## **The Canon Collins Trust** **Annual Report and Independently Examined Accounts** 31 December 2025 Charity registration number: 1102028 Company limited by guarantee Registration number: 04965891 (England and Wales) ## **Contents** ## **Reports** |**Reports**|**Reports**|| |---|---|---| |Reference and administrative details of the charity, its trustees and advisers||3| |Report from the Board of Trustees:||| |Introduction and overview of the year||4| |Objectives||5| |Strategy, Activities and|Performance|7| |Governance, Structure & Management:||| |Patrons||9| |Trustees||10| |Advisory Members||12| |Statement of
|responsibilities|13| |Decision making||14| |Risk Management||15| |Management team||15| |Governance, organisational development and quality standards||15| |Financial Review and relevant policies||16| |Results for the year||16| |Reserves policy||16| |Investments and other|financial information|17| |Independent
report||18| |**Financial Statements**||| |Statement of financial activities||19| |Balance sheet||20| |Statement of cash flows||21| |Principal accounting policies||22| |Notes to the financial statements||27| Canon Collins Trust Page 2 **Reference and administrative information** Year ended 31 December 2025 **Patrons** Sir Michael Bear Sir Andrew Collins The Right Honourable Lord Peter Hain Dr Elinor Sisulu Max Sisulu **Board of Trustees** Leana de Beer Keith Holdt (Chair) Frewyeni Kidane (Resigned February 2025) Rasigan Maharajh Justice Mavedzenge Mandi Mudarikwa (Vice Chair) Bryan Mundy (Treasurer) Dr Narissa Ramdhani Fatima Shabodien Roger Richards **Company Secretary Registered address** Office 8, 334 Kennington Lane London SE11 5HY **Telephone** UK - + 44 (0) 20 8004 8362 SA - +27 (0) 10 500 2303 **Company Registration Number** 04965891 (England and Wales) **Charity Registration Number** 1102028 **Independent examiner** Buzzacott Audit LLP 130 Wood Street London EC2V 6DL **Bankers Lloyds Bank plc** 19-20 Upper Street Islington London N1 0PJ ## **Investec** 100 Grayston Drive, Sandown, Sandton South Africa ## **Nedbank** 135 Rivonia Road Sandown, Johannesburg South Africa Canon Collins Trust Page 3 **Report from the Board of Trustees** Year ended 31 December 2025 **NTRODUCTION** The Board of Trustees presents its statutory report, together with the financial statements of the Canon Collins Trust (CCT) for the year ended 31 December 2025. The report has been prepared in accordance with Part VI of the Charities Act 2011. The report is also the as required by s415 of the Companies Act 2006. All the trustees are directors of the charitable company. ## **Overview of the Year** Ivor Baatjes, Executive Director The year 2025 has been a period of steady progress and strategic consolidation for the Trust as we move into the second year of implementing our 2024 2028 strategic plan. With the plan now fully embedded across the organisation, we have been able to focus on broadening relationships, deepening our impact, strengthening our internal systems, and ensuring that our work remains aligned with the evolving needs of the region we serve. A key advancement this year has been the appointment of our new Sustainability and Resource Manager who has introduced a revised fundraising strategy to enhance the long-term sustainability of the Trust. This dedicated capacity is already supporting efforts to diversify income streams, broaden our partnerships, and reinforce the sustainability measures essential to delivering on our strategic commitments. Throughout the year, our mission has remained unwavering: to support scholars who harness the power of education to advance ethical leadership, social justice and socio-economic transformation. Guided by our vision of contributing to an open and just society in southern Africa, we continue to focus on cultivating leaders who are equipped to respond to the complex challenges facing their communities. As we progress through this second year of the strategic plan, I remain confident in the direction we have set, the foundations we are strengthening, and the collective commitment of our team, partners, board, and stakeholders. Together, we are building the conditions necessary to ensure that the Trust remains a steadfast and effective contributor to social justice across the region. Canon Collins Trust Page 4 **Report from the Board of Trustees** Year ended 31 December 2025 ## **O** ## **BJECTIVES** The principal objects of the charity as stated in its governing document are: - the advancement of education for the benefit of the public and, in particular, the advancement of the education of the people of southern Africa; and - the alleviation of poverty through the provision of funds for legal services for poor and disadvantaged people in southern Africa and for the promotion and dissemination of research into the law. ## **Theory of Change** We are committed to advancing social justice by supporting, cultivating, and connecting strong communities of ethical leaders, activists, and organizations. Our Theory of Change is built on three pillars: supporting socially engaged scholarship, cultivating active and authentic participation, and connecting collective contributions. Through postgraduate scholarships, strategic partnerships, and a robust network of change agents, we strive to create transformative impacts for the common good in our communities. Guided by our core values of compassion, curiosity, courage, agency, solidarity, and accountability, we are dedicated to driving positive social change across the region. Our mission is supported by a holistic and integrated approach across multiple streams of work: ## **Stream 1: Defining and Promoting Our Social Justice Philosophy** We aim to clarify and revisit our philosophical, methodological, and ethical orientation towards social justice. This includes the creation of a "Thinking Well" group, a small group of social justice experts who will assist in preparing materials for internal and public engagements. Some of the expected outputs include policy briefs and position papers on social justice. In addition, the Trust will use these outputs to inform socially engaged scholarship orientations as part of its relationships with public higher education institutions in South Africa. Canon Collins Trust Page 5 **Report from the Board of Trustees** Year ended 31 December 2025 ## **Stream 2: Building and Supporting Critically Engaged Scholars and Alumni** We aim to strengthen the capacity of scholars and alumni as knowledge creators and ethical leaders. Key activities include reviewing and updating application and selection processes, reintroducing regular scholar-staff meetings, and developing a coordinated learning and events programme. Expected outputs are updated application and selection data, revised policies and guidelines, and comprehensive reports on events and learning opportunities. ## **Stream 3: Promoting Broader Participation on Critical Social Justice and Ethical Leadership** We aim to build greater public awareness of social justice and ethical leadership. This includes implementing a rebranding strategy, developing specific communication strategies, and engaging with policymakers, academia, civil society, alumni, and scholars. Expected outcomes include the rebranding strategy and corporate identity guide, social media marketing campaign collateral, and detailed marketing and PR strategies. ## **Stream 4: Mobilising and Diversifying Resources for Sustainability** We aim to develop and implement a long-term sustainability and resource mobilisation strategy. This involves linking resource mobilisation to the Trust's vision and mission, expanding databases of donors and partners, and establishing a UK-based anchor for resource mobilisation. Expected outputs are an updated resource mobilisation strategy, an expanded database of alumni, funders, and partners, and proposals for new funding opportunities and local legacies. The Trust remains deeply reliant on the generosity of supporters who include gifts in their wills, with onethird of our scholarships funded through such legacies. In 2024, income was significantly enhanced by these thoughtful contributions, and we extend heartfelt gratitude to all donors considering leaving a lasting impact by supporting exceptional scholars through their wills. We also provide an opportunity for supporters to honour a loved one by establishing a scholarship in their memory. The Trust is committed to promoting these meaningful avenues of giving in the years ahead. **Our team** recognises the importance of a fresh strategic direction and remains deeply committed and motivated to pursuing this path. We greatly value the support of our partners and welcome new relationships aligned with our vision. We are equally inspired by the dedication and achievements of our scholars and alumni, whose commitment to a brighter, more inclusive future fuels our mission. Here's to ongoing collaboration and impactful contributions in the years to come! Canon Collins Trust Page 6 **Report from the Board of Trustees** Year ended 31 December 2025 ## **S** ## **TRATEGY, ACTIVITIES AND PERFORMANCE** To fulfil these objectives, the Trust has developed a programme of postgraduate scholarships over the last 40 years to equip leaders, thinkers, and activists with the skills needed for a lifetime of change-making in the quest for social justice in southern Africa. This includes developing a community of change agents who can achieve more together than individually. Support is offered in the form of scholarships for Honours, Master's, or Doctoral studies to those passionate about social justice in fields such as law, education, and the humanities. Prospective beneficiaries are drawn from the thirteen countries in the Southern African Development Community (SADC) for study at a South African university of their choice. The selection process is highly competitive, with only around 5% of applicants passing the rigorous selection processes. One-third of our scholars are supported by a generous grant from the Sol Plaatje Educational Project. Conference. The Trust celebrated the Annual Conference, bringing together 116 scholar activists from around southern Africa. The conference showcased thought-provoking discussions, transformative activities, and deepened connections that continue to shape and strengthen our vibrant community. Our scholars are committed to influencing positive transformation across civil society, academia, government, and business. The conference is an opportunity to build relationships, share ideas, and cocreate, nurturing support for one another personally and professionally, and fostering lifelong connections of solidarity. The Trust also operates a programme of scholarships for **undergraduate** study. With the generous support of **Leigh Day** , a London-based human rights law firm, and the **Joffe Charitable Trust** we supported 12 (2024: 12) new students in their LLB studies at the Universities of Fort Hare and the Western Cape and their internships at the Legal Resources Centre and Equal Education. These universities have been deliberately chosen for support in view of the disadvantage they faced during the Apartheid years from 1948-1990. The Trust also supplies recruitment/ nomination services for two other state scholarship providers, namely the British Government (Commonwealth Scholarships for study in the UK) and the Irish Government, for places at universities in the Republic of Ireland and under the Kader Asmal Fellowship. Taking all these schemes into account, during 2025 the Trust supported a total of 131 new and continuing (2024: 114) scholars, who were at universities or on internships as follows: Canon Collins Trust Page 7 **Report from the Board of Trustees** Year ended 31 December 2025 ## **Breakdown of South Africa scholarship donors; new and continuing scholars** The Trust is grateful to all who have enabled one or more scholarships, either by donating in memory of a loved one, or by making a grant to the organisation, or waiving fees: **----- Start of picture text -----**
South Africa
Scholarship Programme Academic Year Academic Year
2025 2024
Black Association of Rhodes Scholars 1
Bulgarian Government 1 1
Canon Collins Climate Justice Award 3 1
Canon Collins South Africa Awards 1
Catherine Fazey Memorial Fund 1 1
Elizabeth Bird Memorial Fund 1
Frank Barton Scholarship 1 1
Gibbs Trust 1
Galombik Trust 1
James Learmonth Memorial Fund 2 1
Joffe Charitable Trust 7 4
Leigh Day 12 12
Pegasys 12 8
Rick Turner Scholarship / Follett Trust 1 1
Ros Moger & Terry Furlong group (RMTF) 20 23
Sol Plaatje Educational Project 44 40
Tom Queba Memorial Fund 15 10
University of London (distance learning) 8 8
Total 131 114
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The Trust is also committed to supporting and harnessing the expertise of past scholars by proactively developing the **Canon Collins Alumni Network** alongside partnerships with relevant civil society organisations, such as the Legal Resources Centre, Equal Education (including the EE Law Centre), and the Institute for Economic Justice, all based in South Africa. Each of these institutions are currently providing internship opportunities to Canon Collins scholars. With some 3,600 students having received Canon Collins scholarships since the Trust began in 1981, the vast majority of whom (96%) have returned to or are still based in southern Africa, the Network has enormous potential to grow in future years. Canon Collins Alumni country groups are particularly active in South Africa, Lesotho and Zimbabwe. Many alumni continue to support networking events including the Canon Collins Trust Page 8 ## **Report from the Board of Trustees** Year ended 31 December 2025 **----- Start of picture text -----**
G
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## **OVERNANCE, STRUCTURE AND MANAGEMENT** The charitable company is governed by a memorandum and articles of association. The charitable company is administered by a Board of Trustees, members of which constitute directors for the purpose of company legislation and trustees for the purposes of charity legislation. New trustees can only be appointed by the Board of Trustees at a general meeting. The desired profile of members is reviewed periodically by the trustees and appropriate appointments made to ensure a balanced board. ## **Our Patrons, who raise the profile of the Trust** **Sir Michael Bear** is a civil engineer by trade. He was born in Nairobi, educated at Wits University and is a former Lord Mayor of London. He was knighted in 2012 for services to regeneration, charity, and the City of London. **Sir Andrew Collins** is the son of the late Canon John Collins and Diana Collins. He is a retired English barrister and judge and served as a Justice of the High Court's Queen's Bench Division. **Lord Peter Hain** was MP for Neath from 1991-2015, serving in the governments of Tony Blair and Gordon Brown, holding several Cabinet positions before joining the House of Lords. Born in South Africa, Lord Hain's family was exiled to London in 1966 after his parents were banned for their antiapartheid activities. He became a British anti-apartheid leader, particularly involved in the campaign to boycott all-white South African sports tours from 1969 onwards. Lord Hain has served as Patron of the Trust since June 2016. **Dr Elinor Sisulu** is a Zimbabwean-born South African writer and human rights activist. She has been involved in the Southern African liberation movements throughout her life. Elinor returned to South Africa in 1991 after 26 years in exile. She is active in arts and literary organisations. In 2016 Elinor was awarded an honorary PhD in recognition of her interdisciplinary work and commitment to social change. **Max Sisulu** was born in Soweto, South Africa on 23 August 1945 to Walter and Albertina Sisulu. -2014. He went on to serve as non-executive director on several boards, including the Human Sciences Research Council (HSRC), the National Economic Advisory Forum (NEAF) and African Rainbow Minerals. Canon Collins Trust Page 9 **Report from the Board of Trustees** Year ended 31 December 2025 ## **Our Trustees, who govern the Trust** **Keith Holdt (Chair)** is an internationally experienced business leader, strategy consultant and investment executive, and founder of Equity Impact Partners. He was previously a trustee of Grow Movement, a charity supporting microbusinesses in a number of African countries. **Mandi Mudarikwa (Vice Chair)** is the Head of Strategic Litigation at Amnesty International, and extensively in the social justice legal sector and public interest law. She has litigated precedent setting public interest cases in South Africa and abroad. **Leana de Beer** is the founder of public benefit organisation, Feenix, a crowdfunding and bursary management platform for tertiary education students in South Africa. She is trained in impact investment and human centred design thinking. Leana is a passionate social entrepreneur and innovator **Frewyeni Kidane** is Head of Advancement and Engagement, International, at The Rhodes Trust, Oxford, England. **Prof Rasigan Maharajh** is the Chief Director of the Institute for Economic Research on Innovation (IERI) at Tshwane University of Technology. He specializes in public policy analysis, focusing on the political economy of science and technology, systems of innovation, and sustainable development. Rasigan has held key roles, including Head of the Policy Group at CSIR and National Coordinator for South democratic and Technology Policy Transition Project. He is an alumnus of Harvard Business School and the University of KwaZulu-Natal, and a doctoral research fellow at Lund University. Rasigan is a member of GLOBELICS and has published widely on innovation policy and economic development. Canon Collins Trust Page 10 **Report from the Board of Trustees** Year ended 31 December 2025 **Dr Justice Mavedzenge** is an alumnus of Canon Collins Trust who has a PhD in Constitutional Law and an LLM in Constitutional & Administrative Law. He is currently working at the International Commission of Jurists in the position of Legal Advisor for the Africa Regional Program. **Bryan Mundy (Treasurer)** joined the Board as Treasurer-designate in January 2022. He is a Chartered Certified Accountant, has financial experience in NGOs and excellent knowledge of Southern Africa. He is passionate about supporting the progression and education of individuals in Southern Africa. **Dr Narissa Ramdhani** is the CEO of the Ifa Lethu Foundation. She started her career in academia at institutions such as the Universities of KwaZulu-Natal (SA), Yale and Connecticut (USA) in the areas of politics and international relations. Dr Ramdhani is currently Director of Resource Mobilisation at Vaal University of Technology in South Africa. **Fatima Shabodien** is a distinguished South African social justice leader with nearly 30 years of experience in the international development sector. She holds a BA in Anthropology, an MA in International Peace Studies, and an MPhil in Development Studies. Fatima has worked in various capacities across civil society, government, and donor sectors in South Africa and internationally. Her career includes roles such as Strategy Director at The RAITH Foundation, Country Director at Action Aid South Africa, and Executive Director at The Women on Farms Project. Known for her feminist activism and strategic leadership, Fatima specializes in program design, conflict resolution, and grants management. She currently works as an Independent Development Consultant, offering holistic, feminist-grounded solutions to empower organizations. Canon Collins Trust Page 11 **Report from the Board of Trustees** Year ended 31 December 2025 ## **Our advisory members who provide their expertise to the Trust** **John Battersby** joined the CCT board from 2012 to 2021 after serving for five years on the board of the Legal Assistance Trust. Having worked as a journalist for many years, John served as editor of the Sunday Independent in Johannesburg and was the southern Africa correspondent for the New York Times. He is also the former UK Manager of Brand South Africa. **Kai Easton** joined the board in 2009. She has over two decades of experience in higher education, both in the UK and South Africa, following doctoral studies at SOAS, University of London, where she taught from 2006-2022. She is currently Professor of Literature & Visual Cultures at Krea University in South India and a visiting researcher at the universities of Adelaide and KwaZulu-Natal. **Dr Graunt Kruger** is part of a team expanding a South African research business into the United States called Intellidex where he is the MD. An alumnus of the Trust, Graunt completed a MSc at the London School of Economics, an MBA at the University of the Witwatersrand and a PhD in Banking and Finance, also at Wits. **Lawson Naidoo** has a legal background and is the Executive Secretary of the Council for the political, parliamentary, business and NGO sectors and served on the CCT Board for 11 years. **Maano Ramutsindela** is Professor of Geography and Dean of Science at the University of Cape Town. An alumnus and Board member of CCT, he has researched and published widely on land reform in protected areas and trans frontier conservation areas (peace parks). His most recent book (co-edited with Frank Matose and Tafadzwa Mushonga) is _The Violence of Conservation in Africa_ (2022). Canon Collins Trust Page 12 **Report from the Board of Trustees** Year ended 31 December 2025 ## **Statement of** ## **Responsibilities** The trustees (who are also directors of Canon Collins Trust for the purposes of company law) are responsible Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the income and expenditure for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); - make judgements and estimates that are reasonable and prudent; - state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Canon Collins Trust Page 13 ## **Report from the Board of Trustees** Year ended 31 December 2025 ## **Decision making** The Board of Trustees met four times in 2025. The Board is advised and guided by three subcommittees as shown below. Reports and minutes from the subcommittees are tabled at the full Board meetings. The following were members of the subcommittees during the year: ## **Resources and Governance Subcommittee (RGS)** **----- Start of picture text -----**
Members
Bryan Mundy RGS Chair (Treasurer)
Keith Holdt CCT Chair
Mandi Mudarikwa Vice Chair
Ivor Baatjes Executive Director
Attendees
Roger Richards Finance and Operations Manager
**----- End of picture text -----**
## **Scholarships Awards Subcommittee (SAS)** **----- Start of picture text -----**
Members
Justice Mavedzenge SAS Chair
Rasigan Maharajh Trustee
Fatima Shabodien Trustee
Ivor Baatjes Executive Director
Attendees
Eva Lenicka Scholarships Manager
Gillian Attwood Engagement and Learning Manager
Dorothy Chirwa Scholarships Officer
Kai Easton Advisory member
Lawson Naidoo Advisory member
Maano Ramutsindela Advisory member
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## **Sustainability and Resource Mobilisation Subcommittee (SRMC)** |**Members**
Narissa Ramdhani
Leana de Beer
Frewyeni Kidane|SRMC Chair
Trustee
Trustee| |---|---| |Fatima Shabodien
Ivor Baatjes|Trustee
Executive Director| |**Attendees**|| |John Battersby|Advisory Member| Canon Collins Trust Page 14 **Report from the Board of Trustees** Year ended 31 December 2025 Day-to-day activities of the Trust are delegated to the Executive Director but approval of annual budgets and objectives, strategic decisions, senior employee terms and conditions and all decisions relating to governance are retained by the trustees. ## **Risk Management** The trustees are responsible for assessing the major risks to which the Trust is exposed and have compiled a risk register which is reviewed and updated annually. The risk register identifies the types of risk, analyses potential severity, and identifies the actions to be taken to mitigate those risks. Potential risks are grouped into four main categories: (i) **Operational** risks, e.g. absence of a clear direction, etc. (ii) **Governance and fiduciary** risks, including weak oversight, unsound investment policies, a loss of institutional memory, etc. (iii) **Reputational** risks, i.e. possible damage to the as a result of negative publicity or the failure to act quickly on an issue of importance; and (iv) **External** risks, such as the effects of pandemics, government policies and financial volatility. The Trustees consider that of the twenty four identified risks, the most significant current risk for the charity is as follows: **Ageing individual donor base (operational risk)** : Many of our committed supporters, a large number of whom came on board during the anti-apartheid campaigns of the 1970s and 80s, will not be able to continue their support indefinitely. We are fortunate that so many have already included the Trust in their Wills and we have stepped up our efforts to promote legacies as a means of supporting the Trust in the future. We will also seek to increase the support we receive from alumni (former scholarship recipients who have now graduated) and diversify our funding further. We have appointed an experienced Sustainability & Resource Mobilisation Manager who has introduced a revised fundraising strategy to enhance the long-term sustainability of the Trust. ## **Key management personnel** The management team is made up of the following staff: **----- Start of picture text -----**
Ivor Baatjes Executive Director The remuneration of the senior management team of the
charity is reviewed annually by the Resources &
Roger Richards Finance & Operations
Governance subcommittee as part of the budget
Manager
approval process before recommendation to the
Eva Lenicka Scholarships Manager trustees.
Gillian Attwood Engagement and Learning
Manager
**----- End of picture text -----**
## **Governance, organisational development, and quality standards** The Trust maintains a detailed Governance Manual, which together with related documentation is reviewed annually. The Governance Manual takes into account the guidance of the Charity Commission Governance Code. Canon Collins Trust Page 15 **Report from the Board of Trustees** Year ended 31 December 2025 ## **INANCIAL REVIEW AND RELEVANT POLICIES** ## **Basis of Accounting** The financial statements have been prepared in accordance with the accounting policies set out on pages 22 to 26 of the attached financial statements. ## **Results for the year** Incoming resources during the year to 31 December 2025 amounted to £757,509(2024: £697,427) before unrealised investment gain of £11,719 (2024: Loss of £508). Resources expended were £866,731 (2024: £777,536). This net result is a deficit of £97,503 (2024: deficit of £80,617). ## **Financial position** |Reserves on 31 December
Restricted funds
Unrestricted funds (general fund)
Designated funds
Total|**2025**
**£**
2024
£
**620,035**
589,466
**298,162**
416,772
**30,845**
40,307| |---|---| ||**949,042**
1,046,545| Restricted funds have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor-requested restrictions. Full details of the restricted funds, together with an analysis of movements in the year, can be found in note 19 to the attached financial statements. Designated funds are unrestricted income ring-fenced for specific purposes by the trustees. Details are given in note 18. The Trust intends to maintain an adequate level of free reserves which are controlled by reference to the income, maximise full-cost recovery strategies and budget carefully. The trustees consider that staffing levels are commensurate with resources and outputs. ## **Reserves policy** The trustees annually review the reserves policy of the Trust and consider the adequacy of unrestricted funds (free reserves) in relation to risks and working capital requirements. In determining the adequacy of reserves, the trustees take into account the following factors: - (a) Scholarships and project expenditure. - (b) The regularity of gifts. - (c) The need to ensure uninterrupted support for project beneficiaries. - (d) The need to retain a strong presence in South Africa. Having regard to these factors, the trustees consider that an appropriate level of reserves would be equal expenses amounts to approximately £100,000 and six months is approximately £150,000. Actual unrestricted reserves at 31 December 2025 were £298,162 (2024: £416,772). This is the equivalent to approximately sixteen months of expenses. Canon Collins Trust Page 16 **Report from the Board of Trustees** Year ended 31 December 2025 ## **Investments** Details of investments held are given in note 15 of the financial statements. The Trust held units in the BlackRock Charities Growth & Income Fund. During the year the fund reported an unrealised gain of £11,719 (2024: unrealised loss of £508). The market value as at 31 December 2025 was £130,823 (2024: shares, and to maintain or adjust that percentage by rebalancing (selling or buying more units) once per year based on the financial year-end position. The Trust will only invest in ethical shares and securities. The BlackRock Charishare Fund does not invest in tobacco- and defence-related securities. The fund performed adequately during the year. In 2025, stock market volatility was influenced by geopolitical tensions, economic uncertainties, slow UK growth, and global factors such as shifting interest rates and treasury yields. ## **Foreign Exchange** The Charity maintains a foreign currency management strategy which is reviewed annually. The strategy combines natural hedging (holding a stock of Rand), the use of forward contracts for foreign exchange to minimise risk and spot purchases on other occasions of peak demand. The budgets are based upon a cautious estimate of the £/Rand exchange rate. ## **liability** In event of the charitable company being wound up each member undertakes to contribute an amount not exceeding £10. ## **Related parties** Details of related parties and related party transactions are given in note 22 to the financial statements. ## **Fundraising** Fundraising is an important element in helping us achieve our overall charitable objectives and we are committed to adopting best practice in our fundraising activities. We are registered with the Fundraising Regulator. Income is raised through appeals, committed giving, runners taking part in the London Marathon, proposals to companies, trusts and foundations, occasional events, and legacies. All necessary data on supporters is stored securely on a GDPR-compliant database and is never passed to third parties. The trust does not use third party fundraisers and is registered with the Fundraising Preference Service. The trust received no complaints in 2025 (2024: None). ## **Exemptions** In preparing this report, the Trustees have taken advantage of the small company exemptions provided by s415A of the Companies Act 2006. 30th June 2026 **Signed on behalf of the Board of Trustees:** Keith Holdt (Chair) Canon Collins Trust Page 17 **Independent Examiners report** Year ended 31 December 2025 ## **NDEPENDENT REPORT TO MEMBERS OF THE CANON COLLINS TRUST** I report to the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 December 2025. ## **Responsibilities and basis of report** As the trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent** ## **statement** Since the gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe: accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any independent examination; or Reporting by Charities: the Statement of Recommended Practice applicable to charities preparing their accounts in 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. 30 June 2026 Shachi Blakemore FCA Buzzacott Audit LLP Chartered Accountants 130 Wood Street London EC2V 6DL Canon Collins Trust Page 18 **Statement of financial activities (including income and expenditure)** for the year ended 31 December 2025 **----- Start of picture text -----**
Unrestricted Restricted 2025 Unrestricted Restricted 2024
funds funds Total funds funds Total
Notes £ £ £ £ £ £
Income from:
Donations and legacies 1 232,889 391,787 624,676 309,227 335,175 644,402
Project Income 2 73,402 73,402
Income from donations, legacies and project
income 232,889 465,189 698,078 309,227 335,175 644,402
Other trading activities 3 39,730 39,730 31,260 31,260
Investments 4 16,788 2,913 19,701 17,237 4,528 21,765
Income from trading and investments 56,518 2,913 59,431 48,497 4,528 53,025
Total income 289,407 468,102 757,509 357,724 339,703 697,427
Expenditure on:
Raising funds 5 145,251 145,251 154,851 154,851
Charitable activities:
Scholarships UK 6 3,968 3,968 4,127 4,127
Scholarships Southern Africa 7 264,352 357,052 621,404 275,948 276,592 552,540
Project grants / Other scholarship activities 8 15,627 80,481 96,108 20,790 45,228 66,018
Total expenditure 429,198 437,533 866,731 455,716 321,820 777,536
Net (expenditure)/ income before gains/
(losses) on investments (139,791) 30,569 (109,222) (97,992) 17,883 (80,109)
Net (losses)/gains on investments 15 11,719 11,719 (508) (508)
Net (expenditure)/ income and net
movement in funds for the year (128,072) 30,569 (97,503) (98,500) 17,883 (80,617)
Reconciliation of funds:
Fund balances brought forward
at 1 January 457,079 589,466 1,046,545 555,579 571,583 1,127,162
Fund balances carried forward
at 31 December 329,007 620,035 949,042 457,079 589,466 1,046,545
**----- End of picture text -----**
All the activities derived from continuing operations during the above financial periods. Canon Collins Trust Page 19 ## **Balance Sheet for the year ended** 31 December 2025 **----- Start of picture text -----**
2025 2025 2024 2024
Notes £ £ £ £
Fixed assets
Fixed Assets 14 2,465 1,957
Investments 15 130,823 119,104
133,288 121,061
Current assets
Debtors 16 286,722 209,607
Short term deposits 509,179 700,267
Cash at bank and in hand 80,187 44,263
Total current assets 876,088 954,137
Liabilities
Creditors: amounts falling due
within one year 17 (60,334) (28,653)
Net current assets
815,754 925,484
Total net assets 949,042 1,046,545
The funds of the charity
Income funds:
Unrestricted funds - General fund 298,162 416,772
Designated Funds General fund 18 30,845 40,307
Restricted funds 19 620,035 589,466
Total charity funds 949,042 1,046,545
**----- End of picture text -----**
For the year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the The members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to Approved by the Board of Trustees and signed on their behalf by: _____________________________ _____________________________ Keith Holdt (Chair) Bryan Mundy (Treasurer) The Canon Collins Trust, Company Registration Number: 04965891, Charity Number: 1102028 Canon Collins Trust Page 20 ## **Statement of cash flows for the year ended** 31 December 2025 |Notes|**2025**
**£**
2024
£| |---|---| |**Cash outflow (used in) operating activities:**
Net cash (used in)/ provided by operating activities
A
**Cash inflow from investing activities:**
Interest from investments
Purchase of tangible fixed assets
Movement in short term deposits
**Net cash provided by/(used in) investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 January**
B
**Cash and cash equivalents at 31 December**
B|**(172,644)**
109,530| ||**19,701**
17,237
**(2,221)**
**191,088**
(108,711)| ||**208,568**
(91,474)| ||**35,924**
18,056
**44,263**
26,207| ||**80,187**
44,263| **Notes to the statement of cash flows for the year to 31 December:** - **A Reconciliation of net movement in funds to net cash flow from operating activities** ||**2025**
**£**
2024
£| |---|---| |**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Loss/(gain) on investments
Dividends and interest from investments
Depreciation charge
(Increase)/decrease in debtors
Increase /(decrease) in creditors
**Net cash (used in) /provided by operating activities**|**(97,503)**
(80,617)
(11,719)
508
(19,701)
(17,237)
1,714
1,159
(77,115)
213,270
31,680
(7,553)
**(172,644)**
109,530| **B Analysis of cash and cash equivalents** |**Analysis of cash and cash equivalents**||| |---|---|---| ||**2025**
**£**|2024
£| |Cash at bank and in hand
**Total cash and cash equivalents**|**80,187**
**80,187**|44,263
44,263| No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charitable company and the above cash and cash equivalent. Canon Collins Trust Page 21 **Principal accounting policies** Year ended 31 December 2025 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below. ## **Basis of preparation** These financial statements have been prepared for the year ended 31 December 2025 and have been prepared under the historical cost convention unless otherwise stated in the accounting policies below. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP (FRS 102)), and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. ## **Accounting policy relating to CCTSA NPC** The financial statements include the financial results and financial position of Canon Collins Trust Southern the purposes of preparing the financial statements. Canon Collins Trust Southern Africa NPC represents Canon Collins Trust in South Africa and assists in the work in the region. It undertakes no fundraising activities and acts as an internal administrator to allow the charity to undertake its charitable activities and is under the direct control and management of the trustees of Canon Collins Trust. All transactions undertaken through the branch are accounted for gross in the statement of financial activities and its assets and liabilities are aggregated with those of Canon Collins Trust. Canon Collins Trust Southern Africa NPC exists to meet legal and regulatory requirements of South Africa and its financial statements are available to supporters and beneficiaries on request. ## **Critical accounting estimates and areas of judgement** The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the trustees to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the best knowledge of the amount, event or actions, actual results may differ from those estimates. financial activities and financial position is the recognition of legacy income. The trustees have used information available from solicitors and executors in order to assess whether legacy income should be recognised and from professional valuers where appropriate to support their estimate of the amounts receivable. Canon Collins Trust Page 22 **Principal accounting policies** Year ended 31 December 2025 ## **Assessment of going concern** The trustees consider that the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. It is appropriate for the charity to continue to prepare its accounts on the going concern basis. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. ## **Income recognition** Income is recognised in the period in which the charity has entitlement to the income, when the amount of income can be measured reliably, and it is probable that the income will be received. Grants from government and other agencies have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use; for example, monies for core funding. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash, or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity. ## **Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows: - Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes investment management fees, staff costs associated with fundraising, and an allocation of support costs. Canon Collins Trust Page 23 ## **Principal accounting policies** Year ended 31 December 2025 ## **Expenditure recognition** (continued) - Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include the full costs of grants to students (scholarship commitments), direct and support costs in respect to scholarships and project programmes and governance costs. Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or must fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts. All expenditure is stated inclusive of irrecoverable VAT. ## **Allocation of support and governance costs** Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. The majority of costs are directly attributable to specific activities. Certain shared costs are apportioned to charitable activities. Office and administrative costs and property related costs are apportioned on the proportion of floor area occupied by the activity. Staff related costs are allocated on an estimated time spent per activity per employee. ## **Tangible fixed assets** Tangible fixed assets are depreciated at rates calculated to write off the assets on a straight-line basis over their estimated useful economic lives, being four years. Tangible assets are reviewed annually for any indication that the carrying value of an asset may not be fully recoverable. ## **Investments** Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. ## **Investments** (continued) Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Canon Collins Trust Page 24 **Principal accounting policies** Year ended 31 December 2025 ## **Financial assets and liabilities** Financial assets and financial liabilities are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument. ## **Financial instruments** The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows: _Financial assets_ trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 16 Prepayments are not financial instruments. _Cash at bank_ is classified as a basic financial instrument and is measured at face value. _Financial liabilities_ accruals and other creditors are financial instruments and are measured at amortised cost as detailed in note 17. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument **.** ## **Debtors** Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. ## **Cash at bank and in hand** Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. ## **Creditors and provisions** Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. ## **Fund accounting** The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity at the discretion of the trustees. The designated fund is an unrestricted fund which the trustees have decided at their discretion to set aside to use for a specific purpose. The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Canon Collins Trust Page 25 **Principal accounting policies** Year ended 31 December 2025 ## **Pension costs** Contributions in respect of the defined contribution pension scheme are charged to the statement note 12. The charity has no liability beyond making its contributions and paying across the deductions for Canon Collins Trust Page 26 ## **Notes to the financial statements** Year ended 31 December 2025 ## **1 Donations and legacies** |**Donations and legacies**||| |---|---|---| ||Unrestricted
funds
£|Restricted
funds
£
**2025**
**Total**
**£**
2024
Total
£| |**Donations**
Corporate, Trust and charity donations
Sol Plaatje Educational Project
Defence and Aid Fund Limited
General donations, appeals and events
London Marathon
Standing orders and regular giving
Gift Aid
Legacies
**2025 Total income**|4,375
15,000
840
15,819
16,930
108,457
26,422
45,046|256,787
**261,162**
205,050
135,000
**150,000**
150,000
**840**
1,091
**15,819**
54,460
**16,930**
12,547
**108,457**
113,124
**26,422**
22,512
**45,046**
85,618
391,787
**624,676**
644,402| ||232,889|| **----- Start of picture text -----**
Unrestricted Restricted 2024
funds funds Total
£ £ £
Donations
Corporate, Trust and charity donations 4,875 200,175 205,050
Sol Plaatje Educational Project 15,000 135,000 150,000
Defence and Aid Fund Limited 1,091 1,091
General donations, appeals and events 54,460 54,460
London Marathon 12,547 12,547
Standing orders and regular giving 113,124 113,124
Gift Aid 22,512 22,512
Legacies 85,618 85,618
2024 Total income 309,227 335,175 644,402
**----- End of picture text -----**
## **2 Project income - Restricted** |**Project income - Restricted**||| |---|---|---| ||2025
£|2024
£| |Mastercard
Alumni innovation project
Total|73,402
73,402|| ## **3 Other trading activities unrestricted funds** |**Other trading activities**
**unrestricted funds**||| |---|---|---| ||**2025**
**£**|2024
£| |Royalties Received
Earned income
**Total**|**39,730**
**39,730**|681
30,579
31,260| Canon Collins Trust Page 27 **Notes to the financial statements** Year ended 31 December 2025 ## **4 Investment income Restricted and unrestricted funds** |Interest receivable on short term deposits
_Interest receivable on short term deposits_|Unrestricted
funds
£
16,788||Restricted
funds
£
2,913
_Unrestricted_
_funds_
_£_
_17,237_|**2025**
**Total**
**£**
**19,701**
_Restricted_
_funds_
_£_
_4,528_|2024
Total
£
21,765
_2024_
_Total_
_£_
_21,765_| |---|---|---|---|---|---| **----- Start of picture text -----**
5 Expenditure on raising funds unrestricted funds
2025 2024
£ £
Mailing and printing 13,897 8,964
Advertising, promotion and publicity 5,376 4,792
Fundraiser costs 2,000 11,000
Events - London Marathon 5,992 7,298
Travel & other costs 2,708 3,918
Allocation of support costs (note 10) 115,278 118,879
Total 145,251 154,851
**----- End of picture text -----**
**----- Start of picture text -----**
6 Scholarships UK unrestricted funds
2025 2024
£ £
Allocation of support costs Commonwealth scholar nominations (note 10) 3,968 4,127
Total 3,968 4,127
**----- End of picture text -----**
Canon Collins Trust Page 28 **Notes to the financial statements** Year ended 31 December 2025 ## **7 Scholarships Southern Africa** **----- Start of picture text -----**
Unrestricted Restricted 2025 2024
funds funds Total Total
£ £ £ £
Black Association of Rhodes Scholars 1,502 1,502
Bulgarian Government 1,855 1,855 2,646
Catherine Fazey memorial fund 2,006 2,006 2,577
Core scholarships 9,462 9,462 5,920
Elizabeth Bird 2,104 2,104
Follett Trust 3,212 3,212 7,397
Frank Barton Award 3,553 3,553 2,597
Galombik Trust 8,261
Gibbs Trust 7,019 7,019
James Learmonth memorial award 2,538 2,538
Joffe Charitable Trust 22,341 22,341 6,917
Leigh Day scholarships 20,505 20,505 23,104
Pegasys 41,902 41,902 28,313
Ros Moger/ Terry Furlong group 74,439 74,439 65,363
Sol Plaatje Educational Project 129,381 129,381 104,512
Tom Queba Memorial Award 44,695 44,695 33,166
Scholar Hardship Fund * 3,422 3,422 4,323
Scholarship support costs 14,615 14,615 14,078
Allocation of support cost s (note 10) 236,853 236,853 243,366
2025 Total expenditure 264,352 357,052 621,404 552,540
**----- End of picture text -----**
All scholarship grants were made to individual students.* Continuing fund to support scholars in financial difficulties. **----- Start of picture text -----**
Unrestricted Restricted 2024
funds funds Total
£ £ £
Core scholarships 5,920 5,920
Bulgarian Government 2,646 2,646
Catherine Fazey memorial fund 2,577 2,577
Leigh Day scholarships 23,104 23,104
Galombik Trust 8,261 8,261
Ros Moger/ Terry Furlong group 65,363 65,363
Alan and Babette Sainsbury Trust 28,313 28,313
Pegasys 6,917 6,917
Joffe Charitable Trust 33,166 33,166
Tom Queba Memorial Award 7,397 7,397
Follett Trust 2,597 2,597
Sol Plaatje Educational Project 104,512 104,512
Scholar Hardship Fund * 4,323 4,323
Scholarship support costs 14,078 14,078
Allocation of support costs (note 10) 243,366 243,366
2024 Total expenditure 275,948 276,592 552,540
**----- End of picture text -----**
Canon Collins Trust Page 29 ## **Notes to the financial statements** Year ended 31 December 2025 ## **8 Project grants / other project costs/ other activities** **----- Start of picture text -----**
Unrestricted Restricted 2025 2024
funds funds Total Total
£ £ £ £
Other grants /Sylvester Stein awards 4,170 4,170 1,415
Scholars Conference & Other Scholar 52,600 52,600 44,084
networking events funded by scholarship
funders
Mastercard Alumni innovation project 23,711 23,711
Alumni Awards/ Prizes 2,764 2,764 6,549
Irish Embassy /Kader Asmal selection 4,927 4,927 4,320
Stream 1 - Defining and Promoting Our Social
Justice Philosophy 1,396
Allocation of support costs (note 10) 7,936 7,936 8,254
2025 Total expenditure 15,627 80,481 96,108 66,018
Unrestricted Restricted 2024
funds funds Total
£ £ £
Other grants /Sylvester Stein awards 1,415 1,415
Scholars Conference 271 43,813 44,084
Alumni Awards/ Prizes 6,549 6,549
Irish Embassy /Kader Asmal selection 4,320 4,320
Stream 1 - Defining and Promoting Our Social Justice Philosophy 1,396 1,396
Allocation of support costs 8,254 8,254
2024 Total expenditure 20,790 45,228 66,018
**----- End of picture text -----**
## **9 Governance costs unrestricted funds** |**Governance costs**
**unrestricted funds**|| |---|---| ||**2025**
**£**
2024
£| |Independent examiners fee
Overseas
remuneration
Other governance costs
Exchange rate variance & bank charges
**_Total_**|**9,000**
9,540
**2,258**
2,645
**3,974**
**(9,466)**
8,631| ||**_5,766_**
**_20,816_**| Canon Collins Trust Page 30 **Notes to the financial statements** Year ended 31 December 2025 ## **10 Support costs** The support costs and the basis of their allocation were as follows: |**2025**||Raising
funds
£
ScholarsUK
& SA
£
Projects
£|**2025**
**Total**
**£**
Basis of
apportion-
ment| |---|---|---|---| |Staff costs(note 12)
Depreciation
Office/operational expenses
Governance costs(note 9)||102,568
217,270
6,815
583
1,080
51
10,167
18,838
897
1,960
3,633
173
115,278
240,821
7,936|**326,653**
Based on
**1,714**
staff time
**29,902**
& effort
**5,766**
**364,035**| |_2024_|_Raising_
_funds_
_£_
_Scholars UK_
_& SA_
_£_
_Projects_
_£_|_2024_
_Total_
_£_
_Basis of_
_apportion-_
_ment_| |---|---|---| |_Staff costs_
_Depreciation_
_Office/operational expenses_
_Governance costs_|_98,074_
_208,944_
_6,418_
_394_
_730_
_35_
_13,333_
_24,704_
_1,176_
_7,078_
_13,114_
_624_|_313,436_
_Based on_
_1,159_
_staff time_
_39,213_
_& effort_
_20,816_
_374,624_| ||_118,879_
_247,492_
_8,253_|| ## **11 Net income / (expenditure) for the year is stated after charging:** |**Net income / (expenditure) for the year is stated after charging:**|| |---|---| |**2025**
**Total**
**£**|2024
Total
£| |Independent examiners fee:
**9,000**
Overseas
remuneration
**2,258**
Staff costs(note 12)
**326,653**|9,540
2,645
313,436| ## **12 Staff costs and remuneration** **----- Start of picture text -----**
2025 2024
Total Total
£ £
Staff costs during the year were as follows:
Wages and salaries 304,110 289,922
Social security costs 6,415 7,992
Pension and other costs 16,128 15,522
326,653 313,436
Staff costs by function were as follows:
Generation of funds 25,337 25,336
Direct charitable 301,316 288,100
326,653 313,436
**----- End of picture text -----**
One employee earned over £60,000 within the £60,000 - £69,999 (including benefits) during the year (2024: one). Canon Collins Trust Page 31 **Notes to the financial statements** Year ended 31 December 2025 The average number of employees was: |The average number of employees was:|| |---|---| ||**2025**
**No.**
2024
No.| |Generating of funds
Direct charitable|**1**
1
**7**
7
**8**
8| ## **costs** No trustee received any remuneration during the year (2024: none). Expenses reimbursed to two trustees during the year amounted to £3,974 (2024: £nil). ## **Staff costs** - a. The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees (who are unpaid) and the senior management team, namely the Executive Director, the Finance and Operations Manager, the Scholarships Manager, and the Engagement and Learning Manager. The total remuneration (including taxable benefits, cost of living increase and employer's pension contributions) of the key management personnel for the year was £211,277 (2024: £211,603). ## **13 Taxation** Canon Collins Trust is a registered charity and therefore is not liable to income tax or capital gains tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities. ## **14 Fixed assets** |**15 **|**Cost**
Additions
**Depreciation**
At 1 January 2025
Charge for the year
At 31 December 2025
**Net book value**
At 31 December 2025
At 31 December 2024
**Investments**
UK investment funds||IT Equipment
4,896
2,221| |---|---|---|---| ||||**7,117**| ||||**2,938**
1,714| ||||**4,652**| ||||| ||||**2,465**
1,957| ||||Investments
£
119,104
11,719
**130,823**
117,000| ||Market value at 1 January 2025
Unrealised gains arising during the year
Market value at 31 December 2025
Historic Cost at 31 December 2025||| Investments are stated at market value and include accumulated unrealised gains of £13,823 (2024: £2,104): Canon Collins Trust Page 32 ## **Notes to the financial statements** Year ended 31 December 2025 **----- Start of picture text -----**
2025 2024
£ £
Reconciliation of movements in unrealised gains
Unrealised gains at beginning of year 2,104 81,082
Net gain/ (loss) arising on revaluation during the year 11,719 2,104
Realised Gains (81,082)
Total unrealised gains at end of year 13,823 2,104
16 Debtors
2025 2024
£ £
Taxation recoverable 5,750 3,169
Prepayments & accrued income 41,156 4,784
Debtors 233,307 197,796
Other debtors 6,509 3,858
286,722 209,607
**----- End of picture text -----**
## **17 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**|| |---|---| ||**2025**
**£**
2024
£| |Creditors and accruals
*Deferred income
Taxation, social security and pension|**24,274**
16,719
**9,363**
2,093
**26,697**
9,841
**60,334**
28,653| *Income received in 2025 which related to activities which will happen in the following year London Marathon £2,602 (2024 - £2,093) and Irish Embassy, Kader Asmal scholarship selection £6,260 (2024 nil). ## **18 Designated Funds** |**Designated Funds**|||| |---|---|---|---| ||As at 1
January
2025
£|Income
£
Expenditure
£
**(5,245)**
**(4,217)**


**(9,462)**|**As at 31**
**December**
**2025**
**£**| |**Climate Justice Award**- funded from income raised
at a fundraising auction
**Canon Collins Trust southern Africa scholarships**-
Not funded by restricted funds
**The Arnold and Yvonne Galombik Charitable Trust**
This is to support a journalist intern at the Mail and
Guardian in South Africa.|11,223
27,860
1,224||**5,978**
**23,643**
**1,224**
**30,845**| ||40,307||| Canon Collins Trust Page 33 ## **Notes to the financial statements** Year ended 31 December 2025 |_2024_|_As at 1_
_January_
_2024_
_£_|_Income_
_£_
_Expenditure_
_£_
_(5,920)_



_(8,532)_
_(14,452)_|_As at 31_
_December_
_2024_
_£_| |---|---|---|---| |_Climate Justice Award - funded from income raised at_
_a fundraising auction_
_Canon Collins Trust southern Africa scholarships - Not_
_funded by restricted funds_
_The Arnold and Yvonne Galombik Charitable Trust_
_This is to support a journalist intern at the Mail and_
_Guardian in South Africa_.|_17,143_
_27,860_
_9,756_||_11,223_
_27,860_
_1,224_
_40,307_| ||_54,759_||| ## **19 Restricted Funds** **----- Start of picture text -----**
2025 At 1 At 31
January December
Note 2025 Income Expenditure 2025
s £ £ £ £
Catherine Fazey memorial fund (a) 2,056 (2,004) 52
James Learmonth Scholarships (b) 10,996 1,032 (2,538) 9,490
Joel Joffe Trust (c) 57,346 27,547 (26,022) 58,871
Legal Assistance Trust (d) 181,014 2,913 183,927
Leigh Day Scholarships (e) 17,355 30,625 (31,306) 16,674
Mastercard (f) 73,402 (23,711) 49,691
Miscellaneous projects (g) 39,452 11,020 (23,416) 27,056
Pegasys (h) 1,542 43,384 (44,926)
Ros Moger & Terry Furlong group (i) 134,981 93,804 (89,439) 139,346
Sol Plaatje Educational Project (j) 144,724 135,000 (144,796) 134,928
Tom Queba Memorial Fund (k ) 49,375 (49,375)
Total 589,466 468,102 (437,533) 620,035
2024 At 1 Transfer At 31
January between December
2024 Income Expenditure funds 2024
£ £ £ £ £
Alan and Babette Sainsbury Trust 4,078 (4,078)
Alan and Nesta Fergusson Trust 56 (56)
RB Estate Other costs 25 (25)
Catherine Fazey memorial fund 4,632 (2,576) 2,056
James Learmonth Scholarships 9,288 1,708 - 10,996
Joel Joffe Trust 38,499 27,547 (8,700) 57,346
Legal Assistance Trust 176,486 4,528 - 181,014
Leigh Day Scholarships 18,144 30,625 (31,414) 17,355
Miscellaneous projects 26,735 22,392 (14,056) 4,381 39,452
Nicolette Naylor scholarships 222 - - (222)
Pegasys 245 31,678 (30,381) 1,542
Ros Moger & Terry Furlong group 163,705 47,799 (76,523) 134,981
Sol Plaatje Educational Project 133,888 135,000 (124,164) 144,724
Tom Queba Memorial Fund 212 33,793 (34,005)
Total 571,583 339,702 (321,819) 589,466
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Canon Collins Trust Page 34 ## **Notes to the financial statements** Year ended 31 December 2025 The restricted funds are specifically applied for the following purposes: - - (a) _**Catherine Fazey Memorial Fund**_ This fund was established by the family of Catherine Fazey to support scholars in South Africa - (b) _**James Learmonth Memorial Scholarship**_ Scholarships in Malawi funded by friends and family of the late James Learmonth. - (c) _**Joel Joffe Trust**_ Scholarship and internships funded in South Africa in memory of the late Joel Joffe. - (d) _**Legal Assistance Trust** -_ The trustees reserve these funds, acquired as part of the 2012 merger, for use in support of the Legal Resources Centre. - (e) _**Leigh Day Scholarships** -_ This is a programme funded by Leigh Day to support undergraduate students in South Africa studying for law degrees at historical disadvantaged universities. - (f) **Mastercard -** This is a programme funded by Mastercard to strengthen the alumni network through systems thinking and impact-driven collaboration. ## _(g)_ _**Miscellaneous**_ Donations received for: Chancellor College (Malawi) in memory of Elizabeth Bird - Sylvester Stein award THEKGO Gibbs Trust Bulgarian Embassy Black Association of Rhodes Scholars Follett Trust - _(h)_ _**Pegasys** -_ This fund supports at least two scholars annually in South Africa - _(i)_ _**Ros Moger/Terry Furlong Scholarships**_ This fund represents monies received from Ros Moger and Terry friends and family to support scholarships. - (j) _**Sol Plaatje** -_ £1.5m grant over 10 years for scholarships in South Africa. - _(k)_ _**Tom Queba Memorial Fund**_ This fund supports two women engineers in South Africa Canon Collins Trust Page 35 ## **Notes to the financial statements** Year ended 31 December 2025 ## **20 Analysis of net assets between funds** **----- Start of picture text -----**
Designated
General Unrestricted Restricted Total
fund funds funds 2025
£ £ £ £
Fund balances at 31 December 2025 are
represented by:
Tangible fixed asset 2,465 2,465
Investments 130,823 130,823
Net current assets 164,874 30,845 620,035 815,754
Total net assets 298,162 30,845 620,035 949,042
General Designated Restricted Total
fund funds funds 2024
£ £ £ £
Fund balances at 31 December 2024 are
represented by:
Tangible fixed asset 1,957 1,957
Investments 119,104 119,104
Net current assets 295,710 40,307 589,466 925,483
Total net assets 416,771 40,307 589,466 1,046,545
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## **21 Financial commitments** At 31 December 2025 the charity had no lease commitments. (2024: No commitments) At 31 December 2025, the Trust had made scholarship commitments for future academic years, where payment is subject to conditions being met by the scholars and which therefore have not been recognised as a liability in the financial statements, amounting to £131,446 (2024: £535,401), made up as follows: **----- Start of picture text -----**
Unrestricted Total Total
/Designated Restricted 2025 2024
Committed Scholarships £ £ £ £
Within one year (2026) 4,388 102,058 106,446 317,445
Within two to three years (2027 2028) 4,388 20,612 25,000 217,956
8,776 122,670 131,446 535,401
Unrestricted Total
/Designated Restricted 2024
Committed Scholarships £ £ £
Within one year (2025) 4,319 313,126 317,445
Within two to three years (2026 2027) 6,051 211,905 217,956
10,370 525,031 535,401
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Canon Collins Trust Page 36 **Notes to the financial statements** Year ended 31 December 2025 - **22 Related Party transactions** ## _**Defence and Aid Fund Limited**_ One trustee (Keith Holdt) and the Executive Director (Ivor Baatjes) were directors (councillors) of Defence and Aid Fund Limited. During the year, the Trust received gifts from Defence and Aid Fund Limited of £840 (2024: £1,091). At 31 December 2025 Defence and Aid Fund Limited owed the Trust £Nil (2024: £ 1,395). ## _**Trustee Indemnity Insurance**_ The trustee indemnity insurance has an annual cost of £884, with a coverage limit of £10,000,000. Canon Collins Trust Page 37