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THE CHALLENGER TRUST TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
(Registered Charity Number 1068226) (Company Registration No. 03498961 (England and Wales))
Thomas & Young Limited Chartered Accountants Solihull
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THE CHALLENGER TRUST
| CONTENTS | |
|---|---|
| Page | |
| Legal and administrative information | 1 - 2 |
| Trustees' Report | 3 – 6 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10 – 17 |
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THE CHALLENGER TRUST
Charity Information
Chairman R Blackwell
Trustees N Matterson – resigned 1[st] Sept 2025 S Lee – resigned 15[th] Jun 2025 R Blackwell – appointed 15[th] Jun 2025 M Wheatley – resigned 15[th] Jun 2025 S Richardson – resigned 15[th] Jun 2025 A Green – resigned 15[th] Jun 2025 M Isman-Egal – appointed 10[th] Nov 2025 A Ireland – appointed 1[st] Sept 2025
Charity Number 1068226
Company Number 03498961
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THE CHALLENGER TRUST
Charity Information (Continued)
Charity offices & 8Α The Courtyard Registered office Hatton Technology Park Dark Lane Hatton Warwick CV35 8XB Bankers Lloyds TSB Ealing London
Independent Examiners Thomas & Young Limited Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD
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THE CHALLENGER TRUST
REPORT OF THE TRUSTEES
For the year ended 30 September 2025
The Trustees present their report for the purposes of Part 8 of the Charities Act 2011 for the year ended 30 September 2025.
TRUSTEES
The Trustees who served during the year, and who have resigned or been appointed, are named on page 1.
PRINCIPAL OFFICE
The principal office is:
8Α The Courtyard Hatton Technology Park Dark Lane Hatton Warwick CV35 8XB
ADVISORS DURING THE YEAR
Accountants: Thomas & Young Limited Bankers: Lloyds TSB, Ealing, London
OBJECTIVES AND ACTIVITIES
The Challenger Trust’s chief objective is to advance education, in particular, but not exclusively, by the promotion of the development of vital character attributes, such as resilience, determination, ambition and self-confidence, which will raise a young person’s aspirations, engage them in the education system and improve academic achievement. The charity promotes active participation of young people in comprehensive learning outside classroom (‘character education’) programmes that include, but are not limited to, outdoor education, performing arts, pupil to pupil supervision, farm visits, sports fixtures, enterprise training and personal development expeditions overseas.
The Charity is organised so that the Trustees meet at least three times a year in person and electronically, when they take strategic decisions and award and review grants to individuals and/or organisations (schools, local education authorities or other educational bodies) that have applied to or been working in partnership with the Charity.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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THE CHALLENGER TRUST
REPORT OF THE TRUSTEES (continued)
OBJECTIVES AND ACTIVITIES (CONTINUED)
SIGNIFICANT ACTIVITIES
During the past year the Trust has been engaged with communities in Liverpool. DCMS have announced an enrichment expansion programme for schools of £22M, but there is no sign yet of this funding. Most recently has been a move at DfE to acknowledge and inspect enrichment in the curriculum. In Liverpool City Region £50k has been received. Most of this funding will go direct to schools, and we continue to rely on funders and schools to return part of the proceeds to support our own work.
CT lobbying for more enrichment has been successful, but operational funding is scarce. We are in discussions with universities as sponsors of outreach to schools, and remain hopeful that this will be sustainable.
PROGRAMMES
The Challenger Trust’s mission is to give every young person in the UK equal opportunity to access effective character development programmes, which develop essential character traits such as selfconfidence, resilience, ambition and determination. The programmes help young people raise their aspirations, by developing the vital attributes that will increase engagement with the education system, raise academic achievement and improve future employment opportunities.
We believe that character development programmes are vital to the success of a young person’s learning and development, and should become a fundamental element of the UK’s education system. The Challenger Trust programme aims for this concept to become embraced by every school in the UK, embedded into the very heart of each school’s ethos.
The Trust promotes a varied programme of innovative curricular, co-curricular and extra-curricular trips and visits that support the educational needs of the school whilst keeping pupils fully engaged. This element comprises a wide range of activities including performing arts workshops, museum trips, careers fairs, revision camps, sports fixtures and training, athletic days, language exchange trips, farm visits and music tours.
PUBLIC BENEFIT
The object of the charity is the advancement of education for all and to those who would benefit and as such meets the criteria for public benefit.
The Trustees have had due regard to guidance published by the Charity Commission on public benefit.
FUNDRAISING ACTIVITIES
Fundraising has been very challenging indeed. Returns on investments have been poor, reducing the capacity of wealthy organisations to donate, and government funding has been severely reduced. The Trustees will meet to decide and redefine its role going forward.
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THE CHALLENGER TRUST
REPORT OF THE TRUSTEES (continued)
GRANT MAKING
Grants are made on a discretionary basis, case by case as determined by the trustees.
FINANCIAL REVIEW
RESERVES POLICY
The trustees aim to keep sufficient reserves to enable them to meet current expenditure and at a level that ensures they are being applied for charitable purposes. Current free reserves total £8,010.
The trustees consider that the result for the year and the financial position to be satisfactory.
INVESTMENT POLICY AND OBJECTIVES
The Memorandum and Articles of Association of the Charity authorises the Trustees to make and hold investments using the general funds at any one time the Trustees consider it appropriate to maintain any excess on a short-term deposit account with the bank.
RISK EVALUATION
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
FUTURE PLANS
Funding derived from the Trust almost all goes direct from funder to end user. The Trust has therefore to decide whether to levy fees toward its costs from funders and beneficiaries, or simply allow beneficiaries to bid for funds direct. This decision will be made by Trustees shortly.
STRUCTURE, GOVERNANCE AND MANAGEMENT
GOVERNING DOCUMENT
The charity is controlled by its governing document, a deed of trust and constitutes a limited company, limited by guarantee, as defined by the companies Act 2006.
The trustees, who are also the directors for the purpose of company law and who served during the year and up to the date of signature of the financial statements are shown on page 1.
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THE CHALLENGER TRUST
REPORT OF THE TRUSTEES (continued)
RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members. The existing trustees make appointments of new trustees when deemed necessary in order to perform the charity’s objectives effectively.
APPROVAL
This report was approved by the Board of Trustees on and signed on their behalf by: 29-06-2026
R Blackwell (Trustee)
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THE CHALLENGER TRUST
Independent Examiner’s Report to the Trustees of The Challenger Trust
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 30 September 2025, which are set out on pages 8 to 17.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Para 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark McLean FCA Thomas & Young Limited Chartered Accountants
Carleton House 266 – 268 Stratford Road Shirley Solihull West Midlands B90 3AD
Dated:
29-06-2026
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THE CHALLENGER TRUST
Statement of Financial Activities for the year ended 30 September 2025
| Unrestricted Note Funds £ Income and endowments from: Donations and grants 3 5,000 Income from investments 4 - Total income 5,000 Expenditure on: Raising funds 5 - Charitable activities 6 1,473 Total resources expended 1,473 Net incoming/(outgoing) 3,527 resources before transfers Gross transfers between funds - Net movement in funds 3,527 Reconciliation of funds: Total funds brought forward 4,483 Total funds carried forward 8,010 |
Restricted Funds £ 45,000 - 45,000 - 16,522 16,522 28,478 - 28,478 - 28,478 |
Total 2025 £ 50,000 - 50,000 - 17,995 17,995 32,005 - 32,005 4,483 36,488 |
Total 2024 £ 5,000 - |
|---|---|---|---|
| 5,000 | |||
| - | |||
| 1,761 | |||
| 1,761 | |||
| 3,239 | |||
| - | |||
| 3,239 1,244 |
|||
| 4,483 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE CHALLENGER TRUST
BALANCE SHEET As at 30 September 2025
| Note CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS: amounts falling due within one year 12 Net current assets Total assets less current liabilities FUND BALANCES Restricted 13 Unrestricted |
2025 £ £ - 36,932 36,932 (444) 36,488 36,488 28,478 8,010 36,488 |
2024 £ £ - 4,881 4,881 (398) 4,483 4,483 - 1,244 1,244 |
2024 £ £ - 4,881 4,881 (398) 4,483 4,483 - 1,244 1,244 |
|---|---|---|---|
| 4,483 - 1,244 |
|||
| 1,244 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30[th] September 2025.
Trustees’ responsibilities:
No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Trustees on and signed on its behalf by: 29-06-2026
R Blackwell (Trustee)
Company Registration No. 03498961
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THE CHALLENGER TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
Accounting Policies
Charity information
The Challenger Trust is a charitable limited company.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for Charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applied from 1 January 2015. This is a Public Benefit Entity as defined by FRS 102.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice, which is referred to in the Regulations, but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency. The Monetary amounts in these financial statements are rounded to the nearest £1.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, they have a reasonable expectation that they have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designed for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
1.4 Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
1 Accounting Policies (Continued)
1.4 Incoming resources(continued)
Income tax recoverable in relation to donations received under Gift Aid or Deeds of Covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in net gains/(losses) on investments in the SOFA.
1.6 Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cashflows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cashflows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the
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THE CHALLENGER TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
1 Accounting Policies (Continued)
1.7 Impairment of fixed assets (Continued)
increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior year. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments and original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, they are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
| 3 Donations and grants Donations & Gifts (incl. Gift Aid) Grants |
2025 £ 50,000 - 50,000 |
2024 £ 5,000 - |
|---|---|---|
| 5,000 |
Income from donations and grants was £50,000 (2024: £5,000) of which £45,000 (2024: £nil) was attributable to restricted funds and £5,000 (2024: £5,000) was attributable to unrestricted funds.
| 4 Investments Interest receivable on gift aid 5 Raising funds Professional fundraising |
2025 2024 £ £ - - 2025 2024 £ £ - - - - |
|---|---|
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THE CHALLENGER TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
| 6 Analysis of expenditure on charitable activities Unrestricted Support Expenditure Costs £ £ Programme Costs - - Consultancy - - - - Grant funding of activities - - (See note 7) Share of support costs - 1,473 (See note 8a) Share of governance costs - - (See note 8b) - 1,473 Analysis by fund Restricted funds - - Unrestricted funds - 1,473 16,522 1,473 7 Grants payable Grants to institutions in the year were as follows: 2025 The People’s Learning Trust Dylan Thomas Community School Total 2024 |
Restricted Charitable Activities £ - - - 16,522 - - 16,522 16,522 - 16,522 £15,000 £1,522 £16,522 £0 |
Total 2025 £ - - - 16,522 1,473 - 17,995 17,995 - 17,995 |
Total 2024 £ - - - 200 1,561 - 1,761 1,761 - 1,761 |
|---|---|---|---|
Grants paid to individuals totalled £nil (2024 £200).
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THE CHALLENGER TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
8a Support costs
| Administrative costs Professional fees Insurance Bank charges Dispute Settlement Website & IT costs Subscriptions Analysed between: Fundraising Charitable Activities |
2025 £ - 766 318 101 - 288 - 1,473 - 1,473 1,473 |
2024 £ - 698 778 85 - - - 1,561 - 1,561 1,561 |
|---|---|---|
8b Governance costs
| Independent examiner fee Analysed between: Fundraising Charitable Activities |
2025 £ 600 600 - 600 600 |
2024 £ - |
|
|---|---|---|---|
| - | |||
| - - - |
|||
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THE CHALLENGER TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits, or expenses from the charity during the year.
10 Employees
Number of employees
The average monthly number employees during the year was:
| Employment costs Wages and salaries 11 Debtors Gift Aid debtor (including interest) Accrued income |
2025 No. 0 2025 £ - 2025 £ - - __ - |
2024 No. 0 2024 £ - 2024 £ - - __ - |
|---|---|---|
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THE CHALLENGER TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
12 Creditors amounts falling due within one year
| Accruals | 2025 £ 444 444 |
2024 £ 398 |
|---|---|---|
| 398 |
13 Restricted Funds
| Boodles grant | Balance Balance 1 Oct Incoming Resources Investment 30 Sept 2024 Transfers Resources Expended Profits 2025 £ £ £ £ £ £ - - 45,000 16,522 - 28,478 - - 45,000 16,522 - 28,478 |
|---|---|
The Boodles Grant is exclusively for the benefit of the project in Liverpool City Region, based at Everton Free School.
14 Related Party Transactions
There were no related party transactions in the year.