ontlnu•dl Orlglnal ¢o$t or OrlglnBI Cost or M•fk•t v•lu• Mark•t Nomln•l v•lu•tlo NORTTrIAMERICAN EQUITIES Dodge & CDxWorldwid• Funds Amphenol Corp Class A USDO.001 Stryker Corp Com Stock $0.10 Artemis Fd Mgrs Vs Select Instit JP Morgan Fund3 Ltd US Equlty In¢ I Shares S&P SOO Booklng Holdings Inc Com $0.008 Vanguard Fund8 plc S&P 500 VCITS Fldelity UCITS ICAV US Qu81ity In¢orn? Br¢Mn & Brown Ine Common Stock USDO.10 Intareontinènt81 Exch Ine USDO.01 Visa Inc Common Stock TOTAL FOR NORTH AMERICAN EouinES 327 11.121.00 10,713.79 7.187.85 11,810.55 9,652.43 9.515.67 190 33 17.000 20,000 1.700 7,187.85 35,227.00 11.679.88 31.203.00 8.176.00 41.876.00 15,222.32 9,845.79 60,506.40 32,580.00 70.577.63 11.483.90 67,217.15 17,822.00 31,203.00 8,176.00 41,876.00 40.139.77 7,949.72 9,298.87 10,710.09 178,376.09 72,7SI.$0 14,274.48 69.196.38 42.188.00 10,599.9S 10,021.89 10,316.03 260.327.68 850 2,240 110 75 38 150.572.05 269,532.87 EVROPEAN EQUITFES Blackrock FM Ltd Euro Dynamsc FD Ine Blickroek FM Ltd Contl Euio Ine Fund 4,000 16.000 5,814.00 23.439.00 15,428.57 31,092.69 4,851.20 23,439.00 11.523.98 31.721.11 TOTAL FOR EUROPEAN EQVITies 29,253.00 46.521.26 28.090.20 43,245.09 )APANese EQUITies MIG Inv Fund& J8P8n TOTAL FORJAPANESE Eoumes 17,900 23.017.92 23,017.92 26,663.84 26,663.84 23,017.92 23.017.92 25.226.47 25.226.47 ASIA PACIFIC EQUIYIES Flrst SontierlStewgTt Invry A?ia 8ny M8llon Ngwton ABia In¢ 5,500 21,500 14,252.57 27,399.00 17,073.65 32,827.60 14.252.57 21.038.52 16,814.60 24.927.10 TOTAL FORASIA PACIFIC EQUITIES 41.651.57 49,895.25 35,291.09 41,741.70 EMERGING MARKETEQUITIES JP Morgan Asset Erng Mkty TOTAL FOR ÉMEROINO MARKET EQVlnES 12.561 11,448.00 11,448.00 12,546.00 12,546.00 11,448.00 11,448.00 12,452.85 12,452.85 GLOBAL INVESTMENTS Franklin Tmpltn Clarbridge Gbl Inf8 In¢ Scottlsh Mort88g¢ InvT¥ust 5p Drd 10,000 1.000 10.020.00 2,679.00 12,350.00 8,940.00 10,020.00 2,679.00 13,080,00 9,434.00 TOTAL FOR OLOBAL INVESTMENTS 12.699.00 21.290.00 12.699.00 22.514.00 16
The Charlton 8equest and Dl$p•nsary Trust Schedule of InstmentS for th•ye•r endod 311031202S l¢ontlnuedl Orl8lnal ¢o•t or valuatlon Original C08t or M•rk•t valu• Market ¥alu• Nomlnal v#luatlon ABSOLUTE AETURN INVESTMENTS JP Morgan ICVC Fund Global M•¢Yo BNY Mallon Fnc Mangr Gl Dynamic Muzinich funds Gbl Taetical Hgd S Inc Person81 Assets Trust plc £0.125 TOTAL ABSOLUTE RETURN INVESTMENTS 4264.321 7,047.60 14,536.00 9,689.00 21,981.00 53.253.60 6.656.61 12,888.03 9.176.21 24.025.00 52.745.85 7,047.60 14,536.00 9.689.00 18.683.85 49,956.45 6,980.69 12.992.57 9.229.34 21.420.00 50,622.60 14,724 96.61 5,000.00 PROPERTY Blackrock FM Ltd l Share8 Plop See8 17,807 19.302 17,715.59 19,302 17,463.25 TOTAL FOR PROPERri 19,302 17.715.59 19,302 17.463.25 OTHEIi INVESTMENTS HICL Inlr8Struetui6 plc ord £O.0001 TOTAL FOR OTHER INVESTMENTS 8,300 14,720.43 14,720,43 10,491.20 10,491.20 14,720.43 14,720.43 9.345.80 9.345.BO CASfrI PRODUCT 818ekrotk Institution81 C8sh Serie8 PremSer TOTAL FOR CASH PRODUCT 21,073 21.093.00 21,093.00 21.073.00 21,073.00 21,093.00 21,093.00 21.073.00 21.073,00 CASH Cash deposlt 8nd deJlln8 8ceount Inctsmè account 2,949.19 1,741.85 2,949.19 1.741.85 6.067.10 1,938.07 6,067.10 1.938.07 TOTAL CASH 4,691.04 4,891.04 8.005.17 8,005.17 TOYAL FORALL INVESTMENTS 593.466.26 776,713.40 639,417.82 776,028,00 17
THE CHARLTON BEQUEST AND DISPENSARY TRUST PURCHASE OF INVESTMENTS FOR THE YEAR ENDED 31 MARCH 2025 DATE NAME AND SHARE 1310512024 Colchester Global Bond Multi Strategy 1810712024 Dodge & Cox Worldwide Funds US Stock 2210712024 Fidelity UCITS US Quality Inc 2210712024 Brown & Brown Common Stock USDO.10 2310712024 UK Gov 4.125% Bonds 29101127 2511012024 Robecco Cap Global Growth Fund 2911012024 Haleon plc 1 p ordinary 3111012024 Intercontinental Exchange Inc USDO.01 0510212025 Amphenol Corp Class A Com UDSO.001 1110212025 UK Gov 4.25% Snior Bonds 713136 1110212025 Visa Inc Com Stk USDO.0001 'A' 1110312025 UK Gov 4.125 % Bonds 2911127 1110312025 UK Gov 4.250h Snior Bonds 713136 NO. COST 889 7,733.31 11,121.00 24,917.45 7,949.72 6,641.78 12,469.70 5.290.38 9.298.87 10,713.79 8.270.49 10,710.09 2,881.83 3.538.62 327 3,060 110 6.650 135 1,400 75 190 8.342.68 38 2850 3.657.32 121,537.03 18
rh• Ch•rttOn Baw•••nd fiiwth•aryTxu•t 31 Mr¢hlQ25 $41•• Proc••di N•t¥f Commiiilon 3.631.75 3.297.15 10,423.00 6.216.52 303.43 18,969.25 10.878 92 31.880 OQ 71.679.88 12.547.26 12,402.30 2.849.21 1.162.80 7.819.65 6.360.48 6,479.68 3,É26.30 28.576.40 14.505.23 8,395.91 8,759.87 1$4.82 14.93 Dat• Qrlilhii 3im312024 Coit N•rn• •hd Sh•r• No. eovt OJ1051202 08m512024 3110512024 16m712024 161C712024 241?012024 2411012024 2411012024 2411012024 301011202ts Q710312025 Ma¥t¥i• 26.00 1254.601 303.43 750 3,000 3.603.75 10.677.60 334.60 4.208.48 303.43 B.090.33 20.200.12 144.96 1,6B&41 1.459.17 1,853.38 Artmis Inv Fund US SBl8¢t Artèmis InvFuDd US Swiect JPMoTian Funds Lld USEouNy IShAres111 plcCorp8ond BlackiockFM Ltd Europban Dynamlc ONY M•llon A$lAn IncornèFun¢J ArtmislTrv*und US Swlici Artemlilnv Fuhd USSèl•tt UK GovTre4fjury Bohd5% 2025 E4uJllzBtlon M&G Invfund EquAli2•in M&G Clobjl 5.250 20.000 120 18.685.80 32.560 00 12.658.80 3,08S.71 Y.619.30 6,228 60 24,914.40 8.444.28 283.4S 1700.001 6.5 1,750 7.000 200.35 257.08 3.662.00 I3 981 164.82 14.83 164.82 14.93 132.OS5.29 7e,889.45 128.499.141 53.165.84 3.5$7.05