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 Un￿alISed 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 In￿stmentS 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 M*r¢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$4.82
14.93
Dat•
Qrlilhii 3im312024
Coit
N•rn• •hd Sh•r•
No.
eovt
OJ1051202
08m512024
3110512024
16m712024
161C*712024
241?012024
2411012024
2411012024
2411012024
301011202ts
Q710312025
Ma￿¥t¥*i￿•
26.00
1254.601
303.43
750
3,000
3.603.75
10.677.60
334.60
4.208.48
303.43
B.090.33
20.200.12
144.96
1,6B&41
1.459.17
1,853.38
Art*mis Inv Fund US SBl8¢t
Artèmis InvFuDd US Swiect
JPMoTian Funds Lld USEouNy
IShAres111 plcCorp8ond
BlackiockFM Ltd Europban Dynamlc
ONY M•llon A$lAn IncornèFun¢J
Art*mislTrv*und US Swlici
Artemlilnv Fuhd USSèl•tt
UK GovTre4fjury Bohd5% 2025
E4uJllzBtlon M&G Invfund
EquAli2•i￿n 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
I￿3 981
164.82
14.83
164.82
14.93
132.OS5.29 7e,889.45 128.499.141
53.165.84
3.5$7.05