Charity registration number 1089728 (England and Wales) ## THE SILK TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2024 TO 30 SEPTEMBER 2025 rs Caladi Chartered Certified Accountants THE SILK TRUST ## LEGAL AND ADMINISTRATIVE INFORMATION |Trustees|MrA Buss| |---|---| ||Mr J Ovens| |Charity number (England and Wales)|1089728| |Registered office|Chantry House| ||22 Upperton Road| ||Eastbourne| ||East Sussex| ||BN21 1BF| |Independentexaminer|John Caladine FCCACTAFCIE| ||Caladine Limited| ||Chantry House| ||22 Upperton Road| ||Eastbourne| ||East Sussex| ||BN21 1BF| |Bankers|CAF Bank Limited| ||25 Kings HillAvenue| ||Kings Hill| ||West Malling| ||Kent| ||ME194JQ| THE SILK TRUST ## CONTENTS ||Page| |---|---| |Trustees’ report|1-2| |Independent examiner's report|3| |Statement offinancial activities|4| |Statement offinancial position|5| |Notestothefinancialstatements|6-11| ## THE SILK TRUST ## TRUSTEES' REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025 The trustees present their annual report and financial statements for the period ended 30 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". e ## Objectives and activities ## Objectives The objectives of the Charity are such general and charitable purposes as the Trustees may from time to time determine. The current policy adopted by the Trustees is to support charities nominated by Andrew Buss and particularly supporting medical and optical research projects.. ## Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## Achievements and performance During the year the balance of the legacy of £12,098 was received from the Estate of Anne Silk. As per her wishes the Trustees have transferred the Investments and cash balances to the Brian Mitchell Charitable Settlement. The Trust is now closed. ## Financial review Income for the year was £26,010 (2024: £374,155) and comprised investment income of £13,912 and the balance of the legacy from the Estate of Anne Silk of £12,098. Expenditure in the year was £6,711 (2024: £4,651). Additionally cash and investments were transferred to the Brian Mitchell Charitable Trust with a value of £614,723 in accordance with wishes of Anne Silk. ## Reserves policy The assets of the Trust have been transferred to the Brian Mitchell Charitable Trust. ## Structure, governance and management The Silk Trust is a registered charity, number 1089728, and is constituted under a Trust deed. The trustees who served during the period and up to the date of signature of the financial statements were: Mr A Buss Mr J Ovens Mr J Andrews (Resigned 30 August 2024) ## Recruitment and appointment of trustees Trustees are recruited by personal recommendation and are appointed by Andrew Buss, having taken the views of the other trustees. The Trust is managed on a day to day basis by the trustees. -1- ## THE SILK TRUST ## TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 rqrA Buss was approved by the Board of Trustees. Trustee 8 October 2025 -2- ## THE SILK TRUST ## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SILK TRUST | report to the trustees on my examination of the financial statements of The Silk Trust (the charity) for the period ended 30 September 2025. ## Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. i report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## Independent examiner's statement Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. - | have completed my examination. | confirm that no matters have come to my attention in connection with the - examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. 2 _ the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. | 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 financial statements to be reached. x CW J 4 John Caladine FCCA CTA FCIE Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF ## Date: XY Oth Wor -3- ## THE SILK TRUST ## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE PERIOD ENDED 30 SEPTEMBER 2025 |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2025|2024| ||Notes|£|£| |Income from:|||| |Donations and legacies|3|12,098|366,650| |Investments|4|13,912|7,505| |Total income||26,010|374,155| |Expenditure on:|||| |Raising funds|5|4,875|1,681| |Charitable activities|6|1,836|2,970| |Transfer to Brian Mitchell Charitable Trust|10|614,723|-| |Total expenditure||621,434|4,651| |Net gains/(losses) on investments|11|10,532|3,966| |Net income/(expenditure) and movement in funds||(584,892)|373,470| |Reconciliation offunds:|||| |Fund balances at 1 April 2024||584,892|211,422| |Fundbalancesat30September2025||-|584,892| The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. -4- ## THE SILK TRUST ## STATEMENT OF FINANCIAL POSITION ## AS AT 30 SEPTEMBER 2025 ||||2025||2024|| |---|---|---|---|---|---|---| ||Notes|£||£|£|£| |Fixed assets||||||| |Investments|13|||-||191,623| |Current assets||||||| |Cash at bank and in hand||-|||397,709|| |Current liabilities|14|-|||(4,440)|| |Netcurrent assets||||-||393,269| |Total assets less current liabilities||||-||584,892| |The funds ofthe charity||||||| |Unrestricted funds|15|||.||584,892| |||||-||584,892| Thé financial statements were approved by the trustees on 8 October 2025 Mr A Buss Trustee -5- ## THE SILK TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 **----- Start of picture text -----**
1 Accounting policies
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## Charity information The Silk Trust is a registered charity constituted under a Trust deed dated 26th September 2001. - 1.1. Reporting period [ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. } - 1.2 Basis of preparation The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below. 1.3 Going concern The going concern basis is not applied as the Trust is now wound up and the assets transferred to the Brian Mitchell Charitable trust. 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.5 income 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. 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. -6- ## THE SILK TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 - 1 Accounting policies (Continued) 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## 1.7 Non-current investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## Basic financial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## Basic financial liabilities Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## Derecognition of financial liabilities Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. 27s ## THE SILK TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 ## 2 Critical accounting estimates and judgements In the application of the charity’s accounting policies, the trustees 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. ## 3 Income from donations and legacies |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2025|2024| |||£|£| ||Legacies|12,098|366,650| |4|Incomefrominvestments||| |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2025|2024| |||£|£| ||Income from listed investments|13,912|7,505| |5|Expenditure on raising funds||| |||Unrestricted|Unrestricted| |||funds|funds| |||2025|2024| |||£|£| ||Investmentmanagement|4,875|1,681| -8- ## THE SILK TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 ## 6 Expenditure on charitable activities |||Charitable|Charitable| |---|---|---|---| |||expenditure|expenditure| |||2025|2024| |||£|£| ||Direct costs||| ||Grantfunding of activities (see note 7)|-|869| ||Share ofsupportand governance costs (see note 8)||| ||Governance|1,836|2,101| |||1,836|2,970| ||Analysis by fund||| ||Unrestricted funds|1,836|2,970| |7|Grants payable||| ||||Charitable| ||||expenditure| ||||2024| ||||£| ||Grants to institutions:||| ||Norville Optical||869| |8|Support costs allocated to activities||| |||Charitable|Total| |||expenditure|| |||2025|2024| |||£|£| ||Governance|1,836|2,101| |||2025|2024| ||Governance costs comprise:|£|£| ||Accountancy|1,800|2,040| ||Bank charges|36|61| |||1,836|2,101| -9- ## THE SILK TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 ## 9 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period. ## 10 Transfer to Brian Mitchell Charitable Trust ||Unrestricted|Unrestricted| |---|---|---| ||funds|funds| ||2025|2024| ||£|£| |Transfer to Brian Mitchell Charitable Trust|614,723|-| |Gains and losses on investments||| ||Unrestricted|Unrestricted| ||funds|funds| ||2025|2024| |Gains/(losses) arising on:|£|£| |Saleofinvestments|10,532|3,966| ## 11 Gains and losses on investments ## 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## 13 Fixed asset investments ||Listed| |---|---| ||investments| ||£| |Cost or valuation|| |At 1 April 2024|191,623| |Additions|418,910| |Valuation changes|9,794| |Transfer to Brian Mitchell Charitable Trust|(588,361)| |Disposals|(31,966)| |At 30 September 2025|-| |Carrying amount|| |At 30 September 2025|-| |At31March2024|191,623| -10- ## THE SILK TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 ## 14 Current liabilities ## Accruals and deferred income |2025|2024| |---|---| |£|£| |-|4,440| ## 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||At 1 April|Incoming|Resources|Gains and|At30| |---|---|---|---|---|---| ||2024|resources|expended|losses|September| ||||||2025| ||£|£|£|£|£| |General funds|584,892|26,010|(621,434)|10,532|-| |Previous year:|At 1 April
2023|Incoming
resources|Resources
expended|Gains and
losses|At31 March
2024| ||£|£|£|£|£| |Generalfunds|211,422|374,155|(4,651)|3,966|584,892| ## 16 Related party transactions There were no disclosable related party transactions during the period (2024 - none). -1-